The energy sector’s digital evolution is a critical micro-reflection of the digital economy’s architecture and an essential tactical pathway for achieving sustainable development goals. However, the value of digital change in regard to how effectively energy firms’ core business functions is not yet apparent. This research utilizes textual analysis to quantify the textual intensity of energy enterprises’ digitization. Applying data gathered from A-share listed firms in Shanghai and Shenzhen from 2010 to 2021 and based upon the fixed-effects panel model and mediated effects model, we assess the impact of digitization on critical business performance and evaluate the research themes’ variability from business and geographical viewpoints using a full-sample strategy. We derive three notable findings. First, the digital development of energy enterprises significantly improves the performance of their core businesses and exhibits some fluctuating characteristics. Second, the digitization of energy enterprises greatly increases the input and output of enterprise innovation, thereby improving the efficiency of their core business in the two main ways of breakthrough innovation. Third, there is a nonlinear relationship between the performance of energy enterprises’ core businesses and their digital transformation, meaning there is just one threshold consequence that diminishes after crossing the threshold. Digital transformation enables energy companies to carry out cross-border cooperation and integrate innovative resources, thereby improving corporate performance and promoting sustainable development. This paper offers relevant insights for more effective fostering of digital transformation and can help spur enterprises to seek out distinctive and ground-breaking innovation models.

Since its reform and opening up, China’s economy has undergone rapid development and has experienced problems such as the overexploitation of resources and the destruction of the ecological environment. To achieve a balance between economic growth and environmental protection and to follow the sustainable development path, China must implement corresponding environmental regulation policies and vigorously encourage enterprises to pursue green technology innovation. In this paper, environmental regulation is divided into command-and-control, market incentive and voluntary participation. Command-and-control environmental regulation is measured using the entropy method and the logarithm of the pollution discharge fee income in each region is used as the measurement index of market-incentive environmental regulations. At the same time, the logarithm of the number of environmental protection proposals planned by the National People’s Congress and the number of environmental protection proposals planned by the CPPCC is used as the measurement index of voluntary participation in environmental regulations. Based on a regression equation of the effects of environmental regulations on green technology innovation, this paper uses the two-step system GMM method to analyze the panel data of industrial enterprises larger than a designated size in 30 provinces, autonomous regions and municipalities in China from 2006 to 2017. Moreover, the paper compares the effects of command-and-control, market-incentive and voluntary participatory environmental regulations on green technology innovation. The empirical results show that command-and-control environmental regulations initially have an inverted U-shaped effect on green technology innovation and market incentive and voluntary participatory environmental regulations have a U-shaped effect on green technology innovation. A comparison of the three environmental regulation policies shows that the effect of command-and-control environmental regulation is more significant.

Background: The energy generation efficiencies of thermal power and hydropower, which are the two main forces of electric power in China, are important factors affecting the energy conservation, emission reduction, and green development of the country’s whole power industry. Methods: Considering regional differences and multiple efficient decision-making units (DMUs), this research uses the meta-Frontier super-efficiency slack-based measure (meta-SE-SBM) undesirable model to comprehensively evaluate the efficiencies of hydropower and thermal power generation in China. The CO₂ emissions of thermal power generation are taken as the undesirable output. Results: The ranking of the average meta-efficiency of thermal power generation in China is Eastern China > Central China > Western China, and all regions show an upward trend. However, the ranking of the average meta-efficiency of hydropower generation is Western China > Central China > Eastern China, and all these regions present a downward trend. In 2017, the technology gap ratio (TGR) values for the thermal power generation efficiency of the eastern and western regions showed a rising trend, while that for the central region showed a declining trend. The TGR values of the hydropower generation efficiency of the western region continued to increase, while those of the central and eastern regions decreased. The development trends of the TGR values of the thermal power or hydropower generation efficiencies of the three regions were not consistent with each other, indicating that technological convergence has not been achieved. In the three regions, the technology gaps in hydropower have slightly expanded, but the technology gaps in thermal power have gradually narrowed. The undesirable output CO₂ of the thermal power energy efficiency of the three regions is in a surplus, and the generation of hydropower in the eastern and central regions is insufficient. Conclusions: The government and power industry managers should fully consider regional heterogeneity in the efficiency of hydropower and thermal power to reduce the technology gap in China. The thermal power industry is relatively mature, but its CO₂ emissions should be controlled. The hydropower industry needs further policy support to promote an efficiency improvement in it under the condition of resource endowments.