Biodiesel as a motor fuel price stabilization mechanism

International Nuclear Information System (INIS)

Serra, Teresa; Gil, José M.

2012-01-01

This article studies the capacity of biofuels to reduce motor fuel price fluctuations. For this purpose, we study dependence between crude oil and biodiesel blend prices in Spain. Copula models are used for this purpose. Results suggest that the practice of blending biodiesel with diesel can protect consumers against extreme crude oil price increases. - Highlights: ► We study the capacity of biofuels to reduce fuel price fluctuations. ► We focus on Spanish biodiesel market. ► Biodiesel and crude oil price dependence is studied using copula functions. ► Biodiesel can protect consumers against extreme crude oil price increases.

Gasoline prices, gasoline consumption, and new-vehicle fuel economy: Evidence for a large sample of countries

International Nuclear Information System (INIS)

Burke, Paul J.; Nishitateno, Shuhei

2013-01-01

Countries differ considerably in terms of the price drivers pay for gasoline. This paper uses data for 132 countries for the period 1995–2008 to investigate the implications of these differences for the consumption of gasoline for road transport. To address the potential for simultaneity bias, we use both a country's oil reserves and the international crude oil price as instruments for a country's average gasoline pump price. We obtain estimates of the long-run price elasticity of gasoline demand of between − 0.2 and − 0.5. Using newly available data for a sub-sample of 43 countries, we also find that higher gasoline prices induce consumers to substitute to vehicles that are more fuel-efficient, with an estimated elasticity of + 0.2. Despite the small size of our elasticity estimates, there is considerable scope for low-price countries to achieve gasoline savings and vehicle fuel economy improvements via reducing gasoline subsidies and/or increasing gasoline taxes. - Highlights: ► We estimate the determinants of gasoline demand and new-vehicle fuel economy. ► Estimates are for a large sample of countries for the period 1995–2008. ► We instrument for gasoline prices using oil reserves and the world crude oil price. ► Gasoline demand and fuel economy are inelastic with respect to the gasoline price. ► Large energy efficiency gains are possible via higher gasoline prices

Sensitivities and Tipping Points of Power System Operations to Fluctuations Caused by Water Availability and Fuel Prices

Science.gov (United States)

O'Connell, M.; Macknick, J.; Voisin, N.; Fu, T.

2017-12-01

The western US electric grid is highly dependent upon water resources for reliable operation. Hydropower and water-cooled thermoelectric technologies represent 67% of generating capacity in the western region of the US. While water resources provide a significant amount of generation and reliability for the grid, these same resources can represent vulnerabilities during times of drought or low flow conditions. A lack of water affects water-dependent technologies and can result in more expensive generators needing to run in order to meet electric grid demand, resulting in higher electricity prices and a higher cost to operate the grid. A companion study assesses the impact of changes in water availability and air temperatures on power operations by directly derating hydro and thermo-electric generators. In this study we assess the sensitivities and tipping points of water availability compared with higher fuel prices in electricity sector operations. We evaluate the impacts of varying electricity prices by modifying fuel prices for coal and natural gas. We then analyze the difference in simulation results between changes in fuel prices in combination with water availability and air temperature variability. We simulate three fuel price scenarios for a 2010 baseline scenario along with 100 historical and future hydro-climate conditions. We use the PLEXOS electricity production cost model to optimize power system dispatch and cost decisions under each combination of fuel price and water constraint. Some of the metrics evaluated are total production cost, generation type mix, emissions, transmission congestion, and reserve procurement. These metrics give insight to how strained the system is, how much flexibility it still has, and to what extent water resource availability or fuel prices drive changes in the electricity sector operations. This work will provide insights into current electricity operations as well as future cases of increased penetration of variable

Retail fuel price adjustment in Germany: A threshold cointegration approach

International Nuclear Information System (INIS)

Asane-Otoo, Emmanuel; Schneider, Jan

2015-01-01

Consumers in Germany often complain that retail fuel prices usually adjust quickly to crude oil price increases than decreases and characterize this pricing pattern as market power exploitation. In this paper, we use both weekly national and daily city-specific (Berlin, Hamburg, Munich and Cologne) data to investigate the extent to which retail fuel prices in Germany adjust to changes in the international crude oil price. At the national level with weekly prices, we find positive asymmetries for both gasoline and diesel within the period 2003–2007, reflecting that retail prices react more swiftly to crude oil price increases than decreases. In contrast, for 2009–2013, we observe symmetric adjustment and negative asymmetry for retail diesel and gasoline prices, respectively. The city level analysis supports our findings in the latter time period. Thus, regulatory measures aimed at the retail fuel market over recent years seem to have been effective, and, contrary to consumers' perception, we find no evidence for excessive market power or collusion. - Highlights: • The paper examines the adjustment of German retail fuel (gasoline and diesel) prices to international crude oil price changes. • An error correction model with threshold cointegration is used to investigate the price dynamics. • The findings generally point to a competitive retail fuel pricing, notwithstanding the oligopolistic market structure

Light-duty vehicle fuel economy improvements, 1979--1998: A consumer purchase model of corporate average fuel economy, fuel price, and income effects

Science.gov (United States)

Chien, David Michael

2000-10-01

The Energy Policy and Conservation Act of 1975, which created fuel economy standards for automobiles and light trucks, was passed by Congress in response to the rapid rise in world oil prices as a result of the 1973 oil crisis. The standards were first implemented in 1978 for automobiles and 1979 for light trucks, and began with initial standards of 18 MPG for automobiles and 17.2 MPG for light trucks. The current fuel economy standards for 1998 have been held constant at 27.5 MPG for automobiles and 20.5 MPG for light trucks since 1990--1991. While actual new automobile fuel economy has almost doubled from 14 MPG in 1974 to 27.2 MPG in 1994, it is reasonable to ask if the CAFE standards are still needed. Each year Congress attempts to pass another increase in the Corporate Average Fuel Economy (CAFE) standard and fails. Many have called for the abolition of CAFE standards citing the ineffectiveness of the standards in the past. In order to determine whether CAFE standards should be increased, held constant, or repealed, an evaluation of the effectiveness of the CAFE standards to date must be established. Because fuel prices were rising concurrently with the CAFE standards, many authors have attributed the rapid rise in new car fuel economy solely to fuel prices. The purpose of this dissertation is to re-examine the determinants of new car fuel economy via three effects: CAFE regulations, fuel price, and income effects. By measuring the marginal effects of the three fuel economy determinants upon consumers and manufacturers choices, for fuel economy, an estimate was made of the influence of each upon new fuel economy. The conclusions of this dissertation present some clear signals to policymakers: CAFE standards have been very effective in increasing fuel economy from 1979 to 1998. Furthermore, they have been the main cause of fuel economy improvement, with income being a much smaller component. Furthermore, this dissertation has suggested that fuel prices have

Food versus fuel: What do prices tell us?

International Nuclear Information System (INIS)

Zhang Zibin; Lohr, Luanne; Escalante, Cesar; Wetzstein, Michael

2010-01-01

Sorting out the impacts of biofuels on global agricultural commodity prices is impossible without turning to data and distinguishing between the short-run versus the long-run impacts. Using time-series prices on fuels and agricultural commodities, the aim is to investigate the long-run cointegration of these prices simultaneously with their multivariate short-run interactions. Results indicate no direct long-run price relations between fuel and agricultural commodity prices, and limited if any direct short-run relationships. In terms of short-run price movements, sugar prices are influencing all the other agricultural commodity prices except rice. With sugar the number one world input for ethanol, results indicate increased ethanol production is potentially influencing short-run agricultural commodity prices. Overall, results support the effect of agricultural commodity prices as market signals which restore commodity markets to their equilibria after a demand or supply event (shock).

Prices, taxes and automotive fuel cross-border shopping

International Nuclear Information System (INIS)

Leal, Andres; Lopez-Laborda, Julio; Rodrigo, Fernando

2009-01-01

The aim of the present paper is to determine whether differences in automotive fuel prices among neighboring Autonomous Communities (i.e. Spanish political-administrative regions) affect the decisions taken by individuals regarding the region in which to purchase fuel. In particular, the intention is to discover if price increases in certain Autonomous Communities, as a result of the application of the regional tranche of the Hydrocarbon Retail Sales Tax (HRST) has affected fuel purchases in neighboring Communities. In order to achieve the above-mentioned objectives, the monthly purchases of automotive diesel in Aragon between January 2001 and March 2007 is estimated from the fuel price in Aragon, the relation between prices in each of the bordering Communities and Aragon, weighted by density of traffic, the number of vehicles registered in that Community, and three dummy variables representative of the implementation of the regional tranche of the HRST in Madrid, Catalonia, and Valencia. The paper finds empirical evidence to demonstrate a positive effect of the relative prices in the neighboring Communities and vehicle registrations, and also a negative effect of prices in Aragon, upon the acquisition of diesel in this region. In the case of Catalonia, some evidence suggests that the price effect may have been strengthened following the introduction of the regional tranche of the HRST in August 2004. (author)

Part-load performance and emissions of a spark ignition engine fueled with RON95 and RON97 gasoline: Technical viewpoint on Malaysia’s fuel price debate

International Nuclear Information System (INIS)

Mohamad, Taib Iskandar; How, Heoy Geok

2014-01-01

Highlights: • Recent Malaysia’s gasoline price hike affects mass perception and vehicle sales. • Effects of RON95 and RON97 on a representative engine was experimentally studied. • RON95 produced better torque, power, fuel efficiency and lower NO x . • RON97 gasoline resulted in lower BSFC and lower emissions of CO 2 , CO and HC. • Performance-emission-price cross-analysis indicated RON95 as the better option. - Abstract: Due to world crude oil price hike in the recent years, many countries have experienced increase in gasoline price. In Malaysia, where gasoline are sold in two grades; RON95 and RON97, and fuel price are regulated by the government, gasoline price have been gradually increased since 2009. Price rise for RON97 is more significant. By 2014, its per liter price is 38% more than that of RON95. This has resulted in escalated dissatisfaction among the mass. People argued they were denied from using a better fuel (RON97). In order to evaluate the claim, there is a need to investigate engine response to these two gasoline grades. The effect of gasoline RON95 and RON97 on performance and exhaust emissions in spark ignition engine was investigated on a representative engine: 1.6L, 4-cylinder Mitsubishi 4G92 engine with CR 11:1. The engine was run at constant speed between 1500 and 3500 rpm with 500 rpm increment at various part-load conditions. The original engine ECU, a hydraulic dynamometer and control, a combustion analyzer and an exhaust gas analyzer were used to determine engine performance, cylinder pressure and emissions. Results showed that RON95 produced higher engine performance for all part-load conditions within the speed range. RON95 produced on average 4.4% higher brake torque, brake power, brake mean effective pressure as compared to RON97. The difference in engine performance was more significant at higher engine speed and loads. Cylinder pressure and ROHR were evaluated and correlated with engine output. With RON95, the engine

No pressure on Slovnaft to lower fuel prices

International Nuclear Information System (INIS)

Beer, G.; Schoenwiesner, R.; Debnar, M.

2004-01-01

The Bratislava based refinery, Slovnaft has a dominant position on the Slovak fuel market. But this dominant market position is not specific to Slovakia - other national markets also have domestic producers with dominant positions. Fuel prices have increased substantially and the consumers are looking for a c ulprit' and have found it in the major player on the market. All those who are talking of 'record-breaking' fuel prices seem to have forgotten about inflation rates in recent years. But the situation on the Slovak market is not entirely standard. Slovak customers are right in objecting to the fact that fuel prices are often higher in Slovakia (pre-tax) than in neighbouring countries. But there is nothing to indicate this situation is likely to change. The consumption of petrol and diesel in Slovakia is growing. Many well-established companies have left the Slovak market and 50 competition is decreasing. And those that have stayed buy their fuel from Slovnaft and do not exercise any pressure on retail margins. Small independent distributors are not in a position to offer lower prices and they themselves are forced to decrease their margins. Slovnaft, controlled by the Hungarian company MOL, dictates the rules not only because its refineries produce 76% of all fuel sold on the Slovak market but also due to the fact that the company controls 39% of the retail network. It does not make a difference whether drivers stop at non--brand petrol stations, or use the petrol stations of international companies, nearly all companies operating in Slovakia buy their fuel from the Bratislava refinery with the exception of high octane petrol and winter diesel. Despite refinery over-capacity in Central Europe and the high number of producers operating within a small area, competition is not noticeable on the Slovak market. In theory, competition could be provided by the Polish refineries, the Czech refinery which imports under the JET brand, the Austrian owned OMV, the

Volume higher; spot price ranges widen

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is the October 1994 uranium market summary. During this reporting period, volume on the spot concentrates market doubled. Twelve deals took place: three in the spot concentrates market, one in the medium and long-term market, four in the conversion market, and four in the enrichment market. The restricted price range widened due to higher prices at the top end of the range, while the unrestricted price range widened because of lower prices at the bottom end. Spot conversion prices were higher, and enrichment prices were unchanged

Fuel price and supply projections, 1980 to 2000

International Nuclear Information System (INIS)

1980-06-01

In 1978, over 95% of California's energy was derived from conventional fuels - oil, natural gas, coal, and uranium. Approximately one-third of these conventional fuels was produced within the state, the remaining two-thirds coming from other states and foreign countries. Dependence on these fuels is not likely to diminish rapidly in the near future, therefore the factors that contribute to the future supplies and prices of these fuels will have a major influence on the state's energy future. This report serves as a basis for Commission analysis and is also intended as a tool to be used by others who must make decisions involving the future cost and availability of fuels. This report documents the staff's projections on future supply, price, and availability of these fuels and presents information on historical fuel use and price for background and perspective. Analyses of commercially developable derived fuels and of recent Federal statutory restrictions on the use of oil and gas are also presented. These analyses include economic, logistic, environmental, geologic, and social and institutional considerations. This report does not focus on the costs included in fuel production and preparation; nor does the report go into detail on the transportation, disposal, and downstream costs of the various fuels

Wood fuel price survey for 2008 and 2009. Synthesis

International Nuclear Information System (INIS)

2010-01-01

Based on interviews on telephone with wood fuel vendors and wholesalers, pellet producers, local community boiler managers, and individuals, this study, while giving several data figures and tables, proposes a price analysis for the housing sector (price evolution for individuals for different kinds and sizes of fuel woods), a comparison with other fuels and energies (electricity, gas) whether wood is used as the primary or secondary heating mean. It also comments the price scattering. It proposes the same kind of analysis for local communities

Development of fuel prices and its impact on the future development of nuclear energy, the use of computer code DESAE

International Nuclear Information System (INIS)

Panik, M.; Necas, V.

2007-01-01

The thesis is an overview of fuel prices, its key components, such as the particular price and price of natural uranium fuel enrichment. The paper outlines the expected impact of higher fuel prices on the future development of nuclear energy. The last section is devoted to computer code DESAE, designed to calculate and compare advantages and disadvantages of different nuclear systems, but also to calculate the parameters of given nuclear system. They suggested the possibility of using code in practice. (author)

Higher Order Expectations in Asset Pricing

OpenAIRE

Philippe BACCHETTA; Eric VAN WINCOOP

2004-01-01

We examine formally Keynes' idea that higher order beliefs can drive a wedge between an asset price and its fundamental value based on expected future payoffs. Higher order expectations add an additional term to a standard asset pricing equation. We call this the higher order wedge, which depends on the difference between higher and first order expectations of future payoffs. We analyze the determinants of this wedge and its impact on the equilibrium price. In the context of a dynamic noisy r...

Accounting for fuel price risk when comparing renewable togas-fired generation: the role of forward natural gas prices

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan; Golove, William

2004-07-17

Unlike natural gas-fired generation, renewable generation (e.g., from wind, solar, and geothermal power) is largely immune to fuel price risk. If ratepayers are rational and value long-term price stability, then--contrary to common practice--any comparison of the levelized cost of renewable to gas-fired generation should be based on a hedged gas price input, rather than an uncertain gas price forecast. This paper compares natural gas prices that can be locked in through futures, swaps, and physical supply contracts to contemporaneous long-term forecasts of spot gas prices. We find that from 2000-2003, forward gas prices for terms of 2-10 years have been considerably higher than most contemporaneous long-term gas price forecasts. This difference is striking, and implies that comparisons between renewable and gas-fired generation based on these forecasts over this period have arguably yielded results that are biased in favor of gas-fired generation.

Do higher-priced generic medicines enjoy a competitive advantage under reference pricing?

Science.gov (United States)

Puig-Junoy, Jaume

2012-11-01

In many countries with generic reference pricing, generic producers and distributors compete by means of undisclosed discounts offered to pharmacies in order to reduce acquisition costs and to induce them to dispense their generic to patients in preference over others. The objective of this article is to test the hypothesis that under prevailing reference pricing systems for generic medicines, those medicines sold at a higher consumer price may enjoy a competitive advantage. Real transaction prices for 179 generic medicines acquired by pharmacies in Spain have been used to calculate the discount rate on acquisition versus reimbursed costs to pharmacies. Two empirical hypotheses are tested: the discount rate at which pharmacies acquire generic medicines is higher for those pharmaceutical presentations for which there are more generic competitors; and, the discount rate at which pharmacies acquire generic medicines is higher for those pharmaceutical forms for which the consumer price has declined less in relation to the consumer price of the brand drug before generic entry (higher-priced generic medicines). An average discount rate of 39.3% on acquisition versus reimbursed costs to pharmacies has been observed. The magnitude of the discount positively depends on the number of competitors in the market. The higher the ratio of the consumer price of the generic to that of the brand drug prior to generic entry (i.e. the smaller the price reduction of the generic in relation to the brand drug), the larger the discount rate. Under reference pricing there is intense price competition among generic firms in the form of unusually high discounts to pharmacies on official ex-factory prices reimbursed to pharmacies. However, this effect is highly distorting because it favours those medicines with a higher relative price in relation to the brand price before generic entry.

Economics of National Waste Terminal Storage Spent Fuel Pricing Study

International Nuclear Information System (INIS)

1978-05-01

The methodology for equitably pricing commercial nuclear spent fuel management is developed, and the results of four sample calculations are presented. The spent fuel management program analyzed places encapsulated spent fuel in bedded salt while maintaining long-term retrievability. System design was reasonable but not optimum. When required, privately-owned Away From Reactor (AFR) storage is provided and the spent fuel placed in AFR storage is eventually transported to final storage. Applicable Research and Development and Government Overhead are included. The cost of each component by year was estimated from the most recent applicable data source available. These costs were input to the pricing methodology to establish a one-time charge whose present value exactly recovered the present value of the expenditure flow. The four cases exercised were combinations of a high and a low quantity of spent fuel managed, with a single repository (venture) or a multiple repository (campaign) approach to system financial structure. The price for spent fuel management calculated ranged from 116 to 152 dollars (1978) per kilogram charged initially to the reactor. The effect of spent fuel receiving rate on price is illustrated by the fact that the extremes of price did not coincide with the cases having the extremes of undiscounted cost. These prices for spent fuel management are comparable in magnitude to other fuel cycle costs. The range of variation is small because of compensating effects, i.e., additional costs for high early deliveries (AFR and transportation) versus lower present value of future revenue for later delivery cases. The methodology contains numerous conservative assumptions, provisions for contingencies, and covers the complete set of spent fuel management expenses

Planning for Higher Oil Prices : Power Sector Impact in Latin America and the Caribbean

OpenAIRE

Yépez-García, Rigoberto Ariel; San Vicente Portes, Luis; García, Luis Enrique

2013-01-01

A scenario with higher oil prices has important implications for diverting from oil-based technologies to renewables, as well as gas, coal, and nuclear alternatives. By 2030, energy demand in Latin America and the Caribbean (LAC) is expected to double from 2008 levels. A key issue is deciding on the most appropriate mix of fuels for power generation, given the various prices of energy sour...

Accounting for fuel price risk: Using forward natural gas prices instead of gas price forecasts to compare renewable to natural gas-fired generation

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan; Golove, William

2003-08-13

Against the backdrop of increasingly volatile natural gas prices, renewable energy resources, which by their nature are immune to natural gas fuel price risk, provide a real economic benefit. Unlike many contracts for natural gas-fired generation, renewable generation is typically sold under fixed-price contracts. Assuming that electricity consumers value long-term price stability, a utility or other retail electricity supplier that is looking to expand its resource portfolio (or a policymaker interested in evaluating different resource options) should therefore compare the cost of fixed-price renewable generation to the hedged or guaranteed cost of new natural gas-fired generation, rather than to projected costs based on uncertain gas price forecasts. To do otherwise would be to compare apples to oranges: by their nature, renewable resources carry no natural gas fuel price risk, and if the market values that attribute, then the most appropriate comparison is to the hedged cost of natural gas-fired generation. Nonetheless, utilities and others often compare the costs of renewable to gas-fired generation using as their fuel price input long-term gas price forecasts that are inherently uncertain, rather than long-term natural gas forward prices that can actually be locked in. This practice raises the critical question of how these two price streams compare. If they are similar, then one might conclude that forecast-based modeling and planning exercises are in fact approximating an apples-to-apples comparison, and no further consideration is necessary. If, however, natural gas forward prices systematically differ from price forecasts, then the use of such forecasts in planning and modeling exercises will yield results that are biased in favor of either renewable (if forwards < forecasts) or natural gas-fired generation (if forwards > forecasts). In this report we compare the cost of hedging natural gas price risk through traditional gas-based hedging instruments (e

Higher prices, higher quality? Evidence from German nursing homes.

Science.gov (United States)

Herr, Annika; Hottenrott, Hanna

2016-02-01

This study investigates the relationship between prices and quality of 7400 German nursing homes. We use a cross section of public quality reports for all German nursing homes, which had been evaluated between 2010 and 2013 by external institutions. Our analysis is based on multivariate regressions in a two stage least squares framework, where we instrument prices to explain their effect on quality controlling for income, nursing home density, demographics, labour market characteristics, and infrastructure at the regional level. Descriptive analysis shows that prices and quality do not only vary across nursing homes, but also across counties and federal states and that quality and prices correlate positively. Second, the econometric analysis, which accounts for the endogenous relation between negotiated price and reported quality, shows that quality indeed positively depends on prices. In addition, more places in nursing homes per people in need are correlated with both lower prices and higher quality. Finally, unobserved factors at the federal state level capture some of the variation of reported quality across nursing homes. Our results suggest that higher prices increase quality. Furthermore, since reported quality and prices vary substantially across federal states, we conclude that the quality and prices of long-term care facilities may well be compared within federal states but not across. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

Fuel price impacts and compliance costs associated with the Renewable Fuel Standard (RFS)

International Nuclear Information System (INIS)

Christensen, Adam; Siddiqui, Sauleh

2015-01-01

US policy instruments concerning vehicle biofuels are currently being revisited. For example, as part of an on-going annual Renewable Fuel Standard (RFS) implementation, the Environmental Protection Agency (EPA) requests stakeholder feedback/analysis of programmatic effects, including impacts on gasoline/diesel prices and compliance costs. Motivated by the need for regulatory-specific feedback, a novel regional market model is developed that quantifies price impacts across different regional markets for a number of market variables, including several types of compliance certificates known as Renewable Identification Numbers (RINs). An analysis of the most recent EPA proposal suggests that the D4 (biodiesel) RIN price could rise to >$1.00/RIN. Sensitivity results show that the D4 RIN price is highly sensitive to soybean oil prices, while D5/D6 RIN prices are most sensitive to the volume of E85 consumed. It was found that the projected costs associated with the RFS in 2017 could be reduced by approximately 50% if an additional 600 million gallons of E85 were consumed. The analysis also suggests that the RFS does not dramatically affect the retail price of either gasoline and diesel fuels paid by consumers. - Highlights: • The most recent EPA could cause the biodiesel RIN price to rise to >$1.00/RIN. • D5/D6 RIN prices are most sensitive to the volume of E85 consumed. • Retail prices for fuel do not change dramatically. • 2017 compliance costs could fall by 50% if more E85 were consumed.

Accounting for fuel price risk when comparing renewable to gas-fired generation: the role of forward natural gas prices

International Nuclear Information System (INIS)

Bolinger, Mark; Wiser, Ryan; Golove, William

2006-01-01

Unlike natural gas-fired generation, renewable generation (e.g., from wind, solar, and geothermal power) is largely immune to fuel price risk. If ratepayers are rational and value long-term price stability, then-contrary to common practice-any comparison of the levelized cost of renewable to gas-fired generation should be based on a hedged gas price input, rather than an uncertain gas price forecast. This paper compares natural gas prices that can be locked in through futures, swaps, and physical supply contracts to contemporaneous long-term forecasts of spot gas prices. We find that from 2000 to 2003, forward gas prices for terms of 2-10 years have been considerably higher than most contemporaneous long-term gas price forecasts. This difference is striking, and implies that comparisons between renewable and gas-fired generation based on these forecasts over this period have arguably yielded results that are biased in favor of gas-fired generation

Wood fuel in Sweden 1800-1990 - consumption and price trends

International Nuclear Information System (INIS)

Schoen, L.

1992-01-01

The report presents consumption and price trends of wood fuel in Sweden 1800-1990 and discusses the increase in the use of wood fuel in the 1980's in a long-term perspective. Consumption of wood fuel grew at the same rate as population during most of the 19th century with a share of 95-80 per cent of total fuel consumption. Since the modern industrial breakthrough around the 1880's, consumption of wood fuel has decreased while that of fossiles and electricity have expanded. Temporarily, consumption increased during the world wars, particularly during the second one. The increase after the energy crises of the 1970's differs from those of the wars in some respects - thus, the changes in the conditions of energy supply and energy use were conceived as long-lasting, the increase in consumption took place with markets in function, and an important new user appeared, namely the district heating services. During both the 19th and the 20th century, prices of wood fuel have risen strongly in relation to those of most other products. This increase expresses the shifts in demand to wood resources and the comparatively weak productivity growth in forestry. Compared to prices of fossile fuels, the price increase of wood fuel ended in the 1920's and the relation has since then fluctuated. The strong shift in consumption to fossils from the 1920's is explained rather by the high costs of handling wood fuel. Wood fuel consumption has increased during periods of relatively decreasing wages. While the price increase of wood fuel can stimulate extended production also within agriculture, the study emphasizes the need of productivity growth in wood fuel production as well as product development towards the lowering of the handling costs of the user. (23 refs., 8 figs., 4 tabs.)

FUEL PRICES AND CAR SALES

OpenAIRE

Vlad Cârstea

2008-01-01

Automotive industry is a very important economic sector that is highly responsive to changes in the world economy. The fuel price is the biggest enemy of car manufacturers. This is a compared analysis between Europe and Romania regarding new car registrations.

Flex-fuel vehicle adoption and dynamics of ethanol prices: lessons from Brazil

International Nuclear Information System (INIS)

Du, Xiaodong; Carriquiry, Miguel A.

2013-01-01

Focusing on dynamics of the relative prices of substitute fuels, namely ethanol and gasoline, this study quantifies the impact of the increase in shares of flex-fuel vehicles (FFVs) in the vehicle fleet on the domestic ethanol prices in Brazil. A modified partial adjustment model is employed. Estimation results provide strong support for our research hypotheses: (i) when consumers can choose between the fuels the relative ethanol and gasoline prices converge to a long-run equilibrium level, which is determined by the fuel economy, and (ii) price dynamics are largely determined by market supply and demand factors including the price of sugar, ethanol exports, and composition of vehicle fleet. Furthermore, the impacts of demand factors such as ethanol exports are strengthened by the increasing proportion of FFVs in the vehicle fleet. - Highlights: • The relative prices of ethanol and gasoline in Brazil exhibit strong mean-reversion. • The fuel price dynamics are mainly influenced by supply and demand factors. • The impacts of demand factors are strengthened by the increasing proportion of FFVs

Ambiguities of fighting inflation: structure of alcohol fuel prices

International Nuclear Information System (INIS)

Nastari, Plinio Mario

1993-01-01

The control of consumer prices of alcohol fuel and gasoline has been used by the Brazilian government as a tool for fighting inflation. The production of alcohol fuel from biomass and the use of its by-products is one of the few strategies that will permit economic development and environmental preservation at the same time. While the pricing policy continues to determine the energy policy, it will be almost impossible to promote the production and the use of alcohol fuel in the country

Risk hedging against the fuel price fluctuation in energy service business

International Nuclear Information System (INIS)

Bannai, Masaaki; Tomita, Yasushi; Ishida, Yasushi; Miyazaki, Takahiko; Akisawa, Atsushi; Kashiwagi, Takao

2007-01-01

Energy service business, or energy service company (ESCO), is expanding among industrial users as a means of energy saving. The ESCO business normally tends to become a long-term operation. During the operation, fluctuations of fuel and electricity costs significantly impact on the stability of the profit from ESCO business. Therefore, it is essential to reduce the risk of fuel and electricity cost fluctuations. Generally, a transaction called ''financial derivative'' is used as a measure of hedging against the fuel price fluctuation. In the case of ESCO business, it is necessary to manage the risk of both electricity and fuel price fluctuations because the variation in electricity price strongly affects the profit from ESCO as that in fuel price does. In this paper, the stabilization of the ESCO profit using financial derivatives was discussed by quantitative analyses of the actual data from existing plants. Case studies revealed that the appropriate volume of the fuel derivative implementation was less than a half of the fuel consumption at the ESCO facilities, and it ranged from 5% to 50%. (author)

Long term fuel price elasticity: effects on mobility tool ownership and residential location choice - Final report

Energy Technology Data Exchange (ETDEWEB)

Erath, A.; Axhausen, K. W.

2010-04-15

This comprehensive final report for the Swiss Federal Office of Energy (SFOE) examines the long-term effects of fuel price elasticity. The study analyses how mobility tool usage and ownership as well as residence location choice are affected by rising fuel costs. Based on econometric models, long-term fuel price elasticity is derived. The authors quote that the demand reactions to higher fuel prices mainly observed are the reduction of mileage and the consideration of smaller-engined and diesel-driven cars. As cars with natural gas powered engines and electric drives were hardly considered in the survey, the results of the natural gas model can, according to the authors, only serve as a trend. No stable model could be estimated for the demand and usage of electric cars. A literature overview is presented and the design of the survey is discussed, whereby socio-demographical variables and the effects of price and residence changes are discussed. Modelling of mobility tool factors and results obtained are looked at. Finally, residence choice factors are modelled and discussed. Several appendices complete the report.

Stop Misusing Higher Education-Specific Price Indices

Science.gov (United States)

Gillen, Andrew; Robe, Jonathan

2011-01-01

In order to compare the price of things over time, it is necessary to use a price index to adjust for inflation. The Higher Education Price Index (HEPI) and the Higher Education Cost Adjustment (HECA) were designed to more accurately account for the spending patterns of colleges and universities. However, there are some methodological problems…

Domestic fuel price and economic sectors in Malaysia: a future of renewable energy?

OpenAIRE

Jee, Hui-Siang Brenda; Lau, Evan; Puah, Chin-Hong; Abu Mansor, Shazali

2010-01-01

This study empirically examines the relation between the domestic fuel prices with the ten disaggregated economic sectors in Malaysia with the spanning of data from 1990:Q1 to 2007:Q4. We found that only three sectors (agriculture, trade and other services sectors) are cointegrated with the fuel price and fuel price does Granger cause these sectors. Despite the evidence of non-cointegrated in most of the economic sectors, fuel price able to influence these sectors over a longer period. Policy...

Ethanol, Corn, and Soybean Price Relations in a Volatile Vehicle-Fuels Market

Directory of Open Access Journals (Sweden)

Cesar Escalante

2009-06-01

Full Text Available The rapid upward shift in ethanol demand has raised concerns about ethanol’s impact on the price level and volatility of agricultural commodities. The popular press attributes much of this volatility in commodity prices to a price bubble in ethanol fuel and recent deflation. Market economics predicts not only a softening of demand to high commodity prices but also a positive supply response. This volatility in ethanol and commodity prices are investigated using cointegration, vector error corrections (VECM, and multivariate generalized autoregressive conditional heteroskedascity (MGARCH models. In terms of derived demand theory, results support ethanol and oil demands as derived demands from vehicle-fuel production. Gasoline prices directly influence the prices of ethanol and oil. However, of greater significance for the fuel versus food security issue, results support the effect of agricultural commodity prices as market signals which restore commodity markets to their equilibriums after a demand or supply event (shock. Such shocks may in the short-run increase agricultural commodity prices, but decentralized freely operating markets will mitigate the persistence of these shocks. Results indicate in recent years there are no long-run relations among fuel (ethanol, oil and gasoline prices and agricultural commodity (corn and soybean prices.

Higher cigarette prices influence cigarette purchase patterns.

Science.gov (United States)

Hyland, A; Bauer, J E; Li, Q; Abrams, S M; Higbee, C; Peppone, L; Cummings, K M

2005-04-01

To examine cigarette purchasing patterns of current smokers and to determine the effects of cigarette price on use of cheaper sources, discount/generic cigarettes, and coupons. Higher cigarette prices result in decreased cigarette consumption, but price sensitive smokers may seek lower priced or tax-free cigarette sources, especially if they are readily available. This price avoidance behaviour costs states excise tax money and dampens the health impact of higher cigarette prices. Telephone survey data from 3602 US smokers who were originally in the COMMIT (community intervention trial for smoking cessation) study were analysed to assess cigarette purchase patterns, use of discount/generic cigarettes, and use of coupons. 59% reported engaging in a high price avoidance strategy, including 34% who regularly purchase from a low or untaxed venue, 28% who smoke a discount/generic cigarette brand, and 18% who report using cigarette coupons more frequently that they did five years ago. The report of engaging in a price avoidance strategy was associated with living within 40 miles of a state or Indian reservation with lower cigarette excise taxes, higher average cigarette consumption, white, non-Hispanic race/ethnicity, and female sex. Data from this study indicate that most smokers are price sensitive and seek out measures to purchase less expensive cigarettes, which may decrease future cessation efforts.

Regarding fuel prices and automobility. A brief analysis of price and cost elasticities; Over brandstofprijzen en automobiliteit. Een beknopte analyse van prijs- en kostenelasticiteit

Energy Technology Data Exchange (ETDEWEB)

Groot, W.

2012-01-15

Car drivers do not drive significantly less when fuel prices at the pump rise. If fuel prices increase by approximately 12.5 percent, the long-term decrease in car kilometres travelled is just 2.5 percent. Higher fuel prices have also not resulted in a more fuel-efficient 'car fleet' (i.e. the range of available car model types). The fuel consumption rate per kilometre remained relatively constant from the late 1980s to 2009, although recent years have seen a marked improvement in the per kilometre fuel consumption rate, as measured in CO2 emissions of new passenger cars. These were the findings of the title study, conducted by the KiM Netherlands Institute for Transport Policy Analysis. This study was based on data covering the period 1980 to 2009. The majority of the definitive effects of higher fuel prices revealed in this study were less pronounced than the effects previously cited in available literature, especially with regard to the long-term effects [Dutch] Uit de titel studie blijkt dat automobilisten in beperkte mate minder gaan rijden als de brandstofprijzen aan de pomp stijgen. Een stijging van de benzineprijs met ongeveer 12,5 procent leidt op langere termijn tot een vermindering van de hoeveelheid afgelegde kilometers met 2,5 procent. De hoge brandstofprijzen hebben ook niet geleid tot een zuiniger wagenpark. Het benzineverbruik per kilometer is tussen het eind van de jaren tachtig en 2009 vrijwel gelijk gebleven. Met als kanttekening dat in de meest recente jaren sprake is van een zichtbare verbetering van het verbruik per kilometer, afgemeten aan de CO2-uitstoot van nieuwe personenauto's. Het KiM heeft zich in de studie gebaseerd op cijfers over de periode 1980-2009. De meeste in het onderzoek vastgestelde effecten van hogere benzineprijzen zijn kleiner dan de effecten die in de beschikbare literatuur zijn aangetroffen. Dit geldt vooral voor de effecten op de lange termijn.

Regarding fuel prices and automobility. A brief analysis of price and cost elasticities; Over brandstofprijzen en automobiliteit. Een beknopte analyse van prijs- en kostenelasticiteit

Energy Technology Data Exchange (ETDEWEB)

Groot, W.

2012-01-15

Car drivers do not drive significantly less when fuel prices at the pump rise. If fuel prices increase by approximately 12.5 percent, the long-term decrease in car kilometres travelled is just 2.5 percent. Higher fuel prices have also not resulted in a more fuel-efficient 'car fleet' (i.e. the range of available car model types). The fuel consumption rate per kilometre remained relatively constant from the late 1980s to 2009, although recent years have seen a marked improvement in the per kilometre fuel consumption rate, as measured in CO2 emissions of new passenger cars. These were the findings of the title study, conducted by the KiM Netherlands Institute for Transport Policy Analysis. This study was based on data covering the period 1980 to 2009. The majority of the definitive effects of higher fuel prices revealed in this study were less pronounced than the effects previously cited in available literature, especially with regard to the long-term effects [Dutch] Uit de titel studie blijkt dat automobilisten in beperkte mate minder gaan rijden als de brandstofprijzen aan de pomp stijgen. Een stijging van de benzineprijs met ongeveer 12,5 procent leidt op langere termijn tot een vermindering van de hoeveelheid afgelegde kilometers met 2,5 procent. De hoge brandstofprijzen hebben ook niet geleid tot een zuiniger wagenpark. Het benzineverbruik per kilometer is tussen het eind van de jaren tachtig en 2009 vrijwel gelijk gebleven. Met als kanttekening dat in de meest recente jaren sprake is van een zichtbare verbetering van het verbruik per kilometer, afgemeten aan de CO2-uitstoot van nieuwe personenauto's. Het KiM heeft zich in de studie gebaseerd op cijfers over de periode 1980-2009. De meeste in het onderzoek vastgestelde effecten van hogere benzineprijzen zijn kleiner dan de effecten die in de beschikbare literatuur zijn aangetroffen. Dit geldt vooral voor de effecten op de lange termijn.

Fuel pricing policies in South America and Mexico. Economic and environmental implications

International Nuclear Information System (INIS)

Altomonte, H.; Rogat, J.

2004-01-01

Increasing industrialisation and income levels in developing countries are leading to increased demand for energy. A vast majority of this energy is based on fossil fuels, where oil represents the largest share. The burning of fossil fuels gives rise to emissions of gases with severe impacts on local and global environment, and most importantly on human health. In spite of this, oil consumption has been steadily increasing during the last decades, and is expected to continue doing so. According to the IPCC's second assessment report, the use of energy and in particular of fossil fuels, is expected to double by 2020. In Latin America, fuel prices have historically been well below world market prices. Prior to energy reforms in the early 1990s, energy prices did not follow conventional marginal cost or opportunity cost pricing rules, but where instead set with particular regard for income distribution goals or with the avowed purpose of promoting industrialization. This situation started to change in a number of countries at the end of the 1980s as a result of energy reforms, which included changes in pricing policies. These reforms allowed for private sector participation in the exploration, production and distribution of these products, thuds leading in most of the countries to the pricing system being decentralised and profitability criteria being incorporated into the state owned companies. In some countries where energy had been heavily subsidised, energy reforms contributed to reducing or dismantling subsidies and thereby to price levels more in line with those of industrialized countries. Nevertheless, in several countries of the region energy subsidies are still in place. These subsidies are creating market distortions, with prices still well below world market prices being one of the results. The objective of this study is twofold. The first objective is to map current fuel pricing in a number of South American countries and Mexico. This information will

Zymomonas mobilis for fuel ethanol and higher value products.

Science.gov (United States)

Rogers, P L; Jeon, Y J; Lee, K J; Lawford, H G

2007-01-01

High oil prices, increasing focus on renewable carbohydrate-based feedstocks for fuels and chemicals, and the recent publication of its genome sequence, have provided continuing stimulus for studies on Zymomonas mobilis. However, despite its apparent advantages of higher yields and faster specific rates when compared to yeasts, no commercial scale fermentations currently exist which use Z. mobilis for the manufacture of fuel ethanol. This may change with the recent announcement of a Dupont/Broin partnership to develop a process for conversion of lignocellulosic residues, such as corn stover, to fuel ethanol using recombinant strains of Z. mobilis. The research leading to the construction of these strains, and their fermentation characteristics, are described in the present review. The review also addresses opportunities offered by Z. mobilis for higher value products through its metabolic engineering and use of specific high activity enzymes.

An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

Institute of Scientific and Technical Information of China (English)

Wang Zhen; Liu Zhenhai; Chen Chao

2007-01-01

This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.

Estimating Price Elasticity of Demand for Motor Fuel in the Transport Sectors

Directory of Open Access Journals (Sweden)

Olga Vasilyevna Mazurova

2015-03-01

Full Text Available Modeling of long-term forecasts of prices and demand on regional energy markets requires accounting for the future changes in the interactions between the greater economy and its energy sector, along with the possible emergence of new factors and specific regional features determining those interactions. The proposed approach allows the study of a correlation between demand and prices for motor fuel, taking into account the competition of energy carriers, the dynamics of energy prices, resource constraints, the use of new technologies and the uncertainty of input data. The main feature of the proposed approach is the combined estimation of the price elasticity of demand for motor fuel with optimization of fuel supply in the region. Thus the author determined elasticity of demand based on the comparison of economic efficiency of the use of different fuels. The study includes results of experimental calculations and forecasted price according to demand for motor fuel in freight transportation for the expected development conditions of the Far Eastern federal district

Estimating household fuel oil/kerosine, natural gas, and LPG prices by census region

International Nuclear Information System (INIS)

Poyer, D.A.; Teotia, A.P.S.

1994-08-01

The purpose of this research is to estimate individual fuel prices within the residential sector. The data from four US Department of Energy, Energy Information Administration, residential energy consumption surveys were used to estimate the models. For a number of important fuel types - fuel oil, natural gas, and liquefied petroleum gas - the estimation presents a problem because these fuels are not used by all households. Estimates obtained by using only data in which observed fuel prices are present would be biased. A correction for this self-selection bias is needed for estimating prices of these fuels. A literature search identified no past studies on application of the selectivity model for estimating prices of residential fuel oil/kerosine, natural gas, and liquefied petroleum gas. This report describes selectivity models that utilize the Dubin/McFadden correction method for estimating prices of residential fuel oil/kerosine, natural gas, and liquefied petroleum gas in the Northeast, Midwest, South, and West census regions. Statistically significant explanatory variables are identified and discussed in each of the models. This new application of the selectivity model should be of interest to energy policy makers, researchers, and academicians

Time-varying convergence in European electricity spot markets and their association with carbon and fuel prices

International Nuclear Information System (INIS)

Menezes, Lilian M. de; Houllier, Melanie A.; Tamvakis, Michael

2016-01-01

Long-run dynamics of electricity prices are expected to reflect fuel price developments, since fuels generally account for a large share in the cost of generation. As an integrated European market for electricity develops, wholesale electricity prices should be converging as a result of market coupling and increased interconnectivity. Electricity mixes are also changing, spurred by a drive to significantly increase the share of renewables. Consequently, the electricity wholesale price dynamics are evolving, and the fuel–electricity price nexus that has been described in the literature is likely to reflect this evolution. This study investigates associations between spot prices from the British, French and Nordpool markets with those in connected electricity markets and fuel input prices, from December 2005 to October 2013. In order to assess the time-varying dynamics of electricity spot price series, localized autocorrelation functions are used. Electricity spot prices in the three markets are found to have stationary and non-stationary periods. When a trend in spot prices is observed, it is likely to reflect the trend in fuel prices. Cointegration analysis is then used to assess co-movement between electricity spot prices and fuel inputs to generation. The results show that British electricity spot prices are associated with fuel prices and not with price developments in connected markets, while the opposite is observed in the French and Nordpool day-ahead markets. - Highlights: • Electricity market integration policies may have altered EU spot electricity prices. • LACF is used to assess the changing nature of electricity spot prices. • EU electricity spot prices show both stationary and non-stationary periods. • Carbon and fuel prices have greater impact on British spot prices. • In continental Europe, electricity prices have decoupled from fuel prices.

Method of evaluation of solar collector cost under fuel price change

International Nuclear Information System (INIS)

Klychev, Sh. I.; Sadykova, N. S.; Saifiev, A. U.; Ismanzhanov, A. I.; Samiev, M.

2013-01-01

When we take into account the problems of large-scale use of solar energy, the matters of economic perspectives of solar plants in the future become vital. We present the method on whose basis evaluation of the cost of solar collectors is performed taking into account the change in the fuel prices. The method is based on the approach to evaluation of the cost of energy generated by the solar plants offered previously by the authors. Assuming that the components of expenditures for production are not changed, we obtained that the cost of solar collectors will grow, at approximately the same ratio as the growth of the prices for fuel (energy). Thus, the problem of creation of the economically effective solar collectors should be solved already today, at the existing prices for materials and fuel. At present, it is assumed that competitiveness of the solar plants will increase with the growth of the fuel prices. (authors)

The price of fuel oil for power generation

International Nuclear Information System (INIS)

Hsu, G.J.Y.; Liaw, Y.Y.C.

1987-01-01

This study establishes a break-even analysis model for fuel oil generation. The authors calculate the break-even points of the international fuel oil prices for the existing coal-fired power plants, the nuclear power plants and the newly-built coal/oil-fired power plants

The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices

Energy Technology Data Exchange (ETDEWEB)

Meyler, Aidan [European Central Bank, Frankfurt am Main (Germany)

2009-11-15

Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in

The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices

International Nuclear Information System (INIS)

Meyler, Aidan

2009-01-01

Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in

An overview of alternative fossil fuel price and carbon regulation scenarios

Energy Technology Data Exchange (ETDEWEB)

Wiser, Ryan; Bolinger, Mark

2004-10-01

The benefits of the Department of Energy's research and development (R&D) efforts have historically been estimated under business-as-usual market and policy conditions. In recognition of the insurance value of R&D, however, the Office of Energy Efficiency and Renewable Energy (EERE) and the Office of Fossil Energy (FE) have been exploring options for evaluating the benefits of their R&D programs under an array of alternative futures. More specifically, an FE-EERE Scenarios Working Group (the Working Group) has proposed to EERE and FE staff the application of an initial set of three scenarios for use in the Working Group's upcoming analyses: (1) a Reference Case Scenario, (2) a High Fuel Price Scenario, which includes heightened natural gas and oil prices, and (3) a Carbon Cap-and-Trade Scenario. The immediate goal is to use these scenarios to conduct a pilot analysis of the benefits of EERE and FE R&D efforts. In this report, the two alternative scenarios being considered by EERE and FE staff--carbon cap-and-trade and high fuel prices--are compared to other scenarios used by energy analysts and utility planners. The report also briefly evaluates the past accuracy of fossil fuel price forecasts. We find that the natural gas prices through 2025 proposed in the FE-EERE Scenarios Working Group's High Fuel Price Scenario appear to be reasonable based on current natural gas prices and other externally generated gas price forecasts and scenarios. If anything, an even more extreme gas price scenario might be considered. The price escalation from 2025 to 2050 within the proposed High Fuel Price Scenario is harder to evaluate, primarily because few existing forecasts or scenarios extend beyond 2025, but, at first blush, it also appears reasonable. Similarly, we find that the oil prices originally proposed by the Working Group in the High Fuel Price Scenario appear to be reasonable, if not conservative, based on: (1) the current forward market for oil, (2

Fuel consumption: short term and long term price impacts per population type

International Nuclear Information System (INIS)

2011-01-01

This report presents assessments of the price sensitivity of household fuel consumption. After a literature review on price-elasticity assessments and the use of pseudo-panels, the investigation analyses the deciding factors of the household fuel expense and its evolution between 1985 and 2006. It proposes a short term price-elasticity assessment based on the most recent survey, and also proposes price-elasticity assessments for sub-populations, notably in terms of income level or location (rural or urban areas)

Production Costs of Alternative Transportation Fuels. Influence of Crude Oil Price and Technology Maturity

Energy Technology Data Exchange (ETDEWEB)

Cazzola, Pierpaolo; Morrison, Geoff; Kaneko, Hiroyuki; Cuenot, Francois; Ghandi, Abbas; Fulton, Lewis

2013-07-01

This study examines the production costs of a range of transport fuels and energy carriers under varying crude oil price assumptions and technology market maturation levels. An engineering ''bottom-up'' approach is used to estimate the effect of the input cost of oil and of various technological assumptions on the finished price of these fuels. In total, the production costs of 20 fuels are examined for crude oil prices between USD 60 and USD 150 per barrel. Some fuel pathways can be competitive with oil as their production, transport and storage technology matures, and as oil price increases. Rising oil prices will offer new opportunities to switch to alternative fuels for transport, to diversify the energy mix of the transport sector, and to reduce the exposure of the whole system to price volatility and potential distuption of supply. In a time of uncertainty about the leading vehicle technology to decarbonize the transport sector, looking at the fuel cost brings key information to be considered to keep mobility affordable yet sustainable.

Higher prices at Canadian gas pumps: international crude oil prices or local market concentration? An empirical investigation

International Nuclear Information System (INIS)

Anindya Sen

2003-01-01

There is little consensus on whether higher retail gasoline prices in Canada are the result of international crude oil price fluctuations or local market power exercised by large vertically-integrated firms. I find that although both increasing local market concentration and higher average monthly wholesale prices are positively and significantly associated with higher retail prices, wholesale prices are more important than local market concentration. Similarly, crude oil prices are more important than the number of local wholesalers in determining wholesale prices. These results suggest that movements in gasoline prices are largely the result of input price fluctuations rather than local market structure. (author)

Modeling the relationship between the oil price and global food prices

International Nuclear Information System (INIS)

Chen, Sheng-Tung; Kuo, Hsiao-I; Chen, Chi-Chung

2010-01-01

The growth of corn-based ethanol production and soybean-based bio-diesel production following the increase in the oil prices have significantly affect the world agricultural grain productions and its prices. The main purpose of this paper is to investigate the relationships between the crude oil price and the global grain prices for corn, soybean, and wheat. The empirical results show that the change in each grain price is significantly influenced by the changes in the crude oil price and other grain prices during the period extending from the 3rd week in 2005 to the 20th week in 2008 which implies that grain commodities are competing with the derived demand for bio-fuels by using soybean or corn to produce ethanol or bio-diesel during the period of higher crude oil prices in these recent years. The subsidy policies in relation to the bio-fuel industries in some nations engaging in bio-fuel production should be considered to avoid the consequences resulting from high oil prices. (author)

Payback Period for Emissions Abatement Alternatives: Role of Regulation and Fuel Prices

DEFF Research Database (Denmark)

Zis, Thalis; Angeloudis, Panagiotis; Bell, Michael G. H.

2016-01-01

As of January 2015, the new maximum limit of fuel sulfur content for ships sailing within emission control areas has been reduced to 0.1%. A critical decision for ship owners in advance of the new limits was the selection of an abatement method that complies with the regulations. Two main options...... exist: investing in scrubber systems that remove sulfur dioxide emissions from the exhaust and switching to low-sulfur fuel when sailing in regulated waters. The first option would involve significant capital costs, while the latter would lead to operating cost increases because of the higher price...

Vehicle type choice under the influence of a tax reform and rising fuel prices

DEFF Research Database (Denmark)

Mabit, Stefan Lindhard

2014-01-01

change in new vehicle purchases toward more diesel vehicles and more fuel-efficient vehicles. The paper analyses to what extent a vehicle tax reform similar to the Danish 2007 reform may explain changes in purchasing behaviour. The paper investigates the effects of a tax reform, fuel price changes......, and technological development on vehicle type choice using a mixed logit model. The model allows a simulation of the effect of car price changes that resemble those induced by the tax reform. This effect is compared to the effects of fuel price changes and technology improvements. The simulations show...... that the effect of the tax reform on fuel efficiency is similar to the effect of rising fuel prices while the effect of technological development is much larger. The conclusion is that while the tax reform appeared in the same year as a large increase in fuel efficiency, it seems likely that it only explains...

Driving for fun? Comparing the effect of fuel prices on weekday and weekend fuel consumption

Energy Technology Data Exchange (ETDEWEB)

Frondel, Manuel; Vance, Colin [Rheinisch-Westfaelisches Institut fuer Wirtschaftsforschung (RWI), Hohenzollernstr. 1-3, D-45128 Essen (Germany)

2010-01-15

Focusing on individual motorists in car-owning households in Germany, this paper investigates the determinants of automobile travel, with the specific aim of quantifying the effects of fuel prices and person-level attributes on travel conducted over a five-day week and weekend. Our analysis is predicated on the notion that car use is an individual decision, albeit one that is dependent on intra-household allocation processes, thereby building on a growing body of literature that has identified the importance of socioeconomic factors such as employment status, gender, and the presence of children in determining both access to and use of the car. To capture this two-stage decision process, we employ the two-part model, which consists of probit and OLS estimators, and derive elasticity estimates that incorporate both the discrete and continuous choices pertaining to car use. With fuel price elasticity estimates ranging between - 0.45 and - 0.50, our results suggest raising prices via fuel taxes to be a promising energy conservation and climate protection measure. (author)

Driving for fun? Comparing the effect of fuel prices on weekday and weekend fuel consumption

International Nuclear Information System (INIS)

Frondel, Manuel; Vance, Colin

2010-01-01

Focusing on individual motorists in car-owning households in Germany, this paper investigates the determinants of automobile travel, with the specific aim of quantifying the effects of fuel prices and person-level attributes on travel conducted over a five-day week and weekend. Our analysis is predicated on the notion that car use is an individual decision, albeit one that is dependent on intra-household allocation processes, thereby building on a growing body of literature that has identified the importance of socioeconomic factors such as employment status, gender, and the presence of children in determining both access to and use of the car. To capture this two-stage decision process, we employ the two-part model, which consists of probit and OLS estimators, and derive elasticity estimates that incorporate both the discrete and continuous choices pertaining to car use. With fuel price elasticity estimates ranging between - 0.45 and - 0.50, our results suggest raising prices via fuel taxes to be a promising energy conservation and climate protection measure. (author)

Reforming fossil fuel prices in India: Dilemma of a developing economy

International Nuclear Information System (INIS)

Anand, Mukesh Kumar

2016-01-01

Over the period between 1990–1 and 2012–3, fossil fuel use on farms has risen and its indirect use in farming, particularly for non-energy purposes, is also growing. Consequently, both energy intensity and fossil fuel intensity are rising for Indian agriculture. But, these are declining for the aggregate Indian economy. Thus, revision of fossil fuel prices acquires greater significance for Indian agriculture than for rest of the economy. There are significant differences across crops. The crop-level analysis is supplemented by an alternative approach that utilizes a three-sector input–output (I–O) model for the Indian economy representing farming, fossil fuels, and rest of economy. Fossil fuels sector is assessed to portray, in general, strong forward linkages. The increase in total cost of farming, for a given change in fossil fuel prices, is estimated as a multiple of increase in direct input cost of fossil fuels in farming. From the three-sector aggregated economy this multiple was estimated at 3.99 for 1998–9. But it grew to 6.7 in 2007–8. The findings have stronger ramifications than commonly recognized, for inflation and cost of implementing the policy on food security. - Highlights: •Fossil fuels’ contribution in primary energy supply has risen from 55 to 75 per cent. •Energy intensity halved for aggregate GDP, but doubled for agricultural GDP. •Impact of fossil fuel price increase on farming costs mimics a widening spiral. •Total cost of farming may increase 6.7 times the increase in direct fuel input cost.

Fuel Class Higher Alcohols

KAUST Repository

Sarathy, Mani

2016-08-17

This chapter focuses on the production and combustion of alcohol fuels with four or more carbon atoms, which we classify as higher alcohols. It assesses the feasibility of utilizing various C4-C8 alcohols as fuels for internal combustion engines. Utilizing higher-molecular-weight alcohols as fuels requires careful analysis of their fuel properties. ASTM standards provide fuel property requirements for spark-ignition (SI) and compression-ignition (CI) engines such as the stability, lubricity, viscosity, and cold filter plugging point (CFPP) properties of blends of higher alcohols. Important combustion properties that are studied include laminar and turbulent flame speeds, flame blowout/extinction limits, ignition delay under various mixing conditions, and gas-phase and particulate emissions. The chapter focuses on the combustion of higher alcohols in reciprocating SI and CI engines and discusses higher alcohol performance in SI and CI engines. Finally, the chapter identifies the sources, production pathways, and technologies currently being pursued for production of some fuels, including n-butanol, iso-butanol, and n-octanol.

Carpooling and Driver Responses to Fuel Price Changes: Evidence from Traffic Flows in Los Angeles

OpenAIRE

Antonio M. Bento; Jonathan E. Hughes; Daniel T. Kaffine

2012-01-01

Understanding how drivers respond to fuel price changes has important implications for highway congestion, accidents, carbon policy, local air pollution and taxation. We examine the underexplored relationship between fuel prices and carpooling. Using a simple theoretical model we show that traffic flows in mainline lanes decrease when fuel prices increase. However in carpool (HOV) lanes, flow can either increase or decrease. Traffic flows in mainline lanes are shown to be more responsive to p...

Theoretical Model of Pricing Behavior on the Polish Wholesale Fuel Market

Directory of Open Access Journals (Sweden)

Bejger Sylwester

2016-12-01

Full Text Available In this paper, we constructed a theoretical model of strategic pricing behavior of the players in a Polish wholesale fuel market. This model is consistent with the characteristics of the industry, the wholesale market, and the players. The model is based on the standard methodology of repeated games with a built-in adjustment to a focal price, which resembles the Import Parity Pricing (IPP mechanism. From the equilibrium of the game, we conclude that the focal price policy implies a parallel pricing strategic behavior on the market.

Consumers' perceptions regarding tradeoffs between food and fuel expenditures: A case study of U.S. and Belgian fuel users

International Nuclear Information System (INIS)

Skipper, Daniel; Popp, Michael; Vickery, Gina; Van de Velde, Liesbeth; Van Huylenbroeck, Guido; Verbeke, Wim

2009-01-01

Biofuels have been suggested as a sustainable alternative to fossil-based fuels, but when produced with inputs traditionally used as food and feed grain, the production of biofuels has contributed to price increases in the food sector. In the fall of 2006, a survey was administered to compare consumer perceptions regarding the tradeoff between renewable fuels and food in the United States (U.S.) (n = 242) and Belgium (n = 363). Results show that respondents in both countries prefer lower food prices to lower fuel prices (67.6% in the U.S. and 78.9% in Belgium). A logit model was estimated to determine which variables impacted whether a consumer favored policies that lower fuel prices at the cost of higher food prices. While the sample of Belgian respondents appeared to realize that lower fuel prices eventually had to come at the cost of higher food prices, the sample of U.S. respondents felt domestic agriculture could provide some low-cost, environmentally friendly alternatives with little impact on food prices. Accessible public transportation in Belgium acted as an important fuel saving strategy in that country and led respondents to emphasize food price decreases over fuel price decreases. Also, respondents with heightened awareness towards the environment recognized that the expansion of renewable fuels may need to come at the cost of higher food prices. These attitudes were similar in both countries. Finally, in both countries older respondents placed more importance on lower food prices than lower fuel prices. (author)

FUTURE FOSSIL FUEL PRICE IMPACTS ON NDC ACHIEVEMENT; ESTIMATION OF GHG EMISSIONS AND MITIGATION COSTS

Directory of Open Access Journals (Sweden)

Yosuke Arino

2017-12-01

Full Text Available The Shale Revolution in the US, a supply-side innovation in oil and gas production, has been dramatically changing the world’s fossil fuel energy markets – leading to a decrease in oil, gas and coal prices. Some projections suggest that low fossil fuel prices might continue at least over the next few decades. Uncertainty in fossil fuel prices might affect the levels of emission reductions expected from submitted nationally determined contributions (NDCs and/or influence the difficulty of achieving the NDCs. This paper evaluated the impact of different (high, medium, and low fossil fuel prices, sustained through to 2050, on worldwide GHG emissions reductions and associated costs (mainly marginal abatement costs (MACs. Total global GHG emissions were estimated to be 57.5-61.5 GtCO2eq by 2030, with the range shown reflecting uncertainties about fossil fuel prices and the target levels of several NDCs (i.e., whether their upper or lower targets were adopted. It was found that lower fuel prices not only diminished the environmental effectiveness of global NDCs but also widened regional differences of marginal and total abatement costs, thereby generating more room for carbon leakage. One possible policy direction in terms of abatement efficiency, fairness and environmental effectiveness would be to require countries with low marginal and total abatement costs but having a major influence on global GHG emissions (such as China and India to increase their mitigation efforts, especially in a low-fuelprice world.

Estimation of Gasoline Price Elasticities of Demand for Automobile Fuel Efficiency in Korea: A Hedonic Approach

Energy Technology Data Exchange (ETDEWEB)

Lee, Sung Tae [Sungkyunkwan University, Seoul (Korea); Lee, Myunghun [Keimyung University, Taegu (Korea)

2001-03-01

This paper estimates the gasoline price elasticities of demand for automobile fuel efficiency in Korea to examine indirectly whether the government policy of raising fuel prices is effective in inducing less consumption of fuel, relying on a hedonic technique developed by Atkinson and Halvorsen (1984). One of the advantages of this technique is that the data for a single year, without involving variation in the price of gasoline, is sufficient in implementing this study. Moreover, this technique enables us to circumvent the multicollinearity problem, which had reduced reliability of the results in previous hedonic studies. The estimated elasticities of demand for fuel efficiency with respect to the price of gasoline, on average, is 0.42. (author). 30 refs., 3 tabs.

Hogged wood fuel price analysis in the U.S. Pacific Northwest

International Nuclear Information System (INIS)

Biederman, R.T.; Blazek, C.F.; Fox, P.J.

1991-01-01

The purpose of this paper is to discuss the results of a comprehensive analysis of wood residues used for meeting energy requirements in the Pacific Northwest region of the United States. These wood residues are generated primarily from cutting, sawing, planning, sanding, and debarking activities in the lumber and plywood industries. While high-quality wood residues are commonly used as raw material in the manufacture of pulp and board commodities, a very large amount of wood residues are ultimately used for plant fuel purposes. The characteristics of this market for hogged wood fuel are examined in depth, with particular emphasis given to the factors which affect the supply, demand and price of hogged wood. Hogged wood has played an enormous role in the Pacific Northwest for over sixty years, a result of the massive regional timber harvest. Utilization of this renewable energy resource continues to be a large component in regional energy supply. Despite having a large number of highly integrated mills that both use and produce wood residues, the Pacific Northwest region experiences a lively trade in hogged wood. The IGT study discussed herein examines the determinants of the regional market price for hogged wood. A number of useful leading indicators are identified, and a statistical forecasting model is prepared to help predict future hogged wood prices. This model provides insight into the factors that are, and are not, important determinants of hogged wood price. The issue of fuel substitution is addressed in relation to the potential of hogged wood to displace some amount of primary energy sources such as natural gas and electricity. Also examined in the study are techniques to estimate the actual quantity of hogged wood available, and the quantity demanded by the marketplace. Conclusions presented in the study have important ramifications for understanding the price behavior and utilization of hogged wood fuel. 4 refs., 12 figs

Price and income elasticities of demand for passenger transport fuels in Spain. Implications for public policies

International Nuclear Information System (INIS)

Romero-Jordan, Desiderio; Del Rio, Pablo; Jorge-Garcia, Marta; Burguillo, Mercedes

2010-01-01

The significant increase in passenger transport activity (cars) experienced by Spain and its associated increase in energy consumption have several associated negative aspects, including a greater dependence on foreign energy sources and higher GHG emissions. Therefore, reducing the level of transport activity would bring important socioeconomic and environmental benefits. The aim of this paper, which focuses on energy consumption in the passenger transport, is fourfold: (1) to provide a diagnostic of energy consumption in the Spanish passenger transport system and the related problems; (2) to develop a model to calculate price and income elasticities of demand for transport fuel; (3) to apply this model to the Spanish passenger transport sector; (4) to infer policy recommendations derived from the results of the diagnostic and the model. It is claimed that, in view of those low price elasticities and high income elasticities and if a reduction in the scale of transport activity is deemed socially desirable, a combination of instruments is necessary. Fuel taxes play an important role within this combination. Apart from their long-term effects, the low price elasticity of demand for transport fuel would allow the collection of a significant amount of revenues, which could eventually be earmarked to encourage reductions in private transport demand and modal shifts with other instruments. (author)

Price and income elasticities of demand for passenger transport fuels in Spain. Implications for public policies

Energy Technology Data Exchange (ETDEWEB)

Romero-Jordan, Desiderio [Universidad Rey Juan Carlos, Madrid (Spain); Del Rio, Pablo [Institute for Public Goods and Policies (IPP), Consejo Superior de Investigaciones Cientificas (CSIC), C/Albasanz, 26-28, Madrid 28037 (Spain); Jorge-Garcia, Marta [Universidad de Leon (Spain); Burguillo, Mercedes [Universidad de Alcala (Spain)

2010-08-15

The significant increase in passenger transport activity (cars) experienced by Spain and its associated increase in energy consumption have several associated negative aspects, including a greater dependence on foreign energy sources and higher GHG emissions. Therefore, reducing the level of transport activity would bring important socioeconomic and environmental benefits. The aim of this paper, which focuses on energy consumption in the passenger transport, is fourfold: (1) to provide a diagnostic of energy consumption in the Spanish passenger transport system and the related problems; (2) to develop a model to calculate price and income elasticities of demand for transport fuel; (3) to apply this model to the Spanish passenger transport sector; (4) to infer policy recommendations derived from the results of the diagnostic and the model. It is claimed that, in view of those low price elasticities and high income elasticities and if a reduction in the scale of transport activity is deemed socially desirable, a combination of instruments is necessary. Fuel taxes play an important role within this combination. Apart from their long-term effects, the low price elasticity of demand for transport fuel would allow the collection of a significant amount of revenues, which could eventually be earmarked to encourage reductions in private transport demand and modal shifts with other instruments. (author)

Optimal fuel-mix in CHP plants under a stochastic permit price. Risk-neutrality versus risk-aversion

International Nuclear Information System (INIS)

Lappi, Pauli; Ollikka, Kimmo; Ollikainen, Markku

2010-01-01

This paper studies the optimal fuel-mix of a CHP producer under emission permit price risk. The producer's multi-fuel plant uses two CO 2 -intensive fuels and one clean fuel. Using a mean-variance framework we develop three models. The models are divided into spot-models (risk neutral and risk averse cases) and a forward-model (risk averse case). We derive the effects of price risk on optimal fuel use. An increase in price risk can in fact increase the use of CO 2 -intensive fuel in the spot-model. In the forward-model, the production and financial decisions are separate. We also evaluate the risk-bearing behavior of seven Finnish CHP producers. We found that risk-neutrality describes behavior better than risk-aversion. (author)

Fuel Prices as a Factor of Shaping Profitability of Road Transport in Poland

Directory of Open Access Journals (Sweden)

Marzantowicz Łukasz

2016-12-01

Full Text Available The goal of this article is to determine the relation between the price of fuel and the profitability of the company. For this purpose, the article defines the profitability of transport enterprises and points the source of the impact of changes in fuel prices on the profitability of companies in the road transport sector. The case of the ABC transport company shows the relationship between the costs incurred for the purchase of fuel and the cost of transport activities. To test the theoretical assumptions, case study method was used.

Prices versus policy: An analysis of the drivers of the primary fossil fuel mix

International Nuclear Information System (INIS)

Atalla, Tarek; Blazquez, Jorge; Hunt, Lester C.; Manzano, Baltasar

2017-01-01

Energy policymakers often attempt to shape their countries' energy mix, rather than leave it purely to market forces. By calibrating and simulating a Dynamic Stochastic General Equilibrium (DSGE) model, this paper analyzes the primary fossil fuel mix in the USA and compares it to Germany and the UK, given the different evolution of the mixes and the different roles played by relative prices and policy in North America and Europe. It is found that the model explains well the evolution of the primary fossil fuel mix in the USA for the period 1980–2014, suggesting that relative fossil fuel prices generally dominated in determining the mix during this time. However, this is not the case for Germany and the UK. For both countries, the model performs well only for the period after the market-oriented reforms in the 1990s. Additionally, the volatility of private consumption and output for the pre- and post-reform periods is evaluated for Germany and the UK and it is found that the liberalized energy markets brought about a transition from coal to natural gas, but with increased macroeconomic volatility. - Highlights: • Macroeconomic analysis of the importance of prices vs policy in driving the primary fossil fuel mix. • USA primary fossil fuel mix chiefly driven by relative prices since the early 1980s. • Germany and UK primary fossil fuel mix chiefly driven by policy until 1990s. • Germany and UK primary fossil fuel mix chiefly driven by relative prices since early to mid-1990s. • Transition from coal to natural gas in Germany and UK increased macroeconomic volatility.

Bulk Fuel Pricing: DOD Needs to Take Additional Actions to Establish a More Reliable Methodology

Science.gov (United States)

2015-11-19

Page 1 GAO-16-78R Bulk Fuel Pricing 441 G St. N.W. Washington, DC 20548 November 19, 2015 The Honorable Ashton Carter The Secretary of...Defense Bulk Fuel Pricing : DOD Needs to Take Additional Actions to Establish a More Reliable Methodology Dear Secretary Carter: Each fiscal...year, the Office of the Under Secretary of Defense (Comptroller), in coordination with the Defense Logistics Agency, sets a standard price per barrel

Electricity prices and fuel costs. Long-run relations and short-run dynamics

International Nuclear Information System (INIS)

Mohammadi, Hassan

2009-01-01

The paper examines the long-run relation and short-run dynamics between electricity prices and three fossil fuel prices - coal, natural gas and crude oil - using annual data for the U.S. for 1960-2007. The results suggest (1) a stable long-run relation between real prices for electricity and coal (2) Bi-directional long-run causality between coal and electricity prices. (3) Insignificant long-run relations between electricity and crude oil and/or natural gas prices. And (4) no evidence of asymmetries in the adjustment of electricity prices to deviations from equilibrium. A number of implications are addressed. (author)

Optimal fuel-mix in CHP plants under a stochastic permit price. Risk-neutrality versus risk-aversion

Energy Technology Data Exchange (ETDEWEB)

Lappi, Pauli; Ollikka, Kimmo; Ollikainen, Markku [Department of Economics and Management, P.O. Box 27, University of Helsinki, FIN-00014 Helsinki (Finland)

2010-02-15

This paper studies the optimal fuel-mix of a CHP producer under emission permit price risk. The producer's multi-fuel plant uses two CO{sub 2}-intensive fuels and one clean fuel. Using a mean-variance framework we develop three models. The models are divided into spot-models (risk neutral and risk averse cases) and a forward-model (risk averse case). We derive the effects of price risk on optimal fuel use. An increase in price risk can in fact increase the use of CO{sub 2}-intensive fuel in the spot-model. In the forward-model, the production and financial decisions are separate. We also evaluate the risk-bearing behavior of seven Finnish CHP producers. We found that risk-neutrality describes behavior better than risk-aversion. (author)

Optimal fuel-mix in CHP plants under a stochastic permit price: Risk-neutrality versus risk-aversion

Energy Technology Data Exchange (ETDEWEB)

Lappi, Pauli, E-mail: pauli.lappi@helsinki.f [Department of Economics and Management, P.O. Box 27, University of Helsinki, FIN-00014 Helsinki (Finland); Ollikka, Kimmo, E-mail: kimmo.ollikka@helsinki.f [Department of Economics and Management, P.O. Box 27, University of Helsinki, FIN-00014 Helsinki (Finland); Ollikainen, Markku, E-mail: markku.ollikainen@helsinki.f [Department of Economics and Management, P.O. Box 27, University of Helsinki, FIN-00014 Helsinki (Finland)

2010-02-15

This paper studies the optimal fuel-mix of a CHP producer under emission permit price risk. The producer's multi-fuel plant uses two CO{sub 2}-intensive fuels and one clean fuel. Using a mean-variance framework we develop three models. The models are divided into spot-models (risk neutral and risk averse cases) and a forward-model (risk averse case). We derive the effects of price risk on optimal fuel use. An increase in price risk can in fact increase the use of CO{sub 2}-intensive fuel in the spot-model. In the forward-model, the production and financial decisions are separate. We also evaluate the risk-bearing behavior of seven Finnish CHP producers. We found that risk-neutrality describes behavior better than risk-aversion.

Evidence of asymmetric behavioral responses to changes in gasoline prices and taxes for different fuel types

International Nuclear Information System (INIS)

Bajo-Buenestado, Raúl

2016-01-01

Using monthly data from the Spanish gasoline retail market we explore asymmetries in consumers’ behavioral responses to changes in gasoline prices and taxes. In particular, we are interested in investigating whether an increase in gasoline taxes has a more negative impact on the demand than a –similar in magnitude– increase in the “pre-tax” price of gasoline for different fuel types. We estimate fuel consumers’ responses using a rich set of robust panel data models considering potential dynamic effects and endogeneity problems. We find evidence to confirm the existence of asymmetric responses for the demand of unleaded fuels and agricultural diesel fuel. However we cannot support this statement for the regular diesel case: for this fuel both the tax-exclusive price and the tax elasticities are roughly the same. This result agrees with the fact that “diesel drivers” tend to be better informed about changes in both fuel prices and taxes. Some implications in terms of fiscal policy and pollution and climate change policy are also discussed. - Highlights: •Provide evidence of asymmetric responses of gasoline demand due to changes in prices and taxes. •Identify differences in the elasticity of the demand of diesel fuel and unleaded gasoline. •Perform robustness checks considering dynamic effects and IV regression. •Provide some policy recommendations for future gasoline tax changes.

Reduction of CO2 emissions by influencing fuel prices

International Nuclear Information System (INIS)

Keller, M.; Zbinden, R.; Haan, P.; Gruetter, J.; Ott, W.

2002-01-01

The CO 2 law stipulates quantitative targets for CO 2 emissions (reductions of 10% by 2010 compared with 1990, 15% for heating fuels, 8% for motor fuels). For motor fuels, it is currently estimated that the target will be missed by about 15%, or 2 to 2.5 million tonnes of CO 2 . In order to reach the targets, therefore, all measures that can be taken to reduce emissions are to be checked out and, where sensible and possible, implemented too. The subject of this study is the preferential treatment of diesel, natural gas, liquefied gas and bio-fuels as far as taxation is concerned, with compensation of tax losses on the petrol side. Also, the possibilities for promoting energy-efficient cars are looked at. The reduction of the price for diesel (at least 25 Swiss cents when compensated for via the petrol price) is considered to be unsuitable for reaching the targets because, in the final analysis, fuel sales - the determining factor for the CO 2 emissions that are charged to Switzerland - will increase instead of decreasing. Also, reservations are expressed from the environmental point of view (increased NO x emissions and, in particular, emissions of particulate matter). The modified measure proposed (fixed difference between the prices for petrol and diesel of 25 Swiss cents, for example) is looked at less critically, because it does actually lead to a reduction of CO 2 , even if only a modest one (approx. 10% of the gap to be bridged). On the environmental side, the same reservations apply. Bonus-malus systems, on the other hand, permit a selective choice of the objects of promotion (efficient and, possibly, low-emission vehicles), avoid the unjust preferential treatment of goods traffic and can be implemented without disturbing international price structures (fuel tourism). A bonus-malus system applied at purchase (e.g. different levels of car taxation) is considered to be more efficient than a differentiation in vehicle (road) tax. The promotion of gas is a

Ontario electricity outlook : smaller reserve margins and higher prices

International Nuclear Information System (INIS)

Alexander, C.; Kalevar, P.

2002-01-01

Privatization of Hydro One has been delayed, but this will not postpone the scheduled launch of restructuring the electricity markets in Ontario on May 1, 2002. The main concern of Ontario consumers is whether they will undergo an energy crisis such as the one experienced in California. A report released in February 2002 stated that electricity bills will be higher under the new electricity regime. It appears that electricity supply reserve margins will be tighter than originally thought, raising price volatility in the summer and fall. The authors claim that the chance for an energy crisis are low because of the added generating capacity. However, regardless of whether consumers sign a fixed term price contract with retailers, it is likely that electricity bills will be higher in 2002 and 2003. The Independent Electricity Market Operator (IMO) is assuring the public that the power generation resources currently available are sufficient to meet expected demand. However, in June through July, it is possible that reserves will fall short. It is also evident that charges for distribution, transmission and other services will be higher under the restructured system. Electricity bills are likely to be about 5 to 15 per cent higher in 2003 than they were before March 1, 2002. Higher prices might not last indefinitely. Initially, they will be used to pay off the debt, but competition and opportunities for profit should allow for greater efficiencies and innovation in Ontario's electricity system and prices could potentially fall lower than pre-deregulation prices. 1 tab., 3 figs

Determination of the fuel component in the cost price of the energy production in NPP

International Nuclear Information System (INIS)

Lakov, M.; Velev, V.

1997-01-01

An approach is proposed for the determination of the fuel component in the cost price of the nuclear units production with regards of the difference between the time of the fuel consumption and the energy production. This method gives the opportunity for fuel consumption prognostication, as well as an optimization of both short and long term fueling regimes. This approach permits current update of the economic conditions and the pre-history of the investments. It can be used both for the determination of the fuel component and the full cost price of the energy production in NPPs.(author)

Oil price, government policies fuel industry's shift from U.S

International Nuclear Information System (INIS)

Silas, C.J.

1991-01-01

The world exploration outlook starts with the outlook for the price of oil. This paper reports that oil prices and government policies for fuel industries shift from the U.S. If we've learned anything in the past decade it's that we're not very good at predicting oil prices. We can build economic models of supply and demand but we can't build models for political events in the Middle East or the actions of someone like Saddam Hussein. As we look to 2000 our best estimate is that oil will remain at about $20 for the near term and move upward very gradually during the rest of the decade. Of course, rising demand eventually should cause oil prices to break out and show some strength. But not soon. We don't see oil prices overcoming inflation until the latter part of the decade. And we aren't expecting oil prices much above $25 in inflation adjusted terms until the next century

A revisit of fossil-fuel subsidies in China: Challenges and opportunities for energy price reform

International Nuclear Information System (INIS)

Lin, Boqiang; Ouyang, Xiaoling

2014-01-01

Highlights: • We measure fossil-fuel subsidies and effects of subsidy removal in a systematic fashion during 2006–2010. • Fossil-fuel subsidies scale of China was CNY 881.94 billion in 2010, equivalent to 2.59% of GDP. • Impacts of removing subsidies on macroeconomic variables are examined by the CGE model. • Future policy should focus on designing transparent, targeted and efficient energy subsidies. - Abstract: Fossil-fuel subsidies contribute to the extensive growth of energy demand and the related carbon dioxide emissions in China. However, the process of energy price reform is slow, even though China faces increasing problems of energy scarcity and environmental deterioration. This paper focuses on analyzing fossil fuel subsidies in China by estimating subsidies scale and the implications for future reform. We begin by measuring fossil-fuel subsidies and the effects of subsidy removal in a systematic fashion during 2006–2010 using a price-gap approach. Results indicate that the oil price reform in 2009 significantly reduced China’s fossil-fuel subsidies and modified the subsidy structure. Fossil-fuel subsidies scale in China was 881.94 billion CNY in 2010, which was lower than the amount in 2006, equivalent to 2.59% of the GDP. The macro-economic impacts of removing fossil-fuel subsidies are then evaluated by the computable general equilibrium (CGE) model. Results demonstrate that the economic growth and employment will be negatively affected as well as energy demand, carbon dioxide and sulfur dioxide emissions. Finally, policy implications are suggested: first, risks of government pricing of energy are far from negligible; second, an acceptable macroeconomic impact is a criterion for energy price reform in China; third, the future energy policy should focus on designing transparent, targeted and efficient energy subsidies

The effects of the evolution of fuel prices and the environmental regulations on the producers of electric power based on fossil fuel

International Nuclear Information System (INIS)

Balasoiu, Constantin; Alecu, Sorin

2006-01-01

The production of electric power in the context of the concept of human society's lasting development is influenced in the recent years by a series of external factors, both circumstantial and derived from internal and international regulations. This work proposes a theoretical analysis of additional costs induced by the evolution of fuel prices as well as of the short, medium and long term environmental restrictions for the producers of lignite based electric power in Romania. To this purpose, the authors have considered as theoretical elements of analysis, a 330 MW functioning power station, working entirely on lignite GEL (70% expenses on fuel) with a production cost of 40 Euros/MWh at a 70% degree of usage capacity and 36 Euros/MWh at 100%. The paper addresses the following items: 1. The periods of analysis and the influential factors; 2. The evaluation of additional costs for the observance of EU Directive 2001/80/EC; 3. The evaluation of additional costs induced by the stipulations of the Kyoto Protocol; 4. The evaluation of additional costs induced by the evolution of the price of the fuel. In conclusion accumulating all the influences described in the chapters of this material, the impact in the rise of production costs for the described lignite based power plant is summarized by taking into account: the impact of CO 2 emissions; the impact Directive 2001/80/EC; the impact of the fuel price; the total rise. One can notice, that the biggest influence on the additional production costs comes from the impact of CO 2 emissions, in the outlook of the integration in the EU ETS, which depends on: 1) The way in which the National Allocation Plan for the allowances of CO 2 emissions is made in the power sector. The higher D utl.ref is, the stronger will be their place on the market. 2) The evolution of the price of CO 2 emissions on the EU ETS

Network-based model for predicting the effect of fuel price on transit ridership and greenhouse gas emissions

Directory of Open Access Journals (Sweden)

Michael W. Levin

2017-12-01

Full Text Available As fuel prices increase, drivers may make travel choices to minimize not only travel time, but also fuel consumption. Consideration of fuel consumption would affect route choice and influence trip frequency and mode choice. For instance, travelers may elect to live closer to their workplace, or use public transit to avoid fuel consumption and the associated costs. To incorporate network characteristics into predictions of the effects of fuel prices, we develop a multi-class combined elastic demand, mode choice, and user equilibrium model using a generalized cost function of travel time and fuel consumption with a combined solution algorithm. The algorithm is implemented in a custom software package, and a case study application on the Austin, Texas network is presented. We evaluate the fuel-price sensitivity of key variables such as drive-alone and transit class proportions, person-miles traveled, link-level traffic flow and per capita fuel consumption and emissions. These effects are examined across a heterogeneous demand set, with multiple user-classes categorized based on their value of travel time. The highest relative transit elasticities against fuel price are observed among low value of time classes, as expected. Although total personal vehicle travel decreases, congestion increases on some roads due to the generalized cost function. Reductions in system-wide fuel consumption and greenhouse gas emissions are observed as well. The study uncovers the combined interactions among fuel prices, multi-modal choice behavior, travel performance, and resultant environmental impacts, all of which dictate the urban travel market. It also equips agencies with motivation to tailor emissions reduction and transit-ridership stimulus policies around the most responsive user classes.

Price transparency on the market for automotive fuels. Final report

International Nuclear Information System (INIS)

Meindert, L.; Van Schijndel, M.; Volkerink, B.

2011-05-01

The objective of this study is to answer the main question: which bottlenecks may obstruct the road to up-to-date, reliable and fully market covering price comparison services for the Dutch market for automotive fuels. [nl

Price formation and market mechanisms in world nuclear fuel markets

International Nuclear Information System (INIS)

Neff, T.L.

1991-01-01

The structure of world markets for uranium, UF6 and enriched uranium product (EUP) have changed greatly since the 1970s. In the old model, firms specializing in mining, conversion, enrichment and fabrication played independent and sequential steps in the making of nuclear fuel. The great majority of users dealt directly with primary suppliers. Competition took place among suppliers at each stage of the fuel cycle and price formation occurred independently for each stage. Long-term contracts directly between primary supplier and end user dominated, whether for U3O8, conversion, enrichment or fabrication. The old model is effectively gone. uranium producers compete with traders, some of whom can offer a much larger menu of products and terms than primary suppliers. Where once there was a straight engineering-like sequence of processing from uranium to EUP for end use, today things are often reversed and far more complicated, with de-enrichment, de-conversion, loans, swaps, and other transactions. Those able to bring financial and entrepreneurial skills to bear on this complexity have an advantage. Long-term contracts between primary producers and end users no longer dominate new transactions, especially in the critical role of price formation - the process of determining or discovery of the market price. These changes have raised the question of whether participants in the nuclear fuel market need, or could benefit from, new institutional mechanisms, specifically some sort of formal exchange or commodity market

Ambiguities of fighting inflation: structure of alcohol fuel prices; Os equivocos do combate a inflacao

Energy Technology Data Exchange (ETDEWEB)

Nastari, Plinio Mario [Fundacao Getulio Vargas (FGV), Sao Paulo, SP (Brazil)

1993-12-31

The control of consumer prices of alcohol fuel and gasoline has been used by the Brazilian government as a tool for fighting inflation. The production of alcohol fuel from biomass and the use of its by-products is one of the few strategies that will permit economic development and environmental preservation at the same time. While the pricing policy continues to determine the energy policy, it will be almost impossible to promote the production and the use of alcohol fuel in the country 8 figs.

Fuel price and technological uncertainty in a real options model for electricity planning

International Nuclear Information System (INIS)

Fuss, Sabine; Szolgayova, Jana

2010-01-01

Electricity generation is an important source of total CO 2 emissions, which in turn have been found to relate to an acceleration of global warming. Given that many OECD countries have to replace substantial portions of their electricity-generating capacity over the next 10-20 years, investment decisions today will determine the CO 2 -intensity of the future energy mix. But by what type of power plants will old (mostly fossil-fuel-fired) capacity be replaced? Given that modern, less carbon-intensive technologies are still expensive but can be expected to undergo improvements due to technical change in the near future, they may become more attractive, especially if fossil fuel price volatility makes traditional technologies more risky. At the same time, technological progress is an inherently uncertain process itself. In this paper, we use a real options model with stochastic technical change and stochastic fossil fuel prices in order to investigate their impact on replacement investment decisions in the electricity sector. We find that the uncertainty associated with the technological progress of renewable energy technologies leads to a postponement of investment. Even the simultaneous inclusion of stochastic fossil fuel prices in the same model does not make renewable energy competitive compared to fossil-fuel-fired technology in the short run based on the data used. This implies that policymakers have to intervene if renewable energy is supposed to get diffused more quickly. Otherwise, old fossil-fuel-fired equipment will be refurbished or replaced by fossil-fuel-fired capacity again, which enforces the lock-in of the current system into unsustainable electricity generation. (author)

Lowering Saudi Arabia's fuel consumption and energy system costs without increasing end consumer prices

International Nuclear Information System (INIS)

Matar, Walid; Murphy, Frederic; Pierru, Axel; Rioux, Bertrand

2015-01-01

Using a multi-sector equilibrium model of the Saudi energy system that handles administered prices in a mixed-complementarity formulation, we present results from a set of policy scenarios that lower oil consumption in the country. Some of these scenarios are the solutions to Mathematical Programs subject to Equilibrium Constraints (MPECs) that maximize the net economic gain for the Saudi economy. The policies examined have the potential to generate economic gains exceeding 23 billion USD in 2011, or about 4% of Saudi Arabia's GDP. This economic gain comes mainly from inter-sectoral fuel pricing policies that incent shifting the mix in technologies that generate electricity and produce water from energy intensive technologies to more efficient ones. We show that when complemented by credits for investments in solar and nuclear power generation capacities, a modest increase in the transfer prices of fuels among sectors is sufficient to produce economic gains close to those achieved by deregulating transfer prices. The approach we develop here is an alternative to the classic recommendation of deregulating inter-sectoral fuel prices in situations where the conditions for successful liberalized markets do not exist. It is a template for introducing the notions of incentivizing behavior using prices into countries that rely more on administrative procedures than markets, leading to a deeper understanding of how markets can lead to economic gain. - Highlights: • The policies examined would have potentially generated economic gains exceeding 23 billion USD in 2011. • We design policies that produce economic benefits close to those achieved by deregulating inter-sectoral fuel prices. • This paper provides a template for building multi-sector models when transfer prices between sectors are administered

Transport fuel demand responses to fuel price and income projections : Comparison of integrated assessment models

NARCIS (Netherlands)

Edelenbosch, O. Y.; van Vuuren, Detlef; Bertram, C.; Carrara, S.; Emmerling, J.; Daly, H.; Kitous, A.; McCollum, D. L.; Saadi Failali, N.

Income and fuel price pathways are key determinants in projections of the energy system in integrated assessment models. In recent years, more details have been added to the transport sector representation in these models. To better understand the model dynamics, this manuscript analyses transport

Less Physician Practice Competition Is Associated With Higher Prices Paid For Common Procedures.

Science.gov (United States)

Austin, Daniel R; Baker, Laurence C

2015-10-01

Concentration among physician groups has been steadily increasing, which may affect prices for physician services. We assessed the relationship in 2010 between physician competition and prices paid by private preferred provider organizations for fifteen common, high-cost procedures to understand whether higher concentration of physician practices and accompanying increased market power were associated with higher prices for services. Using county-level measures of the concentration of physician practices and county average prices, and statistically controlling for a range of other regional characteristics, we found that physician practice concentration and prices were significantly associated for twelve of the fifteen procedures we studied. For these procedures, counties with the highest average physician concentrations had prices 8-26 percent higher than prices in the lowest counties. We concluded that physician competition is frequently associated with prices. Policies that would influence physician practice organization should take this into consideration. Project HOPE—The People-to-People Health Foundation, Inc.

How to Avoid the Usual Price Rule on the Fuel Market in the Czech Republic

Directory of Open Access Journals (Sweden)

Pavel Semerád

2016-01-01

Full Text Available The paper deals with value added tax evasions on the fuel market in the Czech Republic. This commodity is used in carousel fraud. In the chains of taxpayers there are missing traders who fail to meet their tax obligations. Their business strategy is based on quick sales at unusually low prices which do not allow honest parties to compete. Tax administrators should focus on unusual prices which constitute a higher probability of tax evasions. This paper aims to verify whether or not there are ways to evade the measure, focusing specifically on applying methods which could help achieve lower sales prices while avoiding the possibility to require unpaid tax from the recipients of taxable supply. The weaknesses thus found are described and demonstrated in more detail in the paper. During a research some ways were found which could be used for avoiding this specific measure. Methods of Cash Back and Free Shipping were identified and described.

Fuel Class Higher Alcohols

KAUST Repository

Sarathy, Mani

2016-01-01

This chapter focuses on the production and combustion of alcohol fuels with four or more carbon atoms, which we classify as higher alcohols. It assesses the feasibility of utilizing various C4-C8 alcohols as fuels for internal combustion engines

Survey regarding the prices of wood fuels over the 2014 - 2015 period - Synthesis

International Nuclear Information System (INIS)

Fautrad, Alice

2015-11-01

The study conducted by CODA Strategies contains, in a first part, the synthesis and the full report of the results of a survey realized in 2015 among distributors of wood fuels for domestic, commercial, industrial and collective housing purposes. A second report presents the 2014-2015 fuel prices for commercial, industrial and collective housing markets only. This report is based on data published by the CEEB and proposes a method to estimate the cost of delivery. A third report presents the 2014-2015 results of a survey realized among distributors of wood fuels for domestic purposes only. This report also presents data regarding wood pellets price, in order to place the French market in its international context. A last report presents a French/English synthesis of the the 2014-2015 survey results

Effects of SO2 emission regulations and fuel prices on levellized energy costs for industrial steam generation options

International Nuclear Information System (INIS)

Ozdogan, Sibel; Arikol, Mahir

1992-01-01

We discuss the impacts of SO 2 emission regulations and fuel prices on levellized energy costs of industrial steam generation options. A computer model called INDUSTEAM has been utilized. The steam-supply options comprise conventional grate-firing, bubbling and circulating fluidized beds, fuel-oil, and natural-gas-fired systems. Fuels of different SO 2 pollution potential have been evaluated assuming six environmental scenarios and varying fuel prices. A capacity range of 10-90 MW th is covered. (author)

Natural gas pricing policy: the case of the Greek energy market

International Nuclear Information System (INIS)

Caloghirou, Y.; Mourelatos, A.; Papayannakis, L.

1995-01-01

The evolution of the price of natural gas (NG) is examined in industrial and tertiary residential sectors for European Union (EU) countries. The methodological approach is that of comparative analysis. NG price is seen to be positively correlated to prices of liquid fuels. NG price in the tertiary residential sector is significantly higher than that for the industrial sector for all countries examined. An attempt is undertaken to examine tax policies for NG and liquid fuels. All governments of EU countries have the policy of not applying direct taxes to the NG industrial price. They have also taken measures to support its penetration in the residential tertiary sector by applying lower taxes than those on liquid fuels. (author)

Prices of agricultural commodities, biofuels and fossil fuels in long-run relationships: a comparative study for the USA and Europe

DEFF Research Database (Denmark)

Groth, Tanja; Bentzen, Jan

2013-01-01

Time-series data for the USA and Europe representing prices of agricultural commodities, biofuels and fossil fuels are used for a comparative analysis of long-run price relationships. There is some evidence for cointegration between ethanol and gasoline, especially for the USA, and in the case...... of biodiesel, stronger evidence of cointegration between biodiesel, diesel and soya oil for both the USA and Europe. Finally, biofuel prices do not seem to influence agricultural commodity prices or fossil fuel prices....

Higher-Order Finite Element Solutions of Option Prices

DEFF Research Database (Denmark)

Raahauge, Peter

2004-01-01

Kinks and jumps in the payoff function of option contracts prevent an effectiveimplementation of higher-order numerical approximation methods. Moreover, thederivatives (the greeks) are not easily determined around such singularities, even withstandard lower-order methods. This paper suggests...... for prices as well as for first and second order derivatives(delta and gamma). Unlike similar studies, numerical approximation errors aremeasured both as weighted averages and in the supnorm over a state space includingtime-to-maturities down to a split second.KEYWORDS: Numerical option pricing, Transformed...

Influence of the pro-ecological tax on the market prices of fuels and electricity

International Nuclear Information System (INIS)

Szargut, Jan; Stanek, Wojciech

2008-01-01

The proposed pro-ecological tax should be proportional to the cumulative consumption of non-renewable natural exergy burdening the considered product. It should replace the existing value-added tax (VAT). The income of the state after introducing the new tax, should remain without any change. That principle determines the coefficient of proportionality between the cumulative consumption of non-renewable exergy and the value of the tax. The total value of the tax should be paid to the state after extracting the minerals and fuels from nature and importing the fuels and semi-finished products, then transferred to the subsequent products in a form of their elevated price. Hence, the tax is eventually paid by the consumers in the form of an elevated price of goods and services. The total income of the society should remain without any changes. The largest price increase will appear in the case of fuels and electricity. The prices of electricity produced from renewable resources are calculated too, taking into account the accompanying unavoidable consumption of non-renewable exergy for the construction of the power plant. The new VAT should enhance the economy of the most energy-consuming products, stimulate the mitigation of the total consumption level of the society and increase the application of the renewable energy resources. (author)

Nuclear-fuel-cycle facility deployment and price generation

International Nuclear Information System (INIS)

Andress, D.A.

1981-04-01

The enrichment process and how it is to be modeled in the International Nuclear Model (INM) is described. The details of enrichment production, planning, unit price generation, demand estimation and ordering are examined. The enrichment process from both the producer's and the utility's point of view is analyzed. The enrichment separative-work-unit (SWU) contracts are also discussed. The relationship of the enrichment process with other sectors of the nuclear fuel cycle, expecially uranium mining and milling is considered. There are portions of the enrichment process that are not completely understood at the present time. These areas, which require further study, will be pinpointed in the following discussion. In many cases, e.g., the advent of SMU brokerage activities, the answers will emerge only in time. In other cases, e.g., political trends, uncertainties will always remain. It is possible to cast the uncertainties in a probabilistic framework, but this is beyond the scope of this report. INM, a comprehensive model of the international nuclear industry, simulates the market decision process based on current and future price expectations under a broad range of scenario specifications. INM determines the proper reactor mix as well as the planning, operation, and unit price generation of the attendant nuclear fuel cycle facilities. The level of detail of many of the enrichment activities presented in this report, e.g., the enrichment contracts, is too fine to be incorporated into INM. Nevertheless, they are presented in a form that is ammendable to modeling. The reasons for this are two-fold. First, it shows the level of complexity that would be required to model the entire system. Second, it presents the structural framework for a detailed, stand-alone enrichment model

PRICE TRANSMISSION AND HOUSEHOLDS DEMAND ELASTICITY FOR FROZEN FISH UNDER FUEL SUBSIDY REFORM IN DELTA STATE, NIGERIA

Directory of Open Access Journals (Sweden)

Achoja Felix Odemero

2013-07-01

Full Text Available Fuel subsidy removal is assumed to translate to general increase in the cost of operating business such as fish marketing.The response of price of fish and corresponding demand elasticity are welfare issues worthy of investigation in Nigeria. The present study evaluates price transmission in fish marketing system by analysing the response of fish market indices to fuel subsidy reform in Nigeria. Primary data collected with structured questionnaire from purposively selected 78 frozen fish marketers, were analysed with descriptive statistics and regression model. A test of hypothesis shows a significant price transmission of about 100% (P < 0.05. Marketing cost increased by 31.8% and profitability dropped by 24.20%, confirming negative effect of new price regime. The result further revealed a 0.05% drop in quantity of frozen fish demanded by households. It was recommended that economic measures should be introduced by the government to cushion the effect of fuel policy removal.

Volatile behaviour of enrichment uranium in the total nuclear fuel price

International Nuclear Information System (INIS)

Arnaiz, J.; Inchausti, J. M.; Tarin, F.

2004-01-01

In this article the historical high volatile behaviour of the total nuclear fuel price is evaluated quantitatively and it is concluded that it has been due mainly to the fluctuations of the price of the principal components of enriched uranium (concentrates and enrichment). In order to avoid the negative effects of this volatiles behaviour as far as possible, a basic strategy in the uranium procurement activities is recommended (union of buyers, diversification of supplier, stock management, optimisation of contract portfolio and suitable currency management that guarantees a reliable uranium supply at reasonable prices. These guidelines are those that ENUSA has been following on behalf of the Spanish Utilities in the Commission of Uranium Procurement (CAU in Spanish). (Author) 11 refs

Pricing Strategies and Models for the Provision of Digitized Texts in Higher Education.

Science.gov (United States)

Hardy, Rachel; Oppenheim, Charles; Rubbert, Iris

2002-01-01

Describes research into charging mechanisms for the delivery of digitized texts to higher education students in the United Kingdom and discusses the need for a satisfactory pricing model. Explains the HERON (Higher Education Resources On-Demand) and PELICAN (Pricing Experiment Library Information Cooperative Network) projects and considers…

Market power in the market for greenhouse gas emission permits - the interplay with the fossil fuel markets

International Nuclear Information System (INIS)

Hagem, Cathrine; Maestad, Ottar

2002-01-01

Implementation of the Kyoto Protocol is likely to leave Russia and other Eastern European countries with market power in the market for emission permits. Ceteris paribus, this will raise the permit price above the competitive permit price. However, Russia is also a large exporter of fossil fuels. A high price on emission permits may lower the producer price on fossil fuels. Thus, if Russia co-ordinates its permit market and fossil fuel market policies, market power will not necessarily lead to a higher permit price. Fossil fuel producers may also exert market power in the permit market, provided they conceive the permit price to be influenced by their production volumes. If higher volumes drive up the permit price Russian fuel producers may become more aggressive relative to their competitors in the fuel markets. If the sale of fuels is co-ordinated with the sale of permits. The result is reversed if high fuel production drives the permit price down. (Author)

Market power in the market for greenhouse gas emission permits - the interplay with the fossil fuel markets

Energy Technology Data Exchange (ETDEWEB)

Hagem, Cathrine; Maestad, Ottar

2002-07-01

Implementation of the Kyoto Protocol is likely to leave Russia and other Eastern European countries with market power in the market for emission permits. Ceteris paribus, this will raise the permit price above the competitive permit price. However, Russia is also a large exporter of fossil fuels. A high price on emission permits may lower the producer price on fossil fuels. Thus, if Russia co-ordinates its permit market and fossil fuel market policies, market power will not necessarily lead to a higher permit price. Fossil fuel producers may also exert market power in the permit market, provided they conceive the permit price to be influenced by their production volumes. If higher volumes drive up the permit price Russian fuel producers may become more aggressive relative to their competitors in the fuel markets. If the sale of fuels is co-ordinated with the sale of permits. The result is reversed if high fuel production drives the permit price down. (Author)

Multi-objective regulations on transportation fuels: Comparing renewable fuel mandates and emission standards

International Nuclear Information System (INIS)

Rajagopal, D.; Plevin, R.; Hochman, G.; Zilberman, D.

2015-01-01

We compare two types of fuel market regulations — a renewable fuel mandate and a fuel emission standard — that could be employed to simultaneously achieve multiple outcomes such as reduction in fuel prices, fuel imports and greenhouse gas (GHG) emissions. We compare these two types of regulations in a global context taking into account heterogeneity in carbon content of both fossil fuels and renewable fuels. We find that although neither the ethanol mandate nor the emission standard is certain to reduce emissions relative to a business-as-usual baseline, at any given level of biofuel consumption in the policy region, a mandate, relative to an emission standard, results in higher GHG emissions, smaller expenditure on fuel imports, lower price of ethanol-blended gasoline and higher domestic fuel market surplus. This result holds over a wide range of values of model parameters. We also discuss the implications of this result to a regulation such as the US Renewable Fuel Standard given recent developments within the US such as increase in shale and tight oil production and large increase in average vehicle fuel economy of the automotive fleet. - Highlights: • Biofuel mandates and fuel GHG emission standards are analyzed from a multiple criteria perspective • An emission-standard always results in lower global emissions while requiring less biofuel relative to a biofuel mandate • An emission-standard results in higher fuel price in the home region relative to a biofuel mandate • Emission standards lead to more shuffling of both fossil fuels and biofuels between home and abroad • The relative impact of the policies on fuel imports depends on the relative cost-effectiveness of domestic & imported biofuel • Recent developments oil production and fuel economy increase the net benefits of an LCFS approach relative to RFS

Impact of the flex-fuel vehicle on the prices formation and regulation in Brazil; Analise do impacto dos veiculos flex-fuel na formacao e regulacao de precos de combustiveis veiculares no Brasil

Energy Technology Data Exchange (ETDEWEB)

Buscarini, Rodolfo Jose Galvao [Universidade Estadual de Campinas (IE/UNICAMP), SP (Brazil). Inst. de Economia; Cesca, Igor Gimenes [Universidade Estadual de Campinas (DEP/FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica. Dept. de Engenharia de Petroleo

2012-07-01

The main fuels for vehicles in Brazil are the gasoline type C - which is a mixture of gasoline, resulting from the fractional distillation of oil and anhydrous ethanol - and hydrated ethanol. For this importance, has been created an institutional framework to guide and regulate the activities of the fuel sector, initially for gasoline, hydrated ethanol was contemplated by such device in 2011. Since 2003, there has been manufactured in Brazil the flex-fuel vehicles. With this, the possibility of activation of an additional factor for the regulation of vehicle fuel prices, increasing consumer power to define which of the fuels could be used as the disposition of their prices. One of the effects of growth flex-fuel sales has been increased production and investment in ethanol (especially sugar cane) as a suitable alternative to the. The hope was that the formation of fuel prices was less dependent on their cost of production and distribution and more influenced by a pressure of consumer demand. However, the increase in the sales of the flex-fuel vehicle in Brazil in the last years was not the determining factor in the price of fuels, as it was expected. The explanation of this is on external factors to the automotive industry, linked to the structures of the production chain of oil and ethanol, especially the question of the great increase in international prices of oil and hydrated ethanol in the international market in recent years. (author)

Statistical model for forecasting uranium prices to estimate the nuclear fuel cycle cost

International Nuclear Information System (INIS)

Kim, Sung Ki; Ko, Won Il; Nam, Hyoon; Kim, Chul Min; Chung, Yang Hon; Bang, Sung Sig

2017-01-01

This paper presents a method for forecasting future uranium prices that is used as input data to calculate the uranium cost, which is a rational key cost driver of the nuclear fuel cycle cost. In other words, the statistical autoregressive integrated moving average (ARIMA) model and existing engineering cost estimation method, the so-called escalation rate model, were subjected to a comparative analysis. When the uranium price was forecasted in 2015, the margin of error of the ARIMA model forecasting was calculated and found to be 5.4%, whereas the escalation rate model was found to have a margin of error of 7.32%. Thus, it was verified that the ARIMA model is more suitable than the escalation rate model at decreasing uncertainty in nuclear fuel cycle cost calculation

Statistical model for forecasting uranium prices to estimate the nuclear fuel cycle cost

Energy Technology Data Exchange (ETDEWEB)

Kim, Sung Ki; Ko, Won Il; Nam, Hyoon [Nuclear Fuel Cycle Analysis, Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of); Kim, Chul Min; Chung, Yang Hon; Bang, Sung Sig [Korea Advanced Institute of Science and Technology, Daejeon (Korea, Republic of)

2017-08-15

This paper presents a method for forecasting future uranium prices that is used as input data to calculate the uranium cost, which is a rational key cost driver of the nuclear fuel cycle cost. In other words, the statistical autoregressive integrated moving average (ARIMA) model and existing engineering cost estimation method, the so-called escalation rate model, were subjected to a comparative analysis. When the uranium price was forecasted in 2015, the margin of error of the ARIMA model forecasting was calculated and found to be 5.4%, whereas the escalation rate model was found to have a margin of error of 7.32%. Thus, it was verified that the ARIMA model is more suitable than the escalation rate model at decreasing uncertainty in nuclear fuel cycle cost calculation.

Projections of the energy prices

International Nuclear Information System (INIS)

Jankauskas, V.

1996-01-01

This article deals with the trends of the main fuel prices development in the Western European markets. There are two possible price development scenarios presented in the article. Transportation costs of various internationally traded fuels from various sources (Russia, Western Europe) are estimated and their most feasible values are considered. Fuel prices for the final big consumers are calculated adding the domestic distribution costs. Trends of heat and electricity price development in Lithuania during the period of 1991-1995 are analyzed. Forecasts of the electricity generation and supply costs are calculated according to various scenarios. Electricity prices will be lowest in the case of the further operation of the Ignalina NPP and low fuel prices in international markets. (author). 8 refs., 14 figs., 4 tabs

Price-Cost Ratios in Higher Education: Subsidy Structure and Policy Implications

Science.gov (United States)

Xie, Yan

2010-01-01

The diversity of US institutions of higher education is manifested in many ways. This study looks at that diversity from the economic perspective by studying the subsidy structure through the distribution of institutional price-cost ratio (PCR), defined as the sum of net tuition price divided by total supplier cost and equals to one minus…

Cost and Price Increases in Higher Education: Evidence of a Cost Disease on Higher Education Costs and Tuition Prices and the Implications for Higher Education Policy

Science.gov (United States)

Trombella, Jerry

2011-01-01

As concern over rapidly rising college costs and tuition sticker prices have increased, a variety of research has been conducted to determine potential causes. Most of this research has focused on factors unique to higher education. In contrast, cost disease theory attempts to create a comparative context to explain cost increases in higher…

The Value of Renewable Energy as a Hedge Against Fuel Price Risk: Analytic Contributions from Economic and Finance Theory

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark A; Wiser, Ryan

2008-09-15

For better or worse, natural gas has become the fuel of choice for new power plants being built across the United States. According to the Energy Information Administration (EIA), natural gas-fired units account for nearly 90% of the total generating capacity added in the U.S. between 1999 and 2005 (EIA 2006b), bringing the nationwide market share of gas-fired generation to 19%. Looking ahead over the next decade, the EIA expects this trend to continue, increasing the market share of gas-fired generation to 22% by 2015 (EIA 2007a). Though these numbers are specific to the US, natural gas-fired generation is making similar advances in many other countries as well. A large percentage of the total cost of gas-fired generation is attributable to fuel costs--i.e., natural gas prices. For example, at current spot prices of around $7/MMBtu, fuel costs account for more than 75% of the levelized cost of energy from a new combined cycle gas turbine, and more than 90% of its operating costs (EIA 2007a). Furthermore, given that gas-fired plants are often the marginal supply units that set the market-clearing price for all generators in a competitive wholesale market, there is a direct link between natural gas prices and wholesale electricity prices. In this light, the dramatic increase in natural gas prices since the 1990s should be a cause for ratepayer concern. Figure 1 shows the daily price history of the 'first-nearby' (i.e., closest to expiration) NYMEX natural gas futures contract (black line) at Henry Hub, along with the futures strip (i.e., the full series of futures contracts) from August 22, 2007 (red line). First, nearby prices, which closely track spot prices, have recently been trading within a $7-9/MMBtu range in the United States and, as shown by the futures strip, are expected to remain there through 2012. These price levels are $6/MMBtu higher than the $1-3/MMBtu range seen throughout most of the 1990s, demonstrating significant price escalation for

Analysis of consumer response to fuel price fluctuations applying sample selection model to GPS panel data : Dynamics in individuals' car use

NARCIS (Netherlands)

Yang, Dujuan; Timmermans, Harry

2015-01-01

The effects of fuel price increases on people's car use have been widely discussed during the last few decades in travel behavior research. It is well recognized that fuel price has significant effects on driving distance and driving efficiency. However, most of this research assumed that these

Price elasticity of Swiss motor fuel demand; Elasticite-prix de la demande d'essence en Suisse

Energy Technology Data Exchange (ETDEWEB)

Baranzini, A. [Haute Ecole de Gestion de Geneve (HEG-Geneve), Centre de Recherche Appliquee en Gestion (CRAG), Carouge (Switzerland); Neto, D.; Weber, S. [Universite de Geneve, Laboratoire d' Economie Appliquee (LEA), Geneve (Switzerland)

2009-07-15

This report for the Swiss Federal Office of Energy (SFOE) by the University of Geneva takes a look at the price elasticity of motor fuel demand in Switzerland. Macro-economic data on petrol and diesel consumption is used to calculate short and long-term price elasticity. Various factors that have an influence on prices are discussed. Data for the period 1970 - 2008 is used. A method developed by Engle and Granger is used to examine short and long-term developments in this area. A large number of variables are used in mathematical models to explain price developments. The methods used are described and the results are presented in tabular form. Various external effects such the oil-price shocks and price developments in neighbouring countries are examined.

Winters fuels report

International Nuclear Information System (INIS)

1995-01-01

The outlook for distillate fuel oil this winter is for increased demand and a return to normal inventory patterns, assuming a resumption of normal, cooler weather than last winter. With industrial production expected to grow slightly from last winter's pace, overall consumption is projected to increase 3 percent from last winter, to 3.4 million barrels per day during the heating season (October 1, 1995-March 31, 1996). Much of the supply win come from stock drawdowns and refinery production. Estimates for the winter are from the Energy Information Administration's (EIA) 4th Quarter 1995 Short-Tenn Energy Outlook (STEO) Mid-World Oil Price Case forecast. Inventories in place on September 30, 1995, of 132 million barrels were 9 percent below the unusually high year-earlier level. Inventories of high-sulfur distillate fuel oil, the principal type used for heating, were 13 percent lower than a year earlier. Supply problems are not anticipated because refinery production and the ready availability of imports should be adequate to meet demand. Residential heating off prices are expected to be somewhat higher than last winter's, as the effects of lower crude oil prices are offset by lower distillate inventories. Heating oil is forecast to average $0.92 per gallon, the highest price since the winter of 1992-93. Diesel fuel (including tax) is predicted to be slightly higher than last year at $1.13 per gallon. This article focuses on the winter assessment for distillate fuel oil, how well last year's STEO winter outlook compared to actual events, and expectations for the coming winter. Additional analyses include regional low-sulfur and high-sulfur distillate supply, demand, and prices, and recent trends in distillate fuel oil inventories

Risk and investment in the fuel cell industry

International Nuclear Information System (INIS)

Henriques, I.; Sadorsky, P.

2004-01-01

The energy industry is one of the building blocks of the new economy. Currently, the global energy industry is going through a transformation from high carbon content fuels like crude oil to less carbon content fuels like natural gas and hydrogen. Fuel cells are the backbone of the hydrogen economy. Advances in fuel cell technology have the potential to improve the living standards of people in all countries. New sources of financial capital, however, remain a problem. In the fuel cell industry, the future of a firm often depends upon the success or failure of a few key products. This tends to make these firms very risky to invest in and, as a result, makes it difficult for these firms to secure financial investment capital. Oil price movements remain one very important source of risk to fuel cell companies. Conventional wisdom suggests that higher oil prices stimulate interest in alternative energy sources like fuel cells and the stock prices of publicly traded fuel cell companies tend to perform well when oil prices are high. Lower oil prices, however, have the opposite effect. Consequently, oil price movements may affect the rates of return of the companies currently in the fuel cell industry. In this paper, we empirically analyze the stock price sensitivity of a sample of fuel cell companies to oil price risk. In particular, we look at both the impact and magnitude of oil price changes on fuel cell stock prices. Both symmetric and asymmetric oil price changes are considered. Our results indicate that oil price risk is not an important source of risk that impacts the equity returns of fuel cell companies. We find that market risk factors are much more important. We then offer suggestions on how to manage this risk. These results are useful for managers, investors, policy makers, and others who are interested in the strategic management, financing and risk management of firms building the hydrogen economy. (author)

Effect of heat storage and fuel price on energy management and economics of micro CCHP cogeneration systems

Energy Technology Data Exchange (ETDEWEB)

Askari, I. Baniasad [University of Zabol, Zabol (Iran, Islamic Republic of); Sadegh, M. Oukati [University of Sistan and Baluchestan, Zahedan (Iran, Islamic Republic of); Ameri, M. [Shahid Bahonar University, Kerman (Iran, Islamic Republic of)

2014-05-15

In the present work, a typical combined cooling, heating and power (CCHP) system comprised of boiler, flat solar collectors, absorption chiller and heat storage tank was investigated. The described system was considered to supply the given electricity, cooling and heating demand of a residential building; with heating and cooling needs of 100 and 50 kW, respectively. To find the optimum hybrid configurations with high reliability, low costs, low fuel consumption and emissions, a computer program was provided by authors in FORTRAN language. Different fuel prices were considered in the present work. The results indicated that the optimal operation strategy changes with Boiler and NGG fuel prices while it also changes with increasing the number of solar collectors, heat storage capacity and consequently decreasing total annual emission.

Unemployment rate and price of gasoline predict the fuel economy of purchased new vehicles.

Science.gov (United States)

2011-03-01

This study examined the relationship between two economic indicatorsthe : unemployment rate and the price of gasolineand the fuel economy of purchased new : vehicles. A regression analysis was performed on U.S. monthly data from October 2007 : ...

Social cost pricing of fossil fuels used in the production of electricity: implications to biomass feasibility

International Nuclear Information System (INIS)

Dillivan, K.D.; English, B.C.

1997-01-01

The primary objective of this study is to investigate full social pricing for fossil fuels and the subsequent effect on biomass quantities in the state of Tennessee. The first step is to estimate the full social costs and then to estimate the effects of their internalization. Other objectives are (1) investigate whether or not market imperfections exist, (2) if they exist, how should full social cost pricing be estimated, (3) what other barriers help fossil fuels stay economically attractive and prevent biomass from competing, (4) estimating the demand for biomass, and (5) given this demand for biomass, what are the implications for farmers and producers in Tennessee. (author)

Rapid fuel switching from coal to natural gas through effective carbon pricing

Science.gov (United States)

Wilson, I. A. Grant; Staffell, Iain

2018-05-01

Great Britain's overall carbon emissions fell by 6% in 2016, due to cleaner electricity production. This was not due to a surge in low-carbon nuclear or renewable sources; instead it was the much-overlooked impact of fuel switching from coal to natural gas generation. This Perspective considers the enabling conditions in Great Britain and the potential for rapid fuel switching in other coal-reliant countries. We find that spare generation and fuel supply-chain capacity must already exist for fuel switching to deliver rapid carbon savings, and to avoid further high-carbon infrastructure lock-in. More important is the political will to alter the marketplace and incentivize this switch, for example, through a stable and strong carbon price. With the right incentives, fuel switching in the power sector could rapidly achieve on the order of 1 GtCO2 saving per year worldwide (3% of global emissions), buying precious time to slow the growth in cumulative carbon emissions.

What would be the effects of a carbon tax in Japan: an historic analysis of subsidies and fuel pricing on the iron & steel, chemical, and machinery industries

Directory of Open Access Journals (Sweden)

Takako Wakiyama

2016-06-01

Full Text Available This study examines how a carbon tax could affect industrial-related carbon dioxide (CO2 emissions in Japan. Rather than forecasting the effects of a tax, the paper employs a time-series autoregressive moving average (ARMA model to determine how past subsidies and fuel price changes affected investments in energy and carbon intensity in Japan’s iron & steel, chemical, and machinery industries from 1993 to 2004. The results suggest the impacts varied greatly across industries. In the iron & steel industry, subsidies and price changes produced negligible effects on investments in energy and carbon intensity. This may be because existing iron & steel technologies have long lifetimes and substantial replacement costs. It may also be because the few large companies dominating the industry were relatively immune to subsidy provisions and pricing changes. In the chemical industry, subsidies and fuel prices gave rise to investments that improved carbon and energy intensity. This may be because the industry has relatively higher operation costs that could be cut easily given financial incentives. In the machinery industry, two of three fuel price changes (oil and gas, but not subsidy provisions, yielded improvements in carbon and energy intensity. This may reflect the heterogeneity of companies and products comprising the industry. Overall, the study underscores that policymakers need to tailor the rates and revenue recycling provisions of a carbon tax to an industry’s unique features to stimulate CO2 reductions.

Petroleum’s Price Transmission and Imported Demand for Crude Oil in Thailand

OpenAIRE

Papusson Chaiwat; Nantarat Tangvitoontham

2014-01-01

The study of the petroleum price structures in Thailand reveals that diesel is the important fuel because it influences inflation and productions’ costs. Government wants to keep diesel’s price stability; meanwhile, it is less control in gasohol and petrol prices. These prices are normally higher than diesel’s price in order to support the renewable energy and reduce the consumption behaviors. Real price elasticity of imported crude oil in short run is insignificant but in long run is about 0...

Price elasticity of Swiss motor fuel demand; Elasticite-prix de la demande d'essence en Suisse

Energy Technology Data Exchange (ETDEWEB)

Baranzini, A. [Haute Ecole de Gestion de Geneve (HEG-Geneve), Centre de Recherche Appliquee en Gestion (CRAG), Carouge (Switzerland); Neto, D.; Weber, S. [Universite de Geneve, Laboratoire d' Economie Appliquee (LEA), Geneve (Switzerland)

2009-07-15

This report for the Swiss Federal Office of Energy (SFOE) by the University of Geneva takes a look at the price elasticity of motor fuel demand in Switzerland. Macro-economic data on petrol and diesel consumption is used to calculate short and long-term price elasticity. Various factors that have an influence on prices are discussed. Data for the period 1970 - 2008 is used. A method developed by Engle and Granger is used to examine short and long-term developments in this area. A large number of variables are used in mathematical models to explain price developments. The methods used are described and the results are presented in tabular form. Various external effects such the oil-price shocks and price developments in neighbouring countries are examined.

Pricing American Asian options with higher moments in the underlying distribution

Science.gov (United States)

Lo, Keng-Hsin; Wang, Kehluh; Hsu, Ming-Feng

2009-01-01

We develop a modified Edgeworth binomial model with higher moment consideration for pricing American Asian options. With lognormal underlying distribution for benchmark comparison, our algorithm is as precise as that of Chalasani et al. [P. Chalasani, S. Jha, F. Egriboyun, A. Varikooty, A refined binomial lattice for pricing American Asian options, Rev. Derivatives Res. 3 (1) (1999) 85-105] if the number of the time steps increases. If the underlying distribution displays negative skewness and leptokurtosis as often observed for stock index returns, our estimates can work better than those in Chalasani et al. [P. Chalasani, S. Jha, F. Egriboyun, A. Varikooty, A refined binomial lattice for pricing American Asian options, Rev. Derivatives Res. 3 (1) (1999) 85-105] and are very similar to the benchmarks in Hull and White [J. Hull, A. White, Efficient procedures for valuing European and American path-dependent options, J. Derivatives 1 (Fall) (1993) 21-31]. The numerical analysis shows that our modified Edgeworth binomial model can value American Asian options with greater accuracy and speed given higher moments in their underlying distribution.

Decrease of energy and emission prices undesired. Unfair attack on CO2-levies

International Nuclear Information System (INIS)

Blom, M.; De Keizer, I.; Benner, J.

2005-01-01

Recently, in the Netherlands, fuel taxes and prices for CO2 emission are criticised. High energy prices are used to suggest other forms of pricing regulations. However, the higher energy prices and CO2-levies are very useful in realizing a sustainable energy supply. More transparency in the market for emissions trading is required to prevent unfair on-charge expenses of CO2-charges [nl

Calculation of fuel, currency, and inland freight price adjustment factors for military marine shipping

Science.gov (United States)

2013-11-01

This report describes the refreshing of the USTRANSCOM Economic Price Adjustment (EPA) factors for use in the USC-7 contract. The three EPA factors developed by Volpe in 2009 are the starting point for this update, and these are the Bunker Fuel Adjus...

Fuel prices scenario generation based on a multivariate GARCH model for risk analysis in a wholesale electricity market

International Nuclear Information System (INIS)

Batlle, C.; Barquin, J.

2004-01-01

This paper presents a fuel prices scenario generator in the frame of a simulation tool developed to support risk analysis in a competitive electricity environment. The tool feeds different erogenous risk factors to a wholesale electricity market model to perform a statistical analysis of the results. As the different fuel series that are studied, such as the oil or gas ones, present stochastic volatility and strong correlation among them, a multivariate Generalized Autoregressive Conditional Heteroskedastic (GARCH) model has been designed in order to allow the generation of future fuel prices paths. The model makes use of a decomposition method to simplify the consideration of the multidimensional conditional covariance. An example of its application with real data is also presented. (author)

DIREM's prices. Prices and margins of petroleum products in France and in the European Union

International Nuclear Information System (INIS)

2002-08-01

This report presents in a series of graphs and tables the prices and margins of petroleum products in France and in the European Union (EU) according to the data compiled by the Direction of energy and mineral resources (DIREM) of the French general direction of energy and raw materials (DGEMP, Ministry of economy, finances and industry): evolution of crude prices, evolution of Rotterdam's quotation of petroleum products, raw margin of brent refining, French fuel prices (automotive and domestic fuels, evolution, comparison with EU and Rotterdam's prices), comparison with prices in other European countries, evolution of average retail prices in France. (J.S.)

Measuring global gasoline and diesel price and income elasticities

International Nuclear Information System (INIS)

Dahl, Carol A.

2012-01-01

Price and income elasticities of transport fuel demand have numerous applications. They help forecast increases in fuel consumption as countries get richer, they help develop appropriate tax policies to curtail consumption, help determine how the transport fuel mix might evolve, and show the price response to a fuel disruption. Given their usefulness, it is understandable why hundreds of studies have focused on measuring such elasticities for gasoline and diesel fuel consumption. In this paper, I focus my attention on price and income elasticities in the existing studies to see what can be learned from them. I summarize the elasticities from these historical studies. I use statistical analysis to investigate whether income and price elasticities seem to be constant across countries with different incomes and prices. Although income and price elasticities for gasoline and diesel fuel are not found to be the same at high and low incomes and at high and low prices, patterns emerge that allow me to develop suggested price and income elasticities for gasoline and diesel demand for over one hundred countries. I adjust these elasticities for recent fuel mix policies, and suggest an agenda of future research topics. - Research highlights: ► Surveyed econometric studies of transport fuel demand. ► Developed price elasticities of demand for gasoline and diesel fuel for 120 countries. ► Developed income elasticities of demand for gasoline and diesel fuel for 120 countries. ► Suggested a research agenda for future work.

Bio fuels. A comparative analysis; Biokraftstoffe. Eine vergleichende Analyse

Energy Technology Data Exchange (ETDEWEB)

Schmitz, Norbert; Henke, Jan; Klepper, Gernot

2009-07-01

The market for bio fuels is subject to very high dynamics worldwide. Due to the extreme rise of the prices of raw materials as well as due to the retrogressive tax reductions for bio fuels in Germany one hardly invests in bio fuels. Substantial changes are experienced in the markets for fossil raw materials. The prices for agrarian raw material used in this contribution originate from the years 2006 and 2007. The effects of clearly higher oil prices on the bio fuel market are described. The investigation under consideration also deals with criteria of sustainability. The contribution of the individual bio fuels to the reduction of greenhouse gases is analyzed. The costs resulting from this are numerated. This enables a well-established comparison in which less representative bio fuels such as bio methane, BtL fuels and cellulose ethanol also are included.

The Effects of Price Discrimination on the Elasticity of Demand for Higher Education.

Science.gov (United States)

Weinberg, Ira

The purpose of this study was to determine what effect price discrimination (differential pricing) would have on institutional gross-fee income. Enrollment and tuition data were gathered from all schools in one particular market area for the years 1969-72. In this situation it was determined that overall demand for higher education was highly…

The impact of high energy prices in Central American households

Energy Technology Data Exchange (ETDEWEB)

Cuesta, Ana; Manzano, Osmel

2010-09-15

Central American countries have one the highest energy costs in Latin America. We look at the potential social impact of higher energy prices using household data. Depending on a portfolio of characteristics, higher energy prices could have significant impact on the poor purchasing power. In countries like Guatemala, the poorest could see a higher impact than the richest. In Mexico and Panama, the impact is higher for the 'lower middle class'. We measure indirect effects of lack of energy sources, we conclude that children that live in households that cook with fossil fuels are subject to attend less to school.

The impact of high energy prices in Central American households

Energy Technology Data Exchange (ETDEWEB)

Cuesta, Ana; Manzano, Osmel

2010-09-15

Central American countries have one the highest energy costs in Latin America. We look at the potential social impact of higher energy prices using household data. Depending on a portfolio of characteristics, higher energy prices could have significant impact on the poor purchasing power. In countries like Guatemala, the poorest could see a higher impact than the richest. In Mexico and Panama, the impact is higher for the 'lower middle class'. We measure indirect effects of lack of energy sources, we conclude that children that live in households that cook with fossil fuels are subject to attend less to school.

Gas prices and price process

International Nuclear Information System (INIS)

Groenewegen, G.G.

1992-01-01

On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab

Price of forest chips decreasing

International Nuclear Information System (INIS)

Hakkila, P.

2001-01-01

carried out from final cutting areas there the production of forest chips can be integrated to harvesting of industrial wood. Moisture content and the share of needles of logging residue chips are higher, and the particle size of it is inhomogeneous. Improved harvesting technology is the main reason for the decrease of the price of logging residue chips. Automating of felling made the piling of residues nearly free of charge. Competition in the machine and transportation services decreased the costs of industrial wood by 20-30% in a decade. Average price of forest chips has decreased because the share of logging residues of the forest chips production has increased. The price (excl. VAT) of forest chips for heating plants in Finland varies between 40 - 80 FIM/MWh, the average being 53 FIM/MWh, and in Sweden about 80 FIM/MWh, and 75 FIM/MWh for industry. The taxation of fossil fuel in Sweden is higher than in Finland. Sweden uses over 3 M m 3 of forest chips, the corresponding figures for Finland being about 1 M m 3 . Forest chips are used as a mixture with industrial wood residues. Production costs of industrial wood residues are lower than those of the forest chips. Alternative fuels for plants using forest chips are bark, sawdust and peat. Target price of Bioenergy research program for forest chips was 45 FIM/MWh

Biofuel and Food-Commodity Prices

Directory of Open Access Journals (Sweden)

David Zilberman

2012-09-01

Full Text Available The paper summarizes key findings of alternative lines of research on the relationship between food and fuel markets, and identifies gaps between two bodies of literature: one that investigates the relationship between food and fuel prices, and another that investigates the impact of the introduction of biofuels on commodity-food prices. The former body of literature suggests that biofuel prices do not affect food-commodity prices, but the latter suggests it does. We try to explain this gap, and then show that although biofuel was an important contributor to the recent food-price inflation of 2001–2008, its effect on food-commodity prices declined after the recession of 2008/09. We also show that the introduction of cross-price elasticity is important when explaining soybean price, but less so when explaining corn prices.

Transport fuel

DEFF Research Database (Denmark)

Ronsse, Frederik; Jørgensen, Henning; Schüßler, Ingmar

2014-01-01

Worldwide, the use of transport fuel derived from biomass increased four-fold between 2003 and 2012. Mainly based on food resources, these conventional biofuels did not achieve the expected emission savings and contributed to higher prices for food commod - ities, especially maize and oilseeds...

The Need for a Higher Fuel Efficiency of the Electricity Sector - An Analysis of Opportunities and Barriers

Energy Technology Data Exchange (ETDEWEB)

Klimstra, J.

2007-07-01

The electricity sector is the single largest user of primary energy in the world. The issues of fuel prices, security of supply and greenhouse gas emissions are therefore closely connected with electricity generation. The total energy efficiency of the electricity sector is only 32.5% so that quick improvements are required. However, the uncertainty over fuel prices and technology preferences is such that most investors are hesitant. The life of existing, often low-efficiency, power plants is therefore extended. At the same time, the demand for electricity is rapidly increasing and the gap between capacity and demand decreases. This paper intends to bring more clarity into the economic and environmental boundary conditions of power plants. The goal is to find an attractive way for rapid efficiency improvement with an even better system reliability without increasing the costs. The paper discusses fuel price developments and the costs of generating technologies in connection with the typical demand pattern of electricity. Ultimately, it appears that local generation, preferably coupled with cogeneration, can be an important part of the solution. (auth)

The message in North American energy prices

Energy Technology Data Exchange (ETDEWEB)

Serletis, A. [Department of Economics, The University of Calgary, Calgary, Alberta (Canada); Herbert, J. [Virginia Polytechnic Institute and State University, Blacksburg, Virginia (United States)

1999-10-01

How similar is the price behavior of North American natural gas, fuel oil, and power prices? Using current state-of-the-art econometric methodology, we explore the degree of shared trends across North American energy markets. Across these markets, there appear to be effective arbitraging mechanisms for the price of natural gas and fuel oil, but not for the price of electricity. 11 refs.

The pricing of natural gas in US markets

International Nuclear Information System (INIS)

Brown, S.P.A.; Yucel, M.K.

1993-01-01

Our econometric evidence indicates that changes in natural gas prices are unequal in the long run. Nonetheless, all downstream prices change by at least as much as the average well-head price. Statistically, residential and commercial prices change as much as the city gate price. In the face of persistent shocks, however, market institutions and market dynamics can lead to lengthy periods in which the residential and commercial prices of natural gas adjust less than the wellhead or city gate prices. Electrical and industrial users of natural gas rely heavily on spot supplies and can switch fuels easily. Their ability to switch fuels may be related to the development of a spot market to serve them. Reliance on the spot market may explain why these end users have seen a greater reduction in natural gas prices than have the LDCs over the past seven years. The ability to switch fuels may account for electrical and industrial prices being the source of shocks in their relationships with the wellhead price. It also may explain why prices in these end-sue markets are quick to adjust. Commercial and residential customers cannot switch fuels easily and rely heavily on LDCs for their natural gas. The inability of these end users to switch fuels probably contributes to the reluctance of LDCs to purchase spot supplies of gas. Reliance on contract supplies may explain why the city gate price has not declined as much as electrical and industrial prices of natural gas over the past seven years. Furthermore, the LDCs administer prices in the commercial and residential markets under state regulation

Prices and taxes for gasoline and diesel in industrialized countries

International Nuclear Information System (INIS)

Davoust, R.

2008-01-01

This report present a comparative study on the prices and taxes of automotive fuels (gasoline and diesel fuel) in various industrialized countries, members of the OECD organization. Statistics are taken from a publication of the IEA (International Energy Agency), and concern the following fuel categories: regular gasoline, unleaded premium gasoline (SP 95 and SP 98), professional diesel fuel and domestic diesel fuel. It is shown that fuel prices are generally equivalent from one country to another, while taxes make all the difference for the retail final price. Somme global comparisons are also made between US and EU prices

Hedging electricity price volatility using nuclear power

International Nuclear Information System (INIS)

Mari, Carlo

2014-01-01

Highlights: • Nuclear power is an important asset to reduce the volatility of electricity prices. • Unpredictability of fossil fuels and carbon prices makes power prices very volatile. • The dynamics of fossil fuels and carbon prices is described by Brownian motions. • LCOE values, volatilities and correlations are obtained via Monte Carlo simulations. • Optimal portfolios of generating technologies are get using a mean–variance approach. - Abstract: The analysis presented in this paper aims to put in some evidence the role of nuclear power as hedging asset against the volatility of electricity prices. The unpredictability of natural gas and coal market prices as well as the uncertainty in environmental policies may affect power generating costs, thus enhancing volatility in electricity market prices. The nuclear option, allowing to generate electricity without carbon emissions, offers the possibility to reduce the volatility of electricity prices through optimal diversification of power generating technologies. This paper provides a methodological scheme to plan well diversified “portfolios” of generating capacity that minimize the electricity price risk induced by random movements of fossil fuels market prices and by unpredictable fluctuations of carbon credits prices. The analysis is developed within a stochastic environment in which the dynamics of fuel prices as well as the dynamics of carbon credits prices is assumed to evolve in time according to well defined Brownian processes. Starting from market data and using Monte Carlo techniques to simulate generating cost values, the hedging argument is developed by selecting optimal portfolio of power generating technologies using a mean–variance approach

The unstudied barriers to widespread renewable energy deployment: Fossil fuel price responses

International Nuclear Information System (INIS)

Foster, Edward; Contestabile, Marcello; Blazquez, Jorge; Manzano, Baltasar; Workman, Mark; Shah, Nilay

2017-01-01

Renewable energy policy focuses on supporting the deployment of renewable power generators so as to reduce their costs through scale economies and technological learning. It is expected that, once cost parity with fossil fuel generation is achieved, a transition towards renewable power should continue without the need for further renewable energy subsidies. However, this reasoning implicitly assumes that the cost of fossil fuel power generation does not respond to the large scale penetration of renewable power. In this paper we build a standard economic framework to test the validity of this assumption, particularly in the case of coal and gas fired power generation. We find that it is likely that the cost of fossil fuel power generation will respond to the large scale penetration of renewables, thus making the renewable energy transition slower or more costly than anticipated. More analysis is needed in order to be able to quantify this effect, the occurrence of which should be considered in the renewable energy discourse. - Highlights: • Renewables are increasingly competing with fossil fuel power generation. • This may have various effects on the fossil fuel generation value chain. • One such possible effect is a response of fossil fuel prices to renewables deployment. • We have tested this hypothesis using a supply-demand analytical framework. • We found that the effect is likely to occur and should be further investigated.

Fuels planning: science synthesis and integration; economic uses fact sheet 07: markets and log prices

Science.gov (United States)

Rocky Mountain Research Station USDA Forest Service

2004-01-01

Markets and prices for logs vary widely across the West, fluctuating from place to place in response to regional variables and hauling costs. This fact sheet discusses those variables, locality of log markets, markets for low-value logs, and caveats to consider when using My Fuel Treatment Planner.

Fuel consumption: short term and long term price impacts per population type; Consommation de carburant: effets des prix a court et a long termes par type de population

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-07-01

This report presents assessments of the price sensitivity of household fuel consumption. After a literature review on price-elasticity assessments and the use of pseudo-panels, the investigation analyses the deciding factors of the household fuel expense and its evolution between 1985 and 2006. It proposes a short term price-elasticity assessment based on the most recent survey, and also proposes price-elasticity assessments for sub-populations, notably in terms of income level or location (rural or urban areas)

Marginal Pricing and Student Investment in Higher Education

Science.gov (United States)

Hemelt, Steven W.; Stange, Kevin M.

2016-01-01

This paper examines the effect of marginal price on students' educational investments using rich administrative data on students at Michigan public universities. Marginal price refers to the amount colleges charge for each additional credit taken in a semester. Institutions differ in how they price credits above the full-time minimum (of 12…

The determinants of fuel use in the trucking industry - volume, fleet characteristics and the rebound effect

DEFF Research Database (Denmark)

de Borger, Bruno; Mulalic, Ismir

2012-01-01

This paper studies the determinants of fuel use in the trucking industry in Denmark, using aggregate time series data for the period 1980–2007. The model captures the main linkages between the demand for freight transport, the characteristics of the vehicle fleet, and the demand for fuel. Results...... of this effect is approximately 10% in the short run and 17% in the long run, so that a 1% improvement in fuel efficiency reduces fuel use by 0.90% (short-run) to 0.83% (long-run). Second, we find that higher fuel prices raise the average capacity of trucks, and they induce firm sto invest in newer, typically...... more fuel efficient, trucks. Third, these adjustments and the rebound effect jointly imply that the effect of higher fuel prices on fuel use in the trucking industry is fairly small; estimated price elasticities are _0:13 and _0:22 in the short run and in the long run, respectively. The empirical...

Interdependencies between transport fuel demand, efficiency and quality: An application to Austria

International Nuclear Information System (INIS)

Goerlich, Roland; Wirl, Franz

2012-01-01

This paper focuses on the interdependencies between technical efficiencies and energy demand which are often either treated in isolation or do not get the sufficient attention in the literature. More precisely, this paper uses technical efficiencies as one crucial determinant of energy demand in order to integrate at least two issues that are usually investigated separately from each other: the rebound effect resulting from improved technical efficiencies and the asymmetry of energy demand. In this regard, our paper sets out a theoretical framework which has the following implications: higher efficiency increases service demand (first order rebound), low fuel prices and higher efficiency increases the demand for quality (second order) which in turn increases service demand further (third order); ceteris paribus, energy price shocks should increase scrapping rates; fuel prices direct the R and D expenditures of car producers; those on engine efficiency are irreversible, which has the consequence that energy price elasticities depend on the history of energy prices rather than being asymmetrical. Derived implications are subsequently tested on Austrian data. In particular, the purchasing decision diesel versus gasoline powered cars allows to refute the myth that consumers apply high implicit rates for discounting the future benefit from efficient cars. - Research Highlights: ►Dependencies between efficiency, fuel price, quality and fuel demand are modelled. ►Austrian data supports model implications for the defined rounds of rebounds. ►R and D efforts are directed by fuel prices surpassing a threshold on large markets. ►Consumers apply low implicit discount rates for future benefits from efficient cars. ►Effects of policy instruments (fuel efficiency standard, taxes, etc.) are discussed.

The mirage of higher petroleum prices

International Nuclear Information System (INIS)

Lynch, M.C.

1996-01-01

Most petroleum industry price forecasters do not possess a record of which they can be proud. Long-term petroleum market forecasting has been so inaccurate that it has often been described as virtually impossible. To avoid criticism of their performance, many organizations no longer circulate their forecasts. Why have the forecasts been so wrong? Because of failure to predict supply. This paper reviews the erroneous methods used to predict price trends in the oil and gas industry and identifies methods to correct the problem

Wholesale pricing policies for energy in developing countries

International Nuclear Information System (INIS)

de Lucia, R. J.

1990-01-01

This chapter focuses on wholesale pricing policies with particular emphasis on domestic fuels. There are several characteristics of the supply system that affect wholesale pricing: Source of the fuel (imported or domestic); Characteristics of the fuel (tradable or non-tradable); Nature of the supply companies (public or private and, if private, local or multinational); and stage of development of the resource. Each of these characteristics has implications for how the components of the efficient wholesale price of fuels are determined. (author). 13 refs., 3 figs., 5 tabs

Commercial Aspect of Research Reactor Fuel Element Production

International Nuclear Information System (INIS)

Susanto, B.G; Suripto, A

1998-01-01

Several aspects affecting the commercialization of the Research Reactor Fuel Element Production Installation (RR FEPI) under a BUMN (state-owned company)have been studied. The break event point (BEP) value based on total production cost used is greatly depending upon the unit selling price of the fuel element. At a selling price of USD 43,500/fuel element, the results of analysis shows that the BEP will be reached at 51% of minimum available capacity. At a selling price of US$ 43.500/fuel element the total income (after tax) for 7 years ahead is US $ 4.620.191,- The net present value in this study has a positive value is equal to US $ 2.827.527,- the internal rate of return will be 18% which is higher than normal the bank interest rare (in US dollar) at this time. It is concluded therefore that the nuclear research reactor fuel element produced by state-owned company BUMN has a good prospect to be sold commercially

Fuel options for oil sands

International Nuclear Information System (INIS)

Wise, T.

2005-01-01

marginally higher than the cost with gas. Direct burning of coal has a higher supply cost than other fuels. However, there will be additional costs for greenhouse gas (GHG) emissions for heavy fuels. Natural gas is likely to be the fuel of choice for oil sands production unless gas prices are much higher on a sustained basis. tabs., figs

Incorporating the value of changes in price volatility into cost-benefit analysis-an application to oil prices in the transport sector

DEFF Research Database (Denmark)

Jensen, Thomas Christian; Møller, Flemming

2010-01-01

in the policy assessment taking into account the most significant correlations between prices of alternative fuels and between fuel prices and consumption in general. In the present paper, a method of valuing changes in price volatility based on portfolio theory is applied to some very simple transport...

Influence of Higher Wheat Prices on Ready-to-Eat Cereal Companies in 2010

OpenAIRE

HERNANDEZ LOERA CHAVEZ, PABLO

2013-01-01

In 2010, sever droughts and fires destroyed 20 percent of Russia’s wheat crop. This incident increased dramatically the prices of wheat worldwide. This paper studies the financial consequences that these higher wheat prices brought to companies that use wheat to manufacture ready-to-eat cereal and wheat-related products. The international cereal companies selected for this study were Kellogg Company, Nestlé Group and Ralcorp Holdings, Inc., owner of Post Foods Company. Keywords: Wheat, ce...

The Impact Discounts and the Price-Quality Effect Have on the Choice of an Institution of Higher Education.

Science.gov (United States)

Quigley, Charles J., Jr.; Bingham, Frank G., Jr.; Notarantonio, Elaine M.; Murray, Keith

1999-01-01

A survey of 303 potential college students and their parents found that high price and low price institutions are evaluated higher on quality attributes than are moderately priced institutions. Further, discounts (such as financial aid) were found to have little effect on the attendance decision. Implications for the pricing strategies used by…

Price formation on the Swedish woodfuel market

International Nuclear Information System (INIS)

Hillring, B.

1999-01-01

The Swedish woodfuel market has grown rapidly in the past ten years. Government policy has strongly supported this development and environmental taxes on fossil fuels have been introduced. This has favoured untaxed biofuels, i.e. woodfuels, in the district heating sector where the market has grown very rapidly. This study on price formation is based on the earlier knowledge of the market and shows that the woodfuel market has seen a dramatic increase combined with falling prices. Unrefined wood fuels demonstrate an annual volume increase of 13% while real prices have fallen at an annual rate of 5% during the first half of the 1990s. Total taxes paid by the district heating sector have increased during the period studied and of which taxes for fossil fuels have increased dramatically during the past ten years. However, tax as a share of the total fuelmix supplying the district heating sector has been stabilised over time. The primary reason for this development is the replacement of the highly taxed fossil fuels in the supplied fuels with untaxed biofuels. Companies have reacted very quickly and rationally from an economic point of view to the rising costs of fossil fuels, substituting an increasing share with biofuels. For the future, many utilities have the capacity to adapt to new changes in costs resulting from either changes in fuel prices, changes in fuel taxes or changes in prices on heating or electricity markets. (author)

Price elasticity of petroleum products in selected African countries

International Nuclear Information System (INIS)

Kaul, S.

1995-01-01

In this paper, a fundamental understanding of the economic impact which is directly related to the price elasticity of petroleum products in six selected African countries is obtained by using the Jorgorson-Lian model for shares. Each kind of fuel price has a different impact on the share of oil products for the different countries. The price increase of one kind of fuel may increase or decrease the share of another fuel in the total oil products. In the oil importing African countries, the price of one product is relatively inelastic, whereas in the oil producing African countries, the price is elastic. (Author)

Contemporary and prospective fuel cycles for WWER-440 based on new assemblies with higher uranium capacity and higher average fuel enrichment

International Nuclear Information System (INIS)

Gagarinskiy, A.A.; Saprykin, V.V.

2009-01-01

RRC 'Kurchatov Institute' has performed an extensive cycle of calculations intended to validate the opportunities of improving different fuel cycles for WWER-440 reactors. Works were performed to upgrade and improve WWER-440 fuel cycles on the basis of second-generation fuel assemblies allowing core thermal power to be uprated to 107 108 % of its nominal value (1375 MW), while maintaining the same fuel operation lifetime. Currently intensive work is underway to develop fuel cycles based on second-generation assemblies with higher fuel capacity and average fuel enrichment per assembly increased up to 4.87 % of U-235. Fuel capacity of second-generation assemblies was increased by means of eliminated central apertures of fuel pellets, and pellet diameter extended due to reduced fuel cladding thickness. This paper intends to summarize the results of works performed in the field of WWER-440 fuel cycle modernization, and to present yet unemployed opportunities and prospects of further improvement of WWER-440 neutronic and operating parameters by means of additional optimization of fuel assembly designs and fuel element arrangements applied. (Authors)

An electricity price model with consideration to load and gas price effects.

Science.gov (United States)

Huang, Min-xiang; Tao, Xiao-hu; Han, Zhen-xiang

2003-01-01

Some characteristics of the electricity load and prices are studied, and the relationship between electricity prices and gas (fuel) prices is analyzed in this paper. Because electricity prices are strongly dependent on load and gas prices, the authors constructed a model for electricity prices based on the effects of these two factors; and used the Geometric Mean Reversion Brownian Motion (GMRBM) model to describe the electricity load process, and a Geometric Brownian Motion(GBM) model to describe the gas prices; deduced the price stochastic process model based on the above load model and gas price model. This paper also presents methods for parameters estimation, and proposes some methods to solve the model.

Alternate aircraft fuels: Prospects and operational implications

Science.gov (United States)

Witcofski, R. D.

1977-01-01

The potential use of coal-derived aviation fuels was assessed. The studies addressed the prices and thermal efficiencies associated with the production of coal-derived aviation kerosene, liquid methane and liquid hydrogen and the air terminal requirements and subsonic transport performance when utilizing liquid hydrogen. The fuel production studies indicated that liquid methane can be produced at a lower price and with a higher thermal efficiency than aviation kerosene or liquid hydrogen. Ground facilities of liquefaction, storage, distribution and refueling of liquid hydrogen fueled aircraft at airports appear technically feasibile. The aircraft studies indicate modest onboard energy savings for hydrogen compared to conventional fuels. Liquid hydrogen was found to be superior to both aviation kerosene and liquid methane from the standpoint of aircraft engine emissions.

West Coast U.S. : demand and prices

International Nuclear Information System (INIS)

Lund, P.G.

1997-01-01

The outlook for Canadian natural gas in Western U.S. markets through the winter of 1997 and 1998 was discussed. The effect of El Nino on West Coast gas pricing was noted, while also admitting that the best scientific minds are unable to determine what these effects actually are. Both the Cambridge Energy Research Associates (CERA) and PIRA predicted that Topock (the border pricing point) prices will track the NYMEX Henry Hub prices. The three points that were emphasized for the winter of 1997-1998 were: (1) Western U.S. pricing is higher than last year, (2) there is a surplus of gas in Canada relative to export capacity, and (3) differentials are anticipated to remain in excess of full transportation costs. The 1997 gas accord rates were also noted and its significance discussed. Increased electric load growth is likely to result in higher electricity prices which may drag gas prices along with them. Any new power generation facility is likely to be gas-fired, a fact which should also help to maintain natural gas prices. Transmission pricing is the major unknown variable. It is well known that from a capital cost perspective it is about four times more expensive to build a high -Kv transmission line than to build a gas pipeline to deliver the equivalent amount of energy. Therefore, to the degree that transmission pricing favours building new generation near load centres, gas should do well. If on the other hand, transmission pricing favours building generation plants near the fuel source, gas probably would not do nearly as well. The effects will not be known until the relevant decisions have been made. 6 figs

Short‑Term and Long‑Term Relationships Between Prices of Imported Oil and Fuel Products in the U. S.

Directory of Open Access Journals (Sweden)

Václav Adamec

2016-01-01

Full Text Available In this study, we analyzed a system of five monthly time series integrated I(1: average price of crude oil imported to the U.S. from OPEC countries (Opec, imported oil price from other than OPEC countries (NonOpec in USD per barrel, average price of regular gasoline in the U.S. (Regular, premium quality gasoline price (Premium and kerosene price (Kerosene in U.S. cents per gallon. Cointegration was established by EG test and the series were analyzed by VECM model with lag selected via BIC criterion. Cointegration rank was determined by the Johansen procedure. According to VECM coefficients, prices of oil from OPEC countries and beyond OPEC exert influence upon all commodity prices in the system, but in a contradictory manner. Responses to innovation shocks in Opec and NonOpec stabilized within 8 to 10 months upon a nonzero shift and further became permanent. Innovation shock in both types of gasoline and Kerosene had only short-term significant impact upon the system. Forecast error variance in all variables is explained mainly by variation in oil prices, especially Opec, which persists with increased horizon. For a short horizon h = 1, FEVDs in gasoline and kerosene prices are primarily made of variation in the respective fuel prices.

Direm prices, prices and margins of petroleum products in France and in the European Union

International Nuclear Information System (INIS)

2005-01-01

This document presents in a series of graphics and tables, the evolution of petroleum products prices and margins in France and in the European Union: crude oil prices, Rotterdam's petroleum products quotation, raw brent refining margin, automotive and domestic fuel prices. (J.S.)

Agro-fuels and climate. Why is it not a good solution?

International Nuclear Information System (INIS)

2015-10-01

This publication explains why agro-fuels raise various problems: deforestation due to a change of land use, impact on climate due to deforestation and higher CO 2 emission by colza-based fuel than by conventional diesel fuel, food safety due to the evolution of land uses which result in higher food prices and land grabbing. It also outlines that agro-fuels are a burden for public finances. Possibilities offered by agro-fuels of third generation are evoked

House Price Growth When Children Are Teenagers: A Path to Higher Earnings? Working Paper No. 14-13

Science.gov (United States)

Cooper, Daniel; Luengo-Prado, María José

2014-01-01

This paper examines whether a rise in house prices that occurs immediately prior to children entering college has an impact on their earnings as adults. Higher house prices provide homeowners with additional funds to invest in their children's human capital. The results show that a 1 percentage point increase in house prices, when children are 17…

Economic analysis of thorium-uranium fuel cycle introduced into PWRs

International Nuclear Information System (INIS)

Fan Li; Sun Qian

2014-01-01

Using PWR of Daya Bay Unit l as the reference reactor, a validated computer code was used to calculate the fuel cycle costs for uranium fuel cycle and thorium-uranium fuel cycle over the following 20 0perational years respectively. The calculation results show that the thorium-uranium fuel cycle is economically competitive with the uranium fuel cycle when reprocessing mode is adopted. For thorium-uranium fuel cycle, if the price of natural uranium is higher than 120 $ /pound U_3O_8, the fuel cycle cost of the direct disposal mode is greater than that of the reprocessing mode. Therefore, when the uranium price may maintain a high level long-termly, adopting reprocessing mode will benefit the economic advantage for the thorium-uranium fuel cycle introduced into PWRs. (authors)

Who is exposed to gas prices? How gasoline prices affect automobile manufacturers and dealerships

OpenAIRE

Silva-Risso, Jorge; Zettelmeyer, Florian; Busse, Meghan R.; Knittel, Christopher Roland

2016-01-01

Many consumers are keenly aware of gasoline prices, and consumer responses to gasoline prices have been well studied. In this paper, by contrast, we investigate how gasoline prices affect the automobile industry: manufacturers and dealerships. We estimate how changes in gasoline prices affect equilibrium prices and sales of both new and used vehicles of different fuel economies. We investigate the implications of these effects for individual auto manufacturers, taking into account differences...

Who is exposed to gas prices? How gasoline prices affect automobile manufacturers and dealerships

OpenAIRE

Busse, Meghan R.; Kittel, Christopher R.; Zettelmeyer, Florian

2012-01-01

Many consumers are keenly aware of gasoline prices, and consumer responses to gasoline prices have been well studied. In this paper, by contrast, we investigate how gasoline prices affect the automobile industry: manufacturers and dealerships. We estimate how changes in gasoline prices affect equilibrium prices and sales of both new and used vehicles of different fuel economies. We investigate the implications of these effects for individual auto manufacturers, taking into account differences...

How Does Pricing of Day-ahead Electricity Market Affect Put Option Pricing?

Directory of Open Access Journals (Sweden)

H. Raouf Sheybani

2016-09-01

Full Text Available In this paper, impacts of day-ahead market pricing on behavior of producers and consumers in option and day-ahead markets and on option pricing are studied. To this end, two comprehensive equilibrium models for joint put option and day-ahead markets under pay-as-bid and uniform pricing in day-ahead market are presented, respectively. Interaction between put option and day-ahead markets, uncertainty in fuel price, day-ahead market pricing, and elasticity of consumers to strike price, premium price, and day-ahead price are taken into account in these models. By applying the presented models to a test system impact of day-ahead market pricing on equilibrium of joint put option and day-ahead markets are studied.

Modelling the effects of transport policy levers on fuel efficiency and national fuel consumption

International Nuclear Information System (INIS)

Kirby, H.R.; Hutton, B.; McQuaid, R.W.; Napier Univ., Edinburgh; Raeside, R.; Napier Univ., Edinburgh; Zhang, Xiayoan; Napier Univ., Edinburgh

2000-01-01

The paper provides an overview of the main features of a Vehicle Market Model (VMM) which estimates changes to vehicle stock/kilometrage, fuel consumed and CO 2 emitted. It is disaggregated into four basic vehicle types. The model includes: the trends in fuel consumption of new cars, including the role of fuel price: a sub-model to estimate the fuel consumption of vehicles on roads characterised by user-defined driving cycle regimes; procedures that reflect distribution of traffic across different area/road types; and the ability to vary the speed (or driving cycle) from one year to another, or as a result of traffic growth. The most significant variable influencing fuel consumption of vehicles was consumption in the previous year, followed by dummy variables related to engine size. the time trend (a proxy for technological improvements), and then fuel price. Indeed the effect of fuel price on car fuel efficiency was observed to be insignificant (at the 95% level) in two of the three versions of the model, and the size of fuel price term was also the smallest. This suggests that the effectiveness of using fuel prices as a direct policy tool to reduce fuel consumption may he limited. Fuel prices may have significant indirect impacts (such as influencing people to purchase more fuel efficient cars and vehicle manufacturers to invest in developing fuel efficient technology) as may other factors such as the threat of legislation. (Author)

Jet fuels of higher volatility: An airline view

Energy Technology Data Exchange (ETDEWEB)

Trimble, M.H.

1982-05-01

Use of jet fuels of higher volatility is reviewed by some airlines periodically on a routine basis. Most often, however, airlines become concerned when aviation kerosine supply problems are encountered or anticipated. The purpose of this paper is to discuss the known principles of fuel selection and how they influence airline consideration.

Energy prices and agricultural commodity prices: Testing correlation using copulas method

International Nuclear Information System (INIS)

Koirala, Krishna H.; Mishra, Ashok K.; D'Antoni, Jeremy M.; Mehlhorn, Joey E.

2015-01-01

The linear relationships between energy prices and prices for agricultural commodities such as corn and soybeans may have been affected, over the last several years, by policy legislations in the farm sector, the Energy Independence and Security Act of 2007, and the Renewable Fuel Standard Program for 2014. Using high-frequency data and newer methodology, this study investigates dependence between agricultural commodity futures prices and energy futures prices. Results reveal that agricultural commodity and energy future prices are highly correlated and exhibit positive and significant relationship. Findings from this study highlight that an increase in energy price increases the price of agricultural commodities. - Highlights: • Energy policy mandates production of 15 billion gallons of corn ethanol by 2015. • Energy-intensive agriculture has a link between energy sector and crop production costs. • We investigate correlation between energy prices and agricultural commodity prices. • Agricultural commodity and energy future prices are highly correlated. • Increase in energy price increases the price of agricultural commodity

Has the natural gas fueled bus any future?

International Nuclear Information System (INIS)

Riikonen, A.

2001-01-01

of both gases are high; RON of methane is 130 and that of propane 110. Neither of these fuels contains sulphur. European natural gas vehicles association ENGVA has estimated that gas-fuelled vehicles will not become in large-scale public use if the price of the fuel is not significantly lower than the present price of automotive fuels. It has been estimated that despite the use the lower taxation of gaseous fuelled vehicles the use will probably never be cheaper than the use of diesels. Investments of natural gas operated busses are 10-20% higher than those of diesel operated busses. Higher price of natural gas operated busses is mainly due to the carbon-fiber-based fuel tanks and the small production series of the vehicle. Calculations show that a natural gas operated bus can pay back the higher price of the vehicle and the increased need for maintenance in ten years if the fuel costs are reduced. In this case the fuel prices should be 2/3 of those of diesel oil. It must also be noticed that a gas-fuelled vehicle requires 20-30% more fuel than a diesel vehicle owing better efficiency. However, the CO 2 emissions of gas-fuelled vehicles are lower. So in order to make the use of gas-fuelled busses profitable they may not have any other tax burdens but ordinary VAT

Fossil fuel subsidy reform in the WTO : Options for constraining dual pricing in the multilateral trading system

NARCIS (Netherlands)

Marhold, Anna

2017-01-01

Fossil fuel subsidies harm the environment, add to health hazards caused by air pollution, and delay the energy transition. Scholars and practitioners have therefore been exploring ways to reform and eliminate them. This paper discusses the practice of energy dual pricing in the broader context of

Price Collusion or Competition in US Higher Education

Science.gov (United States)

Gu, Jiafeng

2015-01-01

How geographical neighboring competitors influence the strategic price behaviors of universities is still unclear because previous studies assume spatial independence between universities. Using data from the National Center for Education Statistics college navigator dataset, this study shows that the price of one university is spatially…

CO-2 reduction in the Danish transportation sector. Working paper 4: Cargo transport - road pricing system

International Nuclear Information System (INIS)

1997-03-01

In this paper other financial control measures than fuel prices are considered for the transportation sector. The main effect discussed is that of the road pricing system. From the point of view of the CO 2 emission there could be introduced a registration tax for trucks over 4 tons as the higher transport expenditure would tend to reduce road transport demand. EU infrastructure tax directive however recommends taxes for trucks exceeding 12 tons. Road pricing will grow within the categories of lighter trucks but it is only a minor fraction of the total truck expenditure, taking into account fuel tax, weight tax and registration tax. Insurance cost is not included in these consideration. (EG) Prepared for Trafikministeriet. 22 refs

THE PRICE OF HIGHER EDUCATION AND INDIVIDUAL DEMAND

Directory of Open Access Journals (Sweden)

Filiz Golpek

2012-01-01

Full Text Available The rise in the living standards in most of the world, the rise in population and schooling rates have increased the demand for higher education. The attribution of semi public property becomes determinant to decide whom will provide the supply and the production in semi public properties is realized by means of a supply and demand mechanism. The supply of higher education is mostly secured in accordance with the public demand as well as the resources available.  In addition, the fact that higher education services have produced significant benefits has led to over demand. This situation relates to a simple economic rule that a commodity or service which costs almost nothing or little will increase until the mariginal benefit of its demand equals to 0 or almost 0. However, the educational supply and demand is difficult to identify in accordance to the supply and demand and balance of price as observed in the economic theory. The high profits that would be attracted in the future are significant factors influencing individual’s decisions for investment. The decision for investment depends on the possible return in the future, the cost of investment, and the current interest rates. Higher education with investment purposes is influenced by these three factors and higher education is demanded more and more by individuals on the expectation that they will gain high profits In theory, it is accepted that the basic factors identifying the demand for higher education are in harmony with empirical research results in several countries including Turkey.

Trade of Solid Biofuels, and Fuel Prices in Europe

International Nuclear Information System (INIS)

Alakangas, E.; Hillring, B.; Nikolaisen, L.S.

2002-01-01

Traditionally, biomass fuels are used in the same geographical region, in which they are produced. In more recent years, this pattern has been changed in Northern Europe by large-scale use of biomass for district heating and a vast supply of recycled wood and forest residues. The trade situation has come about as a result of means of control on waste and energy. Sea shipments allow bulk transports of biomass over long distances at low cost. In most countries, the customs statistics do not record trade in such a detail that the international trade of different biomass types could be identified. Today, solid biofuels like wood residues, pellets and wood chips are already traded in Europe and have reached a level of almost 50 PJ/a. In some countries, there is a growing interest in the international biomass trade, because the trade can provide biofuels at lower prices. The largest volumes of biomass are traded from the Baltic countries (Estonia, Latvia, Lithuania) to the Nordic countries (especially Sweden and Denmark, but also Finland). Some volumes are also traded from Finland to other Nordic countries, and between neighbouring countries in Central Europe, especially the Netherlands, Germany, Austria, Slovenia and Italy. The traded biofuel is most often of refined wood fuels (pellets and briquettes) and industrial by-products (sawdust, chips), in Central Europe also wood waste

Trade of Solid Biofuels, and Fuel Prices in Europe

Energy Technology Data Exchange (ETDEWEB)

Alakangas, E. [VTT Processes, Jyvaeskylae (Finland); Hillring, B. [Swedish Univ. of Agricultural Sciences, Uppsala (Sweden); Nikolaisen, L.S. [Danish Technological Inst. (DTI), Aarhus (Denmark). Centre for Biomass Technology

2002-07-01

Traditionally, biomass fuels are used in the same geographical region, in which they are produced. In more recent years, this pattern has been changed in Northern Europe by large-scale use of biomass for district heating and a vast supply of recycled wood and forest residues. The trade situation has come about as a result of means of control on waste and energy. Sea shipments allow bulk transports of biomass over long distances at low cost. In most countries, the customs statistics do not record trade in such a detail that the international trade of different biomass types could be identified. Today, solid biofuels like wood residues, pellets and wood chips are already traded in Europe and have reached a level of almost 50 PJ/a. In some countries, there is a growing interest in the international biomass trade, because the trade can provide biofuels at lower prices. The largest volumes of biomass are traded from the Baltic countries (Estonia, Latvia, Lithuania) to the Nordic countries (especially Sweden and Denmark, but also Finland). Some volumes are also traded from Finland to other Nordic countries, and between neighbouring countries in Central Europe, especially the Netherlands, Germany, Austria, Slovenia and Italy. The traded biofuel is most often of refined wood fuels (pellets and briquettes) and industrial by-products (sawdust, chips), in Central Europe also wood waste.

Carbon Pricing: Design, Experiences and Issues

DEFF Research Database (Denmark)

Carbon Pricing reflects upon and further develops the ongoing and worthwhile global debate into how to design carbon pricing, and how to utilize the financial proceeds in the best possible way for society. The world has recently witnessed a significant downward adjustment in fossil fuel prices...

The impacts of energy prices on energy intensity: Evidence from China

International Nuclear Information System (INIS)

Hang, Leiming; Tu, Meizeng

2007-01-01

In this paper, we present a review of the deregulation of energy prices in China between 1985 and 2004 and assess the impacts of changes in energy prices on aggregate energy intensity and coal/oil/electricity intensity. We used time series data to provide estimates of energy price elasticities. Empirical results showed that: (1) The own-price elasticities of coal, oil, and aggregate energy were negative in periods both before and after 1995, implying that higher relative prices of different energy types lead to the decrease in coal, oil, and aggregate energy intensities. However, the positive own-price elasticity of electricity after 1995 probably indicates that the price effect was weaker than other factors such as income effect and population effect. (2) The impacts of energy prices were asymmetric over time. (3) Sectoral adjustment also drove the decrease in aggregate energy intensity. Although raising energy prices to boost efficiency of energy use seems to be an effective policy tool, other policy implications concerned with energy prices, such as energy supply security and fuel poverty, must also be considered

Higher food prices may threaten food security status among American low-income households with children.

Science.gov (United States)

Zhang, Qi; Jones, Sonya; Ruhm, Christopher J; Andrews, Margaret

2013-10-01

Children in food-insecure households are more likely to experience poorer health function and worse academic achievement. To investigate the relation between economic environmental factors and food insecurity among children, we examined the relation between general and specific food prices (fast food, fruits and vegetables, beverages) and risk of low (LFS) and very low food security (VLFS) status among low-income American households with children. Using information for 27,900 child-year observations from the Early Childhood Longitudinal Study-Kindergarten Class of 1998-1999 linked with food prices obtained from the Cost of Living Data of the Council for Community and Economic Research, formerly known as the American Chamber of Commerce Researchers' Association, fixed effects models were estimated within stratified income groups. Higher overall food prices were associated with increased risk of LFS and VLFS (coefficient = 0.617; P security status, even when controlling for general food prices. Thus, although food price changes were strongly related to food security status among low-income American households with children, the effects were not uniform across types of food. These relations should be accounted for when implementing policies that change specific food prices.

CLS to higher education administrator: the price they paid.

Science.gov (United States)

Campbell, Suzanne; LaCost, Barbara Y

2010-01-01

To identify the barriers and/or obstacles these women experienced during their career paths as women clinical laboratory scientists who transitioned to higher education administration. To identify how being a woman influenced their careers as higher education administrators. A multi-site case study design was selected for this qualitative research involving a purposive sample of eight research participants. Data collection was guided by ten open-ended questions in seven face-to-face and one telephone semi-formal interviews. The purposive sample included women clinical laboratory scientists who held a current higher education administrative position at the dean's level, including associate and assistant dean positions, in a university setting. The participants were located in eight higher education institutions in Nebraska, Illinois, Ohio, Tennessee, Missouri, and Texas. The price women pay, gender considerations, a need for balance, existence/absence of the glass ceiling for women in higher education administration. Making personal sacrifices, struggling with gender stereotypes, being a woman, knowing you are okay, and possessing the ability to separate the personal from the professional were identified by this group of women as challenging experiences as they obtained and maintained a position as a higher education administrator. Additionally, they described the need for balance, a support system, and how they successfully managed their marriage, family, and career. The participants presented conflicting statements concerning

A prospective analysis of Brazilian biofuel economy: Land use, infrastructure development and fuel pricing policies

Science.gov (United States)

Nunez Amortegui, Hector Mauricio

Being the two largest ethanol producers in the world, transportation fuel policies in Brazil and the U.S. affect not only their domestic markets but also the global food and biofuel economy. Hence, the complex biofuel policy climate in these countries leaves the public with unclear conclusions about the prospects for supply and trade of agricultural commodities and biofuels. In this dissertation I develop a price endogenous mathematical programming model to simulate and analyze the impacts of biofuel policies in Brazil and the U.S. on land use in these countries, agricultural commodity and transportation fuel markets, trade, and global environment. The model maximizes the social surplus represented by the sum of producers' and consumers' surpluses, including selected agricultural commodity markets and fuel markets in the U.S., Brazil, Argentina, China, and the Rest-of-the-World (ROW), subject to resource limitations, material balances, technical constraints, and policy restrictions. Consumers' surplus is derived from consumption of agricultural commodities and transportation fuels by vehicles that generate vehicle-kilometers-traveled (VKT). While in the other regional components aggregate supply and demand functions are assumed for the commodities included in the analysis, the agricultural supply component is regionally disaggregated for Brazil and the U.S., and the transportation fuel sector is regionally disaggregated for Brazil. The U.S. agricultural supply component includes production of fourteen major food/feed crops, including soybeans, corn and wheat, and cellulosic biofuel feedstocks. The Brazil component includes eight major annual crops, including soybeans, corn, wheat, and rice, and sugarcane as the energy crop. A particular emphasis is given to the beef-cattle production in Brazil and the potential for livestock semi-intensification in Brazilian pasture grazing systems as a prospective pathway for releasing new croplands. In the fuel sector of both

Economics analysis of fuel cycle cost of fusion–fission hybrid reactors based on different fuel cycle strategies

Energy Technology Data Exchange (ETDEWEB)

Zu, Tiejun, E-mail: tiejun@mail.xjtu.edu.cn; Wu, Hongchun; Zheng, Youqi; Cao, Liangzhi

2015-01-15

Highlights: • Economics analysis of fuel cycle cost of FFHRs is carried out. • The mass flows of different fuel cycle strategies are established based on the equilibrium fuel cycle model. • The levelized fuel cycle costs of different fuel cycle strategies are calculated, and compared with current once-through fuel cycle. - Abstract: The economics analysis of fuel cycle cost of fusion–fission hybrid reactors has been performed to compare four fuel cycle strategies: light water cooled blanket burning natural uranium (Strategy A) or spent nuclear fuel (Strategy B), sodium cooled blanket burning transuranics (Strategy C) or minor actinides (Strategy D). The levelized fuel cycle costs (LFCC) which does not include the capital cost, operation and maintenance cost have been calculated based on the equilibrium mass flows. The current once-through (OT) cycle strategy has also been analyzed to serve as the reference fuel cycle for comparisons. It is found that Strategy A and Strategy B have lower LFCCs than OT cycle; although the LFCC of Strategy C is higher than that of OT cycle when the uranium price is at its nominal value, it would become comparable to that of OT cycle when the uranium price reaches its historical peak value level; Strategy D shows the highest LFCC, because it needs to reprocess huge mass of spent nuclear fuel; LFCC is sensitive to the discharge burnup of the nuclear fuel.

How do the stock prices of new energy and fossil fuel companies correlate? Evidence from China

International Nuclear Information System (INIS)

Wen, Xiaoqian; Guo, Yanfeng; Wei, Yu; Huang, Dengshi

2014-01-01

This study documents the return and volatility spillover effect between the stock prices of Chinese new energy and fossil fuel companies using the asymmetric BEKK model. Based on daily samples taken from August 30, 2006 to September 11, 2012, the dynamics of new energy/fossil fuel stock spillover are found to be significant and asymmetric. Compared with positive news, negative news about new energy and fossil fuel stock returns leads to larger return changes in their counter assets. News about both new energy and fossil fuel stock returns spills over into variances of their counter assets, and the volatility spillovers depend complexly on the respective signs of the return shocks of each asset. The empirical results demonstrate that new energy and fossil fuel stocks are generally viewed as competing assets, that positive news about new energy stocks could affect the attractiveness of fossil fuel stocks and that new energy stock investment is more speculative and riskier than fossil fuel stock investment. These results have potential implications for asset allocation, financial risk management and energy policymaking. - Highlights: • The dynamics of Chinese new energy/fossil fuel stock spillover are significant and asymmetric. • New energy and fossil fuel stocks are generally viewed as competing assets. • Positive news about new energy stocks affects the attractiveness of fossil fuel stocks. • New energy stock investment is more speculative and riskier than fossil fuel stock investment

Biofuels, tax policies and oil prices in France: Insights from a dynamic CGE model

International Nuclear Information System (INIS)

Doumax, Virginie; Philip, Jean-Marc; Sarasa, Cristina

2014-01-01

The 2009 Renewable Energies Directive (RED) has set up ambitious targets concerning biofuel consumption in the European Union by 2020. Nevertheless, budgetary constraints and growing concerns about the environmental integrity of first-generation biofuels have imposed a phasing out of the fiscal instruments to promote them. Focusing on France, this paper combines an exogenous increase in oil prices and tax policies on fossil fuels. The objective is to determine the efficiency of an alternative incentive scheme for biodiesel consumption based on a higher price of the fossil fuel substitute. Policy simulations are implemented through a dynamic computable general equilibrium (CGE) model calibrated on 2009 French data. The results show that the 10% biodiesel mandate set by the RED would not be achieved even if the fixed taxes on diesel reach the same level as those on gasoline. Although integrating the rise in oil prices into the fiscal framework improves the biodiesel penetration rate, it remains below the target. Moreover, we find that the effects of biofuel consumption are limited to the biofuel chain sectors. In other agricultural sectors, the substitution effect of biodiesel with diesel is partially offset by the pricing effect induced by higher energy production costs. - Highlights: • We represent the French biodiesel production chain through a dynamic CGE model. • We examine the efficiency of alternative support schemes to biodiesel in France. • Ambitious targets require substantial additional taxes on diesel and rising oil prices. • Spillover effects are limited to the biodiesel chain sectors. • Energy-intensive sectors suffer from higher production costs

Overview of Aviation Fuel Markets for Biofuels Stakeholders

Energy Technology Data Exchange (ETDEWEB)

Davidson, C.; Newes, E.; Schwab, A.; Vimmerstedt, L.

2014-07-01

This report is for biofuels stakeholders interested the U.S. aviation fuel market. Jet fuel production represents about 10% of U.S. petroleum refinery production. Exxon Mobil, Chevron, and BP top producers, and Texas, Louisiana, and California are top producing states. Distribution of fuel primarily involves transport from the Gulf Coast to other regions. Fuel is transported via pipeline (60%), barges on inland waterways (30%), tanker truck (5%), and rail (5%). Airport fuel supply chain organization and fuel sourcing may involve oil companies, airlines, airline consortia, airport owners and operators, and airport service companies. Most fuel is used for domestic, commercial, civilian flights. Energy efficiency has substantially improved due to aircraft fleet upgrades and advanced flight logistic improvements. Jet fuel prices generally track prices of crude oil and other refined petroleum products, whose prices are more volatile than crude oil price. The single largest expense for airlines is jet fuel, so its prices and persistent price volatility impact industry finances. Airlines use various strategies to manage aviation fuel price uncertainty. The aviation industry has established goals to mitigate its greenhouse gas emissions, and initial estimates of biojet life cycle greenhouse gas emissions exist. Biojet fuels from Fischer-Tropsch and hydroprocessed esters and fatty acids processes have ASTM standards. The commercial aviation industry and the U.S. Department of Defense have used aviation biofuels. Additional research is needed to assess the environmental, economic, and financial potential of biojet to reduce greenhouse gas emissions and mitigate long-term upward price trends, fuel price volatility, or both.

Volatility spillovers in China’s crude oil, corn and fuel ethanol markets

International Nuclear Information System (INIS)

Haixia, Wu; Shiping, Li

2013-01-01

Price volatility spillovers among China’s crude oil, corn and fuel ethanol markets are analyzed based on weekly price data from September 5, 2003 to August 31, 2012, employing the univariate EGARCH model and the BEKK-MVGARCH model, respectively. The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008. In the overall sample period, the results simultaneously provide strong evidence that there exist unidirectional spillover effects from the crude oil market to the corn and fuel ethanol markets, and double-directional spillovers between the corn market and the fuel ethanol market. However, the spillover effects from the corn and fuel ethanol markets to the crude oil market are not significant. -- Highlights: •Employing univariate EGARCH model and BEKK-MVGARCH model, respectively. Unidirectional spillover effects from crude oil market to corn and fuel ethanol markets. •Double-directional spillovers between corn market and fuel ethanol market. •The spillover effects from corn and fuel ethanol markets to crude oil market are not significant. •The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008

State energy price and expenditure report 1994

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-06-01

The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs.

State energy price and expenditure report 1994

International Nuclear Information System (INIS)

1997-06-01

The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs

The price of natural gas

International Nuclear Information System (INIS)

Bakhtiari, A.M.S.

2001-01-01

Natural gas used to be a relatively cheap primary energy source, always at a discount to crude oil (on a comparative British thermal unit basis). It gradually evolved into a major resource during the 20th century - reaching a 24 per cent share of global primary energy in 1999. In the year 2000, natural gas prices in the USA rose to unheard-of highs of 10/million US dollars Btu, ushering in a new era, with natural gas at a 120 per cent premium to crude oil. This clearly was a watershed for gas, somehow similar to the 1973-74 watershed for oil prices. And similarly, any return to the status quo-ante looks rather improbable, although a number of experts (alongside the International Energy Agency) still believe the 2000 price 'spike' to have been ''only transitory''. The consequences of higher gas prices (at a level equal to crude oil prices on a Btu basis) will be multifaceted and momentous, altering habits and uses in downstream industries and economic sectors, as well as providing added income for major gas-exporters, such as Russia, Canada and Algeria. Another potential consequence of the 2000 watershed might be to propel US standard prices (such as the 'Henry Hub' spot) to international status and gas price-setter, as the 'WTI spot' became an 'international benchmark' for crude oils in the post-1993 era. For the time being, the equality of gas and oil prices has become the new norm; but, in the longer term, a discount of crude oil relative to natural gas might be envisaged, as the latter is a cleaner fuel and emits less carbon dioxide when used. (author)

The True Cost of Coal. How people and the planet are paying the price for the world's dirtiest fuel

International Nuclear Information System (INIS)

Bjureby, Erika; Britten, Mareike; Cheng, Irish; Kazmierska, Marta; Mezak, Ernest; Munnik, Victor; Nandi, Jayashree; Pennington, Sara; Rochon, Emily; Schulz, Nina; Shahab, Nabiha; Vincent, Julien; Wei, Meng; Short, Rebecca

2009-09-01

Traditionally considered the cheapest fuel around, the market price for coal ignores its most significant impacts. These so-called 'external costs' manifests themselves as damages such as respiratory diseases, mining accidents, acid rain, smog pollution, reduced agricultural yields and climate change. The harm caused by mining and burning coal is not reflected in its price per ton or its costs for a kWh of electricity, but the world at large is nevertheless paying for it. This report seeks to answer the question: just how much are we paying?

Preliminary report. Preliminary findings and views concerning the exemption of kerojet fuels from the Mandatory Petroleum Allocation and Price Regulations

Energy Technology Data Exchange (ETDEWEB)

None

1978-01-01

Preliminary findings indicate the following: kerojet fuel is not in short supply; it will not adversely impact on the supply of other petroleum products subject to the Emergency Petroleum Allocation Act; competition and market forces are adequate; and it will not result in inequitable prices for kerojet or other products. Chapter II provides background information on the use, production, and distribution of kerojet. Chapter III analyzes the historical interaction of supply, demand, and price, and explores the market structure for kerojet during 1968 to 1976, prior to and during imposition of allocation and price controls. Chapter IV examines the effect upon kerojet supply, demand, price, and market structure of exempting kerojet from controls and indicates the benefits to be derived from such exemption. In Chapter V, the potential economic impacts of exemption are evaluated. Chapter VI provides a final summary of the DOE's findings and views in support of its preliminary judgment that kerojet should be exempted from allocation and price regulations. (MCW)

Flex cars and the alcohol price

International Nuclear Information System (INIS)

Ferreira, Alex Luiz; Da Silveira, Jaylson Jair; De Almeida Prado, Fernando Pigeard

2009-01-01

We build a model that incorporates the effect of the innovative 'flex' car, an automobile that is able to run with either gasoline or alcohol, on the dynamics of fuel prices in Brazil. Our model shows that differences regarding fuel prices will now depend on the proportions of alcohol, gasoline and flex cars in the total stock. Conversely, the demand for each type of car will also depend on the expected future prices of alcohol and gasoline (in addition to the car prices). The model reflects our findings that energy prices are tied in the long run and that causality runs stronger from gasoline to alcohol. The estimated error correction parameter is stable, implying that the speed of adjustment towards equilibrium remains unchanged. The latter result is probably due to a still small fraction of flex cars in the total stock (approx. 5%), despite the fact that its sales nearly reached 100% in 2006. (author)

Wood-energy: success depends on the price of fossil energies and on the carbon tax level

International Nuclear Information System (INIS)

Defaye, Serge; Maindrault, Marc

2016-01-01

Illustrated by several graphs indicating the structure of fossil energy prices, the comparison between domestic fuel and wood-energy for public network exploitation, the levels of fossil prices and carbon tax for non-subsidised projects, this article analyses the development of biomass (and more particularly wood-energy), the success of which depends on the price of fossil energies and on the carbon tax level. It outlines the differences of price-building elements between fossil and renewable heat, that subsidies are necessary if reference prices are low. It discusses the influence of carbon tax level and of fossil prices. It finally identifies conditions to be met (reduction of fossil energy supply and therefore higher fossil prices, introduction of a carbon tax) to reach COP objectives

Trends in College Pricing, 2013. Trends in Higher Education Series

Science.gov (United States)

Baum, Sandy; Ma, Jennifer

2013-01-01

Concerns about rising tuition and how students can afford to finance their major investments in postsecondary education are widespread. Solid insights into these questions require accurate and up-to-date information about prices. "Trends in College Pricing, 2013" reports on the prices charged by colleges and universities in 2013-14, how…

New empirical generalizations on the determinants of price elasticity

NARCIS (Netherlands)

Bijmolt, THA; Van Heerde, HJ; Pieters, RGM

The importance of pricing decisions for firms has fueled an extensive stream of research on price elasticities. In an influential meta-analytical study, Tellis (1988) summarized price elasticity research findings until 1986. However, empirical generalizations on price elasticity require

Energy price increases and economic development in Malaysia.

OpenAIRE

Fong CO

1984-01-01

ILO pub-WEP pub. Working paper on the impact of higher energy costs (particularly petroleum price increases) on economic development in Malaysia, 1973 to 1983 - outlines trends in gross domestic product, balance of payments, trade and economic growth; considers household income and fuel expenditure of low income rural communitys; deals with choice of technology and employment in certain high power consumption industries; discusses energy policy implications. Graphs, maps, questionnaires, refe...

World oil demand's shift toward faster growing and less price-responsive products and regions

International Nuclear Information System (INIS)

Dargay, Joyce M.; Gately, Dermot

2010-01-01

Using data for 1971-2008, we estimate the effects of changes in price and income on world oil demand, disaggregated by product - transport oil, fuel oil (residual and heating oil), and other oil - for six groups of countries. Most of the demand reductions since 1973-74 were due to fuel-switching away from fuel oil, especially in the OECD; in addition, the collapse of the Former Soviet Union (FSU) reduced their oil consumption substantially. Demand for transport and other oil was much less price-responsive, and has grown almost as rapidly as income, especially outside the OECD and FSU. World oil demand has shifted toward products and regions that are faster growing and less price-responsive. In contrast to projections to 2030 of declining per-capita demand for the world as a whole - by the U.S. Department of Energy (DOE), International Energy Agency (IEA) and OPEC - we project modest growth. Our projections for total world demand in 2030 are at least 20% higher than projections by those three institutions, using similar assumptions about income growth and oil prices, because we project rest-of-world growth that is consistent with historical patterns, in contrast to the dramatic slowdowns which they project. (author)

Higher prices, higher quality? Evidence from German nursing homes

OpenAIRE

Herr, Annika; Hottenrott, Hanna

2016-01-01

Objectives: This study investigates the relationship between prices and quality of 7,400 German nursing homes controlling for income, nursing home density, demographics, labour market characteristics, and infrastructure at the regional level. Method: We use a cross section of public quality reports for all German nursing homes, which had been evaluated between 2010 and 2013 by external institutions. Our analysis is based on multivariate regressions in a two stage least squares framework, wher...

Value based pricing: the least valued pricing strategy

OpenAIRE

Hoenen, Bob

2017-01-01

Pricing has been one of the least researched topics in marketing, although within these pricing strategies: cost-plus pricing is considered as the leading pricing strategy worldwide. Why should companies use such an unprofitable strategy, where fighting for a higher market share due to low prices is more a rule than exception? VBP is one of the most underestimated strategies by organizations. The definition of VBP is: 'value pricing applies to products that have the potential of being differe...

Extreme Weather and Civil War in Somalia: Does Drought Fuel Conflict through Livestock Price Shocks?

OpenAIRE

Maystadt, Jean-Francois; Ecker, Olivier; Mabiso, Athur

2013-01-01

Climate change leads to more frequent and more intense droughts in Somalia. In a global context, weather shocks have been found to perpetuate poverty and fuel civil conflict. By relating regional and temporal variations in violent conflict outbreaks with drought incidence and severity, we show that this causality is valid also for Somalia at the local level. We find that livestock price shocks drive drought-induced conflicts through reducing the opportunity costs of conflict participation. Ou...

Pricing and tariffs

International Nuclear Information System (INIS)

Dyrelund, A.

1993-01-01

Danish suppliers of electricity and district heating are with a few exceptions either public utilities or cooperatives owned by consumers. The basic tariff regulations for electricity and heat in Denmark state that the tariff has to cover all costs and that only a reasonable interest of invested capital may be included in the tariff. Consequently, all profit has to be used to lower prices. For municipality-owned utilities the consumer prices would be the same if the consumers were the owners. It is typical for the district heating and electricity sector that the technical system, the organizations involved and the tariff levels show the same structure: Plants - transmission - distribution - consumer. E.g. the price of energy from the transmission system includes costs of plants and transmission, but not costs of distribution. Concerning energy saving measures in buildings it is important to note that energy saving measures should not be evaluated on the basis of saved GJ (Giga Joule) thermal energy and GJ electricity because the fuel energy consumption and the share of variable costs depend on the supply system. To find least-cost solutions to satisfy the basic demand for energy services, it is necessary to be aware of the whole chain of elements from fuel to services: fuel - plant - network - consumer installations - building envelope - services. The consumer tariff is the most important link between the supply systems and the buildings. A reasonably designed incentive tariff may work for least-cost solutions, whereas other tariffs may encourage a waste of resources, either waste of fuel energy or waste of investments. (AB)

Trends in College Pricing, 2016. Trends in Higher Education Series

Science.gov (United States)

Ma, Jennifer; Baum, Sandy; Pender, Matea; Welch, Meredith

2016-01-01

In 2016-17, published tuition and fee prices rose slightly less than the year before. The rapid price growth observed during the Great Recession has abated, as typically happens when the economy recovers, but the rate of increase in tuition and fees continues to exceed inflation. More notable, however, is the pattern of the net prices students…

Estimates of Canadian fuel fabrication costs for alternative fuel cycles and systems

International Nuclear Information System (INIS)

Blahnik, C.

1979-04-01

Unit fuel fabrication costs are estimated for alternate fuel cycles and systems that may be of interest in Ontario Hydro's strategy analyses. A method is proposed for deriving the unit fuel fabrication price to be paid by a Canadian utility as a function of time (i.e. the price that reflects the changing demand/supply situation in the particular scenario considered). (auth)

Fuel demand in Brazil in a dynamic panel data approach

International Nuclear Information System (INIS)

Santos, Gervásio F.

2013-01-01

The purpose of this paper is to evaluate the sensitivity of fuel consumers regarding price and income, taking recent changes in the Brazilian fuel market into account. In this market, new market rules, energy policy towards fuel diversification and introduction of flex-fuel engines have determined fuel competition among gasoline, ethanol and compressed natural gas. Using a dynamic panel data model, demand equations for these three fuels are econometrically estimated to obtain consumer adjustment coefficients, price, cross-price and income elasticities in the short and long-run. In addition, the effect of the introduction of flex-fuel engines in the market and the rationality of consumers towards efficiency constraints of the engines were tested. Apart from considerable competition, results show that the dynamics of the Brazilian fuel market revolves around ethanol instead of gasoline. While demands for gasoline and natural gas are inelastic to price, demand for ethanol is elastic in Brazil. Furthermore, after the introduction of the flex-fuel technology the sensitivity of consumers to fuel prices changed, and ethanol consumers take efficiency constrains into account when ethanol prices reach the threshold of 70% of gasoline prices. - Highlights: ► Fuel demand in Brazil is evaluated, considering the changes in the fuel market. ► A dynamic panel data model is used to fit demand equations for fuels. ► Adjustment coefficients, price, cross-price and income elasticities are estimated. ► The impact of flex-fuel technology on the consumer behavior is tested. ► The results showed that the dynamic of the fuel market revolves around ethanol. ► The flex-fuel technology increased the competition among fuels

China's coal price disturbances: Observations, explanations, and implications for global energy economies

International Nuclear Information System (INIS)

Yang, Chi-Jen; Xuan, Xiaowei; Jackson, Robert B.

2012-01-01

Since China decontrolled coal prices, its coal price has risen steadily and been unusually volatile. In 2011 in particular, high coal prices and capped electricity prices in China discouraged coal-fired power generation, triggering widespread power shortages. We suggest that these coal-price disturbances could be symptomatic of a major change in pricing dynamics of global fossil-fuel markets, with increasing correspondence between coal and oil prices globally. Historically, global coal prices have been more stable and lower than oil and natural gas prices on a per-heat basis. In recent years, however, coal prices have been increasingly volatile worldwide and have tracked other fossil fuel prices more closely. Meanwhile, the recent development of unconventional gas has substantially decoupled US natural gas and oil prices. Technically, low US natural gas prices, with potential fuel switching, could drive US domestic coal prices lower. However, this effect is unlikely to counteract the overall trend in increasing coal consumption globally. China's market size and unique, partially-controlled energy system make its reform agenda a key force in the global economy. Policymakers in the US, E.U. and elsewhere should monitor China's economic reform agenda to anticipate and respond to changes accompanying China's increasing importance in the global energy economy. - Highlights: ► Since China decontrolled its coal prices, the price of coal has risen steadily in China, accompanied by unusual volatility. ► Relatively high and volatile coal prices have triggered widespread power shortages in China. ► Coal and oil prices have already become, and continue to become, more closely linked globally. ► China's demand will likely drive up global coal prices and make them as volatile as that of other fossil fuels. ► Policymakers should monitor China's economic reform agenda to anticipate and respond to changes in the global energy economy.

Long-term projections for electricity and gas prices

International Nuclear Information System (INIS)

Borggrefe, Frieder; Lochner, Stefan

2009-01-01

The article analyses potential developments of wholesale electricity prices in Germany until 2030. The relevant determinants and their effects on prices are shown. Several projections demonstrate the impact of future fuel prices taking the political framework into account. The importance of carbon and gas prices - and the latter's relationship to oil prices - are discussed extensively. Although forecasting electricity prices is associated with great uncertainties, the article illustrates the relative impacts of the various price determinants and their interactions. (orig.)

Price dynamics in European petroleum markets

International Nuclear Information System (INIS)

Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

2009-01-01

This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

State energy-price system: 1981 update

Energy Technology Data Exchange (ETDEWEB)

Fang, J.M.; Imhoff, K.L.; Hood, L.J.

1983-08-01

This report updates the State Energy Price Data System (STEPS) to include state-level energy prices by fuel and by end-use sectors for 1981. Both physical unit prices and Btu prices are presented. Basic documentation of the data base remains generally the same as in the original report: State Energy Price System; Volume 1: Overview and Technical Documentation (DOE/NBB-0029 Volume 1 of 2, November 1982). The present report documents only the changes in procedures necessitated by the update to 1981 and the corrections to the basic documentation.

Imperfect price-reversibility of US gasoline demand: Asymmetric responses to price increases and declines

International Nuclear Information System (INIS)

Gately, D.

1992-01-01

This paper describes a framework for analyzing the imperfect price-reversibility (hysteresis) of oil demand. The oil demand reductions following the oil price increases of the 1970s will not be completely reversed by the price cuts of the 1980s, nor is it necessarily true that these partial demand reversals themselves will be reversed exactly by future price increases. The author decomposes price into three monotonic series: price increases to maximum historic levels, price cuts, and price recoveries (increases below historic highs). He would expect that the response to price cuts would be no greater than to price recoveries, which in turn would be no greater than for increases in maximum historic price. For evidence of imperfect price-reversibility, he tests econometrically the following US data: vehicle miles per driver, the fuel efficiency of the automobile fleet, and gasoline demand per driver. In each case, the econometric results allow him to reject the hypothesis of perfect price-reversibility. The data show smaller response to price cuts than to price increases. This has dramatic implications for projections of gasoline and oil demand, especially under low-price assumptions. 26 refs., 13 figs., 3 tabs

The Potential of Turboprops to Reduce Aviation Fuel Consumption

OpenAIRE

Smirti, Megan; Hansen, Mark

2009-01-01

Aviation system planning, particularly fleet selection and adoption, is challenged by fuel price uncertainty. Fuel price uncertainty is due fuel and energy price fluctuations and a growing awareness of the environmental externalities related to transportation activities, particularly as they relate to climate change. To assist in aviation systems planning under such fuel price uncertainty and environmental regulation, this study takes a total logistic cost approach and evaluates three represe...

Rockets and Feathers: The Asymmetric Effect between China’s Refined Oil Prices and International Crude Oil Prices

Directory of Open Access Journals (Sweden)

Yufeng Chen

2017-03-01

Full Text Available This paper employs an asymmetric error-correction model (AECM, and uses monthly data on wholesale prices of gasoline and diesel products in China and international crude oil prices from February 2006 to October 2013 to examine whether China’s gasoline and diesel prices adjust asymmetrically to international crude oil price changes. Our empirical results suggest that increases and decreases in international oil prices have asymmetric effects on both wholesale prices of gasoline and diesel fuel in China, and that both increases and decreases in international oil prices have a greater effect on diesel prices than on gasoline prices in China. If there is no change in the maximum retail price, the asymmetry results from the transmission of wholesale prices in China with international oil prices. However, if there is a change in maximum retail prices, both international oil prices and maximum retail prices cause the asymmetry.

Environmental pricing of externalities from different sources of electricity generation in Chile

International Nuclear Information System (INIS)

Aravena, Claudia; Hutchinson, W. George; Longo, Alberto

2012-01-01

The rapid increase in electricity demand in Chile means a choice must be made between major investments in renewable or non-renewable sources for additional production. Current projects to develop large dams for hydropower in Chilean Patagonia impose an environmental price by damaging the natural environment. On the other hand, the increased use of fossil fuels entails an environmental price in terms of air pollution and greenhouse gas emissions contributing to climate change. This paper studies the debate on future electricity supply in Chile by investigating the preferences of households for a variety of different sources of electricity generation such as fossil fuels, large hydropower in Chilean Patagonia and other renewable energy sources. Using Double Bounded Dichotomous Choice Contingent Valuation, a novel advanced disclosure method and internal consistency test are used to elicit the willingness to pay for less environmentally damaging sources. Policy results suggest a strong preference for renewable energy sources with higher environmental prices imposed by consumers on electricity generated from fossil fuels than from large dams in Chilean Patagonia. Policy results further suggest the possibility of introducing incentives for renewable energy developments that would be supported by consumers through green tariffs or environmental premiums. Methodological findings suggest that advanced disclosure learning overcomes the problem of internal inconsistency in SB-DB estimates.

Record prices [crude oil

International Nuclear Information System (INIS)

Anon

2006-01-01

Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)

Trends in prices to commercial energy consumers in the competitive Texas electricity market

International Nuclear Information System (INIS)

Zarnikau, Jay; Fox, Marilyn; Smolen, Paul

2007-01-01

To date, the price of electricity to commercial or business energy consumers has generally increased at greater rates in the areas of Texas where retail competition has been introduced than in areas that do not enjoy competition. Trends in commercial competitive prices have largely mirrored trends in residential prices. Market restructuring has tended to increase the sensitivity of retail electricity prices to changes in the price of natural gas, the marginal fuel used for generation in Texas. Consequently, the rapid increases in the commodity price of natural gas following restructuring led to increases in competitive electric rates which exceeded the increases in areas not exposed to restructuring, where the fuel component of electric rates tend to reflect a weighted average of the utilities' fuel costs. There is some evidence that pricing behavior by competitive retailers changed when the retailers affiliated with the incumbent utilities were permitted some pricing flexibility, resulting in a reduction in prices. (author)

International Energy Prices(Exchange Rate and PPP)

Energy Technology Data Exchange (ETDEWEB)

Jo, Sung Han; Yoo, Dong Heon [Korea Energy Economics Institute, Euiwang (Korea)

2000-11-01

Energy is to be specially important to the Korean economy. In the past the major purpose of Korea's energy policies was to ensure that the energy was supplied at the low cost to encourage and sustain economic development and growth. Therefore, energy prices are distorted by government intervention. And this was the cause of inefficiency in usage of energy. In order to improve the energy efficiency and reduce the environmental impact of energy consumption, new energy pricing should be needed to the energy industry and the Korean economy. It is necessary to compare the domestic energy prices with other countries to improve the energy pricing system including tax, the relative structure of energy price, etc. In order to compare the domestic energy prices to those of other countries, the exchange rate, purchasing power parity and Big Mac index are used for calculation of common currency. We select 12 countries, which are Belgium, France, Germany, Greece, Ireland, Italy, Portugal, Spain, Switzerland, Taiwan, Mexico and England. The oil products(gasoline, diesel, heavy fuel oil and light fuel oil), natural gas and electricity are selected to compare the price. (author). 12 refs., 13 tabs.

Reducing Fuel Volatility. An Additional Benefit From Blending Bio-fuels?

Energy Technology Data Exchange (ETDEWEB)

Bailis, R. [Yale School of Forestry and Environmental Studies, 195 Prospect Street, New Haven, CT 06511 (United States); Koebl, B.S. [Utrecht University, Science Technology and Society, Budapestlaan 6, 3584 CD Utrecht (Netherlands); Sanders, M. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)

2011-02-15

Oil price volatility harms economic growth. Diversifying into different fuel types can mitigate this effect by reducing volatility in fuel prices. Producing bio-fuels may thus have additional benefits in terms of avoided damage to macro-economic growth. In this study we investigate trends and patterns in the determinants of a volatility gain in order to provide an estimate of the tendency and the size of the volatility gain in the future. The accumulated avoided loss from blending gasoline with 20 percent ethanol-fuel estimated for the US economy amounts to 795 bn. USD between 2010 and 2019 with growing tendency. An amount that should be considered in cost-benefit analysis of bio-fuels.

State energy price and expenditure report, 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-08-01

The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the US. The estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1995. Data for all years are available on a CD-ROM and via Internet. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1995, Consumption Estimates (SEDR), published in December 1997. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources.

Alaska North Slope crude oil price and the behavior of diesel prices in California

International Nuclear Information System (INIS)

Adrangi, B.; Chatrath, A.; Raffiee, K.; Ripple, R.

2001-01-01

In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship between the two prices. The L.A. diesel market is found to bear the majority of the burden of convergence when there is a price spread. This finding may be seen as being consistent with the general consensus that price discovery emanates from the larger, more liquid market where trading volume is concentrated. The contestability of the West Coast crude oil market tends to cause it to react relatively competitively, while the lack of contestability for the West Coast diesel market tends to limit its competitiveness, causing price adjustment to be slow but to follow the price signals of crude oil. Our findings also suggest that the derived demand theory of input pricing may not hold in this case. The Alaska North Slope crude oil price is the driving force in changes of L.A. diesel price

Is response to price equal for those with higher alcohol consumption?

Science.gov (United States)

Byrnes, Joshua; Shakeshaft, Anthony; Petrie, Dennis; Doran, Christopher M

2016-01-01

To determine if taxation policies that increase the price of alcohol differentially reduce alcohol consumption for heavy drinkers in Australia. A two-part demand model for alcohol consumption is used to determine the price elasticity of alcohol. Quantile regression is used to determine the price elasticity estimates for various levels of consumption. The study uses Australian data collected by the National Drug Strategy Household Survey for the years 2001, 2004 and 2007. Measures of individual annual alcohol consumption were derived from three waves of the National Drug Strategy Household Survey; alcohol prices were taken from market research reports. For the overall population of drinkers, a 1% increase in the price of alcohol was associated with a 0.96% (95% CI -0.35%, -1.57%) reduction in alcohol consumption. For those in the highest 10% of drinkers by average amount consumed, a 1% increase in the price of alcohol was associated with a 1.26% (95% CI 0.82%, 1.70%) reduction in consumption. Within Australia, policies that increase the price of alcohol are about equally effective in relative terms for reducing alcohol consumption both for the general population and among those who drink heavily.

The crucial relationship among energy commodity prices: Evidence from the Spanish electricity market

International Nuclear Information System (INIS)

Moutinho, Victor; Vieira, Joel; Carrizo Moreira, Antonio

2011-01-01

The main purpose of this article is twofold to analyze: (a) the long-term relation among the commodities prices and between spot electricity market price and commodity prices, and (b) the short-term dynamics among commodity prices and between electricity prices and commodity prices. Data between 2002 and 2005 from the Spanish electricity market was used. Econometric methods were used in the analysis of the commodity spot price, namely the vector autoregression model, the vector error correction model and the granger causality test. The co-integration approach was used to analyze the long-term relationship between the common stochastic trends of four fossil fuel prices. One of the findings in the long-term relation is that the prices of fuel and the prices of Brent are intertwined, though the prices of Brent ten to 'move' to reestablish the price equilibrium. Another finding is that the price of electricity is explained by the evolution of the natural gas series. - Highlights: → We model energy commodity prices in the Spanish electricity market. → We examine the short and long-term relationships among commodities prices. → We examine short and long-term relationships using co-integration techniques. → We found that in the long run the prices of fuel and Brent are intertwined. → The evolution of price of electricity is explained by the evolution of price of gas.

World oil demand's shift toward faster growing and less price-responsive products and regions

Energy Technology Data Exchange (ETDEWEB)

Dargay, Joyce M. [Institute for Transport Studies, University of Leeds, Leeds LS2 9JT (United Kingdom); Gately, Dermot [Dept. of Economics, New York University, 19W. 4 St., New York, NY 10012 (United States)

2010-10-15

Using data for 1971-2008, we estimate the effects of changes in price and income on world oil demand, disaggregated by product - transport oil, fuel oil (residual and heating oil), and other oil - for six groups of countries. Most of the demand reductions since 1973-74 were due to fuel-switching away from fuel oil, especially in the OECD; in addition, the collapse of the Former Soviet Union (FSU) reduced their oil consumption substantially. Demand for transport and other oil was much less price-responsive, and has grown almost as rapidly as income, especially outside the OECD and FSU. World oil demand has shifted toward products and regions that are faster growing and less price-responsive. In contrast to projections to 2030 of declining per-capita demand for the world as a whole - by the U.S. Department of Energy (DOE), International Energy Agency (IEA) and OPEC - we project modest growth. Our projections for total world demand in 2030 are at least 20% higher than projections by those three institutions, using similar assumptions about income growth and oil prices, because we project rest-of-world growth that is consistent with historical patterns, in contrast to the dramatic slowdowns which they project. (author)

Price determination for hydrogen produced from bio-ethanol in Argentina

International Nuclear Information System (INIS)

Gregorini, V.A.; Pasquevich, D.; Laborde, M.

2010-01-01

A massive penetration for hydrogen as a fuel vector requires a price reduction against fossil fuels (up to lower or at less equal to current prices). That is why it is important to calculate the current prices, so that we can determinate the gap between them and work in reducing them. In order to follow properly prices evolution it is necessary been able to compare data generated by Universities, Laboratories and Industries. So that, DOE creates in 2003 a tool (H2A) to determine prices for hydrogen, with some assumptions and pre defined values, to facilitate transparency and consistency of data. In this work we will use the H2A tool to calculate de price of hydrogen produced in a bio-ethanol semi-industrial Plant in Argentina, and we will compare it with the prices of USA studies. (author)

A meta-analysis of the price elasticity of gasoline demand. A SUR approach

NARCIS (Netherlands)

Brons, M.R.E.; Nijkamp, P.; Pels, E.; Rietveld, P.

2008-01-01

Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In

Average regional end-use energy price projections to the year 2030

International Nuclear Information System (INIS)

1991-01-01

The energy prices shown in this report cover the period from 1991 through 2030. These prices reflect sector/fuel price projections from the Annual Energy Outlook 1991 (AEO) base case, developed using the Energy Information Administration's (EIA) Intermediate Future Forecasting System (IFFS) forecasting model. Projections through 2010 are AEO base case forecasts. Projections for the period from 2011 through 2030 were developed separately from the AEO for this report, and the basis for these projections is described in Chapter 3. Projections in this report include average energy prices for each of four Census Regions for the residential, commercial, industrial, and transportation end-use sectors. Energy sources include electricity, distillate fuel oil, liquefied petroleum gas, motor gasoline, residual fuel oil, natural gas, and steam coal. (VC)

Costs of electronuclear fuel production

International Nuclear Information System (INIS)

Flaim, T.; Loose, V.

1978-07-01

The Los Alamos Scientific Laboratory (LASL) proposes to study the electronuclear fuel producer (EFP) as a means of producing fissile fuel to generate electricity. The main advantage of the EFP is that it may reduce the risks of nuclear proliferation by breeding 233 U from thorium, thereby avoiding plutonium separation. A report on the costs of electronuclear fuel production based upon two designs considered by LASL is presented. The findings indicate that the EFP design variations considered are not likely to result in electricity generation costs as low as the uranium fuel cycle used in the US today. At current estimates of annual fuel output (500 kg 233 U per EFP), the costs of electricity generation using fuel produced by the EFP are more than three times higher than generating costs using the traditional fuel cycle. Sensitivity analysis indicates that electronuclear fuel production would become cost competitive with the traditional uranium fuel cycle when U 3 O 8 (yellowcake) prices approach $1000 per pound

Apples with apples: accounting for fuel price risk in comparisons of gas-fired and renewable generation

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan

2003-12-18

For better or worse, natural gas has become the fuel of choice for new power plants being built across the United States. According to the US Energy Information Administration (EIA), natural gas combined-cycle and combustion turbine power plants accounted for 96% of the total generating capacity added in the US between 1999 and 2002--138 GW out of a total of 144 GW. Looking ahead, the EIA expects that gas-fired technology will account for 61% of the 355 GW new generating capacity projected to come on-line in the US up to 2025, increasing the nationwide market share of gas-fired generation from 18% in 2002 to 22% in 2025. While the data are specific to the US, natural gas-fired generation is making similar advances in other countries as well. Regardless of the explanation for (or interpretation of) the empirical findings, however, the basic implications remain the same: one should not blindly rely on gas price forecasts when comparing fixed-price renewable with variable-price gas-fired generation contracts. If there is a cost to hedging, gas price forecasts do not capture and account for it. Alternatively, if the forecasts are at risk of being biased or out of tune with the market, then one certainly would not want to use them as the basis for resource comparisons or investment decisions if a more certain source of data (forwards) existed. Accordingly, assuming that long-term price stability is valued, the most appropriate way to compare the levelized cost of these resources in both cases would be to use forward natural gas price data--i.e. prices that can be locked in to create price certainty--as opposed to uncertain natural gas price forecasts. This article suggests that had utilities and analysts in the US done so over the sample period from November 2000 to November 2003, they would have found gas-fired generation to be at least 0.3-0.6 cents/kWh more expensive (on a levelized cost basis) than otherwise thought. With some renewable resources, in particular wind

Vertical integration in the nuclear fuel cycle

International Nuclear Information System (INIS)

Mommsen, J.T.

1977-01-01

Vertical integration in the nuclear fuel cycle and its contribution to market power of integrated fuel suppliers were studied. The industry subdivision analyzed is the uranium raw materials sector. The hypotheses demonstrated are that (1) this sector of the industry is trending toward vertical integration between production of uranium raw materials and the manufacture of nuclear fuel elements, and (2) this vertical integration confers upon integrated firms a significant market advantage over non-integrated fuel manufacturers. Under microeconomic concepts the rationale for vertical integration is the pursuit of efficiency, and it is beneficial because it increases physical output and decreases price. The Market Advantage Model developed is an arithmetical statement of the relative market power (in terms of price) between non-integrated nuclear fuel manufacturers and integrated raw material/fuel suppliers, based on the concept of the ''squeeze.'' In operation, the model compares net profit and return on sales of nuclear fuel elements between the competitors, under different price and cost circumstances. The model shows that, if integrated and non-integrated competitors sell their final product at identical prices, the non-integrated manufacturer returns a net profit only 17% of the integrated firm. Also, the integrated supplier can price his product 35% below the non-integrated producer's price and still return the same net profit. Vertical integration confers a definite market advantage to the integrated supplier, and the basic source of that advantage is the cost-price differential of the raw material, uranium

Methods of economic analysis applied to fusion research: discount rate determination and the fossil fuel price effect

Energy Technology Data Exchange (ETDEWEB)

1978-09-25

In current and previous efforts, ECON has provided a preliminary economic assessment of a fusion research program. Part of this effort was the demonstration of a methodology for the estimation of reactor system costs and risk and for the treatment of program alternatives as a series of steps (tests) to buy information, thereby controlling program risk and providing a sound economic rationale for properly constructed research programs. The first phase of work also identified two areas which greatly affect the overall economic evaluation of fusion research and which warranted further study in the second phase. This led to the two tasks of the second phase reported herein: (1) discount rate determination and (2) evaluation of the effect of the expectation of the introduction of fusion power on current fossil fuel prices. In the first task, various conceptual measures of the social rate of discount were reviewed and critiqued. In the second task, a benefit area that had been called out by ECON was further examined. Long-range R and D yields short-term benefits in the form of lower nonrenewable energy resource prices because the R and D provides an expectation of future competition for the remaining reserves at the time of technology availability. ECON developed a model of optimal OPEC petroleum pricing as a function of the expectation of future competing technologies. It was shown that the existence of this expectation lowers the optimal OPEC export price and that accelerated technology R and D programs should provide further price decreases. These price reductions translate into benefits to the U.S. of at least a billion dollars.

Energy price risk management

International Nuclear Information System (INIS)

Evans, J.W.G.

1998-01-01

While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

Consumer food choices: the role of price and pricing strategies.

Science.gov (United States)

Steenhuis, Ingrid H M; Waterlander, Wilma E; de Mul, Anika

2011-12-01

To study differences in the role of price and value in food choice between low-income and higher-income consumers and to study the perception of consumers about pricing strategies that are of relevance during grocery shopping. A cross-sectional study was conducted using structured, written questionnaires. Food choice motives as well as price perceptions and opinion on pricing strategies were measured. The study was carried out in point-of-purchase settings, i.e. supermarkets, fast-food restaurants and sports canteens. Adults (n 159) visiting a point-of-purchase setting were included. Price is an important factor in food choice, especially for low-income consumers. Low-income consumers were significantly more conscious of value and price than higher-income consumers. The most attractive strategies, according to the consumers, were discounting healthy food more often and applying a lower VAT (Value Added Tax) rate on healthy food. Low-income consumers differ in their preferences for pricing strategies. Since price is more important for low-income consumers we recommend mainly focusing on their preferences and needs.

Electricity pricing model in thermal generating stations under deregulation

International Nuclear Information System (INIS)

Reji, P.; Ashok, S.; Moideenkutty, K.M.

2007-01-01

In regulated public utilities with competitive power markets, deregulation has replaced the monopoly. Under the deregulated power market, the electricity price primarily depends on market mechanism and power demand. In this market, generators generally follow marginal pricing. Each generator fixes the electricity price based on their pricing strategy and it leads to more price volatility. This paper proposed a model to determine the electricity price considering all operational constraints of the plant and economic variables that influenced the price, for a thermal generating station under deregulation. The purpose of the model was to assist existing stations, investors in the power sector, regulatory authorities, transmission utilities, and new power generators in decision-making. The model could accommodate price volatility in the market and was based on performance incentive/penalty considering plant load factor, availability of the plant and peak/ off peak demand. The model was applied as a case study to a typical thermal utility in India to determine the electricity price. It was concluded that the case study of a thermal generating station in a deregulated environment showed that the electricity price mainly depended on the gross calorific value (GCV) of fuel, mode of operation, price of the fuel, and operating charges. 11 refs., 2 tabs., 1 fig

FUEL/CARBON PRICE VS. ABATEMENT TECHNOLOGY IN FREIGHT TRANSPORT

Directory of Open Access Journals (Sweden)

Eugen Ferdinand Spangenberg

2017-12-01

Full Text Available The current situation is the exponential increase in greenhouse gases (GHG, which is mainly caused by industrial and transport activities. The recent Paris agreement in 2015 (Framework Convention on Climate Change COP21, UNFCCC made it clear to everyone that CO2 emissions are to be limited in all areas of life. Alternative fuels with a lower environmental impact than carbon (CO2 emissions are hard to find if the overall footprint is to be taken into account. Nevertheless, there are some fuels that have less impact on climate change. One the other hand, the production of biofuels is a controversial matter, although it is a viable alternative to emissions reduction. CNG or LNG-powered vehicles are also better in terms of environmental pollution, but are hardly better with regard to CO2 impact when a Life Cycle Assessment (LCA is carried out. LNG (liquid natural gas, for example, is the future fuel in the maritime sector because of the stricter environmental regulations (SOx,NOx in the shipping industry. The battery-powered vehicle is another example of an environmentally friendly solution. The afore-mentioned measures can be considered as “abatement“ necessary in order to limit CO2 impact. The study shows that there are significant differences in the environmental impact between transport systems and the corresponding drive-system or associated energy base. The polluter should pay, which is a common basic principle in economic research. The Emission Trading Scheme (ETS has been introduced in order to ensure a reduction in CO2 output – emissions come with a price tag. An overall view is necessary, both en-vironmental and economic impact must be reconciled (cf. Spangenberg - TQI. The future viability of the transport system as we know it may change significantly over time if new environmental requirements or e.g. CO2 taxes or ETS are introduced in the freight sector. The abatement of CO2 should be effected primarily through technological

Real-time pricing strategy of micro-grid energy centre considering price-based demand response

Science.gov (United States)

Xu, Zhiheng; Zhang, Yongjun; Wang, Gan

2017-07-01

With the development of energy conversion technology such as power to gas (P2G), fuel cell and so on, the coupling between energy sources becomes more and more closely. Centralized dispatch among electricity, natural gas and heat will become a trend. With the goal of maximizing the system revenue, this paper establishes the model of micro-grid energy centre based on energy hub. According to the proposed model, the real-time pricing strategy taking into account price-based demand response of load is developed. And the influence of real-time pricing strategy on the peak load shifting is discussed. In addition, the impact of wind power predicted inaccuracy on real-time pricing strategy is analysed.

Fuel cell system economics: comparing the costs of generating power with stationary and motor vehicle PEM fuel cell systems

International Nuclear Information System (INIS)

Lipman, Timothy E.; Edwards, Jennifer L.; Kammen, Daniel M.

2004-01-01

This investigation examines the economics of producing electricity from proton-exchange membrane (PEM) fuel cell systems under various conditions, including the possibility of using fuel cell vehicles (FCVs) to produce power when they are parked at office buildings and residences. The analysis shows that the economics of both stationary fuel cell and FCV-based power vary significantly with variations in key input variables such as the price of natural gas, electricity prices, fuel cell and reformer system costs, and fuel cell system durability levels. The 'central case' results show that stationary PEM fuel cell systems can supply electricity for offices and homes in California at a net savings when fuel cell system costs reach about $6000 for a 5 kW home system ($1200/kW) and $175,000 for a 250 kW commercial system ($700/kW) and assuming somewhat favorable natural gas costs of $6/GJ at residences and $4/GJ at commercial buildings. Grid-connected FCVs in commercial settings can also potentially supply electricity at competitive rates, in some cases producing significant annual benefits. Particularly attractive is the combination of net metering along with time-of-use electricity rates that allow power to be supplied to the utility grid at the avoided cost of central power plant generation. FCV-based power at individual residences does not appear to be as attractive, at least where FCV power can only be used directly or banked with the utility for net metering and not sold in greater quantity, due to the low load levels at these locations that provide a poor match to automotive fuel cell operation, higher natural gas prices than are available at commercial settings, and other factors

Bio-fuels - biohazard

International Nuclear Information System (INIS)

Slovak, K.

2008-01-01

Politicians have a clear explanation for growing commodity prices. It is all the fault of speculators. It is easy to point the finger at an imaginary enemy. It is more difficult and from the point of view of a political career suicidal to admit one's mistakes. And there are reasons for remorse. According to studies prepared by the OECD and the World Bank bio-fuels are to be blame for high food prices. The bio-fuel boom that increases the demand for agro-commodities has been created by politicians offering generous subsidies. And so farming products do not end up on the table, but in the fuel tanks of cars in the form of additives. And their only efficiency is that they make food more expensive. The first relevant indication that environmentalist tendencies in global politics have resulted in shortages and food price increases can be found in a confidential report prepared by the World Bank. Parts of the report were leaked to the media last month. According to this information growing bio-fuel production has resulted in a food price increase by 75%. The theory that this development was caused by speculators and Chinese and Indian demand received a serious blow. And the OECD report definitely contradicted the excuse used by the politicians. According to the report one of the main reasons for growing food prices are generously subsidized bio-fuels. Their share of the increase of demand for agro-commodities in 2005 -2007 was 60% according to the study. (author)

Advanced fuel cycles in CANDU reactors

International Nuclear Information System (INIS)

Green, R.E.; Boczar, P.G.

1990-04-01

This paper re-examines the rationale for advanced nuclear fuel cycles in general, and for CANDU advanced fuel cycles in particular. The traditional resource-related arguments for more uranium nuclear fuel cycles are currently clouded by record-low prices for uranium. However, the total known conventional uranium resources can support projected uranium requirements for only another 50 years or so, less if a major revival of the nuclear option occurs as part of the solution to the world's environmental problems. While the extent of the uranium resource in the earth's crust and oceans is very large, uncertainty in the availability and price of uranium is the prime resource-related motivation for advanced fuel cycles. There are other important reasons for pursuing advanced fuel cycles. The three R's of the environmental movement, reduce, recycle, reuse, can be achieved in nuclear energy production through the employment of advanced fuel cycles. The adoption of more uranium-conserving fuel cycles would reduce the amount of uranium which needs to be mined, and the environmental impact of that mining. Environmental concerns over the back end of the fuel cycle can be mitigated as well. Higher fuel burnup reduces the volume of spent fuels which needs to be disposed of. The transmutation of actinides and long-lived fission products into short-lived fission products would reduce the radiological hazard of the waste from thousands to hundreds of years. Recycling of uranium and/or plutonium in spent fuel reuses valuable fissile material, leaving only true waste to be disposed of. Advanced fuel cycles have an economical benefit as well, enabling a ceiling to be put on fuel cycle costs, which are

North American natural gas price outlook

International Nuclear Information System (INIS)

Denhardt, R.

1998-01-01

Issues regarding future natural gas prices for North America were discussed. Various aspects of the issue including the relationship between storage, weather and prices, received attention. It was noted that strong demand-growth will be needed to support near-term Canadian export increases without price declines. The issue of Gulf Coast production was also discussed. Power generation using natural gas as fuel is expected to support strong growth in the demand for natural gas. tabs., figs

Biomass energy from wood chips: Diesel fuel dependence?

International Nuclear Information System (INIS)

Timmons, Dave; Mejia, Cesar Viteri

2010-01-01

Most renewable energy sources depend to some extent on use of other, non-renewable sources. In this study we explore use of diesel fuel in producing and transporting woody biomass in the state of New Hampshire, USA. We use two methods to estimate the diesel fuel used in woody biomass production: 1) a calculation based on case studies of diesel consumption in different parts of the wood chip supply chain, and 2) to support extrapolating those results to a regional system, an econometric study of the variation of wood-chip prices with respect to diesel fuel prices. The econometric study relies on an assumption of fixed demand, then assesses variables impacting supply, with a focus on how the price of diesel fuel affects price of biomass supplied. The two methods yield similar results. The econometric study, representing overall regional practices, suggests that a $1.00 per liter increase in diesel fuel price is associated with a $5.59 per Mg increase in the price of wood chips. On an energy basis, the diesel fuel used directly in wood chip production and transportation appears to account for less than 2% of the potential energy in the wood chips. Thus, the dependence of woody biomass energy production on diesel fuel does not appear to be extreme. (author)

The effects of higher cigarette prices on tar and nicotine consumption in a cohort of adult smokers.

Science.gov (United States)

Farrelly, M C; Nimsch, C T; Hyland, A; Cummings, M

2004-01-01

The objective of this paper is to estimate the demand for tar and nicotine in cigarettes as a function of cigarette prices in a cohort of cigarette 11,966 smokers followed for 5 years. Data for the analysis come from a longitudinal telephone survey of 11,966 smokers who were interviewed in 1988 and 1993 as part of the Community Intervention Trial for Smoking Cessation (COMMIT). Separate models are estimated for three age groups to account for differences in levels of addiction and brand loyalty across age. We found that smokers respond to higher cigarette prices by reducing the number of cigarettes smoked per day but also by switching to cigarettes that are higher in tar and nicotine per cigarette. Copyright 2003 John Wiley & Sons, Ltd.

Does energy-price regulation benefit China's economy and environment? Evidence from energy-price distortions

International Nuclear Information System (INIS)

Ju, Keyi; Su, Bin; Zhou, Dequn; Wu, Junmin

2017-01-01

China's energy prices have long been regulated due to the critical role energy plays in economic growth and social development, which leads to energy-price distortion to some extent. To figure out whether energy-price regulations will benefit China's economy (measured by GDP growth) and environment (measured by carbon emissions), we conducted an in-depth simulation using path analysis, where five energy products (natural gas, gasoline, fuel oil, steam coal, and coking coal) are selected and three measurements (absolute, relative, and moving) of energy-price distortions are calculated. The results indicate that, with a series of energy pricing policies, the price distortion for a single type of energy has gradually transformed, while the energy pricing system in China is not fully market-oriented yet. Furthermore, China's economy benefits from relative and moving distortions, while the absolute distortions of energy prices have negative impacts on economic growth. Finally, with regard to the environment, carbon emissions call for fewer distortions. - Highlights: • Price distortion for a single type of energy has gradually transformed. • Energy pricing system in China is not yet fully market-oriented. • China's economy benefits from relative and moving distortions. • Absolute distortions of energy prices have negative effects on economic growth. • Carbon emissions call for less pricing distortions.

How do minimum cigarette price laws affect cigarette prices at the retail level?

Science.gov (United States)

Feighery, E C; Ribisl, K M; Schleicher, N C; Zellers, L; Wellington, N

2005-04-01

Half of US states have minimum cigarette price laws that were originally passed to protect small independent retailers from unfair price competition with larger retailers. These laws prohibit cigarettes from being sold below a minimum price that is set by a formula. Many of these laws allow cigarette company promotional incentives offered to retailers, such as buydowns and master-type programmes, to be calculated into the formula. Allowing this provision has the potential to lower the allowable minimum price. This study assesses whether stores in states with minimum price laws have higher cigarette prices and lower rates of retailer participation in cigarette company promotional incentive programmes. Retail cigarette prices and retailer participation in cigarette company incentive programmes in 2001 were compared in eight states with minimum price laws and seven states without them. New York State had the most stringent minimum price law at the time of the study because it excluded promotional incentive programmes in its price setting formula; cigarette prices in New York were compared to all other states included in the study. Cigarette prices were not significantly different in our sample of US states with and without cigarette minimum price laws. Cigarette prices were significantly higher in New York stores than in the 14 other states combined. Most existing minimum cigarette price laws appear to have little impact on the retail price of cigarettes. This may be because they allow the use of promotional programmes, which are used by manufacturers to reduce cigarette prices. New York's strategy to disallow these types of incentive programmes may result in higher minimum cigarette prices, and should also be explored as a potential policy strategy to control cigarette company marketing practices in stores. Strict cigarette minimum price laws may have the potential to reduce cigarette consumption by decreasing demand through increased cigarette prices and reduced

Electricity pricing

International Nuclear Information System (INIS)

Wijayatunga, P.D.C.

1994-01-01

Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed

Incorporating the value of changes in price volatility into cost-benefit analysis-an application to oil prices in the transport sector

Energy Technology Data Exchange (ETDEWEB)

Jensen, Thomas C., E-mail: tcj@transport.dtu.d [Department of Transport, Danish Technical University, Bygningstorvet 116 Vest, 2800 Lyngby (Denmark); Moller, Flemming [National Environmental Research Institute, Box 358, Frederiksborgvej 399, 4000 Roskilde (Denmark)

2010-01-15

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included in the policy assessment taking into account the most significant correlations between prices of alternative fuels and between fuel prices and consumption in general. In the present paper, a method of valuing changes in price volatility based on portfolio theory is applied to some very simple transport-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn.

Incorporating the value of changes in price volatility into cost-benefit analysis. An application to oil prices in the transport sector

Energy Technology Data Exchange (ETDEWEB)

Jensen, Thomas C. [Department of Transport, Danish Technical University, Bygningstorvet 116 Vest, 2800 Lyngby (Denmark); Moeller, Flemming [National Environmental Research Institute, Box 358, Frederiksborgvej 399, 4000 Roskilde (Denmark)

2010-01-15

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included in the policy assessment taking into account the most significant correlations between prices of alternative fuels and between fuel prices and consumption in general. In the present paper, a method of valuing changes in price volatility based on portfolio theory is applied to some very simple transport-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn. (author)

Incorporating the value of changes in price volatility into cost-benefit analysis. An application to oil prices in the transport sector

International Nuclear Information System (INIS)

Jensen, Thomas C.; Moeller, Flemming

2010-01-01

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included in the policy assessment taking into account the most significant correlations between prices of alternative fuels and between fuel prices and consumption in general. In the present paper, a method of valuing changes in price volatility based on portfolio theory is applied to some very simple transport-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn. (author)

Three Papers on the Political Consequences of Oil Prices

Science.gov (United States)

Crespo Tenorio, Adriana

Given the importance of oil in any country's energy needs, it should not be surprising that the increasing volatility of oil prices in the past decades is a challenge for most political systems. While the political and economic impact of natural resource wealth in general is strongly debated, the political consequences of these sudden shifts have gone understudied. This dissertation examines the relationship between politics and oil from a new perspective. First, I implement a Bayesian meta-regression model to assess the state of research on the natural resource curse, finding that the measurement of resources is one of the most important sources of the debate. In the second part of the dissertation, I turn to discussing the impact of fuel prices on politics. I argue that at the domestic level, rational leaders feel pressured to compensate for oil price shocks because they are held accountable for these shifts by their constituents. This hypothesis is tested using Bayesian multilevel models that allow state and time-varying information to be matched to individual survey responses for a sample of voters in nine American states between 2008 and 2009. This chapter shows that fuel prices are related to appraisals of the economy only during electoral periods. The results also provide evidence that the degree to which voters use fuel prices to evaluate the president's performance varies greatly across party lines. At the global level, I posit in the final chapter that cross-country cooperation in other issue areas is pursued to mitigate the economic impact of oil price volatility. By developing a Bayesian bivariate Poisson change-point model and implementing it using MCMC methods, I find that fuel price shifts are related to increased trade networks, especially for oil-exporting countries.

Effect of Energy Efficiency Standards on Natural Gas Prices

Energy Technology Data Exchange (ETDEWEB)

Carnall, Michael; Dale, Larry; Lekov, Alex

2011-07-26

A primary justification for the establishment of energy efficiency standards for home appliances is the existence of information deficiencies and externalities in the market for appliances. For example, when a long-term homeowner purchases a new gas-fired water heater, she will maximize the value of her purchase by comparing the life-cycle cost of ownership of available units, including both total installed cost - purchase price plus installation costs - and operating cost in the calculus. Choice of the appliance with the lowest life-cycle costs leads to the most economically efficient balance between capital cost and fuel cost. However, if the purchaser's expected period of ownership is shorter than the useful life of the appliance, or the purchaser does not pay for the fuel used by the appliance, as is often the case with rental property, fuel cost will be external to her costs, biasing her decision toward spending less on fuel efficiency and resulting in the purchase of an appliance with greater than optimal fuel usage. By imposing an efficiency standard on appliances, less efficient appliances are made unavailable, precluding less efficient purchases and reducing fuel usage. The reduction in fuel demanded by residential users affects the total demand for such fuels as natural gas, for example. Reduced demand implies that residential customers are willing to purchase less gas at each price level. That is, the demand curve, labeled D{sub 0} in Figure 1, shifts to the left to D{sub 1}. If there is no change in the supply function, the supply curve will intersect the demand curve at a lower price. Residential demand is only one component of the total demand for natural gas. It is possible that total demand will decline very little if demand in other sectors increases substantially in response to a decline in the price. If demand does decrease, modeling studies generally confirm the intuition that reductions in demand for natural gas will result in reductions

Taxation on vehicle fuels: its impacts on switching to cleaner fuels

International Nuclear Information System (INIS)

Hung, W.-T.

2006-01-01

Vehicular consumption of fossil fuel contributes over 90% of air pollution in Hong Kong. A key strategy to improve Hong Kong's air quality is to discourage dirty fuels (e.g., leaded petrol and high-sulphur diesel) and to promote the use of clean fuels (e.g., low-sulphur diesel and liquefied petroleum gas (LPG)). This paper presents the empirical evidence on the effectiveness of the Government's clean fuel programs that offer tax subsidy to lower the consumption cost of such fuels. For the cases of unleaded petrol and ultra-low-sulphur diesel, lower fuel duties were offered so that the prices of these fuels were below those of leaded petrol and conventional diesel. Conventional petrol and diesel were phased out. In order to decide on the level of fuel duty concessions required to introduce LPG for taxis and bio-diesel for other vehicles, various Government-run trial programs were introduced to obtain cost estimates of using these alternative cleaner fuels. LPG using vehicles were subsequently exempted from the fuel duty in order to attract taxi and light bus operators to switch to LPG. It is apparent that the higher the subsidy, the faster is the rate at which switching to cleaner fuels takes place

Trends in College Pricing, 2011. Trends in Higher Education Series

Science.gov (United States)

Baum, Sandy; Ma, Jennifer

2011-01-01

The published prices on which the analysis in "Trends in College Pricing" is based come from data reported by institutions on the College Board's Annual Survey of Colleges. This survey, which is distributed to nearly 4,000 postsecondary institutions across the country, collects a wealth of data on enrollment, admission, degrees and majors,…

Pass-through of crude oil prices at different stages in Turkey

Directory of Open Access Journals (Sweden)

Fatih Akçelik

2016-03-01

Full Text Available This paper examines the degree of oil price pass-through to domestic prices at different stages of supply chain in Turkey. Our results, based on vector autoregressive models, point out that the pass-through to domestic motor fuel prices is considerably fast as expected and just one third of a change in crude oil prices is reflected to the motor fuel prices due to the high share of taxes on retail prices. On the other hand, it is shown that impact of oil prices on transport services takes a longer time compared to other domestic prices. Over the 2004–2014 period, estimates suggest that a 10% permanent change in the international crude oil prices is associated with a 0.42 percentage points change in consumer inflation at the end of one year. The final accumulated pass-through to consumer inflation reaches 0.50 percentage points. Moreover, the pass-through to producer prices is nearly twice as much as that to consumer prices. Findings also provide some evidence for a strengthening in oil price pass-through to consumer inflation over time, which might reflect the growing natural gas intensity of the economy.

Trends in College Pricing, 2015. Trends in Higher Education Series

Science.gov (United States)

Ma, Jennifer; Baum, Sandy; Pender, Matea; Bell, D'Wayne

2015-01-01

The increases in tuition and fee prices in 2015-16 were, like the increases in the two preceding years, relatively small by historical standards. However, the very low rate of general inflation makes this year's increases in college prices larger in real terms than those of 2014-15 and 2013-14. Significantly, and perhaps counter to public…

Report of the Select Committee on Petroleum Product Pricing

International Nuclear Information System (INIS)

Dooks, B.

2004-01-01

An all-party Committee of the House of Legislative Assembly of Nova Scotia was established to investigate the pricing of petroleum products such as gasoline and home heating fuel. The Committee conducted public hearings in Halifax, Yarmouth, Bridgewater, Sydney, and Truro, in order to seek input from consumers, producers, suppliers and operators. The mandate of the Select Committee on Petroleum Product Pricing was to investigate the supply and pricing of fuels, including gasoline and home heating oil and to determine whether current prices are justified and fair. This investigation included an examination of the reasons for the current level of product prices; product supply; reasons for volatility in product prices; the rationale for differences in prices across different regions of the province; factors that affect the viability of low volume outlets in the rural and urban marketplace; factors that affect the viability of independent retail operators in the province; and, any evidence of predatory pricing practices at the wholesale and retail levels of the market. The Select Committee also made recommendations related to fair and reasonable product prices at the consumer level, retail and wholesale margins, as well as other actions that may be required to correct imbalances in the distribution and sales of these products to consumers in the province. 8 appendices

Electricity prices in the Finnish retail market

International Nuclear Information System (INIS)

Lehto, Eero

2011-01-01

This study focuses, firstly, on the pricing of electricity in the Finnish retail market. In particular, the impact of the ownership structure on prices is tested empirically. Secondly, the influence of low-cost electricity sources on retail prices is considered. The question about whether the average fuel costs rather than the wholesale price determine the retail prices is thus addressed. The supply side behaviour characterised may explain the passivity of client activity in the seemingly competitive Finnish market. - Research highlights: → Ownership has a strong impact on retail prices in the Finnish electricity market. → Locally owned companies' rates are 5-15 per cent lower than investor owned companies' rates. → Own low cost acquisition of electricity helps local firms to keep prices at low levels.

The Impact of Oil Prices on Irish Inflation

OpenAIRE

O'Brien, Derry; Weymes, Laura

2010-01-01

Oil prices have been characterised by large fluctuations in recent years. Strong volatility in oil prices has important implications for the Irish economy as Ireland has a relatively poor fuel endowment and relies heavily on imported oil. Energy price increases have been one of the principal drivers behind HICP inflation rates in Ireland in recent years. This article highlights the distinctive features of the Irish energy market which render the impact of oil price changes on Irish inflation ...

The effects of utility DSM programs on electricity costs and prices

Energy Technology Data Exchange (ETDEWEB)

Hirst, E.

1991-11-01

More and more US utilities are running more and larger demand-side management (DSM) programs. Assessing the cost-effectiveness of these programs raises difficult questions for utilities and their regulators. Should these programs aim to minimize the total cost of providing electric-energy services or should they minimize the price of electricity? This study offers quantitative estimates on the tradeoffs between total costs and electricity prices. This study uses a dynamic model to assess the effects of energy-efficiency programs on utility revenues, total resource costs, electricity prices, and electricity consumption for the period 1990 to 2010. These DSM programs are assessed under alternative scenarios. In these cases, fossil-fuel prices, load growth, the amount of excess capacity the utility has in 1990, planned retirements of power plants, the financial treatment of DSM programs, and the costs of energy- efficient programs vary. These analyses are conducted for three utilities: a ``base`` that is typical of US utilities; a ``surplus`` utility that has excess capacity, few planned retirements, and slow growth in fossil-fuel prices and incomes; and a ``deficit`` utility that has little excess capacity, many planned retirements, and rapid growth in fossil-fuel prices and incomes. 28 refs.

A Meta-analysis of the Price Elasticity of Gasoline Demand. A System of Equations Approach

NARCIS (Netherlands)

Brons, Martijn; Nijkamp, Peter; Pels, Eric; Rietveld, Piet

2006-01-01

Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In

On the nuclear fuel and fossil fuel reserves

International Nuclear Information System (INIS)

Fettweis, G.

1978-01-01

A short discussion of the nuclear fuel and fossil fuel reserves and the connected problem of prices evolution is presented. The need to regard fuel production under an economic aspect is emphasized. Data about known and assessed fuel reserves, world-wide and with special consideration of Austria, are reviewed. It is concluded that in view of the fuel reserves situation an energy policy which allows for a maximum of options seems adequate. (G.G.)

Reflections on the reporting of the uranium spot price

International Nuclear Information System (INIS)

Novak, E.D.

1984-01-01

Reporting of the Spot Uranium Price does not represent the uranium market, but actually represents the extremities of a market. The Spot Prices tend to cause instabilities in the market if relied upon too heavily and an excessive use will actually support a questionable transition from a fuel supply industry to a commodities industry. Utility fuel buyers and uranium sellers must be careful how they use the Spot Price, or they will continue to create an unstable supply/demand relationship. But, since we all rely upon statistics for the illusion of independence, we may get the commodities market, assisted along by the information people, whether we want it or not

77 FR 59458 - Regulation of Fuels and Fuel Additives: 2013 Biomass-Based Diesel Renewable Fuel Volume

Science.gov (United States)

2012-09-27

... gasoline and diesel fuel or renewable fuels such as ethanol and biodiesel. Potentially regulated categories... of Biodiesel 1. Grease and Rendered Fats 2. Corn Oil 3. Soybean Oil 4. Effects on Food Prices 5.... Deliverability and Transport Costs of Materials, Goods, and Products Other Than Renewable Fuel 6. Wetlands...

Developments in Global Food Prices

OpenAIRE

Vanessa Rayner; Emily Laing; Jamie Hall

2011-01-01

Global food prices have increased significantly since the early 2000s, reversing the long-run trend decline in relative food prices over previous decades. A range of supply disruptions in key food-producing countries have contributed to higher food prices, along with strong demand from developing countries as per capita incomes rise and consumption patterns change. Rising commodity prices are leading to higher headline consumer price inflation in many countries though, at this stage, core mea...

Winter fuels report. Week ending, January 26, 1996

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-01-23

The Winter Fuels Report is intended to provide concise, timely information to the industry, the press, policymakers, consumers analysts, and State and local governments on the following topics: (1) distillate fuel oil net production, imports and stocks on a U.S. level and for all Petroleum Administration for Defense Districts (PADD) and product supplied on a U.S. level; (2) propane net production, imports and stocks on a U.S. level and for PADD`s I, II, and III; (3) natural gas supply and disposition and underground storage for the U.S. and consumption for all PADD`s; as well as selected National average prices; (4) residential and wholesale pricing data for heating oil and propane for those States participating in the joint Energy Information Administration (EIA)/State Heating Oil and Propane Program; (5) crude oil and petroleum price comparisons for the U.S. and selected cities; and (6) a 6-10 Day and 30-Day outlook for temperature and precipitation and U.S. total heating degree-days by city. The distillate fuel oil and propane supply data are collected and published weekly. The data are based on company submissions for the week ending 7:00 a.m. for the preceding Friday. Weekly data for distillate fuel oil are also published in the Weekly Petroleum Status Report. Monthly data for distillate fuel oil and propane are published in the Petroleum Supply Monthly. The residential pricing information is collected by the EIA and the State Energy Offices on a semimonthly basis for the EIA/State Heating Oil and Propane Program. The wholesale price comparison data are collected daily and are published weekly. Residential heating fuel prices are derived from price quotes for home delivery of No. 2 fuel oil and propane. As such, they reflect prices in effect on the dates shown. Wholesale heating oil and propane prices are estimates using a sample of terminal quotes to represent average State prices on the dates given.

Electricity Futures Prices : Time Varying Sensitivity to Fundamentals

NARCIS (Netherlands)

S-E. Fleten (Stein-Erik); R. Huisman (Ronald); M. Kilic (Mehtap); H.P.G. Pennings (Enrico); S. Westgaard (Sjur)

2014-01-01

textabstractThis paper provides insight in the time-varying relation between electricity futures prices and fundamentals in the form of prices of contracts for fossil fuels. As supply curves are not constant and different producers have different marginal costs of production, we argue that the

Economic populism, partial deregulation of transport fuels and electoral outcomes in India

International Nuclear Information System (INIS)

Srinivasan, Sunderasan

2014-01-01

The Indian political class is known to employ populist, albeit economically unsustainable, measures to replace intrinsic ‘valence’, especially shortly prior to election windows. Such measures include loan-waivers, interest rate concessions, provision of free electricity for agriculturists, etc. The union government’s leverage to maneuver and to micro-manage retail fuel prices within partially deregulated environments is hypothesized to provide incumbents with an advantage over rival contestants in the electoral process. This paper analyzes the evolution in the retail prices of diesel and petrol (gasoline), and the transfer of such evolution, into the inflation index of the ‘all commodity’ basket. It is observed that when international benchmark prices are relatively low and domestic inflation is moderate, the transfer occurs within about 42 weeks. During periods of high oil prices-frequently above USD 100 a barrel-and high inflation-higher than 5.00–5.50%-prices of petroleum distillates tend to feed into overall inflation more rapidly, within about 34–40 weeks. The study, covering a total of 82 elections for the central and state (provincial) governments during the period 2000 to 2013, concludes that even as patterns of manipulation of prices are apparent, ceteris paribus, such leverage does not necessarily seem to translate into favorable electoral outcomes. This conclusion reiterates observations that economic im/prudence may not necessarily determine electoral outcomes, and that the basis for electoral choices made by the Indian voter–consumer remains subjective. - Highlights: • Incumbent politicians’ influence on fuel pricing. • Fuel prices manipulated and increases delayed until after elections. • Price reductions brought forward. • ex ante Inflation expectations of voter–consumers. • Electoral outcomes. • Price manipulation found irrelevant to electoral performance

Higher bank capital requirements and mortgage pricing: evidence from the Counter-Cyclical Capital Buffer

OpenAIRE

Basten, Christoph; Koch, Cathérine

2014-01-01

We examine mortgage pricing before and after Switzerland was the first country to activate the Counter-Cyclical Capital Buffer of Basel III. Observing multiple mortgage offers per request, we obtain three core findings. First, capitalconstrained and mortgage-specialized banks raise their rates relatively more. Second, risk-weighting schemes supposed to discriminate against more risky borrowers do not amplify the effect of higher capital requirements. Third, CCB-subjected banks and CCB-exempt ...

Vertical integration: hospital ownership of physician practices is associated with higher prices and spending.

Science.gov (United States)

Baker, Laurence C; Bundorf, M Kate; Kessler, Daniel P

2014-05-01

We examined the consequences of contractual or ownership relationships between hospitals and physician practices, often described as vertical integration. Such integration can reduce health spending and increase the quality of care by improving communication across care settings, but it can also increase providers' market power and facilitate the payment of what are effectively kickbacks for inappropriate referrals. We investigated the impact of vertical integration on hospital prices, volumes (admissions), and spending for privately insured patients. Using hospital claims from Truven Analytics MarketScan for the nonelderly privately insured in the period 2001-07, we constructed county-level indices of prices, volumes, and spending and adjusted them for enrollees' age and sex. We measured hospital-physician integration using information from the American Hospital Association on the types of relationships hospitals have with physicians. We found that an increase in the market share of hospitals with the tightest vertically integrated relationship with physicians--ownership of physician practices--was associated with higher hospital prices and spending. We found that an increase in contractual integration reduced the frequency of hospital admissions, but this effect was relatively small. Taken together, our results provide a mixed, although somewhat negative, picture of vertical integration from the perspective of the privately insured.

Canadian natural gas price forecast

International Nuclear Information System (INIS)

Jones, D.

1998-01-01

The basic factors that influenced NYMEX gas prices during the winter of 1997/1998 - warm temperatures, low fuel prices, new production in the Gulf of Mexico, and the fact that forecasters had predicted a mild spring due to El Nino - were reviewed. However, it was noted that for the last 18 months the basic factors had less of an impact on market direction because of an increase in Fund and technical trader participation. Overall, gas prices were strong through most of the year. For the winter of 1998-1999 the prediction was that NYMEX gas prices will remain below $2.00 through to the end of October 1998 because of high U.S. storage levels and moderate temperatures. NYMEX gas prices are expected to peak in January 1999 at $3.25. AECO natural gas prices were predicted to decrease in the short term because of increasing levels of Canadian storage, and because of delays in Northern Border pipeline expansions. It was also predicted that AECO prices will peak in January 1999 and will remain relatively strong through the summer of 1999. tabs., figs

The Swedish wood fuel market

International Nuclear Information System (INIS)

Hillring, Bengt

1999-01-01

In Sweden, wood fuels are traditionally used in the Swedish forest products industry and for heating of single-family houses. More recently they are also become established as an energy source for district heating and electricity production. Energy policy, especially the energy taxation system, has favoured wood fuels and other biofuels, mainly for environmental reasons. There is now an established commercial market for wood fuels in the district heating sector, which amounts to 45 PJ and is growing 20 per cent annually. Price levels have been stable in current prices for a decade, mainly because of good access to wood fuels. Price levels are dominated by production costs on a market that is largely governed by the buyer. It is expected that the use of wood fuels will increased in Sweden in the future, which will push a further development of this section on the market and bring about technological changes in the area. (Author)

Are standards effective in improving automobile fuel economy? An international panel analysis

International Nuclear Information System (INIS)

Clerides, Sofronis; Zachariadis, Theodoros

2007-01-01

Although the adoption of fuel economy standards has induced fuel savings in new motor vehicles, there are arguments against standards and in favour of fuel tax increases because the latter may have lower welfare costs. We therefore attempted to analyze the impact of standards and fuel prices in the fuel consumption of new cars with the aid of cross-section time series analysis of data from 18 countries. To our knowledge, this study is the first one that attempts to explore econometrically this issue at an international level. We built an unbalanced panel comprising 384 observations from the US, Canada, Australia, Japan, Switzerland and 13 EU countries spanning a period between 1975 and 2003. We specified a dynamic panel model of fuel economy and estimated the model for the whole sample and also for North America and Europe separately. Based on these estimates, we derived three important policy conclusions. Firstly, it seems that if there were no FE standards or voluntary targets in force, transportation energy use would increase more rapidly. Secondly, if CO 2 targets are not to be tightened in Europe, retail fuel prices might have to double in order to attain the currently discussed target of 120 g CO 2 /km in the future. Thirdly, without higher fuel prices and/or tighter FE standards, one should not expect any marked improvements in fuel economy under 'business as usual' conditions. European policy makers might need to consider this issue carefully because some recent European studies tend to be optimistic in this respect

What Factors Affect the Prices of Low-Priced U.S. Solar PV Systems?

Energy Technology Data Exchange (ETDEWEB)

Nemet, Gregory F. [Univ. of Wisconsin, Madison, WI (United States); Mercator Research Inst. on Global Commons and Climate Change, Berlin (Germany); O' Shaughnessy, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naïm R. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Gillingham, Ken [Yale Univ., New Haven, CT (United States); Rai, Varun [Univ. of Texas, Austin, TX (United States)

2016-08-01

The price of solar PV systems has declined rapidly, yet there are some much lower-priced systems than others. This study explores the factors leading some systems to be so much lower priced than others. Using a data set of 42,611 residential-scale PV systems installed in the U.S. in 2013, we use quantile regressions to estimate the importance of factors affecting the installed prices for low-priced (LP) systems (those at the 10th percentile) in comparison to median-priced systems. We find that the value of solar to consumers–a variable that accounts for subsidies, electric rates, and PV generation levels–is associated with lower prices for LP systems but higher prices for median priced systems. Conversely, systems installed in new home construction are associated with lower prices at the median but higher prices for LP. Other variables have larger cost-reducing effects on LP than on median priced systems: systems installed in Arizona and Florida, as well as commercial and thin film systems. In contrast, the following have a smaller effect on prices for LP systems than median priced systems: tracking systems, self-installations, systems installed in Massachusetts, the system size, and installer experience. These results highlight the complex factors at play that lead to LP systems and shed light into how such LP systems can come about.

The effects of utility DSM programs on electricity costs and prices

Energy Technology Data Exchange (ETDEWEB)

Hirst, E.

1991-11-01

More and more US utilities are running more and larger demand-side management (DSM) programs. Assessing the cost-effectiveness of these programs raises difficult questions for utilities and their regulators. Should these programs aim to minimize the total cost of providing electric-energy services or should they minimize the price of electricity This study offers quantitative estimates on the tradeoffs between total costs and electricity prices. This study uses a dynamic model to assess the effects of energy-efficiency programs on utility revenues, total resource costs, electricity prices, and electricity consumption for the period 1990 to 2010. These DSM programs are assessed under alternative scenarios. In these cases, fossil-fuel prices, load growth, the amount of excess capacity the utility has in 1990, planned retirements of power plants, the financial treatment of DSM programs, and the costs of energy- efficient programs vary. These analyses are conducted for three utilities: a base'' that is typical of US utilities; a surplus'' utility that has excess capacity, few planned retirements, and slow growth in fossil-fuel prices and incomes; and a deficit'' utility that has little excess capacity, many planned retirements, and rapid growth in fossil-fuel prices and incomes. 28 refs.

Importance of biodiesel as transportation fuel

International Nuclear Information System (INIS)

Demirbas, Ayhan

2007-01-01

The scarcity of known petroleum reserves will make renewable energy resources more attractive. The most feasible way to meet this growing demand is by utilizing alternative fuels. Biodiesel is defined as the monoalkyl esters of vegetable oils or animal fats. Biodiesel is the best candidate for diesel fuels in diesel engines. The biggest advantage that biodiesel has over gasoline and petroleum diesel is its environmental friendliness. Biodiesel burns similar to petroleum diesel as it concerns regulated pollutants. On the other hand, biodiesel probably has better efficiency than gasoline. One such fuel for compression-ignition engines that exhibit great potential is biodiesel. Diesel fuel can also be replaced by biodiesel made from vegetable oils. Biodiesel is now mainly being produced from soybean, rapeseed and palm oils. The higher heating values (HHVs) of biodiesels are relatively high. The HHVs of biodiesels (39-41 MJ/kg) are slightly lower than that of gasoline (46 MJ/kg), petrodiesel (43 MJ/kg) or petroleum (42 MJ/kg), but higher than coal (32-37 MJ/kg). Biodiesel has over double the price of petrodiesel. The major economic factor to consider for input costs of biodiesel production is the feedstock, which is about 80% of the total operating cost. The high price of biodiesel is in large part due to the high price of the feedstock. Economic benefits of a biodiesel industry would include value added to the feedstock, an increased number of rural manufacturing jobs, an increased income taxes and investments in plant and equipment. The production and utilization of biodiesel is facilitated firstly through the agricultural policy of subsidizing the cultivation of non-food crops. Secondly, biodiesel is exempt from the oil tax. The European Union accounted for nearly 89% of all biodiesel production worldwide in 2005. By 2010, the United States is expected to become the world's largest single biodiesel market, accounting for roughly 18% of world biodiesel consumption

Energy consumption and energy R and D in OECD: Perspectives from oil prices and economic growth

International Nuclear Information System (INIS)

Leng Wong, Siang; Chia, Wai-Mun; Chang, Youngho

2013-01-01

We estimate the short-run and long-run elasticities of various types of energy consumption and energy R and D to changes in oil prices and income of the 20 OECD countries over the period of 1980–2010 using the Nerlove partial adjustment model (NPAM). We find negative income elasticity for coal consumption but positive income elasticity for oil and gas consumption suggesting the importance of economic growth in encouraging the usage of cleaner energy from coal to oil and gas. By introducing time dummies into the regressions, we show that climatic mitigation policies are able to promote the usage of cleaner energies. Through the dynamic linkages between energy consumption and energy R and D, we find that fossil fuel consumption promotes fossil fuel R and D and fossil fuel R and D in turn drives its own consumption. Renewable energy R and D which is more responsive to economic growth reduces fossil fuel consumption and hence fossil fuel R and D. - Highlights: • Economic growth encourages the use of cleaner forms of energy. • Economic growth promotes renewable energy R and D. • Subsidies for renewable energy R and D promote renewable energy consumption. • Fossil fuel R and D promotes fossil fuel consumption in countries with oil reserves. • Oil consumption reduces significantly with higher oil prices

Understanding the determinants of electricity prices and the impact of the German Nuclear Moratorium in 2011

International Nuclear Information System (INIS)

Thoenes, Stefan

2011-01-01

This paper shows how the effect of fuel prices varies with the level of electricity demand. It analyzes the relationship between daily prices of electricity, natural gas and carbon emission allowances with a vector error correction model and a semiparametric varying smooth coefficient model. The results indicate that the electricity price adapts to fuel price changes in a long-term cointegration relationship. Different electricity generation technologies have distinct fuel price dependencies, which allows estimating the structure of the power plant portfolio by exploiting market prices. The semiparametric model indicates a technology switch from coal to gas at roughly 85% of maximum demand. It is used to analyze the market impact of the nuclear moratorium by the German Government in March 2011. Futures prices show that the market efficiently accounts for the suspended capacity and expects that several nuclear plants will not be switched on after the moratorium.

HTGR fuel and fuel cycle technology

International Nuclear Information System (INIS)

Lotts, A.L.; Homan, F.J.; Balthesen, E.; Turner, R.F.

1977-01-01

Significant advances have occurred in the development of HTGR fuel and fuel cycle. These accomplishments permit a wide choice of fuel designs, reactor concepts, and fuel cycles. Fuels capable of providing helium outlet temperatures of 750 0 C are available, and fuels capable of 1000 0 C outlet temperatures may be expected from extension of present technology. Fuels have been developed for two basic HTGR designs, one using a spherical (pebble bed) element and the other a prismatic element. Within each concept a number of variations of geometry, fuel composition, and structural materials are permitted. Potential fuel cycles include both low-enriched and high-enriched Th- 235 U, recycle Th- 233 U, and Th-Pu or U-Pu cycles. This flexibility offered by the HTGR is of great practical benefit considering the rapidly changing economics of power production. The inflation of ore prices has increased optimum conversion ratios, and increased the necessity of fuel recycle at an early date. Fuel element makeup is very similar for prismatic and spherical designs. Both use spherical fissile and fertile particles coated with combinations of pyrolytic carbon and silicon carbide. Both use carbonaceous binder materials, and graphite as the structural material. Weak-acid resin (WAR) UO 2 -UC 2 fissile fuels and sol-gel-derived ThO 2 fertile fuels have been selected for the Th- 233 U cycle in the prismatic design. Sol-gel-derived UO 2 UC 2 is the reference fissile fuel for the low-enriched pebble bed design. Both the United States and Federal Republic of Germany are developing technology for fuel cycle operations including fabrication, reprocessing, refabrication, and waste handling. Feasibility of basic processes has been established and designs developed for full-scale equipment. Fuel and fuel cycle technology provide the basis for a broad range of applications of the HTGR. Extension of the fuels to higher operating temperatures and development and commercial demonstration of fuel

Natural gas prices

International Nuclear Information System (INIS)

Johnson, W.A.

1990-01-01

Since the 1970s, many electric utilities and industrial boiler fuel users have invested in dual fuel use capability which has allowed them to choose between natural gas, residual fuel oil, and in some instances, coal as boiler fuels. The immediate reason for this investment was the need for security of supply. Wellhead regulation of natural gas prices had resulted in shortages during the 1970s. Because many industrial users were given lowest priority in pipeline curtailments, these shortages affected most severely boiler fuel consumption of natural gas. In addition, foreign supply disruptions during the 1970s called into question the ready availability of oil. Many boiler fuel users of oil responded by increasing their ability to diversify to other sources of energy. Even though widespread investment in dual fuel use capability by boiler fuel users was initially motivated by a need for security of supply, perhaps the most important consequence of this investment was greater substitutability between natural gas and resid and a more competitive boiler fuel market. By the early 1980s, most boiler fuel users were able to switch from one fuel to another and often did for savings measured in pennies per MMBtu. Boiler fuel consumption became the marginal use of both natural gas and resid, with coal a looming threat on the horizon to both fuels

Commercial aviation alternative fuels initiative

Science.gov (United States)

2010-04-22

This presentation looks at alternative fuels to enhance environmental stability, reduction of greenhouse gas emissions, air quality benefits (e.g., SOx and PM), fuel supply stability, and fuel price stability.

Market integration among electricity markets and their major fuel source markets

International Nuclear Information System (INIS)

Mjelde, James W.; Bessler, David A.

2009-01-01

Dynamic price information flows among U.S. electricity wholesale spot prices and the prices of the major electricity generation fuel sources, natural gas, uranium, coal, and crude oil, are studied. Multivariate time series methods applied to weekly price data show that in contemporaneous time peak electricity prices move natural gas prices, which in turn influence crude oil. In the long run, price is discovered in the fuel sources market (except uranium), as these prices are weakly exogenous in a reduced rank regression representation of these energy prices.

Future fuel cycles

International Nuclear Information System (INIS)

Archinoff, G.H.

1980-01-01

A fuel cycle must offer both financial and resource savings if it is to be considered for introduction into Ontario's nuclear system. The most promising alternative CANDU fuel cycles are examined in the context of both of these factors over a wide range of installed capacity growth rates and economic assumptions, in order to determine which fuel cycle, or cycles, should be introduced, and when. It is concluded that the optimum path for the long term begins with the prompt introduction of the low-enriched-uranium fuel cycle. For a wide range of conditions, this cycle remains the optimum throughout the very long term. Conditions of rapid nuclear growth and very high uranium price escalation rates warrant the supersedure of the low-enriched-uranium cycle by either a plutonium-topped thorium cycle or plutonium recycle, beginning between 2010 and 2025. It is also found that the uranium resource position is sound in terms of both known resources and production capability. Moreover, introduction of the low-enriched-uranium fuel cycle and 1250 MWe reactor units will assure the economic viability of nuclear power until at least 2020, even if uranium prices increase at a rate of 3.5% above inflation. The interrelationship between these two conclusions lies in the tremendous incentive for exploration which will occur if the real uranium price escalation rate is high. From a competitive viewpoint, nuclear power can withstand increases in the price of uranium. However, such increases will likely further expand the resource base, making nuclear an even more reliable energy source. (auth)

Techno-economic assessment of fuel cell vehicles for India

International Nuclear Information System (INIS)

Manish S; Rangan Banerjee

2006-01-01

This paper compares four alternative vehicle technologies for a typical small family car in India (Maruti 800) - two conventional i) Petrol driven internal combustion (IC) engine, ii) Compressed natural gas (CNG) driven IC engine and two based on proton exchange membrane (PEM) fuel cells with different storage iii) Compressed hydrogen storage and iv) Metal hydride (FeTi) storage. Each technology option is simulated in MATLAB using a backward facing algorithm to calculate the force and power requirement for the Indian urban drive cycle. The storage for the CNG and the fuel cell vehicles is designed to have driving range of 50% of the existing petrol vehicle. The simulation considers the part load efficiency vs. load characteristics for the computed ratings of the IC engine and the fuel cell. The analysis includes the transmission efficiency, motor efficiency and storage efficiencies. The comparison criteria used are the primary energy consumption (MJ/km), the cost (Rs./km) obtained by computing the annualized life cycle cost and dividing this by the annual vehicle travel and carbon dioxide emissions (g/km). For the primary energy analysis the energy required for extraction, processing of the fuel is also included. For the fuel cell vehicles, it is assumed that hydrogen is produced from natural gas through steam methane reforming. It is found that the fuel cell vehicles have the lowest primary energy consumption (1.3 MJ/km) as compared to the petrol and CNG vehicles (2.3 and 2.5 MJ/km respectively). The cost analysis is done based on existing prices in India and reveals that the CNG vehicle has the lowest cost (2.3 Rs./km) as compared to petrol (4.5 Rs./km). The fuel cell vehicles have a higher cost of 26 Rs./km mainly due to the higher fuel cell system cost (93% of the total cost). The CO 2 emissions are lowest for the fuel cell vehicle with compressed hydrogen storage (98 g/km) as compared to the petrol vehicle (162 g/km). If the incremental annual cost of the fuel

Energy prices and the promotion of energy conservation. A background study for energy conservation programme

International Nuclear Information System (INIS)

1994-01-01

The prices of fuels in the international markets affect the development of consumer prices of energy in Finland. In the near future no factors can be foreseen, which would cause major increases in the prices of oil, coal or gas. It can thus not be expected that increased fuel prices would motivate more efficient energy conservation. In international comparison, consumer prices of energy have been relatively low in Finland. This applies especially to electricity. After the removal of price controls, energy prices have been determined by the markets. The influence of the public authorities in energy pricing is put into effect through taxation. The price of energy has a fairly small effect on energy consumption in a short term, but longer term effects are more significant. Energy products are faxed in all western countries. (orig.)

A propane price spike nails users

International Nuclear Information System (INIS)

Milke, M.

1997-01-01

The increase in price for propane was discussed. In 1993, propane cost about 5 cents per litre; by December 1996, the price has risen to 27 cents wholesale, while retail prices for auto propane reached 40 cents per litre. As a result, farmers and fleet operators are considering switching to an alternative energy supply. The five factors which may have played a role in the propane price spike were described. These included a cold winter which lowered inventories, a Pemex gas plant in Mexico which had been damaged by fire, forcing Mexico to import natural gas and natural gas liquids from the USA, the failure of propane distributors to restock during the summer months in the hope of lower prices, and increased cost of competing fuels in the face of increased demand. It was noted that these factors are transitory, which could mean better prices this summer

Financial sustainability for a lignocellulosic biorefinery under carbon constraints and price downside risk

International Nuclear Information System (INIS)

Cheng, Lingfeng; Anderson, C. Lindsay

2016-01-01

Highlights: • Stochastic program determines production, risk management strategy for biorefinery. • Scheduled production commitment decreases as tiered carbon tax rate increases. • Risk averse producers prefer the forward contract as a mode of product sales. • Time varying forward prices and inventory enable producers to increase profits. • Inventory is beneficial to producers, below the threshold for inventory costs. - Abstract: The development of an environmentally sustainable and financially viable replacement for fossil fuels continues to elude industry investors even though the benefits of replacing them is undisputed. Biofuels are among the promising replacements for fossil fuels. However, the development and production process for bio-based fuels creates uncertainty for industry investors. In order to increase process profitability, financial tools can be implemented with current technology. This paper proposes the use of forward contracts to mitigate risk, and it also considers the impact of carbon tax constraints and price uncertainty. Specifically, a stochastic optimization approach is implemented to develop strategies, which increases the net present value (NPV) of a production facility through determination of an optimal production schedule, as well as the creation of a portfolio of forward contracts to reduce product price risk. Results of numerical case studies show that if the policymaker is risk averse, production is higher in the early planning period rather than the later period. This paper also investigates the ability to maintain inventory in order to create additional financial benefit.

On the comparison and the complementarity of batteries and fuel cells for electric driving

International Nuclear Information System (INIS)

Le Duigou, Alain; Smatti, Aimen

2014-01-01

This paper considers different current and emerging power train technologies (ICE, BEV, HEV, FCEV and FC-RE) and provides a comparison within a techno-economic framework, especially for the architectures of range-extender power trains. The economic benefits in terms of Total Cost of Ownership (TCO) are based on forecasts for the major TCO influencing parameters up to 2030: electric driving distances, energy (fuel, electricity, hydrogen) prices, batteries and fuel cell costs. The model takes into account functional parameters such as the battery range as well as daily trip segmentation statistics. The TCOs of all the vehicles become similar in 2030, given a 200 km battery range for BEVs. BEVs are profitable for yearly mileages of 30,000 km and over, and for higher battery ranges. The competitiveness of FCEVs is examined through the H 2 target price at the pump. There is a very significant effect of the fuel cell cost on the TCO. A FCEV with a fuel cell cost of 40 V/kW will be competitive with a similar ICE car for a 1.75 Euros/l fuel cost and ca. 7 Euros/kg hydrogen cost. This depends too to a great extent on possible ICE cars' CO 2 taxes. As regard the FC-RE electric car, the hydrogen target price at the pump is noticeably higher (ca 10 Euros/Kg). FC-RE cars TCOs are strongly affected by the FC power, the discount rate chosen and the yearly mileage. Moreover, it therefore seems reasonable to confine FC-RE battery ranges in the region of 60 km. (authors)

Nuclear fuel cycle

International Nuclear Information System (INIS)

1993-01-01

Status of different nuclear fuel cycle phases in 1992 is discussed including the following issues: uranium exploration, resources, supply and demand, production, market prices, conversion, enrichment; reactor fuel technology; spent fuel management, as well as trends of these phases development up to the year 2010. 10 refs, 11 figs, 15 tabs

Introducing CO2 Allowances, Higher Prices For All Consumers; Higher Revenues For Whom?

NARCIS (Netherlands)

Gurkan, G.; Langestraat, R.; Ozdemir, O.

2013-01-01

Abstract Introducing a ceiling on total carbon dioxide (CO2) emissions and allowing polluting industries to buy and sell permits to meet it (known as a cap-and-trade system) affects investment strategies, generation quantities, and prices in electricity markets. In this paper we analyze these

Environmental costs of fossil fuel energy production

International Nuclear Information System (INIS)

Riva, A.; Trebeschi, C.

1997-01-01

The costs of environmental impacts caused by fossil fuel energy production are external to the energy economy and normally they are not reflected in energy prices. To determine the environmental costs associated with an energy source a detailed analysis of all environmental impacts of the complete energy cycle is required. The economic evaluation of environmental damages is presented caused by atmospheric emissions produced by fossil fuel combustion for different uses. Considering the emission factors of sulphur oxides, nitrogen oxides, dust and carbon dioxide and the economic evaluation of their environmental damages reported in literature, a range of environmental costs associated with different fossil fuels and technologies is presented. A comparison of environmental costs resulting from atmospheric emissions produced by fossil-fuel combustion for energy production shows that natural gas has a significantly higher environmental value than other fossil fuels. (R.P.)

The Earnings/Price Risk Factor in Capital Asset Pricing Models

Directory of Open Access Journals (Sweden)

Rafael Falcão Noda

2015-01-01

Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

Car buyers and fuel economy?

International Nuclear Information System (INIS)

Turrentine, Thomas S.; Kurani, Kenneth S.

2007-01-01

This research is designed to help researchers and policy makers ground their work in the reality of how US consumers are thinking and behaving with respect to automotive fuel economy. Our data are from semi-structured interviews with 57 households across nine lifestyle 'sectors.' We found no household that analyzed their fuel costs in a systematic way in their automobile or gasoline purchases. Almost none of these households track gasoline costs over time or consider them explicitly in household budgets. These households may know the cost of their last tank of gasoline and the unit price of gasoline on that day, but this accurate information is rapidly forgotten and replaced by typical information. One effect of this lack of knowledge and information is that when consumers buy a vehicle, they do not have the basic building blocks of knowledge assumed by the model of economically rational decision-making, and they make large errors estimating gasoline costs and savings over time. Moreover, we find that consumer value for fuel economy is not only about private cost savings. Fuel economy can be a symbolic value as well, for example among drivers who view resource conservation or thrift as important values to communicate. Consumers also assign non-monetary meaning to fuel prices, for example seeing rising prices as evidence of conspiracy. This research suggests that consumer responses to fuel economy technology and changes in fuel prices are more complex than economic assumptions suggest. The US Department of Energy and the Energy Foundation supported this research. The authors are solely responsible for the content and conclusions presented

Fuel demand on UK roads and dieselisation of fuel economy

International Nuclear Information System (INIS)

Bonilla, David

2009-01-01

Because of high oil prices, and climate change policy, governments are now seeking ways to improve new car fuel economy thus contributing to air quality and energy security. One strategy is to increase dieselisation rates of the vehicle fleet. Recent trends in fuel economy show improvement since 1995, however, efforts need to go further if the EU Voluntary Agreement targets on CO 2 (a greenhouse gas emission standard) are to be achieved. Trends show diesel car sales have accelerated rapidly and that the advantage of new car fuel economy of diesel cars over gasoline ones is narrowing posing a new challenge. We estimate the demand for new car fuel economy in the UK. In the long-run consumers buy fuel economy, but not in the short-run. We found that long-term income and price changes were the main drivers to achieve improvements particularly for diesel cars and that there is no break in the trend of fuel economy induced by the agreement adopted in the 1990s. Policy should target more closely both consumer choice of, and use of, diesel cars.

IS THE PRICE RIGHT? PRICING FOR LONG TERM PROFITABILITY

Directory of Open Access Journals (Sweden)

Andrea Erika NYÁRÁDI

2007-01-01

Full Text Available The way how we choose our pricing strategy has a significant impact on company’s success. Nowadays companies more and more adopt a new way of thinking in pricing, namely pricing for a long term period in order to bring higher profitability, to build an efficient pricing strategy. Marketers have only recently begun to focus seriously on effective pricing. These companies are the so called progressive companies. They have begun doing more than just worrying about pricing. To increase profitability many are abandoning traditional reactive pricing procedures in favor of proactive pricing, making explicit corporate decisions to change their focus to growth in top-line sales to growth in profitability. The long-term implications of price strategies are still under-researched, and managers should be aware of shifts in customer reactions that may result from frequent adoption of certain strategies. The company pricing strategy should be seen in relation to developments in the company variables, internal ones (capital strength, competencies, organizational conditions, efficiency of the work force etc. as well as external ones (customers, competitors, the technological development etc., adopting strategic pricing. In this paper I will present the most effective pricing strategies leading to long term profitability, and also suggest practical conditions for pricing strategies to maximize profit in the long run.

Plutonium fuel cycles in the spectral shift controlled reactor

International Nuclear Information System (INIS)

Sider, F.M.; Matzie, R.A.

1980-01-01

The spectral shift controlled reactor (SSCR) controls excess core reactivity during an operating cycle through the use of variable heavy water concentrations in the moderator. With heavy water in the coolant, the neutron spectrum is shifted to higher energy levels, thus increasing fertile conversion. In addition, since heavy water obviates the need for soluble boron, neutron losses to control poison are eliminated. As a result, better resource utilization is obtained in the SSCR employing plutonium fuel cycles compared to similarly fueled pressurized water reactors (PWRs). The SSCR, however, is not competitive with the PWR due to higher capital costs, operation and maintenance costs, and the heavy water costs, which outweigh the fuel cycle cost savings. The SSCR may become an attractive alternative to the PWR if uranium prices increase substantially

SECOND ROUND EFFECTS AND PASS-THROUGH OF FOOD PRICES TO INFLATION IN KENYA

Directory of Open Access Journals (Sweden)

Roseline Nyakerario Misati

2015-07-01

Full Text Available In the recent past, the Kenyan economy experienced persistent inflationary pressures, partly attributed to food price spikes. However, the quantitative role of food prices in inflation is not well understood or formally empirically analyzed in Kenya yet food occupies a weight of 36 percent in the consumer price index and contributes a monthly average of over 40 percent to overall inflation. Based on monthly data covering the period 1997-2012, this paper attempts to fill this gap by examining the relationship between food prices and inflation. The study used gap models and Phillips curve approaches to estimate the passthrough effects of food prices to both overall inflation and non-food non-fuel inflation. Based on gap models, the results confirm presence of second round effects from food prices to inflation while estimations of the Phillips curve suggest a domestic food price pass-through of 0.49 to overall inflation and 0.38 to non-food non-fuel inflation. The world food prices pass-through to overall inflation and non-food non-fuel inflation are estimated at 0.09 and 0.08, respectively. Thus this paper recommends usage of headline inflation to estimate trend inflation, enhanced communication to mitigate second round effects and that while monetary policy is very critical in anchoring inflationary expectations, there is mutual gain from a supportive fiscal policy in addressing supply side shocks.

Economic evaluation of fast reactor fuel cycling

International Nuclear Information System (INIS)

Hu Ping; Zhao Fuyu; Yan Zhou; Li Chong

2012-01-01

Economic calculation and analysis of two kinds of nuclear fuel cycle are conducted by check off method, based on the nuclear fuel cycling process and model for fast reactor power plant, and comparison is carried out for the economy of fast reactor fuel cycle and PWR once-through fuel cycle. Calculated based on the current price level, the economy of PWR one-through fuel cycle is better than that of the fast reactor fuel cycle. However, in the long term considering the rising of the natural uranium's price and the development of the post treatment technology for nuclear fuels, the cost of the fast reactor fuel cycle is expected to match or lower than that of the PWR once-through fuel cycle. (authors)

Evaluation of dynamic pass-through of carbon prices into electricity prices – a cointegrated VECM analysis

OpenAIRE

Freitas, Carlos J. Pereira; Silva, Patrícia Pereira da

2013-01-01

This paper addresses the impact of the CO2 opportunity cost on the wholesale electricity price in the context of the Iberian electricity market (MIBEL), namely on the Portuguese system, for the period corresponding to the Phase II of the European Union Emission Trading Scheme (EU ETS). In the econometric analysis a vector error correction model (VECM) is specified to estimate both long–run equilibrium relations and short–run interactions between the electricity price and the fuel (natural gas...

STS pricing policy

Science.gov (United States)

Lee, C. M.; Stone, B.

1982-01-01

In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

Energy price disparity and public welfare

International Nuclear Information System (INIS)

Templet, P.H.

2001-01-01

The differences in the price of energy to economic sectors are linked to a number of system parameters and to public welfare. There are large disparities in energy prices within states when comparing residential and industrial prices although neoclassical economics predicts one price in markets. The large disparities between the two sectors across states negatively affects the efficiency of resource allocation, creates subsidies for those getting the cheap energy and results in unequal access to energy. These in turn lead to inefficient partitioning of energy between products and waste, higher pollution, leakage of wealth and poorer energy use efficiency, i.e. high energy intensity. States with large energy price disparities between sectors have statistically higher poverty, lower incomes, more pollution and use more energy but with less efficiency. Higher energy price disparities also result in higher throughput per unit of output thus reducing the chances for sustainability and lower public welfare. 31 refs

A forward look at power prices in Alberta

International Nuclear Information System (INIS)

Reid-Carlson, D.

1999-01-01

The various components of the price of electricity, various rate design methodologies, and factors that influence cost-of-service such as types of generation and fuel, age of the physical plant, size of utility, rate of customer and load growth, funding arrangements, tax status, customer mix, and load profile are examined in an effort to predict the future price of electricity in Alberta. The prediction is that delivered prices will increase across all sectors, albeit at levels less than the increase would be without competition. Alberta pool prices in the longer term will continue to reflect the marginal cost of the last generators dispatched to meet the demand. Convergence between electricity spot prices and natural gas prices is predicted to occur over time

Recommended reactor coolant water chemistry requirements for WWER-1000 units with 235U higher enriched fuel

International Nuclear Information System (INIS)

Dobrevski, I.; Zaharieva, N.

2011-01-01

The last decade worldwide experience of PWRs and WWERs confirms the trends for the improvement of the nuclear power industry electricity production through the implementation of high burn-up or high fuel duty, which are usually accompanied with the usage of UO 2 fuel with higher content of 235 U - 4.0% - 4.5% (5.0%). It was concluded that the onset of sub-cooled nucleate boiling (SNB) on the fuel cladding surfaces and the initial excess reactivity of the core are the primary and basic factors accompanying the implementation of uranium fuel with higher 235 U content, aiming extended fuel cycles and higher burn-up of the fuel in Pressurized Water Reactors. As main consequences of the presence of these factors the modifications of chemical / electrochemical environments of nuclear fuel cladding- and reactor coolant system- surfaces are evaluated. These conclusions are the reason for: 1) The determination of the choices of the type of fuel cladding materials in respect with their enough corrosion resistance to the specific fuel cladding environment, created by the presence of SNB; 2) The development and implementation of primary circuit water chemistry guidelines ensuring the necessary low corrosion rates of primary circuit materials and limitation of cladding deposition and out-of-core radioactivity buildup; 3) Implementation of additional neutron absorbers which allow enough decrease of the initial concentration of H 3 BO 3 in coolant, so that its neutralization will be possible with the permitted alkalising agent concentrations. In this paper the specific features of WWER-1000 units in Bulgarian Nuclear Power Plant; use of 235 U higher enriched fuel in the WWER-1000 reactors in the Kozloduy NPP; coolant water chemistry and radiochemistry plant data during the power operation period of the Kozloduy NPP Unit 5, 15 th fuel cycle; evaluation of the approaches and results by the conversion of the WWER-1000 Units at the Kozloduy NPP to the uranium fuel with 4.3% 235 U as

One TV, One Price?

OpenAIRE

Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey

2009-01-01

We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion’s share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...

An integrated framework for energy pricing in developing countries

International Nuclear Information System (INIS)

Munasinghe, M.

1989-01-01

In the paper the importance of coordinated energy planning and pricing is emphasized with particular reference to the interrelationships among the pricing polices adopted in various energy subsectors such as electric power, petroleum, natural gas, coal and traditional fuels. Nonconventional sources can also be fitted into this framework. The chief investment issues are also touched to the extent that they strongly influence pricing policy. 15 refs, 7 figs

Integration of CCS, emissions trading and volatilities of fuel prices into sustainable energy planning, and its robust optimization

International Nuclear Information System (INIS)

Koo, Jamin; Han, Kyusang; Yoon, En Sup

2011-01-01

In this paper, a new approach has been proposed that allows a robust optimization of sustainable energy planning over a period of years. It is based on the modified energy flow optimization model (EFOM) and minimizes total costs in planning capacities of power plants and CCS to be added, stripped or retrofitted. In the process, it reduces risks due to a high volatility in fuel prices; it also provides robustness against infeasibility with respect to meeting the required emission level by adopting a penalty constant that corresponds to the price level of emission allowances. In this manner, the proposed methodology enables decision makers to determine the optimal capacities of power plants and/or CCS, as well as volumes of emissions trading in the future that will meet the required emission level and satisfy energy demand from various user-sections with minimum costs and maximum robustness. They can also gain valuable insights on the effects that the price of emission allowances has on the competitiveness of RES and CCS technologies; it may be used in, for example, setting appropriate subsidies and tax policies for promoting greater use of these technologies. The proposed methodology is applied to a case based on directions and volumes of energy flows in South Korea during the year 2008. (author)

Roof Box Shape Streamline Adaptation and the Impact towards Fuel Consumption

Directory of Open Access Journals (Sweden)

Abdul Latif M.F.

2017-01-01

Full Text Available The fuel price hike is currently a sensational national issue in Malaysia. Since the rationalization of fuel subsidies many were affected especially the middle income family. Vehicle aerodynamic were directly related to the fuel consumption, were extra frontal area result a higher drag force hence higher fuel consumption. Roof box were among the largest contributor to the extra drag, thus the roof box shape rationalization were prominent to reduce the extra drag. The idea of adopting water drop shape to the roof box design shows prominent result. The roof box has been simulated using MIRA virtual wind tunnel modelling via commercial computational fluid dynamic (CFD package. This streamline shape drastically reduce the drag force by 34% resulting to a 1.7% fuel saving compare to the conventional boxy roof box. This is an effort to reduce the carbon foot print for a sustainable green world.

Explaining European Emission Allowance Price Dynamics: Evidence from Phase II

OpenAIRE

Wilfried Rickels; Dennis Görlich; Gerrit Oberst

2010-01-01

In 2005, the European Emission Trading Scheme (EU-ETS) established a new commodity: the right to emit a ton of CO2 (EUA). Since its launch, the corresponding price has shown rather turbulent dynamics, including nervous reactions to policy announcements and a price collapse after a visible over-allocation in Phase I. As a consequence, the question whether fundamental factors (fossil fuel prices, economic activity, weather) affect the EUA price remained partially unresolved. Today, being halfwa...

An EKC-pattern in historical perspective. Carbon dioxide emissions, technology, fuel prices and growth in Sweden 1870-1997

International Nuclear Information System (INIS)

Lindmark, Magnus

2002-01-01

The environmental Kuznets curve (EKC) has been subject to research and debate since the early 1990s. This article examines the inverted-U trajectory of Swedish CO 2 emissions during an extended time period beginning in 1870. The basis for the investigation is a structural time series approach that utilizes a stochastic trend as an indicator of technological and structural change, and GDP growth and changes in the price of fuel and cement price as independent variables. Finally, the development of technological and structural change with respect to CO 2 emissions is interpreted within the context of growth regimes. The result suggests that the period 1920-1960, with high, sustained growth rates was associated with less technological and structural changes relating to CO 2 emissions than periods with lower growth rates, such as the late 1800s and the post-1970 period. Furthermore, it is suggested that time-specific technological clusters may affect EKC patterns

An EKC-pattern in historical perspective. Carbon dioxide emissions, technology, fuel prices and growth in Sweden 1870-1997

Energy Technology Data Exchange (ETDEWEB)

Lindmark, Magnus [Department of Economic History, Umea University, SE-901 87 Umea (Sweden)

2002-08-01

The environmental Kuznets curve (EKC) has been subject to research and debate since the early 1990s. This article examines the inverted-U trajectory of Swedish CO{sub 2} emissions during an extended time period beginning in 1870. The basis for the investigation is a structural time series approach that utilizes a stochastic trend as an indicator of technological and structural change, and GDP growth and changes in the price of fuel and cement price as independent variables. Finally, the development of technological and structural change with respect to CO{sub 2} emissions is interpreted within the context of growth regimes. The result suggests that the period 1920-1960, with high, sustained growth rates was associated with less technological and structural changes relating to CO{sub 2} emissions than periods with lower growth rates, such as the late 1800s and the post-1970 period. Furthermore, it is suggested that time-specific technological clusters may affect EKC patterns.

Nuclear power fuel cycle

International Nuclear Information System (INIS)

Havelka, S.; Jakesova, L.

1982-01-01

Economic problems are discussed of the fuel cycle (cost of the individual parts of the fuel cycle and the share of the fuel cycle in the price of 1 kWh), the technological problems of the fuel cycle (uranium ore mining and processing, uranium isotope enrichment, the manufacture of fuel elements, the building of long-term storage sites for spent fuel, spent fuel reprocessing, liquid and gaseous waste processing), and the ecologic aspects of the fuel cycle. (H.S.)

Characteristics and properties of cladding tubes for VVER-1000 higher Uranium content fuel rods

International Nuclear Information System (INIS)

Peregud, M.; Markelov, A.; Novikov, V.; Gusev, A.; Konkov, V.; Pimenov, Y.; Agapitov, V.; Shtutsa, M.

2009-01-01

To improve the fuel cycle economics and to further increase the VVER fuel usability the work programme is under way to design novel improved fuel, fuel rods and fuel assemblies. Longer FA operation time that is needed to increase the fuel burnup and the related design developments of novel fuel assemblies resulted not only in changing types and sizes of Zirconium items and fuel assembly components but also altered the requirements placed on their technical characteristics. To use fuel rods having a larger charge of fuel, to improve their behaviour in LOCA, to reduce fuel rod damage ability during assembling the work was carried out to perfect the characteristics of both the cladding (reduced wall thickness and more rigid tolerances for geometry) and its material. To meet the more rigid requirements for the geometry dimensions of cladding tubes an improved process flow sheet has been designed and employed for their fabrication and also the finishing treatment of tube surfaces has been improved. The higher and stable properties of the cladding materials were managed through using the special purity in terms of Hafnium Zirconium (not higher than 100 ppm Hf) as a base of the E110 alloy and maintaining within the valid specifications for the alloy the optimized contents of Oxygen and Iron at the levels of (600 - 990) ppm and (250 - 700) ppm, respectively. The work was under way in 2004 - 2008 years; during this period the technology and materials science solutions were mastered that were phased-in introduced into the production of the cladding tubes for the fuels loaded into the of the Kalinin NPP Unit 1

Does the U.S. biofuels mandate increase the price at the pump?

Science.gov (United States)

Bolotin, Stephen R.

The Renewable Fuel Standard (RFS) as amended by the Energy Independence and Security Act of 2007 created a federal mandate for blending conventional biofuels like corn-based ethanol and advanced biofuels like biodiesel and renewable gasoline into the United States transportation fuel supply. The RFS established yearly blending standards for the obligated parties--refiners and importers of petroleum products--that increase progressively until reaching a high of 36 billion gallons by 2022. Each ethanol-equivalent gallon of biofuel blended is assigned a unique Renewable Identification Number (RIN) through the Environmental Protection Agency's (EPA) Moderated Transaction System (EMTS). At year's close, obligated parties must submit their allotted RIN obligations to the EPA to demonstrate compliance. In the case of under-compliance or over-compliance, RINs can be traded between obligated parties freely through the EMTS or carried over for use in the next year. It follows, then, that a RIN carries a market value reflective of the cost of complying with RFS regulations. Indeed, most biofuels cost more than their fossil-based equivalents. When the price of a corn ethanol RIN went from 2-3 cents each in 2012 to nearly $1.50 in July of 2013 due to a perceived shortage in corn ethanol RINs, obligated parties faced the prospect of multimillion-dollar compliance cost increases. Arguing that RFS makes fuel significantly more expensive for consumers, petroleum companies have begun to advocate for the full repeal of the RFS, winning over some allies in Congress. The future of this program is uncertain. In an attempt to quantify the concerns of RFS critics, this thesis estimated the effect that RIN prices have on the wholesale cost of diesel fuel. Using daily price data from January 2011 through August of 2013 on RINs and crude oil, I specified twelve OLS regression models that predict the passthrough of the diesel RIN price to wholesale diesel price. My statistical analysis

State energy price projections for the residential sector, 1992--1993

International Nuclear Information System (INIS)

1992-01-01

The purpose of this report, State Energy Price Projections for the Residential Sector, 1992--1993, is to provide projections of State-level residential prices for 1992 and 1993 for the following fuels: electricity, natural gas, heating oil, liquefied petroleum gas (LPG), kerosene, and coal. Prices for 1991 are also included for comparison purposes. This report also explains the methodology used to produce these estimates and the limitations

Pricing Carbon Emissions in China

NARCIS (Netherlands)

C-L. Chang (Chia-Lin); T.K. Mai (Te-Ke); M.J. McAleer (Michael)

2018-01-01

markdownabstractThe purpose of the paper is to provide a clear mechanism for determining carbon emissions pricing in China as a guide to how carbon emissions might be mitigated to reduce fossil fuel pollution. The Chinese Government has promoted the development of clean energy, including

IMPROVEMENT OF PERFORMANCE OF DUAL FUEL ENGINE OPERATED AT PART LOAD

Directory of Open Access Journals (Sweden)

N. Kapilan

2010-12-01

Full Text Available Rising petroleum prices, an increasing threat to the environment from exhaust emissions, global warming and the threat of supply instabilities has led to the choice of inedible Mahua oil (MO as one of the main alternative fuels to diesel oil in India. In the present work, MO was converted into biodiesel by transesterification using methanol and sodium hydroxide. The cost of Mahua oil biodiesel (MOB is higher than diesel. Hence liquefied petroleum gas (LPG, which is one of the cheapest gaseous fuels available in India, was fumigated along with the air to reduce the operating cost and to reduce emissions. The dual fuel engine resulted in lower efficiency and higher emissions at part load. Hence in the present work, the injection time was varied and the performance of the dual fuel engine was studied. From the engine tests, it is observed that an advanced injection time results in higher efficiency and lower emissions. Hence, advancing the injection timing is one of the ways of increasing the efficiency of LPG+MOB dual fuel engine operated at part load.

Economic potential of advanced fuel cycles in CANDU

International Nuclear Information System (INIS)

Slater, J.B.

1982-07-01

Advanced fuel cycles in CANDU offer the potential of a many-fold increase in energy yield over that which can be obtained from uranium resources using the current once-through natural uranium cycle. This paper examines the associated economics of alternative once-through and recycle fuelling. Results indicate that these cycles will limit the impact of higher uranium prices and offer the potential of a period of stable constant-dollar generating costs that are only approximately 20% higher than current levels

Pay-what-you-want pricing schemes

DEFF Research Database (Denmark)

Kahsay, Goytom Abraha; Samahita, Margaret

this threshold, however, PWYW can lead to a lower utility. This may result in a lower purchase rate and higher average price, in line with previously unexplained evidence from field experiments. Moreover, an increase in the threshold value decreases the buyer's utility and may further lower the purchase rate......Pay-What-You-Want (PWYW) pricing schemes are becoming increasingly popular in a wide range of industries. We develop a model incorporating self-image into the buyer's utility function and introduce heterogeneity in consumption utility and image-sensitivity, which generates different purchase...... decisions and optimal prices across individuals. When a good is sold at a fixed price higher than a threshold value, a price that the individual thinks is fair, the adoption of PWYW increases his utility and hence results in a weakly higher purchase rate. When a good is sold at a fixed price lower than...

A meta-analysis of the price elasticity of gasoline demand. A SUR approach

Energy Technology Data Exchange (ETDEWEB)

Brons, Martijn; Rietveld, Piet [Department of Spatial Economics, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam (Netherlands); Tinbergen Institute Amsterdam (TIA), Roetersstraat 31, 1018 WB Amsterdam (Netherlands); Nijkamp, Peter [Department of Spatial Economics, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam (Netherlands); Tinbergen Institute Amsterdam (TIA), Roetersstraat 31, 1018 WB Amsterdam (Netherlands); The Netherlands Organisation of Scientific Research (NWO), postbus 93138 - 2509 AC Den Haag (Netherlands); Pels, Eric [Department of Spatial Economics, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam (Netherlands)

2008-09-15

Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In this meta-analytical study we aim to investigate and explain the variation in empirical estimates of the price elasticity of gasoline demand. A methodological novelty is that we use the linear relationship between the elasticities to develop a meta-analytical estimation approach based on a Seemingly Unrelated Regression (SUR) model with Cross Equation Restrictions. This approach enables us to combine observations of different elasticities and thus increase our sample size. Furthermore, it allows for a more detailed interpretation of our meta-regression results. The empirical results of the study demonstrate that the SUR approach leads to more precise results (i.e., lower standard errors) than a standard meta-analytical approach. We find that, with mean short run and long run price elasticities of - 0.34 and - 0.84, respectively, the demand for gasoline is not very price sensitive. Both in the short and the long run, the impact of a change in the gasoline price on demand is mainly driven by responses in fuel efficiency and mileage per car and to a slightly lesser degree by changes in car ownership. Furthermore, we find that study characteristics relating to the geographic area studied, the year of the study, the type of data used, the time horizon and the functional specification of the demand equation have a significant impact on the estimated value of the price elasticity of gasoline demand. (author)

A meta-analysis of the price elasticity of gasoline demand. A SUR approach

International Nuclear Information System (INIS)

Brons, Martijn; Rietveld, Piet; Nijkamp, Peter; Pels, Eric

2008-01-01

Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In this meta-analytical study we aim to investigate and explain the variation in empirical estimates of the price elasticity of gasoline demand. A methodological novelty is that we use the linear relationship between the elasticities to develop a meta-analytical estimation approach based on a Seemingly Unrelated Regression (SUR) model with Cross Equation Restrictions. This approach enables us to combine observations of different elasticities and thus increase our sample size. Furthermore, it allows for a more detailed interpretation of our meta-regression results. The empirical results of the study demonstrate that the SUR approach leads to more precise results (i.e., lower standard errors) than a standard meta-analytical approach. We find that, with mean short run and long run price elasticities of - 0.34 and - 0.84, respectively, the demand for gasoline is not very price sensitive. Both in the short and the long run, the impact of a change in the gasoline price on demand is mainly driven by responses in fuel efficiency and mileage per car and to a slightly lesser degree by changes in car ownership. Furthermore, we find that study characteristics relating to the geographic area studied, the year of the study, the type of data used, the time horizon and the functional specification of the demand equation have a significant impact on the estimated value of the price elasticity of gasoline demand. (author)

Construction of a fuel demand function portraying inter-fuel substitution, a system dynamics approach

International Nuclear Information System (INIS)

Abada, Ibrahim; Briat, Vincent; Massol, Olivier

2011-04-01

Most of the recent numerical market equilibrium models of natural gas markets use imperfect competition assumptions. These models are typically embedded with an oversimplified representation of the demand side, usually a single-variable affine function, that does not capture any dynamic adjustment to past prices. To remedy this, we report an effort to construct an enhanced functional specification using the system dynamics-based model of Moxnes (1987, 1990). Thanks to a vintage representation of capital stock, this putty-clay model captures the effect of both past and current energy prices on fuel consumption. Using a re-calibrated version of this model, we first confirm the pertinence of this modeling framework to represent inter-fuel substitutions at different fuel prices in the industrial sector. Building on these findings, a dynamic functional specification of the demand function for natural gas is then proposed and calibrated. (authors)

Review of uranium market price

International Nuclear Information System (INIS)

Maragatham Kumar; Nik Arlina Nik Ali; Koh You Beng

2007-01-01

Uranium is used as an abundant source of concentrated energy and is the principal fuel for the generation of electricity by nuclear reactors. In nuclear reactors, the uranium fuel is assembled in such a way that a controlled fission chain reaction can be achieved. Since uranium is the main source of nuclear energy, demand prospects for uranium has increased dramatically with the renewed global interest in nuclear power generation in recent years. Although the global uranium market is relatively small worldwide, compared to other mineral and energy sources, it is a very important market as nuclear power generation accounts for about 18% of global electricity supply. After reaching historic lows in 1990s, uranium prices have risen substantially in recent years. The outlook for nuclear power has changed since 2000, with concerns over global warming, proven excellent safety record, competitive costs, progress on nuclear waste disposal issues and also continuing new nuclear plant construction around the world. These and various other influencing factors have resulted in the uranium market evolving from one that was driven by excess secondary supplies to that by primary production. This paper reviews the global market prices for the years 1987 until 2006 and the factors, which influence the changes in global uranium market prices. (Author)

Price Comovement Between Biodiesel and Natural Gas

OpenAIRE

Janda, Karel; Kourilek, Jakub

2016-01-01

We study relationship between biodiesel, as a most important biofuel in the EU, relevant feedstock commodities and fossil fuels. Our main interest is to capture relationship between biodiesel and natural gas. They are both used either directly as a fuel or indirectly in form of additives in transport. Therefore, our purpose is to �nd price linkage between biofuel and natural gas to support or reject the claim that they compete as alternative fuels and potential substitutes. The estimated p...

A French fuel cell prototype

International Nuclear Information System (INIS)

Anon.

2001-01-01

A French prototype of a fuel cell based on the PEM (proton exchange membrane) technology has been designed by Helion, a branch of Technicatome, this fuel cell delivers 300 kW and will be used in naval applications and terrestrial transport. The main advantages of fuel cell are: 1) no contamination, even if the fuel used is natural gas the quantities of CO 2 and CO emitted are respectively 17 and 75 times as little as the maximal quantities allowed by European regulations, 2) efficiency, the electric yield is up to 60 % and can reach 80 % if we include the recovery of heat, 3) silent, the fuel cell itself does not make noise. The present price of fuel cell is the main reason that hampers its industrial development, this price is in fact strongly dependant on the cost of its different components: catalyzers, membranes, bipolar plates and the hydrogen supply. This article gives the technical characteristics of the Helion's fuel cell. (A.C.)

Some regional costs of a synthetic fuel industry: The case of illinois

Science.gov (United States)

Attanasi, E.D.; Green, E.K.

1981-01-01

The Federal Government's efforts to induce development of a coal-based synthetic fuel industry include direct subsidies, tax concessions, and assurances that it will purchase the industry's output, even if above the market price. In this note it is argued that these subsidies will enable this industry to secure a region's largest and lowest-cost coal deposits and that the costs imposed on other coal users will be substantial. Moreover, because the lowest-cost coal deposits will be committed to synthetic fuels production regardless of the industry's commercial viability, distortions in regional coal markets will develop. If economic efficiency requires that the price of the resource reflect its replacement value, then a State government is justified in imposing a tax on coal destined for subsidized synthetic fuel plants. Amounts of such a tax, based on the higher costs of coal that must be accepted by other users as the result of the subsidized synthetic fuel plants' preempting the largest and lowest-cost deposits, are estimated for the case of Illinois strippable coal. ?? 1981 Annals of Regional Science.

Fuel demand and fuel efficiency in the US commercial-airline industry and the trucking industry: an analysis of trends and implications. Final report

Energy Technology Data Exchange (ETDEWEB)

1982-03-31

A study of trends in fuel use and efficiency in the US commercial airlines industry is extended back to 1967 in order to compare the relative contributions of the factors influencing efficiency during a period of stable fuel prices (1967 to 1972) versus a period of fuel price growth (1973 to 1980). A similar analysis disaggregates the components of truck efficiency and evaluates their relative impact on fuel consumption in the trucking industry. (LEW)

An analysis of strategic price setting in retail gasoline markets

Science.gov (United States)

Jaureguiberry, Florencia

This dissertation studies price-setting behavior in the retail gasoline industry. The main questions addressed are: How important is a retail station's brand and proximity to competitors when retail stations set price? How do retailers adjust their pricing when they cater to consumers who are less aware of competing options or have less discretion over where they purchase gasoline? These questions are explored in two separate analyses using a unique datasets containing retail pricing behavior of stations in California and in 24 different metropolitan areas. The evidence suggests that brand and location generate local market power for gasoline stations. After controlling for market and station characteristics, the analysis finds a spread of 11 cents per gallon between the highest and the lowest priced retail gasoline brands. The analysis also indicates that when the nearest competitor is located over 2 miles away as opposed to next door, consumers will pay an additional 1 cent per gallon of gasoline. In order to quantify the significance of local market power, data for stations located near major airport rental car locations are utilized. The presumption here is that rental car users are less aware or less sensitive to fueling options near the rental car return location and are to some extent "captured consumers". Retailers located near rental car locations have incentives to adjust their pricing strategies to exploit this. The analysis of pricing near rental car locations indicates that retailers charge prices that are 4 cent per gallon higher than other stations in the same metropolitan area. This analysis is of interest to regulators who are concerned with issues of consolidation, market power, and pricing in the retail gasoline industry. This dissertation concludes with a discussion of the policy implications of the empirical analysis.

Natural gas pricing reform in China: Getting closer to a market system?

International Nuclear Information System (INIS)

Paltsev, Sergey; Zhang, Danwei

2015-01-01

Recent policy in China targets an increase in the contribution of natural gas to the nation's energy supply. Historically, China's natural gas prices have been highly regulated with a goal to protect consumers. The old pricing regime failed to provide enough incentives for natural gas suppliers, which often resulted in natural gas shortage. A new gas pricing reform was tested in Guangdong and Guangxi provinces in 2011, and introduced nationwide in 2013. The reform is aimed at creating a more market-based pricing mechanism. We show that a substantial progress toward a better predictability and transparency of prices has been made. The prices are now more connected with the international fuel oil and liquid petroleum gas prices. The government's approach for a temporary two-tier pricing when some volumes are still traded at old prices reduced a potential opposition during the new regime implementation. Some limitations of the natural gas pricing remain as it created biased incentives for producers and favors large natural gas suppliers. The pricing reform at its current stage falls short of establishing a complete market mechanism driven by an interaction of supply and demand of natural gas in China. - Highlights: • China's reform of natural gas pricing is in effect nationwide from 2013. • Prices are now connected to international fuel oil and liquid petroleum gas prices. • The reform benefits domestic producers and importers of natural gas. • There are still price distortions between industrial and residential sector. • The reform needs to create a system where both supply and demand are considered.

Evaluating drug prices, availability, affordability, and price components: implications for access to drugs in Malaysia.

Science.gov (United States)

Babar, Zaheer Ud Din; Ibrahim, Mohamed Izham Mohamed; Singh, Harpal; Bukahri, Nadeem Irfan; Creese, Andrew

2007-03-27

Malaysia's stable health care system is facing challenges with increasing medicine costs. To investigate these issues a survey was carried out to evaluate medicine prices, availability, affordability, and the structure of price components. The methodology developed by the World Health Organization (WHO) and Health Action International (HAI) was used. Price and availability data for 48 medicines was collected from 20 public sector facilities, 32 private sector retail pharmacies and 20 dispensing doctors in four geographical regions of West Malaysia. Medicine prices were compared with international reference prices (IRPs) to obtain a median price ratio. The daily wage of the lowest paid unskilled government worker was used to gauge the affordability of medicines. Price component data were collected throughout the supply chain, and markups, taxes, and other distribution costs were identified. In private pharmacies, innovator brand (IB) prices were 16 times higher than the IRPs, while generics were 6.6 times higher. In dispensing doctor clinics, the figures were 15 times higher for innovator brands and 7.5 for generics. Dispensing doctors applied high markups of 50%-76% for IBs, and up to 316% for generics. Retail pharmacy markups were also high-25%-38% and 100%-140% for IBs and generics, respectively. In the public sector, where medicines are free, availability was low even for medicines on the National Essential Drugs List. For a month's treatment for peptic ulcer disease and hypertension people have to pay about a week's wages in the private sector. The free market by definition does not control medicine prices, necessitating price monitoring and control mechanisms. Markups for generic products are greater than for IBs. Reducing the base price without controlling markups may increase profits for retailers and dispensing doctors without reducing the price paid by end users. To increase access and affordability, promotion of generic medicines and improved availability

Impact of inlet fogging and fuels on power and efficiency of gas turbine plants

Directory of Open Access Journals (Sweden)

Basha Mehaboob

2013-01-01

Full Text Available A computational study to assess the performance of different gas turbine power plant configurations is presented in this paper. The work includes the effect of humidity, ambient inlet air temperature and types of fuels on gas turbine plant configurations with and without fogger unit. Investigation also covers economic analysis and effect of fuels on emissions. GT frames of various sizes/ratings are being used in gas turbine power plants in Saudi Arabia. 20 MWe GE 5271RA, 40 MWe GE-6561B and 70 MWe GE-6101FA frames are selected for the present study. Fogger units with maximum mass flow rate of 2 kg/s are considered for the present analysis. Reverse Osmosis unit of capacity 4 kg/s supplies required water to the fogger units. GT PRO software has been used for carrying out the analysis including; net plant output and net efficiency, break even electricity price and break even fuel LHV price etc., for a given location of Saudi Arabia. The relative humidity and temperature have been varied from 30 to 45 % and from 80 to 100° F, respectively. Fuels considered in the study are natural gas, diesel and heavy bunker oil. Simulated gas turbine plant output from GT PRO has been validated against an existing gas turbine plant output. It has been observed that the simulated plant output is less than the existing gas turbine plant output by 5%. Results show that variation of humidity does not affect the gas turbine performance appreciably for all types of fuels. For a decrease of inlet air temperature by 10 °F, net plant output and efficiency have been found to increase by 5 and 2 %, respectively for all fuels, for GT only situation. However, for GT with Fogger scenario, for a decrease of inlet air temperature by 10 °F, net plant output and efficiency have been found to further increase by 3.2 and 1.2 %, respectively for all fuels. For all GT frames with fogger, the net plant output and efficiency are relatively higher as compared to GT only case for all

Cigarette price minimization strategies in the United States: price reductions and responsiveness to excise taxes.

Science.gov (United States)

Pesko, Michael F; Licht, Andrea S; Kruger, Judy M

2013-11-01

Because cigarette price minimization strategies can provide substantial price reductions for individuals continuing their usual smoking behaviors following federal and state cigarette excise tax increases, we examined independent price reductions compensating for overlapping strategies. The possible availability of larger independent price reduction opportunities in states with higher cigarette excise taxes is explored. Regression analysis used the 2006-2007 Tobacco Use Supplement of the Current Population Survey (N = 26,826) to explore national and state-level independent price reductions that smokers obtained from purchasing cigarettes (a) by the carton, (b) in a state with a lower average after-tax cigarette price than in the state of residence, and (c) in "some other way," including online or in another country. Price reductions from these strategies are estimated jointly to compensate for known overlapping strategies. Each strategy reduced the price of cigarettes by 64-94 cents per pack. These price reductions are 9%-22% lower than conventionally estimated results not compensating for overlapping strategies. Price reductions vary substantially by state. Following cigarette excise tax increases, the price reduction available from purchasing cigarettes by cartons increased. Additionally, the price reduction from purchasing cigarettes in a state with a lower average after-tax cigarette price is positively associated with state cigarette excise tax rates and border state cigarette excise tax rate differentials. Findings from this large, nationally representative study of cigarette smokers suggest that price reductions are larger in states with higher cigarette excise taxes, and increase as cigarette excise taxes rise.

A higher order depletion perturbation theory with application to in-core fuel management optimization

International Nuclear Information System (INIS)

Kropaczek, D.J.; Turinsky, P.J.

1990-01-01

Perturbation techniques utilized in reactor analysis have recently been applied in the solution of the in-core nuclear fuel management optimization problem. The use of such methods is motivated by the need to evaluate many times over, the core physics characteristics of loading pattern solutions obtained through an optimization process, which is typically iterative. Perturbation theory provides an efficient alternative to the prohibitively expensive, repetitive solutions of the system few-group neutron diffusion equations required in solving the fuel placement problem. A primary concern in the use of such methods is the control of perturbation errors arising during the fuel shuffling process. First-order accurate models inevitably resort to undue restriction of fuel movement during the optimization process to control these errors. Higher order perturbation theory models have the potential to overcome such limitations, which may result in the identification of local versus global optima. An accurate, computationally efficient reactor physics model based on higher order perturbation theory and geared toward the needs of large-scale in-core fuel management optimization is presented in this paper

Equitable Prices of Single-Source Drugs in Thailand.

Science.gov (United States)

Ngorsuraches, Surachat; Chaiyakan, Kanokkan

2015-08-01

In Thailand, total drug expenditure has grown rapidly. Recently, the Thai government has addressed the issue of drug pricing, but the prices of single-source drugs remain a major challenge. To examine equitable prices of single-source drugs in Thailand. A total of 98 single-source and high-expenditure drugs were examined. Unit prices from the Drug and Medical Supplies Information Center (DMSIC) and National Average Drug Acquisition Cost (NADAC) were used to represent drug prices at the provider level in Thailand and the U.S., respectively. Data for measuring drug affordability, e.g., dose and poverty line, were obtained from Micromedex online and the National Statistical Office (NSO). The U.S. drug prices were adjusted by the Human Development Index (HDI) to be equitable prices for Thailand. Purchasing Power Parity (PPP) was used to convert US currency into Thai baht. All prices in this study were based on the year 2012. Catastrophic, Impoverishment, and WHO/Health Action International (HAI) approaches were used to determine Thai citizens' ability to afford the study drugs. Finally, uncertainty analyses were conducted. From all study drugs, 55 single-source drugs were priced higher than their equitable prices, ranging from 0.38 to 422.36% higher. Among these, 28 items were antineoplastic drugs. The prices of drugs outside the National List of Essential Medicines (NLEM), as well as the country's newer drugs, tended to be higher than their calculated equitable prices. The majority of drugs in Thailand priced higher than equitable prices were unaffordable for most Thai citizens. The uncertainty analyses revealed that almost all results were relatively robust. Most single-source drug prices in Thailand were higher than their equitable prices, and were likely to be unaffordable to Thai citizens.

Cigarette demand is responsive to higher prices: findings from a survey of University students in Jordan.

Science.gov (United States)

Sweis, Nadia J; Cherukupalli, Rajeev

2016-11-01

To estimate the price elasticity of cigarette demand for university students aged 18-24 years in Jordan. Questions from the Global Adult Tobacco Survey were adapted and administered to students from 10 public universities in Jordan in 2014. A two-part econometric model of cigarette demand was estimated. Nearly one-third of university students in Jordan smoke, purchasing 33.2 packs per month and paying 1.70 Jordanian dinars on average (US$2.40) for a pack of 20 cigarettes. The price elasticity of cigarette demand was estimated to be -1.15. Higher taxes may be particularly effective in reducing smoking among University students in Jordan. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Gasoline Prices and Their Relationship to Rising Motorcycle Fatalities, 1990–2007

Science.gov (United States)

Stimpson, Jim P.; Hilsenrath, Peter E.

2009-01-01

Motor vehicle accidents are the leading cause of death among young adults. Although automobile fatalities have declined in recent years, motorcycle fatalities are rapidly increasing. The purpose of our research was to quantify the relationship between changing fuel prices and motorcycle fatalities. Our findings suggest that people increasingly rely on motorcycles to reduce their fuel costs in response to rising gasoline prices. We estimate that use of motorcycles and scooters instead of 4-wheeled vehicles results in over 1500 additional motorcycle fatalities annually for each dollar increase in gas prices. Motorcycle safety should receive more attention as a leading public health issue. PMID:19696374

Prices dip on slow demand

International Nuclear Information System (INIS)

Anon.

1993-01-01

The Restricted Uranium Spot Market Price Range slipped to $9.90-$10.35, mostly due to lackluster demand. Only three transactions took place during the month. Two of the purchases, accounting for 98% of the month's volume, were by European utilities; the other was made by a US utility. One of the European purchases was made in the unrestricted market, but since it included a host of fuel cycle services, the U3O8 price could not be determined. Hence, NUKEM's Unrestricted Uranium Spot Market Price Range stays the same, at $7.90-$8.00. The other European deal, concluded in the restricted market, represents the low end of the restricted market price range. The US deal was based on bids that were made at the beginning of November and therefore does not reflect market conditions in December. Looking ahead, we see four utilities ready to enter the market for nearly 1 million lbs U3O8 equivalent

Price formation and market mechanisms

International Nuclear Information System (INIS)

Neff, T.L.

1991-01-01

World markets for nuclear fuel have changed greatly since the 1970s. In earlier days, firms specializing in mining, conversion, enrichment and fabrication negotiated directly with end users, primarily under long term contracts at specified prices. This old model is gone. Market structure has been transformed: traditional suppliers now compete with traders, some of whom can offer a much larger menu of products and terms than primary suppliers. Utilities act as traders, converters as brokers, brokers as traders, producers as buyers, and so on. De-enrichment, de-conversion, loans, swaps, interchanges and other new kinds of transactions have proliferated. These changes in market structure and market mechanisms have been accompanied by substantial changes in price formation, that is the process by which market price is set. Today, the level and direction of price are set in a trading dominated spot market environment, fuelled by inventory liquidation and Soviet and other non-traditional supply. (author)

Economic Analysis of Diesel-Fuel Replacement by Crude Palm Oil in Indonesian Power Plants

Directory of Open Access Journals (Sweden)

Petr Procházka

2018-02-01

Full Text Available Indonesia needs to find an alternative fuel to substitute diesel in their power plants in order to reduce the use of nonrenewable energy sources. The Indonesian government has a target to reduce oil fuel consumption while improving the efficiency of energy utilization. Crude palm oil is proposed to be used for this substitution. In this paper, the authors conduct an economic analysis of the replacement of diesel by crude palm oil. To predict future prices, a time series analysis is conducted using AutoRegressive Integrated Moving-Average method. A financial analysis of a specific project (0.75-MW power plant is conducted using static financial indicators (payback period, return on investment. Results show that replacing diesel with crude palm oil may be profitable. This is especially true for the proposed prospects of diesel price evolution. Analysis shows that the price of crude oil, which is the main factor in the pricing of diesel, may go up. Also, recently Indonesian currency depreciated against the US dollar, which also implies a higher cost of diesel.

Fuel Mix Impacts from Transportation Fuel Carbon Intensity Standards in Multiple Jurisdictions

Science.gov (United States)

Witcover, J.

2017-12-01

Fuel carbon intensity standards have emerged as an important policy in jurisdictions looking to target transportation greenhouse gas (GHG) emissions for reduction. A carbon intensity standard rates transportation fuels based on analysis of lifecycle GHG emissions, and uses a system of deficits and tradable, bankable credits to reward increased use of fuels with lower carbon intensity ratings while disincentivizing use of fuels with higher carbon intensity ratings such as conventional fossil fuels. Jurisdictions with carbon intensity standards now in effect include California, Oregon, and British Columbia, all requiring 10% reductions in carbon intensity of the transport fuel pool over a 10-year period. The states and province have committed to grow demand for low carbon fuels in the region as part of collaboration on climate change policies. Canada is developing a carbon intensity standard with broader coverage, for fuels used in transport, industry, and buildings. This study shows a changing fuel mix in affected jurisdictions under the policy in terms of shifting contribution of transportation energy from alternative fuels and trends in shares of particular fuel pathways. It contrasts program designs across the jurisdictions with the policy, highlights the opportunities and challenges these pose for the alternative fuel market, and discusses the impact of having multiple policies alongside federal renewable fuel standards and sometimes local carbon pricing regimes. The results show how the market has responded thus far to a policy that incentivizes carbon saving anywhere along the supply chain at lowest cost, in ways that diverged from a priori policy expectations. Lessons for the policies moving forward are discussed.

The economics of reprocessing versus direct disposal of spent nuclear fuel

International Nuclear Information System (INIS)

Bunn, M.; Holdren, J.P.; Fetter, S.; Zwaan, B. van der

2007-01-01

The economics of reprocessing versus direct disposal of spent nuclear fuel are assessed. The break-even uranium price at which reprocessing spent nuclear fuel from existing light water reactors (LWRs) and recycling the resulting plutonium and uranium in LWRs would become economic is estimated for a wide range of reprocessing prices and other fuel cycle costs and parameters. The contribution of each fuel cycle option to the cost of electricity is also estimated. A similar analysis is performed for the breakeven uranium price at which deploying fast neutron reactors (FRs) would become competitive compared with a once-through fuel cycle in LWRs, for a range of differences in capital cost between LWRs and FRs. Available information about reprocessing prices and various other fuel cycle costs and input parameters are reviewed, as well as the quantities of uranium likely to be recoverable worldwide at a range of different possible future prices. It is concluded that the once-through fuel cycle is likely to remain significantly cheaper than reprocessing and recycling in either LWRs or FRs for at least the next 50 years. Finally, there is a discussion of how scarce and expensive repository space would have to become before separation and transmutation would be economically attractive. (author)

Enhancing medicine price transparency through price information mechanisms.

Science.gov (United States)

Hinsch, Michael; Kaddar, Miloud; Schmitt, Sarah

2014-05-08

Medicine price information mechanisms provide an essential tool to countries that seek a better understanding of product availability, market prices and price compositions of individual medicines. To be effective and contribute to cost savings, these mechanisms need to consider prices in their particular contexts when comparing between countries. This article discusses in what ways medicine price information mechanisms can contribute to increased price transparency and how this may affect access to medicines for developing countries. We used data collected during the course of a WHO project focusing on the development of a vaccine price and procurement information mechanism. The project collected information from six medicine price information mechanisms and interviewed data managers and technical experts on key aspects as well as observed market effects of these mechanisms.The reviewed mechanisms were broken down into categories including objective and target audience, as well as the sources, types and volumes of data included. Information provided by the mechanisms was reviewed according to data available on medicine prices, product characteristics, and procurement modalities. We found indications of positive effects on access to medicines resulting from the utilization of the reviewed mechanisms. These include the uptake of higher quality medicines, more favorable results from contract negotiations, changes in national pricing policies, and the decrease of prices in certain segments for countries participating in or deriving data from the various mechanisms. The reviewed mechanisms avoid the methodological challenges observed for medicine price comparisons that only use national price databases. They work with high quality data and display prices in the appropriate context of procurement modalities as well as the peculiarities of purchasing countries. Medicine price information mechanisms respond to the need for increased medicine price transparency and have the

Fuel taxes: An important instrument for climate policy

International Nuclear Information System (INIS)

Sterner, Thomas

2007-01-01

This article shows that fuel taxes serve a very important role for the environment and that we risk a backlash of increased emissions if they are abolished. Fuel taxes have restrained growth in fuel demand and associated carbon emissions. Although fuel demand is large and growing, our analysis shows that it would have been much higher in the absence of domestic fuel taxes. People often assert that fuel demand is inelastic but there is strong research evidence showing the opposite. The price elasticity is in fact quite high but only in the long-run: in the short run it may be quite inelastic which has important implications for policy makers. Had Europe not followed a policy of high fuel taxation but had low US taxes, then fuel demand would have been twice as large. Hypothetical transport demand in the whole OECD area is calculated for various tax scenarios and the results show that fuel taxes are the single most powerful climate policy instrument implemented to date-yet this fact is not usually given due attention in the debate

Stochastic modeling of the energy supply system with uncertain fuel price – A case of emerging technologies for distributed power generation

International Nuclear Information System (INIS)

Mirkhani, Sh.; Saboohi, Y.

2012-01-01

Highlights: ► An existing bottom-up deterministic energy system model (ESM) has limited capability in handling the uncertainties. ► Uncertainty has been modeled based on GBM. Probabilistic scenarios are generated based on Cox–Ross method. ► A multistage stochastic model has been developed where scenarios are integrated in the energy system model. ► A distributed generation system has been introduced as a case study where fuel price is considered as an uncertain parameter. - Abstract: A deterministic energy supply model with bottom-up structure has limited capability in handling the uncertainties. To enhance the applicability of such a model in an uncertain environment two main issues have been investigated in the present paper. First, a binomial lattice is generated based on the stochastic nature of the source of uncertainty. Second, an energy system model (ESM) has been reformulated as a multistage stochastic problem. The result of the application of the modified energy model encompasses all uncertain outcomes together and enables optimal timing of capacity expansion. The performance of the model has been demonstrated with the help of a case study. The case study has been formulated on the assumption that a gas fired engine competes with renewable energy technologies in an uncertain environment where the price of natural gas is volatile. The result of stochastic model has then been compared with those of a deterministic model by studying the expected value of perfect information (EVPI) and the value of stochastic solution (VSS). Finally the results of the sensitivity analysis have been discussed where the characteristics of uncertainty of the price of fuel are varied.

Fuel oil and LPG; Fioul et GPL

Energy Technology Data Exchange (ETDEWEB)

Philippon, A. [UFIP, Union Francaise des Industries Petroliere, 75 - Paris (France)

1997-12-31

The impacts of new environmental regulations on the heavy fuel oil and refining French markets, are studied. Illustrated with numerous diagrams concerning oil price evolution, fuel price comparison, market shares, consumption data, etc., it is shown that a brutal elimination of high sulfur content oil fuels would cause an extremely negative impact for the refining industry and for the French economy. Sulfur content limits should be kept at their present levels and users should be free to select technical choices in order to keep within these limits, either through fume desulfurization either through fuel-natural gas mixed combustion

Electric utility fuel choice behavior in the United States

Energy Technology Data Exchange (ETDEWEB)

Joskow, P.L.; Mishkin, F.S.

1977-10-01

Electric utility fuel choice behavior is analyzed by a conditional logit model to determine the effects of changing oil prices of five plants. Three of the plants faced favorable expected coal prices and, like many areas of the country, were insensitive to changing oil prices. This was not the case at the New England plant, however, where relatively small price increases would decrease the likelihood of choosing oil as an alternative fuel for new plants. The modeling of utility behavior in fuel decisions is felt to be applicable to other industries where a continuum of decision possibilities does not reasonably characterize choice alternatives. New behavior models are urged in order to obtain better predictions of the effects of a changing economic environment. 10 references.

Reflections on Costing, Pricing and Income Measurement at UK Higher Education Institutions

Science.gov (United States)

Oduoza, Chike F.

2009-01-01

In these days of radical contraction of funding and expansion in student numbers, universities are under pressure to prioritise their resources, as well as to achieve effective costing and pricing to support judgement and decision making for funding and any external work undertaken. This study reviews costing, pricing and income measurement in…

Is the price effect on fuel consumption symmetric? some evidence from an empirical study

International Nuclear Information System (INIS)

Sentenac Chemin, E.

2009-04-01

We generally consider that the price elasticity of the energy demand is quite small. But it appears that strong increases in gasoline price lead to modifications in consumer behaviours. The high volatility of petroleum prices and thus gasoline prices and the strong increases since the beginning of 2000 justify an analysis of price effects on gasoline consumption. Thus, in this paper, we estimate the effects of price variations on gasoline consumption, in the short and the long-term, in two countries: the United States and India. We use a co-integration modelling to test for long-run relationship between gasoline consumption, income, price and vehicle ownership in the two countries. We use an error correction model to test for short-run prices effects and more precisely for asymmetric effects on demand of increases and decreases in gasoline prices. The main conclusions are the following. - The United States: (1) The long-term price elasticity is relatively high for an industrialised country because gasoline taxes are low (2) Households are more sensitive to a price increase than a price decrease. - India: (1) Price elasticity in the long-run is quite high but is quite small in the short run. It is not surprising for an emergent country (2) It seems that there is no asymmetric effect of price variations on gasoline consumption. (author)

Nuclear-fuel-cycle costs. Consolidated Fuel-Reprocessing Program

International Nuclear Information System (INIS)

Burch, W.D.; Haire, M.J.; Rainey, R.H.

1981-01-01

The costs for the back-end of the nuclear fuel cycle, which were developed as part of the Nonproliferation Alternative Systems Assessment Program (NASAP), are presented. Total fuel-cycle costs are given for the pressurized-water reactor once-through and fuel-recycle systems, and for the liquid-metal fast-breeder-reactor system. These calculations show that fuel-cycle costs are a small part of the total power costs. For breeder reactors, fuel-cycle costs are about half that of the present once-through system. The total power cost of the breeder-reactor system is greater than that of light-water reactor at today's prices for uranium and enrichment

Price regulation in the Spanish energy sectors: who benefits?

International Nuclear Information System (INIS)

Arocena, Pablo; Contin, Ignacio; Huerta, Emilio

2002-01-01

This paper analyses the distribution of benefits between firms and consumers due to the price regulation of the Spanish energy sectors (electricity, oil fuels and gas) during the decade 1987-1997. To that effect, we compare the actual evolution of energy prices with alternate benchmarks in order to assess the potential existence of a pro-industry or a pro-consumer bias in the pricing policies followed by the regulator. Our results show a pro-industry-biased regulatory context, where consumers benefited very little from price control. The successive price adjustments over time allowed the companies to keep all the productivity gains and cost reductions and to increase their profitability rates relative to those achieved in the manufacturing sector. (Author)

Price regulation in the Spanish energy sectors: who benefits?

Energy Technology Data Exchange (ETDEWEB)

Arocena, Pablo; Contin, Ignacio; Huerta, Emilio [Departamento de Gestion de Empresas, Universidad Publica de Navarra, Campus de Arrosadia. 31006, Pamplona (Spain); [Canterbury Business School, University of Kent Canterbury (United Kingdom)

2002-08-01

This paper analyses the distribution of benefits between firms and consumers due to the price regulation of the Spanish energy sectors (electricity, oil fuels and gas) during the decade 1987-1997. To that effect, we compare the actual evolution of energy prices with alternate benchmarks in order to assess the potential existence of a pro-industry or a pro-consumer bias in the pricing policies followed by the regulator. Our results show a pro-industry-biased regulatory context, where consumers benefited very little from price control. The successive price adjustments over time allowed the companies to keep all the productivity gains and cost reductions and to increase their profitability rates relative to those achieved in the manufacturing sector. (Author)

Higher energy prices are associated with diminished resources, performance and safety in Australian ambulance systems.

Science.gov (United States)

Brown, Lawrence H; Chaiechi, Taha; Buettner, Petra G; Canyon, Deon V; Crawford, J Mac; Judd, Jenni

2013-02-01

To evaluate the impact of changing energy prices on Australian ambulance systems. Generalised estimating equations were used to analyse contemporaneous and lagged relationships between changes in energy prices and ambulance system performance measures in all Australian State/Territory ambulance systems for the years 2000-2010. Measures included: expenditures per response; labour-to-total expenditure ratio; full-time equivalent employees (FTE) per 10,000 responses; average salary; median and 90th percentile response time; and injury compensation claims. Energy price data included State average diesel price, State average electricity price, and world crude oil price. Changes in diesel prices were inversely associated with changes in salaries, and positively associated with changes in ambulance response times; changes in oil prices were also inversely associated with changes in salaries, as well with staffing levels and expenditures per ambulance response. Changes in electricity prices were positively associated with changes in expenditures per response and changes in salaries; they were also positively associated with changes in injury compensation claims per 100 FTE. Changes in energy prices are associated with changes in Australian ambulance systems' resource, performance and safety characteristics in ways that could affect both patients and personnel. Further research is needed to explore the mechanisms of, and strategies for mitigating, these impacts. The impacts of energy prices on other aspects of the health system should also be investigated. © 2013 The Authors. ANZJPH © 2013 Public Health Association of Australia.

Is the price effect on fuel consumption symmetric? Some evidence from an empirical study

International Nuclear Information System (INIS)

Sentenac-Chemin, Elodie

2012-01-01

We generally consider that the price elasticity of the energy demand is quite small. But it appears that strong increases in gasoline price lead to modifications in consumer behaviors. The high volatility of petroleum prices and the strong increases since the beginning of 2000 justify an analysis of price effects on gasoline consumption. We estimate the effects of price variations on gasoline consumption, in the United States and India. We use a co-integration modelling to test for long-run relationship between gasoline consumption, income, price and vehicle ownership in the two countries. We use an error correction model to test for short-run prices effects and more precisely for asymmetric effects on demand of increases and decreases in gasoline prices. The main conclusions are the following. Concerning the United States, the long-term price elasticity is relatively high for an industrialised country because gasoline taxes are low, but we show that households are more sensitive to a price increase than a price decrease. About India, price elasticity in the long-run is quite high but is quite small in the short-run. It is not surprising for an emergent country. It seems that there is no asymmetric effect of price variations on gasoline consumption.

Natural gas pricing policies in Southeast Asia

International Nuclear Information System (INIS)

Pacudan, R.B.

1998-01-01

The very dynamic economies of Southeast Asia have recently been experiencing a rapid increase in energy demand. Parallel to this development, there has been an increase in the utilization of indigenous natural gas resources. This article reviews gas-pricing policies in the region, which partly explain the rise in gas utilization. Although diverse, energy pricing policies in Southeast Asia address the common objective of enhancing domestic gas production and utilization. The article concludes that a more rational gas-pricing policy framework is emerging in the region. In global terms, gas pricing in the region tends to converge in a market-related framework, despite the many different pricing objectives of individual countries, and the predominance of non-economic pricing objectives in certain countries (especially gas-rich nations). Specifically, governments have been flexible enough to follow global trends and initiate changes in contractual agreements (pricing and profit-sharing), giving oil companies more favourable terms, and encouraging continued private investment in gas development. At the same time, promotional pricing has also been used to increase utilization of gas, through set prices and adjusted taxes achieving a lower price level compared to substitute fuels. For an efficient gas-pricing mechanism, refinements in the pricing framework should be undertaken, as demand for gas approaches existing and/or forecast production capacities. (author)

Synthetic river flow time series generator for dispatch and spot price forecast

International Nuclear Information System (INIS)

Flores, R.A.

2007-01-01

Decision-making in electricity markets is complicated by uncertainties in demand growth, power supplies and fuel prices. In Peru, where the electrical power system is highly dependent on water resources at dams and river flows, hydrological uncertainties play a primary role in planning, price and dispatch forecast. This paper proposed a signal processing method for generating new synthetic river flow time series as a support for planning and spot market price forecasting. River flow time series are natural phenomena representing a continuous-time domain process. As an alternative synthetic representation of the original river flow time series, this proposed signal processing method preserves correlations, basic statistics and seasonality. It takes into account deterministic, periodic and non periodic components such as those due to the El Nino Southern Oscillation phenomenon. The new synthetic time series has many correlations with the original river flow time series, rendering it suitable for possible replacement of the classical method of sorting historical river flow time series. As a dispatch and planning approach to spot pricing, the proposed method offers higher accuracy modeling by decomposing the signal into deterministic, periodic, non periodic and stochastic sub signals. 4 refs., 4 tabs., 13 figs