The European power market is undergoing signifi cant changes. The EU has set an ambitious goal of reducing its greenhouse gas emissions by 40 per cent by 2030. This will require significant investment in renewable energy sources such as wind and photovoltaics as well as measured policies to deal...

This paper analyzes the response of international oil producers to demand-induced changes in the real price of oil during 1975-2011. The goal is to disentangle fluctuations in OPEC and non-OPEC production and to derive consistent estimates of the short-run price elasticity of crude oil supply at...