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  • Growth Sources of Green Economy and Energy Consumption in China: New Evidence Accounting for Heterogeneous Regimes
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Guanchun Liu, Yuanyuan Liu, and Chien-Chiang Lee

    Abstract: This paper proposes an extended Solow decomposition framework with a finite mixture model, which is incorporated to account for heterogeneous regimes. The model decomposes green economy into two different components, namely, green total factor productivity and factor endowment. Then, we reestimate the growth sources of green economy and especially the importance of energy consumption in China�s

    更新日期:2020-10-27
  • Unveiling the Time-dependent Dynamics between Oil Prices and Exchange Rates: A Wavelet-based Panel Analysis
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Hyunjoo Kim Karlsson, Kristofer Månsson, and Pär Sjölander

    Abstract: The objective of this paper is to re-examine the relationship between real oil prices and real effective exchange rates (REER) for major oil-exporting countries with floating exchange rates. We apply the wavelet-based principles of Gallegati et al. (2016) using monthly data for the period 1996 to 2015. In contrast to many previous studies, our results support the theoretically expected positive

    更新日期:2020-10-27
  • Impact of Permit Allocation on Cap-and-trade System Performance under Market Power
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Mei Wang and Peng Zhou

    Abstract: The presence of market power usually has negative impacts on the cost-effectiveness of the carbon market. As market power-induced efficiency loss depends on permit allocation, the choice of permit allocation methods is likely to affect the cost-effectiveness of the carbon market. This paper examines theoretically how the choice of emission permit allocation method affects the cost-effectiveness

    更新日期:2020-10-27
  • Why the Effects of Oil Price Shocks on China’s Economy are Changing
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Shouyang Wang, Xun Zhang, and Lin Zhao

    Abstract: Some studies on developed economies have revealed that the impacts of oil price shocks have decreased while conclusions about China remain occluded. We investigate the changing effects of oil price shocks on China�s macroeconomy and discuss the causes. A time-varying parameter vector autoregressive (VAR) model reveals that impacts of oil price shocks on China�s economy have shown a downward

    更新日期:2020-10-27
  • International Oil Market Risk Anticipations and the Cushing Bottleneck: Option-implied Evidence
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Marie-Hélène Gagnon and Gabriel J. Power

    Abstract: This paper studies crude oil market integration and spillovers between Brent and WTI oil indexes over the 2006�2019 period. In addition to prices, we estimate time series of model-free option-implied moments to capture forward-looking market views and anticipations of different risk categories. We describe the WTI-Brent equilibrium relationship in prices and in risk expectations measured

    更新日期:2020-10-27
  • Transient and Persistent Energy Efficiency in the Wastewater Sector based on Economic Foundations
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Stefano Longo, Mona Chitnis, Miguel Mauricio-Iglesias, Almudena Hospido

    Abstract: Given the increasing importance of the wastewater sector in terms of energy usage, the understanding of the level of energy efficiency of wastewater treatment plants (WWTPs) is useful to both the industry itself as well as policy makers. Here, based on economic foundations, we apply a Stochastic Frontier Analysis (SFA) approach for energy demand modelling to estimate energy efficiency in

    更新日期:2020-10-27
  • Are Energy Executives Rewarded for Luck?
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Lucas W. Davis and Catherine Hausman

    Abstract: In this paper, we examine executive compensation data from 78 major U.S. oil and gas companies over a 24-year period. Perhaps in no other industry are the fortunes of so many executives so dependent on a single global commodity price. We find that a 10% increase in oil prices is associated with a 2% increase in executive compensation. This oil price effect holds for both CEOs and non-CEOs

    更新日期:2020-10-27
  • Behavioral Anomalies and Energy-related Individual Choices: The Role of Status-quo Bias
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Julia Blasch and Claudio Daminato

    Abstract: The literature on the energy-efficiency gap discusses the status-quo bias as a behavioral anomaly that potentially increases a household�s energy consumption. We empirically investigate the extent to which the status-quo bias is linked to residential electricity consumption through two channels: non-replacement of old appliances and overuse of appliances. Using data from a large household

    更新日期:2020-10-27
  • Energy R&D Investments and Emissions Abatement Policy
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Di Yin and Youngho Chang

    Abstract: The study examines the interactions of the energy R&D investments and the CO2 abatement policy using an endogenous energy R&D climate-economy model. Energy R&D investments affect the carbon emissions directly through efficiency improvements and indirectly by changing the comparative advantages of resources. This study considers the R&D investments in energy efficiency and low-carbon technology

    更新日期:2020-10-27
  • Fuel Demand across UK Industrial Subsectors
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Paolo Agnolucci and Vincenzo De Lipsis

    Abstract: Heterogeneity is a theme acquiring more and more prominence in the energy economic literature from both a modelling and policy-making perspective. We show that useful empirical evidence on this subject can be obtained by applying a parsimonious multivariate cointegration analysis that makes use of the increasingly available time series data on energy demand. We find that there is substantial

    更新日期:2020-10-27
  • The (time-varying) Importance of Oil Prices to U.S. Stock Returns: A Tale of Two Beauty-Contests
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    David C. Broadstock and George Filis

    Abstract: We evaluate the probability that oil prices affect excess stock returns for U.S. listed firms. The probabilities are obtained from a time-varying multi-factor asset pricing framework estimated using dynamic model averaging techniques, including oil price information among several other possible risk factors. Two widely used oil price measures are considered, one based on raw oil price changes

    更新日期:2020-10-27
  • Locational Investment Signals: How to Steer the Siting of New Generation Capacity in Power Systems?
    Energy J. (IF 2.394) Pub Date : 2020-11-01
    Anselm Eicke, Tarun Khanna, and Lion Hirth

    Abstract: New generators located far from consumption centers require transmission infrastructure and increase network losses. The primary objective of this paper is to study signals that affect the location of generation investment. Such signals result from the electricity market itself and from additional regulatory instruments. We cluster them into five groups: locational electricity markets, deep

    更新日期:2020-10-27
  • Do Localities Benefit from Natural Resource Extraction?
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Dakshina G. De Silva, Robert P. McComb, and Anita R. Schiller

    Abstract: There is a strand of the economics literature that considers the regionalized economic effects of natural resource endowments. The so-called Natural Resource Curse suggests that natural resource endowments are associated with lower long-term growth rates in the areas in which the resources are located. Lower growth arises because these areas tend to specialize in the development and exploitation

    更新日期:2020-08-20
  • Consumer Preferences for Solar Energy: A Choice Experiment Study
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Jamal Mamkhezri, Jennifer A. Thacher, and Janie M. Chermak

    Abstract: Electricity generation in the United States is rapidly moving towards integrating more renewables into the system due to several factors, including cost competitiveness, consumer preferences, and state and federal policies, such as production and income tax incentives, renewable portfolio standards (RPSs), and state level subsidies for solar energy. While these policies have been researched

    更新日期:2020-08-20
  • Natural Gas Storage Forecasts: Is the Crowd Wiser?
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Adrian Fernandez-Perez, Alexandre Garel, and Ivan Indriawan

    Abstract: This paper examines the usefulness of crowdsourced relative to professional forecasts for natural gas storage changes. We find that crowdsourced forecasts are less accurate than professional forecasts on average. We investigate possible reasons for this inferior performance and find evidence of a greater divergence of opinions and a lower incorporation of publicly available information among

    更新日期:2020-08-20
  • Least-cost Distribution Network Tariff Design in Theory and Practice
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Tim Schittekatte and Leonardo Meeus

    Abstract: In this paper a game-theoretical model with self-interest pursuing consumers is introduced in order to assess how to design a least-cost distribution tariff under two constraints that regulators typically face. The first constraint is related to difficulties regarding the implementation of cost-reflective tariffs. In practice, so-called cost-reflective tariffs are only a proxy for the actual

    更新日期:2020-08-20
  • Direct and Indirect Energy Rebound Effects in German Households: A Linearized Almost Ideal Demand System Approach
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Hendrik Schmitz and Reinhard Madlener

    Abstract: We estimate direct and indirect energy rebound effects for a wide variety of goods and services in Germany. To this end, we employ a linearized approximation of the popular Almost Ideal Demand System (AIDS) approach suggested by Deaton and Muellbauer (1980). Excluding measures of energy efficiency when estimating rebound can lead to biased results. We compensate for this shortcoming of previous

    更新日期:2020-08-20
  • Stretching the Duck: How Rising Temperatures will Change the Level and Shape of Future Electricity Consumption
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Nicholas Rivers and Blake Shaffer

    Abstract: This paper examines how rising temperatures due to climate change will affect electricity consumption patterns through mid- and end-century. We extend recent literature in two important ways. First, we directly incorporate adaptation in the form of increased air conditioner penetration, resulting in heightened responsiveness to hot temperatures. Second, we go beyond average effects to consider

    更新日期:2020-08-20
  • Intermittency and CO2 Reductions from Wind Energy
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Daniel T. Kaffine, Brannin J. McBee, and Sean J. Ericson

    Abstract: Using detailed 5-minute electricity generation data, we examine the impact of wind intermittency on carbon dioxide (CO2) emissions savings from wind energy in the Southwest Power Pool from 2012�2014. Parametric and semi-parametric analysis confirms concerns that intra-hour wind intermittency reduces CO2 emissions savings from wind�in the top decile of wind intermittency, emission savings

    更新日期:2020-08-20
  • Oil Price Declines Could Hurt U.S. Financial Markets: The Role of Oil Price Level
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Ha Nguyen, Huong Nguyen, and Anh Pham

    Abstract: This paper investigates the causal effects of oil price fluctuations on United States� financial markets using daily oil price and financial market data from 2011 to 2016. To address endogeneity, we follow the heteroscedasticity-based identification strategy by Rigobon (2003) and instrument for changes in oil prices with exogenous shocks on current and future oil supply. We find that a decline

    更新日期:2020-08-20
  • Utilities Included: Split Incentives in Commercial Electricity Contracts
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Katrina Jessoe, Maya Papineau, and David Rapson

    Abstract: This paper quantifies a tenant-side �split incentives� problem that exists when the largest commercial sector customers are on electricity-included property lease contracts, causing them to face a marginal electricity price of zero. We use exogenous variation in weather shocks to show that the largest firms on tenant-paid contracts use up to 14 percent less electricity in response to summer

    更新日期:2020-08-20
  • The Dynamic Time-frequency Relationship between International Oil Prices and Investor Sentiment in China: A Wavelet Coherence Analysis
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Zhengke Ye, Chunyan Hu, Linjie He, Guangda Ouyang, and Fenghua Wen

    Abstract: We take a fresh look at the interaction between crude oil prices and investor sentiment from the novel perspective of both the time and the frequency domains. By using principal component analysis, we first construct an investor sentiment indicator. Then, crude oil prices are decomposed into three oil price shocks through an SVAR model. Lastly, the dynamic relationship between investor sentiment

    更新日期:2020-08-20
  • Strategic Cost shifting in the Swedish District Heating and Electricity Markets
    Energy J. (IF 2.394) Pub Date : 2020-09-01
    Magnus Söderberg

    Abstract: Firms that operate combined heat and power (CHP) plants in Sweden face strong incentives to let their district heating (DH) customers subsidize the sales of electricity. This study investigates whether firms exploit the variation in competitive intensity across the two markets and 1) shift costs from electricity to DH, and 2) pass on any cost increase to consumers. A major empirical challenge

    更新日期:2020-08-20
  • Selling and Saving Energy: Energy Efficiency Obligations in Liberalized Energy Markets
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Louis-Gaëtan Giraudet, Matthieu Glachant, and Jean-Philippe Nicolaï

    Abstract: In Europe, energy efficiency obligations are imposed on energy retailers competing in liberalized energy markets. They comply by subsidizing energy efficiency investments made by energy end-users from within or outside their customer base. We develop a model describing how competition in the energy market affects compliance strategies. We find that, instead of selecting the most cost-effective

    更新日期:2020-06-01
  • Incumbent's Bane or Gain? Renewable Support and Strategic Behavior in Electricity Markets
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Ali Darudi and Hannes Weigt

    Abstract: Incumbent firms play a decisive role in the success of renewable support policies. Their investments in renewables as well as their operational strategies for their conventional CO2 emitting technologies affect the transition to a sustainable energy system. We use a game theoretical framework to analyze incumbents’ reactions to different renewable support policies, namely feed-in tariff (FIT)

    更新日期:2020-06-01
  • The Impact of Renewable Energy Generation on the Spot Market Price in Germany: Ex-Post Analysis using Boosting Method
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Alexander Ryota Keeley, Ken’ichi Matsumoto, Kenta Tanaka, Yogi Sugiawan, and Shunsuke Managi

    Abstract: This study combines regression analysis with machine learning analysis to study the merit order effect of renewable energy focusing on German market, the largest market in Europe with high renewable energy penetration. The results show that electricity from wind and solar sources reduced the spot market price by 9.64 €/MWh on average during the period from 2010 to 2017. Wind had a relatively

    更新日期:2020-06-01
  • Offer Price Information and the Exercise of Market Power: The Effect of the Publication of the Historical Trading Report on Competition in the Alberta Electricity Market
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Derek E. H. Olmstead, Matthew J. Ayres, and Peter B. R. Lomas

    Abstract: This paper considers the effect of the publication of offer price information on unilateral market power in Alberta’s electricity market. This market is an hourly auction characterized by repeated interaction among a small number of producers, common knowledge of costs and production capabilities, and price inelastic demand. For the period July 13, 2000 to May 18, 2017, offer prices for each

    更新日期:2020-06-01
  • Optimal Capacity Mechanisms for Competitive Electricity Markets
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Pär Holmberg and Robert A. Ritz

    Abstract: Capacity mechanisms are increasingly used in electricity market design around the world yet their role remains hotly debated. This paper introduces a new benchmark model of a capacity mechanism in a competitive electricity market with many different conventional generation technologies. We consider two policy instruments, a wholesale price cap and a capacity payment, and show which combinations

    更新日期:2020-06-01
  • Pricing and Competition with 100% Variable Renewable Energy and Storage
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Tommi Ekholm and Vilma Virasjoki

    Abstract: Electricity production is a key sector in global decarbonization efforts, and variable renewable energy (VRE) technologies are a primary way to produce carbon-free electricity. We study an electricity market where generation is 100 % VRE, while storage and elastic demand resolve temporal supply-demand imbalances. We model hourly market equilibrium to analyze price formation and imperfect

    更新日期:2020-06-01
  • Unbundling, Regulation, and Pricing: Evidence from Electricity Distribution
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Sven Heim, Bastian Krieger, and Mario Liebensteiner

    Abstract: Unbundling of vertically integrated utilities has become an integral element in the regulation of network industries and has been implemented in many jurisdictions. The idea of separating the network, as the natural monopoly, from downstream retailing, which may be exposed to competition, is still subject to contentious debate, as there is much empirical evidence that unbundling eliminates

    更新日期:2020-06-01
  • Conditional Yardstick Competition in Energy Regulation
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Timo Kuosmanen and Andrew L. Johnson

    Abstract: Yardstick competition is a regulation regime that forces local monopolies to compete against a variable cost or total cost benchmark. The variable cost benchmark ignores the fixed capital, creating a strong incentive to over-invest, whereas the total cost benchmark assumes all costs to be variable, ignoring the investment risk. We propose theoretical, methodological, and operational advances

    更新日期:2020-06-01
  • Competition in Markets for Ancillary Services? The Implications of Rising Distributed Generation
    Energy J. (IF 2.394) Pub Date : 2020-06-01
    Michael G. Pollitt and Karim L. Anaya

    Abstract: Ancillary services are electricity products which include balancing energy, frequency regulation, voltage support, constraint management and reserves. Traditionally they have been procured by system operators from large conventional power plants, as by-products of the production of energy. This paper discusses the use of markets to procure ancillary services in the face of potentially higher

    更新日期:2020-06-01
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