Suchergebnisse

As the largest energy consuming country and the second largest oil importing country, China has been the net importer of all fossil energy since 2009. With its increasing external energy dependence year by year, as well as frequent occurrences of oil, coal, and electricity shortages, the issue of energy security has been increasingly serious. What is the level of energy security in China? How might we improve national energy supply security and reduce energy trade risks? This book sets out a systematic piece of research which attempts to tackle these hot issues. It starts with the history of world energy geopolitics and domestic energy security, focusing on the hot issues of the complexity of the international energy market, and moves to domestic energy import trade risks, domestic strategic energy reserve strategies, and the impact of the energy crisis on domestic economy. Further insights include the environmental and health effects of energy consumption, the development potential of renewable energy, energy security early-warning and contingency plans, and an international comparison of energy security. The book will be an insightful resource for researchers and students of energy economics and energy management. It will also be a helpful support and reference tool for decision-makers in the energy industry.

This book provides an introduction to energy economics. It shows how to apply general economic theory as well as empirical and advanced econometric methods to explain the drivers of energy markets and their development. Readers learn about the specific properties of energy markets as well as the physical, technological, environmental, and geopolitical particularities of energy sources and products. The book covers all types of energy markets, ranging from liquid fuels, gaseous fuels, and solid fuels to electricity. It also addresses emission allowances, energy efficiency, and nuclear risks. The authors discuss the engineering properties of energy technologies including renewables, the economics of natural resources and environmental protection, market liberalization, and energy trade as well as the experience of the German energy transformation. This book will serve students as a textbook and practitioners as a reference for their understanding of energy markets and their development

Energy demand / Govinda Timilsina -- Energy and economic growth / David Stern -- Oil prices and the macroeconomy / Lance Bachmeier and Michael Plante -- Economics of renewable energy / Painuly J. Prasad and Norbert Wohlgemuth -- Energy efficiency and economy-wide rebound: realising a net gain to society / Lisa Ryan, Karen Turner, and Nina Campbell -- Economic impacts of energy transition / Christian Lutz and Ulrike Lehr -- Electricity market integration / Lillian M. de Menezes and Michael Tamvakis -- Analysis of macroeconomic impacts of energy security improvements in Asia / Deepak Sharma, Suwin Sandu, Muyi Yang -- Energy and climate / Richard S.J. Tol -- Carbon emissions and energy use / Yi-Ming Wei and Lan-Cui Liu -- Energy economics and environment of energy systems / Janie Ling-Chin, K. Rajendran, and A.P. Roskilly -- Renewable energy policy / Travis Roach -- The energy water nexus / Benjamin K. Sovacool -- Low carbon economy and smart grids / Cedric Clastres and Patrice Geoffron -- The role of carbon pricing in the Paris agreement / Izzet Ari and Ramazan Sari -- The impact of climate change and the social cost of carbon / Richard S.J. Tol -- Energy and the public: the economic relevance of citizens' engagement / Alessandro Sciullo, Anna Pellizzone -- Quality of life and energy use: Is there a fair energy use level? / Olcay Aydemir and Ugur Soytas -- Responsible investment / Aled Jones -- Energy economics as an energy justice dilemma: case studies of normative trade-offs in Malawi, Mexico, and Germany / Kirsten Jenkins, Shanil Samarakoon, and Paul Munro -- Oil spot and futures prices, Nikki Kantelis / Bradley T. Ewing -- Oil and stock prices / Perry Sadorsky -- The role of oil price volatility in the real and financial economy: a survey review / Nicholas Apergis -- Mutual funds and energy sector / Alper Gormus -- Oil prices and other energy commodities / Syed Basher -- Oil and agricultural commodity prices / Saban Nazlioglu -- Oil prices and exchange rates / Hassan Anjum and Farooq Malik -- Volatility spillovers on oil and forex markets / Jozef Baruník and Evzen Kocenda -- Economic and social challenges of smart grids / Daniela Velte and Guillermo Gil -- CGE models in energy economics / Ken'ichi Matsumoto and Shinichiro Fujimori -- A methodological framework for assessing macroeconomic impacts of energy security improvements in Asia / Deepak Sharma, Suwin Sandu, Muyi Yang -- Top-down and bottom-up models / Bora Kat -- Macro-econometric and structural models / Ulrike Lehr and Christian Lutz -- Index decomposition analysis: models and applications / Tian Goh and B.W. Ang -- Electricity price forecasting / Rafal Weron and Florian Ziel -- Paths and processes in complex electricity markets: the agent based perspective / Alessandro Sciullo, Elena Vallino, Martina Iori, and Magda Fontana -- Behavioral economics and energy market / Ozlem Ozdemir -- The use of foresight in energy policy / Erik Laes -- Multi-criteria decision analysis for energy policy / Laurence Stamford, Burcin Atilgan, Jasmin Cooper and Adisa Azapagic.

Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.

Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents

Electricity powers the modern economy, and the electricity supply chain is notoriously complex. Power plants must develop stable relationships for fuel procurement, as their long-run profitability hinges on securing a cheap, reliable fuel supply. Electric utilities may also lack the incentive to provide a reliable power supply to all potential customers, which could hamper economic productivity. The physical properties of electricity transmission create inherent challenges in providing power to all regions of the grid, while simultaneously incentivizing economically efficient production decisions. In this dissertation, I study three potential market failures in electricity supply: (i) market power in U.S. coal transportation; (ii) under-electrification of India's rural poor; and (iii) short-run allocative inefficiencies in Indian electricity dispatch. In each case, my findings are of substantial economic importance due the scale of the electric power industry, which is essential to virtually all economic activity. Climate change only raises the stakes, and alleviating electricity market failures has the potential to increase carbon dioxide emissions and further harm the planet.In the first chapter, I investigate how market power in the transportation of coal might impact U.S. climate policies. Economists have widely endorsed pricing CO2 emissions to internalize climate change-related externalities. Doing so would significantly affect coal, which is the most carbon-intensive major energy source. However, U.S. coal markets exhibit an additional distortion, as the railroads that transport coal to power plants can exert market power. This upstream distortion can mute the price signal of a corrective tax, due to changes in markups or incomplete tax pass-through. I provide the first empirical estimates of how coal-by-rail markups respond to changes in coal demand. I find that rail carriers reduce coal markups when downstream power plant demand changes, due to a decrease in the price of natural gas (a competing fuel). I estimate markup changes that vary substantially across coal plants, resulting from a combination of heterogeneous transportation market structure and plant-specific demand shocks. Since low natural gas prices and a CO2 emissions tax similarly disadvantage coal, observed decreases in coal markups imply that pass-through of a federal carbon tax to coal power plants may be heterogeneous and incomplete. This could substantially erode the environmental benefits of a price-based climate policy. My results suggest that decreases in coal markups have increased recent climate damages by $2.3 billion, compared to a counterfactual where markups do not change.In the second chapter, coauthored with Fiona Burlig, we study the impacts of energy access in the developing world. Over 1 billion people still lack electricity access. Developing countries are investing billions of dollars in rural electrification, targeting economic growth and poverty reduction, despite limited empirical evidence. We estimate the effects of rural electrification on economic development in the context of India's national electrification program, which reached over 400,000 villages. We use a regression discontinuity design and high-resolution geospatial data to identify medium-run economic impacts of electrification. We find a substantial increase in electricity use, but reject effects larger than 0.26 standard deviations across numerous measures of economic development, suggesting that rural electrification may be less beneficial than previously thought.In the third chapter, coauthored with Fiona Burlig and Akshaya Jha, we examine short-run allocative inefficiencies in Indian electricity supply. Electricity consumption is highly correlated with economic development. Understanding and resolving the drivers of economic inefficiencies in electricity markets is critical to supporting economic growth. We quantify the costs of short-run misallocation in Indian electricity supply. We assemble a novel dataset on daily production from each utility-scale power plant in the country and administrative measures of plant-specific marginal operating costs, and calculate the total variable costs of electricity generation in India to be approximately $29 billion per year. We next construct the "least-cost" counterfactual where we dispatch power plants in order of lowest-to-highest marginal cost. We find that this least-cost dispatch results in total annual operating costs that are roughly $4.7 billion lower than observed dispatch. Once we account for transmission constraints, we find a remaining misallocation wedge of $3.2 billion per year. We find evidence that this wedge results from market design and political economy considerations, but find little evidence of market power.