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| 2. |
- Ghalwash, Tarek, et al.
(författare)
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Increased energy efficiency and the rebound effect : Effects on consumption and emissions
- 2007
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Ingår i: Energy Economics. - London : IPC science and technology P.. - 0140-9883 .- 1873-6181. ; 29:1, s. 1-17
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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.
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| 3. |
- Holmberg, Pär
(författare)
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Unique supply function equilibrium with capacity constraints
- 2008
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 30:1, s. 148-172
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Tidskriftsartikel (refereegranskat)abstract
- Consider a market where producers submit supply functions to a procurement auction with uncertain demand, e.g. an electricity auction. In the Supply Function Equilibrium (SFE), every firm commits to the supply function that maximises expected profit in the one-shot game given the supply functions of competitors. A basic weakness of the SFE is the presence of multiple equilibria. This paper shows that with (i) symmetric producers, (ii) perfectly inelastic demand, (iii) a price cap, and (iv) capacity constraints that bind with a positive probability, there exists a unique, symmetric SFE.
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| 4. |
- Kataria, Mitesh
(författare)
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Willingness to pay for environmental improvements in hydropower regulated rivers
- 2009
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 31, s. 69-76
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Tidskriftsartikel (refereegranskat)abstract
- This paper uses a choice experiment to estimate how Swedish households value different environmental improvements for the hydropower regulated rivers. We obtained clear evidence that Swedish households have preferences for environmental improvement in hydropower regulated waters, at least when the cost is relatively low. Remedial measures that improve the conditions for all of the included environmental attributes i.e. fish, benthic invertebrates, river-margin vegetation and birds were found to have a significant welfare increasing impact. The results can be of value for the implementation of the Water Framework Directives in Sweden, which aims to reform the use of all surface water and ground water in the member states. (C) 2008 Elsevier B.V. All rights reserved.
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| 5. |
- Lantz, Björn, 1967
(författare)
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Hybrid Revenue Caps and Incentive Regulation
- 2006
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 30:3, s. 688-695
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes the incentive effects of a hybrid revenue cap on a regulated monopolistic firm using non-discriminatory two-part pricing. It is shown that the fixed and the variable part of the cap have different meanings in terms of regulation - the fixed part of a hybrid revenue cap should be used to control the profit level of the regulated firm while the variable part should be used to control the social efficiency level. Since detailed information about the firms cost function is required to determine the revenue cap parameters, the overall conclusion is that revenue caps are a rather bad idea in the area of incentive regulation.
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| 6. |
- Lindell, Andreas, et al.
(författare)
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Strips of hourly power options - Approximate hedging using average-based forward contracts
- 2009
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 31:3, s. 348-355
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Tidskriftsartikel (refereegranskat)abstract
- We study approximate hedging strategies for a contingent claim consisting of a strip of independent hourly power options. The payoff of the contingent claim is a sum of the contributing hourly payoffs. As there is no forward market for specific hours, the fundamental problem is to find a reasonable hedge using exchange-traded forward contracts, e.g. average-based monthly contracts. The main result is a simple dynamic hedging strategy that reduces a significant part of the variance. The idea is to decompose the contingent claim into mathematically tractable components and to use empirical estimations to derive hedging deltas. Two benefits of the method are that the technique easily extends to more complex power derivatives and that only a few parameters need to be estimated. The hedging strategy based on the decomposition technique is compared with dynamic delta hedging strategies based on local minimum variance hedging, using a correlated traded asset.
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| 7. |
- Marzo, Massimiliano, et al.
(författare)
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A note on the conditional correlation between energy prices : Evidence from future markets
- 2008
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883 .- 1873-6181. ; 30:5, s. 2454-2458
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Tidskriftsartikel (refereegranskat)abstract
- We model the joint movements of daily returns on one-month future for crude oil, heating oil and natural gas through the multivariate GARCH with dynamic conditional correlations and elliptical distributions introduced by Pelagatti and Rondena [Pelagatti, M.M., Rondena, S., 2007. ""Dynamic Conditional Correlation with Elliptical Distributions"", unpublished manuscript. Universita di Milano - Bicocca, August]. Futures prices of crude and heating oil covary strongly. The conditional correlation between the futures prices of natural gas and crude oil has been rising over the last 5 years. However, this correlation has been low oil average over two thirds of the sample, suggesting that future markets have no established tradition of pricing natural gas as a function of developments on oil markets.
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| 8. |
- Mundaca, Luis
(författare)
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Markets for energy efficiency: Exploring the implications of an EU-wide 'Tradable White Certificate' scheme
- 2008
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Ingår i: Energy Economics. - : Elsevier BV. - 0140-9883. ; 30:6, s. 3016-3043
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Tidskriftsartikel (refereegranskat)abstract
- Recent developments in European energy policy reveal an increasing interest in implementing the so-called ‘Tradable White Certificate’ (TWC) schemes to improve energy efficiency. Based on three evaluation criteria (cost-effectiveness, environmental effectiveness and distributional equity) this paper analyses the implications of implementing a European-wide TWC scheme targeting the household and commercial sectors. Using a bottom-up model, quantitative results show significant cost-effective potentials for improvements (ca. 1400 TWh in cumulative energy savings by 2020), with the household sector, gas and space heating representing most of the TWC supply in terms of eligible sector, fuel and energy service demand, respectively. If a single market price of negative externalities is considered, a societal costeffective potential of energy savings above 30% (compared to the baseline) is observed. In environmental terms, the resulting greenhouse gas emission reductions are around 200Mt CO2-eq by 2010, representing nearly 60% of the EU-Kyoto-target. From the qualitative perspective, several embedded ancillary benefits are identified (e.g. employment generation, improved comfort level, reduced ‘fuel poverty’, security of energy supply). Whereas an EU-wide TWC increases liquidity and reduces the risks ofmarket power, autarky compliance strategies may be expected in order to capture co-benefits nationally. Cross subsidies could occur due to investment recovery mechanisms and there is a risk that effects may be regressive for low-income households. Assumptions undertaken by the modelling approach strongly indicate that high effectiveness of other policy instruments is needed for an EU-wide TWC scheme to be cost-effective.
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