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Green Accounting for Black Gold

Robert D. Cairns

Year: 2009
Volume: Volume 30
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No4-4
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Abstract:
In the petroleum industry, valid green economic accounting magnitudes are influenced by natural and other constraints on production, by non-convexity of technology and by non-optimality of output. The paper undertakes an economic analysis of oil extraction that explicitly represents the conditions and constraints that influence the decisions of a firm. This microeconomic analysis diverges from conventional, �Hotelling� macroeconomic models of nonrenewable-resource extraction and has substantially different findings. Optimality conditions such as Hotelling�s rule or first-order conditions are not utilized in defining accounting statistics. Contrary to the findings of many studies, it is found that traditional (non-green) accounting practice for commercial natural resources such as petroleum sensibly balances the aims of economic accounting. Instead, adjustments to practice are most needed for non-commercial values such as pollution or amenities.



Policy and Theoretical Implications of the Zero-subsidy Bids in the German Offshore Wind Tenders

Thomas Greve and Marta Rocha

Year: 2020
Volume: Volume 41
Number: Number 4
DOI: 10.5547/01956574.41.4.tgre
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Abstract:
The German offshore wind tender, launched in April 2017, resulted in three out of the four winning projects being delivered with zero subsidies, relying only on the wholesale price. This result has been regarded as a turning point for the industry. This paper analyses the 2017/18 German offshore wind tenders and the bidding strategies of the winning developers. We then propose a re-design of the tenders with the aim of achieving optimality/zero-subsidies and efficiency - two key properties in mechanism design. The paper contributes to the discussion on how to design offshore wind tenders with both a policy and theoretical perspective. This is of particular relevance given the rapid expansion of this type of investment in Europe and the use of auctions to select developers.



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.





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