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Energy Economics

A special issue of Energies (ISSN 1996-1073).

Deadline for manuscript submissions: closed (31 August 2009) | Viewed by 90606

Special Issue Information

Energy Economics includes topics related to supply and use of energy in societies.


Keywords

  • econometrics
  • microeconomics
  • macroeconomics
  • resource economics
  • cost benefit
  • real options
  • sustainability
  • energy markets
  • risk analysis
  • climate policy
  • resource economics
  • operational
  • research and strategic modeling
  • regulatory economics
  • financial economics

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Published Papers (5 papers)

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Research

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893 KiB  
Article
Creating Synergies from Renewable Energy Investments, a Community Success Story from Lolland, Denmark
by Silvia Magnoni and Andrea M. Bassi
Energies 2009, 2(4), 1151-1169; https://doi.org/10.3390/en20401151 - 27 Nov 2009
Cited by 17 | Viewed by 13921
Abstract
The island of Lolland is a showcase example of a remote local community being able to stand up to the challenges of facing environmental and social consequences of climate change while creating economic opportunities. This island has had many years of experience in [...] Read more.
The island of Lolland is a showcase example of a remote local community being able to stand up to the challenges of facing environmental and social consequences of climate change while creating economic opportunities. This island has had many years of experience in implementing renewable energy (RE) projects as a way to combating peripheral poverty and promoting economic growth in a relatively remote area. The development strategy lies within the unique concept of Lolland Community Testing Facilities (CTF), which creates a forum between the private sector, research institutions and local political authorities by exploiting synergies among green investments and providing an international testing and demonstration platform for renewable energy technology and products. The present paper aims at giving an overview of integrated longer term energy planning based on Lolland CTF, its components and main features, while highlighting those critical characteristics that could make the CTF model successful and relevant for RE-based local development worldwide. Full article
(This article belongs to the Special Issue Energy Economics)
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Graphical abstract

Graphical abstract
Full article ">Figure 1
<p>Unemployment rates in Denmark, Maribo and Nakskov.</p> Full article ">Figure 2
<p>Wind turbine developments on Lolland.</p> Full article ">
320 KiB  
Article
A Proposal of Ecologic Taxes Based on Thermo-Economic Performance of Heat Engine Models
by Marco A. Barranco-Jiménez, Israel Ramos-Gayosso, Marco A. Rosales and Fernando Angulo-Brown
Energies 2009, 2(4), 1042-1056; https://doi.org/10.3390/en20401042 - 10 Nov 2009
Cited by 11 | Viewed by 11827
Abstract
Within the context of Finite-Time Thermodynamics (FTT) a simplified thermal power plant model (the so-called Novikov engine) is analyzed under economical criteria by means of the concepts of profit function and the costs involved in the performance of the power plant. In this [...] Read more.
Within the context of Finite-Time Thermodynamics (FTT) a simplified thermal power plant model (the so-called Novikov engine) is analyzed under economical criteria by means of the concepts of profit function and the costs involved in the performance of the power plant. In this study, two different heat transfer laws are used, the so called Newton’s law of cooling and the Dulong-Petit’s law of cooling. Two FTT optimization criteria for the performance analysis are used: the maximum power regime (MP) and the so-called ecological criterion. This last criterion leads the engine model towards a mode of performance that appreciably diminishes the engine’s wasted energy. In this work, it is shown that the energy-unit price produced under maximum power conditions is cheaper than that produced under maximum ecological (ME) conditions. This was accomplished by using a typical definition of profits function stemming from economics. The MP-regime produces considerably more wasted energy toward the environment, thus the MP energy-unit price is subsidized by nature. Due to this fact, an ecological tax is proposed, which could be a certain function of the price difference between the MP and ME modes of power production. Full article
(This article belongs to the Special Issue Energy Economics)
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Figure 1

Figure 1
<p>Novikov’s model for a nuclear power plant.</p> Full article ">Figure 2
<p>Comparison between optimum efficiencies for both maximum power and maximum ecological regimes (the former E function and the modified ME) for <math display="inline"> <mrow> <mi>τ</mi> <mo>=</mo> <mn>1</mn> <mo>/</mo> <mn>2</mn> </mrow> </math>.</p> Full article ">Figure 3
<p>Profits function <math display="inline"> <msubsup> <mo>Π</mo> <mrow> <mi>m</mi> <mi>p</mi> </mrow> <mi>N</mi> </msubsup> </math> in terms of the engine’s efficiency <span class="html-italic">η</span> with a Newton heat transfer law for a) <math display="inline"> <mrow> <mi>b</mi> <mo>=</mo> <mn>0</mn> </mrow> </math> and taking several values of <span class="html-italic">p</span> and b) <math display="inline"> <mrow> <mi>p</mi> <mo>=</mo> <mn>100</mn> </mrow> </math> and taking several values of <span class="html-italic">b</span>.</p> Full article ">Figure 4
<p>Profits function <math display="inline"> <msubsup> <mo>Π</mo> <mrow> <mi>m</mi> <mi>e</mi> </mrow> <mi>N</mi> </msubsup> </math> in terms of the engine’s efficiency <span class="html-italic">η</span> with a Newton heat transfer law for a) <math display="inline"> <mrow> <mi>b</mi> <mo>=</mo> <mn>0</mn> </mrow> </math> and taking several values of <span class="html-italic">p</span> and b) <math display="inline"> <mrow> <mi>p</mi> <mo>=</mo> <mn>100</mn> </mrow> </math> and taking several values of <span class="html-italic">b</span>.</p> Full article ">Figure 5
<p>Quotient between the price parameters <math display="inline"> <msubsup> <mfenced separators="" open="(" close=")"> <mfrac> <mi>b</mi> <mi>p</mi> </mfrac> </mfenced> <mrow> <mi>m</mi> <mi>p</mi> </mrow> <mi>N</mi> </msubsup> </math> versus fuel fractional cost <math display="inline"> <mrow> <mo>(</mo> <mi>f</mi> <mo>)</mo> </mrow> </math> under a Newton heat transfer law for <math display="inline"> <mrow> <mi>τ</mi> <mo>=</mo> <mfrac> <mn>1</mn> <mn>2</mn> </mfrac> </mrow> </math>.</p> Full article ">Figure 6
<p>Profit function <math display="inline"> <msubsup> <mo>Π</mo> <mrow> <mi>m</mi> <mi>p</mi> </mrow> <mrow> <mi>D</mi> <mi>P</mi> </mrow> </msubsup> </math> in terms of the engine’s efficiency <span class="html-italic">η</span> under a DP heat transfer law for a) <math display="inline"> <mrow> <mi>b</mi> <mo>=</mo> <mn>0</mn> </mrow> </math> and taking several values of <span class="html-italic">p</span> and b) <math display="inline"> <mrow> <mi>p</mi> <mo>=</mo> <mn>100</mn> </mrow> </math> and taking several values of <span class="html-italic">b</span>.</p> Full article ">Figure 7
<p>Profit function <math display="inline"> <msubsup> <mo>Π</mo> <mrow> <mi>m</mi> <mi>e</mi> </mrow> <mrow> <mi>D</mi> <mi>P</mi> </mrow> </msubsup> </math> in terms of the engine’s efficiency <span class="html-italic">η</span> under a DP heat transfer law for a) <math display="inline"> <mrow> <mi>b</mi> <mo>=</mo> <mn>0</mn> </mrow> </math> and taking several values of <span class="html-italic">p</span> and b) <math display="inline"> <mrow> <mi>p</mi> <mo>=</mo> <mn>100</mn> </mrow> </math> and taking several values of <span class="html-italic">b</span>.</p> Full article ">Figure 8
<p>Comparison between the ratio of price parameters <math display="inline"> <mfrac> <mi>b</mi> <mi>p</mi> </mfrac> </math> under both the maximum power and maximum ecological regimes, for a DP heat transfer law with <math display="inline"> <mrow> <mi>τ</mi> <mo>=</mo> <mfrac> <mn>1</mn> <mn>2</mn> </mfrac> </mrow> </math>.</p> Full article ">Figure 9
<p>Comparison between the quotients <math display="inline"> <msubsup> <mfenced separators="" open="(" close=")"> <mfrac> <mi>b</mi> <mi>p</mi> </mfrac> </mfenced> <mrow> <mi>m</mi> <mi>p</mi> </mrow> <mi>N</mi> </msubsup> </math> and <math display="inline"> <msubsup> <mfenced separators="" open="(" close=")"> <mfrac> <mi>b</mi> <mi>p</mi> </mfrac> </mfenced> <mrow> <mi>m</mi> <mi>e</mi> </mrow> <mi>N</mi> </msubsup> </math> for a Newton heat transfer law for several values of <span class="html-italic">τ</span>.</p> Full article ">Figure 10
<p>Λ versus fractional fuel cost for several values of <span class="html-italic">τ</span>. Regions A corresponds to coal-gas power plants. Region B corresponds to nuclear power plants and region C to power plants based on renewable sources. The dashed curves 1, 2, 3 and 4, correspond to actual power plants (see end of <a href="#sec4-energies-02-01042" class="html-sec">Section 4</a>).</p> Full article ">
438 KiB  
Article
A Simple Interpretation of Hubbert’s Model of Resource Exploitation
by Ugo Bardi and Alessandro Lavacchi
Energies 2009, 2(3), 646-661; https://doi.org/10.3390/en20300646 - 13 Aug 2009
Cited by 53 | Viewed by 36505
Abstract
The well known “Hubbert curve” assumes that the production curve of a crude oil in a free market economy is “bell shaped” and symmetric. The model was first applied in the 1950s as a way of forecasting the production of crude oil in [...] Read more.
The well known “Hubbert curve” assumes that the production curve of a crude oil in a free market economy is “bell shaped” and symmetric. The model was first applied in the 1950s as a way of forecasting the production of crude oil in the US lower 48 states. Today, variants of the model are often used for describing the worldwide production of crude oil, which is supposed to reach a global production peak (“peak oil”) and to decline afterwards. The model has also been shown to be generally valid for mineral resources other than crude oil and also for slowly renewable biological resources such as whales. Despite its widespread use, Hubbert’s modelis sometimes criticized for being arbitrary and its underlying assumptions are rarely examined. In the present work, we use a simple model to generate the bell shaped curve curve using the smallest possible number of assumptions, taking also into account the “Energy Return to Energy Invested” (EROI or EROEI) parameter. We show that this model can reproduce several historical cases, even for resources other than crude oil, and provide a useful tool for understanding the general mechanisms of resource exploitation and the future of energy production in the world’s economy. Full article
(This article belongs to the Special Issue Energy Economics)
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Figure 1

Figure 1
<p>Qualitative solutions of the model described in the present paper. The three parameters shown are 1) the production rate (upper curve), 2) the amount of resource available (middle curve) and 3) the accumulated capital (lower curve).</p> Full article ">Figure 2
<p>Oil production in the US lower 48 states, fitted using the model developed in the present paper (data courtesy of Mr. Colin Campbell).</p> Full article ">Figure 3
<p>Gold production and number of miners during the “Gold Rush” in California fitted using the LV model developed here. The data are from [<a href="#B22-energies-02-00646" class="html-bibr">22</a>].</p> Full article ">Figure 4
<p>LV model fitting of gold production in South Africa. In this case, the resource is the gold itself, while the amount of ore mined can be assumed to be proportional to the effort (i.e., the capital) placed by the gold industry in extraction. Data are from [<a href="#B23-energies-02-00646" class="html-bibr">23</a>].</p> Full article ">Figure 5
<p>Data for whaling in 19<sup>th</sup> century fitted by the model developed in the present study. In this case, the resource is whale oil, while a measure of the capital invested in production can be taken as proportional to the total tonnage of the whaling vessels. Data are from [<a href="#B26-energies-02-00646" class="html-bibr">26</a>].</p> Full article ">Figure 6
<p>Fitting of the data for oil discovery in the US 48 lower states and of the number of wildcats. In this case, the number of wildcats is proportional to the capital used by the oil industry in the effort of discovering the resource (oil wells). Data by courtesy of Messrs. Colin Campbell and Jean Laherrere.</p> Full article ">Figure 7
<p>Fitting of the data for oil discovery in Norway and of the number of wildcats. In this case, the number of wildcats is proportional to the capital used by the oil industry in the effort of discovering the resource, oil wells. Data by courtesy of Messrs. Colin Campbell and Jean Laherrere.</p> Full article ">
306 KiB  
Article
Ethanol, Corn, and Soybean Price Relations in a Volatile Vehicle-Fuels Market
by Zibin Zhang, Luanne Lohr, Cesar Escalante and Michael Wetzstein
Energies 2009, 2(2), 320-339; https://doi.org/10.3390/en20200320 - 2 Jun 2009
Cited by 112 | Viewed by 16008
Abstract
The rapid upward shift in ethanol demand has raised concerns about ethanol’s impact on the price level and volatility of agricultural commodities. The popular press attributes much of this volatility in commodity prices to a price bubble in ethanol fuel and recent deflation. [...] Read more.
The rapid upward shift in ethanol demand has raised concerns about ethanol’s impact on the price level and volatility of agricultural commodities. The popular press attributes much of this volatility in commodity prices to a price bubble in ethanol fuel and recent deflation. Market economics predicts not only a softening of demand to high commodity prices but also a positive supply response. This volatility in ethanol and commodity prices are investigated using cointegration, vector error corrections (VECM), and multivariate generalized autoregressive conditional heteroskedascity (MGARCH) models. In terms of derived demand theory, results support ethanol and oil demands as derived demands from vehicle-fuel production. Gasoline prices directly influence the prices of ethanol and oil. However, of greater significance for the fuel versus food security issue, results support the effect of agricultural commodity prices as market signals which restore commodity markets to their equilibriums after a demand or supply event (shock). Such shocks may in the short-run increase agricultural commodity prices, but decentralized freely operating markets will mitigate the persistence of these shocks. Results indicate in recent years there are no long-run relations among fuel (ethanol, oil and gasoline) prices and agricultural commodity (corn and soybean) prices. Full article
(This article belongs to the Special Issue Energy Economics)
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Figure 1

Figure 1
<p>Impluse Responses for thanol, Gasoline, and Oil Price Shocks on the Corn Prices for the Ethanol Boom Period 2000-2007.</p> Full article ">

Review

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316 KiB  
Review
Valuation of Long-Term Investments in Energy Assets under Uncertainty
by Luis M. Abadie
Energies 2009, 2(3), 738-768; https://doi.org/10.3390/en20300738 - 4 Sep 2009
Cited by 19 | Viewed by 11070
Abstract
This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets [...] Read more.
This paper aims to contribute to the development of valuation models for long-term investments while keeping an eye on market prices. The adopted methodology is rooted on the existence of markets for futures and options on commodities related to energy investments. These markets are getting ever-increasingly liquid with ever-longer maturities while trading contracts. We discuss the advantages of this approach relative to other alternatives such as the Net Present Value (NPV) or the Internal Rate of Return (IRR), despite a limited increase in the complexity of the models involved. More specifically, using the valuation methods well-known to energy-finance academics, the paper shows how to: break down an investment into its constituent parts, apply to each of them the corresponding risk premium, value annuities on assets with a deterministic or stochastic behavior, and value the options that are available to its owner, in order to get an overall value of the investment project. It also includes an application to improvement in coal consumption, where futures markets are used to get a numerical estimate of the parameters that are required for valuation. The results are then compared with those from traditional methodologies. Conclusions for this type of investments under uncertainty are derived. Full article
(This article belongs to the Special Issue Energy Economics)
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Figure 1

Figure 1
<p>Futures prices of natural gas on NYMEX 05/14/2009.</p> Full article ">Figure 2
<p>Base load electricity prices on Powernext (France).</p> Full article ">Figure 3
<p>Peak load electricity prices on Powernext (France).</p> Full article ">Figure 4
<p>Futures prices of French electricity on EEX (Germany).</p> Full article ">Figure 5
<p>Spot price of Appalachian coal on NYMEX.</p> Full article ">Figure 6
<p>Futures prices of Appalachian coal on NYMEX.</p> Full article ">Figure 7
<p>Computation by a binomial lattice.</p> Full article ">
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