Under the current regulatory frame in the EU, transmission planning is done at the national level to maximize national welfare, rather than European welfare. In this paper, we develop a competitive equilibrium model that calculates the impact of this imperfect regulatory framework on the cost of...

In this article, an extensive review of the rapidly growing biofuel-related time-series literature is carried out. The data used, the modeling techniques and the main findings of this literature are discussed. Providing a review of this flourishing research area is relevant as a guidepost for...

This paper is a contribution to the on-going debate over whether there is a relationship between energy consumption and economic growth. Although the oil exporting countries are among the most energy-intensive economies in the world, little attention has been paid to the features of their energy...

This study examines the dynamic relationship between world oil prices and twenty four world agricultural commodity prices accounting for changes in the relative strength of US dollar in a panel setting. We employ panel cointegration and Granger causality methods for a panel of twenty four...

In the context of the liberalized and deregulated electricity markets, price forecasting has become increasingly important for energy company's plans and market strategies. Within the class of the time series models that are used to perform price forecasting, the subclasses of methods based on...

Electricity price time series usually exhibit some form of nonstationarity, corresponding to long-term behavior, one or more periodic components as well as dependence on calendar effects. As a result, modeling electricity prices requires accounting for both long-term and periodic components. In...

In this analysis we more accurately capture the cointegrating relationship between natural gas and crude oil prices by endogenously incorporating shifts in the cointegrating vector into the estimation of the cointegrating equation. Specifically, we allow the cointegrating equation to switch...

The purpose of this paper is to evaluate the sensitivity of fuel consumers regarding price and income, taking recent changes in the Brazilian fuel market into account. In this market, new market rules, energy policy towards fuel diversification and introduction of flex-fuel engines have...

Recently regime-switching models have become the standard tool for modeling electricity prices. These models capture the main properties of electricity spot prices well but estimation of the model parameters requires computer intensive methods. Moreover, the distribution of the price spikes must...

Among the many reasons policy makers across the world have sought to supplement fuel supplies with ethanol-blended fuels are the cited environmental benefits that come with replacing a fossil-fuel with a cleaner burning alternative. Dual-blend ethanol mandates, in which multiple ethanol blends...