This paper examines the aspect pertaining to the returns connectedness between renewable energy tokens, namely, Powerledger-POWR and WePower-WPR, and the fossil fuel markets, namely, WTI oil, Brent oil, and Natural gas. For this purpose, we employed a quantile-based regression approach, in order to explore the dependence structures that exist under diverse market conditions. The results of the analysis show that the element of connectedness in the renewable energy tokens-fossil fuel market nexus is characterized by asymmetry and heterogeneity in the tails that are compared to the respective mean and the median. Under normal market conditions, the WTI oil market emerges as the main net transmitter of return spillover to the renewable energy tokens. Whereas, Brent oil and natural gas markets are the net receivers of the return spillover from the digital assets. However, under periods of extreme negative returns, the Brent oil market behaves as the main net transmitter of return spillover to the renewable energy digital markets. Whereas, under period of extreme positive returns, the natural gas market appears to be the main net transmitter of return spillover to the renewable energy digital markets. Therefore, it can be fathomed that on aggregate, renewable energy digital tokens are weakly connected with fossil fuel markets, thus suggesting the addition of renewable energy tokens in the portfolio of fossil fuel markets.

本文研究了与可再生能源代币（即 Powerledger-POWR 和 WePower-WPR）与化石燃料市场（即 WTI 石油、布伦特石油和天然气）之间的回报关联性相关的方面。为此，我们采用了基于分位数的回归方法，以探索在不同市场条件下存在的依赖结构。分析结果表明，可再生能源代币-化石燃料市场关系中的连通性元素的特征是尾部的不对称和异质性，与各自的平均值和中位数相比。在正常市场条件下，WTI 石油市场成为可再生能源代币回报溢出的主要净传递者。然而，布伦特石油和天然气市场是数字资产回报溢出的净接收者。然而，在极端负回报时期，布伦特石油市场是可再生能源数字市场回报溢出的主要净传递者。而在极端正回报时期，天然气市场似乎是可再生能源数字市场回报溢出的主要净传递者。因此，可以理解，总体而言，可再生能源数字代币与化石燃料市场的联系较弱，因此建议在化石燃料市场组合中增加可再生能源代币。而在极端正回报时期，天然气市场似乎是可再生能源数字市场回报溢出的主要净传递者。因此，可以理解，总体而言，可再生能源数字代币与化石燃料市场的联系较弱，因此建议在化石燃料市场组合中增加可再生能源代币。而在极端正回报时期，天然气市场似乎是可再生能源数字市场回报溢出的主要净传递者。因此，可以理解，总体而言，可再生能源数字代币与化石燃料市场的联系较弱，因此建议在化石燃料市场组合中增加可再生能源代币。