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Comment on "Optimal Oil Producer Behavior Considering Macrofeedbacks"

Knut Anton Mork

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-2
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Abstract:
Harry Saunders's paper on the above subject in this issue of the Journal raises a very interesting point. As is well known, oil-exporting countries now hold major assets in the Western economies. Furthermore, the sensitivity of these economies to abrupt changes in oil prices seems widely accepted. It then seems reasonable to expect oil exporters' pricing decisions to be influenced by concerns about the rate of return on their assets. In particular, Saunders argues that oil exporters would want to avoid abrupt price changes because the ensuing shock effects would tend to reduce the rate of return on capital.



The Rate of Return Earned by Lessees under Cash Bonus Bidding for OCS Oil and Gas Leases

Walter J. Mead, Asbjorn Moseidjord, and Philip E. Sorensen

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-3
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Abstract:
The remaining oil and gas reserves and resources of the Outer Continental Shelf (OCS) represent one of America's largest publicly owned assets. Through 1980, OCS oil and gas leases had produced $62.8 billion in gross revenue and $41.3 billion in bonus, royalty, and rental payments to the federal government (U.S. Geological Survey, 1981).



Rate-of-Return Attrition and Inflation-Induced Penalties in Public Utility Common Stocks

Wallace N. Davidson, III and John L. Glascock

Year: 1984
Volume: Volume 5
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No4-6
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Abstract:
While the rate of inflation seems to be easing, the interest in its impact on corporate security prices (Feldstein, 1980) and on corporate investment policy (Caks, 1981; Higgins, 1977) has continued. Unlike nonregulated firms, utilities face the added difficulties of regulation-induced inflation penalties and return on equity (ROE) attrition.



The Effect of a Fuel Adjustment Clause on a Regulated Firm's Selection of Inputs

Frank A. Scott, Jr.

Year: 1985
Volume: Volume 6
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No2-9
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Abstract:
When input prices are changing rapidly, the delays inherent in rate-of-return regulation can result in rate decisions that are outdated before they can be implemented. Many regulatory commissions have adopted fuel adjustment clauses to remedy this problem. Fuel clauses adjust output price for changes in fuel costs so that the utility's profit remains relatively unaffected. Fuel adjustment clauses are now used in almost all the 50 states and the District of Columbia; a survey by the National Association of Regulatory Utility Commissioners (NARUC) (1978, p. 6) revealed that only 7 states did not permit fuel clauses.



Direct Investment in Conservation Measures by a Public Utility

Anthony M. Marino and Joseph Sicilian

Year: 1987
Volume: Volume 8
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-10
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Abstract:
During the period 1978-1980, public policy toward U.S.-regulated utilities mandated residential conservation programs. Public utilities encouraged residential customers to invest in home conservation measures to help meet the national goal of energy security. The actual programs growing out of this legislation can be grouped as information programs (such as the energy audit program), financial incentives or subsidy programs, and direct investment programs. Our focus is on the third type wherein the public utility itself does home-retrofit conservation work (weather stripping, caulking, storm windows and doors, and attic and wall insulation), and the residential customer pays no direct charges. (In Marino and Sicilian (1986) we provide an economic analysis of information and financial incentives programs.) Our principal goals are: (a) to give an economic explanation of why a regulated utility would want to provide conservation measures that reduce the demand for its primary product and (b) to examine whether existing regulatory structure and utility programs are likely to lead to economic efficiency in conservation investment. We also provide an idealized regulatory structure and conservation program that does lead to economic efficiency.



Utilities and Cogeneration: Some Regulatory Problems

Peter Zweifel and Konstantin Beck

Year: 1987
Volume: Volume 8
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No4-1
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Abstract:
Cogeneration-a technology which uses waste heat for electricity generation-has been known for over one hundred years. To be economically viable, it requires that excess electricity be fed into a grid for distribution. In the U.S., utilities have been legally obliged by PURPA legislation (Public Utility Regulation Practices Act) to put their grids at the disposal of electricity suppliers in industry. Nonetheless, cogeneration has recently accounted for no more than 14 percent of electricity used in industry (Anandalingam, 1985). Thus, PURPA legislation may not be enough to open markets to cogenerators.



An Empirical Test of An Electric Utility Under An Allowable Rate of Return

George J.Y. Hsu and Tser-Yieth Chen

Year: 1990
Volume: Volume 11
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol11-No3-4
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Abstract:
This paper examines a utility's behaviour under the regulatory constraint of a maximum allowable rate of return. The golden rule of production efficiency, i.e. that the marginal productivities of the input factors are equal, is used as our criterion to examine the utility's economic behaviour. Our case study uses a translogproduction function to investigate the production efficiency of the Taiwan Power Company. Two null hypotheses are tested with the results obtained supporting the existence of the A-f effect. The implications of the results are discussed, a comparison with previous studies is presented, and suggestions for further research are made.





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