This paper explores the way technical progress and improvements in energy efficiency are captured when modelling OECD industrial energy demand. The industrial sectors of the developed world involve a number of different practices and processes utilising a range of different technologies....

In this paper we investigate two types of asymmetries, i.e., the asymmetry in the lower and upper tail dependences and the asymmetry in the propagation of crisis (bubble), between crude oil market and refined petroleum markets based on copula models. Thirteen copula models with different types...

An important issue in fitting stochastic models to electricity spot prices is the estimation of a component to deal with trends and seasonality in the data. Unfortunately, estimation routines for the long-term and short-term seasonal pattern are usually quite sensitive to extreme observations,...

This paper investigates the behaviour of spot prices in eight energy markets that trade futures contracts on NYMEX. We consider two types of models, a mean-reverting model, and a spike model with mean reversion that incorporates two different speeds of mean reversion; one for the fast...

Recently, Nowotarski et al. (2013) have found that wavelet-based models for the long-term seasonal component (LTSC) are not only better in extracting the LTSC from a series of spot electricity prices but also significantly more accurate in terms of forecasting these prices up to a year ahead...

The liberalization of electricity markets more than ten years ago in the vast majority of developed countries has introduced the need of modelling and forecasting electricity prices and volatilities, both in the short and long term.

Benchmarking plays a central role in the regulatory scene. Regulators set tariffs according to a performance standard and, if the companies can outperform such a standard, they can retain the gains observed by such outperformance. Efficiency performance is usually assessed by comparison (or a...

Though there is a very large literature examining whether energy use Granger causes economic output or vice versa, it is fairly inconclusive. Almost all existing studies use relatively short time series, or panels with a relatively small time dimension. We apply Granger causality and...

Time series of electricity, petroleum products, and renewables are found to be highly correlated with total energy consumption. Applying this insight to the huge literature on energy-GDP causality explains that the results of total energy-GDP causality tests frequently coincide with the results...

This study discusses a combined use of DEA (Data Environment Analysis) and DEA–DA (Discriminant Analysis) to determine the efficiency-based rank of energy firms. This type of performance evaluation is important because we often have a difficulty in accessing a large sample on energy firms to...