How the digital economy affects traditional energy and new energy enterprises?

The integration of the digital economy and the energy sector has gradually emerged as a crucial domain for global competition. It is important to analyze the impact of the digitization of the growth of energy companies. However, there is less literature to analyze the impact of the digitization on energy companies. This paper explores the impact of the digital economy on energy companies under various market conditions. Taking the traditional energy sector and the new energy sector as the research objects, this paper analyses the causal link between China's digital economy index, the energy industry index and the new energy industry index by using the quartile-based Granger causality method. Our findings reveal that under extreme and median quartiles, the effect of the digital economy on both types of companies is not statistically significant. For the traditional energy industry, the impact of the digital economy is positive at most quantiles but negative in extreme high quartiles; For new energy enterprises, the impact is positive at lower quantiles but turns negative at median and higher quantiles. This suggests an asymmetric impact of the digital economy on energy enterprises under different market conditions, bearing significant implications for policymakers and investors.