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Supplemental Sources of Natural Gas: An Economic Comparison

Alvin Kaufman, Susan J. Bodilly

Year: 1981
Volume: Volume 2
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No4-5
View Abstract

Abstract:
Over the past decade, the United States has become increasingly dependent on imported energy, and there has been an attendant impact on the balance of payments. For example, 43 percent of the oil used in the United States was imported in the first six months of 1979, compared with 35 percent in 1973. Of these 1979 imports, 67 percent was supplied by the OPEC countries, including 40 percent from Arab producers. During the six months preceding the 1973-74 embargo, Arab producers supplied only 15 percent of U.S. imported oil. At the same time, OPEC oil has increased in price, through the machinations of the cartel. The massive income transfer is indicated by the rise in the U.S. oil balance of payments bill, from $3.4 billion inthe first six months of 1973 to $24.4 billion during the first six months of 1979.



Notes - A Comparison of Original Costs and Trended Original Cost Ratemaking Methods

Robert E. Anderson and David E. Mead

Year: 1983
Volume: Volume 4
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-11
No Abstract









Operation and Control in a Competitive Market: Distributed Generation in a Restructured Industry

Judith Cardell and Richard Tabors

Year: 1997
Volume: Volume 18
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-NoSI-6
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Abstract:
The prospect of independent ownership for distributed technologies is, being encouraged by the current deregulation of the industry, and it is possible that the new generators will be independently operated as well as independently owned. The siting of numerous small-scale generators in distribution feeders is likely to have an impact on the operations and control of the power system, a system designed to operate with large, central generating facilities. In response to the new and potentially conflicting economic and technical demands of a growing number of independent players, the power system may require new means for coordinating system operations. Price signals are one mechanism available to coordinate the operation of the power system in the emerging competitive market. This paper discusses the integration of distributed generation into the operations of the distribution system. It first discusses the engineering concern that numerous distributed generators might adversely impact system stability and reliability, and proposes methods to address these issues. The paper then demonstrates the ability of the distributed generators to participate in the competitive energy and ancillary services markets, by responding to a price signal that coordinates both the engineering and the economic aspects of distributed generator operation in a restructured power system.



Economic Inefficiency of Passive Transmission Rights in Congested Electricity Systems with Competitive Generation

Shmuel S. Oren

Year: 1997
Volume: Volume18
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No1-3
View Abstract

Abstract:
The main thesis of this paper is that passive transmission rights such as Transmission Congestion Contracts (TCCs) that are compensated ex-post based on nodal prices resulting from optimal dispatch by an Independent System Operator (ISO) will be preempted by the strategic bidding of the generators. Thus, even when generation is competitive, rational expectations of congestion will induce implicit collusion enabling generators to raise their bids above marginal costs and capture the congestion rents, leaving the TCCs uncompensated. These conclusions are based on a Cournot model of competition across congested transmission links where an ISO dispatches generators optimally based on bid prices. We characterize the Cournot equilibrium in congested electricity networks with two and three nodes. We show that absent active transmission rights trading, the resulting equilibrium may be at an inefficient dispatch and congestion rents will be captured by the generators. We also demonstrate how active trading of transmission rights in parallel with 42 competitive energy market can prevent the price distortion and inefficient dispatch associated with passive transmission rights.





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
View Abstract

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.



Technological Change for Atmospheric Stabilization: Introductory Overview to the Innovation Modeling Comparison Project

Michael Grubb, Carlo Carraro and John Schellnhuber

Year: 2006
Volume: Endogenous Technological Change
Number: Special Issue #1
DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI1-1
No Abstract



The Transition to Endogenous Technical Change in Climate-Economy Models: A Technical Overview to the Innovation Modeling Comparison Project

Jonathan Kohler, Michael Grubb, David Popp and Ottmar Edenhofer 

Year: 2006
Volume: Endogenous Technological Change
Number: Special Issue #1
DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI1-2
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Abstract:
This paper assesses endogenous technical change (ETC) in climate-economy models, using the models in the Innovation Modeling Comparison Project (IMCP) as a representative cross-section. ETC is now a feature of most leading models. Following the new endogenous growth literature and the application of learning curves to the energy sector, there are two main concepts employed: knowledge capital and learning curves. The common insight is that technical change is driven by the development of knowledge capital and its characteristics of being partly non-rival and partly non-excludable. There are various different implementations of ETC. Recursive CGE models face particular difficulties in incorporating ETC and increasing returns. The main limitations of current models are: the lack of uncertainty analysis; the limited representation of the diffusion of technology; and the homogeneous nature of agents in the models including the lack of representation of institutional structures in the innovation process.



Induced Technological Change: Exploring its Implications for the Economics of Atmospheric Stabilization: Synthesis Report from the Innovation Modeling Comparison Project

Ottmar Edenhofer, Kai Lessmann, Claudia Kemfert, Michael Grubb and Jonathan Kohler 

Year: 2006
Volume: Endogenous Technological Change
Number: Special Issue #1
DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI1-3
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Abstract:
This paper summarizes results from ten global economy-energy-environment models implementing mechanisms of endogenous technological change (ETC). Climate policy goals represented as different CO2 stabilization levels are imposed, and the contribution of induced technological change (ITC) to meeting the goals is assessed. Findings indicate that climate policy induces additional technological change, in some models substantially. Its effect is a reduction of abatement costs in all participating models. The majority of models calculate abatement costs below 1 percent of present value aggregate gross world product for the period 2000-2100. The models predict different dynamics for rising carbon costs, with some showing a decline in carbon costs towards the end of the century. There are a number of reasons for differences in results between models; however four major drivers of differences are identified. First, the extent of the necessary CO2 reduction which depends mainly on predicted baseline emissions, determines how much a model is challenged to comply with climate policy. Second, when climate policy can offset market distortions, some models show that not costs but benefits accrue from climate policy. Third, assumptions about long-term investment behavior, e.g. foresight of actors and number of available investment options, exert a major influence. Finally, whether and how options for carbon-free energy are implemented (backstop and end-of-the-pipe technologies) strongly affects both the mitigation strategy and the abatement costs.



Electricity Price Volatility and the Marginal Cost of Congestion: An Empirical Study of Peak Hours on the NYISO Market, 2001-2004

Lester Hadsell and Hany A. Shawky

Year: 2006
Volume: Volume 27
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No2-9
View Abstract

Abstract:
We examine the volatility characteristics of the NYISO Day Ahead and Real Time electricity markets for peak hours from January 2001 to June 2004. GARCH models are used to study the differences in volatility across zones. We find that price volatility is higher but less persistent in the Real Time market than in the Day Ahead market. Furthermore, we document the importance of transmission congestion and empirically estimate its impact on volatility in electricity prices. We also examine the Day Ahead premium and show how it is related to volatility in Real Time prices. The implications for participants in these markets are discussed.




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