Abstract: 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.