Abstract Technical change in the energy sector is central for addressing long-term environmental issues, including climate change. Most models of energy, economy, and the environment (E3 models) use exogenous assumptions for this. This is an important weakness. We show that there is strong...

This paper examines the overall economics of the Kyoto Protocol on climate change, in three main parts. The first part explores the structure of the Protocol and how this matches against classical economic criteria of an 'optimal' climate change agreement. This discussion also considers the...

The energy crisis engulfing Europe is a crisis of both gas and electricity markets, with huge cost impacts on consumers across all European countries. In Britain, half of typical household energy expenditure arises from electricity. This paper examines how the cost of gas-powered generation...

The post-pandemic surge in energy prices in Europe, exacerbated by the consequences of the Russia-Ukraine war, has intensified a critical debate over EU energy and climate policy: to what extent are variable renewable energy, namely wind power and solar PV, versus fossil fuels impacting...

This article presents a critical assessment of research over the last 40 years that may be brought under the umbrella of “energy efficiency,” spanning different aggregations and domains – from individual producing and consuming agents to economy-wide effects, the role of innovation, and...

We explore how optimal emission abatement trajectories are affected by dynamic characteristics of greenhouse-gas emitting systems, such as inertia, induced innovation, and pathdependency, by formulating a compact and analytically tractable model with stylized damage assumptions to derive the...

This paper demonstrates an apparent long-term constancy of economy-wide energy expenditures relative to income – an inter-decadally-constrained sustainable (“Bashmakov-Newbery”) range of 4.2±0.8% relative to Gross Output, and 7.2±1.5% relative to GDP. Initial evidence suggests the range...

This paper develops a detailed proposal for an efficient way to channel the value of large-scale renewables, which have become much cheaper than gas-driven wholesale electricity prices, to consumers at ‘cost-plus’ prices. This would reduce the fiscal pressure on governments for market-wide...