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Will President Reagan's Energy Policy Lead Households to Conserve?

Eric S. Brown

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-5
View Abstract

Abstract:
When energy was cheap and easily available, consumers' paid little attention to their energy use and bills, so after the supply disruptions of the1970s, they were poorly equipped to deal with the changes they faced in energy prices and availability. During the 1970s, the federal government undertook various programs of education and assistance, including dissemination of printed information, establishment of energy standards for federally financed homes, and tax credits for use of alternative energy sources.









Notes - Risk Analysis of Alternative Energy Sources

Daniel R. Kazmer

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-11
No Abstract



Reply to "Risk Analysis of Alternative Energy Sources"

Miller B. Spangler

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-12
No Abstract



Wood Energy Bibliography

n/a

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-13
No Abstract





Notes - Comment on "Economic Implications of Mandated Efficiency..."

Stanley M. Besen and Leland L. Johnson

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-9
No Abstract



Optimal Off-Peak Incremental Sales Rate Design in Electricity Pricing

Chi-Keung Woo and Dewey Q. Seeto

Year: 1988
Volume: Volume 9
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No1-8
View Abstract

Abstract:
Nonlinear pricing has recently become a subject of intense research in utility pricing. This research begins with the work on multipart tariffs which points out the superiority of nonlinear pricing over linear pricing and the importance of self-selection in regulatory pricing (see e.g., Brown and Sibley (1986), Faulhaber and Panzar (1977), Willig (1978) and Mirman and Sibley (1980)). That is, by providing a menu of rate options from which a ratepayer chooses what he most prefers, the utility and the ratepayers are both better off than when only one linear rate schedule is available (e.g., a non-time differentiated energy charge).



The More Cooperation, The More Competition? A Cournot Analysis of the Benefits of Electric Market Coupling

Benjamin F. Hobbs, Fieke A.M. Rijkers, Maroeska G. Boots

Year: 2005
Volume: Volume 26
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No4-5
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Abstract:
If barriers between two power markets are eliminated, what might happen to competition and prices? And who benefits? In the case of the Belgian and Dutch markets, market coupling would permit more efficient use of transmission by improving access to the Belgian market, by counting only net flows against interface limits, and by eliminating mismatches in timing of interface auctions and energy spot markets. We estimate the benefits associated with the first two of these impacts using a transmission-constrained Cournot model. Social surplus improvements on the order of 108 �/year are projected, unless market coupling encourages the largest producer in the region to switch from price-taking in Belgium to a Cournot strategy due to a perceived diminished threat of regulatory intervention. Whether Dutch consumers would benefit also depends on that company�s behavior. The results illustrate how large-scale oligopoly models can be used to assess changes in market designs.



Nonlinear Dynamics in Energy Futures

Mariano Matilla-García

Year: 2007
Volume: Volume 28
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol28-No3-2
View Abstract

Abstract:
This paper studies the possible nonlinear and chaotic nature of three energy futures: natural gas, unleaded gasoline and light crude oil. Nonlinearity is analyzed using the generalized BDS statistic, along with Kaplan�s test. The results show that nonlinearity cannot be rejected. The null hypothesis of chaos is then investigated via the stability of the largest Lyapunov exponent. Evidence of chaos is found in futures returns. Global modelling techniques, like genetic algorithms, have been used in order to estimate potential motion equations. In addition, short term forecasts in futures price movements have been conducted with these estimated equations. The results show that although forecast errors are statistically smaller than those computed with other stochastic approaches, further research on these topics needs to be done.



The Effect of Feedback by Text Message (SMS) and Email on Household Electricity Consumption: Experimental Evidence

Maria Gleerup, Anders Larsen, Soren Leth-Petersen, Mikael Togeby

Year: 2010
Volume: Volume 31
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-No3-6
View Abstract

Abstract:
This paper analyzes the effect of supplying feedback by text messages (SMS) and email about electricity consumption on the level of total household electricity consumption. An experiment was conducted in which 1,452 households were randomly allocated to three experimental groups and two control groups. Feedback was supplied throughout 2007 to members of the experiment groups who accepted the invitation, and data on consumption of electricity for 2006 and 2007 collected for all participants and control group members. 30% of the households invited to receive feedback accepted the invitation. Results suggest that email and SMS messaging that communicated timely information about a household�s �exceptional� consumption periods (e.g. highest week of electricity use in past quarter) produced average reductions in total annual electricity use of about 3%. The feedback technology is cheap to implement and therefore likely to be cost-effective.



The Informational Efficiency of European Natural Gas Hubs: Price Formation and Intertemporal Arbitrage

Sebastian Nick

Year: 2016
Volume: Volume 37
Number: Number 2
DOI: 10.5547/01956574.37.2.snic
View Abstract

Abstract:
In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches accounting for nonlinearities induced by the low liquidity-framework and by technical constraints of the considered gas hubs are specified. The empirical results reveal that price discovery generally takes place on the futures market. Thus, the futures market seems to be more informationally efficient than the spot market. The theory of storage seems to hold at all hubs in the long run. There is empirical evidence of significant market frictions hampering intertemporal arbitrage. UK's NBP and Austria's CEGH seem to be the hubs at which arbitrage opportunities are exhausted most efficiently, although there is convergence in the degree of intertemporal arbitrage efficiency over time at the hubs investigated.



Remuneration of Flexibility using Operating Reserve Demand Curves: A Case Study of Belgium

Anthony Papavasiliou and Yves Smeers

Year: 2017
Volume: Volume 38
Number: Number 6
DOI: 10.5547/01956574.38.6.apap
View Abstract

Abstract:
Flexibility is becoming an increasingly important attribute of conventional generators due to the challenges imposed by the unpredictable, highly variable and non-controllable nature of renewable supply. Paradoxically, flexible units are currently being mothballed or retired in Europe due to financial losses. We investigate an energy-only market design, referred to as operating reserve demand curves, that rewards flexibility by adjusting the real-time energy price to a level that reflects the value of capacity under conditions of scarcity. We test the performance of the mechanism by developing a model of the Belgian electricity market, which is validated against the historical outcomes of the market over a study period of 21 months. We verify that (i) based on the observed market outcomes of our study period, none of the existing combined cycle gas turbines of the Belgian market can cover their investment costs, and (ii) the introduction of price adders that reflect the true value of scarce flexible capacity restores economic viability for most combined cycle gas turbines in the Belgian market.



An Empirical Analysis of the Relationships between Crude Oil, Gold and Stock Markets

Semei Coronado, Rebeca Jiménez-Rodrguez, and Omar Rojas

Year: 2018
Volume: Volume 39
Number: Special Issue 1
DOI: 10.5547/01956574.39.SI1.scor
View Abstract

Abstract:
Oil and gold are used as investment assets and so they are closely related to the evolution of stock market indices, given that any influence on decisions about investment portfolios can affect stock market returns. Consequently, it is important for investors to analyze the direction of influence between crude oil, gold and stock markets when designing and implementing their investment strategies. Thus, this paper studies the direction of the causality among the three markets for the US case. In doing so, we apply linear and non-linear Granger causality tests for daily data from the Great Moderation onwards. Evidence is provided as to the importance of considering the possibility of nonlinear relationships between the three markets, a feature which cannot be revealed using conventional linear causality tests which would therefore lead to an information loss about the true link. The results for the full sample indicate that the causality goes in all directions, which implies that changes in the stock market returns may be monitored by observing changes in the returns of the two commodity markets considered (and vice versa). This may help to design substitution investment strategies. The results also indicate that the direction of influence between markets does not exhibit material differences between various subsamples, with the exception of the causality relationship between the two commodity markets. This may in part help explain the contradictory results and mixed conclusions found in previous related literature.



On the Role of Risk Aversion and Market Design in Capacity Expansion Planning

Christoph Fraunholz, Kim K. Miskiw, Emil Kraft, Wolf Fichtner, and Christoph Weber

Year: 2023
Volume: Volume 44
Number: Number 3
DOI: 10.5547/01956574.44.2.cfra
View Abstract

Abstract:
Investment decisions in competitive power markets are based upon thorough profitability assessments. Thereby, investors typically show a high degree of risk aversion, which is the main argument for capacity mechanisms being implemented around the world. In order to investigate the interdependencies between investors' risk aversion and market design, we extend the agent-based electricity market model PowerACE to account for long-term uncertainties. This allows us to model capacity expansion planning from an agent perspective and with different risk preferences. The enhanced model is then applied in a multi-country case study of the European electricity market. Our results show that assuming risk-averse rather than risk-neutral investors leads to slightly reduced investments in dispatchable capacity, higher wholesale electricity prices, and reduced levels of resource adequacy. These effects are more pronounced in an energy-only market than under a capacity mechanism. Moreover, uncoordinated changes in market design may also lead to negative cross-border effects.





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