nep-ene New Economics Papers
on Energy Economics
Issue of 2020‒01‒27
forty-four papers chosen by
Roger Fouquet
London School of Economics

  1. Energiewende @ Risk: On the Continuation of Renewable Power Generation at the End of Public Policy Support By Glensk, Barbara; Madlener, Reinhard
  2. Do sustainable energy policies matter for reducing greenhouse gas emissions? By Donatella, Baiardi
  3. Innovations in the Wind Energy Sector By Dali T. Laxton
  4. The Effectiveness of China’s Plug-In Electric Vehicle Subsidy By Tamara Sheldon; Rubal Dua
  5. The Health Costs of Coal-Fired Power Plants in India By Barrows, Geoffrey; Garg, Teevrat; Jha, Akshaya
  6. Study of International Regulatory Co-operation (IRC) arrangements for air quality: The cases of the Convention on Long-Range Transboundary Air Pollution, the Canada-United States Air Quality Agreement, and co-operation in North East Asia By Céline Kauffmann; Camila Saffirio
  7. Securing New Markets in Asia: The Value of Strategic Spot Crude Oil Sales to Teapot Refiners By Jennifer Considine; Kang Wu; Abdullah Aldayel
  8. Does Locational Marginal Pricing Impact Generation Investment Location Decisions? An Analysis of Texas's Wholesale Electricity Market By Brown, David P.; Zarnikau, Jay; Woo, Chi-Keung
  9. National energy efficiency monitoring report of Trinidad and Tobago By Indar, Delena
  10. The Financial Development-Environmental Degradation Nexus in the United Arab Emirates: The Importance of Growth, Globalization and Structural Breaks By Shahbaz, Muhammad; Haouas, Ilham; Sohag, Kazi; Ozturk, Ilhan
  11. Solar rebound: the unintended consequences of subsidies By BOCCARD Nicolas,; GAUTIER Axel,
  12. Projections and Recommendations for Energy Structure and Industrial Structure Development in China through 2030: A System Dynamics Model By Song Han; Changqing Lin; Baosheng Zhang; Arash Farnoosh
  13. National energy efficiency monitoring report of Saint Lucia By Serieux, Jeremiah
  14. Still in the Danger Zone By Nitzan, Jonathan; Bichler, Shimshon
  15. Study on trends in energy efficiency in selected Caribbean countries By Lapillone, Bruno
  16. Photovoltaic Smart Grids in the Prosumers Investment Decisions: a Real Option Model By Castellini, Marta; Menoncin, Francesco; Moretto, Michele; Vergalli, Sergio
  17. Embedding power system's reliability within a long-term Energy System Optimization Model: Linking high renewable energy integration and future grid stability for France by 2050 By Gondia Sokhna Seck; Vincent Krakowski; Edi Assoumou; Nadia Maïzi; Vincent Mazauric
  18. The Value of Spot Sales to a Producing Country Subject to Production Quotas By Jennifer Considine; Kang Wu; Abdullah Aldayel
  19. Electricity prices and tariffs to keep everyone happy: a framework for compatible fixed and nodal structures to increase efficiency By Iacopo Savelli; Thomas Morstyn
  20. Gasoline Demand in Saudi Arabia: Are the Price and Income Elasticities Constant? By Jeyhun Mikayilov; Fred Joutz; Fakhri Hasanov
  21. Financial Dependencies, Environmental Regulation and Pollution Intensity: Evidence From China By Mathilde Maurel; Thomas Pernet; Zhao Ruili
  22. A Fuel Tax Decomposition When Local Pollution Matters By Stéphane Gauthier; Fanny Henriet
  23. Effects of the Energy Innovation and Carbon Dividend Act on U.S. and Global Agricultural Markets By Jerome Dumortier; Amani Elobeid
  24. On the role of electricity storage in capacity remuneration mechanisms By Fraunholz, Christoph; Keles, Dogan; Fichtner, Wolf
  25. Regional Integration, International Tourism Demand and Renewable Energy Transition: Evidence from selected South Asia Economies By Murshed, Muntasir;
  26. Granger Predictability of Oil Prices after the Great Recession By Szilard Benk; Max Gillman
  27. Heterogeneous Responses to China and Oil Shocks: the G7 Stock Markets By Jamal Bouoiyour; Refk Selmi
  28. Shock and Volatility Spillovers between Crude Oil Price and Stock Returns: Evidence for Thailand By Theplib, Krit; Sethapramote, Yuthana; Jiranyakul, Komain
  29. Energy efficiency subsidies with price-quality discrimination By Dissemin, uploaded via; Nauleau, Marie-Laure; Giraudet, Louis-Gaëtan; Quirion, Philippe
  30. Climate policies and skill-biased employment dynamics : Evidence from EU countries By Giovanni Marin; Francesco Vona
  31. “Neighbors as competitors” or “neighbors as partners”: How does market segmentation affect regional energy efficiency in China? By Nie, Liang; Zhang, ZhongXiang
  32. Effects of energy consumption, economic growth and population growth on carbon dioxide emissions: a dynamic approach for African economies (1990-2011) By Ibrahim, Abdulrazaq
  33. Smart metering projects: an interpretive framework for successful implementation By Di Foggia, Giacomo
  34. Rate-of-return regulation to unlock natural gas pipeline deployment: Insights from a Mozambican project By Florian Perrotton; Olivier Massol
  35. The Sky is the Limit: Assessing Aircraft Market Diffusion with Agent-Based Modeling By Liu, Xueying; Madlener, Reinhard
  36. China’s Energy Investment Through the Lens of the Belt and Road Initiative By Philipp Galkin; Dongmei Chen; Junyuang Ke
  37. Fundamental Utilitarianism and Intergenerational Equity with Extinction Discounting By Chichilnisky, Graciela; Hammond, Peter J.; Stern, Nicholas
  38. performance of Alpha Energy Holdings Limited. By Jamaludin, Fatin Nurizzati
  39. Secession with Natural Resources By Dhillon, Amrita; Krishnan, Pramila; Patnam, Manasa; Perroni, Carlo
  40. Book Review: Reclaiming the Atmospheric Commons. The Regional Greenhouse Gas Initiative and a New Model of Emissions Trading by Leigh Raymond, MIT Press, 2016. By Houle, David
  41. National energy efficiency monitoring report of Barbados By Howard, Stacia
  42. credit risk effect the internal, external, and both factors on Geo Energy Resources Limited. By romzi, nurul fatin
  43. What Caused Racial Disparities in Particulate Exposure to Fall? New Evidence from the Clean Air Act and Satellite-Based Measures of Air Quality By Janet Currie; John Voorheis; Reed Walker
  44. The PetroChina Syndrome: Regulating Capital Markets in the Anti-Globalization Era By Diamond, Stephen F.; Library, Cornell

  1. By: Glensk, Barbara (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN))
    Abstract: This paper aims to analyze what happens with renewable energy power plants, such as onshore wind, photovoltaics and biomass, when the public policy support based on the Renewable Energy Law expires. With its expiration the first renewable energy (and especially onshore wind) power plants will have to be scrutinized whether they can economically continue operation, whether they have to be repowered, or whether they need to be decommissioned. The relative merits of these three alternatives are evaluated by applying real options analysis. In contrast to traditional project evaluation techniques, the real options approach takes advantage of the use of uncertain parameters included in the model, such as the development of the electricity price or electricity output. The results obtained suggest that parameters such as the level of future operation and maintenance costs, the expected development of the electricity price at the spot market, and the interrelations between these, as well as the development of the electricity output from renewables can significantly affect the profitability of these power plants and thus impact the decision about their further optimal operation.
    Keywords: Renewable energy; Real options; Energy market; Policy support; Repowering
    JEL: Q01 Q21 Q40 Q41 Q48
    Date: 2019–05–01
  2. By: Donatella, Baiardi
    Abstract: Yes, they matter. To reply to this question, we assess the impact of energy efficiency and renewable energy policies on six different air pollutants: carbon dioxide (CO2), methane (CH4), nitrous oxides (N2O), non-methane volatile organic compounds (NMVOCs), nitrogenoxides (NOx) and sulphur dioxide (SO2) in the case of the Italian provinces in the decade 2005-2015. The empirical analysis is performed in a panel data context by means of propensity score matching with multiple treatment, since our framework is characterized by the presence of two treatments, corresponding to the two different energy policies analyzed, i.e. energy efficiency policy and renewable policy. These two policies can be applied by each province as mutually exclusive strategies or as joint strategies. Our results show that renewable policies are the most effective in terms of climate goals especially when implemented on a local scale, while energy efficiency policies alone are in effective. Moreover, the success of these policies depends on the type of pollutant to be reduced. Finally, we note that the effect of these two policies was reinforced by the counter-cyclical fiscal policies implemented to contrast the Global Financial Crisis in 2008.
    Keywords: Energy efficiency policies; Renewable energy policies; Global air pollutants; Local air pollutants; Propensity score matching with multiple treatment; Italian provinces.
    JEL: Q50 Q40 Q53 Q58 Q48 Q20
    Date: 2020–01
  3. By: Dali T. Laxton
    Abstract: When technological innovations are implemented in the wind energy sector, we should observe reductions in the production cost of electricity. However, the accuracy of inferring the rate of innovation from production cost reductions is open to challenge when those costs change due to factors not attributable to technological innovation. This study applies an engineering model to generate time-series of wind energy production cost data as the measure of innovation. This approach enables us to exclude factors which are not attributable to technological innovation. In order to illustrate the importance of our measure of innovation, we conduct a learning curve analysis which measures the correlation between deployment of wind energy technology and cost reductions in electricity production. Our data delivers an improved fit of the learning curve in wind energy technology relative to alternative measures of innovation from the literature.
    Keywords: innovation; levelized engineering cost of energy; wind turbine vintages; learning curve;
    JEL: O31 O32 Q28 D83
    Date: 2019–12
  4. By: Tamara Sheldon; Rubal Dua (King Abdullah Petroleum Studies and Research Center)
    Abstract: Subsidies for promoting plug-in electric vehicle (PEV) adoption are a key component of China’s overall plan for reducing local air pollution and greenhouse gas (GHG) emissions from its light-duty vehicle sector. This paper explores the impact and cost-effectiveness of the Chinese PEV subsidy program. A vehicle choice model is estimated using a large random sample of individual-level data for new vehicle purchases in China for model year 2017.
    Keywords: China Electric Car Market, China New Energy Vehicle Policy, Subsidies for Electric Vehicle
    Date: 2019–12–29
  5. By: Barrows, Geoffrey (Ecole Polytechnique, Paris); Garg, Teevrat (University of California, San Diego); Jha, Akshaya (Carnegie Mellon University)
    Abstract: This paper estimates the effect of coal-fired power plants on infant mortality in India. We find that a one GW increase in coal-fired capacity corresponds to a 14% increase in infant mortality rates in districts near versus far from the plant site. This effect is 2-3 times larger than estimates from the developed world. Our effects are larger for: (1) older plants, (2) plants located in areas with higher baseline levels of pollution, and (3) plants burning domestic rather than imported coal. The environmental benefits from policy aimed at the power sector are thus likely to be substantially higher if targeted at older plants located in more polluted areas tailored to burn domestic rather than imported coal.
    Keywords: coal, electricity, India, air pollution, infant mortality, infrastructure
    JEL: I15 Q51 Q56 Q48
    Date: 2019–12
  6. By: Céline Kauffmann (OECD); Camila Saffirio (OECD)
    Abstract: China, Japan and Korea have deployed a multiplicity of co-operation efforts at different levels of government to promote air quality and curb transboundary pollution. This paper identifies the existing arrangements for air quality co-operation in North East Asia and provides guidance to advance the co-operation required to face cross-border air pollution building on the experience of two long-standing co-operative agreements in this area: the Canada-United States Air Quality Agreement and UNECE’s Convention on Long-Range Transboundary Air Pollution. This paper finds that the multilateral arrangements existent in North East Asia are yet to produce a comprehensive science-based regional approach to address transboundary air pollution. Key suggestions for countries to capitalise on the stronger momentum for co-operation in this area include: i) building on the existing frameworks for international regulatory co-operation for air quality; ii) advancing a common understanding of transboundary air pollution across scientific regional arrangements; and iii) strengthening the domestic policy frameworks for air quality in each country as a key prerequisite.
    Keywords: air pollution, international regulatory co-operation, regulatory policy
    JEL: F53 F55 K32 K33 Q53 Q58
    Date: 2020–01–24
  7. By: Jennifer Considine; Kang Wu; Abdullah Aldayel (King Abdullah Petroleum Studies and Research Center)
    Abstract: In the race to secure customers on competitive world oil markets, many oil producers are looking to China as a promising source of increased market share. The task of securing new customers in China can be challenging, as most of China’s recent growth in oil demand has come from ‘teapot refiners’ who have been less predictable, and more like the ‘wild west,’ than China’s national oil companies. Teapot refiners tend to be more focused on short-term profits than long-term relationships.
    Keywords: Asian Spot Markets, Energy Policy, Energy Security, Joint Oil Stockpiling, Oil Markets, Oil Price, Oil Storage, Strategic Petroleum Reserves (SPRs), Teapot refiniries, Trade relations
    Date: 2019–12–18
  8. By: Brown, David P. (University of Alberta, Department of Economics); Zarnikau, Jay (University of Texas at Austin); Woo, Chi-Keung (Education University of Hong Kong)
    Abstract: Using data from Texas’s wholesale electricity market, we investigate if there is a relationship between nodal prices and investment location decisions of utility scale generation. We find some evidence that new investment arises in areas with recently elevated nodal prices. However, we find no evidence that new generation resources receive a nodal price premium post-entry as projected by the expectation of higher nodal prices. Further, we employ a regression analysis to test the relationship between expected nodal prices and the probability of entry at a given node. While this analysis finds a positive relationship between expected nodal prices and investment for natural-gas-fueled peaking assets, this relationship is sensitive to model specification. Our findings suggest that factors other than nodal prices are more likely drivers of utility scale generation capacity investment location decisions in Texas.
    Keywords: Electricity; Regulation; Entry; Locational Marginal Pricing
    JEL: L11 L51 L94 Q41 Q48
    Date: 2020–01–17
  9. By: Indar, Delena
    Abstract: Trinidad and Tobago is heavily dependent on its oil and gas sector to support its economy and society. However, given the challenge of climate change, small economies of scale, and increased economic, social and environmental vulnerability, strategies are needed to ensure long-term sustainable development. A key aspect to be considered is the greater potential for the implementation of energy efficiency measurements, which would allow for energy security in the long term, a reduction in greenhouse gas emissions and increased revenue and cost savings. In this report, the methodology of the Energy Efficiency Indicators Database (BIEE) is set out in chapter I and the background to energy efficiency in Trinidad and Tobago is discussed in chapter II. Trends in overall primary and final energy intensities are examined in chapter III. Lastly, chapters IV to VIII analyse the varying trends in energy and electricity consumption, as well as sectoral intensities.
    Date: 2019–12–30
  10. By: Shahbaz, Muhammad; Haouas, Ilham; Sohag, Kazi; Ozturk, Ilhan
    Abstract: This article revisits the nexus between financial development and environmental degradation by incorporating economic growth, electricity consumption and economic globalization in the CO2 emissions function for the period 1975QI-2014QIV in the United Arab Emirates. We apply structural break and cointegration tests to examine unit root and cointegration between the variables. Further, the article also uses the Toda-Yamamoto causality test to investigate the causal relationship between the variables and tests the linkages of the robustness of causality by following the innovative accounting approach. Our empirical analysis shows cointegration between the series. Financial development increases CO2 emissions. Economic growth is positively linked with environmental degradation. Electricity consumption improves environmental quality. Economic globalization affects CO2 emissions negatively. The relationship between financial development and CO2 emissions is U-shaped and inverted N-shaped. Further, financial development leads to environmental degradation and environmental degradation in turn leads to financial development in the Granger sense.
    Keywords: Financial development, environment, growth, electricity, globalization
    JEL: Q5
    Date: 2020–01–01
  11. By: BOCCARD Nicolas, (Universitat de Girona); GAUTIER Axel, (Université de Liège, CORE and CESifo)
    Abstract: Many jurisdictions use net metering to record the power exchange between solar photovoltaic panels and the grid, thus valuing home production at the electricity retail rate. However, if over the billing period, production exceeds consumption, the surplus remains freely available for consumption. In Wallonia (Belgium), this system was combined with generous subsidies for solar panels that encouraged households to set-up large installations, possibly exceeding their consumption needs. In this context, we test for a possible rebound effect. Based on a large sample of residential PV installations, we observe that a large proportion of households oversized their installation to benefit from the subsidies and, later ended-up consuming most of their excess production. The effect is econometrically highly significant. There are thus evidence of a strong increase in energy consumption by residential PV owners, that runs counter the original policy design.
    Keywords: rebound effect, solar PV, net metering
    JEL: C51 Q48 Q58 Q41 Q42
    Date: 2020–01–01
  12. By: Song Han (Ministry of Housing and Urban-Rural Development of the People’s Republic of China); Changqing Lin (Chongqing University [Chongqing]); Baosheng Zhang (China University of Petroleum); Arash Farnoosh (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles)
    Abstract: In this research, we established a System Dynamics Model named "E&I-SD" to study the development of the energy structure and industrial structure in China from 2000 to 2030 using Vensim Simulation Software based on energy economy theory, system science theory and coordinated development theory. We used Direct Structure Test, Structure-oriented Behavior Test, and Behavior Pattern Test to ensure the optimal operation of the system. The model's results showed that the indicators of total energy consumption, total added value of GDP after regulation, energy consumption per capita, and GDP per capita were on the rise in China, but emissions per unit of energy showed a downward trend. Separately, the model predicted average annual growth rates in China through 2030. Based on these findings, we proposed important policies for China's sustainable development. Firstly, short-and long-term policy measures should be implemented to replace fossil fuels with clean energy. Secondly, the utilization efficiency of raw coal should be appraised future. The planning should provide for steady development and improvement of the primary, secondary, and tertiary sectors. Thirdly, the mid-and long-term plans for development and management of various industrial sectors and the corresponding energy consumption should be based on technological trends. Finally, a market-oriented pricing mechanism for energy should be established in China as soon as possible.
    Keywords: energy structure,industrial structure,coordinated development,system dynamics
    Date: 2019–09
  13. By: Serieux, Jeremiah
    Abstract: The Government of Saint Lucia continues to take a strategic approach to the development of the energy sector and to this end, in 2010 elaborated a comprehensive national energy policy. In 2018, the country also adopted its National Energy Transition Strategy, which is intended to chart the way forward for the inclusion of RE in the electricity generation mix. While there has been some attention given to the whole issue of renewable energy and its inclusion in the generation mix, there has not been a similar level of attention paid to the study of energy efficiency and the benefits which are widely available from the implementation of such measures. In fact, not much attention has been paid in the past to the collection and analysis of data on energy use which could be used to identify trends, patterns and other energy statistics. This study aims to change that and seeks to investigate and present baseline indicators for energy efficiency programs, measures and interventions which have been implemented or practiced on Saint Lucia in the past.
    Date: 2020–01–06
  14. By: Nitzan, Jonathan; Bichler, Shimshon
    Abstract: In December 2017, we posted a RWERB entry, titled ‘Profit warning: there will be blood’. We warned that, although the Weapondollar-Petrodollar Coalition might no longer be in the Middle East driver’s seat, the oil and armament companies, the region’s oil-exporting autocracies and various non-state groups were all keen on seeing their oil incomes rise from record lows. And we ob-served that, in this context, ‘the prospects of a new energy conflict, whether premeditated or co-incidental, seem extremely high’. [. . .] We can only hope that the current round of Middle East hostilities won’t be proportional to the size of its current danger zone.
    Keywords: differential accumulation,Middle East Energy Conflicts
    JEL: P16 D74 Q4
    Date: 2020
  15. By: Lapillone, Bruno
    Abstract: High energy costs and fossil fuel dependency contribute to dampening Caribbean competitiveness and potential growth. In this scenario, energy efficiency has the potential to reduce energy consumption, ensure an adequate supply of energy, increase energy security, reduce negative environmental impacts and, at the global level, reduce emissions of greenhouse gases. However, it is important to have a clear understanding of macro energy sector conditions before implementing energy efficiency policies. In this study, we describe and compare energy efficiency trends in four countries in the Caribbean subregion: Barbados, Guyana, Saint Lucia and Trinidad and Tobago. The report is based on data and indicators prepared for the Energy Efficiency Indicator Database (BIEE) project, carried out by the Natural Resources Division of the Economic Commission for Latin America and the Caribbean (ECLAC) under the umbrella of the Regional Observatory on Sustainable Energies, and in close cooperation with the French Environment and Energy Management Agency (ADEME).
    Date: 2019–12–30
  16. By: Castellini, Marta; Menoncin, Francesco; Moretto, Michele; Vergalli, Sergio
    Abstract: The digitization of power system represents one of the main instruments to achieve the target set by the European Union 2030 climate and energy Agenda of affordable energy transition. During the last years, such innovation process has been associated with the Smart Grid (SG) term. In this context, efficiency and flexibility of power systems are expected to increase and energy consumers to be active also on the production side, thus becoming prosumers (agents that both produce and consume energy). This paper provides a theoretical real option framework with the aim to model prosumers’ decision to invest in photovoltaic power plants, assuming that they are integrated in a Smart Grid. Our main focus is to study the optimal plant size and the optimal investment threshold, in a context where exchange of energy among prosumers is possible. The model was calibrated and tested with data from the Northern Italy energy market. Our findings show that the possibility of selling energy between prosumers, via the Smart Grid, increases investment values. This opportunity encourages prosumers to invest in a larger plant compared with the case without exchange possibility and that there is a positive relation between optimal size and (optimal) investment timing. The effect of uncertainty is in line with the literature, showing increasing value to defer with volatility.
    Keywords: Research and Development/Tech Change/Emerging Technologies
    Date: 2020–01–23
  17. By: Gondia Sokhna Seck (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Vincent Krakowski (CMA - Centre de Mathématiques Appliquées - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University); Edi Assoumou (CMA - Centre de Mathématiques Appliquées - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University); Nadia Maïzi (CMA - Centre de Mathématiques Appliquées - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University); Vincent Mazauric (CMA - Centre de Mathématiques Appliquées - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - PSL Research University, SE - Schneider Electric)
    Abstract: The aim of this article is to take into account short-term power grid operation conditions in long-term prospective analysis in the case of France. It is the first time that the integration of system adequacy and transient stability has been achieved in prospective studies for an electro intensive country, following studies conducted on Reunion Island. The methodology relies on a quantitative assessment of the French power sector's reliability through an endogenous definition of a reliability indicator related to kinetic reserves into an Energy System Optimization Model (ESOM), TIMES-FR model. The result gives an overview of how the stability of the grid is maintained with an increasing share of renewables using additional backup and flexible options. We observe that it is technically possible to achieve around 65% of Variable Renewable Energy sources (VREs) in the installed capacity without impairing the reliability of the system. In more detail, the maximum VRE in total hourly power production that complies with the reliability constraint was assessed as around 84% in the 100 EnR scenario. However, in order to guarantee this system reliability, the cumulated new installed capacity, in a scenario with 100% renewable energy sources (RES) in the power mix, would represent the double of the Business-As-Usual (BAU) scenario over the period 2013-2050. Therefore, major upstream planning would be needed, and that more flexible options i.e. demand-response, storage technologies and interconnections or substitute or additional plants should be considered to satisfy the reliability constraint at any time by providing extra inertia to the system. This modelling exercise shows the importance of power exchanges with neighbours with higher share of RE in the power production.
    Keywords: TIMES model ,Power sector,Renewable energy sources,Grid reliability,Transient stability,System adequacy
    Date: 2020–01
  18. By: Jennifer Considine; Kang Wu; Abdullah Aldayel (King Abdullah Petroleum Studies and Research Center)
    Abstract: In recent years, global oil markets have experienced intensified competition driven by growing surpluses of lighter crude and shale oil. As their margins have shrunk, many producers have increased output in order to boost revenue, adding to the oversupply. Meanwhile, global market dynamics have been upended, with many predicting that the United States will become the primary swing supplier of crude oil (Morse 2018). This atmosphere is particularly challenging for those major oil companies subject to strict production quotas, as they seek to maximize profitability while maintaining constant levels of crude oil production and sales.
    Keywords: Asian Spot Markets, Joint Oil Stockpiling, Oil Markets, Oil Storage, Strategic Petroleum Reserves (SPRs), Spot Sales, OPEC production quota, Derivatives
    Date: 2020–01–16
  19. By: Iacopo Savelli; Thomas Morstyn
    Abstract: Some consumers, such as householders, are unwilling to face volatile electricity prices, and perceive as unfair price differentiations based on location. For these reasons, nodal prices in distribution networks are rarely employed. However, the increasing availability of renewable resources in distribution grids, and emerging price-elastic behaviour, pave the way for the effective introduction of marginal nodal pricing schemes in distribution networks. The aim of the proposed framework is to show how traditional non-flexible consumers can coexist with flexible users in a local distribution area, where the latter pay nodal prices whereas the former are charged a fixed price, which is derived by the underlying nodal prices. In addition, it determines how the distribution system operator should manage the local grid by optimally determining the lines to be expanded, and the collected network tariff levied on network users, while accounting for both congestion rent and investment costs. The proposed framework is formulated as a non-linear integer bilevel model, which is then recast as an equivalent single optimization problem, by using integer algebra and complementarity relations. The power flows in the distribution area are modelled by resorting to a second-order cone relaxation, whose solution is exact for radial networks under mild assumptions. The final model results in a mixed-integer quadratically constrained program, which can be solved with off-the-shelf solvers. Numerical test cases based on a 5-bus and a 33-bus networks are reported to show the effectiveness of the proposed method.
    Date: 2020–01
  20. By: Jeyhun Mikayilov; Fred Joutz; Fakhri Hasanov (King Abdullah Petroleum Studies and Research Center)
    Abstract: After the drop in international oil prices in 2014, oil-exporting countries started to launch new policies to develop their economies. It is important that policymakers involved in energy and economic development understand how economic agents respond to increased energy prices and how the latter affects the demand for different fuels.
    Keywords: Gasoline Demand, Gasoline Prices, Time-varying elasticities
    Date: 2019–12–26
  21. By: Mathilde Maurel (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique); Thomas Pernet (UP1 UFR02 - Université Panthéon-Sorbonne - UFR d'Économie - UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Zhao Ruili (SUIBE - Shangai University of International Business and Economics)
    Abstract: We study how a bank's involvement in a firm's financing may be in line with environmental policies pursued by the Chinese central government. Specifically, we evaluate the effectiveness of credit reallocation away from polluting projects when the government imposes stringent environmental policies. We combine the industries' financial dependencies with time, including cross-cities variation in policy intensity to identify the causal effect on the sulfur dioxide (SO2) emission. We find that SO2 emissions are lower in industries with high reliance on credits and stricter environmental regulations. Furthermore, our results suggest that locations with strong environmental policies lead firms to seek funding in less regulated areas, which confirms the pollution haven hypothesis.
    Keywords: Banks,Financial Dependency,Environmental regulation,China
    Date: 2019–12
  22. By: Stéphane Gauthier (PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Fanny Henriet (PSE - Paris School of Economics, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)
    Abstract: We study the optimal design of consumption taxes when both global and local externalities matter. Local externalities make the social impact of the consumption of externality-generating commodities varying across consumers. A typical example involves the greater damage caused by pollution from urban fuel consumers. We provide a condition for the validity of the targeting principle according to which externality concerns should only fall on the taxes on externality-generating commodities. When this condition is satisfied, one can decompose the tax on an externality-generating commodity into equity/efficiency and Pigovian contributions. The Pigovian contribution should exceed the average social damage if the fuel consumption of the greatest polluters is more responsive to fuel price. In an empirical illustration we find that the fuel tax in France is mostly explained by Pigovian considerations.
    Keywords: Pigovian tax,targeting principle,local externality,pollution,commodity taxes
    Date: 2018–06
  23. By: Jerome Dumortier; Amani Elobeid (Center for Agricultural and Rural Development (CARD))
    Abstract: We use a global agricultural outlook model to analyze changes in agricultural production,prices, trade, and greenhouse gas (GHG) emissions from land-use change triggered by a carbon tax in the United States. The carbon tax scenario is consistent with proposed U.S. legislation starting at $15 t-1 CO2-equivalent (CO2-e) and increasing annually by $10. The scenario covers carbon taxes from $15 to $105 over the 10-year projection period. Our results show that at the end of the projection period, the production cost for corn and soybeans increases by 16.4% and 11.9%, respectively at a carbon tax of $105 t-1 CO2-e. The increase in the cost of production is compensated in part by a slight increase in commodity prices and a contraction in area. Hence, the decrease in net returns for corn, soybeans, and wheat is 7.4%, 4.2%, and 8.0%,respectively, for the highest carbon price. Exports from the U.S. decrease for all commodities except rapeseed and wheat which experience an increase by 1.4% and 0.1%, respectively. Corn and soybean exports decrease by 5.0% and 0.8%, respectively. These changes in trade patterns also result in a re-allocation of land-use in the rest of the world leading to a slight increase in GHG emissions representing 0.6% of total U.S. emissions in 2017. It is important to note that our study only covers one particular sector of a carbon tax and the increase in emissions is small compared to the overall projected reduction.
    Date: 2020–01
  24. By: Fraunholz, Christoph; Keles, Dogan; Fichtner, Wolf
    Abstract: In electricity markets around the world, the substantial increase of intermittent renewable electricity generation has intensified concerns about generation adequacy, ultimately driving the implementation of capacity remuneration mechanisms. Although formally technology-neutral, substantial barriers often exist in these mechanisms for non-conventional capacity such as electricity storage. In this article, we provide a rigorous theoretical discussion on design parameters and show that the concrete design of a capacity remuneration mechanism always creates a bias towards one technology or the other. In particular, we can identify the bundling of capacity auctions with call options and the definition of the storage capacity credit as essential drivers affecting the future technology mix as well as generation adequacy. In order to illustrate and confirm our theoretical findings, we apply an agent-based electricity market model and run a number of simulations. Our results show that electricity storage has a capacity value and should therefore be allowed to participate in any capacity remuneration mechanism. Moreover, we find the implementation of a capacity remuneration mechanism with call options and a strike price to increase the competitiveness of storages against conventional power plants. However, determining the amount of firm capacity an electricity storage unit can provide remains a challenging task.
    Date: 2019
  25. By: Murshed, Muntasir;
    Abstract: The aim of this paper is to explore the international tourism demand-renewable energy consumption-intra-regional trade nexus across seven South Asian economies. The Emirmahmutoglu–Kose and Dumitrescu–Hurlin causality test results reveal unidirectional causalities stemming from tourist influx and intra-regional trade to renewable energy consumption. Moreover, bidirectional causality is found between tourism demand and regional trade. Thus, these results are anticipated to generate key policy implications.
    Keywords: tourism demand, renewable energy transition
    JEL: Q20 Q42
    Date: 2019
  26. By: Szilard Benk; Max Gillman
    Abstract: Real oil prices surged from 2009 through 2014, comparable to the 1970's oil shock period. Standard explanations based on monopoly markup fall short since inflation remained low after 2009. This paper contributes strong evidence of Granger (1969) predictability of nominal factors to oil prices, using one adjustment to monetary aggregates. This adjustment is the subtraction from the monetary aggregates of the 2008-2009 Federal Reserve borrowing of reserves from other Central Banks (Swaps), made after US reserves turned negative. This adjustment is key in that Granger predictability from standard monetary aggregates is found only with the Swaps subtracted.
    Keywords: oil price shocks; Granger predictability; monetary base; M1 Divisia; Swaps; inflation;
    JEL: Q43 E51 E52
    Date: 2019–12
  27. By: Jamal Bouoiyour (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Refk Selmi (IRMAPE - Institut de Recherche en Management et Pays Emergents - ESC Pau, CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)
    Abstract: Given its size and integration with the global economy, Chinese economic downturn could have momentous spillovers to the rest of the world and result in a decline in oil prices. This article investigates whether the Chinese economic slowdown and the oil prices affect the G7 stock market. We use a Quantile-on-Quantile regression approach to capture the correlation structure between the G7 stock returns and oil price returns under different G7 market conditions with considering nuances of oil price movements and Chinese slowdown. Data are employed over the period of January 1999 ~ December 2015. Our results show that the responses of G7 stock returns to China and oil shocks are likely to be asymmetric, nonlinear and country-specific. The stock market returns of Germany, Italy and Canada appear the most vulnerable to these shocks. Our results suggest that international investors consider the states of stock market returns and oil price alongside with the interaction effect between China's economic slowdown and oil market.
    Keywords: G7 stock markets,Chinese economic slowdown,Oil shocks,Quantile-on-Quantile regression
    Date: 2018–09
  28. By: Theplib, Krit; Sethapramote, Yuthana; Jiranyakul, Komain
    Abstract: This paper employs a bivariate BEKK-GARCH(1,1) model to examine shock and volatility spillovers between crude oil and stock markets by taking into account the impact of the 2008 global financial crisis. Daily data from crude oil market and the Thai stock market during February 6, 2004 and September 14, 2015 are used in the analyses. The whole sample is divided into the pre- and post- crisis periods. The results show that there are no spillover effects between oil price and stock returns in the pre-crisis period. In the post-crisis period, there are unilateral spillover effects from oil price to some equity sector returns. In the market level, there are unilateral spillovers of shock and volatility from oil price to stock market return. The findings in this paper are crucial for financial market participations to understand shock and volatility transmissions from oil to stock markets such that portfolio management should take into account the presence of oil price risk.
    Keywords: Stock returns, oil price shock, volatility spillover, bivariate GARCH
    JEL: G1 G12 Q43
    Date: 2020–01
  29. By: Dissemin, uploaded via; Nauleau, Marie-Laure; Giraudet, Louis-Gaëtan; Quirion, Philippe
    Abstract: We compare various designs of energy efficiency subsidies in a market subject to both energy-use externalities and price-quality discrimination by a monopolist. We find that differentiated subsidies can establish the social optimum. Unlike per-quality regimes, ad valorem regimes generate downstream interferences: Subsidising of the high-end good leads the monopolist to reduce the quality of the low-end good. For this reason, ad valorem differentiated rates should always decrease with energy efficiency, a result seemingly at odds with actual practice. In contrast, with per-quality differentiated subsidies, the rates can increase if the externality is large enough relative to the market share of "low" type consumers. Contrary to differentiated subsidies, what we shall call single-instrument subsidies only achieve second-best outcomes. A uniform ad valorem subsidy should have a rate higher than that needed to specifically internalise energy-use externalities. Lastly, if, as is often observed in practice, only the high-end good is to be incentivised, a per-quality regime should be preferred to an ad valorem one. An ad valorem tax on the high-end good may even be preferred to an ad valorem subsidy if the externality is small enough and low-end consumers dominate the market. © 2015 Elsevier B.V.
    Date: 2018–03–15
  30. By: Giovanni Marin (Università degli Studi di Urbino Carlo Bo); Francesco Vona (Observatoire français des conjonctures économiques)
    Abstract: The political acceptability of climate policies is undermined by job-killing arguments, especially for the least-skilled workers. However, evidence of the distributional impacts for different workers remains scant. We examine the associations between climate policies, proxied by energy prices, and workforce skills for 14 European countries and 15 industrial sectors over the period 1995–2011. Using a shift-share instrumental variable estimator and controlling for the influence of automation and globalization, we find that climate policies have been skill biased against manual workers and have favoured technicians. The long-term change in energy prices accounted for between 9.2% and 17.5% (resp. 4.2% and 8.0%) of the increase (resp. decrease) in the share of technicians (resp. manual workers).
    Keywords: Climate policies; Workforce skills; Employment impact; Cluster analysis; Energy prices; Shift-share instruments
    JEL: J42 Q52
    Date: 2019–11
  31. By: Nie, Liang; Zhang, ZhongXiang
    Abstract: Existing studies have focused on the negative impact of inefficient resource allocation on energy performance in China’s factor market, but neglected to further explore the underlying reason for this phenomenon from the perspective of market segmentation. In this paper, the epsilon-based measure model, which combines the merits of radial and non-radial Data Envelopment Analysis, is employed to measure the energy efficiency, and price index method derived from Iceberg Transport Cost model is used to examine the degrees of market segmentation. On the basis, we use the Tobit model to empirically investigate the impact of market segmentation on China’s energy efficiency. The results show that although energy efficiency in the eastern region is higher than that in the central and western regions, the energy efficiency gap is narrowing significantly between the eastern and central, but insignificantly between the western and eastern. Although efforts have been made towards a unified national market, the western provinces still have more segmented markets than the eastern still. Econometric analysis indicates that market segmentation is negative to China’s energy efficiency significantly. This finding remains robust even if the endogeneity is excluded and the dependent variable is re-measured by the slack-based measure model, but is of a regional heterogeneity. We also find that factor market distortion, enterprises’ R&D investment, and industrial agglomeration are three mediation mechanisms through which market segmentation affects energy efficiency. In-depth analysis indicates that there is a Race to the Top competition centering on market segmentation among Chinese local officials in geospatial and economic space, which triggers a long-term inhibition to energy efficiency.
    Keywords: Resource /Energy Economics and Policy
    Date: 2020–01–22
  32. By: Ibrahim, Abdulrazaq
    Abstract: It has been established fact that growing energy use, specifically in the emerging economies, is associated with adverse economic, climatic and ecological effects through carbon emissions. In this regard, the study seeks to analyze the dynamics of energy consumption, economic growth and population growth on carbon dioxide emissions using panel data (1990-2011) for 9 leading African economies (including Nigeria, South Africa, Egypt, Algeria, Angola, Morocco, Sudan, Kenya, and Ethiopia respectively ) based on 2014 World Bank ranking.. To achieve its objectives the study employed panel data techniques such as IPS (1997) panel unit-root test, Pedroni (1997, 1999, and 2000) panel co-integration test, Kao and Chian (2000) panel dynamic least squares (DOLS) model, and Dumitrescu-Hurlin (2012) panel causality test. The results indicated that energy consumption is the most important factor contributing to environmental pollutions and that the African economy is very much unlikely to attain EKC turning point in the long-run. The paper recommends that Africa’s energy policy (specifically the panel’s energy policy) should be geared towards improving energy consumption efficiency rather than reducing energy consumption so as not to adversely affect development.
    Keywords: Energy Consumption, Economic Growth, Population Growth, Carbon Dioxide Emissions, Dynamic OLS Panel Model
    JEL: Q53
    Date: 2020
  33. By: Di Foggia, Giacomo
    Abstract: Purpose. We analyze a set of smart meters implementation projects and provide insights and recommendations to facilitate smart metering deployment strategies. Design/methodology/approach. Several significant projects are analyzed on different fronts: scale, technology, economics, and regulation using a common methodology to unfold patterns that constitute key components of successful smart meters diffusion. Findings. Key elements and controllable enabling patterns from Europe-wide SM implementation projects are identified together with drivers and barriers for patterns replication. Practical implications. We provide a framework considering different stakeholders that will help distribution system operators to accelerate and extend smart meters’ penetration. Originality/value. Based on the Meter-ON project (supported by the 7th Framework Program of the European Commission) we put valuable information on the same basis for comparison purposes to facilitate the large-scale deployment of smart meters in Europe.
    Date: 2018–09–01
  34. By: Florian Perrotton (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique); Olivier Massol (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, IFP School, University of London [London])
    Abstract: In poor developing countries, the discovery of large gas deposits often stimulates the public authorities' appetite for ambitious development strategies requiring the construction of a large national pipeline system. However, the foreign private investors financing its installation usually prefer smaller infrastructure designs that are solely intended to supply a few creditworthy industrial sites. Focusing on the situation in Mozambique, we examine whether the adoption of rate-of-return (RoR) regulation can reconcile these conflicting objectives. As a first step, we assess the magnitude of the overcapitalization generated ex ante at the planning stage by the application of RoR regulation (i.e., the Averch-Johnson effect) to the investors. Then, analyzing the ex post situation when the enlarged domestic demand materializes, we prove that the allowable rate of return can be set by the regulator to obtain ex ante the degree of overcapitalization needed ex post to serve the enlarged demand in a cost-efficient manner. We finally discuss whether RoR regulation can still protect society from monopoly prices when it is tuned to prompt an optimal degree of building ahead of proven demand.
    Keywords: Overcapitalization,Natural gas,Pipeline,Regulatory economics,Developing countries,Mozambique,Building- ahead of demand
    Date: 2020–01
  35. By: Liu, Xueying (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)); Madlener, Reinhard (E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN))
    Abstract: This paper presents an adapted agent-based model for the diffusion of new aircraft model series. Expanding on the classical economic decision framework, where investment decision-making is entirely based on profitability, our holistic modeling approach takes into account profitability, flexibility, as well as the environmental impact of new aircraft model series in the adoption decision process. Technical parameters such as the range and maximum take-off weight of an aircraft model series, various emissions of the aircraft engine, as well as daily operational data, are used to calibrate the model. In validation, our model produces results that are comparable to data on the market diffusion of an existing aircraft model series, the Boeing 737-500. This result shows the applicability of our model, which can also subsequently be used on aircraft with new generations of technologies. Our simulation shows that a price reduction or a decrease in emissions could lead to more adoption and faster diffusion. Furthermore, our modeling approach demonstrates that a holistic framework to include not only profitability but also flexibility and environmental impact can be helpful when modeling the investment decision-making process.
    Keywords: Transportation economics; Technological diffusion; Agent-based modeling; Aircraft
    JEL: C32 C63 L93 O33 Q53 Q55 R41
    Date: 2019–10–01
  36. By: Philipp Galkin; Dongmei Chen; Junyuang Ke (King Abdullah Petroleum Studies and Research Center)
    Abstract: The Chinese government launched the Belt and Road Initiative (BRI) in 2013 as a vision to promote growth and cooperation among the economies of Asia and Europe. Over the five years since its inception, the BRI has expanded in both geographic and strategic scope. As of early 2019, 141 countries and 29 international organizations have joined the initiative, which has broadened from targeting infrastructure connectivity and logistics to wider goals of unimpeded trade, financial integration, policy coordination and people-to-people bonds. Thousands of BRI projects have already been approved, with a total investment potential of $1.2-1.3 trillion by 2027 (IDSA 2019, Morgan Stanley 2018).
    Keywords: China, Development Finance, China Belt and Road Initiative (BRI), Energy, Energy Loans, Investments
    Date: 2020–01–12
  37. By: Chichilnisky, Graciela (Columbia University); Hammond, Peter J. (University of Warwick); Stern, Nicholas (LSE)
    Abstract: Ramsey famously condemned discounting “future enjoyments” as “ethically indefensible”. Suppes enunciated an equity criterion which, when social choice is utilitarian, implies giving equal weight to all individuals’ utilities. By contrast, Arrow (1999a, b) accepted, perhaps reluctantly, what he called Koopmans’ (1960) “strong argument” implying that no equitable preference ordering exists for a sufficiently unrestricted domain of infinite utility streams. Here we derive an equitable utilitarian objective for a finite population based on a version of the Vickrey–Harsanyi original position, where there is an equal probability of becoming each person. For a potentially infinite population facing an exogenous stochastic process of extinction, an equitable extinction biased original position requires equal conditional probabilities, given that the individual’s generation survives the extinction process. Such a position is well-defined if and only if survival probabilities decline fast enough for the expected total number of individuals who can ever live to be finite. Then, provided that each individual’s utility is bounded both above and below, maximizing expected “extinction discounted” total utility — as advocated, inter alia, by the Stern Review on climate change — provides a coherent and dynamically consistent equitable objective, even when the population size of each generation can be chosen.
    Keywords: Discounting ; time perspective ; fundamental preferences ; fundamental utilitarianism ; consequentialization ; Vickrey–Harsanyi original position ; Suppes equity ; intergenerational equity ; sustainable preferences ; extinction discounting.
    JEL: D63 D70 D90 Q54 Q56
    Date: 2019
  38. By: Jamaludin, Fatin Nurizzati
    Abstract: This study for this research is to determine the impact of all the risks towards the performance of Alpha Energy Holdings Limited. This analysis using internal and external in SPSS. The regression analysis shows that return on asset of Alpha Energy Holdings Limited influence the quick ratio (internal factor) and interest rate (external factor).
    Keywords: return on asset, economic factors and corporate governance
    JEL: G32
    Date: 2019–05–16
  39. By: Dhillon, Amrita (Kings College,London,and CAGE, University of Warwick); Krishnan, Pramila (University of Oxford and CEPR); Patnam, Manasa (CREST-ENSAE); Perroni, Carlo (University of Warwick, CAGE and CESIfo)
    Abstract: We look at the formation of new Indian states in 2001 to uncover the effects of political secession on the comparative economic performance of natural resource rich and natural resource poor areas. Resource rich constituencies fared comparatively worse within new states that inherited are relatively larger proportion of natural resources. We argue that these patterns reflect how political reorganisation affected the quality of state governance of natural resources. We describe a model of collusion between state politicians and resource rent recipients that can account for the relationships we see in the data between natural resource abundance and post-break up local outcomes.
    Keywords: Natural Resources and Economic Performance ; PoliticalSecession ; Fiscal Federalism
    Date: 2020
  40. By: Houle, David (Governmental sector)
    Abstract: This is a pre-print version of the following publication: Houle, David (2018), Reclaiming the Atmospheric Commons: The Regional Greenhouse Gas Initiative and a New Model of Emissions Trading. Cambridge, MA: MIT Press. 256 pages. ISBN 9780262529303, $35.00 paperback. Leigh Raymond. 2016. Review of Policy Research, 35 (3): 491-493. doi:10.1111/ropr.12304.
    Date: 2018–05–16
  41. By: Howard, Stacia
    Abstract: The Energy Division of the Ministry of Energy and Water Resources of Barbados developed a database that allows for analysis of energy efficiency indicators and the impact of policies on trends in these indicators for different sectors of the country. This data will form the baseline of the energy efficiency campaign launched by the Energy Division and evidence-based policy development. In addition, this exercise is expected to strengthen the institutional capacity to collect, collate and analyse energy efficiency data. This report analyses the information collected for the main sectors of the country, including energy, industry, transportation, agriculture and services, as well as households, and explains the energy efficiency trends in Barbados for the period from 2000 to 2017.
    Date: 2020–01–03
  42. By: romzi, nurul fatin
    Abstract: Firstly, this study aims to determine the effect of the credit risk toward the internal, external, and both factors. SPSS System has been used to analyzed the data that has been collected form the annual report of the company that has been chosen. The analysis show that the firm has the specific factors (operational ratio and operating margin). From this study, the company should do well in managing their shareholder’s equity to generate more profit by giving the clear information regarding on how invest and more complies toward elements of the corporate governance.
    Keywords: Operational risk, economic factors and corporate governance
    JEL: G32
    Date: 2019–04–20
  43. By: Janet Currie; John Voorheis; Reed Walker
    Abstract: Racial differences in exposure to ambient air pollution have declined significantly in the United States over the past 20 years. This project links restricted-access Census Bureau microdata to newly available, spatially continuous high resolution measures of ambient particulate pollution (PM2.5) to examine the underlying causes and consequences of differences in black-white pollution exposures. We begin by decomposing differences in pollution exposure into components explained by observable population characteristics (e.g., income) versus those that remain unexplained. We then use quantile regression methods to show that a significant portion of the “unexplained” convergence in black-white pollution exposure can be attributed to differential impacts of the Clean Air Act (CAA) in non-Hispanic African American and non-Hispanic white communities. Areas with larger black populations saw greater CAA-related declines in PM2.5 exposure. We show that the CAA has been the single largest contributor to racial convergence in PM2.5 pollution exposure in the U.S. since 2000 accounting for over 60 percent of the reduction.
    Date: 2020–01
  44. By: Diamond, Stephen F.; Library, Cornell
    Abstract: 29 Journal of Corporation Law, (2003-04)
    Date: 2018–04–15

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