As　global　climate　change　and　environmental　challenges　intensify,　governments　across　the　globe　are　increasingly　concerned　about　the　sustainable　development　of　the　energy　industry,　with　the　identification　of　risk　spillover　directions　and　characteristics　among　energy　companies　playing　a　pivotal　role　in　effective　risk　management　within　the　sector,　particularly　in　the　context　of　carbon　neutrality.　This　study　uses　the　TVP-VAR-DY　(Time-Varying　Parameter–Vector　Auto　Regression–Dynamic)　model　to　comprehensively　investigate　the　intricate　transmission　mechanisms　of　risk　spillover　effects　among　energy　companies　from　both　static　and　dynamic　perspectives.　The　results　indicate　that:　1)　A　small　number　of　coal　energy　companies　are　net　risk　spillover　exporters,　playing　a　crucial　role　in　the　risk　spillover　among　similar　energy　companies.　2)　There　exist　differences　in　the　network　topological　structure　characteristics　of　energy　companies　during　different　events,　and　different　types　of　energy　companies　play　different　roles　in　the　network.　3)　In　the　context　of　carbon　neutrality,　cooperation　between　traditional　energy　companies　and　new　energy　companies　has　increasingly　become　a　trend.　©　2024　The　Authors