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A Risk Analysis of Oil Development in the Arctic National Wildlife Refuge

Stephen G. Powell

Year: 1991
Volume: Volume 12
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No3-5
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Abstract:
The Arctic National Wildlife Refuge (ANWR) in Alaska is simultaneously the most promising onshore area for oil exploration and one of the wildest areas remaining in the USA. The conflict between the need to develop energy resources and the desire to preserve wild areas has led to a prolonged debate over the merits of programs to lease the region for oil exploration and development.



The Trade-Off between Economic and Environmental Objectives in Japan's Power Sector

Hisashi Amagai and PingSun Leung

Year: 1991
Volume: Volume 12
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No4-6
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Abstract:
The current concern about global warming has made it necessary for the electric power industry in Japan to reexamine its power generation mix plan. Past studies on the optimal power generation mix in Japan have only emphasized economic efficiency. Thermal power generation producing carbon dioxide (CO2) emissions has a lower generation cost than hydropower and new energy sources. Hence, there is a trade-off between generation-cost minimization (the economic objective) and COz emission minimization (the environmental objective). This paper presents a quantitative study of the trade-off between these two objectives in the year 2000, and discusses the nature of the trade-off curve and the extent of power generation by source.



IAEE Convention Speech: Energy, Exhaustion, Environmentalism, and Etatism

Richard L. Gordon

Year: 1994
Volume: Volume15
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No1-1
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Abstract:
Editor's Note: The author, Dr. Richard L. Gordon, won the IAEE's Outstanding Contributions Award for 1992. The following article is based on his acceptance speech given at the 16th international conference of the IAEE held in Bali, Indonesia, from July 27-29, 1993. The Association awards a prize annually for outstanding contributions to the profession of energy economics and to its literature.



Environmentally Responsible Energy Pricing

W. Kip Viscusi, Wesley A. Magat, Alan Carlin, and Mark K. Dreyfus

Year: 1994
Volume: Volume15
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No2-2
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Abstract:
This paper assesses the value of the non-global warming externalities associated with energy use. The estimates of the full social cost energy prices based on this "no regrets" approach imply environmental costs that often greatly exceed current tax amounts. The midpoint estimates suggest that the price of coaI is most out of line with its efficient level. Natural gas is currently overtaxed, and gasoline is appropriately taxed. There is also a substantial range of uncertainty embodied in the no regrets estimates.



Preserving Natural Environments on Coal Lands at Minimum Cost

William D. Watson

Year: 1996
Volume: Volume17
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol17-No1-6
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Abstract:
In the U.S., about 67 billion tons of coal (27% of the nation's surface minable coal) have been placed off-limits to surface mining by the Federal Land Policy Management Act and other restrictions in order to protect the environment. By the year 2005, it is projected that this reduction in coal reserves will add about $500 million per year to the nation's energy costs. As set-aside costs grow and the locked-up coal is perceived as progressively more valuable over time, it is likely that pressure will be brought on the U. S. Department of the Interior to revise its resource management plans. As a general rule, a rational management objective is to achieve a given amount of environmental preservation at the lowest cost. This paper provides an analytic framework, namely constrained cost minimization, for implementing that objective. Examples are given for protecting sage grouse and eagle habitat.



"No Cost" Efforts to Reduce Carbon Emissions in the U.S.: An Economic Perspective

Ronald J. Sutherland

Year: 2000
Volume: Volume21
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No3-4
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Abstract:
The 1999 Special Issue of The Energy Journal presents several articles that conclude the costs of the Kyoto Protocol would be very high for the U.S. if all the adjustments were domestic. However, a few studies conclude that the Kyoto target is achievable at a negligible cost and perhaps with a net benefit. This paper explains why a majority of studies conclude that the cost of reducing emissions is high while some studies conclude that the Kyoto target could be achieved at a low cost, if not for free. Most studies employ mainstream economic analysis to estimate the costs of achieving the Kyoto Protocol. In contrast, the "no cost" analyses use a unique methodology applied only to energy conservation and referred to here as the energy conservation paradigm. One conclusion is that the energy conservation paradigm is inconsistent with mainstream economics. The "no cost" conclusion used to support approval of the Kyoto Protocol is not supported by the basic principles of economics. The Climate Change Technology Initiative recommends tax credits to reduce carbon emissions. With the proposed tax credit of $1,100 per residential head pump, each tonne of carbon reduced from the more efficient heat pump would cost $510. With different input assumptions, higher and lower estimates are produced.



Supplementarity: An Invitation to Monopsony?

A. Denny Ellerman and Ian Sue Wing

Year: 2000
Volume: Volume21
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No4-2
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Abstract:
Article 17 of the Kyoto Protocol allows Annex B parties to meet their greenhouse gas emissions commitments by emissions trading so long as such trading is "supplemental" to domestic abatement actions. Whether and how "supplemental" should be defined is one of the most contentious issues in the post-Kyoto climate negotiations. We demonstrate that implementing supplementarity by imposing concrete ceilings on permit imports in a market for tradable emissions rights gives rise to monopsonistic effects similar to those that characterize a buyers' cartel. We assess the EU proposal on supplementarity in this context. Our results show that, under the most favorable assumptions, the proposal avoids the redistributive effects of an import limit, albeit at added cost. Under less favorable assumptions, namely, that the required demonstrations of verifiable abatement cannot be made, the EU proposal severely limits emissions trading and the associated reductions in the costs of achieving the Kyoto commitments.





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