Energy industry

The present study is a slightly revised version of my PhD thesis which was accepted at the Economics Department of Dresden University of Technology in July 2008. It has a long and a short history. For it began, as suggested theme, as a fundamental evaluation of evolutionary economics for ecological economics, asking, especially, for what the two ?elds actually constitutes and, eventually, relates. In several years of unfruitful dwelling, however, neither of these two young, non-mainstream ?elds proved as constituted at a fundamental level as yet. Rather, ecological economics, founded at the end of the 1980s as an attempt to combine social and natural s- ence approaches(in particular economics and ecology) to study especially long-run environmental problems in an encompassing manner, has mainly developed into an interdisciplinary research forum on environmental-economicissues. Particularly uni?edbycertainnormativestances sharedwithinits community,it constitutes,well understood, a new discpline of its own right, distinct from economics, with its own scienti?c standards, questions, methodologies and institutions (Baumgartner ̈ and Becker 2005). Modern evolutionaryeconomicson the other hand has been a quarter of a century after its inception with Nelson and Winter (1982) still a mainly h- erogeneousendeavor, linked by a (rather amorphous) common interest in economic “evolution” and a critical stance towards neoclassical mainstream economics, with a certain strength in applied studies on industrial dynamics (Heinzel 2004, 2006).
Despite the many benefits of energy, most of which are reflected in energy market prices, the production, distribution, and use of energy causes negative effects. Many of these negative effects are not reflected in energy market prices. When market failures like this occur, there may be a case for government interventions in the form of regulations, taxes, fees, tradable permits, or other instruments that will motivate recognition of these external or hidden costs.

The Hidden Costs of Energy defines and evaluates key external costs and benefits that are associated with the production, distribution, and use of energy, but are not reflected in market prices. The damage estimates presented are substantial and reflect damages from air pollution associated with electricity generation, motor vehicle transportation, and heat generation. The book also considers other effects not quantified in dollar amounts, such as damages from climate change, effects of some air pollutants such as mercury, and risks to national security.

While not a comprehensive guide to policy, this analysis indicates that major initiatives to further reduce other emissions, improve energy efficiency, or shift to a cleaner electricity generating mix could substantially reduce the damages of external effects. A first step in minimizing the adverse consequences of new energy technologies is to better understand these external effects and damages. The Hidden Costs of Energy will therefore be a vital informational tool for government policy makers, scientists, and economists in even the earliest stages of research and development on energy technologies.
An overview of today's energy markets from a multi-commodity perspective

As global warming takes center stage in the public and private sectors, new debates on the future of energy markets and electricity generation have emerged around the world. The Second Edition of Managing Energy Risk has been updated to reflect the latest products, approaches, and energy market evolution. A full 30% of the content accounts for changes that have occurred since the publication of the first edition. Practitioners will appreciate this contemporary approach to energy and the comprehensive information on recent market influences.

A new chapter is devoted to the growing importance of renewable energy sources, related subsidy schemes and their impact on energy markets. Carbon emissions certificates, post-Fukushima market shifts, and improvements in renewable energy generation are all included.

Further, due to the unprecedented growth in shale gas production in recent years, a significant amount of material on gas markets has been added in this edition. Managing Energy Risk is now a complete guide to both gas and electricity markets, and gas-specific models like gas storage and swing contracts are given their due.

The unique, practical approach to energy trading includes a comprehensive explanation of the interactions and relations between all energy commodities.

  • Thoroughly revised to reflect recent changes in renewable energy, impacts of the financial crisis, and market fluctuations in the wake of Fukushima
  • Emphasizes both electricity and gas, with all-new gas valuation models and a thorough description of the gas market
  • Written by a team of authors with theoretical and practical expertise, blending mathematical finance and technical optimization
  • Covers developments in the European Union Emissions Trading Scheme, as well as coal, oil, natural gas, and renewables

The latest developments in gas and power markets have demonstrated the growing importance of energy risk management for utility companies and energy intensive industry. By combining energy economics models and financial engineering, Managing Energy Risk delivers a balanced perspective that captures the nuances in the exciting world of energy.

In The Empty Tank, Jeremy Leggett, an internationally renowned geologist and energy entrepreneur who spent the 1980s working for Big Oil, sounds the alarm about an unprecedented crisis.

The oil topping point–the day half of all the world’s oil is used up–will be reached, by many calculations, sometime soon. In fact, it may already be upon us. When the financial markets realize what’s happening, an economic crash and soaring energy prices will result. The entire global marketplace we all inhabit will crack and crumble.

Oil companies and governments don’t want you to know this. They have been covering up depletion, while stoking addiction and holding back alternatives. Leggett shows how major energy producers have been exposed providing false information about climate change and underground reserves.

He describes how governments collude with private enterprise and one another to keep the global economy hooked on oil. And he explains the science behind oil extraction, demonstrating with unimpeachable expertise why the well is indeed running dry a lot faster than we think.

Written with verve and eloquence, The Empty Tank explains how we became addicted to oil and why that addiction is leading us toward disaster. Yet Leggett also points the way forward. All the technology we need to get off the road to disaster is already at hand. A new Manhattan Project for energy can save us if we can wake up and confront the problem directly, as this important book urges us to do.

"Among the shelf full of books on the oil situation that have been published in the last year or so, (this) is far and away the best."
-Lester Brown, President of the Earth Policy Institute

What’s it all about? ... tough titles made simple by David Shukman
THE EMPTY TANK by Jeremy Leggett

WHAT’S IT ALL ABOUT?

OIL, gas, hot air and the global energy crisis, according to the explanation on the front cover. Delving into the nightmare scenario of mankind sleepwalking to global disaster, this book focuses on two related dangers: how we’ll run out of oil far sooner than we think and how burning what’s left of it will warm our planet to a catastrophic level. The central contention is that the oil industry is in a state of denial about the size of its reserves. The scandal over Shell’s distortion of its real figures is said to be the tip of the iceberg. And the conclusion is stark: that we’re all using the black stuff at a far faster rate than geologists are finding new deposits, and that as soon as the truth gets out there’ll be panic in the markets, soaring prices and a mega-crash. It’s scary.

SO IS IT READABLE?

YES, though towards the end some sections lapse into lists of points. But the writing is always clear and conveys complicated but important technicalities in very accessible terms.

DAVID SHUKMAN is environment & science correspondent for BBC News
Daily Mail, 18 November 2005
"Vital, very readable guidance for investors, environmentalists, and interested bystanders looking toward a future without fossil fuels." -BOOKLIST "It's hard to argue with the relentless logic...." -E/THE ENVIRONMENTAL MAGAZINE "Readers looking to separate facts from hype about cars running on hydrogen and large-scale fuel cell systems will find a useful primer here."-PUBLISHERS WEEKLY Lately it has become a matter of conventional wisdom that hydrogen will solve many of our energy and environmental problems. Nearly everyone -- environmentalists, mainstream media commentators, industry analysts, General Motors, and even President Bush -- seems to expect emission-free hydrogen fuel cells to ride to the rescue in a matter of years, or at most a decade or two. Not so fast, says Joseph Romm. In The Hype about Hydrogen, he explains why hydrogen isn't the quick technological fix it's cracked up to be, and why cheering for fuel cells to sweep the market is not a viable strategy for combating climate change. Buildings and factories powered by fuel cells may indeed become common after 2010, Joseph Romm argues, but when it comes to transportation, the biggest source of greenhouse-gas emissions, hydrogen is unlikely to have a significant impact before 2050. The Hype about Hydrogen offers a hype-free explanation of hydrogen and fuel cell technologies, takes a hard look at the practical difficulties of transitioning to a hydrogen economy, and reveals why, given increasingly strong evidence of the gravity of climate change, neither government policy nor business investment should be based on the belief that hydrogen cars will have meaningful commercial success in the near or medium term. Romm, who helped run the federal government's program on hydrogen and fuel cells during the Clinton administration, provides a provocative primer on the politics, business, and technology of hydrogen and climate protection.
Given the chronic power shortages faced by numerous developing countries, and the need everywhere to keep pace with demand, understanding the drivers of public private partnerships (PPPs) in energy is critical. While many private electricity projects have been delayed and financing costs have increased, the impact of the global financial crisis was less severe than that of previous crises that originated in developing countries. This resilience stems from developing countries need to expand generation capacity, electricity sector reforms and better regulatory frameworks, and short-term solutions (such as rental power plants). The study reports the evidence from statistical analysis and a sample of case studies selected based. It proposes a novel analytical approach to model PPPs, using a two-stage procedure based on Heckman s sample selection distinguishing between those factors that determine whether private investment in energy takes place, and those that influence the volume of investment. The results of the analysis provide the following conclusions: Both general governance and regulatory instrument primarily affect investors decisions to enter the various power sector markets, not the subsequent level of investment indicating that investors seem to be adequately protected against risks. Support mechanisms, like feed-in tariffs, are crucial for attracting investors in renewable generation, but they do not succeed in displacing fossil fuel investment and they could play a bigger role in affecting the level of investment in renewables. There is a significant trade-off between effectiveness and efficiency of alternative instruments for deploying renewables. Feed-in tariffs tended to be quite effective but to be set on the high side, reducing incentives to cut costs and posing significant strains on already stripped national budgets. Competitive auctions, on the other hand have tended to be efficient but initially low and not always the most effective instrument. Countries can scale up renewables following different paths. For Brazil, the move from feed-in tariffs to auctions enabled it to both reduce costs and deploy additional capacity. Peru followed in Brazil s path, opting for auctions instead of introducing feed-in tariffs. On the other hand, China s move from competitive tenders to feed-in tariffs allowed for discovery effects to determine the right level of prices to attract private investment in renewables.
“A rare, honest, beautiful, and, yes, sometimes heartbreaking examination of the echoes of water-powered natural gas drilling—or fracking—in the human community . . . vivid, personal and emotional.”—Minneapolis Star Tribune
 
Susquehanna County, in the remote northeastern corner of Pennsylvania, is a community of stoic, low-income dairy farmers and homesteaders seeking haven from suburban sprawl—and the site of the Marcellus Shale, a natural gas deposit worth more than one trillion dollars. In The End of Country, journalist and area native Seamus McGraw opens a window on the battle for control of this land, revealing a conflict that pits petrodollar billionaires and the forces of corporate America against a band of locals determined to extract their fair share of the windfall—but not at the cost of their values or their way of life. Rich with a sense of place and populated by unforgettable personalities, McGraw tells a tale of greed, hubris, and envy, but also of hope, family, and the land that binds them all together.
 
“To tell a great story, you need a great story. Seamus McGraw . . . has lived a great story. . . . [He] is just one of its many characters—very real characters—caught up in a very human story in which they must make tough, life-altering decisions for themselves, their community, and ultimately their country.”—Allentown Morning Call
 
“Compelling . . . The End of Country is like a phone call from a close friend or relative living smack-dab in the middle of the Pennsylvania gas rush. . . . Anyone with even a passing interest in the [fracking debate should] read it.”—Harrisburg Patriot-News
 
“This cautionary tale should be required reading for all those tempted by the calling cards of easy money and precarious peace of mind.”—Tom Brokaw
 
“A page-turner . . . McGraw brings us to the front lines of the U.S. energy revolution to deliver an honest and humbling account that could hardly possess greater relevance.”—The Humanist
The economic and political aspects of energy subsidies, viewed both theoretically and empirically, with a focus on fossil fuel subsidies in developing nations.

Government subsidies to energy are widespread and represent a heavy burden on public budgets in many countries. Both producers and consumers may be subsidized; the most common subsidies are for motor fuel consumption and electricity production and consumption. The subsidies to consumers often prove particularly harmful because they result in increased energy consumption, increased carbon emissions, and distortionary effects on consumer behavior. This book fills a void in the literature by providing a first, broad and diverse, analysis of several aspects of the economic and political economy aspects of government energy subsidies. The contributors take both theoretical and empirical approaches, with most of the focus on subsidies to fuel and electricity in non-OECD countries.

The chapters cover such topics as energy pricing, reelection incentives for politicians that may encourage excessive subsidies; political corruption and “bribing equilibria,” the the “resource curse” in developing countries when the gains from natural resource windfalls are largely wasted, the “entitlement” of energy subsidies in autocracies, and distributional issues when subsidies targeted to the poor are removed in high-income countries. One chapter discusses nonharmful subsidies: the potential economic effects of subsidizing the manufacturing and deployment of renewable energy.

Contributors
Carolyn Fischer, Mads Greaker, Mohammad Habibpour, Michelle Harding, Christina Kolerus, Christos Kotsogiannis, Jim Krane, Alber Touna Mama, Raffaele Miniaci, Marco Pani, Ian Parry, Carlo Perroni, Leonzio Rizzo, Knut Einar Rosendahl, Carlo Scarpa, Neda Seiban, Suphi Sen, Jon Strand, Paola Valbonesi, Herman Vollebergh

Since China has now become the world’s largest energy consumer, its energy sector has understandably huge implications for the global economy. This book examines the transformation of China’s conventional and renewable energy sectors, with special attention to state-business relations. Two studies examine the development of China’s energy profile, especially China’s renewable energy. Two others explore governmental relations with state-owned enterprises (SOEs) and their reform. Despite drastic restructuring in the late 1990s, SOEs continue their oligopolistic control of the oil and gas sectors and even overshadow the stock market. Three studies investigate the factors that help propel the expansion of China’s conventional energy firms, as well as those producing renewable energy (i.e. solar PV industry). A study of China’s solar PV industry suggests that China’s governmental support for it has evolved from subsidising production (a "mercantile" stage aimed at expanding the industry’s global production and export share) to subsidising the demand side (aiming at expanding domestic demand and absorbing redundant manufacture capacity). Another review of this industry finds that firms tend to pay heavy attention to extra-firm institutional network relationships both inside and outside China, and that buyer-supplier networks are influenced by extra-local managerial education. The final chapter compares China’s provinces and their embedded carbon-footprints per capita in urban areas from a consumption perspective, using a self-organizing feature map (SOFM) model. This book was originally published as a special issue of the Asia Pacific Business Review.
This Handbook examines the subject of energy security: its definition, dimensions, ways to measure and index it, and the complicating factors that are often overlooked.

The volume identifies varying definitions and dimensions of energy security, including those that prioritize security of supply and affordability alongside those that emphasize availability, energy efficiency, trade, environmental quality, and social and political stewardship. It also explores the various metrics that can be used to give energy security more coherence, and also to enable it to be measured, including recent attempts to measure energy security progress at the national level, with a special emphasis placed on countries within the Organization of Economic Cooperation and Development (OECD), countries within Asia, and industrialized countries worldwide.

This Handbook:

• Broadens existing discussions of energy security that center on access to fuels, including "oil security" and "coal security."

• Focuses not only on the supply side of energy but also the demand, taking a hard look at energy services and politics along with technologies and infrastructure;

• Investigates energy security issues such as energy poverty, equity and access, and development;

• Analyzes ways to index and measure energy security progress at the national and international level.

This book will be of much interest to students of energy security, energy policy, economics, environmental studies, and IR/Security Studies in general.


Hira explores the impact of the neoliberal revolution in Latin America, which claims the superiority of markets that are freed from government intervention and restrictions on trade and investment. He examines changes in the energy policy of the Southern Cone (Argentina, Bolivia, Brazil, Chile, Paraguay, and Uruguay) and finds that, contrary to what is claimed and expected, there is a great deal of state intervention that continues through regulatory policy.

All around the world, economic markets are in flux. Policies to change these markets are part of the neoliberal revolution that claims the superiority of markets freed from government intervention and restrictions on trade and investment. The general conclusion among most academic and policy analysts who study developing countries is that market liberalization is a foregone conclusion. Developing countries' choices are constrained by two primary factors: first, the burden of massive external debt that forces them to court international finance, and second, the need to gain access to the world's largest markets in Europe and/or the United States, optimally through free trade agreements. The effects of market liberalization, including deregulation, privatization, and integration, require further scrutiny.

Hira examines the effects of international market pressures on energy policy at the national, regional, and sectoral levels in Latin America's Southern Cone--Argentina, Bolivia, Brazil, Chile, Paraguay, and Uruguay--who belong to the MERCOSUR common market. Contrary to what is claimed and expected, he finds that a great deal of state intervention continues through regulatory policy. He also provides an thorough set of comparative political economy case studies, along with a discussion of the MERCOSUR process with regards to energy. His analysis of the political economy of electricity and natural gas deregulation is especially relevant in the wake of the California energy crisis, the Enron debacle, and international discussions about energy deregulation. This book is of particular interest to scholars, students, and other researchers involved with Latin American economic development and energy policy.

The business benefits of lower energy consumption are clear: lower energy costs, energy tax avoidance, selling excess CO2 credits, immediately adding savings to the bottom line and improved competitiveness. However, with a need to focus on day to day business management activities, implementing energy reduction programmes stretches the capabilities and know-how of responsible managers. Kit Oung’s Energy Management in Business is an expert's guide to energy reduction. It covers four important aspects of managing energy: strategy for successful implementation, available tools and techniques, generating sustainable quick wins and active management involvement. This book offers distilled practical concepts with real life case studies chosen to build insight, and illustrate how managers and engineers can relate to a broad range of energy reduction opportunities. We take energy for granted, like the air we breathe. We need to engage employees with energy management in two ways. In a more general sense, for those using energy for normal working practices, awareness and behaviour change are key. For those with more direct influence over energy using systems, engagement is also fundamental. Energy Management in Business places the process firmly in the context of commercial and industrial business practice. The book is an excellent companion for any organisation seeking ISO 50001 certification and a reduced energy consumption, as well as those that simply wish to better understand the options, strategies and risks that every business now faces.
This comprehensive book deals with the environmental aspects of metallurgical industries, including ferrous (iron and steel, DRI units, EAF units, ferroalloys and foundries) and non-ferrous (aluminium, copper, lead and zinc) plants. The text, comprising of eight chapters, discusses fundamental aspects of environment management, various energy sources available on the earth and environment awareness required for sustained economic growth. The book provides a thorough understanding of pollution sources in metallurgical industries and their abatement techniques. It also provides details of energy management in metal industry and enumerates factors for metallurgical plant location and layout. Furthermore, it presents health and safety guidelines for metallurgical professionals. The text concludes with discussion on basic legislations related to environment and labour. This book is primarily designed for undergraduate students of metallurgical engineering. Besides, it will also be useful as a ready reference source to professionals associated with metallurgical industries. KEY FEATURES Coverage of various types of environmental issues such as air emission, toxic effluents, solid waste, thermal discharge, noise and radiation. Analysis of renewable and non-renewable energy sources on the earth with current energy usage pattern and future consumption pattern. Description of various activities in the metallurgical units along with discussion of sources of pollution and abatement techniques. Guidelines for the plant location and layout. Basic information about labour health and safety, environmental legislations, labour laws, ISO 14000, carbon credit, etc.
Transportation fuel and electric power prices, energy security, and climate change have been on every business leader’s mind. Recent shifts in scientific knowledge, public awareness, and political will are causing governments to take meaningful regulatory and legislative action. And multinational corporations are factoring new realities and uncertainties into their strategies and operations.

Energy Shift: Game-Changing Options for Fueling the Future is a one-stop resource for busy executives and senior policymakers who need a reliable, accessible guide to the big strategy questions surrounding energy.

Supported by the latest studies, articles, and research conducted by Booz & Company, Energy Shift is a visual guide that puts the most up-to-date information on the future of energy in a handy, easy-to-use format. It provides essential knowledge on the forces shaping the energy industry, alongside practical advice for making the tough decisions that leaders in all walks of life will face.

Energy Shift helps you distinguish media-driven myths and misconceptions from the actual effects the energy crisis will have on a variety of businesses and organizations—from the smallest local enterprise to the largest multinational.

Additionally, this forward-thinking handbook discusses the new opportunities that will arise for investors, corporations, and governments in such areas as

  • Oil
  • Coal
  • Natural gas
  • Nuclear energy
  • Transportation alternatives, including biofuels, electricity, and hydrogen
  • Renewable energy sources, including wind, solar, geothermal, and biomass
  • Carbon reduction

By 2030, the way the world uses energy will be massively transformed, and along the way there will be daunting challenges and abundant opportunities. The most savvy business leaders will be the ones already prepared to act, not react, using the information found in Energy Shift.

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