Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.1.spal
S. Paltsev
The growing evidence of severe climate change impacts on human life and the global economy has created the increasing need for an assessment of low-carbon pathways. Energy and climate scenarios have an important role to play in assessing the energy system transition required to mitigate climate challenges. Energy and industrial companies, governments, civil society and other stakeholders need to align their strategies with the science-based targets while continuing economic growth and development including providing reliable and affordable energy. Numerous expert groups and individual researchers produce energy scenarios and analyze their implications for climate.
{"title":"Projecting Energy and Climate for the 21st Century","authors":"S. Paltsev","doi":"10.5547/2160-5890.9.1.spal","DOIUrl":"https://doi.org/10.5547/2160-5890.9.1.spal","url":null,"abstract":"The growing evidence of severe climate change impacts on human life and the global economy has created the increasing need for an assessment of low-carbon pathways. Energy and climate scenarios have an important role to play in assessing the energy system transition required to mitigate climate challenges. Energy and industrial companies, governments, civil society and other stakeholders need to align their strategies with the science-based targets while continuing economic growth and development including providing reliable and affordable energy. Numerous expert groups and individual researchers produce energy scenarios and analyze their implications for climate.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127911010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.1.tdur
Tunç Durmaz, A. Pommeret
Current calculations to evaluate the profitability of the various energy generating units ignore intermittency as well as complementary technologies, such as battery storage and smart meters. Therefore, we propose a new assessment of the cost of solar energy that takes into account smart grids. In doing this, we use data from a low energy dwelling in South Wales UK as well as data from a high-rise apartment in Hong Kong, calibrate our model in this regard, and calculate a levelized cost of electricity consumption (LCOCE). Our proposed cost measure can be of use when determining the feasibility of smart systems, and accordingly, assist policymakers when deciding on the financial support for home renewable energy systems.
{"title":"Levelized Cost of Consumed Electricity","authors":"Tunç Durmaz, A. Pommeret","doi":"10.5547/2160-5890.9.1.tdur","DOIUrl":"https://doi.org/10.5547/2160-5890.9.1.tdur","url":null,"abstract":"Current calculations to evaluate the profitability of the various energy generating units ignore intermittency as well as complementary technologies, such as battery storage and smart meters. Therefore, we propose a new assessment of the cost of solar energy that takes into account smart grids. In doing this, we use data from a low energy dwelling in South Wales UK as well as data from a high-rise apartment in Hong Kong, calibrate our model in this regard, and calculate a levelized cost of electricity consumption (LCOCE). Our proposed cost measure can be of use when determining the feasibility of smart systems, and accordingly, assist policymakers when deciding on the financial support for home renewable energy systems.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126856126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.2.apie
Axel Pierru, James L. Smith, H. Almutairi
Maintaining stability in the world oil market is a prominent component of OPEC’s self-stated mission. OPEC’s modus operandi is to tap spare production capacity to offset shocks to demand and supply. The attempt to stabilize the world oil market is not a small or easy task, disruptions to demand and supply are both large and frequent. Indeed, it is entirely possible that, despite best efforts, the attempt might fail. We therefore examine the extent to which OPEC has succeeded in this mission. We assess how effective has been OPEC’s management of its spare capacity to reduce the volatility of the price of oil. We also estimate the value of OPEC’s spare capacity buffer to the global economy and investigate how the benefits of OPEC’s effort to reduce price volatility have been distributed geographically.
{"title":"OPEC’s Pursuit of Market Stability","authors":"Axel Pierru, James L. Smith, H. Almutairi","doi":"10.5547/2160-5890.9.2.apie","DOIUrl":"https://doi.org/10.5547/2160-5890.9.2.apie","url":null,"abstract":"Maintaining stability in the world oil market is a prominent component of OPEC’s self-stated mission. OPEC’s modus operandi is to tap spare production capacity to offset shocks to demand and supply. The attempt to stabilize the world oil market is not a small or easy task, disruptions to demand and supply are both large and frequent. Indeed, it is entirely possible that, despite best efforts, the attempt might fail. We therefore examine the extent to which OPEC has succeeded in this mission. We assess how effective has been OPEC’s management of its spare capacity to reduce the volatility of the price of oil. We also estimate the value of OPEC’s spare capacity buffer to the global economy and investigate how the benefits of OPEC’s effort to reduce price volatility have been distributed geographically.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"2015 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114727333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.1.spro
Sara Proença, P. Fortes
{"title":"The Synergies Between EU Climate and Renewable Energy Policies-Evidence from Portugal Using Integrated Modelling","authors":"Sara Proença, P. Fortes","doi":"10.5547/2160-5890.9.1.spro","DOIUrl":"https://doi.org/10.5547/2160-5890.9.1.spro","url":null,"abstract":"","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121985750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.1.abot
A. Botterud, H. Auer
We raise the question if improvements to current energy-only markets are sufficient to maintain resource adequacy in electricity markets or whether the rapid increase in wind and solar power gives stronger arguments for additional capacity mechanisms. A comparative analysis between Europe and the United States reveals some fundamental differences, but also many similarities in electricity market design on the two continents. We provide a list of general and specific recommendations for improved electricity markets and argue that lessons can and should be learned in both directions. The key to achieve a market-compatible integration of renewable energy is to focus on correct price formation in the shortterm. Increased demand-side participation, improved pricing during scarcity conditions, and a transition from technology-specific subsidies of renewables towards adequate pricing of carbon emissions are important measures towards this end. In contrast, an increasing reliance on administrative capacity mechanisms would bring the industry back towards the centralized integrated resource planning that prevailed at the outset of electricity restructuring more than 25 years ago.
{"title":"Resource Adequacy with Increasing Shares of Wind and Solar Power: A Comparison of European and U.S. Electricity Market Designs","authors":"A. Botterud, H. Auer","doi":"10.5547/2160-5890.9.1.abot","DOIUrl":"https://doi.org/10.5547/2160-5890.9.1.abot","url":null,"abstract":"We raise the question if improvements to current energy-only markets are sufficient to maintain resource adequacy in electricity markets or whether the rapid increase in wind and solar power gives stronger arguments for additional capacity mechanisms. A comparative analysis between Europe and the United States reveals some fundamental differences, but also many similarities in electricity market design on the two continents. We provide a list of general and specific recommendations for improved electricity markets and argue that lessons can and should be learned in both directions. The key to achieve a market-compatible integration of renewable energy is to focus on correct price formation in the shortterm. Increased demand-side participation, improved pricing during scarcity conditions, and a transition from technology-specific subsidies of renewables towards adequate pricing of carbon emissions are important measures towards this end. In contrast, an increasing reliance on administrative capacity mechanisms would bring the industry back towards the centralized integrated resource planning that prevailed at the outset of electricity restructuring more than 25 years ago.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128072916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.8.2.kmoh
K. Mohn
{"title":"The gravity of status quo: A review of IEA’s World Energy Outlook","authors":"K. Mohn","doi":"10.5547/2160-5890.8.2.kmoh","DOIUrl":"https://doi.org/10.5547/2160-5890.8.2.kmoh","url":null,"abstract":"","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127280724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.8.2.jmak
J. Makholm, Laura T. W. Olive
The United States has more than 20 years of experience in dealing with a continent-wide, highly competitive gas market and several competitive power markets in various states. Despite such a reasonably lengthy history of energy market competition, these two competitive energy markets sometimes visibly fail to intersect successfully with one another. The periodic experience in New England with its “polar vortex” weather events (when high-pressure in the Pacific displaces a pocket of very cold air that typically circulates around the North Pole, bringing Arctic temperatures to North America) is a case in point. During the last two polar vortex events (in 2014 and 2018), power prices exhibited sustained price spikes seemingly indicative of a lack of useful and efficient infrastructure.
{"title":"Polar Vortexes in New England: Missing Money, Missing Markets, or Missing Regulation?","authors":"J. Makholm, Laura T. W. Olive","doi":"10.5547/2160-5890.8.2.jmak","DOIUrl":"https://doi.org/10.5547/2160-5890.8.2.jmak","url":null,"abstract":"The United States has more than 20 years of experience in dealing with a continent-wide, highly competitive gas market and several competitive power markets in various states. Despite such a reasonably lengthy history of energy market competition, these two competitive energy markets sometimes visibly fail to intersect successfully with one another. The periodic experience in New England with its “polar vortex” weather events (when high-pressure in the Pacific displaces a pocket of very cold air that typically circulates around the North Pole, bringing Arctic temperatures to North America) is a case in point. During the last two polar vortex events (in 2014 and 2018), power prices exhibited sustained price spikes seemingly indicative of a lack of useful and efficient infrastructure.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133205102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.1.ibra
Isabell Braunger, Christian Hauenstein
The necessity to reduce greenhouse gas (GHG) emissions to zero within the next decades to mitigate anthropogenic climate change is generally acknowledged. Yet, how to achieve this reduction remains an open debate. In this context, the use of scenarios has become common practice in order to study long-term developments necessary to reach climate targets. The scenario results enable an informed debate about climate change policy (e.g., costs, impacts, prerequisites). However, there are legitimate methodological and substantive criticisms and uncertainties with regard to scenarios.
{"title":"How Incumbent Cultural and Cognitive Path Dependencies Constrain the ‘Scenario Cone’: Reliance on Carbon Dioxide Removal due to Techno-bias","authors":"Isabell Braunger, Christian Hauenstein","doi":"10.5547/2160-5890.9.1.ibra","DOIUrl":"https://doi.org/10.5547/2160-5890.9.1.ibra","url":null,"abstract":"The necessity to reduce greenhouse gas (GHG) emissions to zero within the next decades to mitigate anthropogenic climate change is generally acknowledged. Yet, how to achieve this reduction remains an open debate. In this context, the use of scenarios has become common practice in order to study long-term developments necessary to reach climate targets. The scenario results enable an informed debate about climate change policy (e.g., costs, impacts, prerequisites). However, there are legitimate methodological and substantive criticisms and uncertainties with regard to scenarios.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"548 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116389238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-01DOI: 10.5547/2160-5890.9.2.afra
A. Fraas, S. E. Miller
DOE sets energy efficiency standards for a wide variety of consumer appliances to achieve a “significant conservation of energy.” Advocates for these standards claim that households have realized substantial cost savings with the existing standards. There is a substantial literature—although no consensus—on the effects of energy efficiency regulation, however. While an increasing emphasis has been placed on the potential reduction in greenhouse gas emissions, the relative benefits of these emissions reductions are generally small. Instead, the basis for energy efficiency regulation rests on the claim of an “energy paradox”—that the private benefits of energy efficiency measures substantially exceed the marginal costs, and that households and firms fail to adopt them because of market or behavioral imperfections. As further support for an energy paradox effect, ex ante engineering analyses by regulatory agencies typically estimate substantial net private benefits for energy efficiency rules. In the case of the 2001 energy efficiency standards for clothes washers and the 1997 standards for refrigerators, DOE estimated between $16.97 billion and $26.5 billion in cumulative net benefits through 2030. However, both rules resulted in unanticipated burdens for consumers in the form of diminished product reliability, increased repair costs, and decreased product lifetime. To date, existing retrospective analyses have considered consumers’ energy savings without considering these substantial added burdens, which captures only half of the picture.
{"title":"Measuring Energy Efficiency: Accounting for the Hidden Costs of Product Failure","authors":"A. Fraas, S. E. Miller","doi":"10.5547/2160-5890.9.2.afra","DOIUrl":"https://doi.org/10.5547/2160-5890.9.2.afra","url":null,"abstract":"DOE sets energy efficiency standards for a wide variety of consumer appliances to achieve a “significant conservation of energy.” Advocates for these standards claim that households have realized substantial cost savings with the existing standards. There is a substantial literature—although no consensus—on the effects of energy efficiency regulation, however. While an increasing emphasis has been placed on the potential reduction in greenhouse gas emissions, the relative benefits of these emissions reductions are generally small. Instead, the basis for energy efficiency regulation rests on the claim of an “energy paradox”—that the private benefits of energy efficiency measures substantially exceed the marginal costs, and that households and firms fail to adopt them because of market or behavioral imperfections. As further support for an energy paradox effect, ex ante engineering analyses by regulatory agencies typically estimate substantial net private benefits for energy efficiency rules. In the case of the 2001 energy efficiency standards for clothes washers and the 1997 standards for refrigerators, DOE estimated between $16.97 billion and $26.5 billion in cumulative net benefits through 2030. However, both rules resulted in unanticipated burdens for consumers in the form of diminished product reliability, increased repair costs, and decreased product lifetime. To date, existing retrospective analyses have considered consumers’ energy savings without considering these substantial added burdens, which captures only half of the picture.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133524870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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