The electricity sector was negatively impacted by the coronavirus disease (COVID-19), with considerable declines in consumption in the initial phase. Investors were in turmoil, and stock prices for these companies plummeted. The aim of this paper is to demonstrate the significant negative influence of the pandemic on abnormal returns for the electricity sector, specifically for traditional and renewable companies and the influence of ESG scores, using the event study approach and multi-variate regressions. Our results show that the pandemic indeed had a negative impact on the electricity sector, with renewable electricity companies suffering a sharper decline than traditional ones. Moreover, we find that ESG pillar scores affected electricity companies differently and are sector-specific. For renewable electricity companies, the returns were positively influenced by the environmental ESG scores and negatively by governance ESG scores.

Purpose – The purpose of this paper is to compare the recent social welfare performance of old and new members of the European Union, and to establish whether a specific East-European social model (ESM) is emerging. Design/methodology/approach – The concept of social model is explored in the context of the historical development of economic and social policy integration in the European Union, with emphasis on reform measures and the EU enlargement process post-1990. Guided by Sapir's typology of ESMs, the performance of 15 West-European countries is analysed and compared with that of ten East-European countries, relative to key economic and social indicators. The results are then used to determine whether a typology of East-ESMs could be produced. Findings – Social welfare performance in the new EU members indicates two different patterns and levels of development, which at this stage separate East-European countries into two distinct groups. While two divergent trends may be emerging, it is perhaps too soon to conclude that any specific East-ESM is taking shape. Results so far suggest that, in Eastern Europe, the influence of a welfarist social model appears more beneficial than that of market liberalism. Research limitations/implications – This paper is limited to the comparative analysis of social welfare performance in six country groups. To obtain a full picture of the current development of social models in the European Union, it should be complemented by a separate examination of deliberate efforts by national governments towards in integrating economic and social policies in normative social models. The analysis itself could be expanded to include other significant social indicators, such as the level of employment protection or the Human Development Index. Practical implications – While deliberate policy efforts are not always necessary for a social model to emerge, public awareness of cultural and regional trends in social welfare performance, analysed through the filter of social model typology, can significantly inform future social and cultural practices, as well as national government policies, directed towards improving national welfare. Social implications – This analysis can provide a theoretical basis for the integration of national economic and social policies in a coherent philosophy of multi-dimensional development in Eastern Europe. Originality/value – The paper selects historically relevant indicators of economic and social performance, undertakes a comparative analysis of six European country groups, draws conclusions on the current state of social welfare in East-European countries relative to their Western counterparts and makes recommendations regarding the development of social model conceptions in Eastern Europe.