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Net Effects of Government Interventionin Energy Markets

Paul F. Dickens III, David L. McNicol, Frederic H. Murphy, and Julie H. Zalkind

Year: 1983
Volume: Volume 4
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-10
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Abstract:
There have been several comprehensive studies of energy policy in the last few years, for example, Shurr (1979), Federal Energy Administration (1976), ERDA (1976), and the Ford Foundation (Landsberg, 1978). Unlike these studies of energy policies, this effort is not prescriptive. Rather, it measures the effects of a large set of policies on energy markets to provide an understanding of how government programs reinforce or offset one another.



The Great Transition: Energy and Economic Change

Dale W. Jorgenson

Year: 1986
Volume: Volume 7
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No3-1
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Abstract:
This paper examines the interactions between energy prices and economic growth since the first world oil crisis in 1973. Its title comes from a report by the Swedish National Energy Administration. The report, which details the transition of the world economy from low-priced to high-priced energy, is an excellent overview of the interrelationships between industrialized economies and international energy markets.



Fundamental U.S. Tax Reform and Energy Markets

Dale W. Jorgenson and Peter J. Wilcoxen

Year: 1997
Volume: Volume18
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No3-1
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Abstract:
This paper presents a new intertemporal general equilibrium model of the U. S. economy incorporating a detailed representation of U.S. tax structure. We employ the model to analyze the impact of fundamental tax reform on U.S. energy markets. More rapid economic growth would dominate energy conservation, leading to greater energy consumption and higher carbon emissions.



After the Natural Gas Bubble: An Economic Evaluation of the Recent U.S. National Petroleum Council Study

Ken Costello, Hillard G. Huntington, and James F. Wilson

Year: 2005
Volume: Volume 26
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No2-5
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Abstract:
This perspective paper reviews and critiques the policy analysis and modeling of future natural gas markets in the National Petroleum Council�s 2003 natural gas study (NPC Study). The NPC Study provided an important and timely review of long-term natural gas supply, demand and potential policies to increase supply or suppress demand. However, its long-term scenarios used assumptions and simplifications that led to understating likely longer-term market reactions to higher natural gas prices, which results in exaggeration of the potential benefits of the policies recommended by the NPC. In addition, the narrow scope of the NPC Study did not address many important considerations in natural gas policy, such as the costs of recommended policies, or their impacts on taxpayers, resource owners, or the environment. Overall, the study does not provide the evidence needed to justify major natural gas policies, especially in view of the current uncertain market environment.



The UK Market for Natural Gas, Oil and Electricity: Are the Prices Decoupled?

Frank Asche, Petter Osmundsen and Maria Sandsmark

Year: 2006
Volume: Volume 27
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No2-2
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Abstract:
After opening up of the Interconnector, the liberalized UK natural gas market and the regulated Continental gas markets became physically integrated and the Continental gas price became dominant. However, in an interim period � after deregulation of the UK gas market (1995) and the opening up of the Interconnector (1998) � the UK gas market had neither government price regulation nor a physical Continental gas linkage. We use this period � which for natural gas markets displays an unusual combination of deregulation and autarky � as a natural experiment to explore if decoupling of natural gas prices from prices of other energy commodities, such as oil and electricity, took place. Monthly price data in the period 1995-1998 indicates a highly integrated market where wholesale demand seems to be for energy rather than a specific energy source.



The Future of Retail Energy Markets

Catherine Waddams Price

Year: 2008
Volume: Volume 29
Number: Special Issue #2
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-NoSI2-7
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Abstract:
Britain was one of the first countries to introduce competition to retail energy markets in 1998; after a decade of choice, around half of its residential consumers have switched supplier. This paper presents evidence on consumer and supplier behaviour over the decade since the markets were opened to assess the success of the experience to date. The early debate about the value of extending choice to householders, in which David Newbery was amongst those who expressed doubts, remains to be resolved in an era of rising costs and increasing politicisation. While Britain has coped very well with wholesale market power, ending the domestic franchise and removing regulation from the retail supply margin has exposed households to considerable increases in those margins, as switching costs appear significant, and vertically integrated companies have been effective in exploiting their power. David Newbery, Market Design, EPRG working paper 0515 p.9, 2005



Why Consumers Switch Energy Suppliers: The Role of Individual Attitudes

Xiaoping He and David Reiner

Year: 2017
Volume: Volume 38
Number: Number 6
DOI: https://doi.org/10.5547/01956574.38.6.hxia
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Abstract:
Since 2008, fewer customers switched suppliers in British electricity and gas markets despite the potential for financial gains, suggesting that psychological factors may affect switching behaviors. Using a unique nation-wide British survey, we explore the influence of consumers' attitudes and perceptions on switching behaviors and assess the differences in switching propensity across different groups. Support for simplifying energy tariffs, professed less difficulty in understanding energy bills, expected difficulty in changing suppliers and lack of attention to the issue of energy prices are associated with lower switching activity. At a time of high saliency, political party voting intention was strongly related to switching. Unlike the bivariate analyses conducted by the regulator and the competition authority, our multivariate analysis show few demographic factors affect the likelihood of switching except for educational attainment and tariff payment patterns. Remedies aiming to encourage switching cannot be targeted correctly unless the supporting analysis is robust to alternative model specifications.



The Impact of Competition Policy Enforcement on the Functioning of EU Energy Markets

Tomaso Duso, Jo Seldeslachts, and Florian Szucs

Year: 2019
Volume: Volume 40
Number: Number 5
DOI: 10.5547/01956574.40.5.tdus
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Abstract:
We investigate the impact of competition policy enforcement on the functioning of European energy markets while accounting for sectoral regulation. For this purpose, we compile a novel dataset on the European Commission's (EC) and EU member states' competition policy decisions in energy markets and combine it with firm- and sector-level data. We find that EC merger policy has a positive and robust impact on (i) the level of competition, (ii) investment and (iii) productivity. This impact, however, only shows up in low-regulated sectors. Other competition policy tools - EC state aid control and anti-trust, as well as all member state policy variables - do not have a uniform effect on energy markets. Our findings are consistent with the idea that the EC's merger policy actions have been used to overcome obstacles to a well-functioning EU energy sector and may have contributed to the overall development of gas and electricity markets in Europe.



Cross-border Effects of Capacity Remuneration Schemes in Interconnected Markets: Who is Free-riding?

Xavier Lambin and Thomas-Olivier Léautier

Year: 2019
Volume: Volume 40
Number: Number 6
DOI: 10.5547/01956574.40.6.xlam
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Abstract:
We study the welfare impacts of domestic support schemes for generation capacity when energy markets are interconnected. We find that if transmission system operators (TSOs) can't reduce export capacity and neighbors stay energy-only, a capacity market is ineffective unless transmission capacity is small. If TSOs can reduce export capacity, the capacity market attracts investments and Security of Supply (SoS) of non-domestic markets shrink. A neighboring energy-only or strategic reserve market will thus be prejudiced in the long-run and may have to implement a capacity market as well in order to meet its SoS standard. Hence, capacity markets may spread in Europe thanks to their negative cross-border effect on investment incentives. This is in sharp contrast with the conventional wisdom, based on short-term arguments, that energy-only markets will free-ride the SoS provided by neighboring capacity markets. Our conclusions urge for the harmonization of capacity remuneration schemes across Europe.



North American Natural Gas Markets Under LNG Demand Growth and Infrastructure Restrictions

Baturay Çalci, Benjamin D. Leibowicz, and Jonathan F. Bard

Year: 2022
Volume: Volume 43
Number: Number 2
DOI: 10.5547/01956574.43.2.bcal
View Abstract

Abstract:
Strong liquefied natural gas (LNG) demand growth, especially in Asia, could increasingly motivate gas infrastructure development in North America. Nevertheless, opposition to new gas infrastructure is formidable in some of the U.S. states and Canadian provinces that are well positioned to supply LNG to the Asian market. In this paper, we investigate the combined effects of LNG demand growth and export infrastructure restrictions on North American natural gas markets through 2050. To do so, we build a mixed complementarity model with endogenous capacity investments. It is parameterized using publicly available data sources. Our results show that even if new export terminals cannot be constructed on the West Coast, LNG exports largely shift to other regions rather than suffer an overall decline. Increasing external demand for LNG puts upward pressure on regional prices in North America, and directs production and pipeline flows toward the regions that export LNG.




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