A low-carbon transition requires changes in the energy structure that may affect the financial system. However, little theoretical and empirical evidence has been produced regarding the interaction between different subsystems. This article presents empirical evidence regarding the relationship between energy and financial systems using the wavelet analysis which considers possible cyclical properties that change over time. The wavelet coherence coefficients based on the data for the United States suggest that the electricity price is closely related to shares of different energy-powered electricity production, but has weak relationships with the interbank connectivity and bank failures. The phase differences show that increases in nuclear energy-powered electricity generation reduce the electricity price at less than one and a half years of scale, but rise it at approximately three years of scale. However, different energy shares have little effect on the interbank connectivity. An increase in renewable energy in producing electricity may reduce the number of failed banks, whereas an increase in nuclear energy has an opposite effect. Therefore, the energy transition affects the financial system and excessively fast investment in nuclear energy may threat the bank sector and thus endanger the financial system. The Nuclear Renaissance program should be treated with caution.

中文翻译：

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能源转型会影响金融系统吗？

低碳转型需要改变可能影响金融体系的能源结构。然而，关于不同子系统之间的相互作用，几乎没有理论和经验证据。本文使用小波分析提供了关于能源和金融系统之间关系的经验证据，该分析考虑了随时间变化的可能周期性特性。基于美国数据的小波相干系数表明，电价与不同能源发电的份额密切相关，但与银行间连通性和银行倒闭的关系较弱。相位差异表明，核能发电的增加以不到一年半的规模降低了电价，但以大约三年的规模将其提升。然而，不同的能源份额对银行间连通性影响不大。增加可再生能源发电可能会减少倒闭银行的数量，而增加核能会产生相反的效果。因此，能源转型影响金融体系，过快的核能投资可能威胁到银行部门，从而危及金融体系。应该谨慎对待核复兴计划。能源转型影响金融体系，过快的核能投资可能威胁到银行部门，从而危及金融体系。应该谨慎对待核复兴计划。能源转型影响金融体系，过快的核能投资可能威胁到银行部门，从而危及金融体系。应该谨慎对待核复兴计划。