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The complexity and volatility of energy markets creates strong demand for quantitative analysis and econometric techniques. This book offers an introduction to the state of the art in econometric modelling applied to the most pertinent issues in today's energy markets for a better understanding of the working of energy systems and energy economics.
This book provides an introduction to energy economics. It shows how to apply general economic theory as well as empirical and advanced econometric methods to explain the drivers of energy markets and their development. Readers learn about the specific properties of energy markets as well as the physical, technological, environmental, and geopolitical particularities of energy sources and products. The book covers all types of energy markets, ranging from liquid fuels, gaseous fuels, and solid fuels to electricity. It also addresses emission allowances, energy efficiency, and nuclear risks. The authors discuss the engineering properties of energy technologies including renewables, the economics of natural resources and environmental protection, market liberalization, and energy trade as well as the experience of the German energy transformation. This book will serve students as a textbook and practitioners as a reference for their understanding of energy markets and their development.
Co-written by a pioneer of the sustainability movement, this groundbreaking volume offers a new way of thinking about the economics of sustainable energy, a goal that has eluded scientists and economists for decades. Every year, as soon as reports on global economic inequality remind us about the direction our civilization is heading, there is a hysterical reaction, but hysteria dies down within weeks and we go back to the lifestyle that brought us here today. Often the blame is laid on the Millennial generation for their "apathy," "lust for comfort," and "bratty" attitude. Yet, business insider surveys indicate it's the same Millennial generation that overwhelmingly cares for the state of the world and the direction in which our civilization is heading. Nearly 50% of them ranked climate change and destruction of nature as their primary concern. This is followed by concern for war and global conflict, and then global economic inequality. The vast majority of those surveyed are willing and eager to make lifestyle changes. This book breaks open the hypocrisy of our civilization and stops the blame game in its tracks and identifies the root causes of today's world economy, ecology, and global politics. The book demonstrates that changes in lifestyle are necessary but not sufficient. No economic policy or technology development mode has a chance to survive, let alone thrive unless supported by the political establishment. In this process, the government plays a pivotal role. The challenge is to change the attitude of the government from a 'self-serving' controlling mode to a representative philanthropic mode. This new system of economic development and political governance is inspired by a long-forgotten understanding of political economics: medieval Islamic economics. In reviewing the history of economics from trade, currencies, and interest, the strengths and weaknesses of various economic developments over our centuries are evaluated. Based on the historical analysis, a step by step procedure is outlined for this fundamental change in our society today. As a whole, this book is the first in the modern era to offer such a comprehensive analysis, complete with solutions to the entire crisis of today's civilization.
Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. - Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets - Familiarizes energy experts with the quantitative skills needed in competitive electricity markets - Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets
Energy Growth Nexus in an era of Globalization reviews current research and practical policy considerations reflective of the ongoing transformation, covering four broad globalization themes from existing research literature: energy consumption, renewable energy consumption, financial markets and energy markets. Within these themes, contributors evaluate transformations in the energy-growth association relating to economic slowdowns, trade patterns, impacts of globalization, cross-border technological spillovers, changes in the risk profile of the countries, advent of Sustainable Development Goals (SDGs), changes in the pattern of cross-border labor force migration, and rising environmental awareness, among many other considerations. Policymakers, energy economists, and energy researchers in a range of connected disciplines will find this to be a great resource on the energy growth sector. - Addresses globalization relating to energy consumption, environmental quality, econometrics and energy markets - Demonstrates how to design effective energy and environmental policies in a rapidly globalizing world within a Sustainable Development Goals (SDGs) framework - Reviews open research questions relevant to energy-growth nexus so policymakers can bring forth socioeconomic stability
A component in the America's Energy Future study, Electricity from Renewable Resources examines the technical potential for electric power generation with alternative sources such as wind, solar-photovoltaic, geothermal, solar-thermal, hydroelectric, and other renewable sources. The book focuses on those renewable sources that show the most promise for initial commercial deployment within 10 years and will lead to a substantial impact on the U.S. energy system. A quantitative characterization of technologies, this book lays out expectations of costs, performance, and impacts, as well as barriers and research and development needs. In addition to a principal focus on renewable energy technologies for power generation, the book addresses the challenges of incorporating such technologies into the power grid, as well as potential improvements in the national electricity grid that could enable better and more extensive utilization of wind, solar-thermal, solar photovoltaics, and other renewable technologies.
Energy has moved to the forefront in terms of societal and economic development. Modern Energy Markets is a comprehensive, economically oriented, exploration of modern electricity networks from production and distribution to deregulation and liberalization processes. Updating previous work by the authors, different aspects are considered resulting in a complete and detailed picture of the systems and characteristics of modern electricity markets. Modern Energy Markets provides clear detail whilst encompassing a broad scope of topics and includes: •A method to model energy production systems including the main characteristics of future demand side management, •Different applications of this model in nuclear and renewable energy scenarios, •An analysis of Real-Time Pricing of electricity and its potential effects across the market, and, •A discussion of the need for regulation in an easily monopolized industry. Engineering and Economics students alike will find that Modern Energy Markets is a succinct and informative resource, as will researchers interested in environmental and energy issues. The inclusion of timely and relevant issues related to economic decision will also be of value to industry and civil officials.
This book presents a succinct overview of research on China's Energy Efficiency as studied by the Center for Energy & Environmental Policy Research (CEEP), Beijing Institute of Technology (BIT). Energy efficiency, linking energy supply, demand and market, is crucial to the world's energy development. China consumes one fourth of the world's energy currently, however its per capital consumption is no more than half of that in OECD countries. This book provides a comprehensive treatment of the situation of China's energy development, proposes and summarizes the methodologies of energy efficiency measurement, and uses these methods to analyze the energy consumption at sectoral and provincial level, the impacts of economic structure on the energy macro-efficiency, the price elasticity of oil demand, and energy efficiency policies simulations. The book provides scientific support for researchers and policy makers dealing with energy efficiency.
Finance, Econometrics and System Dynamics presents an overview of the concepts and tools for analyzing complex systems in a wide range of fields. The text integrates complexity with deterministic equations and concepts from real world examples, and appeals to a broad audience.
This book provides an updated and expanded overview of basic concepts of energy economics and explains how simple economic tools can be used to analyse contemporary energy issues in the light of recent developments, such as the Paris Agreement, the UN Sustainable Development Goals and new technological developments in the production and use of energy. The new edition is divided into four parts covering concepts, issues, markets, and governance. Although the content has been thoroughly revised and rationalised to reflect the current state of knowledge, it retains the main features of the first edition, namely accessibility, research-informed presentation, and extensive use of charts, tables and worked examples. This easily accessible reference book allows readers to gain the skills required to understand and analyse complex energy issues from an economic perspective. It is a valuable resource for students and researchers in the field of energy economics, as well as interested readers with an interdisciplinary background.