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The paper makes an original contribution to the electricity market literature by using an international sample to explore the efficiency of electricity futures across different markets. We focus on the efficiency of five futures markets (Australia, Germany, New Zealand, Nord Pool and the PJM Interconnection) between 2002 and 2016. Our analysis has three components; first we explore the validity of the unbiasedness hypothesis in this context; second, we test the forecast power of futures prices; and; third we explore market characteristics as determinants of efficiency. Our analysis of the unbiasedness hypothesis finds that the German and New Zealand markets are the only efficient markets for the entire sample, even though they are at the two extremes in terms of liquidity and market maturity. When testing the forecast power, all futures markets outperform naïve forecasts and the predictability seems to be improving as markets mature, except for the U.S. futures which show a decline. The generating mix does not seem to affect forecastability. We find that market efficiency is time varying, mostly improving with market maturity and is related to risk and liquidity factors.
Originally published in 1978, this report summarises the results of a workshop on why energy consumption is much higher in the United States than other industrialised countries with similar living standards. The papers included in the workshop make interesting comparisons between countries such as Japan and the United Kingdom and the United States, raising interesting questions about environmental policy-making. This title will be of interest to students of Environmental Studies.
The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics.
While energy efficiency projects could partly meet new energy demand more cheaply than new supplies, weak economic institutions in developing and transitional economies impede developing and financing energy efficiency retrofits. This book analyzes these difficulties, suggests a 3-part model for projectizing and financing energy efficiency retrofits, and presents thirteen case studies to illustrate the issues and principles involved.
The electric vehicle market has been gradually gaining prominence in the world due to the rise in pollution levels caused by traditional IC engine-based vehicles. The advantages of electric vehicles are multi-pronged in terms of cost, energy efficiency, and environmental impact. The running and maintenance cost are considerably less than traditional models. The harmful exhaust emissions are reduced, besides the greenhouse gas emissions, when the electric vehicle is supplied from a renewable energy source. However, apart from some Western nations, many developing and underdeveloped countries have yet to take up this initiative. This lack of enthusiasm has been primarily attributed to the capital investment required for charging infrastructure and the slow transition of energy generation from the fossil fuel to the renewable energy format. Currently, there are very few charging stations, and the construction of the same needs to be ramped up to supplement the growth of electric vehicles. Grid integration issues also crop up when the electric vehicle is used to either do supply addition to or draw power from the grid. These problems need to be fixed at all the levels to enhance the future of energy efficient transportation. Electric Vehicles and the Future of Energy Efficient Transportation explores the growth and adoption of electric vehicles for the purpose of sustainable transportation and presents a critical analysis in terms of the economics, technology, and environmental perspectives of electric vehicles. The chapters cover the benefits and limitations of electric vehicles, techno-economic feasibility of the technologies being developed, and the impact this has on society. Specific points of discussion include electric vehicle architecture, wireless power transfer, battery management, and renewable resources. This book is of interest for individuals in the automotive sector and allied industries, policymakers, practitioners, engineers, technicians, researchers, academicians, and students looking for updated information on the technology, economics, policy, and environmental aspects of electric vehicles.
Bringing together leading-edge research and innovative energy markets econometrics, this book collects the author's most important recent contributions in energy economics. In particular, the book: - applies recent advances in the field of applied econometrics to investigate a number of issues regarding energy markets, including the theory of storage and the efficient markets hypothesis - presents the basic stylized facts on energy price movements using correlation analysis, causality tests, integration theory, cointegration theory, as well as recently developed procedures for testing for shared and codependent cycles - uses recent advances in the financial econometrics literature to model time-varying returns and volatility in energy prices and to test for causal relationships between energy prices and their volatilities - explores the functioning of electricity markets and applies conventional models of time series analysis to investigate a number of issues regarding wholesale power prices in the western North American markets - applies tools from statistics and dynamical systems theory to test for nonlinear dynamics and deterministic chaos in a number of North American hydrocarbon markets (those of ethane, propane, normal butane, iso-butane, naptha, crude oil, and natural gas)
America's economy and lifestyles have been shaped by the low prices and availability of energy. In the last decade, however, the prices of oil, natural gas, and coal have increased dramatically, leaving consumers and the industrial and service sectors looking for ways to reduce energy use. To achieve greater energy efficiency, we need technology, more informed consumers and producers, and investments in more energy-efficient industrial processes, businesses, residences, and transportation. As part of the America's Energy Future project, Real Prospects for Energy Efficiency in the United States examines the potential for reducing energy demand through improving efficiency by using existing technologies, technologies developed but not yet utilized widely, and prospective technologies. The book evaluates technologies based on their estimated times to initial commercial deployment, and provides an analysis of costs, barriers, and research needs. This quantitative characterization of technologies will guide policy makers toward planning the future of energy use in America. This book will also have much to offer to industry leaders, investors, environmentalists, and others looking for a practical diagnosis of energy efficiency possibilities.