This study seeks to explore the firm-level interconnections in the fast changing and integrating global energy market. We investigate the risk connectedness using a Value-at-Risk (VaR) measure within a network composed of the top 20 global energy companies recognized by the Platts global energy company rankings, using the Diebold and Yilmaz's (2014) approach. We manage to identify the top risk contributors to the system across companies, regions and industries, and construct a total systemic risk index (TSRI) of the energy system. We further investigate which risk factors play a role in driving the evolution of the TSRI, again from a network perspective. The results show that its dynamics are mainly driven by the US stock market volatility and investors' sentiment in the financial market over the full sample, while energy market risks and exchange rate movements exert significant but short-term influences.

本研究旨在探索快速变化和一体化的全球能源市场中的公司层面的相互联系。我们使用Diebold和Yilmaz（2014）的方法，在由普氏全球能源公司排名认可的前20家全球能源公司组成的网络中，使用风险价值（VaR）量度来研究风险连通性。我们设法确定公司，地区和行业中对该系统造成最大风险的因素，并构建能源系统的总系统风险指数（TSRI）。再次从网络角度，我们进一步研究了哪些风险因素在推动TSRI的发展中发挥了作用。结果表明，其动态主要是受美国股市波动以及整个样本中金融市场的投资者情绪所驱动，