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| 1 |
ID:
176654
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| Summary/Abstract |
This study provides a comprehensive examination of factors that affect the electricity bill savings of a sample of solar adopters in four U.S. states. A multilevel model is used to capture the role of variations across state policies and local regulations, and examine their effect on savings after controlling for household characteristics. We find that solar adopters located in zip codes with higher photovoltaics penetration have significantly higher summer savings. This suggests that local policies that remove barriers for the wide adoption of solar panels across multiple households would be in alignment with increasing the private value of solar panels. Furthermore, we find that solar adopters in zip codes with smaller installed capacity have higher summer savings. The analysis in this study suggests that, to achieve higher savings, local policies that regulate size are less effective compared to policies that remove barriers to a wider photovoltaics adoption. Finally, this study finds evidence for the role of certain household-level variables in explaining the electricity bill savings of solar adopters. Solar-savings-calculators can be customized to include some of these house and resident characteristics.
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| 2 |
ID:
175012
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| Summary/Abstract |
Domestic cross-region mergers and acquisitions (M&A) are a popular corporate investment behavior. Merger and acquisition activity can have a great impact on the value of both firms involved in the transaction; market investors will buy and sell shares of the target and acquiring firms involved in M&A activity as a way to express whether they are optimistic about the success of the transaction. By analyzing the electricity price differences between targets' and acquirers' locations in nonlocal M&A activity in China from 2010 to 2017, and applying Fama-French three-factor and five-factor models, we find that many M&A transactions use the comparative advantages of lower electricity prices in the target's location, and market investors highly value M&A transactions driven by electricity price differences. The value placed by investors on these transactions is higher still when both the acquirer and the target are high electricity-intensive firms. Our work is among the first to rigorously analyze domestic cross-region M&A activity from the perspective of differential electricity prices between the targets' and acquirers' locations. We provide policy implications on how a less developed area with rich and cheap energy resources could use comparative advantages to promote economic development and boom the power market by M&A.
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| 3 |
ID:
088037
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| Publication |
2009.
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| Summary/Abstract |
Energy-saving renovations of existing residential buildings have proven to be very helpful in alleviating the pressure of energy shortages and CO2 emission, but an economic analysis of the measures by using a life cycle cost (LCC) method is very important and necessary to determine whether to implement them or not. Based on thermal simulation and site investigation, the paper uses one urban existing residential building in Hangzhou city of China as the subject building, and analyzes the economic benefits from the energy-saving renovation measures through the LCC method.
The findings clearly show that the investigation of the factual electricity consumption of the subject building is very important to predict accurately the energy-saving effects and financial benefits of the measures for the building, because of the great discrepancy between in fact and in thermal simulation of the heating and cool loads, and the too cheap electricity price may hamper the development of energy-saving implementations in residential sector in China.
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| 4 |
ID:
166735
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| Summary/Abstract |
Our paper investigates the effect of wind and utility-scale solar electricity generation on wholesale electricity prices in Australia over 2010–2018. We use both high frequency (30-min) and daily datasets for the Australian National Electricity Market (NEM). We estimate autoregressive distributed lag models (ARDL) to decompose the merit order effect of wind and utility-scale solar PV generation over time and across states. We find that an extra GW of dispatched wind capacity decreases the wholesale electricity price by 11 AUD/MWh at the time of generation, while solar capacity by 14 AUD/MWh. The daily merit order effect is lower. We show that the wind merit order effect has been increasing as a function of dispatched wind capacity over time. Despite of this, wholesale electricity prices in Australia have been increasing, predominantly driven by the increase in natural gas prices. Our findings further strengthen the evidence of the merit order effect of renewable energy sources, with important implications for the current energy policy debate in Australia.
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| 5 |
ID:
190595
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| Summary/Abstract |
This study empirically analyzes the price spikes that occurred in the Japan Electric Power Exchange (JEPX) market in January 2021 and draws energy policy implications from the results. The contributions of this research are as follows. First, we propose a novel structural model to capture electricity price spikes based on the buy and sell bid curves of the JEPX order book and incorporate the effect of LNG spot price fluctuations on the price of electricity. Second, the results of our empirical analysis show that the model can adequately capture the price spike in the JEPX market that occurred in January 2021. Third, the estimation of the model parameters shows that the natural gas spot price immediately shifts the price curve upward. As an important energy policy implication from the results, we propose that to manage the risk of electricity price spikes, the LNG effect on the market players’ bidding behavior, rather than the marginal cost of the supply curve, be considered; from this perspective, the LNG spot price, rather than the trend of the LNG price a few months earlier, must be monitored, and the institutional design of the JEPX market should take this into account.
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| 6 |
ID:
193720
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| Summary/Abstract |
Does the merit-order effect vary between renewable technologies? The theory behind the effect predicts the same right shift in the supply curve from solar as from wind electricity, which means no. However, many empirical studies suggest yes. A clear answer to this question is important for policymakers to design suitable policy instruments to promote renewable electricity. This study reconciles the theory of the merit-order effect with the empirical results using a quasi-experimental approach. Coarsened exact matching is applied in order to estimate the merit-order effect for solar and wind electricity generation and the results indicate that when using this thorough identification strategy, there is no empirical evidence for a difference in the merit-order effect between solar and wind electricity generation. To this end, different merit-order effects of solar and wind electricity will originate from interactions with other variable in the electricity system. Therefore, empirical studies need to carefully disentangle the effects of these variables in order to provide useful and reliable insights for policymakers and financial stakeholders.
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| 7 |
ID:
124135
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2013.
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| Summary/Abstract |
Price fluctuations that partially comove with demand are a specific feature inherent to liberalized electricity markets. The regulatory authority in Great Britain, however, believed that sometimes electricity prices were significantly higher than what was expected and, therefore, introduced price-cap regulation and divestment series. In this study, I analyze how the introduced institutional changes and regulatory reforms affected the dynamics of daily electricity prices in the England and Wales wholesale electricity market during 1990-2001.
This research finds that the introduction of price-cap regulation did achieve the goal of lowering the price level at the cost of higher price volatility. Later, the first series of divestments is found to be successful at lowering price volatility, which however happens at the cost of a higher price level. Finally, this study also documents that the second series of divestments was more successful at lowering both the price level and volatility.
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| 8 |
ID:
105788
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2011.
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| Summary/Abstract |
In South Africa, the electricity mismatch of supply and demand has been of major concern. Additional to past problems, the 2008 electricity crisis made the solution crucial after its damaging consequences to the economy. The disagreement on the need and consequences of the continuous electricity price hikes worsens the situation.
To contribute to the recent electricity debate, this paper proposes a time-varying price elasticity of demand for electricity; the sensitivity of electricity consumption to price fluctuations changes throughout the years. The main purpose of this study is the estimation of the price elasticity of electricity in South Africa during the period 1980-2005 by employing an advanced econometric technique, the Kalman filter.
Apart from the decreasing effect of electricity prices to consumption (-71.8% in the 1990s and -94.5% in the 2000s in average), our results conclude to an important finding: the higher the prices (for example in the 1980s) the higher the sensitivity of consumers to price fluctuations.
Thus, further increases of the electricity prices may lead to changes in the behaviour of electricity consumers, focusing their efforts on improving their efficiency levels by introducing demand-side management techniques or even turning to other sources of - cheaper - energy.
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| 9 |
ID:
123903
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| Publication |
2013.
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| Summary/Abstract |
THE RADICAL ENERGY POLICY SHIFT declared by the German government still remains a priority theme in public debate in the FRG Despite the impressive growth of the proportion of renewable energy sources (RES) in electricity generation, experts and the business community are having increasing doubts about the wisdom of the course taken by the Government in quickly winding down the nuclear energy industry, pushing out hydrocarbon energy resources and speedily introducing RES. How will the break-up of the existing structure of the energy balance tell on the competitiveness of German industry and on household budgets as electricity prices will inevitably rise in the future? Can the weather-dependent wind and solar power plants reliably provide an uninterrupted supply of electricity to businesses? What financial resources will be needed to upgrade and expand the network infrastructure for integrating new parks of RES stations into the national grid?
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| 10 |
ID:
166504
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| Summary/Abstract |
This study investigated how projected electricity prices and personal values influence public support for a 50% renewable energy target (RET) in Australia. In an online experiment, 404 participants rated their support for a 50% RET across eight projected increases in their quarterly power bills. Multi-level modelling indicated that: (1) support for the 50% RET fell as the projected price of electricity increased, (2) although participants with low self-enhancement values and high self-transcendent values were most supportive of the 50% RET, these value-based differences disappeared as projected electricity prices increased. Implications of these findings for energy policy design are discussed.
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| 11 |
ID:
122710
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| Publication |
2013.
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| Summary/Abstract |
This paper analyzes the impact of electricity storage on the production cost of a power system and the marginal cost of electricity (electricity price) using a unit commitment model. Also, real world data has been analyzed to verify the effect of storage operation on the electricity price using econometric techniques. The unit commitment model found that the deployment of a storage system reduces the fuel cost of the power system but increases the average electricity price through its effect on the power system operation. However, the reduction in the production cost was found to be less than the increase in the consumer's cost of electricity resulting in a net increase in costs due to storage. Different storage and CO2 price scenarios were investigated to study the sensitivity of these results. The regression analysis supports the unit commitment results and finds that the presence of storage increases average wholesale electricity prices for the case study system.
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| 12 |
ID:
105813
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| Publication |
2011.
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| Summary/Abstract |
The literature on renewable energy suggests that an increase in intermittent wind generation would reduce the spot electricity market price by displacing high fuel-cost marginal generation. Taking advantage of a large file of Texas-based 15-min data, we show that while rising wind generation does indeed tend to reduce the level of spot prices, it is also likely to enlarge the spot-price variance. The key policy implication is that increasing use of price risk management should accompany expanded deployment of wind generation.
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| 13 |
ID:
137684
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| Summary/Abstract |
Italy promoted one of the most generous renewable support schemes worldwide which resulted in a high increase of solar power generation. We analyze the Italian day-ahead wholesale electricity market, finding empirical evidence of the merit-order effect. Over the period 2005–2013 an increase of 1 GWh in the hourly average of daily production from solar and wind sources has, on average, reduced wholesale electricity prices by respectively 2.3€/MWh and 4.2€/MWh and has amplified their volatility. The impact on prices has decreased over time in correspondence with the increase in solar and wind electricity production. We estimate that, over the period 2009–2013, solar production has generated higher monetary savings than wind production, mainly because the former is more prominent than the latter. However, in the solar case, monetary savings are not sufficient to compensate the cost of the related supporting schemes which are entirely internalized within end-user tariffs, causing a reduction of the consumer surplus, while the opposite occurs in the case of wind.
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| 14 |
ID:
124208
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| Publication |
2013.
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| Summary/Abstract |
The goal of this paper is to contribute to understanding the behaviour of the photovoltaic (PV) sector in Spain and its expectations under possible scenarios. Currently, PV solar energy is not a profitable sector by itself. Therefore, the Spanish government, like the governments of other countries, has stimulated investment with subsidies. The spectacular increase of PV facilities exceeded all forecasts and the government decided to curb the trend. The present hypothesis is that continuing with this support to PV energy, the technological advances and the economy generated from the production of panels would be able to make the sector profitable in the future without the necessity of subventions. Based on this hypothesis, a computer simulation model was built using the system dynamics methodology. To test its utility, the model was challenged to fit the historical data and to explore several futures over the next few years. The model allows an understanding of the sector's behaviour under the latest policies of the Spanish government, thus helping to design future public policies. The simulation results are different depending on the adopted policy and the scenario. Therefore, these factors will determine the success or failure of the investments in this type of energy.
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| 15 |
ID:
125789
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| Publication |
2013.
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| Summary/Abstract |
We apply the lag-augmented vector autoregression technique to test the Granger-causal relationships among wholesale electricity prices, natural gas prices, and crude oil prices. In addition, by adopting a cross-correlation function approach, we test not only the causality in mean but also the causality in variance between the variables. The results of tests using both techniques show that gas prices Granger-cause electricity prices in mean. We find no Granger-causality in variance among these variables.
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