This paper examines the 2021–2023 energy crisis in Europe exacerbated by the energy consequences of the full-scale Russia—Ukraine war which began in February 2022. We show that this was an historically unprecedented price shock to both gas and electricity prices. We then draw on lessons from UK energy policy in World War Two to inform…
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Book Reviews
Winter Ends
There is a common assumption that all-electric automobiles, powered by lithium-ion batteries, are the future of vehicle transportation. It is argued here that this is not the likely outcome, especially in the less-developed countries. Use of photovoltaic (PV) cells, in conjunction with gasoline or hydrogen-hybrids, will be less expensive, and more likely to be adopted…
Book Reviews
Electric Vehicles are Good, Actually
Electric vehicles are the primary alternative to transportation based on internal combustion engines and the most promising route to decarbonization of light- and medium-duty transportation systems. A transition to electric vehicles does face important challenges in terms of scaling of battery production, charging infrastructure, and grid coordination, which may make aggressive EV targets difficult to…
Electricity Markets in the Resource-Rich Countries of the MENA: Adapting for the Transition Era
The Middle East and North Africa’s (MENA) resource-rich economies are pursuing two parallel strategies in their electricity sectors: (i) increasing and integrating renewables into their power generation mix to mitigate the impact of rising domestic oil and gas demand on their economies and boost hydrocarbon export capacities; and (ii) undertaking power sector reforms to attract…
Interactions between Market Reform and a Carbon Price in China’s Power Sector
The electricity sector accounts for a large share of China’s carbon dioxide emissions and of the economy-wide abatement potential. China’s planned national emissions trading scheme would include electricity generation, as nearly all emissions trading schemes do. The critical difference is that in most existing carbon pricing systems the power sector operates with competitive markets and…
The Value of Saving Oil in Saudi Arabia
Saudi Arabia has one of the highest levels of per capita oil consumption in the world, but attempts are now being made by Saudi policymakers to significantly reduce this. Thus, a relevant policy question is what is the value of saving a barrel of oil in Saudi Arabia? The instinctive answer is that the value…
The Environmental Footprint of Natural Gas Transportation: LNG vs. Pipeline
Emissions to air from the production and transportation of natural gas is an important aspect of the decision making regarding the new infrastructure development in the offshore natural gas sector. In this study, we estimate the emissions of CO2, NOx, nmVOC and CH4 from extraction, processing and transportation of a unit of dry natural gas…
Aiming for Carbon Neutrality: Which Environmental Taxes Does Spain Need by 2030?
The Green Deal is a new European strategic plan aiming to achieve carbon neutrality in 2050 with a 55%-reduction in emissions by 2030 as an intermediate target. In the next three decades European policymakers will use a wide set of policy levers to achieve these targets, including taxes on fossil fuels and carbon prices. In…