| 1. |
- Söderholm, Patrik
(författare)
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Fossil fuel flexibility in west European power generation and the impact of system load factors
- 2001
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Ingår i: Energy Economics. - 0140-9883 .- 1873-6181. ; 23:1, s. 77-97
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes short-run interfuel substitution in west European power generation, and the impact of system load factors on fossil fuel choice. The problems are studied within a restricted translog cost share model. The paper concludes that interfuel substitution in existing power plants is substantial, especially that between oil and gas. This is consistent with the notion that short-run fuel substitution takes place in dual- or multi-fired plants, by switching load between different single-fired plants, and by some conversions of power plants to be able to burn alternate fuels. The empirical investigation also indicates that the system load factor is a notable determinant of fossil fuel choices in west Europe, and the paper ends with an assessment of the fuel consequences of some load management schemes in the region.
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| 2. |
- Adom, Philip Kofi
(författare)
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Asymmetric impacts of the determinants of energy intensity in Nigeria
- 2015
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 49, s. 570-580
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Tidskriftsartikel (refereegranskat)abstract
- This study analysed the problem of energy intensity determinants in Nigeria based on the fully modified OLS and canonical cointegration regressions. These methods were preferred since they are able to deal effectively with the second-order bias problems, an often characteristics of time series data. The impacts of price of crude oil, FDI, trade openness and industry structure are asymmetric which suggests the presence of structural effects in parameters. The impact of crude oil price is negative but becomes stronger post-1989 saving.126% more in energy consumption relative to pre-1989. Also, the impacts of FDI and trade openness are negative and significant but become stronger post-1989 saving 11.2% and 0.8% more in energy consumption relative to the baseline, respectively for every one percentage point increase in FDI and trade openness. The impact of industry value-added is positive and significant but weakens after 1989 consuming 1.8% less in energy for every one percentage point increase in industry value-added relative to the baseline. The energy reducing effect of industry value-added post-1989 reflects improvements in the technical characteristics of industrial sector in Nigeria. Last, the result showed that the absorptive capability and industry characteristics of Nigeria are important determinants of how FDI affects energy intensity. This implies that a more integrated FDI programme (considering the country characteristics) rather than a 'one-fit-all' programme is preferable. (C) 2015 Elsevier B.V. All rights reserved.
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| 3. |
- Adom, Philip Kofi, et al.
(författare)
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Energy efficiency as a sustainability concern in Africa and financial development: How much bias is involved?
- 2023
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Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 120
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Tidskriftsartikel (refereegranskat)abstract
- This study contributes to the literature on whether financial development stimulates technical energy efficiency (TEE) or not, by addressing core biases that creep into the relationship and thereby reducing the ability to draw causal inferences from financial development to TEE. Our approach is based on the instrumental stochastic frontier technique, where biases in the frontier and inefficiency equations are dealt with using external instrumental variables. The legal system origin of the country and life expectancy at birth were used as instruments for financial development and income, respectively. The current study demonstrates substantial bias in income elasticity, the estimate of energy efficiency, and the effect of financial development on energy efficiency. Both income elasticity and energy efficiency estimate risk upward bias. Equally, the effect of financial system development and financial institution development on TEE risk downward bias. Other results show that all aspects of financial institution development stimulate TEE, but access to financial institutions is more important. These results raise caution about future studies' estimates of the effect of financial development on TEE. Though this study has demonstrated the potency of external instruments in dealing with the bias in the coefficient estimates, we consider this might prove to be a luxury solution in some cases due to data limitation, context differences, and theory. In those circumstances, reliance on internal instruments might prove to be the second-best option.
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| 4. |
- Adom, Philip Kofi
(författare)
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The transition between energy efficient and energy inefficient states in Cameroon
- 2016
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Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 54, s. 248-262
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Tidskriftsartikel (refereegranskat)abstract
- I use a two-state (energy efficient/inefficient) Markov-switching dynamic model to study energy efficiency in Cameroon in a novel manner, employing yearly data covering 1971 to 2012. I find that the duration of an energy inefficient state is about twice as long as an energy efficient state, mainly due to fuel subsidies, low income, high corruption, regulatory inefficiencies, poorly developed infrastructure and undeveloped markets. To escape from an energy inefficient state a broad policy overhaul is needed. Trade liberalization and related growth policies together with the removal of fuel subsidies are useful, but insufficient policy measures; the results suggest that they should be combined with structural policies, aiming at institutional structure and investment in infrastructure. (C) 2015 Elsevier B.V. All rights reserved.
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| 5. |
- Aguilar Cabezas, Francisco X
(författare)
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Localized economic contributions of renewable wood-based biopower generation
- 2020
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 91
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Tidskriftsartikel (refereegranskat)abstract
- We assessed the role of renewable wood-based biopower generation in supporting local economies by deriving multiplier effects from a sample of U.S. power plants representing 348.3 MW of installed capacity (1.2 million MWh of power generation for 2016) with annual expenditures of over US$117 million. Average annual employment, labor income, value-added, and gross output values associated with the generation of wood-based power were contrasted with those from power generated from coal and natural gas. Economic multiplier effects of localized operation and maintenance expenditures were derived following an input-output analysis. Results, expressed in 2017 US$. show the economic contribution of wood-based biopower was lower (US$123.96 per MWh) than power generated from coal (US$386.55 per MWh) and natural gas (US$989.79 per MW). However, wood-based biopower value-added localized multiplier effects were nearly 20% higher than coal-based power, at US$2.80 per dollar spent in operation and maintenance. Our findings suggest that, after considering sustainability thresholds for woody biomass availability, its expanded utilization could contribute between US$5.00 billion to US$22.00 billion in value-added to local economies across the US. (C) 2020 Elsevier B.V. All rights reserved.
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| 6. |
- Ahmad, Wasim, et al.
(författare)
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On the intraday dynamics of oil price and exchange rate: What can we learn from China and India?
- 2020
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Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 91
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Tidskriftsartikel (refereegranskat)abstract
- The main aim of this paper is to investigate the volatility determinants of crude oil and foreign exchange markets and jump spillover between them. We consider currencies of two major oil-importing countries (India and China) over the sample period of January 1.2013 to October 31, 2019. We find evidence of positive return spillover from the oil to the foreign exchange market; however, there is a lack of return spillover in the other direction. Oil jumps appear to have a negative impact on exchange rate conditional volatility, and the latter responds asymmetrically to disentangled (positive and negative) oil price jumps. We also report disentangled exchange rate jumps significant impact on conditional oil price volatility. These results, however, are asymmetric based on the nature of jumps and alternative oil price series. Finally, we do not find evidence of co-jump between the oil and foreign exchange markets. These results have important implications for investors and policymakers. (C) 2020 Elsevier B.V. All rights reserved.
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| 7. |
- Akimaya, Muhammad, et al.
(författare)
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Simulation of price controls for different grade of gasoline : The case of Indonesia
- 2017
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Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 68, s. 373-382
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Tidskriftsartikel (refereegranskat)abstract
- A gasoline subsidy is one of the most prevalent strategies for distributing welfare to the people in oil-producing countries. However well-intentioned, the policy will distort the gasoline market with the resulting inefficiencies. Furthermore, the gasoline subsidy takes a great amount of government's budget. Arguably, these funds could be spent elsewhere with a greater impact on economic growth. These governments are aware of the cost of such a policy, yet face difficulties in removing the policy because of strong resistance from the public. This paper looks at the unique case of Indonesia that only provides a subsidy for regular gasoline and in turn proposes an alternative policy that introduces a subsidy for premium gasoline at a lower rate to reduce the overall gasoline subsidy cost. There has yet to be any research that simulates price controls for gasoline with different grades. The aggregate demand for gasoline in Indonesia is replicated using a translog cost calibration approach. Simulations based on the calibrated demand are then performed and the results confirm the existence of potential savings that are largely determined by the cross-price elasticities between regular and premium gasoline. The benchmark scenario, based on a recent study of substitutability between gasoline by grades, results in an 11.5% reduction in subsidy cost of around 950 million USD with a subsidy rate of Rp 2254/liter. Furthermore, the optimal rate of subsidy for premium gasoline results in a reduction of inefficiency as consumers' welfare increase by 6.8 trillion rupiahs (or 560 million USD).
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| 8. |
- Akyildirim, Erdinc, et al.
(författare)
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Connectedness of energy markets around the world during the COVID-19 pandemic
- 2022
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Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 109
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Tidskriftsartikel (refereegranskat)abstract
- This paper studies the connectedness among energy equity indices of oil-exporting and oil-importing countries around the world. For each country, we construct time-varying measures of how much shocks this country transmits to other countries and how much shocks this country receives from other countries. We analyze the network of countries and find that, on average, oil-exporting countries are mainly transmitting shocks, and oil-importing countries are mainly receiving shocks. Furthermore, we use panel data regressions to evaluate whether the connectedness among countries is influenced by economic sentiment, uncertainty, and the global COVID-19 pandemic. We find that the connectedness among countries increases significantly in periods of uncertainty, low economic sentiment, and COVID-19 problems. This implies that diversification benefits across countries are severely reduced exactly during crises, that is, during the times when diversification benefits are most important.
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| 9. |
- Akyildirim, Erdinc, et al.
(författare)
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How connected is the agricultural commodity market to the news-based investor sentiment?
- 2022
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Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 113
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Tidskriftsartikel (refereegranskat)abstract
- Previous studies indicate a substantial time-variation in the co-movement of commodity futures markets and economic fundamentals. This paper examines the connectedness and directional spillovers for both the agricultural commodity futures markets and the corresponding sentiment indices. We first construct dynamic time-varying connectedness measures both for the agricultural commodity returns and sentiments. Then, we use panel data regressions and time-varying Granger causality tests to evaluate whether the spillovers between these returns and sentiments are influenced by the economic and financial uncertainties, including the global COVID-19 pandemic. In particular, we document that the COVID-19 induced uncertainty influences agricultural commodity returns and sentiments significantly around the first cycle of the pandemic in 2020. Last but not least, economic policy and financial market uncertainty are also found to be significant determinants of the connectedness between agricultural commodity returns and sentiment spillovers.
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| 10. |
- Amjadi, Golnaz, et al.
(författare)
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The Rebound Effect in Swedish Heavy Industry
- 2018
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Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 71, s. 140-148
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Tidskriftsartikel (refereegranskat)abstract
- Energy efficiency improvement (EEI) benefits the climate and matters for energy security. The potential emission and energy savings due to EEI may however not fully materialize due to the rebound effect. In this study, we measure the size of the rebound effect for fuel and electricity within the four most energy intensive sectors in Sweden: pulp and paper, basic iron and steel, chemical, and mining. We use a detailed firm-level panel data set for 2000–2008 and apply Stochastic Frontier Analysis (SFA) for measuring the rebound effect. We find that neither fuel nor electricity rebound effects fully offset the potential energy and emission savings. Among the determinants, we find CO2 intensity and fuel/electricity share to be useful indicators for identifying firms with higher or lower rebound effect within each sector.
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