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Numrering	Referens	Omslagsbild	Hitta
1.	Söderholm, Patrik (författare) Fossil fuel flexibility in west European power generation and the impact of system load factors 2001 Ingår i: Energy Economics. - 0140-9883 .- 1873-6181. ; 23:1, s. 77-97 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.
2.	Adom, Philip Kofi (författare) Asymmetric impacts of the determinants of energy intensity in Nigeria 2015 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 49, s. 570-580 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.
3.	Adom, Philip Kofi, et al. (författare) Energy efficiency as a sustainability concern in Africa and financial development: How much bias is involved? 2023 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 120 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.
4.	Adom, Philip Kofi (författare) The transition between energy efficient and energy inefficient states in Cameroon 2016 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 54, s. 248-262 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.
5.	Aguilar Cabezas, Francisco X (författare) Feasibility of satisfying projected biopower demands in support of decarbonization interventions: A spatially-explicit cost optimization model applied to woody biomass in the eastern US 2024 Ingår i: Energy Economics. - 0140-9883 .- 1873-6181. ; 136 Tidskriftsartikel (refereegranskat)abstract Power generation from biomass (biopower) has experienced substantial growth in the United States. Although renewable and sustainably sourced biopower can reduce the carbon footprint of the electricity sector, there is a scarcity of analyses that simultaneously consider the financial feasibility and sustainability criteria of procured biomass. We developed a spatially -explicit optimization model to minimize the cost of meeting projected biopower demand while ensuring carbon neutrality and biomass sustainability constraints. The optimization model was applied to projected biopower demand scenarios in the eastern US, considering various public policy decarbonization interventions. Modeling woody biomass procured from local forests as the source of biopower was chosen due to its dominant role as a renewable energy source, regional availability, and lower risk of violating carbon neutrality objectives. Initially, we projected the net growth of woody biomass in trees and their carbon pools by 2035, as a function of biopower generation, utilizing data from 2009-2017. Subsequently, forecasted woody biomass and projected biopower demand through 2035 were employed to determine optimal levels of biopower generation and estimate the corresponding resource impacts within procurement forests. The results suggest the potential for substantial increases in sustainable biopower generation in the eastern US. However, the feasibility of this expansion depends on the continued economic viability of biopower generation in the future. It is worth noting that the largest increases, surpassing threefold, in biopower generation over the 2020-2030 decade could potentially compromise the carbon neutrality of locally procured woody biomass.
6.	Aguilar Cabezas, Francisco X (författare) Localized economic contributions of renewable wood-based biopower generation 2020 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 91 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.
7.	Ahmad, Wasim, et al. (författare) On the intraday dynamics of oil price and exchange rate: What can we learn from China and India? 2020 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 91 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.
8.	Akimaya, Muhammad, et al. (författare) Simulation of price controls for different grade of gasoline : The case of Indonesia 2017 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 68, s. 373-382 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).
9.	Akyildirim, Erdinc, et al. (författare) Connectedness of energy markets around the world during the COVID-19 pandemic 2022 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 109 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.
10.	Akyildirim, Erdinc, et al. (författare) How connected is the agricultural commodity market to the news-based investor sentiment? 2022 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 113 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.
11.	Amjadi, Golnaz, et al. (författare) The Rebound Effect in Swedish Heavy Industry 2018 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 71, s. 140-148 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.
12.	Amuakwa-Mensah, Franklin, et al. (författare) Unveiling the energy saving role of banking performance in Sub-Sahara Africa 2018 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 74, s. 828-842 Tidskriftsartikel (refereegranskat)abstract This article examines the effect of commercial bank performance on an indicator of energy efficiency (i.e. energy intensity) while controlling for the mediating effect of political institution. To achieve this goal, the study develops a theoretical model based on the neoclassical theory of the firm that links energy efficiency to bank sector development, and a unique bank-based data by Andrianova et al. (2015) for 43 Sub-Saharan African countries from 1998 to 2012. The principal component analysis is used to derive a composite bank-based development index from different bank balance sheet performance indicators- return on asset, asset quality, bank capitalization, managerial inefficiency and financial stability. The two-stage system generalized method of moment (Sys-GMM) technique was used. The results reveal that, both in the short- and long-run, improved banking performance fosters energy efficiency improvements in sub-Saharan Africa, but this is compromised by democracy (institutional quality). Thus, to achieve energy efficiency improvements, specific initiatives should be implemented to boost the development of the banking sector while also ensuring that democratic governance in the sub-region weans itself off things that impede the progress of the real sector. More ambitiously, creating a Green Bank may be necessary to stimulate energy efficiency investments in the sub-region.
13.	Armerin, Fredrik (författare) A Comment on "The effectiveness of carbon pricing : The role of diversification in a firm's investment decision" 2024 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 132 Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract We show that the set of parameter values satisfying the constraints, needed in order to make the stopping rule used in the extended model in Compernolle et al. (2022) an optimal one, is empty. Using the stopping rule in their paper will result in a strictly smaller stopping time than the optimal stopping time. It follows that the stopping rule used in Compernolle et al. (2022) will result in a lower bound of the expected time until an investment is done.
14.	Bask, Mikael, et al. (författare) Market structure and the stability and volatility of electricity prices 2009 Ingår i: Energy Economics. - : Elsevier BV. ; 31, s. 278-288 Tidskriftsartikel (refereegranskat)
15.	Berger, Theo, et al. (författare) On the dynamic dependence between equity markets, commodity futures and economic uncertainty indexes 2016 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 56, s. 374-383 Tidskriftsartikel (refereegranskat)abstract This paper provides a thorough analysis on multiscale dependence schemes between equity markets, commodity futures and uncertainty indexes. Based on decomposed return series, we provide an exhaustive survey on time varying dependence, before and after the outbreak of financial crisis. Although daily returns of equity markets and commodity futures are described by weak dependence, our results indicate a stronger dependence between the long-run trends of both asset classes.
16.	Berry, Carl, et al. (författare) Income and fuel price elasticities of car use on micro panel data 2024 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 135:July Tidskriftsartikel (refereegranskat)abstract We estimate the income and fuel price elasticities of private car vehicle kilometres travelled (VKT) using fixed effects on registry micro panel data covering all Swedish households from 1999 to 2018. Such registry data, covering all individuals and cars in the country, are unique to Nordic countries and are comprehensive enough to allow fine segmentation of the population by both income groups and several municipality types. To address potential endogeneity arising if employees receive a wage compensation for long commutes, we apply the temporal changes in earned income tax credits as an instrumental variable. We find lower income and price elasticities (in absolute value) in the large cities, and larger elasticities in suburbs, other cities and in rural areas. We also find that the elasticities decrease with income, excluding the lowest income quartile, having the lowest elasticities. Specifically, we show theoretically and empirically that because the income elasticity varies considerably along the income distribution, the resulting income elasticity depends heavily on how the estimator assigns weight to different income groups, unless the specification explicitly allows for variation in the impact of income on VKT. Moreover, the impact of an income increase depends on to whom the income increase accrues to. For a uniform income increase, 0.2 is the preferred income elasticity. Our preferred long-run fuel price elasticity is −0.53. The short-run elasticities are lower. These elasticities apply to the full population and not only to car owners or drivers.
17.	Biggar, Darryl R., et al. (författare) An integrated theory of dispatch and hedging in wholesale electric power markets 2022 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 112 Tidskriftsartikel (refereegranskat)abstract The literature on optimal dispatch of wholesale power systems implicitly assumes that market participants are risk-neutral. But, in practice, most wholesale electricity market participants behave as though they are risk averse, seeking to insulate themselves from the market risks they face. In this context, achieving the overall social-welfare maximum requires simultaneously finding both the optimal dispatch and optimal hedging arrangements. Assuming that market participants have mean-variance preferences, we show that the dispatch task can be separated from the hedging task. We show how market participants can achieve a perfect hedge by forming a portfolio of inter-temporal hedge contracts. Departing from the previous literature, we assume the system operator is risk averse. We show how the system operator can achieve a perfect hedge using a portfolio of inter-nodal hedging instruments which we refer to as generalised Financial Transmission Rights. The total risk experienced by market participants when optimally hedged is equal to the variation in the total surplus or total economic welfare. This approach therefore leads naturally to a form of merchant transmission investment where network upgrade decisions are carried out by a coalition of risk-bearers in the market. In addition, we propose a natural extension in which transmission network operators provide a form of insurance against network outages, and face the correct social incentive for avoiding network outages. This approach resolves a number of outstanding issues in the economic analysis of power markets.
18.	Biggar, Darryl R., et al. (författare) Crises in Texas and Australia: Failures of energy-only markets or unforeseen consequences of price caps? 2024 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 137 Tidskriftsartikel (refereegranskat)abstract The Australian National Electricity Market (NEM) and the Texas wholesale electricity market (ERCOT) are two of the most prominent examples of energy-only wholesale electricity markets in the world. In early 2021 and mid 2022 these markets suffered from unprecedented crises, prompting some commentators to question the energy-only market design. Both markets are now considering implementing a form of capacity mechanism. Are these crises evidence of a fundamental flaw in the energy-only market design, or something else? We argue that, although the crises were very different in form, both crises arose in part from the effect of price caps in the wholesale market. We set out a model of the optimal mix of generation technologies in a framework in which generators can invest to protect against extreme weather events. We show that a price cap (below VoLL) reduces incentives for investment in hardening generation. Rather than further lowering the price caps – as was done in Texas – we propose a range of reforms to strengthen and enhance the confidence in the wholesale market.
19.	Biggar, Darryl R., et al. (författare) Optimal retail contracts with contractible uncertainty 2024 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 136 Tidskriftsartikel (refereegranskat)abstract Around the world policymakers and regulators are struggling with the question of how to design retail electricity tariffs in the face of increasing penetration of local generation (e.g., solar PV), smart appliances, local storage, and electric vehicles. There is a widespread recognition that retail tariffs should vary dynamically across time and space, reflecting the changing conditions (congestion and losses) on the underlying networks. But, at the same time, there is recognition that such tariffs potentially expose retail customers to substantial risk. Risk averse retail customers desire protection against price spikes and volatile wholesale spot prices. This paper seeks to derive the optimal retail contract in the special case in which the uncertainty in the market is contractible (in the sense defined here). We show that the optimal retail contract exposes the prosumer to the wholesale spot price at the margin, but also perfectly insulates the customer from risk, achieving the first-best outcome. We show how the hedge component of this retail contract can be constructed from standard-form hedge contracts. We draw out several lessons for policymakers.
20.	Biggar, Darryl R., et al. (författare) Welfare-maximising dispatch and pricing of water in a gravity-fed river network 2022 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 108 Tidskriftsartikel (refereegranskat)abstract With increasing scarcity in water resources around the world, policy-makers are increasingly looking to water trading arrangements to ensure that available surface water is used as efficiently as possible. However, traded water must be able to be transported from its source to its point of use. In many real-world applications this transportation occurs over a gravity-fed river network. The physical characteristics of this network (such as the shape of weirs) determines how quickly water flows from point to point, as well as setting upper and lower limits on the rate of flow. The choice of the path of injections and extractions which maximises overall welfare must take into account these physical characteristics. This paper characterises the profile of water injections and extractions, and the corresponding path of prices, that maximises overall economic welfare, subject to the hydrology of a stylised river network. We illustrate the outcomes of the model in simple water networks, and show how even relatively simple changes in supply and demand conditions can lead to dynamic variation in the profile of prices and injection/extraction across the river system. We show how this model can act as the foundation for a smart market for water trading arrangements.
21.	Biru Paksha, Paul, et al. (författare) Energy and output dynamics in Bangladesh 2011 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 33:3, s. 480-487 Tidskriftsartikel (refereegranskat)abstract The relationship between energy consumption and output is still ambiguous in the existing literature. The economy of Bangladesh, having spectacular output growth and rising energy demand as well as energy efficiency in recent decades, can be an ideal case for examining energy-output dynamics. We find that while fluctuations in energy consumption do not affect output fluctuations, movements in output inversely affect movements in energy use. The results of Granger causality tests in this respect are consistent with those of innovative accounting that includes variance decompositions and impulse responses. Autoregressive distributed lag models also suggest a role of output in Bangladesh's energy use. Hence, the findings of this study have policy implications for other developing nations where measures for energy conservation and efficiency can be relevant in policymaking.
22.	Boako, Gideon, et al. (författare) Commodities price cycles and their interdependence with equity markets 2020 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 91 Tidskriftsartikel (refereegranskat)abstract This study examines the time-scale connectedness between returns on nine African stock markets and commodities markets across energy, agriculture, metals, and beverage. First, we examine multi-scale (short-, medium-, and long-run) wavelet structural relationships between African stocks and commodities using the bivariate wavelet coherence. We establish that commodities and African stock returns co-move across multiple scales and co-integrate in the long run, albeit sparse. Second, we analyze the portfolio performance of the African stock markets with other commodities using wavelet-based diversified and undiversified portfolios in a translation-invariant manner to calculate the scale-specific Sharpe ratios over different sub-periods rather than giving a one-shot look for the entire sample. This enables us to examine how risk-adjusted returns vary across different periods. The results confirm that having a combined portfolio of commodities and equities improves performance over different investment horizons. Specifically, we observe that in non-crisis periods, particularly from 2001-2006 the equally weighted and optimally weighted portfolios show the greatest performances. However, as we enter into the crisis zones such as the Asian crisis of 1997-2000 and the global financial and Eurozone debt crisis the risk-aversion of investors become prominent as the risk-minimizing portfolios record the highest performances. (C) 2020 Elsevier B.V. All rights reserved.
23.	Bonev, Petyo, et al. (författare) Implicit yardstick competition between heating monopolies in urban areas : Theory and evidence from Sweden 2022 Ingår i: Energy Economics. - Amsterdam : Elsevier. - 0140-9883 .- 1873-6181. ; 109 Tidskriftsartikel (refereegranskat)abstract This article examines a novel regulatory mechanism in a setting with multiple local monopolists. The mechanism rests upon the behavioral assumption that customers form opinions about prices by comparing them with prices set by nearby monopolies and that this comparison influences their behavior. In this way, an “implicit yardstick competition” emerges among monopolists although they do not operate in the same markets. We test this mechanism using a unique dataset of unregulated district heating monopolists in Sweden. We find a large effect of neighbors’ prices, which indicates that the implicit yardstick competition has a considerable disciplining effect on monopolies’ pricing behavior. © 2022 The Author(s)
24.	Bostian, Moriah, et al. (författare) Environmental investment and firm performance : a network approach 2016 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 57, s. 243-255 Tidskriftsartikel (refereegranskat)abstract This study examines the role of investment in environmental production practices for both environmental performance and energy efficiency over time. We employ a network DEA approach that links successive production technologies through intertemporal investment decisions with a period by period estimation. This allows us to estimate energy efficiency and environmental performance separately, as well as productivity change and its associated decompositions into efficiency change and technology change. Incorporating a network model also allows us to account for both short-term environmental management practices and long-term environmental investments in each of our productivity measures. We apply this framework to a panel of detailed plant-level production data for Swedish manufacturing firms covering the years 2002-2008.
25.	Broberg, Thomas, et al. (författare) Blame it on the owner – Ownership and energy performance of multi-dwelling buildings 2018 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 72, s. 108-119 Tidskriftsartikel (refereegranskat)abstract In this paper, we investigate the energy efficiency of multi-dwelling buildings in Sweden to find out whether the type of ownership matters. More specifically, we investigate whether rental apartment buildings are less energy efficient than cooperative apartment buildings and whether public ownership has a negative impact on energy efficiency. A conceptual framework is presented to illustrate that such differences could be explained by the split incentives problem and deviations from profit maximizing interests. The empirical analysis is based on a unique dataset that combines data from energy performance certificates with ownership data on residential units. The results indicate that cooperative apartment buildings are significantly more energy efficient than buildings with rental apartments. The results also indicate that publicly owned buildings have somewhat lower energy performance than privately owned ones.
26.	Broberg, Thomas, et al. (författare) Burn or let them Bury? : The net social cost of producing district heating from imported waste 2022 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 105 Tidskriftsartikel (refereegranskat)abstract In this study, a net social cost framework is applied to provide insights on policy issues relating to the cross-border trade in waste fuel. We estimate the net social cost of using imported waste fuel in a highly efficient combined heat and power plant (CHP) in a cold climate by considering both private costs and benefits as well as external costs related to energy production, alternative waste management and fuel transport. We conclude that using imported waste fuel is beneficial from a societal perspective compared to using biofuel, given the wide range of assumptions regarding technical, economic and environmental characteristics. The net social cost is mainly determined by fuel cost advantages and the external cost of greenhouse gas emissions. External costs associated with transports only marginally impact the net social cost of waste imports for incineration. The results are robust to variation in the excess heat utilisation rate, which implies that importing waste for incineration would also be beneficial in countries with warmer climates where district heating networks already exist.
27.	Broberg, Thomas, et al. (författare) Effects of energy performance certificates on investment : A quasi-natural experiment approach 2019 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 84 Tidskriftsartikel (refereegranskat)abstract Incomplete information may be one reason why some households do not invest in energy efficiency even though it would benefit them to do so. Energy performance certificates (EPCs) have been promoted to overcome such information shortages. In this paper, we investigate whether EPCs together with mandatory home energy audits make households more likely to invest in energy efficiency. Our study takes advantage of the mandatory nature of the EPCs to avoid the potential selection bias problem that typically applies to studies using voluntary energy audits as the treatment. Our treatment group consists of single-household houses in Sweden sold from 2008, i.e., when EPCs became legally required in connection with sales of residential buildings, to 2015; while the control group consists of houses sold between 2002 and 2008, i.e., without an EPC. The results show that there is no statistically significant treatment effect for most of the measures that a household can take to improve the energy performance of their house. The significant treatment effect that we do find concerns a few heating system-related measures.
28.	Broberg, Thomas, et al. (författare) Household preferences for load restrictions : Is there an effect of pro-environmental framing? 2021 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 97 Tidskriftsartikel (refereegranskat)abstract In this paper, we investigate whether a pro-environmental framing influences households' stated willingness to accept restrictions on their electricity use. We use a split-sample choice experiment and ask respondents to choose between their current electricity contract and hypothetical contracts featuring various load controls and a monetary compensation. Our results indicate that the framing makes respondents marginally less likely to prefer their current contracts. We find significant pro-environmental framing effect related to a few contract attributes, particularly the framing reduces respondents' willingness-to-accept compensation for the number of days with load control and for flexibility to choose appliances for load control. The results further show that the framing affects respondents who do not perform pro-environmental activities. Our finding suggests that a pro-environmental message, which is inexpensive to include in a proposed contract, may influence the preferences of people who are less engaged in pro-environmental activities.
29.	Broberg, Thomas, et al. (författare) Is our everyday comfort for sale? : preferences for demand management on the electricity market 2016 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 54, s. 24-32 Tidskriftsartikel (refereegranskat)abstract In a European perspective, the electricity markets have been experiencing major changes via deregulation, new technologies and changes in the production mix. Together with the daily and seasonal peak hours on the demand side, the changing markets put pressure on increased flexibility to handle and sustain balance in the grid systems. This paper focuses on the demand side and analyzes preferences related to demand management of Swedish households' energy use. In a web-based choice experiment respondents were faced with three hypothetical electricity contracts. The choices of preferred contracts revealed preferences for attributes related to external control of heating, household electricity and information dissemination (integrity). The results show that people put a substantial value on not being controlled, illustrated by compensations up to thousands of SEK for accepting a contract characterized by external control of energy use in various dimensions. In addition, the results show that household composition, age, gender and income play a role for the perceived discomfort from the external control and information dissemination.
30.	Brown, T., et al. (författare) Decreasing market value of variable renewables can be avoided by policy action 2021 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 100 Tidskriftsartikel (refereegranskat)abstract Although recent studies have shown that electricity systems with shares of wind and solar above 80% can be affordable, economists have raised concerns about market integration. Correlated generation from variable renewable sources depresses market prices, which can cause wind and solar to cannibalise their own revenues and prevent them from covering their costs from the market. This cannibalisation appears to set limits on the integration of wind and solar, and thus to contradict studies that show that high shares are cost effective. Here we show from theory and with simulation examples how market incentives interact with prices, revenue and costs for renewable electricity systems. The decline in average revenue seen in some recent literature is due to an implicit policy assumption that technologies are forced into the system, whether it be with subsidies or quotas. This decline is mathematically guaranteed regardless of whether the subsidised technology is variable or not. If instead the driving policy is a carbon dioxide cap or tax, wind and solar shares can rise without cannibalising their own market revenue, even at penetrations of wind and solar above 80%. The strong dependence of market value on the policy regime means that market value needs to be used with caution as a measure of market integration. Declining market value is not necessarily a sign of integration problems, but rather a result of policy choices.
31.	Brännlund, Runar, et al. (författare) Convergence of carbon dioxide performance across Swedish industrial sectors : an environmental index approach 2015 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 51, s. 227-235 Tidskriftsartikel (refereegranskat)abstract The overall objective of the paper is to analyze convergence of CO2 emission intensity across manufacturing sectors in Sweden. Our approach differs from previous work on carbon convergence in that it employs a theoretical framework to construct a CO2 performance index, which explicitly takes into account that industrial firms produce good as well as bad outputs. This index is then used as the dependent variable in a growth-type regression equation. We employ a data set covering 14 industrial sectors over the time period 1990–2008. The results suggest the presence of conditional β-convergence in CO2 performance among the industrial sectors in Sweden. Moreover, the speed of convergence varies significantly in the sense that the higher the capital intensity is, the lower is the convergence rate to the different steady states. This is likely to reflect the importance of – and in part the costs associated with – capital turnover to achieve a transition towards lower CO2 emission paths.
32.	Brännlund, Runar, 1957-, et al. (författare) Peak and off-peak demand for electricity : Is there a potential for load shifting? 2021 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 102 Tidskriftsartikel (refereegranskat)abstract In this paper, we explore whether there is a potential for shifting load between different times of the days, i.e., between peak and off-peak hours. In particular, we explore whether the fact that electricity is a necessity to modern life puts restrictions on the possibilities for load shifting. To do that we provide a structural framework for peak and off-peak electricity demand, where households are assumed to have Stone-Geary utility functions with subsistence levels for electricity demand that varies within the day, and that depends on household characteristics and temperature. As an empirical illustration, we fit our model to Swedish data on residential electricity usage at the sub-daily level. Our results indicate that the potential to shift load from peak to off peak is limited. One reason for this is that the subsistence levels are larger during peak than off-peak, implying that households assign a high value on electricity during peak time, relative to off-peak time. Overall, the results have important policy implications, not the least with respect to effects of real time pricing, as it suggests that there are limits to households' price responsiveness.
33.	Coria, Jessica, 1979, et al. (författare) Environmental policy, technology adoption and the size distribution of firms 2018 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 72, s. 470-485 Tidskriftsartikel (refereegranskat)abstract The potential impacts of strict environmental policies on production costs and firms' competitiviness are central to the choice of which policy to implement. However, not all the industries nor all firms within an industry are affected in the same way. In this paper, we investigate the effects of emission taxes, uniform emission standards, and performance standards on the size distribution of firms. Our results indicate that, unlike emission taxes and performance standards, emission standards introduce regulatory asymmetries favoring small firms. On the contrary, emission taxes and performance standards reduce to a lower extent profits of larger firms but they do modify the optimal scale of firms. We also show that when the regulatory asymmetries created by emissions standards are taken into account, the profitability of emissions reducing technologies is higher under emission standards than under market-based instruments.
34.	Daniel, Aemiro Melkamu, 1988-, et al. (författare) Accounting for elimination-by-aspects strategies and demand management in electricity contract choice 2018 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 73, s. 80-90 Tidskriftsartikel (refereegranskat)abstract In this paper, we report on a discrete choice experiment aimed at eliciting Swedish households' willingness-to-accept a compensation for restrictions on household electricity and heating use during peak hours. When analyzing data from discrete choice experiments it is typically assumed that people make rational utility maximizing decisions, i.e., that they consider all of the attribute information and compare all alternatives. However, mounting evidence shows that people use a wide range of simplifying strategies that are inconsistent with utility maximization. We use a flexible model capturing a two-stage decision process. In the first stage, respondents are allowed to eliminate from their choice set alternatives that contain an unacceptable level, in this case restrictions on the use of heating and electricity. In the second stage, respondents choose in a compensatory manner between the remaining alternatives. Our results show that about half of the respondents choose according to an elimination-by-aspects strategy, and that, on average, they are unwilling to accept any restrictions on heating in the evening or electricity use irrespective of time-of-day. Furthermore, considering elimination-by-aspects behavior leads to a downward shift in elicited willingness-to-accept. We discuss implications for policy.
35.	Debia, Sebastien, et al. (författare) Strategic storage use in a hydro-thermal power system with carbon constraints 2021 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 98 Tidskriftsartikel (refereegranskat)abstract Several interconnected power systems worldwide have largely thermal and hydro production along with CO2 cap-and-trade (C&T) systems and variable renewable energy sources (VRES). C&T policies increase VRES generation, and socially optimal storage deployment could integrate VRES output. However, hydro reservoirs may be used strategically due to market power. We investigate these distortions and assess measures for their mitigation via a bottom-up equilibrium model of New York and Quebec. In particular, we find evidence that hydro producers shift water between seasons to manipulate electricity prices even under a net-hydro production constraint. Alternative regulation covering net imports as well as net-hydro production limits such temporal arbitrage but enables firms with both thermal generation and pumped-hydro storage to exercise spatial arbitrage. We demonstrate that these distortions will be exacerbated under more stringent C&T policies because price-taking thermal producers are less able to respond to price signals.
36.	Debia, Sébastien, et al. (författare) Strategic use of storage : The impact of carbon policy, resource availability, and technology efficiency on a renewable-thermal power system 2019 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 80, s. 100-122 Tidskriftsartikel (refereegranskat)abstract Concerns about climate change have spurred governments to reduce carbon emissions by supporting adoption of renewable energy (RE) technologies. Due to the intermittent and location-specific nature of RE technologies, energy storage has become important because it could be used to smooth out temporal disparities in residual demand. Thus, carbon policy has made storage-enabled RE generation more critical to the power sector, and this enhanced position could be exploited by firms to exert market power. Using an equilibrium model, we examine the implications of policy interventions and technological change on the marginal value of energy storage in a power market with RE and thermal generation. In particular, we specify the market conditions under which RE producers with storage strategically shift deployment of their resource to the off-peak period and outline its implications for the marginal value of RE storage. Moreover, we find that even price-taking RE producers may actually increase off-peak RE production as storage efficiency increases. Consequently, the RE producer's profit decreases with storage efficiency, which conflicts with the social objective of improving storage efficiency. These private and social incentives can be better aligned via a carbon tax, however. Hence, our results may inform the regulatory process governing market design of a power sector with increasing capacities of RE generation and storage.
37.	Di Corato, Luca (författare) Investing in biogas: Timing, technological choice and the value of flexibility from input mix 2011 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 33, s. 1186-1193 Tidskriftsartikel (refereegranskat)abstract In a stochastic dynamic frame, we study the technology choice problem of a continuous co-digestion biogas plant where input factors are substitutes but need to be mixed together to provide output. Given any initial rule for the composition of the feedstock, we consider the possibility of revising it if economic circumstances make it profitable. Flexibility in the mix is an advantage under randomly fluctuating input costs and comes at a higher investment cost. We show that the degree of flexibility in the productive technology installed depends on the value of the option to profitably re-arrange the input mix. Such option adds value to the project in that it provides a device for hedging against fluctuations in the input relative convenience. Accounting for such value we discuss the trade-off between investment timing and profit smoothing flexibility. (C) 2011 Elsevier B.V. All rights reserved.
38.	Dimanchev, Emil, et al. (författare) Consequences of the missing risk market problem for power system emissions 2024 Ingår i: Energy Economics. - 0140-9883 .- 1873-6181. ; 136 Tidskriftsartikel (refereegranskat)abstract Liberalized power markets are characterized by a missing market problem: a limited availability of long-term contracts leaves risk-averse investors exposed to uninsured risk. We explore how this problem affects a power system's capacity mix and overall emissions. For this purpose, we develop a new equilibrium generation expansion model that endogenously captures investors’ risk exposure in incomplete markets. Our approach addresses the problem of multiple equilibria and, partly, the computational burden inherent to such models. We solve our model for an abstract system with gas, wind, solar, and battery storage under demand and gas price uncertainty. The results first show that, when risk markets are missing, investment risk can cause higher emissions and less clean energy investment than what would be implied by a model that omits investment risk. The impact of risk on investment depends only partly on technologies’ capital intensities and largely on how technologies interact at the systems level. We also compare system outcomes with missing long-term markets to the socially optimal case, where risk-averse investors and consumers trade risk via complete long-term markets. In the absence of long-term markets, we observe higher emissions, less investment in renewables and storage, and more investment in gas. These results suggest that long-term market mechanisms for electricity generation and storage may advance climate goals while addressing inefficiencies in current markets.
39.	Duras, Toni, et al. (författare) Using machine learning to select variables in data envelopment analysis : Simulations and application using electricity distribution data 2023 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 120 Tidskriftsartikel (refereegranskat)abstract Agencies that regulate electricity providers often apply nonparametric data envelopment analysis (DEA) to assess the relative efficiency of each firm. The reliability and validity of DEA are contingent upon selecting relevant input variables. In the era of big (wide) data, the assumptions of traditional variable selection techniques are often violated due to challenges related to high-dimensional data and their standard empirical properties. Currently, regulators have access to a large number of potential input variables. Therefore, our aim is to introduce new machine learning methods for regulators of the energy market. We also propose a new two-step analytical approach where, in the first step, the machine learning-based adaptive least absolute shrinkage and selection operator (ALASSO) is used to select variables and, in the second step, selected variables are used in a DEA model. In contrast to previous research, we find, by using a more realistic data-generating process common for production functions (i.e., Cobb–Douglas and Translog), that the performance of different machine learning techniques differs substantially in different empirically relevant situations. Simulations also reveal that the ALASSO is superior to other machine learning and regression-based methods when the collinearity is low or moderate. However, in situations of multicollinearity, the LASSO approach exhibits the best performance. We also use real data from the Swedish electricity distribution market to illustrate the empirical relevance of selecting the most appropriate variable selection method.
40.	Dutta, Anupam, et al. (författare) Volatility dynamics of agricultural futures markets under uncertainties 2024 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 136 Tidskriftsartikel (refereegranskat)abstract The objective of this study is to examine the effect of various uncertainty measures on the realized volatility of agricultural futures markets. In doing so, we use a range of uncertainty indicators in our analysis to investigate whether news-based uncertainty measures (e.g., geopolitical risk and economic policy uncertainty) have better predictive contents than the market-based uncertainty measures (e.g., crude oil volatility index, the US equity market VIX and exchange rate VIX). This comparison is important given that employing both measures has some specific benefits. Methodologically, we consider the application of the LASSO (least absolute shrinkage and selection operator) method as well as the heterogenous autoregressive (HAR) process. The in-sample estimates indicate that among the various news-based and market-based risk measures the latter provide better forecasts for the realized volatility of agricultural futures markets. The out-of-sample forecasts also confirm the same with the LASSO method outperforming the HAR process.
41.	Fan, Jingli, et al. (författare) Unified efficiency measurement of coal-fired power plants in China considering group heterogeneity and technological gaps 2020 Ingår i: Energy Economics. - : Elsevier B.V.. - 0140-9883 .- 1873-6181. ; 88 Tidskriftsartikel (refereegranskat)abstract China's coal-fired power generation has accounted for a large proportion of the power supply for a long time and the resulting environmental pollution and waste of resources have hindered the sustainable development of the power industry. To solve this problem, this study combines the concept of natural and managerial disposability with the non-concave meta-frontier method to determine the unified efficiency measurement of 251 coal-fired power plants in China from 2012 to 2014 and to investigate the sources of inefficiency in different areas. The results show that although the unified efficiency of China's coal-fired power plants improved significantly during 2012–2014, much room for improvement remains in terms of power generation and environmental performance. Due to the advanced technology of coal-fired power plants, the eastern area has the highest unified efficiency in terms of natural and managerial disposability. The western region has the lowest operational performance and the northeast region has the lowest environmental performance. The decomposition of the sources of inefficiency indicates that the inefficiency of coal-fired power plants in eastern China is mainly caused by management factors, whereas the inefficiency in northeastern China is due to a lag in technology. In the central and western areas, technical inefficiency and management inefficiency both account for a considerable proportion in their sources of inefficiency. Therefore, these regions need to improve both the management (e.g., reasonable allocation of utilization hours) and technology (e.g., clean coal technology) aspects to improve the unified performance of coal-fired power plants.
42.	Fentie, Amare, et al. (författare) Climbing up the ladder : Households' fuel choice transition for lighting in Ethiopia 2023 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 128 Tidskriftsartikel (refereegranskat)abstract Empirical evidence on households' fuel choices for lighting is lacking in literature in developing countries. We use the World Bank's socioeconomic survey data to study households' lighting choices in Ethiopia. Using a panel multinomial logit model, we investigate the determinants of households' lighting choices and the transition to cleaner fuel sources. In addition, we use a recent cross-sectional survey to complement the results of the panel data. We find that the energy ladder characterizes the households' fuel choices for lighting. As income increases, the probability of households choosing cleaner fuel sources also increases. We also found that education, fuel prices, and location significantly affect fuel choices for lighting. In addition, there is a significant percentage of fuel transition probabilities across different households. Households' education levels and higher incomes facilitate a transition to modern fuel sources. Investments in education increase households' productivity and incomes which will enable their faster and more general transition to cleaner fuels.
43.	Ghalwash, Tarek, et al. (författare) Increased energy efficiency and the rebound effect : Effects on consumption and emissions 2007 Ingår i: Energy Economics. - London : IPC science and technology P.. - 0140-9883 .- 1873-6181. ; 29:1, s. 1-17 Tidskriftsartikel (refereegranskat)abstract The main objective of this paper is to examine how exogenous technological progress, in terms of an increase in energy efficiency, affects consumption choice by Swedish households and thereby emissions of carbon dioxide (CO2), sulphur dioxide (SO2) and nitrogen oxide (NOx). The aim of the paper is closely related to the discussion of what is termed the “rebound effect”. To neutralise the rebound effect, we estimate the necessary change in CO2 tax, i.e. the CO2 tax that keeps CO2emissions at their initial level. In addition, we estimate how this will affect emissions of sulphur dioxide and nitrogen oxides. The results indicate that an increase in energy efficiency of 20% will increase emissions of CO2 by approximately 5%. To reduce the CO2 emissions to their initial level, the CO2 tax must be raised by 130%. This tax increase will reduce the emissions of sulphur dioxide to below their initial level, but will leave the emissions of nitrogen oxides at a higher level than initially. Thus, if marginal damages from sulphur dioxide and nitrogen dioxide are non-constant, additional policy instruments are needed.
44.	Green, Richard, et al. (författare) Policymaking benefits and limitations from using financial methods and modelling in electricity markets 2010 Ingår i: Energy Economics. - : ELSEVIER SCIENCE BV. - 0140-9883 .- 1873-6181. ; 32:4, s. 749-750 Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
45.	Gren, Ing-Marie, et al. (författare) Costs and equity of uncertain greenhouse gas reductions-fuel, food and negative emissions in Sweden 2021 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 104 Tidskriftsartikel (refereegranskat)abstract Reducing emissions of greenhouse gases (GHG) by reduction of fuel and food consumption and by implementation of negative emissions (such as forest carbon sequestration and carbon capture and storage) has been suggested in both scientific literature and practice, but there exist no calculations of the cost efficient combination of these measures. One challenge for calculations is the uncertainty in reductions of GHG, in particular for negative emissions, depending on e.g. stochastic weather conditions. This paper develops a static model with probabilistic emission constraints to calculate cost efficient emission reductions in the transportation (gasoline and diesel) and food (meat and dairy products) sectors combined with negative emission (carbon sequestration and carbon capture and storage technologies) creation in Sweden under uncertainty. The results show that emission reductions in fuel and food consumption are relatively expensive, and that carbon sequestration are relatively low cost measures. We also show that the regional effects at the county level are regressive, that is, that relatively poor counties will carry large cost burdens in the cost efficient solutions and that this effect is increased when negative emissions are included but decreased when uncertainty is considered.
46.	Gren, Ing-Marie, et al. (författare) The role of stochastic carbon sink for the EU emission trading system 2012 Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 34, s. 1523-1531 Tidskriftsartikel (refereegranskat)
47.	Hanif, Waqas, et al. (författare) Nonlinear dependence and connectedness between clean/renewable energy sector equity and European emission allowance prices 2021 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 101 Tidskriftsartikel (refereegranskat)abstract This study examines frequency volatility spillovers, connectedness and the nonlinear dependence between the European emission allowance (EUA) prices and renewable energy indices. For this purpose, we use a time-scale spillover index and different copula functions. The results show a dominance of short-term volatility spillovers between carbon prices and renewable energy indices over their long-term counterpart. More importantly, the spillover strength is high between carbon prices and both S&P clean energy and wind energy indices in the short term. Meanwhile, a strong spillover is most pronounced between the clean energy indices and the carbon price in the long term. Furthermore, the carbon price is predominantly the receiver of spillovers from the clean energy indices irrespective of the time horizon. Using dynamic copula, we show positive and dynamic dependence between the carbon prices and both clean and solar indices, whereas an asymmetric tail dependence between carbon prices and renewables, technology and wind indices.
48.	Hassanzadeh Moghimi, Farzad, 1994-, et al. (författare) Transmission planning in an imperfectly competitive power sector with environmental externalities 2024 Ingår i: Energy Economics. - 0140-9883 .- 1873-6181. ; 134 Tidskriftsartikel (refereegranskat)abstract Policymakers face the challenge of integrating intermittent output from variable renewable energy (VRE). Even in a well-functioning power sector with flexible generation, producers’ incentives may not align with society’ swelfare-maximisation objective. At the same time, political pressure can obstruct policymakers from pricing damage from CO2 emissions according to its social costs. In facilitating decarbonisation, transmission planning will have to adapt to such economic and environmental distortions. Using a Stackelberg model of the Nordic power sector, we find that a first-best transmission-expansion plan involves better resource sharing between zones, which actually reduces the need for some VRE adoption. Next, we allow for departures from perfect competition and identify an extended transmission-expansion plan under market power by nuclear plants. By contrast, temporal arbitrage by hydro reservoirs does not necessitate transmission expansion beyond that of perfect competition because it incentivises sufficient VRE adoption using existing lines. Meanwhile, incomplete CO2 pricing under perfect competition requires a transmission plan that matches hydro-rich zones with sites for VRE adoption. However, since incomplete CO2 pricing leaves fossil-fuelled generation economically viable, it reduces the leverage of strategic producers, thereby catalysing less (more) extensive transmission expansionunder market power by nuclear (hydro) plants.
49.	Hellström, Jörgen, 1970-, et al. (författare) Why do electricity prices jump? : Empirical evidence from the Nordic electricity market 2012 Ingår i: Energy Economics. - : Elsevier. - 0140-9883 .- 1873-6181. ; 34:6, s. 1774-1781 Tidskriftsartikel (refereegranskat)abstract The paper empirically explores the possible causes behind electricity price jumps in the Nordic electricity market, Nord Pool. A time-series model (a mixed GARCH–EARJI jump model) capturing the common statistical features of electricity prices is used to identify price jumps. By the model, a categorical variable is defined distinguishing no, positive and negative jumps. The causes for the jumps are then explored through the use of ordered probit models in a second stage. The empirical results indicate that the structure of the market plays an important role in whether shocks in the demand and supply for electricity translate into price jumps.
50.	Hernandez, Jose Arreola, et al. (författare) Regime specific spillovers across US sectors and the role of oil price volatility 2022 Ingår i: Energy Economics. - : ELSEVIER. - 0140-9883 .- 1873-6181. ; 107 Tidskriftsartikel (refereegranskat)abstract There is a growing literature studying return spillovers between similar assets and assets of different classes during crisis periods. However, less is known about return spillovers across stock sectors under high and low volatility regimes and whether they are affected by oil price volatility. Using daily data from May 10th, 2007 to February 28th, 2020, we first study the return spillovers between US stock sectors under low and high volatility regimes by implementing a Markov regime-switching vector autoregression with exogenous variables model, while considering the Fama-French factors as conditioning variables. Return spillovers under low and high volatility regimes show that the energy sector is the largest transmitter and receiver of spillovers to/from other US equity sectors. Rolling window analysis shows that spillovers intensified since the outbreak of the COVID19 pandemic. Second, we apply linear and non-linear Granger causality tests from oil price volatility to the spillover indices. The results show evidence that oil volatility has a causal impact on the spillover dynamics of US stock sectors and that the impact is particularly strong in the high volatility regime. Although the energy sector is one of the smallest sectors of the US stock market, it plays a large role in the network connectedness of stock sectors. The results are of interest to individual and institutional investors who consider US equity investments and to policymakers.

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