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Computable Equilibrium Models and the Restructuring of the European Electricity and Gas Markets

Yves Smeers

Year: 1997
Volume: Volume18
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No4-1
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Abstract:
More regulation, not less, is temporarily necessary, if effective, competition is to be established in network industries. This paradox places new requirements on computable models: they should provide realistic descriptions of technologies but also of markets and institutions. Industrial economics and computation of economic equilibrium can help achieve this dual requirement. This paper discusses their potential in the context of the deregulation of the European gas and electricity sectors. Some key elements of the European legislative process are first presented in order to point out the diversity of institutions that can emerge and to highlight the need to model institutions. Perfect competition equilibrium models although institutionally poor are argued to be useful for ex post analysis. Applications of the standard Cournot and' Bertrand paradigms in ex ante analysis of gas and electricity markets are reviewed next. Models combining market power and externalities are then discussed with reference to electricity restructuring. Finally multistage equilibrium models are introduced in the context of investment in gas and electricity. Computation remarks conclude the paper.



Adjustment Time, Capital Malleability and Policy Cost

Henry D. Jacoby and Ian Sue Wing

Year: 1999
Volume: Volume 20
Number: Special Issue - The Cost of the Kyoto Protocol: A Multi-Model Evaluation
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-NoSI-4
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Abstract:
The cost of meeting Kyoto-style emissions reductions is heavily dependent on the malleability of an economy's stock of capital and the number of years available for adjustment. Each year of delay introduces more emissionproducing activities that must be squeezed out of the system and shortens the time horizon for change, raising the carbon price required to produce the needed changes in capital structure. The MIT Emissions Prediction and Policy Assessment model is used to explore the effects of uncertainty in the degree of capital malleability in the short run, and to analyze how implied carbon prices vary depending on the time of credible commitment to emissions targets.



Can the Composition of Energy Use in an Expanding Economy be Altered by Consumers’ Responses to Technological Change?

Karen Turner, Gioele Figus, John Kim Swales, Lisa R yan, Patrizio Lecca, and Peter McGregor

Year: 2019
Volume: Volume 40
Number: Number 4
DOI: 10.5547/01956574.40.4.ktur
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Abstract:
Technological change is necessary for economies to grow and develop. This paper investigates how this technological change could be directed in order to simultaneously reduce carbon-intensive energy use and deliver a range of economic benefits. Using both partial and general equilibrium modelling, we consider improvements in the efficiency in the delivery of electricity as an increasingly low carbon option in the UK. We demonstrate how linking this to policy action to assist and encourage households to substitute away from more carbon-intensive gas- to electricity-powered heating systems may change the composition of energy use, and implied emissions intensity, but not the level of the resulting economic expansion.





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