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III. How Industry Sees the Future - The Tenneco Perspective

Joe B. Foster

Year: 1982
Volume: Volume 3
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-3
View Abstract

Abstract:
A brief comment about the title given to this presentation. If you know the gas industry at all, you know that no one dares to speak for anyone else. Even within Tenneco, we look at natural gas deregulation from several points of view: Tenneco Oil is the country's fifteenth largest producer of natural gas, and it is the only one of the top 20 oil companies that derives more revenue from sales of natural gas than from crude oil.



The Effect of Load Management upon Transmission and Distribution Costs: A Case Study

Michael A. Einhorn

Year: 1988
Volume: Volume 9
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No1-6
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Abstract:
A new era may be emerging for the strategists and decision makers who are responsible for reliably and economically supplying electricity to America's homes and businesses. In the last decade, fuel shortages, price hikes, record-high interest rates, and a new environmentalist awareness have led the nation's utility planners to use conservation and load management strategies in order to curtail their customers' demands for energy and plant capacity. Undertaken primarily to reduce requirements for future generation capacity, load management strategies generally succeeded in reducing system peak load. However, utility planners often implemented these strategies with little regard to the effects upon their company's transmission and distribution (T&D) capacity requirements.



Income Distribution Effects of Electric Utility DSM Programs

Ronald J. Sutherland

Year: 1994
Volume: Volume15
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No4-5
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Abstract:
This paper uses the Residential Energy Consumption Survey undertaken by the Energy Information Administration in 1990 to estimate the statistical association between household income and participation in electric utility energy conservation programs and the association between participation and the electricity consumption. The results indicate that utility rebates, energy audits, load management programs and other conservation measures tend to be undertaken at greater frequency by high income households than by low income households. Participants in conservation programs tend to occupy relatively new and energy efficient residences and undertake conservation measures other than utility programs, which suggests that utility sponsored programs are substitutes for other conservation investments. Electricity consumption during 1990 is not significantly less for households participating in utility programs than for nonparticipants, which also implies that utility conservation programs are displacing other conservation investments. Apparently, utility programs are not avoiding the costs of new construction and instead are transferring wealth, particularly to high income participating households.



Marginal Capacity Costs of Electricity Distribution and Demand for Distributed Generation

Chi-Keung Woo, Debra Lloyd-Zannetti, Ren Orans, Brian Horii and Grayson Heffner

Year: 1995
Volume: Volume16
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No2-6
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Abstract:
Marginal costs of electricity vary by time and location. Past researchers attributed these variations to factors related to electricity generation, transmission and distribution. Past authors, however, did not fully analyze the large variations in marginal distribution capacity costs (MDCC) by area and time. Thus, the objectives of this paper are as follows: (1) to show that large MDCC variations exist within a utility's service territory; (2) to demonstrate inter-utility variations in MDCC; and (3) to demonstrate the usefulness of these costs in determining demand for distributed generation (DG).



Electricity Distribution in the UK and Japan: A Comparative Efficiency Analysis 1985-1998

Toru Hattori, Tooraj Jamasb and Michael Pollitt

Year: 2005
Volume: Volume 26
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No2-2
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Abstract:
This paper examines the relative performance of electricity distribution systems in the UK and Japan between 1985 and 1998 using cost-based benchmarking with data envelopment analysis (DEA) and stochastic frontier analysis (SFA) methods. The results suggest that the productivity gain in the UK electricity distribution has been larger than in the Japanese sector. In particular, productivity growth accelerated during the last years when the UK utilities were operating under tightened revenue caps. It also suggests that efficiency scores are higher for UK utilities. The findings also highlight the advantages of using multiple techniques in comparative analysis and in incentive regulation.



Measuring Potential Gains from Mergers among Electricity Distribution Companies in Turkey using a Non-Parametric Model

Necmiddin Bagdadioglu, Catherine Waddams Price, Thomas Weyman-Jones

Year: 2007
Volume: Volume 28
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol28-No2-4
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Abstract:
Turkish electricity reform is entering a new phase through the Turkish Government�s proposal to create 21 new distribution companies, 18 of them by merger. Two aspects of merger analysis are the operational cost savings and the potential production efficiency gains. This paper concentrates on the second aspect and uses a recently developed methodology to assess the potential effect of these mergers and whether these mergers are efficiency enhancing. This is performed by comparing the actual efficiency levels of observed distribution companies with the merger of proposed aggregated companies. The model is calibrated on panel data from 1999 to 2003 which include measures of physical capital and labor inputs, as well as customer and energy related outputs. The results indicate potential for considerable efficiency gains from the proposed mergers.



Economies of Scale and Scope in Multi-Utilities

Mehdi Farsi, Aurelio Fetz and Massimo Filippini

Year: 2008
Volume: Volume 29
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-No4-6
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Abstract:
This paper explores the economies of scale and scope in the electricity, gas and water utilities. These issues have a crucial importance in the actual policy debates about unbundling the integrated utilities into separate entities, a policy which has often been supported by the ongoing reforms in the deregulation of network industries. This paper argues that the potential improvements in efficiency through unbundling should be assessed against the loss of scope economies. Several econometric specifications including a random-coefficient model are used to estimate a cost function for a sample of utilities distributing electricity, gas and/or water to the Swiss population. The estimates of scale and scope economies are compared across different models and the effect of heterogeneity among companies are explored. While indicating considerable scope and scale economies overall, the results suggest a significant variation in scope economies across companies due to unobserved heterogeneity.



Gasoline Demand with Heterogeneity in Household Responses

Zia Wadud, Daniel J. Graham and Robert B. Noland

Year: 2010
Volume: Volume 31
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-No1-3
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Abstract:
Fuel demand elasticities to determine consumer responses to tax increases or price shocks are typically based on aggregate data. The literature generally provides one elasticity estimate for each country, assuming similar response for all households. However, it is possible that different households can have different responses to the same stimuli depending on the household characteristics. Assuming a single elasticity for all households may fail to capture the detailed distributional effect on different socio-economic groups, which is often needed to fully understand the impact of fuel tax measures. This paper presents results from a household level gasoline demand model which accommodates variation in price and income elasticity with increasing income as well as for different socio-economic characteristics in the USA. We find substantial heterogeneity in price and income elasticities based on demographic groupings and income groups. Results of a distributional analysis for a gasoline tax are also presented using the heterogeneous responses.



Modeling Term Structure Dynamics in the Nordic Electricity Swap Market

Dennis Frestad, Fred Espen Benth, and Steen Koekebakker

Year: 2010
Volume: Volume 31
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-No2-3
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Abstract:
We analyze the daily returns of Nordic electricity swaps and identify significant risk premia in the short end of the market. On average, long positions in this part of the swap market yield negative returns. The daily returns are distinctively non-normal in terms of tail-fatness, but we find little evidence of asymmetry. We investigate if the flexible four-parameter class of normal inverse Gaussian (NIG) distributions can capture the observed stylized facts and find that this class of distributions offers a remarkably improved fit relative to the normal distribution. We also compare the fit with that of the four-parameter class of stable distributions; the NIG law outperforms the stable law in the vast majority of cases. Thus, the NIG family of distributions, which allows for stochastic dynamics in terms of L�vy processes that are suitable for pricing derivatives and Value-at-Risk measurements, is a serious candidate for modeling term structure dynamics in the Nordic electricity market.



The Welfare Impacts of Rural Electrification in Bangladesh

Shahidur R. Khandker, Douglas F. Barnes, and Hussain A. Samad

Year: 2012
Volume: Volume 33
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol33-No1-7
View Abstract

Abstract:
Lack of access to electricity has been considered a major impediment to the growth and development of rural economies. Thus, the provision of electricity and other forms of modern energy has been a priority for many development organizations, including the World Bank. However, few impact studies of electrification have taken the endogeneity of the grid connection into account. Using a cross-sectional survey conducted in 2005 of 20,900 rural households in Bangladesh, this paper examines the welfare impacts of household access to grid electricity after controlling for endogeneity bias. The econometric analysis shows that grid electrification has significant positive impacts on household income, expenditure, and education. The household gain in total income due to electrification is as high as 21 percent, with a 1.5 percentage point reduction in poverty per year. The results also suggest that the income and expenditure effects of electricity connection are higher for better-off households. Keywords: Rural electrification, Electrification impacts, Distributional impacts, Bangladesh




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