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Appropriate Government Policy Toward Commercialization of New Energy Supply Technologies

Richard Schmalensee

Year: 1980
Volume: Volume 1
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-1
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Abstract:
This article considers the merits of government support for the commercialization of particular energy supply technologies, and sketches a framework for the economic evaluation of different schemes for such support.' Specific current proposals are not analyzed in detail, as the emphasis is on identifying conditions under*Professor of Applied Economics, Sloan School of Management, Massachusetts Institute of Technology.



Comparing Greenhouse Gases for Policy Purposes

Richard Schmalensee

Year: 1993
Volume: Volume 14
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol14-No1-10
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Abstract:
In order to derive optimal policies for greenhouse gas emissions control, the discounted marginal damages of emissions from different gases must be compared. The greenhouse warming potential (GWP) index, which is most often used to compare greenhouse gases, is not based on such a damage comparison. This essay presents assumptions under which ratios of gas-specific discounted marginal damages reduce to ratios of discounted marginal contributions to radiative forcing, where the discount rate is the difference between the discount rate relevant to climate-related damages and the rate of growth of marginal climate-related damages over time. If there are important gas-specific costs or benefits not tied to radiative forcing, however, such as direct effects of carbon dioxide on plant growth, there is in general no shortcut around explicit comparison of discounted net marginal damages.



Economic Development and the Structure of the Demand for Commercial Energy

Ruth A. Judson, Richard Schmalensee, and Thomas M. Stoker

Year: 1999
Volume: Volume20
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-No2-2
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Abstract:
To deepen understanding of the relation between economic development and energy demand, this study estimates the relations between per-capita GDP5 and per-capita energy consumption in major economic sectors. Panel data covering up to 123 nations are employed, and measurement problems are treated both in dataset construction and in estimation. Time and country fixed effects are assumed, and flexible forms for income effects are employed. There are substantial differences among sectors in the structure of country, time, and income effects. In particular, the household sector's share of aggregate energy consumption tends to fall with income, the share of transportation tends to rise, and the share of industry follows an inverse-U pattern.



The Performance of U.S. Wind and Solar Generators

Richard Schmalensee

Year: 2016
Volume: Volume 37
Number: Number 1
DOI: 10.5547/01956574.37.1.rsch
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Abstract:
Using data on hourly outputs and spot prices for a sample 25 wind and nine solar generating plants covering all seven U.S. ISOs for 2011 and up to 12 adjacent months, this study examines capacity factors, average output values, and several aspects of intermittency. Most performance measures studied vary substantially within and between ISOs, and some vary substantially over time. Implications for research, market design, and policies to support renewable generation are briefly discussed.



Competitive Energy Storage and the Duck Curve

Richard Schmalensee

Year: 2022
Volume: Volume 43
Number: Number 2
DOI: 10.5547/01956574.43.2.rsch
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Abstract:
Power systems with high penetrations of solar generation need to replace solar output when it falls rapidly in the late afternoon—the duck curve problem. Storage is a carbon-free solution to this problem. This essay considers investment in generation and storage to minimize expected cost in a Boiteux-Turvey-style model of an electric power system with alternating daytime time periods, with solar generation, and nighttime periods, without it. In the most interesting cases, if energy market prices are uncapped, all expected cost minima are long-run competitive equilibria, and the long-run equilibrium value of storage capacity minimizes expected system cost conditional on generation capacities.



Energy Storage Investment and Operation in Efficient Electric Power Systems

Cristian Junge, Dharik Mallapragada, and Richard Schmalensee

Year: 2022
Volume: Volume 43
Number: Number 6
DOI: 10.5547/01956574.43.6.cjun
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Abstract:
We consider welfare-optimal investment in and operation of electric power systems with constant returns to scale in multiple available generation and storage technologies under perfect foresight. We extend a number of classic results on generation, derive conditions for investment and operations of storage technologies described by seven cost/performance parameters, and develop insights on power systems with multiple storage technologies. Simulation of a deeply decarbonized "Texas-like" power system with two available storage technologies shows both the non-existence of simple "merit-order" rules for storage operation and the value of frequency domain analysis to describe efficient operation. Our analysis points to the critical role of the capital cost of energy storage capacity in influencing efficient storage investment and operation.



Electricity Retail Rate Design in a Decarbonizing Economy: An Analysis of Time-of-use and Critical Peak Pricing

Tim Schittekatte, Dharik Mallapragada, Paul L. Joskow, and Richard Schmalensee

Year: 2024
Volume: Volume 45
Number: Number 3
DOI: 10.5547/01956574.45.3.tsch
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Abstract:
Currently, the main component of most U.S. consumers' electricity bills is based on a constant price per kWh consumed. As intermittent renewable resources and flexible loads that can be shifted within days (such as electric vehicle charging) gain prominence in the electricity system, the efficiency gains to be realized from basing bills instead on wholesale spot prices increase. There is little political support for this change, however. We focus on second-best alternatives: time-of-use (TOU) rates and critical peak pricing (CPP). We introduce alternative assessment criteria that focus on intra-day load shifting. Using historical data, we find that TOU rates can reasonably replicate the intra-day load-shifting incentives provided under spot pricing. Thus, TOU rates, especially when complemented with CPP involving load control during infrequent scarcity price events, can be considerably more socially valuable than previously estimated.





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