Sustainable energy systems of the future will need more than efficient, clean, low-cost, renewable energy sources; they will also need efficient price signals that motivate sustainable energy consumption as well as a better real-time alignment of energy demand and supply. The Power Trading Agent...

Natural gas is increasingly important as a fuel for electric power generation as well as other uses due to its environmental advantage over other fossil fuels. Using the World Gas Model, a large-scale energy equilibrium system based on a complementarity formulation, this paper analyzes possible...

The goals of this paper are to 1) simulate the ex-ante riskiness of purchasing a TCC, and 2) evaluate the efficiency of the TCC market in New York State to determine if there is evidence of under-pricing. Three VAR models are estimated using only market data available before the auction. This...

Discussions on the appropriate policy design and level of incentive to promote renewable energy adoption and meet the 20/20/20 goals have spurred recently in the European Union. These discussions are also ongoing in Portugal, namely in what concerns the level and duration of feed-in tariffs that...

The aim of this paper is to show the benefit of applying a moment matching technique to the short leg component in order to price and hedge multi-asset spread options: in particular, we approximate the real dynamics of the short leg component by taking a log-normal proxy, whose equivalent...

This article models the dependence risk and resource allocation characteristics of two 20-stock coal–uranium and oil–gas sector portfolios from the Australian market in the context of the global financial crisis of 2008–2009. The modeling framework implemented consists of pair vine copulas...

In this paper, we present an alternative analysis framework to evaluate the effects of technology heterogeneities and undesirable output on environmental efficiency measurement. The proposed framework combines the directional distance function and a meta-frontier analysis. It can be used to...

In this article we examine the pricing of option contracts on the strategic petroleum reserve (SPR) and consider how these can be used by both the government and refiners. We analyze the interaction between the call and put option contracts, taking into account the underlying game, in the...

We decompose the contribution of five drivers of energy use and CO2 emissions reductions in achieving climate change goals over 2005–2100 for various climate policy scenarios. This study contributes to the decomposition literature in three ways. First, it disaggregates drivers of energy demand...

Like in the film Field of Dreams, the sentence “if you build it, he will come” also applies in power systems. In this sense, if a transmission planner suggests building some lines in anticipation of generation capacity investments, then it can induce generation companies to invest in a more...