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(Showing results 1 to 8 of 8)



The Simple Economics of Industrial Cogeneration

Paul L. Joskow and Donald R. Jones

Year: 1983
Volume: Volume 4
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No1-1
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Abstract:
Rising energy prices and dependence on insecure supplies of foreign petroleum have led energy consumers and energy policymakers to seek methods to use energy more efficiently. Industrial cogeneration has frequently been seen as such a method. By generating electricity in conjunction with the production of steam for industrial processes, less energy is used than when process steam and electricity are produced separately. Most recent U.S. energy policy studies have spoken favorably about the potential for cogeneration.' Some specific studies have indicated opportunities to replace central station electric power generation with industrial cogeneration capacity, and, in the process, to reduce domestic energy consumption substantially.



Productivity Growth and Technical Change in the Generation of Electricity

Paul L. Joskow

Year: 1987
Volume: Volume 8
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No1-2
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Abstract:
No student of the electric power industry and its regulation can help but be troubled by the industry's recent historical record on productivity and technical change. For many years the electric power industry was one of the leading sectors of the economy in terms of productivity growth and technological innovation. This is no longer true. By almost every measure, productivity growth and technical change have virtually ceased in the past decade (or even decreased, by some estimates).



What Does a Negawatt Really Cost? Evidence from Utility Conservation Programs

Paul L. Joskow and Donald B. Marron

Year: 1992
Volume: Volume 13
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No4-3
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Abstract:
We use information reported by ten utilities about their electricity conservation programs to calculate the life-cycle cost per kWh saved - the cost of a "negawatt " -- associated with these programs. These computations indicate that the cost associated with utilities "purchasing" negawatthours is substantially higher than implied by standard sources such as Amory Lovins (Rocky Mountain Institute) and EPRI. The costs calculated for residential programs, in particular, are much higher than conservation advocates have suggested. However, 80% of the expected savings from these programs are attributed to commercial and industrial customers rather than residential customers. We find substantial variation in costs between utilities for similar programs as well as significant intra-utility variation in the cost associated with various sub-programs. We proceed to examine whether or not there are any systematic biases in the reporting of costs and energy savings by the utilities in our sample. In many cases, utilities fail to report all relevant costs, rely on engineering projections of savings rather than applying methods to measure savings based on actual experience, and fail to make appropriate adjustments for free riders. Further biases may result firorn adopting measure lives that are too long. As a result, on average the cost of a negawatthour computed from utility reports significantly underestimates the true societal cost of conservation achieved this way. Mile it is difficult to compute the underestimate with any precision, the evidence that we have suggests that computations based on utility expectations could be underestimating the actual societal cost by a factor of two or more on average. Better utility cost accounting procedures and the application of more sophisticated methods to estimate actual energy savings achieved are clearly necessary before large sums of money can be expended wisely on these programs.



Electricity Sectors in Transition

Paul L. Joskow

Year: 1998
Volume: Volume19
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol19-No2-3
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Abstract:
This paper discusses the structural and regulatory changes that are affecting electricity sectors around the world. The direction of change is toward promoting competition in the supply of generation services, restructuring of electricity supply enterprises to clearly separate the provision of competitive generation services from monopoly transmission and distribution services, and the application of new regulations governing access to the transmission and distribution networks and the associated costs of the services provided by these networks. The potential impacts of these changes on electricity costs and prices, economic development, the distribution of income, the choice of generating technologies, research and development and the environment are discussed. Differences in the current performance and the likely future impacts of electricity sector restructuring on developing and developed countries are discussed.



A Quantitative Analysis of Pricing Behavior in California's Wholesale Electricity Market During Summer 2000

Paul L. Joskow and Edward Kohn

Year: 2002
Volume: Volume23
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol23-No4-1
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Abstract:
During the Summer of 2000, wholesale electricity prices in California were nearly 500% higher than they were during the same months in 1998 or 1999. This price explosion was unexpected and has called into question whether electricity restructuring will bring the benefits of competition promised to consumers. The purpose of this paper is to examine the factors that explain this increase in wholesale electricity prices. We simulate competitive benchmark prices for Summer of 2000 taking account of all relevant supply and demand factors-gas prices, demand, imports from other states, and emission permit prices. We then compare the simulated competitive benchmark prices with the actual prices observed. We find that there is a large gap between our benchmark competitive prices and observed prices, suggesting that the prices observed during Summer 2000 reflect, in part, the exercise of market power by suppliers. We then proceed to examine supplier behavior during high price hours. We find evidence that suppliers withheld supply from the market that would have been profitable for price-taking firms to sell at the market price.



Energy Policies and Their Consequences After 25 Years

Paul L. Joskow

Year: 2003
Volume: Volume24
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol24-No4-2
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Abstract:
Hans Landsberg and Sam Schurr each led research teams that produced two important energy futures policy studies that were published in 1979. The conclusions, policy recommendations, and energy demand, supply, and price forecasts contained in these studies are reviewed. Developments in U.S. energy policy over the last 25 years are discussed and compared with the recommendations contained in the two studies. The projections of energy demand, supply, and prices for 2000 contained in the studies are presented and compared to actual realizations. The nature, magnitudes, and reasons for the differences between the studies forecasts and what actually emerged 25 years later are discussed. All things considered, the Landsberg and Schurr studies have stood the test of time very well.



Markets for Power in the United States: An Interim Assessment

Paul L. Joskow

Year: 2006
Volume: Volume 27
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No1-2
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Abstract:
The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and retail electricity market institutions. Various indicia of the performance of these market institutions are presented and discussed. Significant progress has been made on the wholesale competition front but major challenges must still be confronted. The framework for supporting retail competition has been less successful, especially for small customers. Empirical evidence suggests that well-designed competitive market reforms have led to performance improvements in a number of dimensions and benefited customers through lower retail prices.



Lessons Learned from Electricity Market Liberalization

Paul L. Joskow

Year: 2008
Volume: Volume 29
Number: Special Issue #2
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-NoSI2-3
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Abstract:
This paper discusses the lessons learned from electricity sector liberalization over the last 20 years. The attributes of reform models that have exhibited good performance attributes are identified, drawing on empirical analysis of market structure, behavior and performance in many countries. Wholesale and retail market competition and network regulation performance evidence are discussed. Technical, economic, and political challenges to improving the efficiency of what continue to be partial liberalization programs in many countries are considered.





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