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Energy and Emissions Markets by Tom James,Peter C. Fusaro Pdf
Written by best selling author Peter C. Fusaro and renowned energy market expert and commentator Tom James, this book demonstrates that the forces of energy and environmental issues and linked more than ever before. The beginning of European emissions and trading in 2005 and the implementation of the Kyoto protocol have accelerated efforts already underway in the US to use market forces to remediate environmental issues. Topics such as emissions trading, renewable energy trading, the fourth dimension in energy trading, and new outcomes on green project finance will be analyzed in this book.
It is now almost twenty years since liberalisation and the introduction of competition was proposed for electricity utilities. Some form of restructuring has been widely adopted around the world to suit local objectives. The industry now faces new challenges associated with global warming, rising prices and escalating energy demand from developing countries like China and India. The industry will have to cope with; managing emissions; managing variable energy sources like wind, dev eloping clean coal technology; accommodating distributed generation and new nuclear stations and managing the impact of these developments on the distribution and transmission networks. It is now necessary to consider how the various market structures that were adopted have performed and how they will address some of these new issues and what further changes might be necessary. This volume presents an all-inclusive analysis of the electricity market structures that have been adopted around the world and how they are performing. It provides an up-to-date analysis of the cost of competing technologies, the operation of energy and ancillary service markets and the impact of renewable sources and emission restrictions. It takes a forward look at likely future developments necessary to cope with the new emerging issues. Part One introduces industry infrastructure, analysing state utilities, the motives behind liberalisation and the resulting structures. Part Two considers generation costs, including renewable generation costs, and investigates the cost of restricting emissions as well as transmission and distribution costs. Part Three discusses market operation, describing how costs affect the organisation of power generation. It covers trading arrangements, ancillary services, international trading and investment. Part Four looks to future markets and technological developments that will shape the industry through the next twenty years. This includes the appraisal of investment opportunities for global power companies and implications for market performance. Written by an internationally renowned consultant engineer, this book is full of expert insight and balances fundamental methodology and academic theory with practical information and diverse worked examples. This is an excellent reference on the topic for power system engineers, regulators, banks, investors, and government energy agencies. With its many worked examples, it is also a brilliant tutorial accessible for postgraduates and senior undergraduates in electrical and power engineering.
Energy Economics and Financial Markets by André Dorsman,John L. Simpson,Wim Westerman Pdf
Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.
Carbon Finance by Yulia Veld-Merkoulova,Svetlana Viteva Pdf
Maximizing reader insights into the methodologies and cutting-edge research concerning the financial aspects of carbon markets, this book analyzes the economic and financial effects of carbon trading and regulations on the stock market prices of individual companies as well as the joint effects of regulations and of the prices of oil and gas on the prices and volatility of the traded carbon securities. Focussing on the European Union Emissions Trading Scheme (EU ETS), which is the most developed carbon trading scheme worldwide, the results obtained for the EU ETS are used as a benchmark for the new carbon markets being developed in North America and worldwide. After reading this book, the reader will: • Learn how the European market for carbon emission allowances work; • Be aware of the institutional development of the market and of the regulatory environment of the EU Emissions Trading Scheme; • Get acquainted with the regression methodologies used to evaluate the impact of regulatory and other events on energy and financial markets; • Become familiar with the recent research results on the links between carbon market regulations, energy prices and the returns and volatility of carbon-linked financial instruments and stock market prices; • Get informed about the possibilities of carbon emissions regulations and their impact on financial markets. This book will be instrumental for the market regulators, researchers and advanced students interested in energy finance, and for the finance practitioners and investors in the energy and carbon intensive industries.
Pollution Under Environmental Regulation in Energy Markets by Francesco Gullì Pdf
Pollution Under Environmental Regulation in Energy Markets provides a study of environmental regulation when energy markets are imperfectly competitive. This theoretical treatment focuses on three relevant cases of energy markets. First, the residential space heating sector where hybrid regulation such as taxation and emissions trading together are possible. Second, the electricity market where transactions are organized in the form of multi-period auctions. Third, namely natural gas (input) and electricity (output) markets where there is combined imperfect competition in vertical related energy markets. The development of free or low carbon technologies supported by energy policies, aiming at increasing security of supply, is also explored whilst considering competition policies that reduce market power in energy markets thus improving market efficiency. Pollution Under Environmental Regulation in Energy Markets discusses the key issues of whether imperfect competition can lessen the ability of environmental policy to reduce pollution and/or to minimize the cost of meeting environmental targets. Policymakers, analysts and researchers gain a thorough understanding of the performance of environmental policy from Pollution Under Environmental Regulation in Energy Markets leading to better design of simulation models of performance and costs of environmental regulation.
Carbon Markets by Arnaud Brohé,Nick Eyre,Nicholas Howarth Pdf
Winner of the Choice Outstanding Academic Titles of 2010 award. This book is a comprehensive and accessible guide to understanding the opportunities offered by regulated and voluntary carbon markets for tackling climate change. Coverage includes: - An overview of the problem of climate change, with a concise review of the most recent scientific evidence in different fields - A highly accessible introduction to the economic theory and different constitutive elements of a carbon allowances market - Explanation of the Kyoto Protocol and its flexibility mechanisms - Explanation of how the EU Emissions Trading Scheme works in practice - Ongoing developments in regulated carbon markets in the US - Up-to-the-minute coverage of regulated carbon markets in Australia - Developments in New Zealand and Japan - Carbon offsetting and voluntary carbon markets. Combining theoretical aspects with practical applications, this book is for business leaders, financiers, carbon traders, lawyers, bankers, researchers, policy makers and anyone interested in market mechanisms to mitigate climate change. The carbon emissions resulting from the production of this book have been calculated, reduced and offset to render the bookcarbon neutral. Published with CO2 Neutral
Emissions Trading Design by Stefan E. Weishaar Pdf
Emissions trading is becoming an increasingly popular policy instrument with growing diversity in design. This book examines emissions trading design, emissions trading implementation problems and how to address them. In an easily accessible way
Regulation of Energy Markets by Machiel Mulder Pdf
This textbook explains the main economic mechanisms behind energy markets and assesses how governments can implement policies to improve these markets’ performance. Adopting a microeconomic perspective, it systematically analyses the various types of market failures on the electricity and gas markets as well as coal, oil, hydrogen and heat markets in order to identify government policies that can improve welfare. Critical factors in this regard include the natural monopoly and the public-goods character of energy infrastructures; market power structures resulting from inflexibility of supply and demand; international trade restrictions; negative externalities concerning the use of fossil energy; positive externalities concerning innovative new energy technologies; information asymmetries with regard to the product characteristics of energy commodities; and other public concerns, such as energy poverty. In turn, readers will learn about various measures that governments can use to address these market failures, including incentive regulations for electricity grids; international integration of wholesale energy markets; environmental regulatory measures like emissions trading schemes; subsidy schemes for new technologies; green-energy certificate schemes; and energy taxes. This second, updated and expanded edition addresses recent developments in international energy markets that have resulted in extremely high prices and concerns about the markets’ ability to provide a secure energy supply. Further, it examines several countries’ intensified measures to implement the transition to a low-carbon energy system. Given its scope, the book will appeal to upper-undergraduate and graduate students from various disciplines who want to learn more about the economics and regulation of energy systems and markets. “Given Mulder’s experience in government and academia, he provides a novel contribution to the literature by systematically analyzing different types of market failures and potential remedies offered by economic theory. Overall, Mulder’s textbook should be a valuable reference for students and energy policy analysts.” (J. Wesley Burnett, The Energy Journal, Vol. 43, Number 3)
Markets for Carbon and Power Pricing in Europe by Francesco Gullì Pdf
Whether it concerns environmental economics or law and economics, two areas of science in which I feel well at home, publisher Edward Elgar is a front-runner time and again with relevant and solid publications. This time is no exception, with this book edited by Francesco Gullì. Edwin Woerdman, Tijdschrift voor Energierecht Why do power prices seem to be correlated with the carbon price in some markets and not in others? This crucial question is at the centre of Francesco Gullì s enlightening book, through which the contributing authors investigate a number of related issues. In particular, they explore why power firms are not consistent in passing-through into power prices the opportunity cost of carbon. They also examine the relationship between the pass-through mechanism and the structure of the power market. This informative study brings together and interprets original contributions by leading experts from every EU country. Beginning with an overview of the European Union Emissions Trading System (EU ETS) along with an in-depth analysis of the early results and the theoretical issues involved, the book then goes on to explore the main European power markets via a number of empirical case studies. Overall, this volume offers a genuinely comprehensive analysis on the relationship between carbon and power markets and, as such, will prove a valuable contribution to the debate on the EU ETS and to the literature on the interaction between environmental policy and the structure of environmentally regulated markets. Markets for Carbon and Power Pricing in Europe will be of great interest to researchers and academics within general economics, environmental and energy economics. It will also be warmly welcomed by policymakers, regulators and power sector operators.
Voluntary Carbon Markets by Ricardo Bayon,Amanda Hawn,Katherine Hamilton Pdf
The world carbon market is growing at a staggering rate with trading volumes into the tens of billions of dollars and approaching a billion tonnes of carbon dioxide. The growth prospects for business are enormous and the potential positive impacts for greenhouse gas emission reductions, climate policy options, renewable energy investment, development projects and efficiency gains are increasingly apparent.A key part of the market in greenhouse gas emissions is the rapidly growing voluntary carbon market driven by companies, organizations and individuals committed to efficiency, profitability and rapid action on climate change. HSBC, Volvo, Avis, Ricoh and American Express are but a few of the many companies now offsetting their greenhouse gas emissions and becoming 'carbon neutral', fuelling an international voluntary carbon market that is growing exponentially. This groundbreaking business book, written in a fast-paced journalistic style, draws together all the key information on international voluntary carbon markets with commentary from leading practitioners and business people. The voluntary market is complex, fragmented and multi-layered, but it is beginning to consolidate around a few guiding practices and business models from which conclusions can be drawn about market direction and opportunities.The book covers all aspects of voluntary carbon markets around the world: what they are, how they work and, most critically, their business potential to help slow climate change. It is the indispensable guide for anyone seeking to understand voluntary carbon markets and capitalize on the opportunities they present for economic and environmental benefit. If you want to be ahead of the curve for the next big thing, you need this book.
International Emission Trading by Richard Baron,International Energy Agency,Organisation for Economic Co-operation and Development Pdf
International emission trading will be one of the most important tools in the effort to reduce greenhouse gas emissions in the atmosphere. While the private sector has embraced the concept and is well equipped to use it, implementation at the international level remains incomplete. This book provides a broad assessment of the issue from the 'perfect' system envisaged in economic models to a more realistic view of how trading can actually work. The review is based on market experiments and modelling undertaken by the International Energy Agency and other institutions. It takes an in-depth look at implications for the power generation sector, and considers how developing countries could be included in a future trading regime.The aim of the book is to clarify what can be expected from international emission trading in the energy sector, and in other activities.
Interactions Between China’s National Emissions Trading Scheme and Electricity Market: Practices and Policies by Tsun Se Cheong,Xunpeng (Roc) Shi,Yongping Sun,Jian Yu,Xin Yao Pdf
China’s national carbon market, the world’s largest emissions trading scheme (ETS), kicked off its first online trade recently. This can be called a milestone for the country towards the nation’s goals of having CO2 emissions peak before 2030 and achieving carbon neutrality by 2060. China’s national ETS initially covers the power sector, before being expanded to a much broader set of energy-intensive industries. On one hand, the electricity sector, the largest carbon-emitting industry, is responsible for about 40% of China’s emissions, and it has great significance to response to global climate change. On the other hand, the effectiveness of China’s ETS will rest on how well it is coordinated with power market regulations and policies. In this regard, the deepening of reform, as well as the advanced technology and its applications in the electricity market will add new challenges and opportunities to electricity trade, which, in turn, influences national ETS. Therefore, this brings urgency to accurately capture the dynamic interactions between national ETS and electricity market to transform carbon trading into a practical and effective way to decarbonize the power sector.
Generating Electricity in a Carbon-Constrained World by Fereidoon Sioshansi Pdf
The electric power sector is what keeps modern economies going, and historically, fossil fuels provided the bulk of the energy need to generate electricity, with coal a dominant player in many parts of the world. Now with growing concerns about global climate change, this historical dependence on fossil-fuels, especially those rich in carbon, are being questioned. Examining the implications of the industry's future in a carbon-constrained world, a distinct reality, is the subject of this book. Containing contributions from renowned scholars and academics from around the world, this book explores the various energy production options available to power companies in a carbon-constrained world. The three part treatment starts with a clear and rigorous exposition of the short term options including Clean Coal and Carbon Capture and Sequestration Technology, Coal, and Emission trading. Renewable energy options such as Nuclear Energy, Wind power, Solar power, Hydro-electric, and Geothermal energy are clearly explained along with their trade-offs and uncertainties inherent in evaluating and choosing different energy options and provides a framework for assessing policy solutions. This is followed by self-contained chapters of case-studies from all over the world. Other topics discussed in the book are Creating markets for tradable permits in the emerging carbon era, Global Action on Climate Change, The Impossibility of Staunching World CO2 Emissions and Energy efficiency. Clearly explains short term and long term options Contributions from renowned scholars and academics from around the world Case-studies from all over the world
The Evolution of Carbon Markets by Jørgen Wettestad,Lars H Gulbrandsen Pdf
Carbon markets are developing and expanding around the world, but how and to what extent is their design shaped by learning and interaction between them? How do these markets function and what is the role of design? Carrying out a ground-breaking analysis of their design and diffusion, this book covers all the major carbon market systems and processes around the world: the EU, RGGI, California, Tokyo, New Zealand, Australia, China, South Korea and Kazakhstan. It offers a systematic, in-depth discussion and comparison of the key design features in these systems with expert contributors exploring how, and to what extent, these features have been shaped by central policy diffusion mechanisms and domestic politics. By focussing on the specific design features of the instruments used, this volume makes important contributions to diffusion theory, highlighting how ETS diffusion processes more often have resulted in design divergence than convergence, and discussing the implications of this finding for the vision of linked systems in the post-Paris era. It will be of significant interest to a broad audience interested in the emergence, evolution, functioning and interaction of carbon markets.
