There is growing recognition of the relative importance of anthropogenic emissions of methane as a contributor to global climate change. An important source of such emissions in some countries, including the United States, is the oil and gas (O&G) sector. This points to the importance of developing understanding of the marginal abatement cost functions for…
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The Impact of Intermittent Power Generation on the Wholesale Electricity Prices of the MIBEL Iberian Market
This study addresses the effect of intermittent renewable energy generation on the dynamics of electricity prices of the Iberian market (Spain and Portugal) during the period 2010-2015. The results indicate that intermittent renewable energy has a material negative effect on electricity price, consistent with the presence of a merit-order effect. Still, that effect varies with…
OPEC’s Pursuit of Market Stability
We investigate attempts by the Organization of Petroleum Exporting Countries (OPEC) to stabilize the price of oil during the past fifty years. We first develop a novel decomposition of shifts in global demand and non-OPEC supply. This decomposition provides a fresh perspective on the debate over the relative importance of demand versus supply factors as…
Resource Adequacy with Increasing Shares of Wind and Solar Power: A Comparison of European and U.S. Electricity Market Designs
We raise the question if improvements to current energy-only markets are sufficient to maintain resource adequacy in electricity markets or whether the rapid increase in wind and solar power gives stronger arguments for additional capacity mechanisms. A comparative analysis between Europe and the United States reveals some fundamental differences, but also many similarities in electricity…
Do Investments in Clean Technologies Reduce Production Costs? Insights from the Literature
In response to growing environmental concerns, governments have encouraged innovation and adoption of green or clean technologies through various policy measures. At present more than half a trillion US$ is being invested annually in clean technologies. This study analyzes if investments in clean technologies increase productivity and reduce production costs based on the existing literature….
Does adaptive capacity reduce funding costs of municipalities that are exposed to climate change risk?
Research shows that municipalities that face more risk from climate change have higher financing costs than municipalities that face less risk. However, to our best knowledge, it is unknown whether the adaptive capacity of a municaplity is rewarded in terms of lower financing costs. We study municipal bonds issued by U.S. municipalities that are known…
Clean Cooking: Why is Adoption Slow Despite Large Health and Environmental Benefits?
More than one-third of the world’s population, mainly the low-income group, still rely on traditional biomass fuels for household cooking. The indoor air pollution from household cooking is one of the main drivers of child mortality in developing countries. It also causes deforestation and emissions of black carbon. A large number of studies show that…
Does the Shale Gas Revolution Hinder Clean Energy Innovation?
We analyze the causal impact of the U.S. shale gas revolution on technological innovation in the electricity generation sector. Using a country-level data set of electricity patents from 1978-2018, we find that the U.S. shale gas revolution led to a 1.60 decrease in the ratio of green to fossil-fuel electricity patents and a 0.93 decrease…
Shale Gas and Oil Development: A Review of the Local Environmental, Fiscal, and Social Impacts
In the early 2000s, advances in horizontal drilling and hydraulic fracturing technologies led to a veritable boom in the extraction of natural gas and oil from shale plays. In this review article, we discuss the local, state, and federal regulatory context in which this shale gas and oil production occurs and review how it affects…
Analysing the Mechanism of Decentralised Energy Governance Strategy on Reducing Carbon Emissions: Evidence from China
The transition to new energy sources is critical for addressing global carbon emissions. However, there is limited study on how decentralized energy governance (DEG) strategies can effectively promote this transition and mitigate carbon emissions. This study investigates the impact and mechanism of China’s New Energy Demonstration City (NEDC) policy, a prominent DEG strategy, on reducing…