Financial speculators frequently trade in the most liquid short-tenor contracts. We study repeating patterns of sharply steepening slopes in the WTI forward curve to investigate whether, after controlling for macroeconomic variables, physical market fundamentals, and basic arbitrage, calendar spread behavior is partly explained by speculation related to assessed geopolitical risk. We estimate WTI forward curve…
Author: admin
Who’s Responsible for Climate Change? New Evidence Based on Country-level Estimates of Climate Debt
In this paper we discuss the concept of climate debt, which measures the cumulative economic damages due to CO2 emissions. We find that the climate debt (estimated for 131 countries) is extremely large, equaling some $59 trillion over the 1959–2018 period. Climate debt is also substantial relative to other government liabilities; in the G-20, it…
Vehicle-to-grid Policy in South Africa: State-led v. Market-directed Approaches
The Vehicle-to-Grid (V2G) policy aim has been widely analyzed in policy planning literature but has not been explored for adaptation to African contexts. African countries enjoy immense renewable energy (RE) potential but currently experience minimal electric vehicle usage, since most drivers confront limited charging station access and thus range anxiety. One potential workaround surmounting this…
Responding to electricity shortfalls: Electricity-saving activities of households and firms in Japan after Fukushima
Japan has experienced a severe electricity shortfall since the Great East Japan Earthquake in March 2011 and the subsequent shutdown of nuclear power plants. Disruption to the supply-demand balance was especially severe in Tokyo and Tohoku in summer 2011, forcing the government to introduce mandatory rationing for large customers. Following intensive efforts, a reduction in…
Book Reviews
“Prosumage” and the British Electricity Market
Domestic electricity consumers with PV panels have become known as “prosumers”; some of them also have energy storage and we have named the combination “prosumage”. The challenges of renewable intermittency could be offset by storing power, and many engineering studies consider the role and value of storage which is properly integrated into the ‘smart grid’….
The Economics of Sustainability: Causes and Consequences of Energy Market Transformation
The paper deals with the economics of sustainability associated with the transformation of energy markets. It emphasizes the interrelations between technical changes and energy markets and how in turn the resulting transformations alter the sustainability of economic systems that are dependent on these markets. It also explores how innovation (or the lack thereof) is intimately…
Guiding Action: A User-centric Approach to Define, Measure, and Manage Electricity Access
The role of electricity in human development is well established as being key to improved quality of life, safer environments, greater communication and connectivity, better educational services, and increased economic opportunities. Despite it having such a fundamental role, nearly one billion people across the world are deprived of electricity access, and many more suffer with…
Economic efficiency and CO2 impact of a clean cooking program in Ecuador
Clean cooking programs are implemented to replace polluting fuel technologies and fight climate change. In 2014, Ecuador launched a clean cooking program to improve environmental conditions for its population and reduce the large financial burden spent on liquid petroleum gas subsidies. In this paper, we analyze the economic and environmental impacts of this program. We…
Electricity Access, Gender Disparity, and Renewable Energy Adoption Dynamics: The Case of Mountain Areas of Bangladesh
This paper examines the relationship between grid-based electricity access, gender disparity, and renewable energy adoption in the mountain areas of Bangladesh by collecting a novel set of micro-level survey data. We develop unique weighted indices and apply the robust instrumental generalised method of moment estimation for investigating electricity access and women empowerment nexus. The findings…