The present affluence in the industrial world is the result of a long process starting 300 years ago with the invention of the steam engine and the gradual replacement of fire-wood by coal. Together with the later combustion engine the steam engine now sup-plies 80 percent of the power...

There is an inconsistency in the SFE model since a firm is assumed to know rival firms' aggregate supply function in order determine its own bid function. The paper reformulates the model so that a firm needs not know its rivals' bid or even assume that they use the SFE model to construct its...

Much of the interest in the Supply Function Equilibria (SFE) model is focused on electricity spot markets for which it seems to be ideally suited. Most of the work has dealt with thermal power supply and very little with mixed hydro and thermal supply. The purpose of this paper is to explore the...

Given the agreed urgency of decarbonizing electricity and the need to guide decentralized private decisions, an adequate and credible carbon price appears essential. The paper models and quantifies the useful concept of the break-even carbon price for mature zerocarbon electricity investments....