From 2015 to 2023, the United States transformed from a net importer of natural gas to the world's largest liquified natural gas (LNG) exporter. We find that this surge in LNG exports has reconnected U.S. gas prices to world market prices, after a hiatus of "shut-in" fracked gas. We estimate...

Economic policies often involve dynamic interventions, where individuals receive repeated interventions over multiple periods. This dynamics makes past responses informative to predict future responses and ultimate outcomes depend on the history of interventions. Despite these phenomena,...

One concern with subsidies for low-carbon technologies is that they tend to go predominantly to high-income households. Previous research has shown, for example, that the top income quintile receives 60% of subsidies for rooftop solar and 90% of subsidies for electric vehicles. This paper finds...

Encouraged by the declining cost of grid-scale renewables, recent analyses conclude that the United States could reach net zero carbon dioxide emissions by 2050 at relatively low cost using currently available technologies. While the cost of renewable generation has declined dramatically,...

Since the 1970s, high volumetric (per kilowatt-hour) electricity prices have been justified in many policy discussions as encouraging more efficient use of electricity and placing more of the cost burden on those who are less prudent in their use. The argument has been used in support of...

Despite the incentives of incumbent domestic listed corporations (DLCs) in the electricity generation industry, private equity, institutional investors, and foreign corporations have played an outsized role in financing the energy transition. These new entrants are twice as likely to create...

The marginal cost of electricity fluctuates hour-by-hour, yet retail customers typically face flat prices. Using data from all seven US wholesale markets and a new method to evaluate alternative rates set in advance that accounts for equilibrium price effects, we estimate efficiency gains from...