WorldWideScience

Sample records for oil market power

  1. World electricity generation, nuclear power, and oil markets

    International Nuclear Information System (INIS)

    1990-01-01

    Striking changes have characterized the world's production and use of energy over the past 15 years. Most prominent have been the wide price fluctuations, politicization of world oil prices and supply, along with profound changes in patterns of production and consumption. This report, based on a study by energy analysts at Science Concepts, Inc., in the United States, traces changes in world energy supply since 1973-74 - the time of the first oil ''price shocks''. In so doing, it identifies important lessons for the future. The study focused in particular on the role of the electric power sector because the growth in fuel use in it has been accomplished without oil. Instead, the growth has directly displaced oil. In the pre-1973 era, the world relied increasingly on oil for many energy applications, including the production of electricity. By 1973, more than on-fourth of the world's electricity was produced by burning oil. By 1987, however, despite a large increase in electric demand, the use of oil was reigned back to generating less than 10% of the world's electricity. Nuclear power played a major role in this turnaround. From 1973-87, analysts at Science Concepts found, nuclear power displaced the burning of 11.7 billion barrels of oil world-wide and avoided US $323 billion in oil purchases

  2. Power marketing

    International Nuclear Information System (INIS)

    Sioshansi, F.P.; Altman, A.M.

    1998-01-01

    One of the most significant developments in the US electric power industry in recent years has been the phenomenal growth of power marketing. What was barely a blimp on the radar screen in 1992 has turned out to be a jumbo jet. This article explains what is power marketing who are power marketers, what role play these players and what will be their longer-term impact on the traditional industry [it

  3. Opportunities for biomass-derived 'bio-oil' in European heat and power markets

    International Nuclear Information System (INIS)

    Brammer, J.G.; Lauer, M.; Bridgwater, A.V.

    2006-01-01

    Bio-oil (biomass fast pyrolysis) systems for heat, power or CHP production are nearing demonstration status. Their commercial attractiveness will depend on many factors, and will vary with the application, the scale, and importantly the location and its associated economic and logistical factors. The objective of this work, carried out as part of an EC-ALTENER project, was to evaluate the opportunities for bio-oil in the heat and power markets of Europe. Bio-oil applications were compared with conventional (fossil) alternatives for the same heat and power duty. The evaluation was carried out by a quantitative assessment of the economic competitiveness of standard applications in 14 European countries. Location-specific data were collected, and combined with technology-specific data obtained from earlier work. A competitiveness factor (c F ) was derived which represents the total annual cost of a conventional alternative relative to a bio-oil application. The results showed a wide variation across Europe. A total of six countries had at least one bio-oil application which was economically competitive. Heat-only applications were found to be the most economically competitive, followed by CHP applications, with electricity-only applications only very rarely competitive. For a given technology, the larger the scale, the better the competitiveness

  4. Opportunities for biomass-derived 'bio-oil' in European heat and power markets

    International Nuclear Information System (INIS)

    Brammer, J.G.; Bridgwater, A.V.

    2006-01-01

    Bio-oil (biomass fast pyrolysis) systems for heat, power or CHP production are nearing demonstration status. Their commercial attractiveness will depend on many factors, and will vary with the application, the scale, and importantly the location and its associated economic and logistical factors. The objective of this work, carried out as part of an EC-ALTENER project, was to evaluate the opportunities for bio-oil in the heat and power markets of Europe. Bio-oil applications were compared with conventional (fossil) alternatives for the same heat and power duty. The evaluation was carried out by a quantitative assessment of the economic competitiveness of standard applications in 14 European countries. Location-specific data were collected, and combined with technology-specific data obtained from earlier work. A competitiveness factor (c F ) was derived which represents the total annual cost of a conventional alternative relative to a bio-oil application. The results showed a wide variation across Europe. A total of six countries had at least one bio-oil application which was economically competitive. Heat-only applications were found to be the most economically competitive, followed by CHP applications, with electricity-only applications only very rarely competitive. For a given technology, the larger the scale, the better the competitiveness. (author)

  5. Economic and political power relationships and price formation in strategic materials markets. The example of oil

    International Nuclear Information System (INIS)

    Mortazavi, M.

    1998-01-01

    The more and more generalized substitution of coordination trading mechanisms by administrated regulation forms on the world petroleum scene has led some authors to sustain the idea that oil prices can be durably fixed on a competitive market, like any ordinary good. By analysing the limits of the Hotellinian optimization approach, this work tries to demonstrate that: conformably to a theoretical trend initiated by the works of P.H. Frankel, integration and concentration are two elements indispensable to the proper operation of the petroleum domain. A non-organized market leads to a prices fight and to the reinforcement of the main actors. It demonstrates also that the interdependence between economy and politics has always been an important factor in prices making. The history of petroleum political economics has been and remains largely connected to the power relations established between governments for the share of profits. This work stresses on the necessity of the implementation by the main actors of a back-to-integration and cooperation strategy to stabilize the market and the prices and to make possible the implementation of energy mastery and environment protection policies. On the other hand, the examination of the present day situation, characterized by a very unequal share of profits and by an upstream weakness of prices and investments, reveals the existence of tension factors susceptible to start up a new oil crisis in the coming years. (J.S.)

  6. The oil market

    International Nuclear Information System (INIS)

    Amic, E.; Lautard, P.

    1999-01-01

    This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

  7. Oil market outlook

    International Nuclear Information System (INIS)

    Starling, Philip

    1997-01-01

    The role of the International Energy Agency's (IEA) ''OiMarket Report'' is described in terms of its response to and support for oil companies seeking to monitor short-term global oil market developments. The document is increasingly used for reference both by industry and governments. Data is compiled from oil companies, consultants, and government, and OECD countries provide supply/demand oil balance data by product grade on a monthly basic. (UK)

  8. Dynamic international oil markets

    International Nuclear Information System (INIS)

    van der Linde, C.

    1992-01-01

    Dynamic International Oil Market Developments and Structure 1860-1990 discusses the logic of changing market structures of the international oil industry. The market structures have, in the course of time, oscillated between competition and oligopoly, as the oil market expanded, matured, stagnated, and expanded again. This book provides a dynamic interpretation of the intensifying struggle among producer, and consumer governments, and oil companies, over the distribution of economic rents and profits. In particular, it shows the shifting fortunes of the governments and companies as they try to control the recurring capacity constraints between the upstream and downstream sectors, generated by the instability of the oil market. The first part of the book examines market conditions and developments between 1860 and 1990; the second part analyzes market structures after 1945

  9. Geopolitics of oil markets

    International Nuclear Information System (INIS)

    Liscom, W.L.

    1991-01-01

    Geopolitics can inject a great deal of uncertainty and cause fundamental shifts in the overall direction of oil markets, which would otherwise act in a fairly predictable and stable manner. The Iraqi invasion of Kuwait and the response of the USA were definitely linked with oil, and the aftermath of the invasion left four geopolitical issues affecting world oil markets. The provision authorizing $1.6 billion in Iraqi oil exports under the United Nations sanctions was imposed with little concern about the potential impact of these exports on the oil market; Iraq could export as much as 1 million bbl/d and it is unlikely that exports would be stopped once the $1.6 billion limit is reached. By making up most of the supply shortfall during the Kuwait crisis, Saudi Arabia suddenly became the producer of over a third of OPEC oil supplies and now dominates OPEC. The Saudis have indicated it will swing production according to world demand, irrespective of what OPEC wants, so that world oil demand will return strongly and remain. Middle East politics in general will determine the stability of oil supplies in the region for many of the countries. A producer-consumer dialogue at the high governmental level has started, with a view to some type of multilateral understanding in the light of mutual interests in secure oil supplies. This is not likely to have a big impact on oil markets without participation and support from the USA. The recent changes in the Soviet Union have potential impacts in regard to the attraction of that market for Western investment, in particular to assist exports. The worldwide environmental movement will also play a geopolitical role in the world oil market due to its influence on oil taxation policies

  10. European gas oil markets

    International Nuclear Information System (INIS)

    Long, D.

    1991-04-01

    The developments over the past five years of the bulk markets for gas oil in Europe are examined using advanced econometric techniques to study the related issues of pricing efficiency and hedge efficiency. The study attempts to preserve the fluctuations of the actual data as these provide insights into the process of price discovery. The markets studied include the spot, forward and futures markets and looks for evidence of differentiated markets. (UK)

  11. The oil market

    International Nuclear Information System (INIS)

    Durousset, M.

    1999-01-01

    This document presents todays economical and strategic realities of the oil market. According to the author, petroleum will remain a vital energy source essentially supplied by the Middle-East with strong increasing and decreasing demand changes. (J.S.)

  12. Crude oil market report

    Energy Technology Data Exchange (ETDEWEB)

    1985-01-01

    Falling demand for refined products and an excess of production capacity are driving world oil prices down further. Competitive price cutting, notably by Mexico, Britain, and the Soviet Union, has left Saudi Arabia the only guardian of a costly pricing discipline in terms of crude oil sales. The current crisis is limited to the producers of crude oil. Refineries are now deciding what, where, and how to buy crude in order to meet the requirements of a slack market place. Saudi Arabia could precipitate a price collapse below $20 per barrel by increasing production volume, but that seems unlikely. 1 figure, 2 tables.

  13. World oil market simulation

    International Nuclear Information System (INIS)

    Baldwin, N.

    1992-01-01

    This paper presents a recursive simulation model of the world oil market - the World Oil Market Simulation Model (WOMS). The objective was to construct a computationally simple model which provides a transparent view of the workings of the oil market. In the event WOMS has a number of features which distinguish it from other published models: the effect of exchange rate movements is incorporated in the supply and demand functions; both demand and supply functions are dynamic; the non-OPEC supply functions account for the geological as well as the economic aspects of supply; oil prices can be determined either by OPEC setting prices (as normally included in this type of model) or by OPEC setting volumes and market forces determining the price; and consistency checks on consumers' and producers' behaviour are incorporated to confirm the plausibility of model projections. The paper commences with an outline of the model structure followed by an examination of the choice of the appropriate data. The main sections of the paper discuss the estimation of the demand and non-OPEC supply functions. Finally the modelling of OPEC's behaviour is addressed. Comparisons are made throughout with other published work. As the model was estimated using data covering 1960 to 1985, brief comments are also made comparing the events of 1986 with model determined values. (author)

  14. Oil seed marketing prospects

    International Nuclear Information System (INIS)

    Ceroni, G.

    1992-01-01

    With its 100 million tonnes annual production, the American continent is by far the world's biggest producer of oil seed, followed by Asia - 52 million, and Europe - 27 million tonnes. The Italian and European Communities have the farming capacity to double their production, but international agreements currently prohibit such initiatives. After first providing a panorama of the world oil seed market, this paper discusses new reforms in European Communities internal agricultural policies which currently limit production. These reforms, intended to encourage the production of oil seed for use as an ecological automotive fuel alternative, call for an obligatory set-aside of 15% of producing farm-land in exchange for the compensatory removal of oil seed production limits

  15. Challenge of the oil market

    Energy Technology Data Exchange (ETDEWEB)

    Jaidah, A M

    1981-11-01

    The oil market is experiencing a different environment in 1981 as demand for OPEC oil fades while customers run down their inventories. The oil-producing countries face a new challenge, but the need of consuming countries for secure oil supplies and the need of producing countries to broaden their economies and reduce dependence on a depleting resource continue. Two episodes 1973 to 1975 and late 1978 to the present, illustrate the current market situation. The impact of these episodes is the basis for recommended long-run goals that go beyond market management to the real challenge of converting oil resources into the real assets of economic development. (DCK)

  16. Oil futures and spot markets

    International Nuclear Information System (INIS)

    Samii, M.V.

    1992-01-01

    In the last decade, the oil futures market has risen to prominence and has become a major factor in influencing oil market psychology and the crude oil market. On a normal day, over 92 thousand contracts, the equivalent of 92 million barrels per day, change hands on the New York Mercantile Exchange, NYMEX. This market has provided a vehicle for hedging against risk. At the same time, it has also created opportunities for speculation. Those who previously were unable to participate in oil market transactions can now become involved through the futures market. The large number of participants in the future market and the availability of information has made this market more efficient and transparent, relative to the crude oil market. While there has been considerable in-depth analysis of other future markets, relatively little theoretical attention has focused on that of oil. This paper looks at the following issues. First, what is the relationship between futures and spot oil prices? And secondly, are futures prices a good predictor of spot crude prices in the future? (author)

  17. Power Markets. Creating a regional power market

    International Nuclear Information System (INIS)

    Beckman, K.; Belin, H.

    2009-01-01

    One article and one column in the section 'Power markets'. In the article attention is paid to the leading role of the Netherlands in the pursuit of a fully integrated North West European electricity market. the column 'View from Brussels' focuses on the 'Sustainable Energy Europe' campaign and the related EU Sustainable Energy Week in February 2009

  18. Review and Outlook of China's Oil Market

    Institute of Scientific and Technical Information of China (English)

    Gong Jinshuang

    2006-01-01

    @@ Major features of China's oil market in 2005 China's oil market is changing under the influence of domestic economy and the international oil market, witnessing different characteristics from time to time.

  19. Update on Spain's oil market

    International Nuclear Information System (INIS)

    Whitaker, D.; Gutierrez, I.

    1994-01-01

    Since Spain's entry into the European Community a liberalisation of the oil industry has occurred culminating in two oil sector reform laws passed in 1992. While competition has increased, a return to the free-market policies which held sway before 1927 has not happened. Rather, three large companies dominate the Spanish oil market, with continuing input from government towards liberalization, if somewhat slowly. This paper describes recent changes and examines factors which limit liberalization policies. (UK)

  20. Substituting oil by electric power

    International Nuclear Information System (INIS)

    Lichtenberg, H.

    1981-01-01

    Parting from the development of primary energy use the author refers to the latest investigations and results presented on the 1980 World Energy Conference and with special regard to oil points out the threatening exhaustion of fossil energy resources. Maintaining the economic structure of the Federal Republic of Germany implies an orientation away from oil. Due to its flexible application technology and quasi-inexhaustible energy resources electric power may substantially contribute to oil substitution which as a matter of fact is of particular interest in connection with the heat market. Coal alone cannot substitute both oil and nuclear energy. Thus, the above postulates the use of the latter. Leaving nuclear energy inactive today will effect an increase in the demand for oil the negative consequences of which would weight heavily upon the anyhow unbalanced import/export ratio of the Federal Republic of Germany. (orig.) [de

  1. Power market competition

    International Nuclear Information System (INIS)

    Kelly, J.

    1998-01-01

    In the Unites States the prospect of greater competition in wholesale power market was immediately eclipsed by talk of retail competition. Attempts to move to retail competition have been costly and complex. Prudent public policy and economic analyses suggest that retail competition not be implemented until it can first be demonstrated that effective competition exists in wholesale power markets [it

  2. Russian oil goes to market

    International Nuclear Information System (INIS)

    Kandelaki, T.L.; Tankayev, R.U.

    1997-01-01

    In 1996, Russia retained its place as the world's third largest producer of oil and gas condensate after Saudi Arabia and the USA. Data are provided on Russia's oil sales to its domestic market, to the former Soviet Union and to the rest of the world. These are accompanied by a commentary on Russia's world-wide market, refining in Russia, transportation costs of crude from the generally remote areas where it is produced and price ranges in the various market segments. (7 tables) (UK)

  3. The oil markets: A vision

    International Nuclear Information System (INIS)

    Miras Salamanca, P.

    2007-01-01

    Although oil markets show high levels of volatility, governments and institutions are much more concern with the problem of security of supply. Fundamental drivers of these markets vary from global questions (such as the balance between world supply and demand or the geopolitical situation), to national and local issues (regulation, industry structure and the cost chain in a given market). Global factors account for the lions share of the final price. Therefore, price variations of oil products tend to be similar in different environment. However, regulators and competition watchdogs should put special attention to supervise smaller areas, where specific problems could occur. (Author)

  4. Special report: EC oil market

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    A European Commission report on the EC's oil market has conceded that the Community will not meet its official objective of reducing oil's share of energy consumption to 40% by 1995. The paper, a 'Communication' to the European Council entitled ''The Oil Market and the Refining Industry in the Community: Recent Developments and Prospects'' says oil will ''continue to account for a major share - of the order of 45% -of the Community's energy consumption'' up to the year 2000. Nonetheless, the report's authors insist the Commission has proposed ''a number of measures'' which could reduce the potential consumption of fossil fuels and help limit CO2 emissions. The report confirms that though lower in 1990 than 1980 at 530mt, oil demand picked up in the second half of the 1980s, reflecting world trends. Little impression has been made on the proportion of the Community's crude supply that is imported. However, one area where the report did find energy objectives successes was that of diversifying sources of crude oil supply. A major source of concern for the Commission at one stage in the second half of the 1980s was the possibility of massive imports of finished oil products from refineries in the oil producing countries. However, the fact that this threat did not materialise is taken as a vindication of the Commission's assessment in previous analyses that ''an open Community market should be maintained''. (author)

  5. Oil market prices 1989/1990

    International Nuclear Information System (INIS)

    Jenkins, G.

    1991-01-01

    There are many oil markets. Oil Market Prices lists the markets, provides statistics on prices and the volumes of trade, analyses the price structures in the markets and provides supplementary information on ocean freight rates and oil refining margins. Oil Market Prices will serve as a permanent record of crude oil prices including those quoted on the futures and forward markets, the many wholesale prices for refined oil products, prices consumers pay and the average prices received by the oil companies. In all instances the sources of the statistics are given together with comprehensive listing of alternative sources. (Author)

  6. Reference data on world oil markets

    International Nuclear Information System (INIS)

    2005-01-01

    This paper makes a status of the 2004 activity of worldwide oil markets: oil demand, oil supplies (OPEC and non-OPEC countries, unused production capacities), formation of oil prices (role of stockpiles, role of terminal markets, impact of dollar rate), economic data: OPEC objectives, market vision, volatility of prices, supply and demand. (J.S.)

  7. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M.L.

    2001-01-01

    A review of heavy oil economics was presented in this power point presentation with particular focus on investor motivation, the importance of heavy oil, and an outlook on commodity price for oil and natural gas. Heavy oil from oil sands is playing a major role on the Canadian domestic production front as well as globally. Almost all senior Canadian producers have a major heavy oil project in the works. Oil prices are forecasted to remain strong, but a more bullish outlook is expected for natural gas prices for both the short and long term. Natural gas drilling has increased, but the number of natural gas wells as a percentage of total wells has decreased. Recent Canadian drilling activity has placed more emphasis on crude oil production which has contributed to the lower overall natural gas drilling success rate. It was shown that infrastructure issues regarding tankers, refining capacity (at or near capacity) will be the major factor affecting the availability of crude products to market. It was also shown that heavy oil differentials have increased substantially, which could be a potential issue if oil prices begin to weaken. 1 tab., 12 figs

  8. Producers and oil markets

    International Nuclear Information System (INIS)

    Greaves, W.

    1993-01-01

    This article attempts an assessment of the potential use of futures by the Middle East oil producers. It focuses on Saudi Arabia since the sheer size of Saudi Arabian sales poses problems, but the basic issues discussed are similar for the other Middle East producers. (Author)

  9. Oil exporting countries need nuclear power

    International Nuclear Information System (INIS)

    Stauffer, T.R.

    1982-01-01

    The economic rationale for nuclear power in the oil exporting countries is analysed, with the collateral objective of defining the size of the potential market in terms of the exporting countries' economic opportunities and energy needs. The need for appropriate new institutions for licensing reactors, training personnel, and starting up plants follows directly from the size of the market and the economic incentives for the oil exporters to husband gas and oil. Gas and oil resources of the Middle Eastern countries are discussed, and future electricity needs estimated. (author)

  10. Oil and power: Iraq at the crossroads

    International Nuclear Information System (INIS)

    Enay, P.

    1995-11-01

    Oil and Power: Iraq at the Crossroads is the first analysis which specifically addresses the oil sector in Iraq. It provides a detailed account of the present Iraqi oil infrastructure and assesses the risks and opportunities facing those who seek to invest in its redevelopment. The report examines the implications for the world oil markets of Iraq's ambitious plans to expand production capacity to 6m barrels per day -almost twice its pre-war peak. It explains in clear, authoritative terms the profound problems confronting Iraq's oil sector and the prospects for rebuilding it. It analyses expertly and in detail the current regime's chances of survival and examines the alternative contenders for power -and their likely attitudes towards co-operation with foreign oil interests. The report examines and explains: Iraq's oil infrastructure, from fields under exploration to nominal administrative structure; the effect on oil prices of Iraq's eventual re-entry into the oil market; the facilities in need of repair and where the shortage of spares and human expertise are; the unofficial decision-making structure in the oil sector; the short- and medium-term impact of economic disintegration on oil development policy; the effects of UN sanctions and the motives of those supporting or opposing sanctions; the likely impact of prevailing economic constraints on Iraqi oil and the historical role of commissions in Iraqi oil contracts; the political impact of General Hussein Kamal Hassan's defection and the Kurdish and Shi'ite threats to Iraqi national unity. (author)

  11. Oil price stability and free markets

    International Nuclear Information System (INIS)

    Yamani, A.Z.

    1992-01-01

    The oil industry, like any capital-intensive industry with long supply lead times, is prone to price instability. Free markets in oil reflect this inherent instability, for prices are efficient signallers of imbalances between supply and demand. Free markets are desirable in principle, but entirely free oil markets are unstable. Volatile oil prices are undesirable. This article advocates trading some market freedom for more price stability, since such a trade off will be beneficial to the world as a whole. (author)

  12. Oil and stock market volatility: A multivariate stochastic volatility perspective

    International Nuclear Information System (INIS)

    Vo, Minh

    2011-01-01

    This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility structure in an attempt to extract information intertwined in both markets for risk prediction. It offers four major findings. First, the stock and oil futures prices are inter-related. Their correlation follows a time-varying dynamic process and tends to increase when the markets are more volatile. Second, conditioned on the past information, the volatility in each market is very persistent, i.e., it varies in a predictable manner. Third, there is inter-market dependence in volatility. Innovations that hit either market can affect the volatility in the other market. In other words, conditioned on the persistence and the past volatility in their respective markets, the past volatility of the stock (oil futures) market also has predictive power over the future volatility of the oil futures (stock) market. Finally, the model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry. - Research Highlights: → This paper models the volatility of stock and oil futures markets using the multivariate stochastic volatility model. → The correlation between the two markets follows a time-varying dynamic process which tends to increase when the markets are more volatile. → The volatility in each market is very persistent. → Innovations that hit either market can affect the volatility in the other market. → The model produces more accurate Value-at-Risk estimates than other benchmarks commonly used in the financial industry.

  13. Market power and storage in electricity markets

    International Nuclear Information System (INIS)

    Skaar, Jostein

    2004-05-01

    Market power in liberalised electricity markets dominated by hydropower is analyzed in four chapters. The existing literature on competition in hydropower markets is briefly presented and examined. Chapter 1 discusses the effects of market power in the context of acquisitions in a situation where transmission capacity is constrained. Chapter 2 and 3 elaborate on the issue of competition and market power when water inflow is uncertain, and finally Chapter 4 focuses on the supply function equilibrium model in the context of a hydropower market

  14. Market Power in Laboratory Emission Permit Markets

    International Nuclear Information System (INIS)

    Godby, R.

    2002-01-01

    Many proposals suggesting the use of markets to control pollution assume markets will be competitive. When markets do not exhibit competitive characteristics, however, should they still be expected to result in efficiency improvement relative to traditional approaches? This paper employs experimental economic methods to examine the effect of market structure on the use of marketable emissions permits. Results indicate that in a market with one dominant firm and a number of fringe firms, strategic manipulation occurs repeatedly in the laboratory as predicted by market power models, undermining the allocative and dynamic efficiency benefits such markets offer. When firms compete in a downstream product market dominated by the same single firm, market efficiency can actually be reduced with the implementation of permit markets. Final market efficiencies reflect initial endowments and are influenced by competitive conditions elsewhere in the economy, indicating that policy-makers should carefully consider whether markets are appropriate in such circumstances

  15. Ownership structure and market power in the nordic power market

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Bergman, L.

    1999-01-01

    The opening of Nord Pool in 1996 seriously constrained the power companies' ability to exercise market power within their national borders. Currently there is an integration process going on among the power companies in the Nord Pool area. It manifest itself in terms of take-over and reciprocal acquisition of shares in the power companies - nationally and abroad. This process may undo what the introduction of the common power market achieved in curtailing market power. The aim of this paper is to investigate the effects on market power of increased cross- ownership in the Nordic power market. (au)

  16. The functioning of the oil market during an oil crisis

    International Nuclear Information System (INIS)

    Hughes, G.; Siner, M.; Tijdhof, B.

    2003-01-01

    The title study regarding the functioning of the oil market during an oil crisis is carried out with particular reference to the strategic behaviour of oil companies. Section 2 identifies major oil supply disruptions since 1951 and describes some important changes in the market that have occurred in recent decades; Section 3 reviews the economic literature of the functioning of oil markets during disruptions and models of oil supply disruptions; Section 4 examines the response of oil markets to recent supply disruptions; Section 5 examines the incentives and scope for strategic behaviour; Section 6 considers the implications of our analysis for the design of policy responses to oil supply disruptions; Appendix A describes the background to the four recent oil supply disruptions; Appendix B discusses the relationship between spot and futures prices for a storable commodity; and Appendix C is the bibliography

  17. Joint ventures and concentrations in oil market

    International Nuclear Information System (INIS)

    Tabarelli, D.

    1996-01-01

    Many are the joint ventures taken during last year by the oil companies as a move towards the ever existing rules of the oil market: integration, economies of scale and reduction of competitive market uncertainty. This article discusses some of the most interesting points of the recent events and the initiatives in the Italian market

  18. Green certificates and market power in the Nordic power market

    DEFF Research Database (Denmark)

    Amundsen, Eirik S; Bergman, Lars

    2012-01-01

    principles and a numerical model based on that to investigate the Swedish TGC market operating in a setting of a common Nordic electricity market. The analysis shows that Swedish producers may exercise market power using the TGC-market but that this problem will be eliminated by opening the TGC-market......The purpose of this study is to elucidate under which circumstances, how, and to what extent market power on a Tradable Green Certificates (TGC) market can be used to affect an entire electricity market. There are basically two reasons for being concerned with this. One is that a small number...

  19. Medium-Term Oil Market Report 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    How much oil will the world consume in 2011? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? The International Energy Agencys (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEAs monthly Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop in the next five years. The forecasts look in detail at product demand and the supply potential from all the firmly planned individual upstream and downstream projects around the world. The results provide invaluable insights on vital issues such as surplus production capacity and product supply. The rapid pace of change in the oil market means that forecasts can become outdated very quickly. This interim update provides the opportunity to rebase the data and forecasts in the annual Medium-Term Oil Market Report and to discuss and analyse new issues affecting the oil industry. Policymakers, market analysts, energy experts and anyone interested in understanding and following trends in the oil market should find this report extremely useful.

  20. Power marketing and renewable energy

    International Nuclear Information System (INIS)

    Fang, J.M.

    1997-01-01

    Power marketing refers to wholesale and retail transactions of electric power made by companies other than public power entities and the regulated utilities that own the generation and distribution lines. The growth in power marketing has been a major development in the electric power industry during the last few years, and power marketers are expected to realize even more market opportunities as electric industry deregulation proceeds from wholesale competition to retail competition. This Topical Issues Brief examines the nature of the power marketing business and its relationship with renewable power. The information presented is based on interviews conducted with nine power marketing companies, which accounted for almost 54% of total power sales by power marketers in 1995. These interviews provided information on various viewpoints of power marketers, their experience with renewables, and their respective outlooks for including renewables in their resource portfolios. Some basic differences exist between wholesale and retail competition that should be recognized when discussing power marketing and renewable power. At the wholesale level, the majority of power marketers stress the commodity nature of electricity. The primary criteria for developing resource portfolios are the same as those of their wholesale customers: the cost and reliability of power supplies. At the retail level, electricity may be viewed as a product that includes value-added characteristics or services determined by customer preferences

  1. Market value of wind power

    NARCIS (Netherlands)

    Haan, de J.E.S.; Shoeb, M.A.; Lopes Ferreira, H.M.; Kling, W.L.

    2013-01-01

    Variability and predictability constraints of wind hinder the cost-efficient integration of wind power generation into power markets. Within the framework of EIT KIC INNOENERGY Offwindtech project, a ‘Market Value’ tool is developed. Here, the market value of wind power generation can be assessed

  2. Growing markets to sustain oil sands development

    International Nuclear Information System (INIS)

    Wise, T.H.

    2003-01-01

    The utilization of Alberta bitumen for the clean fuels market depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production in Western Canada. Several issues pose a challenge to the oil sands processing industry. The producers' market is affected by crude oil prices, market expansion options, diluent availability/cost, supply cost competitiveness, and regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. A brief review of markets for Canadian crude oil, including synthetic crude, was provided. The share of the Midwest market by Alberta must be retained and increased. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. To reach more distant markets such as Southern Midwest, Washington, and California, new pipeline capacity would be required. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. tabs., figs

  3. Models of the oil market

    International Nuclear Information System (INIS)

    Cremer, J.; Salehi-Isfahani, D.

    1991-01-01

    Economists have proposed a large variety of models of the oil market which differ in their methodology and in the questions they answer. This book integrates them and emphasizes the relationships between the choice of economic tools and the practical consequences of the analysis. After history of the events of the last twenty years, the authors survey the informal descriptions written by policy oriented analysts. Chapters on quantitative models follow, one stressing simulations and the other the work of theorists. Finally, a discussion of econometric work precedes a survey of open questions

  4. Green Certificates and Market Power on the Nordic Power Market

    International Nuclear Information System (INIS)

    Bergman, Lars; Amundsen, Eirik S

    2007-06-01

    In Sweden a market for Tradable Green Certificates (TGCs) was introduced in 2003. The purpose was to stimulate investments in electricity generation based on renewable energy sources without using direct governmental subsidies to renewable energy. More precisely the aim is to create a market where different types of renewable electricity can compete on equal terms, thus relieving governments and public agencies from being directly involved in power industry investment decisions. The purpose of this study is to elucidate under which circumstances, how, and to what extent market power in the TGC market can be used to affect the entire electricity market. There are basically two reasons for being concerned with market power in TGC markets. The first is the fact that the industry average cost curve for 'green' electricity tends to be upward sloping. This is because the cost of wind power, the main source of green electricity, depends on the location of the power plants, and that the availability of first rate sites that do not involve sizable investments in new transmission and network infrastructure, is limited. The situation is similar for environmentally friendly hydro power, and, to some extent, for other types of 'green' electricity. Thus, given the state of technology and an upper cost limit, there is a maximum amount of 'green' electricity that can be produced within a country. This means that some generators, by getting access to the suitable sites, will become dominating producers of 'green' electricity and thus may be able to exercise market power in the TGC market. The second reason for being concerned with market power in a TGC market is that, as a result of the percentage requirement, the withdrawal of a given number of TGCs from the market forces a much larger reduction of electricity consumption. Thus relatively modest exercise of market power in the TGC market may have a significant impact on the price of electricity and the allocation of resources in

  5. Oil and gas market developments in Turkey

    International Nuclear Information System (INIS)

    Kaygusuz, K.

    2003-01-01

    Turkey's strategic location makes it a natural 'energy bridge' between major oil and gas producing areas in the Middle East and Caspian Sea regions on one hand and consumer markets in Europe on the other. Oil consumption has increased in recent years in Turkey, and this trend is expected to continue, with growth of 2-3% annually in coming years. The annual oil consumption of the country is around 31.3 million tons, while 83% of total consumption is supplied from imports and only 17% is supplied from indigenous production. Oil provides around 43% of Turkey's total energy requirements, but its share is declining (as the share of natural gas rises). On the other hand, due to diversification efforts of energy sources, use of natural gas was newly introduced into the Turkish economy in 1987 and has been growing rapidly. Turkey's natural gas reserves seem limited and current gas production in the country meets 2.8% of domestic consumption requirements. The annual natural gas consumption of Turkey is around 14.7 billion m 3 and is assumed to increase by 12% per annum. Turkish natural gas use is projected to increase dramatically in coming years, with the prime consumers expected to be industry and power plants. Turkey has chosen natural gas as the preferred fuel for the massive amount of new power plant capacity to be added in coming years. (Author)

  6. Market Power Europe

    DEFF Research Database (Denmark)

    Kelstrup, Jesper Dahl

    2015-01-01

    Market Power Europe (MPE) constitutes an important contribution to the literature on the global role and actorness of the EU. In order to develop MPE as a theory, this contribution provides an assessment of how Russia, the USA and China have converged towards three EU trade policies in 2013....... The analysis finds that MPE fails to account for important dynamics related to externalization in the three cases. In order to improve MPE analytically, the article suggests that MPE should include three intervening variables to account for the EU’s ability to externalize its policies and act as MPE...

  7. Four essays on market power in energy economics

    Energy Technology Data Exchange (ETDEWEB)

    Hansen, Petter Vegard

    2008-07-01

    Market power in energy markets is discussed intensively in both academic and public arenas. There has been an intense energy debate on market power at least since the Organization of Petroleum Exporting Countries (OPEC) exercised its market power and caused the 'oil crisis' of the 1970s, and again following the deregulation of electricity markets at the beginning of the 1990s. However, this debate is not new. In 1911, for example, the US Supreme Court divided Standard Oil into 34 separate companies using antitrust law. With increasing energy prices and the ongoing process of liberalization of electricity markets throughout the world, the topic is still relevant for future markets. The four essays in this dissertation discuss specific aspects of market power in energy markets. The first essay concerns the crude oil market, and the remaining three essays relate to market power in the Nordic and Norwegian electricity markets. In the first essay, a multi-equation dynamic econometric model tests whether the behaviour of OPEC, as a whole or as different subgroups, is consistent with the behaviour of dominant producers in the world crude oil market. The second essay is a theoretical work that introduces uncertainty in inflow to the discussion of market power in hydropower markets by analysing the effects of uncertainty in inflow on market performance under alternative assumptions about market structure. In the third essay, high-frequency data are used to analyse how price signals from the spot market affect end-user demand in the Norwegian and Swedish electricity markets. Finally, in the fourth essay, retailer and household behaviour in the Norwegian electricity market are analysed using detailed information on prices and other market characteristics. In the following section, I provide highlights from a general discussion of market power in order to set the essays included in this dissertation in context. (Author). refs., figs., tabs

  8. Introduction to market power issues

    International Nuclear Information System (INIS)

    2002-01-01

    This paper presents an initial introduction to market power issues in wholesale electric power markets. Market power was described as the ability of sellers to act together to profitably maintain prices above competitive levels for a significant period of time. The two general forms of market power, vertical and horizontal market power, were described with reference to how they may be exercised. The factors that should be considered when evaluating the competitiveness of a market include: (1) market share of suppliers, (2) overall market concentration, (3) elasticity of demand, (4) shape of the industry supply curve, (5) the amount and distribution of excess supply, (6) typical contractual arrangements and the process for establishing prices, and (7) the relative ease to enter the market. It was noted that a narrow market scope allows only wholesale market sector (such as municipal utilities) to access competitive electricity supplies, however, a more expansive definition of market scope would consider the sale of electricity to industrial customers. This would allow more players to enter the Nova Scotia market. The barriers to entry for wholesale electric power markets are: (1) access to the transmission grids and services, (2) sites for new capacity development, (3) major inputs to power generation, (4) transportation of major inputs to generation, and (5) lack of liquidity

  9. Latin American oil markets and refining

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.; Obadia, C.

    1999-01-01

    This paper provides an overview of the oil markets and refining in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Venezuela, and examines the production of crude oil in these countries. Details are given of Latin American refiners highlighting trends in crude distillation unit capacity, cracking to distillation ratios, and refining in the different countries. Latin American oil trade is discussed, and charts are presented illustrating crude production, oil consumption, crude refining capacity, cracking to distillation ratios, and oil imports and exports

  10. Medium-Term Oil Market Report 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    How much oil will the world consume in 2012? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? How will the refinery sector cope? The International Energy Agency (IEA) Medium-Term Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEA Oil Market Report. Drawing on current futures curves and the investment threshold for upstream projects, the Medium-Term Oil Market Report analyses how global demand and supply balances may develop. By assessing all firmly planned upstream and downstream projects worldwide, this report forecasts supply and demand potential for crude and petroleum products over the next five years. The results provide an invaluable insight into vital issues such as surplus production capacity and product supply. An essential report for all policymakers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  11. Market opportunities and challenges for oil sands

    International Nuclear Information System (INIS)

    Wise, T.H.

    2004-01-01

    The use of Alberta bitumen as a clean fuel depends on upgrading, transportation, and refining processes. Forecasts show that oil sands production, which includes synthetic crude oil (SCO), will surpass declining conventional production from the Western Canada Sedimentary Basin. The challenges facing the oils sands processing industry include: crude oil prices which affect the producer's market; market expansion options; diluent availability/cost; supply cost competitiveness; and, regional processing. The common market issues include light/heavy crude prices, oil sands crude qualities, prices of oil sands crudes, pipeline infrastructure, and competitive supplies. The issues facing the refiners are: refining margins, security of crude supply, refined product quality, and competitive product supply. It was noted that Alberta must retain or increase its share of the Midwest market. The market expansion options were reviewed for both downstream (refining) and upstream (upgrading) operations. New pipeline capacity is needed to reach more distant markets such as Southern Midwest, Washington, and California. The market is nearly saturated for Canada's heavy oil supply. More upgrading will be required as bitumen production increases. Market growth is still possible for Canada's SCO but according to forecasts, the market could also become saturated. To increase demand and allow supplies to grow, SCO prices may fall below light crude prices. It was noted that a balance must be achieved in order for producers to increase production and for refiner/upgraders to expand their conversion capacity. 13 figs

  12. Economic crisis and oil market balances

    International Nuclear Information System (INIS)

    Duquesnoy, S.; Rozenberg, J.; Hourcade, J.Ch.

    2011-01-01

    One might intuitively think that an economic crisis would at least relieve the pressure on oil supply since it slows energy demand. From the model of the oil market DYSMO, we show that an economic crisis may on the contrary increase tension, as it postpones investment in oil supply. (authors)

  13. Market potential for Canadian crude oil

    International Nuclear Information System (INIS)

    Heath, M.; Fisher, L.; Golosinski, D.; Luthin, A.; Gill, L.; Raggett, C.

    1997-01-01

    Future key markets for Canadian crude were evaluated, and probable flow volumes and prices were identified. Key concerns of market participants such as pricing, alternative crude sources, pipeline tariffs and crude quality, were examined. An overview of the competition faced by Canadian crude supply in global markets was presented. World crude oil supply and demand was discussed. US and Canadian crude oil supply (2000 to 2010), refinery demand for light and heavy crudes, existing future crude oil and refined product pipeline infrastructure, and pricing implications of changing crude oil flows were analyzed. The general conclusion was that the US market will continue to provide growing markets for Canadian crude oil, and that the Canadian supply to fulfill increased export requirements will be available due to the combined effects of increasing heavy crude supply, growing production from the east coast offshore, and recent and ongoing pipeline expansions and additions. 20 refs., 64 tabs., 42 figs

  14. The European Gas and Oil Market: The Role of Norway

    International Nuclear Information System (INIS)

    Harbo, F.

    2008-01-01

    The research question of this paper is related to the role of Norway in the European gas and oil market. This study aims to give a presentation of the energy policy in Norway and Norwegian participation at the European level. The first chapter will introduce Norwegian relations with Europe. For the purpose of my research, I will focus mainly on Norwegian energy policy in the second chapter, presenting Norway's oil industry in chapter 2.1.; Norwegian gas production in chapter 2.2.; and the Norwegian electrical power system in chapter 2.3. The sub-chapter 2.4. will analyse in detail the activity of the largest Norwegian oil and gas company, StatoilHydro. The third chapter will be dedicated to Norway's green energy policy (wind, sun and water), etc. The fourth chapter looks at the European perspective and will examine the European strategic gas and oil market in a globalized world. The fifth chapter will present Norway's participation in the European gas and oil market. Such strategic research must also include a look at the European Union's (EU) energy market development between Russia and Norway, which will be presented in chapter six. And finally, Norway's contribution to the development of an EU energy policy in fighting climate change will be emphasised in chapter seven. This research will analyse the following central issues: - Norwegian oil industry, - Norwegian gas production, - Norwegian electrical power system, - Norwegian challenges in the European gas and oil market. (author)

  15. Outlook for international oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Zanoyan, V; French, M

    1984-01-01

    Despite increased hostilities in the Persian Gulf, there has been a slack in both petroleum product and crude markets and concern over the possibility of a wave of refinery bankruptcies. The short-term outlook recognizes that OPEC problems are not permanent. Demand is not expected to return to pre-1979 levels, and demand growth will not have an equal distribution among OPEC members. Mid-term projections are for real oil prices to be about 12% below 1982 levels, with the decline continuing through 1986. The only significant demand expansion will occur in the industrial sectors of the developing countries due to conservation efforts and fuel substitution that will continue to reduce petroleum's share of total energy consumed by developed countries. Consumption in the transport sector will probably remain at current levels. Oil production in Western countries should peak and then decline during the 1980s, with non-OPEC developing countries filling some of the demand gap and OPEC prices going up instead of production. 6 tables.

  16. OIL AND GAS FUTURES AND OPTIONS MARKET

    OpenAIRE

    Ante Nosić; Daria Karasalihović Sedlar; Lucija Jukić

    2017-01-01

    Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport) and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price diffe...

  17. Oil Market and Prices Prospects for 2014

    Directory of Open Access Journals (Sweden)

    Mariana Papatulica

    2013-10-01

    Full Text Available The international crude oil prices started the year 2014 within parameters comparable to those of the precedent year: WTI (USA recorded 92 $/barrel, on the American spot market, considered a minimum value for the last 5 weeks, while Brent (Great Britain had a more stable evolution, on the spot Rotterdam market, staying around a value of 107,50 $/barrel. Despite analysts’ forecasts, which during the last 3 years staked on a lower oil price, as a consequence of the spectacular increase in non-OPEC oil production, namely of shale oil, the international oil price, namely that of Brent, closed each of the last 3 years around the same level, of 108 $/barrel. As for 2014, the great majority of oil analysts estimates again a decline of oil prices, as a result of a significant rise of oil offer globally, which will greatly surpass the demand rise.

  18. Dynamics of world oil crops market

    Directory of Open Access Journals (Sweden)

    Knežević Marija

    2012-01-01

    Full Text Available According to the harvested area, oil crops are the second most important crops after cereals. Soybean is the most important oil crop in terms of production and trade of oilseeds and meals, and second most important in terms of production and trade of vegetable oils after palm oil. Dynamics of prices of derived oil crop products in the international market is conditioned by the relationship between supply and demand in the overall market of oil crops. The substitution of animal fats with vegetable oils in human nutrition, the expansion of biodiesel industry and intensification of livestock production have led to increased demand for oil crops. The objective of this paper was to identify trends in production, consumption and trade of soybeans, rapeseed and sunflower and their derived products.

  19. Assembling Markets for Wind Power

    DEFF Research Database (Denmark)

    Pallesen, Trine

    hand, as an economic good, wind power is said to suffer from (techno-economic) ‘disabilities’, such as high costs, fluctuating and unpredictable generation, etc. Therefore, because of its performance as a good, it is argued that the survival of wind power in the market is premised on different......This project studies the making of a market for wind power in France. Markets for wind power are often referred to as ‘political markets: On the one hand, wind power has the potential to reduce CO2-emissions and thus stall the effects of electricity generation on climate change; and on the other...... instruments, some of which I will refer to as ‘prosthetic devices’. This thesis inquires into two such prosthetic devices: The feed-in tariff and the wind power development zones (ZDE) as they are negotiated and practiced in France, and also the ways in which they affect the making of markets for wind power....

  20. Gold and oil futures markets: Are markets efficient?

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar; Zheng, Xinwei [School of Accounting, Economics and Finance, Faculty of Business and Law, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125 (Australia); Narayan, Seema [School of Economics Finance and Marketing, RMIT University, Melbourne (Australia)

    2010-10-15

    In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

  1. Gold and oil futures markets: Are markets efficient?

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Zheng, Xinwei; Narayan, Seema

    2010-01-01

    In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

  2. Wind power and market power in competitive markets

    International Nuclear Information System (INIS)

    Twomey, Paul; Neuhoff, Karsten

    2010-01-01

    Average market prices for intermittent generation technologies are lower than for conventional generation. This has a technical reason but can be exaggerated in the presence of market power. When there is much wind smaller amounts of conventional generation technologies are required, and prices are lower, while at times of little wind prices are higher. This effect reflects the value of different generation technologies to the system. But under conditions of market power, conventional generators with market power can further depress the prices if they have to buy back energy at times of large wind output and can increase prices if they have to sell additional power at times of little wind output. This greatly exaggerates the effect. Forward contracting does not reduce the effect. An important consequence is that allowing market power profit margins as a support mechanism for generation capacity investment is not a technologically neutral policy.

  3. 1999 Crude oil market outlook

    International Nuclear Information System (INIS)

    Cochener, J.

    1998-01-01

    Baseline projection handling of crude oil prices was discussed, based on actual crude oil price trends from 1992 to 1998. Attention was drawn to the lack of correlation between crude oil and natural gas prices. Predictions for crude oil production were extended to the year 2015. As far as the immediate future is concerned the crude oil price for 1999 was predicted to continue to be sluggish due to competitive pressure from refined products at burner tip. tabs., figs

  4. Perspectives for pyrolysis oil production and market in Scandinavia

    International Nuclear Information System (INIS)

    Sipilae, K.; Oasmaa, A.; Solantausta, Y.; Arpiainen, V.; Nyroenen, T.

    1999-01-01

    Commercial power production from biomass is mainly based on various combustion technologies, new gasification technologies being on pilot and demonstration scale in Europe. From the market viewpoint, there will be an attractive and large market volume for small and medium-scale combined heat and power production (CHP) and for liquid bioenergy products in order to meet the Kyoto challenges in Europe by the year 2010. Biomass pyrolysis technology offers a novel method of converting solid biomass to a liquid product which can easily be transported, stored and utilised for electricity production by diesel engines and gas turbines. The overall efficiency in pyrolysis oil production can be increased from 65 to 90 % (LHV) by integrating the big-oil production to a conventional boiler plant, the-system identified by VTT. A modern diesel power plant has an efficiency of 40 - 44 % with a high power-to-heat ratio. Parallel to diesel power plants, the big-oil can be used in existing heating oil boilers with minor burner modifications. The paper comprises an overview of market assessments in Scandinavia and a summary of pyrolysis oil production, stability and properties tests. The challenge of today is to understand and improve the properties of pyrolysis oils in order to reach a 12-month storage time without any changes in the homogeneity of pyrolysis oils. Reliable operation of oil-fired boilers and diesel power plants has to be demonstrated. As soon as these problems have been solved, biomass pyrolysis technologies will offer new attractive bioenergy market opportunities where a huge potential can be reached by conversing existing petroleum-fired boilers, 0.1 - 10 MW to big-oils and followed by combined heat and power production with high-efficiency diesel power plants in 0.1 - 10 MW scale. Pyrolysis technology is clearly the most attractive method for producing liquid biofuels, compared to bioalcohols and biodiesel. With the present price structure, pyrolysis oil can be

  5. International oil market: instability and restructuring

    Energy Technology Data Exchange (ETDEWEB)

    Ayoub, A

    1988-12-01

    The three phenomena which today dominate the international oil market are: 1. the downward price trend since 1981 and the uncertainty about medium and long term price evolution; 2. chronic price instability in the short term; 3. the trend toward new forms of vertical integration and concentration which are now stabilizing a market confronted by a weakening OPEC and free markets which are volatile. The new market restructuring the present period for the international oil sector as a transition period, with the following characteristics: 1. an evident convergence in the motivations of the major oil companies and of a number of OPEC countries, to see a certain stability restored in the oil market based on vertical integration and concentration; 2. markets cannot be stabilized by political agreements between the states, but only by reciprocal financial implications and participations between companies according to the rules of the business world; 3. the market as a whole will still continue for a certain time to be governed by the OPEC-free market pair, with alternating domination by one or the other according to the economic situation. Nevertheless, the longer the market continues to be unstable, the more the trend toward concentration and integration will intensify.

  6. Changes in the world market in oil and oil refinements

    International Nuclear Information System (INIS)

    Ristik, Julija

    1996-01-01

    Since 1980's the world market for crude oil and oil products has faced significant changes that are going to have a grate influence on the supply and consumption of crude oil derivatives in Macedonia. The knowledge of these changes would have a grate contribution in planning the future development of this part of the energetic system of Macedonia. The purpose of this paper (which is a short version of the introductory report for the ZEMAK session with a theme 'Energetic policy and development of energetics in Macedonia') is to present the actual situation on the market for crude oil products, as well as to give the main factors that would have influence on this market in the future. (author). 4 refs., 3 ills

  7. Developing new markets for oil sands products

    International Nuclear Information System (INIS)

    Crandall, G.

    2004-01-01

    This paper presents a review by Purvin and Gertz of western Canadian crude oil supply. This energy consulting firm provides advise to the energy sector. It suggests that oil sands production will surpass declining conventional production. Oil sands supply includes bitumen, synthetic crude oil (SCO), and diluent. It is forecasted that oil sands will increase from 42 per cent of western supply in 2002 to 78 per cent in 2015. The potential of Alberta's oil sands was discussed along with a recent study of refined products and petrochemicals from bitumen. Upgrading, refining and petrochemical case studies were presented. The author examined if a Canadian oil sands upgrading project with high capital costs can be competitive with competing projects in the United States and internationally. In addition to supply and demand issues, the presentation examined infrastructure capability and market potential in the United States. The economic potential and risks of preferred business cases compared to upgrading to SCO were also evaluated. 15 figs

  8. Development of Danish wind power market

    International Nuclear Information System (INIS)

    Meyer, Niels I.

    2004-01-01

    The modern phase of Danish wind power started after the oil crisis in 1973. Based on long traditions of Danish wind power dating back to the beginning of the century a new commercial phase was initiated by small industrial entrepreneurs with support by the Danish government, the Danish Academy of Technical Sciences and green organizations. During the eighties technological development resulted in increased cost efficiency, while the investment subsidies from the state were gradually phased out. Conflicts between utilities and wind power producers over tariffs and the costs of grid connections, then slowed down the penetration of wind power on the Danish market. In addition, many local municipalities were setting up administrative barriers for wind turbines. These barriers were removed by government intervention in the early nineties when favourable feed-in tariffs were introduced together with easy access to the grid, simple procedures for construction allowances and priority to green electricity. As a result wind power was booming in the Danish home market and Danish turbines achieved a global market share of around 50%. After a change of government in December 2001, however the Danish home market for wind power has more or less collapsed. (Author)

  9. China Oil and Gas Market Assessment

    International Nuclear Information System (INIS)

    Qiu, Yu

    2004-08-01

    China, with one-fifth of the world's population and one of the fastest rates of economic growth, is experiencing a boom in its energy requirements. China has been identified as a high priority market for the oil and gas sector. This priority has resulted in the high level of investment and many large-scale projects related to the oil and gas industry. Oil production from existing fields is expected to increase, new oil and gas fields will be developed, and the country's oil and gas transmission infrastructure will be extended to meet domestic demands. In addition, total domestic investment needs for the next three decades till 2030 are estimated at around $119 billion, and upstream exploration and development will account for about $69 billion. China's oil and gas exploitation business has been the biggest beneficiary of the bearish crude oil prices, national oil stockpile and the need of infrastructure. In the first six-month period of 2005, this industry has gained a profit of USD16.5 billion, up 73.4 per cent year-on-year. The country is becoming increasingly open to international oil companies, contractors and equipment suppliers, who can bring advanced technology, equipment, and management experience. In this context, considerable opportunities in the supply and service sectors are open to Dutch companies. This report analyses the present situation and market prospect of China upstream oil and gas industry, including: Current status of Chinese oil and gas industry analysis and future development forecast; Potential customers analysis, such as three stated-owned oil companies and their foreign partners;Domestic and foreign competitors analysis; Potential opportunities and challenges analysis; Providing contacts and information on main ongoing oil exploration and development projects, and business practices

  10. Global power: Markets and strategies

    International Nuclear Information System (INIS)

    Poirer, J.L.

    1998-01-01

    The author will first present an updated view of the global power market activity, including opportunities in power generation, transmission and distribution. This will include a review of the trends in closings and transaction flowed by type of activity and geographic area. Estimates will be based on Hagler Bailly's comprehensive database on global power transactions and project announcements. The firm has also worked with dozens of global power companies since 1990. Second, the author will review trends in terms of regulatory changes, project cost trends, developers' project experiences, and financing issues. This systematic review will be the foundation for projection of future market activity (e.g., number of closing by type of project through 2000). A forecast of future greenfield and privatization activity will be provided and the key markets will be highlighted. Third, the author will present an updated view of the competition in the global power market (including the various types of competitors and changes in their respective market posture). Finally, the author will discuss the various types of strategies and business models that are followed by key global power players

  11. Vicissitudes in the Hong Kong oil market, 1980-97

    International Nuclear Information System (INIS)

    Chow, L.-H.

    2000-01-01

    Hong Kong, devoid of natural resources, has to import all the energy it consumes. Up to 1981, oil accounted for almost 100 per cent of the total primary energy requirement, of which about 59 per cent was used to generate electricity. Starting in 1982, the electricity sector switched to coal generation, leading to plummeting oil consumption. The conversion process was essentially completed by 1988. Local sales of oil products declined from 5.790 million kilolitres in 1981 to 3.470m kl in 1987, but climbed back to 5.157m kl in 1997; oil consumption stagnated between 1981 and 1997. This paper analyses the fluctuations in oil consumption during the period, covering use by the utility and non-utility sectors. Next, it deals with consumption of, and the factors involved in, the six major oil products, i.e. fuel oil, diesel, gasoline, liquefied petroleum gas, kerosene and jet fuel. Interestingly, bunker sales, including air and sea transport, rose noticeably during these years, partly offsetting the effect of slumping oil sales to the power plants and helping boost total oil demand in the 1990s. Lastly, a glimpse into the future of the Hong Kong oil market is taken. (author)

  12. China's oil market and refining sector

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.; Fridley, D.G.

    2000-01-01

    The article assesses the future for China's oil industry as the country makes the transition from a command economy to an international market. China has one of the world's biggest oil industries and recent years have seen much growth in exploration and development, refining capacity and trade. China is more and more dependent on oil imports and is now a major international player; it has attracted much outside investment. Diagrams show (i) how coal dominates other sources of energy in China; (ii) crude production 1977-1998; (iii) how Middle East crudes now dominate Chinese crude imports; (iv) the growth of petroleum demand in China; (v) the Chinese demand for petroleum products; (vi) the growth in transport fuels; (vii) Chinese product imports: import ban targeted diesel; (viii) crude imports favoured over product imports and (ix) refinery capacity and throughput. The changes are expected to result in further integration into international markets, increased transparency and a healthier oil business

  13. The oil market towards 2030 - can OPEC combine high oil price with high market share

    International Nuclear Information System (INIS)

    Aune, Finn Roar; Glomsroed, Solveig; Lindholt, Lars; Rosendahl, Knut Einar

    2005-01-01

    In this paper we examine within a partial equilibrium model for the oil market whether OPEC can combine high oil prices with a high market share. The oil market model explicitly accounts for reserves, development and production in 4 field categories across 13 regions. Oil companies may invest in new field development or alternatively on improved oil recovery in the decline phase of fields in production. Non-OPEC production is profit-driven, whereas OPEC meets the residual call for OPEC oil at a pre-specified oil price, while maintaining a surplus capacity. The model is run over a range of exogenous oil prices from 15 to 60 $ per barrel. Sustained high oil prices stimulate Non-OPEC production, but its remaining reserves gradually diminish despite new discoveries. Oil demand is only slightly affected by higher prices. Thus, OPEC is able to keep and eventually increase its current market share beyond 2010 even with oil prices around $30 per barrel. In fact, the model simulations indicate that an oil price around $40 is profitable for OPEC, even in the long term. Sensitivity analyses show that the most profitable price level for OPEC is generally above $35 per barrel. Even with several factors working jointly in OPEC's disfavour, the oil price seems to stick to the 30 $ level. Thus, for OPEC there is a trade-off between high prices and high market share in the short to medium term, but not in the long term. For OECD countries, on the other hand, there is a clear trade-off between low oil prices and low import dependence. (Author)

  14. New electric power market

    International Nuclear Information System (INIS)

    Zorzoli, G.B.

    1992-01-01

    In a trend analysis of methods of energy production and use, this paper cites forecasted significant gains in efficiency through the use of combined cycles for heat and power production, and rapidly falling costs of solar and wind power plants. A technical/economic feasibility analysis is then performed on the future use of electric vehicles in Italy. Here, the paper cites the possible benefits in terms of energy conservation and air pollution abatement. A review is made of current progress in research efforts aimed at reducing electric battery sizing, weight and recharging constraints

  15. OIL AND GAS FUTURES AND OPTIONS MARKET

    Directory of Open Access Journals (Sweden)

    Ante Nosić

    2017-01-01

    Full Text Available Energy mineral resources markets are represented by complex supply and demand ratios which are depending on different factors such as technical (transport and geopolitical. The main specific of energy markets is represented by an uneven geographic distribution of hydrocarbon reserves and exploration on one hand and energy consumption on the other. World oil markets, although geographically localized, because of specific market trade, represent unique global market with decreasing price difference. Price differences are result of development of a transport possibilities of oil supply. Development of transport routes of natural gas and increasing number of liquefied natural gas terminals in the world give pressure to natural gas market and its integration into global gas market. Integration of regional gas markets into a common European gas market is main energy policy of EU concerning natural gas. On the other hand, there are still significant price differences on some markets (e.g. United States of America - South East Asia. Development of global energy markets is enabled by development of a futures and options contracts of an energy trade which have replaced bilateral contract deals between producers and consumers. Futures contracts are standardized contracts traded on exchanges. Buyer agrees to buy certain quantity of stock for an agreed upon price and with some future delivery date. Option is a contract which gives a buyer the option of the right to buy (or sell, depending on the option an asset at predetermined price and at a later date. Stocks price risk can be managed with the purchase and selling futures and options contracts. This paper deals with futures and options energy markets and their market strategies.

  16. Green power marketing

    Energy Technology Data Exchange (ETDEWEB)

    Wiltshire, S. [Selectpower Inc., Guelph, ON (Canada)

    2005-07-01

    Selectpower Inc. is an unregulated affiliate of Guelph Hydro and was formed to market green energy alternatives. Details of their Selectwind program were reviewed in this presentation. The program is available to both individuals and organizations. Customers sign a 3 or 5 year agreement to purchase monthly blocks of wind energy at a premium of $6.53 per month, which is billed on their Hydro bill. Details of the program's business strategy and branding policy were presented. The program markets itself by using full page colour newspaper ads, direct mailing and making forms available at Selectpower retail stores, mall kiosks and community events. In addition, Selectwind leaders are profiled in Enernews, and also have a quarterly newsletter. An example of an order form was provided, as well as an outline of Selectwind educational materials and details of their quality assurance procedures, EcoLogo certification and guarantees. Fifty percent of customers currently buy more than 100 kWh per month, and several customers buy 100 per cent equivalent of their electricity use as Selectwind. Minimum Selectwind purchase is 1200 kWh per year with a 3 year contract. Approximately 100 MWh are purchased every month, and 3,607,494 kWh have been sold for the life of the contracts. Selectwind's combined emissions reduction commitments are 3,206 tonnes of CO{sub 2}. It was observed that 45,000 Ontario customer using wind energy represented 6.2 MW of installed capacity. refs., tabs., figs.

  17. OPEC charts course for future oil market

    International Nuclear Information System (INIS)

    Subroto, H.E.

    1992-01-01

    The author says OPEC is an economic organization with a simple mission: to provide a stable and reliable supply of oil to its customers and assure a fair return to its producers. When OPEC was formed in 1960, he recalls multinational oil companies dominated the oil market. Their operations were highly integrated from well to pump, and they kept oil prices low to fuel economic growth in prosperous industrialized countries. Host nations were rarely consulted in operations, and they reaped only minimal return for their black gold. OPEC changed all that. Today, OPEC's 13 member countries control their own oil industries, and some even own sizeable investments in the downstream sectors of consuming countries. To meet its commitment for supplying the petroleum needs of industrialized nations by the turn of the century, the author estimates OPEC will need to increase production capacity by about 40% at a cost well above what member countries can afford alone

  18. How equity markets view heavy oil

    Energy Technology Data Exchange (ETDEWEB)

    Janisch, M. L. [Nesbitt Burns Research, Toronto, ON (Canada)

    1996-12-31

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development.

  19. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M. L.

    1996-01-01

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development

  20. Power plant engineering for overseas market

    Energy Technology Data Exchange (ETDEWEB)

    Chun, K.S.

    1994-12-31

    Korea`s experience in power plant engineering for the overseas market is reviewed. The following topics are discussed: the Asian electric power market, ordering characteristics, country situations, and overseas market requirements.

  1. 18 CFR 348.1 - Content of application for a market power determination.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Content of application for a market power determination. 348.1 Section 348.1 Conservation of Power and Water Resources... OIL PIPELINE APPLICATIONS FOR MARKET POWER DETERMINATIONS § 348.1 Content of application for a market...

  2. Electric power and gas markets

    International Nuclear Information System (INIS)

    2001-01-01

    These two days organized by EFE in Paris, dealt with the european market of the gas and the electrical power. The first day developed the actual situation and the tendencies. The french market deregulation, the possibility of a united market and the energy transportation sector are discussed. The second day dealt with the new commercial technologies, the convergence of Gas and Electricity and the competing in a change world, the opportunities of the NTIC (new technologies of the information and communication). (A.L.B.)

  3. Crude oil prices: Are our oil markets too tight?

    International Nuclear Information System (INIS)

    Simmons, M.R.

    1997-01-01

    The answer to the question posed in the title is that tightness in the market will surely prevail through 1997. And as discussed herein, with worldwide demand expected to continue to grow, there will be a strong call on extra oil supply. Meeting those demands, however, will not be straightforward--as many observers wrongly believe--considering the industry's practice of maintaining crude stocks at ''Just in time'' inventory levels. Further, impact will be felt from the growing rig shortage, particularly for deepwater units, and down-stream capacity limits. While these factors indicate 1997 should be another good year for the service industry, it is difficult to get any kind of consensus view from the oil price market. With most observers' information dominated by the rarely optimistic futures price of crude, as reflected by the NYMEX, the important fact is that oil prices have remained stable for three years and increased steadily through 1996

  4. Global Trends and Development Prospects for Oil and the Oil Products Market

    Directory of Open Access Journals (Sweden)

    Maria Dorozhkina

    2006-03-01

    Full Text Available This article discusses the important issue of the development of the global market of oil and oil products. It offers an overview of how this market was formed and its current status, classification, location and potential of countries in the oil and oil processing business. It analyzes the Ukrainian oil products market. The article discusses the shortcomings and strategic areas for the development of Ukraine’s oil transport system. It presents an optimum method for creating integration groups in order to develop the oil processing business in Ukraine for the future. The article considers the main trends and outlines development prospects for the global oil and oil products market.

  5. The Asia-Pacific oil market : prospects for Canadian oil

    International Nuclear Information System (INIS)

    Fesharaki, F.

    2004-01-01

    The Asia-Pacific region is among the fastest growing oil markets for which analysts predict healthy growth rates due to high energy demands from developing countries such as China. Increased oil demand will mean new refining capacity needs and increased supplies of crude oil. The indigenous crude supply in the Asia-Pacific region is limited and unable to meet the region's needs. Imports are therefore expected to rise continuously. Although the Middle East will continue to be the dominant player in meeting these growing oil needs, Canada has an opportunity to diversify the supply source and play a significant role in meeting the energy needs of the Asia-Pacific region. tabs., figs

  6. Measuring efficiency of international crude oil markets: A multifractality approach

    Science.gov (United States)

    Niere, H. M.

    2015-01-01

    The three major international crude oil markets are treated as complex systems and their multifractal properties are explored. The study covers daily prices of Brent crude, OPEC reference basket and West Texas Intermediate (WTI) crude from January 2, 2003 to January 2, 2014. A multifractal detrended fluctuation analysis (MFDFA) is employed to extract the generalized Hurst exponents in each of the time series. The generalized Hurst exponent is used to measure the degree of multifractality which in turn is used to quantify the efficiency of the three international crude oil markets. To identify whether the source of multifractality is long-range correlations or broad fat-tail distributions, shuffled data and surrogated data corresponding to each of the time series are generated. Shuffled data are obtained by randomizing the order of the price returns data. This will destroy any long-range correlation of the time series. Surrogated data is produced using the Fourier-Detrended Fluctuation Analysis (F-DFA). This is done by randomizing the phases of the price returns data in Fourier space. This will normalize the distribution of the time series. The study found that for the three crude oil markets, there is a strong dependence of the generalized Hurst exponents with respect to the order of fluctuations. This shows that the daily price time series of the markets under study have signs of multifractality. Using the degree of multifractality as a measure of efficiency, the results show that WTI is the most efficient while OPEC is the least efficient market. This implies that OPEC has the highest likelihood to be manipulated among the three markets. This reflects the fact that Brent and WTI is a very competitive market hence, it has a higher level of complexity compared against OPEC, which has a large monopoly power. Comparing with shuffled data and surrogated data, the findings suggest that for all the three crude oil markets, the multifractality is mainly due to long

  7. Market brief : the oil and gas market in Bolivia

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-03-01

    This report presents a market overview of the oil and gas sector in Bolivia and describes the potential for Canadian suppliers to enter into joint ventures to establish local production facilities and transfer technology expertise. Bolivia has an estimated 54.9 trillion cubic feet of natural gas reserves and 440.5 million barrels of proven oil reserves. The main hope for future economic growth in Bolivia hinges on increasing natural gas exports. Opportunities for Canadian companies exist in exploration, production and pipeline construction. There is also a demand for drilling machinery equipment, pipeline components and services for the expansion of the proposed Bolivia-Brazil pipeline. The largest energy company in Bolivia is Repsol YPF which operates through its subsidiary Empress Petrolera Andina. The largest end-users of oil and gas equipment and services include domestic upstream operators and international oil majors and international exploration and production companies. This report describes the key factors shaping market growth along with the competitive environment, local capabilities, international competition and the Canadian position. Considerations for market-entry in Bolivia were also outlined.

  8. Oil sands market and transportation solutions

    International Nuclear Information System (INIS)

    Sandahl, R.

    2004-01-01

    This presentation outlined the immense potential of the western Canadian oil sands reserves. Recoverable reserves have been estimated at 180 billion barrels, with production forecasts estimated at 5 million barrels per day by 2030. Resource development is occurring at a time when the world's largest oil importer is increasing supplies through concern for security of supply. The second and third largest oil importers in the world are experiencing economic and energy demand growth. These factors underscore the motivation for rapid growth of the Western Canadian Oil Sands reserves. One of the challenges that must be addressed is to ensure that incremental markets for the increased production are accessed. Another challenge is to ensure adequate infrastructure in terms of pipeline capacity to ensure deliverability of the product. tabs., figs

  9. Crude oil spot market pricing: Pearsonian analysis of crude oil spot market prices

    International Nuclear Information System (INIS)

    Akinnusi, Ayo

    1994-01-01

    This paper presents a brief overview of crude oil pricing before describing a study of sets of 1991 spot market prices, and examining Pearson's model. Empirical distribution characteristics for 14 crude oils are tabulated, and skewness-kurtosis relationship and implication are considered. (UK)

  10. The move to power marketing

    International Nuclear Information System (INIS)

    Lemon, C.

    1998-01-01

    The concept of energy convergence was defined as being able to freely substitute any form of energy, be it oil, natural gas or electricity for another. In order for convergence to occur, there must be price transparency, competition between energy providers, liquidity in both the physical and financial energy markets, arbitrage between energy sources, and end users having the ability to switch fuels quickly and cost effectively. It was predicted that the core markets will be dominated by string retailers that can deliver multiple energy offerings along with other commodities and services. Their success will depend on structuring joint ventures and partnerships. Customers, too, will benefit from competition through lower prices, and a choice of suppliers and commodities. 1 fig

  11. Market Brief : Turkey oil and gas pipelines

    International Nuclear Information System (INIS)

    2001-08-01

    This report presented some quick facts about oil and gas pipelines in Turkey and presented opportunities for trade. The key players and customers in the oil and gas sector were described along with an export check list. Turkey is looking into becoming an energy bridge between oil and gas producing countries in the Middle East, Central Asia and Europe. The oil and gas sectors are dominated by the Turkish Petroleum Corporation, a public enterprise dealing with exploration and production, and the State Pipeline Corporation which deals with energy transmission. They are also the key buyers of oil and gas equipment in Turkey. There are several pipelines connecting countries bordering the Caspian Sea. Opportunities exist in the areas of engineering consulting as well as contracting services for oil and gas pipeline transmission and distribution. Other opportunities lie in the area of pipeline construction, rehabilitation, materials, equipment, installation, and supervisory control and data acquisition (SCADA) systems. Currently, the major players are suppliers from Italy, Germany, France, United States and Japan. Turkey has no trade barriers and imported equipment and materials are not subjected to any restriction. The oil and gas market in Turkey expected in increase by an average annual growth rate of 15 per cent from 2001 to 2003. A brief description of pipeline projects in Turkey was presented in this report along with a list of key contacts and support services. 25 refs., 1 append

  12. Investments in liberalised power markets

    International Nuclear Information System (INIS)

    Grenaa Jensen, S.; Meibom, P.

    2005-01-01

    There is considerable uncertainty in the Nordic electricity system with respect to the long-term development in production capacity. The process towards liberalisation of the electricity sector started with a situation of a large capacity margin, but this margin is gradually vanishing. Since the potential investors in new production capacity are unaccustomed with investments under the new regime, it is unknown if and when investments will take place. The purpose of the present study is to analyze if and when investors choose to invest in new electricity production capacity depending on their existing portfolio of power producing units. Electricity price scenarios generated with a partial equilibrium model (Balmorel) are combined with a model of investment decisions. In this, various scenarios concerning the development in the Nordic power market, such as new transmission lines between neighbouring countries, more installed wind power, and changes in CO 2 emission trading costs, are used to investigate the consequences for investments in a natural gas fired, combined cycle power plant. The main result of the analysis is that new investments are highly sensitive to investors existing power production portfolio, as new production units affect the merit order in the power market, i.e. compete with the existing power plants. (au)

  13. Analysis of the efficiency of the Iberian power futures market

    International Nuclear Information System (INIS)

    Capitan Herraiz, Alvaro; Rodriguez Monroy, Carlos

    2009-01-01

    Market efficiency is analysed for the Iberian Power Futures Market and other European Power Markets, as well as other fuel markets through evaluation of ex-post Forward Risk Premium. The equilibrium price from compulsory call auctions for distribution companies within the framework of the Iberian Power Futures Market is not optimal for remuneration purposes as it seems to be slightly upward biased. In the period considered (August 2006-July 2008), monthly futures contracts behave similarly to quarterly contracts. Average risk premia have been positive in power and natural gas markets but negative in oil and coal markets. Different hypotheses are tested regarding increasing volatility with maturity and regarding Forward Risk Premium variations (decreasing with variance of spot prices during delivery period and increasing with skewness of spot prices during delivery period). Enlarged data sets are recommended for stronger test results. Energy markets tend to show limited levels of market efficiency. Regarding the emerging Iberian Power Futures Market, price efficiency is improved with market development of all the coexistent forward contracting mechanisms and with further integration of European Regional Electricity Markets. (author)

  14. Modeling market power in Korea's emerging power market

    International Nuclear Information System (INIS)

    Ahn, Nam-sung; Niemeyer, Victor

    2007-01-01

    The Korean power market is being formed from the unbundled generation, transmission and distribution assets of Korea Electric Power Corporation. The KEPCO generation has been allocated to six independent gencos with a combined generating capacity of 46,629 MW in 2002. This gave an 11% margin over the peak load that year (41,921 MW). One of the concerns for any power market is whether individual participants can increase profits (and prices) by withholding generation from the market. To address this concern, a Cournot-based model of Korean power system was created and applied to a set of loads representing the load duration curve for Korea's system loads in 2002. Our simulation results show a strong possibility for exercise of market power to increase market price in Korean market. Under tight market conditions, even 1 GW of withholding can cause a large increase in market price. If loads unexpectedly grow faster than the 5% recent experience, the gencos will have the collective ability and incentive to spike prices further. Vesting contracts can reduce the incentive to act strategically. Requiring that the gencos offer 50% of their capacity in long-term forward contracts greatly reduces the payoff to act strategically, and requiring vesting for 75% of their capacity results in prices that are essentially the same as the competitive equilibrium. Depending on the price for the vesting contracts, this policy can reduce the incentives to add new generation by gencos or the competitive fringe. Another approach to reducing the effects of market power is establishing demand-response programs, simulated here by increasing the elasticity of overall demand. These programs can reduce the incentives to withhold capacity, but to a lesser degree than vesting contracts. The genco with the greatest ability to influence prices through withholding is the largest, KNHP. However, acting on its own, without the support of the other gencos, its ability to raise prices is limited. This

  15. Volatility persistence in crude oil markets

    International Nuclear Information System (INIS)

    Charles, Amélie; Darné, Olivier

    2014-01-01

    Financial market participants and policy-makers can benefit from a better understanding of how shocks can affect volatility over time. This study assesses the impact of structural changes and outliers on volatility persistence of three crude oil markets – Brent, West Texas Intermediate (WTI) and Organization of Petroleum Exporting Countries (OPEC) – between January 2, 1985 and June 17, 2011. We identify outliers using a new semi-parametric test based on conditional heteroscedasticity models. These large shocks can be associated with particular event patterns, such as the invasion of Kuwait by Iraq, the Operation Desert Storm, the Operation Desert Fox, and the Global Financial Crisis as well as OPEC announcements on production reduction or US announcements on crude inventories. We show that outliers can bias (i) the estimates of the parameters of the equation governing volatility dynamics; (ii) the regularity and non-negativity conditions of GARCH-type models (GARCH, IGARCH, FIGARCH and HYGARCH); and (iii) the detection of structural breaks in volatility, and thus the estimation of the persistence of the volatility. Therefore, taking into account the outliers on the volatility modelling process may improve the understanding of volatility in crude oil markets. - Highlights: • We study the impact of outliers on volatility persistence of crude oil markets. • We identify outliers and patches of outliers due to specific events. • We show that outliers can bias (i) the estimates of the parameters of GARCH models, (ii) the regularity and non-negativity conditions of GARCH-type models, (iii) the detection of structural breaks in volatility of crude oil markets

  16. Methods for Estimation of Market Power in Electric Power Industry

    Science.gov (United States)

    Turcik, M.; Oleinikova, I.; Junghans, G.; Kolcun, M.

    2012-01-01

    The article is related to a topical issue of the newly-arisen market power phenomenon in the electric power industry. The authors point out to the importance of effective instruments and methods for credible estimation of the market power on liberalized electricity market as well as the forms and consequences of market power abuse. The fundamental principles and methods of the market power estimation are given along with the most common relevant indicators. Furthermore, in the work a proposal for determination of the relevant market place taking into account the specific features of power system and a theoretical example of estimating the residual supply index (RSI) in the electricity market are given.

  17. Oil markets and prices: the Brent market and the formation of world oil prices

    International Nuclear Information System (INIS)

    Horsnell, Paul; Mabro, Robert.

    1993-01-01

    The purpose of this book is to enhance our understanding of the complex working of the world petroleum market and of the formation of oil prices in international trade. It devotes particular attention to the Brent market which involves spot, physical forward and futures trading of a blend of North Sea crudes known as Brent which has become one of the most important markers for world oil prices. Because the Brent market is central the research presented here examines its relationship to the constellation of other oil markets: those which deal on a spot basis with the main export crude of Africa, the Gulf, the Far East and the North Sea, the market for Dubai, another marker crude, and that for West Texas Intermediate (WTI). Finally an analysis of pricing mechanisms used by OPEC and many non-OPEC exporting countries for their oil sales under term contracts and which use Brent prices as one of their references complete this study on oil markets and prices. (author)

  18. Asia-Pacific lube oil markets

    International Nuclear Information System (INIS)

    Yamaguchi, N.

    2001-01-01

    An overview of the Asia-Pacific (AP) lubricating oils market, its special characteristics, and its role in the global economy are presented. In the 'boom and bust' years of 1997-1999, the Asia-Pacific market was even bigger then the US market. For the short-term, the scenario is surplus capacity and poor margins, but in the long term there is enormous potential for growth. How fuel demand and quality is related to engine type is discussed. The three basic grades of baseoils are described, and the Asia-Pacific lube demand and the Asia-Pacific lube oil supply are discussed. There are 15 diagrams giving data on: (i) finished lubes in world markets as a percentage of total; (ii) how lube demand follows GDP per capita in Asia; (iii) AP baseoil capacity relationships; (iv) AP baseoil disposition by end use; (v) AP changing shares of baseoil demand; (vi) AP finished lube demand by subregion; (vii) AP finished lube demand growth, indexed; (viii) AP baseoil capacity by region; Singapore baseoil vs. Dubai crude prices, 1992-99; (ix) Singapore baseoil vs. crude prices, 1992-99; (x) AP baseoil deficit moved to surplus; (xi) AP baseoil production; (xii) East Asia net percentage change in lube sales, 1997-1999. (xiii) Southeast Asia net percentage change in lube sales, 1997-1999; (xiv) South East Asia and Australia net percentage change in lube sales, 1997-1999 and (xv) Asia-Pacific major lube marketers

  19. Economics of palm oil marketing in Owerri, Imo State, Nigeria ...

    African Journals Online (AJOL)

    Economics of palm oil marketing in Owerri, Imo State, Nigeria. ... Data on trades socio economic factors, marketing cost and marketing margin were collected from 80 traders randomly selected from the ... EMAIL FULL TEXT EMAIL FULL TEXT

  20. Market power analysis for the Iranian electricity market

    International Nuclear Information System (INIS)

    Asgari, Mohammad Hossein; Monsef, Hassan

    2010-01-01

    The market power problem in Iranian electricity market is addressed in this study. This paper by using various structural indices of market power and reviewing market results analyzes the intensity of competition in Iran's electricity market and examines whether this market is functioning at an appropriate level of efficiency. In this article the most well-known indices of market power are calculated in two approaches for two different scenarios (current situation and future outlook of generation sector's ownership in Iran's power industry). Comparing the results of these scenarios promises more competitive market for the second scenario. Calculating Residual Supply Index for Iran's power market shows despite admissible values of concentration ratios, due to supply scarcity during periods when the demand is close to the total available capacity, some suppliers can exercise market power even with a relatively small market share. The most important price and load indices like weighted average prices and load/price duration curves of Iranian electricity market during March 2007-March 2008 are also analyzed in this paper. These results imply the existence of economic withholding. The main limiting factors of competition and significant implemented countermeasures for market power mitigation in Iran's electricity market are also mentioned.

  1. Investigating price clustering in the oil futures market

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology, Melbourne (Australia); Popp, Stephan [Department of Economics, University of Duisburg-Essen (Germany)

    2011-01-15

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  2. Investigating price clustering in the oil futures market

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema; Popp, Stephan

    2011-01-01

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  3. World oil and gas markets in 2005

    International Nuclear Information System (INIS)

    2006-01-01

    In front of insufficient production capacities, the petroleum and gas spot prices have won historical records in 2005. This paper analyzes this situation using the highlights of this exceptional year and concerning the producing countries (political situation), the oil and gas markets (exchange rates, demand, production capacity), the European quotations of petroleum products (automotive and domestic fuels), and the prices of petroleum products in France. (J.S.)

  4. Forecasting volatility of crude oil markets

    International Nuclear Information System (INIS)

    Kang, Sang Hoon; Kang, Sang-Mok; Yoon, Seong-Min

    2009-01-01

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  5. Forecasting volatility of crude oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Sang Hoon [Department of Business Administration, Gyeongsang National University, Jinju, 660-701 (Korea); Kang, Sang-Mok; Yoon, Seong-Min [Department of Economics, Pusan National University, Busan, 609-735 (Korea)

    2009-01-15

    This article investigates the efficacy of a volatility model for three crude oil markets - Brent, Dubai, and West Texas Intermediate (WTI) - with regard to its ability to forecast and identify volatility stylized facts, in particular volatility persistence or long memory. In this context, we assess persistence in the volatility of the three crude oil prices using conditional volatility models. The CGARCH and FIGARCH models are better equipped to capture persistence than are the GARCH and IGARCH models. The CGARCH and FIGARCH models also provide superior performance in out-of-sample volatility forecasts. We conclude that the CGARCH and FIGARCH models are useful for modeling and forecasting persistence in the volatility of crude oil prices. (author)

  6. Russian oil prices: courting the world market

    International Nuclear Information System (INIS)

    Khartukov, E.M.

    1995-01-01

    The export and oil pricing of Russian crude was discussed. Russian crude and oil product exports are not yet wholly competitive with world oil markets. It was suggested that to do so, would be neither desirable nor actually possible at present. The reason for this is related to Russia's export duties regime and Russia's trade with its neighbouring countries which include the former Soviet republics. In the first half of 1995, the average border price of crude destined for those countries was US$75.04/tonne as opposed to US$114.77/tonne for crude exported to 'far-abroad', hard-currency markets. A breakdown of Russia's export duties for liquid fuels and a typical breakdown of export and domestic prices for Russian oil was provided. Russian crude is considerably under-priced mainly because of the poor state of the national refining industry which is in need of radical modernization. It was suggested that instead of globalization, it would be more appropriate to redirect the priorities of Russian energy policy towards defining optimal use of Russia's available energy potential, and rationalizing its domestic price structure first, which is the root cause of the national price problem. 5 refs., 5 tabs., 2 figs

  7. Market power in electricity markets: Beyond concentration measures

    International Nuclear Information System (INIS)

    Borenstein, S.; Bushnell, J.; Knittel, C.R.

    1999-01-01

    The wave of electricity market restructuring both within the US and abroad has brought the issue of horizontal market power to the forefront of energy policy. Traditionally, estimation and prediction of market power has relied heavily on concentration measures. In this paper, the authors discuss the weaknesses of concentration measures as a viable measure of market power in the electricity industry, and they propose an alternative method based on market simulations that take advantage of existing plant level data. The authors discuss results from previous studies they have performed, and present new results that allow for the detection of threshold demand levels where market power is likely to be a problem. In addition, the authors analyze the impact of that recent divestitures in the California electricity market will have on estimated market power. They close with a discussion of the policy implications of the results

  8. Market integration of Virtual Power Plants

    DEFF Research Database (Denmark)

    Petersen, Mette Kirschmeyer; Hansen, Lars Henrik; Bendtsen, Jan Dimon

    2013-01-01

    develop a three stage market model, which includes Day-Ahead (Spot), Intra-Day and Regulating Power Markets. This allows us to test the hypothesis that the Virtual Power Plant can generate additional profit by trading across several markets. We find that even though profits do increase as more markets...

  9. Market Design and Supply Security in Imperfect Power Markets

    DEFF Research Database (Denmark)

    Schwenen, Sebastian

    2014-01-01

    Supply security in imperfect power markets is modelled under different market designs. In a uniform price auction for electricity with two firms, strategic behaviour may leave firms offering too few capacities and unable to supply all realized demand. Market design that relies oncapacity markets...... increases available generation capacities for sufficiently high capacity prices and consequently decreases energy prices. However, equilibrium capacity prices are non-competitive. Capacity markets can increase security of supply, but cannot mitigate market power, which is exercised in the capacity market...

  10. Carbon auctions, energy markets and market power: An experimental analysis

    International Nuclear Information System (INIS)

    Dormady, Noah C.

    2014-01-01

    This paper provides an experimental analysis of a simultaneous energy-emissions market under conditions of market power. The experimental design employs real-world institutional features; including stochastic demand, permit banking, inter-temporal (multi-round) dynamics, a tightening cap, and resale. The results suggest that dominant firms can utilize energy-emissions market linkages to simultaneously inflate the price of energy and suppress the price of emissions allowances. Whereas under prior market designs, regulators were concerned with dominant firms exercising their market power over the emissions market to exclude rivals and manipulate the permit market by hoarding permits; the results of this paper suggest that this strategy is less profitable to dominant firms in contemporary auction-based markets than strategic capacity withholding in the energy market and associated demand reduction in the emissions market. - Highlights: • Laboratory simulation of joint energy-emissions market. • Evaluates market power under collusion and real-world institutional features. • Dominant firms can exercise market power to inflate energy prices. • Dominant firms can exercise market power to suppress emissions prices. • Supply withholding is an implicit demand reduction in the emissions market

  11. Marketing BTUs: Gas, electricity lead oil in innovation

    International Nuclear Information System (INIS)

    Krapels, E.N.

    1996-01-01

    The transformation in relations between energy providers and users--powered by reform of electric utilities and by continuation of natural gas deregulation--is challenging several fundamental precepts of how oil companies managed their deregulation. In the wake of the price decontrol completed by the Reagan administration in 1981, oil companies (1) retreated from national business structures, (2) focused on limited range core businesses, and (3) provided minimal oil price risk management services for their customers. By contrast, the electric and natural gas industry is consolidating for the purpose of playing a role in ever-larger markets, diversifying its products and services, and providing innovative hedging instruments to itself as well as its customers. From Enron, one can purchase physical and paper energy, delivered in whatever form desired, nationwide and internationally, with or without mechanisms to manage price risk. What will impede the newly integrated energy companies--which are composite electric plus natural gas firms--from also delivering products and services now rendered by the oil companies? Could utilities organize gasoline consumers better than oil companies? If the Price Club can sell gasoline at 10 cents below market, why can't the new energy companies do so? The paper discusses what consumers want, procurement and costs, and innovations and lessons

  12. A great potential for market power

    International Nuclear Information System (INIS)

    Trong, Maj Dang

    2003-01-01

    In a report the competition authorities of Norway, Sweden and Denmark conclude that there is a great potential for exerting market power in the Nordic countries. Bottlenecks in the transmission grid divide the Nordic market in shifting constellations of geographic markets and the market concentration in each market may therefore become very high

  13. Market conditions for wind power and biofuel-based cogeneration

    International Nuclear Information System (INIS)

    1994-07-01

    The aim of this study is to analyze the prerequisites for biofuel-based cogeneration plants and for wind power, with special emphasis on following factors: 1/ The effect on the Swedish energy market of the opening of the power transmission networks for free competition within the electric power supply sector. 2/ A market model for the connection between the prices on fossil fuels, biomass fuels, electric power, and heating on the Swedish market. The analysis is made for three scenarios concerning carbon dioxide/energy taxation and the oil price development. The three scenarios are: A. Constant prices on heating oil and coal., B. An internationally uniform carbon dioxide tax, which successively is raised to SEK 0.40 per kilo carbon dioxide to the year 2010. In the year 2005 this will correspond to a doubling of the present prices on crude oil., C. An unilateral Swedish energy- and carbon dioxide tax of todays model (without exception for electric power generation), with constant import prices on heating oil and coal. The decisive factors for bio-cogeneration are construction- and operation costs, the costs of biofuels, and the sales price on electric power and heat. For wind power it is the construction- and operation costs that settle the conditions. 18 figs, 6 tabs

  14. Transmission rights and market power

    International Nuclear Information System (INIS)

    Bushnell, J.

    1999-01-01

    Most of the concerns about physical transmission rights relate to the ability to implicitly or explicitly remove that transmission capacity from the market-place. Under a very strict form of physical right, owners could simply choose not to sell it if they don't want to use it. Modifications that require the release of spare capacity back into an open market could potentially alleviate this problem but there is concern that such releases would not occur far enough in advance to be of much use to schedulers. Similarly, the transmission capacity that is made available for use by non-rights holders can also be manipulated by the owners of transmission rights. The alternative form, financial transmission rights, provide to their owners congestion payments, but physical control of transmission paths. In electricity markets such as California's, even financial transmission rights could potentially be utilized to effectively withhold transmission capacity from the marketplace. However, methods for withholding transmission capacity are somewhat more convoluted, and probably more difficult, for owners of financial rights than for owners of physical rights. In this article, the author discusses some of the potential concerns over transmission rights and their use for the exercise of various forms of market power

  15. Money, Markets and Social Power

    Directory of Open Access Journals (Sweden)

    Garry Jacobs

    2016-05-01

    Full Text Available The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human development that constitute the theoretical foundation for all the human sciences. This paper examines three fundamental aspects of modern economy to illustrate the types of issues and perspectives relevant to a reformulation of Economics framed within a broader political, social, cultural, psychological and ecological context. It examines the social forces responsible for the present functioning of economies, which can be effectively addressed and controlled only when they are made conscious and explicit. Whatever the powers that have shaped its development in the past, the rightful aim of economic science is a system of knowledge that promotes the welfare and well-being of all humanity. Markets and money are instruments for the conversion of social potential into social power. They harness the power of organization to transform human energies into the capacity for social accomplishment. The distribution of rights and privileges in society determines how these social institutions function and who benefits. Freedom means access to social power and is only possible in the measure all forms of that power—political, economic and social—are equitably distributed. The current system is inherently biased in favor of privileged elites reinforcing domination by the more powerful. The emergence of the individual is the vanguard of social evolution and the widest manifestation of creative individuality is its pinnacle. This emergence can only be fully achieved in conditions of freedom and equality. Economic theory needs to make explicit the underlying forces determining the distribution of power and

  16. Market power behaviour in the danish food marketing chain

    DEFF Research Database (Denmark)

    Jensen, Jørgen Dejgård

    2009-01-01

    The paper presents and demonstrates an econometric approach to analysing food industry firms' market pricing behaviour within the framework of translog cost functions and based on firm-level accounts panel data. The study identifies effects that can be interpreted as firms' market power behaviour...... in output or input markets. The most robust indications of market power behaviour in output markets are found in the pork and poultry processing sectors, as well as for firms in the bakeries sector. On the other hand, the most robust market power behaviour indications regarding input markets are found...... for poultry processing. In general, the patterns with regard to market power behaviour seem to be more clearly identified in the processing sectors than in the distribution sectors....

  17. Market design and supply security in imperfect power markets

    International Nuclear Information System (INIS)

    Schwenen, Sebastian

    2014-01-01

    Supply security in imperfect power markets is modelled under different market designs. In a uniform price auction for electricity with two firms, strategic behaviour may leave firms offering too few capacities and unable to supply all realized demand. Market design that relies on capacity markets increases available generation capacities for sufficiently high capacity prices and consequently decreases energy prices. However, equilibrium capacity prices are non-competitive. Capacity markets can increase security of supply, but cannot mitigate market power, which is exercised in the capacity market instead of the energy market. - Highlights: • I model two power generating firms who compete to serve stochastic demand in a multiunit uniform price auction. • In equilibrium, blackout probabilities can arise through capacity withholding. • Capacity mechanisms decrease capacity withholding and the expected energy price. • With dominant firms, capacity mechanisms are only effective if capacity prices are non-competitive and include a mark-up for leaving the energy-only market optimum

  18. Peak Power Markets for Satellite Solar Power

    Science.gov (United States)

    Landis, Geoffrey A.

    2002-01-01

    This paper introduces first Indonesia, comprises 15,000 islands, has land area of two millions square kilometers. Extending from 95 to 141 degrees East longitude and from 6 degrees North to 11 degrees South latitude. Further the market of the Space Solar Power/SPS must be worldwide, including Indonesia. As we know, it can provide electricity anywhere in the world from the Earth's orbit, mostly Indonesia an equator country. We have to perform case studies of various countries to understand their benefits and disadvantages provided by the SSP, because each country has much different condition on energy from other countries. We are at the moment starting the international collaboration between Indonesia and Japan to carry out the case study for Indonesia. We understand that in Indonesia itself each province has much different micro-climate between one province compared to the other. In Japan, METI (Ministry of Economy, Trade and Industry) has already organized a committee to investigate the feasibility of Space Solar Power and to make a plan to launch a space demonstration of the SPS. While, Indonesia is quickly developing economy and increasing their energy demand. We are investigating the detailed energy conditions of Indonesia, the benefits and disadvantages of the Space Solar Power for Indonesia. Especially, we will perform the investigation on the receiving system for the Japanese pilot Space Power Satellite.

  19. Alberta oil sands crudes : upgrading and marketing

    International Nuclear Information System (INIS)

    Ashar, M.

    2008-01-01

    Open pit mining and in situ techniques, such as steam stimulation, are used to recover Alberta's bitumen and heavy oil resources, which have higher viscosities than conventional hydrocarbons. The bitumen is typically upgraded to synthetic crude oil (SCO). In the simplest processing scheme, the bitumen is blended with diluent for ease in pipeline transport and then processed at refineries with upgrading facilities. The bitumen is also upgraded to light SCO at world-scale upgraders in Alberta. The SCO is then processed at refineries in downstream markets. The 2 categories of upgrading, notably primary and secondary upgrading, were described in this article along with technology options for both categories. Slurry hydrocracking is regarded as the most interesting emerging residual fuel upgrading technology. It combines special catalyst mixes with the latest slurry reactor designs as well as innovative catalyst capture and recycle schemes to produce very high conversions and potentially superior upgrading economics. The increase in volume and rate of SCO from Alberta provides refiners in the oil sands marketing sector an unprecedented choice of opportunities to improve profitability. Key trends indicate that production will increase substantially from 2008 to 2030. 5 figs

  20. Alberta oil sands crudes : upgrading and marketing

    Energy Technology Data Exchange (ETDEWEB)

    Ashar, M. [Suncor Energy, Fort McMurray, AB (Canada)

    2008-05-15

    Open pit mining and in situ techniques, such as steam stimulation, are used to recover Alberta's bitumen and heavy oil resources, which have higher viscosities than conventional hydrocarbons. The bitumen is typically upgraded to synthetic crude oil (SCO). In the simplest processing scheme, the bitumen is blended with diluent for ease in pipeline transport and then processed at refineries with upgrading facilities. The bitumen is also upgraded to light SCO at world-scale upgraders in Alberta. The SCO is then processed at refineries in downstream markets. The 2 categories of upgrading, notably primary and secondary upgrading, were described in this article along with technology options for both categories. Slurry hydrocracking is regarded as the most interesting emerging residual fuel upgrading technology. It combines special catalyst mixes with the latest slurry reactor designs as well as innovative catalyst capture and recycle schemes to produce very high conversions and potentially superior upgrading economics. The increase in volume and rate of SCO from Alberta provides refiners in the oil sands marketing sector an unprecedented choice of opportunities to improve profitability. Key trends indicate that production will increase substantially from 2008 to 2030. 5 figs.

  1. Photovoltaic power. Industries and market

    International Nuclear Information System (INIS)

    Muller, J.C.

    2007-01-01

    Photovoltaic conversion should become competitive with respect to other power generation sources before the second half of the 21. century. This article treats first of the different solar cell technologies (monocrystalline and polycrystalline silicon, thin film silicon, cadmium telluride-based materials, copper-indium selenide-based materials, multi-spectral cells, organic cells) with respect to their conversion efficiency, production and energy cost, and environmental impact. A second part describes the solar cells market, its growth with respect to the different applications (isolated sites, decentralized generation, power plants). A third part deals with the perspectives of photovoltaic conversion with respect to the advance in the development of new cell materials. (J.S.)

  2. Green Power Marketing - from Niches to Mass Markets

    International Nuclear Information System (INIS)

    Wuestenhagen, Rolf

    2000-01-01

    In the process of liberalization of the electricity market the customers are now in a position to participate in the decision on how their electricity is produced. In particular, many consumers have a preference for renewable energies. For the producers, marketing of 'eco-power' is an opportunity to achieve sustainable competitive advantage. However, the market share of these products is still quite small today, and 'eco-power' is usually marketed as an expensive niche product. From the perspective of sustainable development these niches are a necessary but not sufficient step. In this book, ways are discussed which could lead to a mass-market penetration of eco-power products. A theoretical analysis is combined with empirical evidence derived from the eco-power market in Germany, Switzerland, Great Britain and the U.S. as well as with a comparison with other market segments [de

  3. Electric power market regulations in UK

    International Nuclear Information System (INIS)

    Federico, G.; Napolano, L.

    2000-01-01

    The wholesale electricity market in UK is being radically reformed, with the abolition of a centralised market (the Pool) and the introduction of a system based around bilateral trading and real-time balancing (NETA), with the aim of increasing competition in the sector. This article analyses the English experience to draw some implications on the relationship between market design, market structure and market power, and to provide some insights for the design of the future Italian market [it

  4. Electrical connections: Iran's power market

    International Nuclear Information System (INIS)

    Anon

    2000-01-01

    Attention is drawn to business opportunities in Iran, a middle-eastern country that is still in the process of rebuilding its power generating capacity in the wake of its eight-year-long war with Iraq. In reviewing opportunities to tap into this market , the article lists a number of factors that must be considered before rushing to follow the current. One of these factors is the U.S. trade embargo against Iran. Under this embargo Canada does not allow the re-export of goods of U.S. origin from Canada to Iran. The complex character of doing business in Iran by foreign companies must also be considered. Nevertheless,, those who are well prepared to face the restrictions and are willing to take the time to learn about the 'Iranian way' may receive considerable help from the Export Development Corporation, including financing and insurance on a case-by-case basis. The Canadian government's program for export market development also offers direct financial assistance to Canadian exporters in an effort to reduce the risk of entering a foreign market. The Canadian Embassy in Tehran can also provide useful advice and assistance. There is also http://exportsource.gc.ca., Team Canada Inc.'s on-line resource that may be consulted for export information

  5. Market based solutions for power pricing

    International Nuclear Information System (INIS)

    Wangensteen, Ivar

    2002-06-01

    The report examines how the price for effect reserves, spot market power and regulated power is formed provided ideal market conditions rule. Primarily the price determining factors in a market for power reserves are examined and how the connection between this market and the energy market (the spot market) is. In a free market there would be a balance between what the actors may obtain by operating in the open market for power reserves/regulated power on the one hand and the market for spot power on the other. Primarily we suppose that the desired amount of power reserve is known. Secondly the problem constellation is extended to comprise the size of the effect reserves i.e. the optimising of the requirement to the power reserves. The optimal amount of power reserves is obtained when there is a balance between the cost and the benefit. This optimal balance is achieved when expected macro economical loss due to outfacing balances against the cost of maintaining larger reserves. By using a simple model it is demonstrated that a system operator regulates the maximal price in the regulated market and this equals the rationing price. The actors will offer sufficient reserves even if the reserve price is zero (provided risk neutrality). If the maximal price for regulated power is lower the price of effect reserves will rise. Based on the same simple model calculations are made for how short and long term market balance will be for increasing demands

  6. Optimal electricity market for wind power

    International Nuclear Information System (INIS)

    Holttinen, H.

    2005-01-01

    This paper is about electricity market operation when looking from the wind power producers' point of view. The focus in on market time horizons: how many hours there is between the closing and delivering the bids. The case is for the Nordic countries, the Nordpool electricity market and the Danish wind power production. Real data from year 2001 was used to study the benefits of a more flexible market to wind power producer. As a result of reduced regulating market costs from better hourly predictions to the market, wind power producer would gain up to 8% more if the time between market bids and delivery was shortened from the day ahead Elspot market (hourly bids by noon for 12-36 h ahead). An after sales market where surplus or deficit production could be traded 2 h before delivery could benefit the producer almost as much, gaining 7%

  7. Southeast Asian oil markets and refining

    Energy Technology Data Exchange (ETDEWEB)

    Yamaguchi, N.D. [FACTS, Inc., Honolulu, Hawaii (United States)

    1999-09-01

    An overview of the Southeast Asian oil markets and refining is presented concentrating on Brunei, Malaysia, the Philippines, Singapore and Thailand refiners. Key statistics of the refiners in this region are tabulated. The demand and the quality of Indonesian, Malaysian, Philippine, Singapore and Thai petroleum products are analysed. Crude distillation unit capacity trends in the Southeastern Asian refining industry are discussed along with cracking to distillation ratios, refining in these countries, and the impact of changes in demand and refining on the product trade.

  8. Southeast Asian oil markets and refining

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    1999-01-01

    An overview of the Southeast Asian oil markets and refining is presented concentrating on Brunei, Malaysia, the Philippines, Singapore and Thailand refiners. Key statistics of the refiners in this region are tabulated. The demand and the quality of Indonesian, Malaysian, Philippine, Singapore and Thai petroleum products are analysed. Crude distillation unit capacity trends in the Southeastern Asian refining industry are discussed along with cracking to distillation ratios, refining in these countries, and the impact of changes in demand and refining on the product trade

  9. Derivative markets, speculation and oil prices

    International Nuclear Information System (INIS)

    Babusiaux, D.; Lasserre, F.; Pierru, A.

    2010-01-01

    Recent movements in oil prices have been ascribed by a number of analysts and political leaders not to market fundamentals but to the speculative positions taken by financial investors in derivatives markets. Various economists including Nobel Prize Paul Krugman believe however that the constitution of stocks is a necessary element for speculation, a feature that was not very evident during the sudden price increase in 2008; but these points of view are not entirely incompatible. Various explanations can be put forward, among which the most important is demand inertia. On the very short run, demand price elasticity is significantly lower than that usually calculated for the short term, which can significantly reduce the impact - on stocks - of a temporary price increase provoked by financial investors' behavior. (authors)

  10. OIL PRICES AND THE KUWAITI AND THE SAUDI STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Samih Antoine Azar

    2013-01-01

    Full Text Available The purpose of this paper is to test the impact of oil price shocks on the stock markets of the two biggest and most liquid GCC equity markets, those of Kuwait and Saudi Arabia. It is expected that the two stock markets react similarly to oil price shocks. Actually the results show heterogeneity in responses. While there is prima facie evidence that both stock markets are influenced positively and linearly by oil price shocks, this evidence disappears when additional variables are added to the regressions. With the larger specification oil price shocks do not impact, neither linearly or non-linearly, Kuwaiti stock markets. By contrast Saudi markets react non-linearly to both oil price shocks and shocks in the US S&P 500. The only common feature for both equity markets is the positive relation with the shocks in the US S&P 500.

  11. Th european market of the electric power

    International Nuclear Information System (INIS)

    2001-01-01

    This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

  12. Market power in interactive environmental and energy markets

    DEFF Research Database (Denmark)

    Amundsen, Eirik S; Nese, Gjermund

    2017-01-01

    electricity and TGC markets, and focus on the role of market power (i.e., Stackelberg leadership). One result is that a certificate system faced with market power may collapse into a system of per-unit subsidies. Also, the model shows that TGCs may be an imprecise instrument for regulating the generation......A market for tradable green certificates (TGCs) is strongly interwoven in the electricity market in that the producers of green electricity are also the suppliers of TGCs. Therefore, strategic interaction may result. We formulate an analytic equilibrium model for simultaneously functioning...

  13. An options model for electric power markets

    International Nuclear Information System (INIS)

    Ghosh, Kanchan; Ramesh, V.C.

    1997-01-01

    The international electric utility industry is undergoing a radical transformation from an essentially regulated and monopolistic industry to an industry made uncertain with impending deregulation and the advent of competitive forces. This paper investigates the development of an options market for bulk power trading in a market setup while considering power system planning and operational constraints and/or requirements. In so doing it considers the different market based financial derivative instruments while can be used to trade electrical power in bulk and examines how established tools such as Optimal Power Flow (OPF) may be applied in helping to develop a price for bulk power transactions under a market based setup. (Author)

  14. Forward reliability markets: Less risk, less market power, more efficiency

    International Nuclear Information System (INIS)

    Cramton, Peter; Stoft, Steven

    2008-01-01

    A forward reliability market is presented. The market coordinates new entry through the forward procurement of reliability options - physical capacity bundled with a financial option to supply energy above a strike price. The market assures adequate generating resources and prices capacity from the bids of competitive new entry in an annual auction. Efficient performance incentives are maintained from a load-following obligation to supply energy above the strike price. The capacity payment fully hedges load from high spot prices, and reduces supplier risk as well. Market power is reduced in the spot market, since suppliers enter the spot market with a nearly balanced position in times of scarcity. Market power in the reliability market is addressed by not allowing existing supply to impact the capacity price. The approach, which has been adopted in New England and Colombia, is readily adapted to either a thermal system or a hydro system. (author)

  15. Pipeline capacity and heavy oil markets

    International Nuclear Information System (INIS)

    Scott, G.R.

    1993-01-01

    Aspects of transporting heavy crude to markets from Canadian sources are discussed, with reference to pipeline expansion, western Canadian crude supply, and exports to various Petroleum Administration for Defense Districts (PADDs) in the USA. Pipeline expansions have been proposed by Interprovincial Pipeline, Trans Mountain Pipeline, Rangeland, and Wascana, and some of these proposals are in the review stage. Western Canadian crude supply is expected to peak at 1.9 million bbl/d in 1996. An increase in heavy crude supply is expected but this increase will not be sufficient to offset a decline in light crude supply. Adequate pipeline capacity should exist with the Interprovincial expansion volume of 170,000 bbl/d and the Trans Mountain expansion of 38,000 bbl/d forecast to be in place by 1995. Canadian crude exports to the USA have steadily increased since 1989, and heavy crude exports have grown an average of 20,000 bbl/d each year. In PADD Region IV, oil production is declining and ca 20,000 bbl/d of heavy crude will be needed by the year 2000; additional pipeline capacity will be required. In PADD Region II, Canadian heavy crude imports are ca 390,000 bbl/d and further market opportunities exist, after the Interprovincial expansion is complete. When the various combinations of possible pipeline expansions or reversals are considered, a range of heavy crude near-term growth potentials is obtained in which Canadian heavy oil would displace offshore heavy oil supplied to USA refineries. This potential is seen to range from 35,000 bbl/d to 200,000 bbl/d. 7 refs., 20 figs., 3 tabs

  16. Market power mitigation, monitoring and surveillance

    International Nuclear Information System (INIS)

    Chandler, H.

    2001-01-01

    This power point presentation described the working of the Independent Market Operator (IMO) in Ontario in terms of its function and structure, competencies, operating principles, and interagency coordination in the electricity sector. An independent market surveillance panel (MSP) appointed by the IMO Board empowers the IMO to monitor, investigate and request information from market participants regarding power system operations, market and strategic development and industrial economics. The six operating principles of the MSP are efficiency, consistency, fairness, transparency, timeliness and confidentiality

  17. Oil price and financial markets: Multivariate dynamic frequency analysis

    International Nuclear Information System (INIS)

    Creti, Anna; Ftiti, Zied; Guesmi, Khaled

    2014-01-01

    The aim of this paper is to study the degree of interdependence between oil price and stock market index into two groups of countries: oil-importers and oil-exporters. To this end, we propose a new empirical methodology allowing a time-varying dynamic correlation measure between the stock market index and the oil price series. We use the frequency approach proposed by Priestley and Tong (1973), that is the evolutionary co-spectral analysis. This method allows us to distinguish between short-run and medium-run dependence. In order to complete our study by analysing long-run dependence, we use the cointegration procedure developed by Engle and Granger (1987). We find that interdependence between the oil price and the stock market is stronger in exporters' markets than in the importers' ones. - Highlights: • A new time-varying measure for the stock markets and oil price relationship in different horizons. • We propose a new empirical methodology: multivariate frequency approach. • We propose a comparison between oil importing and exporting countries. • We show that oil is not always countercyclical with respect to stock markets. • When high oil prices originate from supply shocks, oil is countercyclical with stock markets

  18. Wind power in a deregulated market

    International Nuclear Information System (INIS)

    Ravn, Hans F.

    2000-01-01

    The paper describes organisational and economic elements related to wind power in a deregulated market, it describes physical and technical characteristics of wind power and it describes how wind power is handled in daily operation as well as on the market. (author)

  19. Do structural oil-market shocks affect stock prices?

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Miller, Stephen M.

    2009-01-01

    This paper investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries - Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. For each country, the analysis proceeds in two steps. First, modifying the procedure of Kilian [Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market. American Economic Review.], we employ a vector error-correction or vector autoregressive model to decompose oil-price changes into three components: oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks. The last component relates to specific idiosyncratic features of the oil market, such as changes in the precautionary demand concerning the uncertainty about the availability of future oil supplies. Second, recovering the oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks from the first analysis, we then employ a vector autoregressive model to determine the effects of these structural shocks on the stock market returns in our sample of eight countries. We find that international stock market returns do not respond in a large way to oil market shocks. That is, the significant effects that exist prove small in magnitude. (author)

  20. Will cross-ownership reestablish market power in the Nordic power market?

    International Nuclear Information System (INIS)

    Amundsen, Eirik S.; Bergman, Lars

    2000-01-01

    The integration of the power markets in Norway and Sweden in 1996 significantly constrained the major power companies' ability to exercise market power within their national borders. In recent years, however, mergers and reciprocal acquisition of shares have reduced the number of independent players on the Norwegian-Swedish power market. The aim of this paper is to explore to what extent increasing cross-ownership among major power companies in Norway and Sweden might re-establish the market power that was lost when the two national power markets were integrated. The analysis is based on a numerical model, assuming Cournot quantity setting behaviour, of the Norwegian-Swedish power market. The simulation results suggest that partial ownership relations between major generators and other power-producing firms tend to increase horizontal market power and thus the market price of electricity. (author)

  1. Linkages between the markets for crude oil and the markets for refined products

    International Nuclear Information System (INIS)

    Didziulis, V.S.

    1990-01-01

    To understand the crude oil price determination process it is necessary to extend the analysis beyond the markets for petroleum. Crude oil prices are determined in two closely related markets: the markets for crude oil and the markets for refined products. An econometric-linear programming model was developed to capture the linkages between the markets for crude oil and refined products. In the LP refiners maximize profits given crude oil supplies, refining capacities, and prices of refined products. The objective function is profit maximization net of crude oil prices. The shadow price on crude oil gives the netback price. Refined product prices are obtained from the econometric models. The model covers the free world divided in five regions. The model is used to analyze the impacts on the markets of policies that affect crude oil supplies, the demands for refined products, and the refining industry. For each scenario analyzed the demand for crude oil is derived from the equilibrium conditions in the markets for products. The demand curve is confronted with a supply curve which maximizes revenues providing an equilibrium solution for both crude oil and product markets. The model also captures crude oil price differentials by quality. The results show that the demands for crude oil are different across regions due to the structure of the refining industries and the characteristics of the demands for refined products. Changes in the demands for products have a larger impact on the markets than changes in the refining industry. Since markets for refined products and crude oil are interrelated they can't be analyzed individually if an accurate and complete assessment of a policy is to be made. Changes in only one product market in one region affect the other product markets and the prices of crude oil

  2. Dealing with risk in the power market

    International Nuclear Information System (INIS)

    Holtan, J.A.; Mo, B.

    1995-01-01

    The report describes the most important sources of risk in the electric power market and how risk can be dealt with by the actors in the market. It stresses recharge risk, price risk, and quantity risk in various types of contracts. It is shown how these risk sources interact and how power traders can exploit the opportunities in the power market to their own benefit. 17 refs

  3. France liberalizes its power supply market

    International Nuclear Information System (INIS)

    Anon.

    2004-01-01

    The French market of power supply to companies is now free. This means that Electricite de France (EdF), the first world electric utility now has competitors in its domestic market. This is an important challenge for EdF because 3 millions of clients (70% of the French power consumption) are now concerned by the opening of the power market. According to A. Merlin, head of the energy transportation network (RTE), the opening of the market does not increase the risk of black-out, it just makes the operation of power networks more complex. The implementation of a single power transportation company (RTE) simplifies the mastery of networks safety but the development of investments is necessary to ensure the maintenance of 400 kV power lines. A comparison of the situation of power market liberalization is made for 6 countries (Germany, UK, Spain, US, Netherlands and Italy). Short paper. (J.S.)

  4. Does wind energy mitigate market power in deregulated electricity markets?

    International Nuclear Information System (INIS)

    Ben-Moshe, Ori; Rubin, Ofir D.

    2015-01-01

    A rich body of literature suggests that there is an inverse relationship between wind power penetration rate into the electricity market and electricity prices, but it is unclear whether these observations can be generalized. Therefore, in this paper we seek to analytically characterize market conditions that give rise to this inverse relationship. For this purpose, we expand a recently developed theoretical framework to facilitate flexibility in modeling the structure of the electric industry with respect to the degree of market concentration and diversification in the ownership of wind power capacity. The analytical results and their attendant numerical illustrations indicate that the introduction of wind energy into the market does not always depress electricity prices. Such a drop in electricity prices is likely to occur when the number of firms is large enough or the ownership of wind energy is sufficiently diversified, or most often a combination of the two. Importantly, our study defines the circumstances in which the question of which type of firm invests in wind power capacity is crucial for market prices. - Highlights: • Studies show that electricity prices decrease with increased wind power capacity. • We investigate market conditions that give rise to this inverse relationship. • Average prices for wind energy are systematically lower than average market prices. • Conventional generation firms may increase market power by investing in wind farms. • Energy policy should seek to diversify the ownership of wind power capacity

  5. Market analysis of shale oil co-products. Appendices

    Energy Technology Data Exchange (ETDEWEB)

    1980-12-01

    Data are presented in these appendices on the marketing and economic potential for soda ash, aluminia, and nahcolite as by-products of shale oil production. Appendices 1 and 2 contain data on the estimated capital and operating cost of an oil shales/mineral co-products recovery facility. Appendix 3 contains the marketing research data.

  6. Challenges of executing heavy oil projects in today's market

    International Nuclear Information System (INIS)

    Brunka, G.

    2001-01-01

    Alberta's industrial project scene from 1981 to 2000 was presented in this power point presentation with particular focus on proposed bitumen recovery projects and heavy oil project challenges. A graph depicting GTG world orders by region (Americas, Asia and Europe) showed that U.S. market continues to drive global growth. Major industrial projects in Alberta were highlighted and employment requirements by sector were outlined. In addition, mitigation measures that are needed to successfully deal with the unique challenges of today's market were described. It was noted that in recent years lower capital expenditure by the industry in general has resulted in corporate downsizing or mergers which in turn have resulted in lower technical and operational knowledge. Some of the current challenges facing the industry are new demands for water treatment expertise and an aging workforce. It was concluded that effective mitigation will require a disciplined approach within a flexible framework.1 tab., 7 figs

  7. Stability factors for OPEC and the oil market

    International Nuclear Information System (INIS)

    Yousfi, Y.

    1991-01-01

    The nationalizations of the 1970s, as well as the 1973 and 1979 sharp price increases which heightened OPEC's notoriety, considerably exaggerated the organization's image of strength, power, and dominance. In contrast, the 1980s-which witnesses the murderous war between two OPEC founding members, the shrinkage of the energy market, the emergence of new oil exporters, the dramatic price collapse in early 1986, and acute economic crises in a great number of member countries-have framed OPEC as a weak and powerless organization, incapable of enforcing any discipline or establishing any dialogue with its competitors. This paper reports that in this period of market depression, the end of a cartel-or at best its breaking apart-became common talk as too much emphasis was placed on the deep antagonisms between the rich, less populated member countries and those with dense population and relatively low income

  8. Market power and technological bias in electricity generation markets

    International Nuclear Information System (INIS)

    Twomey, Paul; Neuhoff, Karsten

    2005-01-01

    It is difficult or very costly to avoid all market power in electricity markets. A recurring response is that a limited amount of market power is accepted with the justification that it is necessary to produce revenues to cover some of the fixed costs. It is assumed that all market participants benefit equally from the increased prices. However, this assumption is not satisfied if different production technologies are used. We assess the case of a generation mix of conventional generation and intermittent generation with exogenously varying production levels. If all output is sold in the spot market, then intermittent generation benefits less from market power than conventional generation. If forward contracts or option contracts are signed, then market power might be reduced but the bias against returns to intermittent generators persists. Thus allowing some level of market power as a means of encouraging investment in new generation may result in a bias against intermittent technologies or increase the costs of strategic deployment to achieve renewable quotas. (Author)

  9. A review of the deregulated power market since market opening

    International Nuclear Information System (INIS)

    Runge, C.

    2003-01-01

    The Alberta electrical industry structure was discussed along with the market opportunities and historic market data pertaining to Alberta. The Alberta electrical industry is responsible for 20,000 kilometres of transmission lines, connections with British Columbia and Saskatchewan, operates in excess of 90 generating units, with 200 Power Pool participants. The Alberta electricity generation breakdown was provided (coal, gas, hydro), and a look at the projected growth in installed capacity provided. General information concerning the Power Pool of Alberta was presented. In discussing market opportunities, the author began by looking at the evolution of the Alberta market, noting that the Pool commenced operations in 1996. A discussion followed on real time spot market, direct sales, contract for differences (CfD), and other market opportunities. The last part of the presentation dealt with historical market data. The Alberta annual Pool price from 1996 to 2002 was presented, along with daily pool price 1996-2002. The factors affecting Pool price are: other markets, input costs, supply-demand balance, and other market elements. Alberta imports and exports were discussed, followed by a look at forward trading activity. Market evolution was addressed, including considerations in next phase of Alberta market. figs

  10. Medium-Term Oil Market Report (MTOMR) 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-15

    Why have oil prices hit US$140 per barrel? How strong will oil demand be in the upcoming years? Will supply of crude oil, natural gas liquids and biofuels be sufficient to meet this future demand? And, no less crucially, what investments in refining capacity and technology can we expect and will these help ease some of the imbalance in strained oil product markets? The Medium-Term Oil Market Report (now in its third year) published by the International Energy Agency (IEA) has become a new benchmark, complementing the short-term market analysis provided in the IEA Oil Market Report. This year's edition reappraises all upstream and downstream projects worldwide, setting them against a revised demand forecast and expanding the time horizon to 2013. Special features this year include in-depth analyses of price formation, transport trends, non-OECD economies, non-OPEC production decline, project slippage, key crude export pipeline developments and a stronger emphasis on product supply bottlenecks. An essential report for all policy makers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  11. Medium-Term Oil Market Report (MTOMR) 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-15

    Why have oil prices hit US$140 per barrel? How strong will oil demand be in the upcoming years? Will supply of crude oil, natural gas liquids and biofuels be sufficient to meet this future demand? And, no less crucially, what investments in refining capacity and technology can we expect and will these help ease some of the imbalance in strained oil product markets? The Medium-Term Oil Market Report (now in its third year) published by the International Energy Agency (IEA) has become a new benchmark, complementing the short-term market analysis provided in the IEA Oil Market Report. This year's edition reappraises all upstream and downstream projects worldwide, setting them against a revised demand forecast and expanding the time horizon to 2013. Special features this year include in-depth analyses of price formation, transport trends, non-OECD economies, non-OPEC production decline, project slippage, key crude export pipeline developments and a stronger emphasis on product supply bottlenecks. An essential report for all policy makers, market analysts, energy experts and anyone interested in understanding and following oil market trends, the Medium-Term Oil Market Report is a further element of the strong commitment of the IEA to improving and expanding the quality, timeliness and accuracy of energy data and analysis.

  12. The outlook for the world and Australian oil markets

    International Nuclear Information System (INIS)

    Donaldson, K.; Fok, G.

    1996-01-01

    Global demand for oil is projected to continue its upward trend to 2000-1, with growth in the transport sector expected to underpin future increases in oil consumption. World oil consumption is projected to be matched by global production, keeping the average annual oil price relatively stable. In many countries, the diversion of oil revenue to other projects is threatening to constrain increases in production capacity, particularly in the OPEC countries. The encouragement of foreign investment in state oil industries is a likely method of easing the constraint. Australian exploration activity is rising steadily with the prospect of stable oil prices, expanding gas markets and the incentives provided by a number of recent discoveries. While the geographical pattern of Australian production has now changed, with Western Australian production exceeding Victoria production, Australia is expected to maintain its position in the world oil market as a significant producer, importer and exporter. (author). 6 figs., 23 refs

  13. Crude oil options market found to be efficient

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the U.S. crude oil options market operates efficiently and does not overreact. The authors, with the JFK School of Government, studied the crude oil options market under a Department of Energy grant. The current market was created in November 1986 when the New York Mercantile Exchange introduced an options contract for delivery of West Texas intermediate crude futures. it has grown greatly since then

  14. Financial derivatives in power marketing: The basics

    International Nuclear Information System (INIS)

    Ramesh, V.C.; Ghosh, K.

    1996-01-01

    With the ongoing changes in the power industry worldwide, electricity is beginning to be traded like other commodities. The use of financial derivative instruments in power markets is on the rise. The purpose of this paper is to explain the role of these derivatives in risk management which is vital for survival in the increasingly competitive industry. Starting with the familiar cash markets, the paper discusses the basics of futures, options, and swap markets as applied to electric energy trading

  15. Modelling of demand response and market power

    International Nuclear Information System (INIS)

    Kristoffersen, B.B.; Donslund, B.; Boerre Eriksen, P.

    2004-01-01

    Demand-side flexibility and demand response to high prices are prerequisites for the proper functioning of the Nordic power market. If the consumers are unwilling to respond to high prices, the market may fail the clearing, and this may result in unwanted forced demand disconnections. Being the TSO of Western Denmark, Eltra is responsible of both security of supply and the design of the power market within its area. On this basis, Eltra has developed a new mathematical model tool for analysing the Nordic wholesale market. The model is named MARS (MARket Simulation). The model is able to handle hydropower and thermal production, nuclear power and wind power. Production, demand and exchanges modelled on an hourly basis are new important features of the model. The model uses the same principles as Nord Pool (The Nordic Power Exchange), including the division of the Nordic countries into price areas. On the demand side, price elasticity is taken into account and described by a Cobb-Douglas function. Apart from simulating perfect competition markets, particular attention has been given to modelling imperfect market conditions, i.e. exercise of market power on the supply side. Market power is simulated by using game theory, including the Nash equilibrium concept. The paper gives a short description of the MARS model. Besides, focus is on the application of the model in order to illustrate the importance of demand response in the Nordic market. Simulations with different values of demand elasticity are compared. Calculations are carried out for perfect competition and for the situation in which market power is exercised by the large power producers in the Nordic countries (oligopoly). (au)

  16. State of the art in oil market in the world

    International Nuclear Information System (INIS)

    Banks, F. E.

    2007-01-01

    Things move fast in the world of oil and unfortunately many events do not always receive an appropriate interpretation. The present update reviews the on-going oil peak debate, providing evidence against unjustified optimistic propositions, discussing the predictable shortage of energy materials and its influence on prices. Moreover, the return of OPEC to the oil market drivers seat and the irruption of state oil companies from exporting countries are also commented. (Author)

  17. Tender frequency and market concentration in balancing power markets

    Energy Technology Data Exchange (ETDEWEB)

    Knaut, Andreas; Obermueller, Frank; Weiser, Florian

    2017-01-15

    Balancing power markets ensure the short-term balance of supply and demand in electricity markets and their importance may increase with a higher share of fluctuating renewable electricity production. While it is clear that shorter tender frequencies, e.g. daily or hourly, are able to increase the efficiency compared to a weekly procurement, it remains unclear in which respect market concentration will be affected. Against this background, we develop a numerical electricity market model to quantify the possible effects of shorter tender frequencies on costs and market concentration. We find that shorter time spans of procurement are able to lower the costs by up to 15%. While market concentration decreases in many markets, we - surprisingly - identify cases in which shorter time spans lead to higher concentration.

  18. Tender frequency and market concentration in balancing power markets

    International Nuclear Information System (INIS)

    Knaut, Andreas; Obermueller, Frank; Weiser, Florian

    2017-01-01

    Balancing power markets ensure the short-term balance of supply and demand in electricity markets and their importance may increase with a higher share of fluctuating renewable electricity production. While it is clear that shorter tender frequencies, e.g. daily or hourly, are able to increase the efficiency compared to a weekly procurement, it remains unclear in which respect market concentration will be affected. Against this background, we develop a numerical electricity market model to quantify the possible effects of shorter tender frequencies on costs and market concentration. We find that shorter time spans of procurement are able to lower the costs by up to 15%. While market concentration decreases in many markets, we - surprisingly - identify cases in which shorter time spans lead to higher concentration.

  19. Marketing opportunities and challenges for Canada's oil sands industry

    International Nuclear Information System (INIS)

    1995-01-01

    This report demonstrated that effective marketing of Canadian oil sands products has been vital to the success of the industry in the past. Future success was expected to depend on having efficient transportation systems for the industry's products, unrestricted access to markets, and a range of products can competitively meet the needs of specific markets and customs. 9 ills

  20. Oil and nuclear power: the dynamic interrelationship

    International Nuclear Information System (INIS)

    Stauffer, T.

    1987-01-01

    The impact of changing oil prices on the economic case for nuclear power and the political viability of the nuclear industry is reviewed. The case for nuclear energy is less obvious currently on the grounds of safety (following the Chernobyl accident), need (because of slower economic growth and energy conservation) and rationale (the cost advantage is no longer obvious). Nuclear power and oil prices are shown to be interrelated because the competitive economics of each is affected by the other. The competitive balance between the two changes. The use of nuclear power helps to keep oil prices down. However, if oil is cheap, nuclear power is less favourable economically. Some facts and figures are used to illustrate this paradox. (U.K.)

  1. Coal gasification and the power production market

    International Nuclear Information System (INIS)

    Howington, K.; Flandermeyer, G.

    1995-01-01

    The US electric power production market is experiencing significant changes sparking interest in the current and future alternatives for power production. Coal gasification technology is being marketed to satisfy the needs of the volatile power production industry. Coal gasification is a promising power production process in which solid coal is burned to produce a synthesis gas (syn gas). The syn gas may be used to fuel combustion integrated into a facility producing electric power. Advantages of this technology include efficient power production, low flue gas emissions, flexible fuel utilization, broad capability for facility integration, useful process byproducts, and decreased waste disposal. The primary disadvantages are relatively high capital costs and lack of proven long-term operating experience. Developers of coal gasification intend to improve on these disadvantages and lop a strong position in the power generation market. This paper is a marketing analysis of the partial oxidation coal gasification processes emerging in the US in response to the market factors of the power production industry. A brief history of these processes is presented, including the results of recent projects exploring the feasibility of integrated gasification combined cycle (IGCC) as a power production alternative. The current power generation market factors are discussed, and the status of current projects is presented including projected performance

  2. Utility residual fuel oil market conditions: An update

    International Nuclear Information System (INIS)

    Mueller, H.A. Jr.

    1992-01-01

    Planning for residual fuel oil usage and management remains an important part of the generation fuel planning and management function for many utilities. EPRI's Utility Planning Methods Center has maintained its analytical overview of the fuel oil markets as part of its overall fuel planning and management research program. This overview provides an update of recent fuel oil market directions. Several key events of the past year have had important implications for residual fuel oil markets. The key events have been the changes brought about by the Persian Gulf War and its aftermath, as well as continuing environmental policy developments. The Persian Gulf conflict has created renewed interest in reducing fuel oil use by utilities as part of an overall reduction in oil imports. The policy analysis performed to date has generally failed to properly evaluate utility industry capability. The Persian Gulf conflict has also resulted in an important change in the structure of international oil markets. The result of this policy-based change is likely to be a shift in oil pricing strategy. Finally, continued change in environmental requirements is continuing to shift utility residual oil requirements, but is also changing the nature of the US resid market itself

  3. Shale oil specialty markets: Screening survey for United States applications

    Energy Technology Data Exchange (ETDEWEB)

    1987-12-01

    EG and G requested J. E. Sinor Consultants Inc. to carry out an initial screening study on the possibilities for producing specialty chemicals from oil shale. Raw shale oil is not an acceptable feedstock to refineries and there are not enough user of heavy fuel oil in the western oil shale region to provide a dependable market. The only alternatives are to hydrotreat the oil, or else ship it long distances to a larger market area. Either of these alternatives results in a cost penalty of several dollars per barrel. Instead of attempting to enter the large-volume petroleum products market, it was hypothesized that a small shale oil facility might be able to produce specialty chemicals with a high enough average value to absorb the high costs of shipping small quantities to distant markets and still provide a higher netback to the plant site than sales to the conventional petroleum products market. This approach, rather than attempting to refine shale oil or to modify its characteristics to satisfy the specifications for petroleum feedstocks or products, focuses instead on those particular characteristics which distinguish shale oil from petroleum, and attempts to identify applications which would justify a premium value for those distinctive characteristics. Because byproducts or specialty chemicals production has been a prominent feature of oil shale industries which have flourished for periods of time in various countries, a brief review of those industries provides a starting point for this study. 9 figs., 32 tabs.

  4. Marketing of wind power; Vermarktung von Windenergie

    Energy Technology Data Exchange (ETDEWEB)

    Roon, Serafin von [Forschungsstelle fuer Energiewirtschaft e.V., Muenchen (Germany)

    2011-07-01

    With the integration of the fluctuating production in the system of power supply, there is the question about the impact on the electricity market. The special features of the commercialization of wind energy are: (1) The production exclusively takes place supply-dependent; (2) With fex exceptions, the supplied current is compensated according to the Renewable Energy Law; (3) The actual sale is performed by the operators of transmission systems; (4) The marginal cost are close to zero; (5) The day-ahead marketing solely based on a faulty prognosis. The author of the contribution under consideration reports on the actors and the process of wind power marketing. The alternative of direct marketing and the associated barriers and opportunities are discussed. The impact of the marketing of wind power on pricing in the electricity market is shown by means of an empirical analysis. The compensation amounts are be quantified, and the resulting cost to the balance of the forecast error are estimated.

  5. Construction of power plants to have oil for a long term

    International Nuclear Information System (INIS)

    Freiberger, S.; Barthelt, K.

    1980-01-01

    Most of our oil is literally burnt out ; therefore there should be a search for possibilities especially in the field of heat production to lessen our dependence on oil. Coal- and nuclear power plants, electric heat pumps and district heating could unburden the oil market in a shorter term than all other substitution technologies. This way, oil could be saved for applications where it is difficult to be replaced, e.g. in the road traffic. (orig.) [de

  6. Examining market power in the European natural gas market

    International Nuclear Information System (INIS)

    Egging, R.G.; Gabriel, S.A.

    2006-01-01

    In this paper, we develop a mixed complementarity equilibrium model for the European natural gas market. This model has producers as Cournot players with conjectured supply functions relative to their rivals. As such, these producers can withhold production to increase downstream prices for greater profits. The other players are taken to be perfectly competitive and are combined with extensive pipeline, seasonal, and other data reflecting the current state of the market. Four market scenarios are run to analyze the extent of market power by these producers as well as the importance of pipeline and storage capacity. (author)

  7. Examining market power in the European natural gas market

    International Nuclear Information System (INIS)

    Egging, Rudolf G.; Gabriel, Steven A.

    2006-01-01

    In this paper, we develop a mixed complementarity equilibrium model for the European natural gas market. This model has producers as Cournot players with conjectured supply functions relative to their rivals. As such, these producers can withhold production to increase downstream prices for greater profits. The other players are taken to be perfectly competitive and are combined with extensive pipeline, seasonal, and other data reflecting the current state of the market. Four market scenarios are run to analyze the extent of market power by these producers as well as the importance of pipeline and storage capacity

  8. Market power monitoring and mitigation in the US wholesale power markets

    Energy Technology Data Exchange (ETDEWEB)

    Helman, Udi [Federal Energy Regulatory Commission, 888 First Street, N.E., Washington, DC 20426 (United States)

    2006-05-15

    Under current statutory requirements, the Federal Energy Regulatory Commission (FERC) must ensure that prices in US wholesale power markets are 'just and reasonable'. This has been interpreted by the agency and the courts as requiring the monitoring and mitigation of undue market power. This paper focuses on generation market power. Prior to electricity sector restructuring, wholesale bilateral power trading took place among vertically integrated monopoly utilities trading at the margin or between small independent producers and the utilities. Under those conditions, the authorization of trading at market prices, called 'market-based rates', required only that the generation supplier pass a simple market share screen for market power. As restructuring unfolded, and market conditions changed, there has been a steady evolution in FERC's market power mitigation rules, encompassing (a) changes in the market power assessment required for granting market-based rates and related methods for merger approval, and (b) development and refinement of new techniques for screening and mitigating offers into the organized day-ahead and real-time markets operated by Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs). This paper reviews these changes to date, as FERC continues to clarify its approved rules and procedures. It also examines recent methods for quantitative market power analysis that could augment current procedures or supplant them, as found appropriate. (author)

  9. Market Power in Hydro-Thermal Supply

    International Nuclear Information System (INIS)

    Edin, Karl-Axel

    2006-12-01

    Despite having had a deregulated electricity market in Sweden for over ten years we still need to increase our understanding as to how deregulated electricity markets actually work and how possible problems are to be solved. One question that is always in focus is if the competition between generators in the Nordic electricity market really works the way it was intended. Many argue that the concentration in ownership of generation plants already has gone too far. Together with joint ownership in nuclear facilities and barriers for entrance, critics say that this has resulted in higher electricity prices than necessary. In this report different methods to (ex ante) study potential possibilities for generating firms to influence the electricity price (market power) and (ex post) discover possible manipulation through analysing the spot price and other observed factors on the electricity market are analysed. The purpose of the longer underlying paper is to give a comprehensive treatment of the electricity market with storage, i.e. hydro power, with an auction market organisation and to test the models on the Nordic market in order to explore the explanatory power of auction market theory and the theory of contestable market. The main theoretical effort in the paper concerns auction theory with inventories. The paper develops an inter-temporal auction model of a thermal-hydro power market. Parallel to the derivation of the basic equations a numerical model is developed in order to illustrate the results of the model. Section 2 of the present paper summarizes the basic equations (derived in the longer paper) for an inter-temporal auction thermal-hydro market. Section 3 contains the illustrations of solutions to equations for some stylized markets. In section 4 the auction model is tested on the Nordic market

  10. Recipe for success in solar power marketing

    International Nuclear Information System (INIS)

    Frauenfelder, S.

    2000-01-01

    This article presents the results of a campaign run jointly by the Swiss Federal Office of Energy and the Association of Swiss Electricity Utilities called 'Solar Power from your Utility'. An analysis of solar power marketing efforts made by ten utilities is presented. The results of assessments of these market measures made by solar power customers and non-customers are presented and questions of pricing, product-image and product-confidence are discussed. Finally, suggestions for the optimisation of the marketing measures are made

  11. Efficiency of crude oil markets: Evidences from informational entropy analysis

    International Nuclear Information System (INIS)

    Ortiz-Cruz, Alejandro; Rodriguez, Eduardo; Ibarra-Valdez, Carlos; Alvarez-Ramirez, Jose

    2012-01-01

    The role of crude oil as the main energy source for the global economic activity has motivated the discussion about the dynamics and causes of crude oil price changes. An accurate understanding of the issue should provide important guidelines for the design of optimal policies and government budget planning. Using daily data for WTI over the period January 1986–March 2011, we analyze the evolution of the informational complexity and efficiency for the crude oil market through multiscale entropy analysis. The results indicated that the crude oil market is informationally efficient over the scrutinized period except for two periods that correspond to the early 1990s and late 2000s US recessions. Overall, the results showed that deregulation has improved the operation of the market in the sense of making returns less predictable. On the other hand, there is some evidence that the probability of having a severe US economic recession increases as the informational efficiency decreases, which indicates that returns from crude oil markets are less uncertain during economic downturns. - Highlights: ► Entropy concepts are used to characterize crude oil prices. ► An index of market efficiency is introduced. ► Except for periods of economic recession, the crude oil market is informationally efficient.

  12. Canadian oil sands : supply and potential for market growth

    International Nuclear Information System (INIS)

    Crandall, G.

    2004-01-01

    Canadian oil sands recoverable reserves rank second only to Saudi Arabia and present enormous potential, particularly through technological gains. This paper discussed the market potential for oil sands both globally and in North America. It was estimated that oil sands production would eventually surpass declining conventional production, increasing from 42 per cent of Western supply in 2002 to 78 per cent in 2015. Recoverable reserves were an estimated 174 billion barrels, with cumulative production at 4 billion barrels between 1967 to 2003. Statistics of U.S. and Canadian markets for crude oil were presented to the year 2020. A flow chart of oil sands products and market outlets was presented, as well as details of existing and potential markets for Canadian crude oil. Oil sands product dispositions were outlined, with the prediction that Asia may emerge as an incremental market. World crude oil production statistics were presented by type. World residual supply and demand estimates were presented, including details of conversion capacity and requirements for residual processing capacity in refineries and field upgraders. American refinery feedstocks were presented by type, with the identification of an increase in heavy crude runs. It was noted that recent pricing provided a strong incentive to add refining conversion capacity to process heavy oil. An outline of a study completed for the Alberta government and industry was presented, in which upgrading to light synthetic crude was determined as a base case. The value added to process bitumen beyond upgrading was discussed in relation to the upgrading of American refineries to process bitumen blends and synthetic crude. Potential cases for upgrading bitumen were presented, along with a comparison of capital costs. An overall economic comparison of projects was provided. Various measures to maximize markets for oil sands products in Alberta were presented. It was suggested that U.S. markets should absorb more new

  13. Multifractal detrended cross-correlations between crude oil market and Chinese ten sector stock markets

    Science.gov (United States)

    Yang, Liansheng; Zhu, Yingming; Wang, Yudong; Wang, Yiqi

    2016-11-01

    Based on the daily price data of spot prices of West Texas Intermediate (WTI) crude oil and ten CSI300 sector indices in China, we apply multifractal detrended cross-correlation analysis (MF-DCCA) method to investigate the cross-correlations between crude oil and Chinese sector stock markets. We find that the strength of multifractality between WTI crude oil and energy sector stock market is the highest, followed by the strength of multifractality between WTI crude oil and financial sector market, which reflects a close connection between energy and financial market. Then we do vector autoregression (VAR) analysis to capture the interdependencies among the multiple time series. By comparing the strength of multifractality for original data and residual errors of VAR model, we get a conclusion that vector auto-regression (VAR) model could not be used to describe the dynamics of the cross-correlations between WTI crude oil and the ten sector stock markets.

  14. Development of Danish Wind Power Market

    DEFF Research Database (Denmark)

    Meyer, Niels I

    2007-01-01

    The modern phase of Danish wind power started after the oil crisis in 1973. During the eighties technological development resulted in increased cost efficiency. In the early nineties favourable feed-in tariffs were introduced together with easy access to the grid. As a result wind power was booming...

  15. Multiobjective clearing of reactive power market in deregulated power systems

    International Nuclear Information System (INIS)

    Rabiee, A.; Shayanfar, H.; Amjady, N.

    2009-01-01

    This paper presents a day-ahead reactive power market which is cleared in the form of multiobjective context. Total payment function (TPF) of generators, representing the payment paid to the generators for their reactive power compensation, is considered as the main objective function of reactive power market. Besides that, voltage security margin, overload index, and also voltage drop index are the other objective functions of the optimal power flow (OPF) problem to clear the reactive power market. A Multiobjective Mathematical Programming (MMP) formulation is implemented to solve the problem of reactive power market clearing using a fuzzy approach to choose the best compromise solution according to the specific preference among various non-dominated (pareto optimal) solutions. The effectiveness of the proposed method is examined based on the IEEE 24-bus reliability test system (IEEE 24-bus RTS). (author)

  16. Is the world oil market 'one great pool'? A test

    International Nuclear Information System (INIS)

    Rodriguez, A.E.; Williams, M.D.

    1993-01-01

    In a recent paper (Weiner, 1991) it was argued that crude oil markets are regionalized, thus challenging the assertion that the world oil market is homogeneous. This argument bears on the effectiveness of various energy policies. It is argued that these policies should be analyzed using constructs such as antitrust markets, rather than in relation to an ad-hoc definition of regionalization like that used by Weiner. Regionalization and geographic antitrust markets, empirics, and policy implications of regional markets are discussed. By drawing clear parallels between the concept of regionalization and antitrust markets, it is shown that: due to Wiener's flawed methodological and empirical approach, it is not clear that crude oil markets are, in fact, regional; and policies that appear at first glance to require regional markets to be effective, may be explained even in a unified world market. Strong evidence is found in support of a unified world oil market. Some policy implications in the area of import taxes are discussed. 35 refs., 1 tab

  17. OPEC oil production and market fundamentals: a causality relationship

    International Nuclear Information System (INIS)

    Dahmani, A.; Al-Osaimy, M.H.

    2001-01-01

    This paper first establishes a statistical measurement for OPEC Member Countries' compliance levels with their respective quotas and then examines the correlations and the casual relationships between compliance levels and oil market fundamentals. The compliance level is measured by the deviation of the production level from the respective quota for OPEC Member Countries, and this is based on the Euclidean distance formula, while oil market fundamentals are represented by OECD oil demand and stock levels, and the OPEC Basket price and oil supply. Monthly data from January 1996 to June 2000 was used and two sub-periods considered, where the first sub-period was characterized by a low level of compliance and the second by a high level. The analytical results of correlations and causality showed different directions of relationships between compliance levels and oil market fundamentals. (author)

  18. Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries

    OpenAIRE

    Filis, George; Degiannakis, S.; Floros, C.

    2011-01-01

    The paper investigates the time-varying correlation between stock market prices and oil prices for oil-importing and oil-exporting countries. A DCC-GARCH-GJR approach is employed to test the above hypothesis based on data from six countries; Oil-exporting: Canada, Mexico, Brazil and Oil-importing: USA, Germany, Netherlands. The contemporaneous correlation results show that i) although time-varying correlation does not differ for oil-importing and oil-exporting economies, ii) the correlation i...

  19. July 1, 2007: electricity and gas markets open to competition. Oil and gas pipelines, vital energy arteries. Warming of the Earth's northern latitudes: what are the consequences? Nuclear power, an alternative to costly fossil fuels

    International Nuclear Information System (INIS)

    Anon.

    2008-01-01

    This issue of Alternatives newsletter features 4 main articles dealing with: 1 - July 1, 2007 - electricity and gas markets open to competition: first telecommunications, now energy. Starting July 1, 2007, every one of the European Union's 500 million consumers is free to chose a supplier for electricity and natural gas. How will this work? A road map. 2 - Oil and gas pipelines, vital energy arteries: they criss-cross the planet over land and under sea, offering an alternative to sea lanes. How do these strategically placed pipelines work to transport fossil fuels? 3 - Warming of the Earth's northern latitudes: what are the consequences?: Dr. Oleg Anisimov, one of the experts on the Intergovernmental Panel on Climate Change (IPCC) that met in April 2007, reviews the consequences of human activity on permafrost, that huge expense of ice covering almost 20% of the Earth's surface. 4 - Nuclear power, an alternative to costly fossil fuels: part two of a report on the World energy outlook. This publication of the International Energy agency predicts that nuclear power will continue to be one of the main sources of energy supply for the next 25 years

  20. Energy swaps as profit motive instruments in oil markets

    International Nuclear Information System (INIS)

    Arshi, A.A.

    1992-01-01

    In this paper, I introduce oil swaps as financial instruments available to oil producers and to buyers of crude oil and products, and the positive effects they can provide for marketing profitability. In addition, I seek to underline the complementarity of oil swaps, emphasizing the benefits which can result from efficiently monitored use of such tools. I review the various criteria to be considered when implementing swap arrangements and I examine standard and non-standard examples which I believe to be of interest. Due to the unfortunate fact that exchange market liquidity is limited, I am of the opinion that producers, if they think fit, should start with only a limited amount of their availability covered by such swap arrangements. Nevertheless, I wish to draw the attention of producers and buyers of crude oil and oil products to the benefits of swap arrangements, as described in this paper. (author)

  1. Mideast crisis and pricing in the oil futures market

    International Nuclear Information System (INIS)

    Hamed, A.H.

    1992-01-01

    Futures prices and the corresponding expected future cash price on crude oil markets differ. The difference is hypothesized to be due to a time varying risk premium where risk is due to either cash price volatility, oil output volatility, or unanticipated oil price movement. And this risk is measured by the conditional variance of the forementioned sources of risk. Using the ARCH (Autoregressive Conditional Heterosckdasticity) model and its extensions this study addresses the determination of the time varying risk premium. Political unrest in the Mideast oil exporting countries is hypothesized to be a determinant of the time varying risk premium in the oil futures market. The empirical tests allow informative inferences to be drawn on the role of political unrest in pricing oil

  2. The interdependence among oil markets: Any discernible patterns?

    International Nuclear Information System (INIS)

    Osayimwese, I.

    1992-01-01

    A study is presented which tests a hypothesis about co-movement of oil prices in all regions, implying that markets are interdependent. The hypothesis is tested against the background of the structural changes that occurred in the oil industry during the last 20 years, using the concept of cointegration. These changes occurred mainly in response to the oil price hikes in the 1970s and the price collapse in 1986. Refinery upgrading and increased flexibility in buying and selling crude oil and products, as well as the continuing articulation of oil markets with a variety of specific instruments, are key elements of the transformation during the past 15-20 years. A framework for modelling market interdependence via three approaches is outlined, focusing on the approach that consists of exploring the univariate time-series characteristics of two or more random variables with a view to verifying that the variables tend to move together in the long term. To examine the empirical evidence for market interdependence, monthly observations on crude and product prices from three major spot markets are used. Cointegration tests show that spot and futures market prices for gas, oil and crudes move closely together in the long run. In particular, the key role played by price differences rather than absolute price levels as a market barometer is confirmed. A test of the law of one price between two markets for the same crude or product generally confirms the co-movement of prices. It is concluded that, globally, oil markets are integrated and indeed constitute one great pool. 29 refs., 4 figs., 4 tabs

  3. National Oil Companies and their role in international market

    International Nuclear Information System (INIS)

    2007-01-01

    Thirteen of the top 20 international helders of oil and gas reserves are either traditional national oil company (NOC) or newly privatised NOC. The growing importance of NOC in the international energy markets raises questions about emerging policies, objectives and priorities of these organizations since, historically, geopolitical and strategic aims in addition to purely commercial considerations are factored into their foreign investment decisions [it

  4. Green power: A renewable energy resources marketing plan

    International Nuclear Information System (INIS)

    Barr, R.C.

    1997-01-01

    Green power is electricity generated from renewable energy sources such as power generated from the sun, the wind, the heat of the earth, and biomass. Green pricing is the marketing strategy to sell green power to customers who voluntarily pay a premium for it. Green pricing is evolving from the deregulation of the electric industry, the need for clean air, reflected in part as concern over global warming, and technology advances. The goal of the renewable energy marketing plan is to generate enough revenues for a utility to fund power purchase agreements (PPAs) with renewable energy developers or construct its own renewable facilities. Long-term, fixed price PPAs enable developers to obtain financing to construct new facilities, sometimes taking technological risks which a utility might not take otherwise. The marketing plan is built around different rate premiums for different categories of ratepayers, volunteer customer participation, customer participation recognition, and budget allocations between project costs and power marketing costs. Green prices are higher than those for conventional sources, particularly prices from natural gas fired plants. Natural gas is abundant relative to oil in price per British thermal unit (Btu). Green pricing can help bridge the gap between the current oversupply of gas and the time, not far off, when all petroleum prices will exceed those for renewable energy. The rapid implementation of green pricing is important. New marketing programs will bolster the growing demand for renewable energy evidenced in many national surveys thus decreasing the consumption of power now generated by burning hydrocarbons. This paper sets forth a framework to implement a green power marketing plan for renewable energy developers and utilities working together

  5. Expanding U.S. markets for Canadian crude oil

    International Nuclear Information System (INIS)

    Heath, M.; Angevine, G.; Chan, K.; Renne, G.; Stariha, J.; MacKay, E.

    1993-01-01

    The quantities and types of Canadian, U.S. and competing foreign crudes flowing into U.S. market regions and the potential to retain and/or expand Canadian crude oil sales in each of those markets, was studied. The various pipeline system expansion/construction proposals were reviewed. Findings of the study with respect to prospects for crude oil sales into each of the U.S. market regions were presented. Opportunities and constraints with regard to the potential for incremental crude oil sales into each of the U.S. market regions were detailed. The study concluded that there was a substantial market in the U.S. for incremental sales of Canadian crudes. Most of the refineries in the U.S. market regions were more flexible in terms of their crude diet than they were before the rationalization and restructuring of the industry began. The market for crude oil in the U.S. was shown to be one of the most competitive in the world and the most volatile. The study also revealed that there were risks associated with large additions to the capacity to ship crude oil by pipeline from Western Canada, given the uncertainties surrounding future supply. 4 refs., figs., tabs

  6. Asian-Pacific markets : a new strategy for Alberta oil

    International Nuclear Information System (INIS)

    Laureshen, C.J.; Du Plessis, D.; Xu, C.M.; Chung, K.H.

    2004-01-01

    Alberta's oil sands contain an estimated crude bitumen-in-place of nearly 2.5 trillion barrels. Production has increased to the point where it has overtaken non-conventional sources, and is expected to reach more than 2 million barrels per day by 2012, and over 5 million barrels per day by 2030. Although it is assumed that most of this production will be marketed in the United States, the industry is facing many constraints that could affect potential crude oil production and existing market share. The Asian-Pacific region is an obvious new market for Canadian heavy oil and bitumen due to an increasing demand for petroleum products in that region and the potential for reaching the California market with the same pipeline. This paper examined the following three criteria that will determine the success of any initiative to move Canadian crude oil to Asian-Pacific markets: (1) a sustainable supply of crude from Alberta; a pipeline to transport the crude to a deepwater port on the west coast; and, a guaranteed market at the other end. The feasibility of marketing Alberta heavy oil and bitumen to Asia was also discussed. 12 refs., 1 tab., 8 figs

  7. The oil market. Call on OPEC determines the oil price

    International Nuclear Information System (INIS)

    Kingma, D.; Mulder, M.

    2001-01-01

    Several scenarios are applied to determine the oil price for the medium-long term, based on the so-called 'call on OPEC'. The 'call on OPEC' is part of the demand for oil which has to supplied by OPEC. It is expected that the nominal oil price will be circa $24 per barrel in 2004, based on a global growth of 4%. 2 refs

  8. A Market-Based Virtual Power Plant

    DEFF Research Database (Denmark)

    You, Shi; Træholt, Chresten; Poulsen, Bjarne

    2009-01-01

    The fast growing penetration of Distributed Energy Resources (DER) and the continuing trend towards a more liberalized electricity market requires more efficient energy management strategies to handle both emerging technical and economic issues. In this paper, a market-based Virtual Power Plant...... (MBVPP) model is proposed which provides individual DER units the accesses to current electricity markets. General bidding scenario and price signal scenario as two optional operation scenarios are operated by one MBVPP. In the end, a use case of a MBVPP with micro Combined Heat and Power (μCHP) systems...

  9. Medium-Term Oil Market Report (MTOMR) 2009

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2009-06-29

    This fourth edition of the IEA Medium-Term Oil Market Report (MTOMR) confronts an economic landscape unrecognisable from that seen at the time of the release of the summer 2008 edition. Crude prices are now 55% lower as financial and economic meltdown have slashed demand, with worldwide contraction in oil use at levels not seen since the early 1980s. But how long will the downturn last, and what is the likely profile of global and regional demand recovery when economic rebound eventually takes root? Has almost a decade of rising prices and costs changed the demand-side blueprint and forced the world onto a lower oil intensity path for the period through 2014? Equally importantly, the report identifies the impact that weaker demand, low prices and a credit squeeze are having on supply-side investment - in upstream OPEC/non-OPEC supply, biofuels capacity and refining infrastructure alike. The 2009 edition of the MTOMR also delves into the issues of diversifying FSU crude exports, evolving crude and product qualities, the importance of petrochemical markets and perceptions on oil price formation in the down-cycle. Two demand scenarios are presented based on differing economic growth assumptions, with a lower non-OPEC supply scenario also accompanying the lower GDP case. Summary oil balances highlight how OPEC spare capacity could develop during 2008-2014. This year, the MTOMR also consolidates analysis of future crude availability and trade flows, refining capacity and oil products supply implications under one cover. The MTOMR remains required reading for policy makers, market analysts, industry participants and anyone with an interest in oil market trends. It contains detailed statistical appendices and a wealth of insightful graphics. Alongside its monthly sister publication, the Oil Market Report, the MTOMR is a cornerstone of the IEA commitment to enhancing oil market transparency.

  10. Market architecture and power demand management

    International Nuclear Information System (INIS)

    Rious, Vincent; Roques, Fabien

    2014-12-01

    Demand response is a cornerstone problem in electricity markets considering climate change constraint. Most liberalized electricity markets have a poor track record at developing demand response. In Europe, different models are considered for demand response, from a development under a regulated regime to a development under competitive perspectives. In this paper, focusing on demand response for mid-size and small consumers, we investigate which types of market signals should be sent to demand response aggregators to see demand response emerge as a competitive activity. Using data from the French power system over eight years, we compare the possible market design options to allow demand response to develop. Our simulations demonstrate that with the current market rules, demand response is not a profitable activity in the French electricity industry. Introducing a capacity remuneration could bring additional revenues to demand response aggregators if the power system has no over-capacity

  11. Auction game in electric power market place

    International Nuclear Information System (INIS)

    Kumar, J.; Sheble, G.

    1996-01-01

    The power industry in the US is presently an evolving changing business environment. While planning to meet future peak demand is still a concern, the efficient utilization of existing generation and transmission resources is fast becoming a primary interest. This interest suggests a move from cost-based market operations to price based market operations. Auction market structure is one of the various ways to perform price based operation. Such a market place would be very new and challenging to all players of the electric power industry. This paper describes an overview of the new business environment. The paper presents a detailed description of the auction game. The trading objectives in the bidding game are defined. The framework of auction process is described by defining the rules to play the game. Finally, strategies for market players are discussed

  12. Risk handling in the power market

    International Nuclear Information System (INIS)

    Lindbaek-Nilsen, Brian; Strand, Krister

    2004-01-01

    In 1991 a new energy law was implemented in Norway. The Norwegian power market became deregulated and the law created a basis for a market based trade of electrical energy in Norway. In 1998 Nord Pool was founded and this has gradually become a common Nordic power exchange. The power market is characterized by large price fluctuations periodically. The reason is a variable resource supply and demand. In important factor in this context is that electricity cannot be stored after production. The large variations in supply and demand lead to large market risks for the involved parties. The derivate markets make hedging possible and thereby make it possible for the parties to guard against risks connected to future prices. This study presents risk elements in the power market, supplier and consumer sectors in view of the deregulation. In addition the present and future risk management is studied in with focus upon power suppliers that offer one-year fixed price contracts to the consumers. A study focuses on how a supplier may secure a certain volume of power in a year against price fluctuations in the market. As a basis the term market at Nord Pool is used and based on historical facts an estimated price for a supplier to eliminate the price risk for the volume is stipulated. This price is called the hedging cost and is compared with the offer a selection of power suppliers have for their one-year fixed price contracts. The possible difference between the two prices may be regarded as the power supplier risk price (premium) by offering these one-year fixed price contracts to the end consumers. The most surprising in the results in this study is how close the hedging costs are to the prices on the fixed price contracts. This means that compared to the hedging costs in the study the power suppliers operated with a small margin. Another tendency is that the fixed price contracts do not seem to have a high correlation to the hedging costs even if some companies follow the

  13. Price dependence in the principal EU olive oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Emmanouilides, C.; Fousekis, P.; Grigoriadis, V.

    2014-06-01

    The objective of this paper is to assess the degree and the structure of price dependence in the principal EU olive oil markets (Spain, Italy and Greece). To this end, it utilizes monthly olive oil price data and the statistical tool of copulas. The empirical results suggest that prices are likely to boom together but not to crash together; this is especially true for the prices of the two most important players, Italy (importer) and Spain (exporter). The finding of asymmetric price co-movements implies that the three principal spatial olive oil markets in the EU cannot be thought of as one great pool. (Author)

  14. Technical and economic framework for market enhancement of shale oil

    International Nuclear Information System (INIS)

    Bunger, J.W.; Devineni, A.V.

    1992-01-01

    By now it is apparent that production of syncrude from shale oil will not be economically viable as long as there is a stable and reasonably-priced supply of petroleum. The costs and financial risks of producing syncrude from oil shale, in the face of price constraints imposed by petroleum markets, are too high to warrant private investment. A possible solution is to develop commodity and specialty products from shale oil which command a high market value. In this fashion, the economics are partially uncoupled from petroleum and an opportunity for a greater price/cost differential is provided

  15. Panorama 2013 - The oil market in 2012 and forward trends

    International Nuclear Information System (INIS)

    Maisonnier, Guy

    2012-11-01

    As predicted at the beginning of 2012, the past year has proved fairly similar to 2011, focused more on geopolitical risk than the economic downturn, leading to a high oil price, close to the 2011 price ($110 for Brent). For the future, caution is called for: past performance is no guarantee of future developments... the old saying certainly applies to the oil market. While tension and even runaway oil prices remain a credible scenario for geopolitical reasons, a marked decline in the coming years is also a possibility. Faced with these extreme trends, the market reached an unstable balance at $110 for Brent (WTI around $95). (author)

  16. Explaining the so-called 'price premium' in oil markets

    International Nuclear Information System (INIS)

    Merino, A.; Ortiz, A.

    2005-01-01

    This paper explores the information content of several variables on the so-called ''oil price premium over fundamentals''. We define this premium as the difference between the market oil price and the estimated price consistent with the OECD's relative industry stock level. By using Granger causality tests and extended regressions we test the systematic ability of a broad set of variables to explain the premium. We find that speculation in the oil market - measured by non-commercial long positions - can improve the traditional model, reducing the premium significantly during some parts of the sample. (author)

  17. Wind power generation and dispatch in competitive power markets

    Science.gov (United States)

    Abreu, Lisias

    Wind energy is currently the fastest growing type of renewable energy. The main motivation is led by more strict emission constraints and higher fuel prices. In addition, recent developments in wind turbine technology and financial incentives have made wind energy technically and economically viable almost anywhere. In restructured power systems, reliable and economical operation of power systems are the two main objectives for the ISO. The ability to control the output of wind turbines is limited and the capacity of a wind farm changes according to wind speeds. Since this type of generation has no production costs, all production is taken by the system. Although, insufficient operational planning of power systems considering wind generation could result in higher system operation costs and off-peak transmission congestions. In addition, a GENCO can participate in short-term power markets in restructured power systems. The goal of a GENCO is to sell energy in such a way that would maximize its profitability. However, due to market price fluctuations and wind forecasting errors, it is essential for the wind GENCO to keep its financial risk at an acceptable level when constituting market bidding strategies. This dissertation discusses assumptions, functions, and methodologies that optimize short-term operations of power systems considering wind energy, and that optimize bidding strategies for wind producers in short-term markets. This dissertation also discusses uncertainties associated with electricity market environment and wind power forecasting that can expose market participants to a significant risk level when managing the tradeoff between profitability and risk.

  18. Wind Generators and Market Power

    DEFF Research Database (Denmark)

    Misir, Nihat

    price thresholds are significantly higher when the monopolist at the peakload level owns both types of generators. Furthermore, when producing electricity with the peakload generator, the monopolist can avoid facing prices below marginal cost by owning a certain share of the wind generators.......Electricity production from wind generators holds significant importance in European Union’s 20% renewable energy target by 2020. In this paper, I show that ownership of wind generators affects market outcomes by using both a Cournot oligopoly model and a real options model. In the Cournot...... oligopoly model, ownership of the wind generators by owners of fossil-fueled (peakload) generators decreases total peakload production and increases the market price. These effects increase with total wind generation and aggregate wind generator ownership. In the real options model, start up and shut down...

  19. Medium-Term Oil Market Report 2012: Market Trends and Projections to 2017

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-01

    Supply shortfalls – from the Libyan civil war in 2011 and international sanctions on Iran in 2012 to a swathe of unplanned non-OPEC output stoppages – have buffeted the oil market, sending prices near 2008 highs and rekindling debate on the role of speculation in fuelling volatility. There have also been success stories. Growth in North American light, tight oil and non-conventional supply has reached game-changing levels. Iraqi production has scaled new heights, the Libyan production recovery in 2012 defied expectations and Saudi output surged to 30-year highs. On the demand front, the economic recovery has lost momentum. Market share continues to shift from mature to newly industrialised economies, but amid persistent concerns about the health of the former; China, the leading engine of oil demand growth of the last 15 years, is giving signs of slowdown. Those developments have challenged earlier assumptions and significantly changed the oil market outlook for the next five years. The IEA Medium-Term Oil Market Report (MTOMR) – companion to the monthly OMR – draws their implications for the future. It provides detailed projections for oil supply at field level, crude quality trends, demand by product, refined product output and oil investments through 2017. It examines oil price formation, regulatory changes, OPEC dynamics and the future of spare capacity – while also reviewing the contribution of new supplies from deepwater, light tight oil, biofuel and natural gas liquids. It explores how market changes are reshaping the refining industry – and what that means for trade flows. At a time of heightened economic and geopolitical risk, MTOMR is essential reading for anyone interested in oil market dynamics and in understanding the oil market context in which these risks are playing out.

  20. The impact of energy derivatives on the crude oil market

    Energy Technology Data Exchange (ETDEWEB)

    Fleming, J.; Ostdiek, B. [Jones Graduate School of Management, Rice University, MS 531, P.O. Box 1892 Houston, TX (United States)

    1999-04-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  1. The impact of energy derivatives on the crude oil market

    International Nuclear Information System (INIS)

    Fleming, J.; Ostdiek, B.

    1999-01-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  2. Market analysis of shale oil co-products. Summary report

    Energy Technology Data Exchange (ETDEWEB)

    1980-12-01

    This study examines the potential for separating, upgrading and marketing sodium mineral co-products together with shale oil production. The co-products investigated are soda ash and alumina which are derived from the minerals nahcolite and dawsonite. Five cases were selected to reflect the variance in mineral and shale oil content in the identified resource. In the five cases examined, oil content of the shale was varied from 20 to 30 gallons per ton. Two sizes of facilities were analyzed for each resource case to determine economies of scale between a 15,000 barrel per day demonstration unit and a 50,000 barrel per day full sized plant. Three separate pieces of analysis were conducted in this study: analysis of manufacturing costs for shale oil and co-products; projection of potential world markets for alumina, soda ash, and nahcolite; and determination of economic viability and market potential for shale co-products.

  3. The hydroelectric power market in the world

    International Nuclear Information System (INIS)

    Junius, A.

    2004-10-01

    This work makes a synthesis of the hydroelectric power market, of its present day capacity in the world, and of its perspectives of development in the future. The first part treats of the hydroelectric facilities and of the market of hydroelectric power plants. It presents the technology used and the different types of plants, the evolution of their geographical setting and the future potentialities of development. The second part deals with the competitiveness of this industry with respect to: the energy policy stakes, the profitability, the energy independence of countries, the regulation of power networks and the environmental impacts. (J.S.)

  4. Dynamics of the Asia-Pacific oil market

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    1996-01-01

    The Asia-Pacific could become the world's largest oil market with an estimated 10 million b/d new demand by 2010. At the same time less Asian crude will be available for the world market. Refinery expansion is likely to be insufficient and imports of refined products will rise. The Asia-Pacific market could be the world's largest middle distillate importer and a major centre of trade for essentially every other petroleum product and form of commercial energy. (Author)

  5. Price signals in the power market

    International Nuclear Information System (INIS)

    2000-01-01

    Which price signals should be given to the players in the power market to promote a socio-economic power supply in the short term and the long term? In a model with perfect competition, without problems involving delivery quality, and with free scalable capacity in both transmission and production, price signals that reflect marginal losses and shortage of transmission capacity are all that is needed. Stepwise investments create a need for measures that are specific to the situation. Price signals reflecting delivery reliability are probably too weak today. Market power may create a need for greater transmission capacity, but gives no reason for new price signals. Tariffs that reduce installed capacity weakens delivery quality and increases the probability of market power

  6. Placing Brazil's heavy acid oils on international markets

    International Nuclear Information System (INIS)

    Szklo, Alexandre Salem; Machado, Giovani; Schaeffer, Roberto; Felipe Simoes, Andre; Barboza Mariano, Jacqueline

    2006-01-01

    This paper identifies the international market niches of Brazil's heavy acid oils. It analyzes the perspectives for making wider use of heavy acid oils, assessing their importance for certain oil-producing regions such as Brazil, Venezuela, West Africa, the North Sea and China. Within this context, the oil produced in the Marlim Field offshore Brazil is of specific interest, spurred by the development of its commercial brand name for placement on international markets and backed by ample production volumes. This analysis indicates keener international competition among acid oils produced in Brazil, the North Sea and the West Coast of Africa, through to 2010. However, over the long term, refinery conversion capacity is the key factor for channeling larger volumes of heavy acid oils to the international market. In this case, the future of acid oil producers will depend on investments in refineries close to oil product consumption centers. For Brazil, this means investments in modifying its refineries and setting up partnerships in the downstream segment for consumer centers absorbing all products of high added value, such as the USA and even Southeast Asia and Western Europe

  7. The peak of oil production-Timings and market recognition

    International Nuclear Information System (INIS)

    Almeida, Pedro de; Silva, Pedro D.

    2009-01-01

    Energy is essential for present societies. In particular, transportation systems depend on petroleum-based fuels. That world oil production is set to pass a peak is now a reasonably accepted concept, although its date is far from consensual. In this work, we analyze the true expectations of the oil market participants about the future availability of this fundamental energy source. We study the evolution through time of the curves of crude oil futures prices, and we conclude that the market participants, among them the crude oil producers, already expect a near-term peak of oil production. This agrees with many technical predictions for the date of peak production, including our own, that point to peak dates around the end of the present decade. If this scenario is confirmed, it can cause serious social and economical problems because societies will have little time to perform the necessary adjustments

  8. Financial market pressure, tacit collusion and oil price formation

    International Nuclear Information System (INIS)

    Aune, Finn Roar; Rosendahl, Knut Einar; Mohn, Klaus; Osmundsen, Petter

    2010-01-01

    We explore a hypothesis that a change in investment behaviour among international oil companies (IOC) towards the end of the 1990s had long-lived effects on OPEC strategies, and on oil price formation. Coordinated investment constraints were imposed on the IOCs through financial market pressures for improved short-term profitability in the wake of the Asian economic crisis. A partial equilibrium model for the global oil market is applied to compare the effects of these tacitly collusive capital constraints on oil supply with an alternative characterised by industrial stability. Our results suggest that even temporary economic and financial shocks may have a long-term impact on oil price formation. (author)

  9. Near-term world oil markets : economics, politics and prices

    International Nuclear Information System (INIS)

    Dwarkin, J.

    2002-01-01

    This paper discusses the three main factors that will determine how OPEC oil production will impact on energy markets. OPEC reassured the market in September 2001, following the terrorist attack in New York that it would not cut oil production, but by December 2001, OPEC was threatening that it would cut production unless many key non-OPEC producers collaborated to shore up prices. On January 1, 2002, OPEC members went ahead with a quota reduction, based on pledges of cuts from the non-OPEC oil exporting countries. World economies, oil demand, and the path which the U.S. economy will take during 2002 is critical in determining what happens next in terms of oil production from OPEC. Another important factor is knowing whether non-OPEC producers will actually cut output to a significant extent. The most critical factor will be the response by OPEC members if non-OPEC exporting countries do not keep their promise

  10. Novel approach to assess local market power considering transmission constraints

    International Nuclear Information System (INIS)

    Li, Canbing; Xia, Qing; Kang, Chongqing; Jiang, Jianjian

    2008-01-01

    Market power (MP) assessment and mitigation affect the efficiency of the generation market. The traditional indices such as HHI and Lerner index can not express local market power, which caused by transmission constraints. Transmission constraints divide the market into some smaller parts. Some generators can abuse their MP in one part but not in the whole market. This paper describes a new approach to assess market power. The main contributions of the new method can be summarized as following. First, the concept of local market is developed, and the whole power system is divided into several local markets, as transmission congestions dividing the market. In the local markets, there are no transmission constraints so local market power does not exist. Then the local market power index (LMPI) is calculated according to market concentration, transmission constraints, and demand-supply ratio. Based on LMPI, the integrated local market power index which describes the whole picture of market can be obtained. It has been proved that the new approach can assess market power exactly, and identify the critical factor that results in market power and where generators are easy to exercise market power. The finding in this paper is helpful for market monitoring and mitigating market power. Moreover, the new index can be used to evaluate the power grid availability to generation competition and the power transmission expansion planning. (author)

  11. THE WORLD OIL MARKET – STATISTICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Alexandru AnaMaria

    2009-05-01

    Full Text Available For some countries the oil is the main source of income, while for others it represents the main raw material for energetic needs. Thus, the oil price has major influence on their economies and it is important for them that it stabilizes at a level profit

  12. A green certificate market combined with a liberalised power market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    2003-01-01

    The development of renewable energy sources is expected to play an important role in the implementation of greenhouse gas (GHG) reduction targets in the EU member states. Among the highly relevant instruments for promoting the renewable development is the establishment of a market for tradable green certificates (TGCs) and markets based on TGCs or equivalent instruments are already established a number of places, among these Australia, Holland, England, Italy and Texas. Other countries are in the preparation phase. Sweden and Belgium (Flanders) are moving fast towards certificate-schemes, while although an early mover the Danish Parliament has postponed the introduction in Denmark until 2004-2005. The initiatives for establishing national TGC-markets are very much in line with the fixed targets for renewable development launched by the EU-commission. Thus, although the different countries have not chosen the same concept for establishing national TGC-markets, nevertheless there seems to be a good starting point for establishing an international one. This paper discusses the separate introduction of an international tradable green certificate market into a liberalised power market, especially in relation to cost-effectiveness and the possible contributions to national GHG-reduction strategies. The combination of a TGC and a liberalised power market encounters a number of problems in relation to achieving national GHG-reduction targets. One of the main results from a three-country case study described in the paper is that those countries most ambitious in renewable target setting by increasing their TGC-quotas will only partly be gaining the CO 2 -reduction benefits themselves. How large a share they gain themselves will depend only on the marginal conditions at the spot market

  13. Power exchange game in the electricity market

    International Nuclear Information System (INIS)

    Pyykko, S.; Partanen, J.; Viljainen, S.; Lassila, J.; Honkapuro, S.; Tahvanainen, K.

    2006-01-01

    Since it is not economically reasonable to build parallel electricity networks, in Finland, Sweden, Norway and Denmark, electricity distribution is protected by monopoly. However, electricity production and selling have been opened up to competition by connecting the transmission networks of these countries together, and it is possible to produce electricity where it is cheapest. A common electricity power market, called Nord Pool, has been created where electricity can be bought, sold or used as an exchange product. In order to help students understand the operation of electricity markets and the use of different electricity exchange products, the Department of Electrical Engineering at Lappeenranta University developed a scheme in which the theory can be used in practice. In the scheme, students are given the responsibility to manage the electricity markets of power companies in order analyze, plan and make decisions, which are skills required on the open power markets. The paper provided an introduction to the electricity markets in Nordic countries and discussed Nord Pool and its products. Information about education at the Department of Electrical Engineering at Lappeenranta University of Technology was also presented. The paper also provided details of the power exchange scheme on the electricity markets. 6 refs., 17 figs

  14. Green power marketing. Volume 1

    International Nuclear Information System (INIS)

    Wiltshire, S.

    2005-01-01

    Selectpower Inc. is an unregulated affiliate of Guelph Hydro and was formed to market green energy alternatives. Details of their Selectwind program were reviewed in this presentation. The program is available to both individuals and organizations. Customers sign a 3 or 5 year agreement to purchase monthly blocks of wind energy at a premium of $6.53 per month, which is billed on their Hydro bill. Details of the program's business strategy and branding policy were presented. The program markets itself by using full page colour newspaper ads, direct mailing and making forms available at Selectpower retail stores, mall kiosks and community events. In addition, Selectwind leaders are profiled in Enernews, and also have a quarterly newsletter. An example of an order form was provided, as well as an outline of Selectwind educational materials and details of their quality assurance procedures, EcoLogo certification and guarantees. Fifty percent of customers currently buy more than 100 kWh per month, and several customers buy 100 per cent equivalent of their electricity use as Selectwind. Minimum Selectwind purchase is 1200 kWh per year with a 3 year contract. Approximately 100 MWh are purchased every month, and 3,607,494 kWh have been sold for the life of the contracts. Selectwind's combined emissions reduction commitments are 3,206 tonnes of CO 2 . It was observed that 45,000 Ontario customer using wind energy represented 6.2 MW of installed capacity. refs., tabs., figs

  15. The development of market power in the Spanish power generation sector: Perspectives after market liberalization

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Nasirov, Shahriyar; Silva, Carlos

    2016-01-01

    This paper provides a comprehensive analysis of the market power problem in the Spanish power generation sector and examines how and to which extent the market has developed in terms of market power concerns after the market liberalization reforms. The methodology applied in this study includes typical ex-post structural and behavioral measures employed to estimate potential for market power, namely: concentration ratios (CR) (for the largest and the three largest suppliers), the Herfindahl–Hirschman Index (HHI), Entropy, Pivotal Supply Index, the Residual Supply Index and Residual Demand Elasticity (RDE). The results are presented for the two largest Spanish generating companies (Endesa and Iberdrola) acting in the Iberian Electricity Market (MIBEL), and in the Spanish Day-ahead electricity market. The results show evidence that these companies have behaved much more competitively in recent periods than in the beginning of the market liberalization. In addition, the paper discusses important structural and regulatory changes through market liberalization processes in the Spanish Day-ahead electricity market. - Highlights: •Competition and regulation in the Spanish electricity market. •The methodology applied in this study: ex-post structural and behavioral measures. •Key dominant companies behaved more competitively in recent periods. •Important structural and regulatory changes in the Spanish electricity market.

  16. Nuclear power in competitive electricity markets

    International Nuclear Information System (INIS)

    2000-01-01

    Economic deregulation in the power sector raises new challenges for the prospects of nuclear power. A key issue is to assess whether nuclear power can be competitive in a de-regulated electricity market. Other important considerations include safety, nuclear liability and insurance, the nuclear power infrastructure, and health and environmental protection. This study, conducted by a group of experts from twelve OECD Member countries and three international organisations, provides a review and analysis of these issues, as related to both existing and future nuclear power plants. It will be of particular interest to energy analysts, as well as to policy makers in the nuclear and government sectors. (author)

  17. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  18. Photovoltaic energy in power market

    NARCIS (Netherlands)

    Ho, D.T.; Frunt, J.; Myrzik, J.M.A.

    2009-01-01

    Photovoltaic (PV) penetration in the grid connected power system has been growing. Currently, PV electricity is usually directly sold back to the energy supplier at a fixed price and subsidy. However, subsidies should always be a temporary policy, and will eventually be terminated. A question is

  19. Power market model with energy- and power dimension

    International Nuclear Information System (INIS)

    Johnsen, T.A.; Larsen, B.M.

    1995-01-01

    This report discusses a mathematical model of the Norwegian power market. The year is divided into three seasons. Each season is subdivided into a high-load period and a low-load period according to the demand. High-load occurs in daytime on workdays while low-load occurs at night and on holidays. The model is intended to be a tool for studying variations in prices, production, demand and trade throughout the year in a market of free competition. The model establishes equilibrium prices of electricity in Norway in high-load and low-load periods. Equilibrium prices with added transport tariffs and charges give customer an indication of the cost of using electricity. And the equilibrium prices indicate to the power producers the value of further energy or power capacity. Examples of calculations using the model show that extended export and import between Norway and other countries affect power prices and production in Norway. In the examples, power intensive industry and wood processing are subjected to market prices on energy. World market prices which give unilateral power export in the high-load periods cause the Norwegian power prices to rise strongly. If to the export from Norway in periods of high-load there corresponds import in periods of low-load, then the pressure on the prices in the power market is significantly reduced. A more extensive power exchange implies that foreign power producers may use the Norwegian power system to avoid large variations in their thermal power production. 23 refs., 21 figs., 1 tab

  20. Regime-switching stochastic volatility. Evidence from the crude oil market

    International Nuclear Information System (INIS)

    Vo, Minh T.

    2009-01-01

    This paper incorporates regime-switching into the stochastic volatility (SV) framework in an attempt to explain the behavior of crude oil prices in order to forecast their volatility. More specifically, it models the volatility of oil return as a stochastic volatility process whose mean is subject to shifts in regime. The shift is governed by a two-state first-order Markov process. The Bayesian Markov Chain Monte Carlo method is used to estimate the models. The main findings are: first, there is clear evidence of regime-switching in the oil market. Ignoring it will lead to a false impression that the volatility is highly persistent and therefore highly predictable. Second, incorporating regime-switching into the SV framework significantly enhances the forecasting power of the SV model. Third, the regime-switching stochastic volatility model does a good job in capturing major events affecting the oil market. (author)

  1. Green power marketing. Volume 1

    Energy Technology Data Exchange (ETDEWEB)

    Wiltshire, S. [Selectpower Inc., Guelph, ON (Canada)

    2005-07-01

    Selectpower Inc. is an unregulated affiliate of Guelph Hydro and was formed to market green energy alternatives. Details of their Selectwind program were reviewed in this presentation. The program is available to both individuals and organizations. Customers sign a 3 or 5 year agreement to purchase monthly blocks of wind energy at a premium of $6.53 per month, which is billed on their Hydro bill. Details of the program's business strategy and branding policy were presented. The program markets itself by using full page colour newspaper ads, direct mailing and making forms available at Selectpower retail stores, mall kiosks and community events. In addition, Selectwind leaders are profiled in Enernews, and also have a quarterly newsletter. An example of an order form was provided, as well as an outline of Selectwind educational materials and details of their quality assurance procedures, EcoLogo certification and guarantees. Fifty percent of customers currently buy more than 100 kWh per month, and several customers buy 100 per cent equivalent of their electricity use as Selectwind. Minimum Selectwind purchase is 1200 kWh per year with a 3 year contract. Approximately 100 MWh are purchased every month, and 3,607,494 kWh have been sold for the life of the contracts. Selectwind's combined emissions reduction commitments are 3,206 tonnes of CO{sub 2}. It was observed that 45,000 Ontario customer using wind energy represented 6.2 MW of installed capacity. refs., tabs., figs.

  2. Market Prices in a Power Market with more than 50% Wind Power

    DEFF Research Database (Denmark)

    Skytte, Klaus; Grohnheit, Poul Erik

    2018-01-01

    Denmark has the highest proportion of wind power in the world. Wind power provided a world record of 39.1% of the total annual Danish electricity consumption in 2014 with as much as 51.7% in Western Denmark. Many would argue that the present power markets are not designed for such high shares...... of wind power production and that it would be hard to get good and stable prices. However, analyses in this chapter show that the Nordic power market works, extreme events have been few, and the current infrastructure and market organization has been able to handle the amount of wind power installed so...... far. It is found that geographical bidding areas for the wholesale electricity market reflect external transmission constraints caused by wind power. The analyses in this chapter use hourly data from West Denmark—which has the highest share of wind energy in Denmark and which is a separate price area...

  3. Market Prices in a Power Market with more than 50% Wind Power

    DEFF Research Database (Denmark)

    Skytte, Klaus; Grohnheit, Poul Erik

    2017-01-01

    Denmark has the highest proportion of wind power in the world. Wind power provided a world record of 39.1% of the total annual Danish electricity consumption in 2014 with as much as 51.7% in Western Denmark. Many would argue that the present power markets are not designed for such high shares...... of wind power production and that it would be hard to get good and stable prices. However, analyses in this chapter show that the Nordic power market works, extreme events have been few, and the current infrastructure and market organization has been able to handle the amount of wind power installed so...... far. It is found that geographical bidding areas for the wholesale electricity market reflect external transmission constraints caused by wind power. The analyses in this chapter use hourly data from West Denmark—which has the highest share of wind energy in Denmark and which is a separate price area...

  4. The challenge of market power under globalization

    OpenAIRE

    David Arie Mayer-Foulkes

    2014-01-01

    The legacy of Adam Smith leads to a false confidence on the optimality of laissez faire policies for the global market economy. Instead, the polarized character of current globalization deeply affects both developed and underdeveloped economies. Current globalization is characterized by factor exchange between economies of persistently unequal development. This implies the existence of persistent extraordinary market power in transnational corporations, reflected in their disproportionate par...

  5. Oil market in the 1990s: implications for ESCWA countries

    International Nuclear Information System (INIS)

    Gault, J.; Karbassioun, B.

    1992-01-01

    This paper, prepared for the ESCWA Expert Group Meeting in Amman, Jordan, 20-23 November 1989, concerns the outlook for oil markets in the coming decade and the implications of certain market trends for the ESCWA countries, including both the energy exporting and energy importing members of ESCWA. It is argued that increasing oil consumption may well bring world oil production close to physical capacity before the end of the 1990s, thereby provoking an increase in real oil prices. It is further argued that the uncertainty surrounding this scenario is asymmetric; it is more likely that real oil prices will rise than that they will remain stable or fall. Other major trends, including enhanced worldwide concern for the environment and the bilateralization of world trade, also will affect ESCWA countries. The authors conclude that member countries should expand petroleum exploration activities, improve the operating efficiency of their national oil companies, bring domestic energy prices into line with world markets, expand natural gas development and marketing efforts, participate in multilateral trade negotiations, and expand co-ordination in all energy matters. (Author)

  6. Jump dynamics and volatility: Oil and the stock markets

    International Nuclear Information System (INIS)

    Chiou, Jer-Shiou; Lee, Yen-Hsien

    2009-01-01

    Our study distinguishes itself from the prior studies within the oil and financial literature by not only examining the asymmetric effects of oil prices on stock returns, but also exploring the importance of structure changes in this dependency relationship. We retrieve daily data on S and P 500 and West Texas Intermediate (WTI) oil transactions covering the period from 1 January 1992 to 7 November 2006, and then transform the available data into daily returns. In contrast to the extant literature, in this study, consideration of expected, unexpected and negative unexpected oil price fluctuations is incorporated into the model of stock returns; we also focus on the ways in which oil price volatility, as opposed to general macroeconomic variables, can influence the stock market. We go on to implement the ARJI (Autoregressive Conditional Jump Intensity) model with structure changes, from which we conclude that high fluctuations in oil prices have asymmetric unexpected impacts on S and P 500 returns. (author)

  7. Taxing the difference: World oil market projections 1994-2009

    International Nuclear Information System (INIS)

    Reinsch, A.E.; Considine, J.I.; MacKay, E.J.

    1994-01-01

    The likely impacts of key uncertainties affecting the oil market were assessed, and reference price path to aid industry and governments in their investment and policy decisions, was provided. The reference market outlook corresponded to an annual growth of around 1.5% and a price of $ 18.00 per barrel. The greatest weakness of the market projections were found to be the expected performance of petroleum product demand growth. There was strong evidence that governments of major oil consuming countries had taken action to weaken the response of petroleum product demand to declines in the crude price, by driving an ever increasing fiscal wedge between the crude price and the corresponding product prices.The outcome is an asymmetry in demand response to crude price movements. Incorporation of this asymmetry into the world oil market model could have some disturbing results: under the reference case market assumptions, continuation of this tax and pricing policy would not only eliminate the price gains projected, but move the oil price below current levels on a sustained basis. The study concluded that OPEC members and the governments of the major industrialized oil consuming countries should strive to reach an agreement to avoid catastrophic price instability. refs., tabs., figs

  8. Comment: Reluctance to trade a risky position in oil market

    International Nuclear Information System (INIS)

    Thomas, M.

    1995-01-01

    The oil industry is re-engineering, restructuring, down-sizing, etc. as part of a draconian effort to reduce costs and enhance profit margins. Benchmarking of corporate results against the competition is in vogue, with a view to challenging performance at every level of management. The bold can do attitude behind today's oil industry revolution in management grinds to a halt when the subject is oil trading. Mention speculation, oil pricing mechanisms, market risk-taking, or derivative instruments, and many in senior management and the corporate boardroom lapse into worried silence. When an oil company finishes restructuring and reconcentrating business direction, setting new investment and performance criteria, it is still left with the huge variable of price. Any corporate management that fails to act aggressively in the trading sector by pursuing the best possible oil price as a buyer or seller isn't living up to its responsibilities to shareholders. This article discusses market retreat, market imperfections, winners and losers, the decision to trade, developing a program and issues currently attracting oil industry attention

  9. Insurer Market Power Lowers Prices In Numerous Concentrated Provider Markets.

    Science.gov (United States)

    Scheffler, Richard M; Arnold, Daniel R

    2017-09-01

    Using prices of hospital admissions and visits to five types of physicians, we analyzed how provider and insurer market concentration-as measured by the Herfindahl-Hirschman Index (HHI)-interact and are correlated with prices. We found evidence that in the range of the Department of Justice's and Federal Trade Commission's definition of a moderately concentrated market (HHI of 1,500-2,500), insurers have the bargaining power to reduce provider prices in highly concentrated provider markets. In particular, hospital admission prices were 5 percent lower and cardiologist, radiologist, and hematologist/oncologist visit prices were 4 percent, 7 percent, and 19 percent lower, respectively, in markets with high provider concentration and insurer HHI above 2,000, compared to such markets with insurer HHI below 2,000. We did not find evidence that high insurer concentration reduced visit prices for primary care physicians or orthopedists, however. The policy dilemma that arises from our findings is that there are no insurer market mechanisms that will pass a portion of these price reductions on to consumers in the form of lower premiums. Large purchasers of health insurance such as state and federal governments, as well as the use of regulatory approaches, could provide a solution. Project HOPE—The People-to-People Health Foundation, Inc.

  10. Medium-Term Oil and Gas Markets 2011

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-06-16

    Oil and gas markets have been marked by an increased divergence in recent months. On the one hand, oil market developments have generated an unpleasant sense of deja vu: rapid demand growth in emerging markets eclipsed sluggish supply growth to push prices higher even before the conflict in Libya tightened supplies still further. Oil prices around $100/bbl are weighing down on an already-fragile macroeconomic and financial situation in the OECD, pressuring national budgets in the non-OECD and causing price inflation of other commodities, as well as political concerns about speculation. There is an uncanny resemblance to the first half of 2008. On the other hand, in the world of natural gas an amazing disconnect has developed as demand recovered to well above pre-financial-crisis levels in most major regions. Gas markets have tightened in Europe and Asia, where prices are about twice the level seen in the United States, as the unconventional gas revolution is in full swing. From the upstream implications of the Arab Spring to the macroeconomic consequences of the eurozone crisis, energy markets are experiencing one of the most uncertain periods in decades. This publication provides a comprehensive outlook for oil and gas fundamentals through 2016. The oil market analysis covers demand developments on a product-by-product and key-sector basis, as well as a detailed bottom-up assessment of upstream and refinery investments, trade flows, oil products supply and OPEC spare capacity. The gas market analysis offers a region-by-region assessment of demand and production, infrastructure investment, price developments and prospects for unconventional gas. It also examines the globalising LNG trade.

  11. Reactive power management and voltage control in deregulated power markets

    Science.gov (United States)

    Spangler, Robert G.

    The research that is the subject of this dissertation is about the management of reactive power and voltage support in the wholesale open access power markets in the United States (US). The purpose of this research is to place decisions about open access market structures, as they relate to reactive power and voltage control, on a logical and consistent economic basis, given the engineering needs of a commercial electric power system. An examination of the electricity markets operating in the US today reveals that current approaches to reactive power management and voltage support are extensions of those based on historical, regulated monopoly electric service. A case for change is built by first looking at the subject of reactive power from an engineering viewpoint and then from an economic perspective. Ultimately, a set of market rules for managing reactive power and voltage support is proposed. The proposal suggests that cost recovery for static and dynamic VARs is appropriately accomplished through the regulated transmission cost of service. Static VAR cost recovery should follow traditional rate recovery methodologies. In the case of dynamic VARs, this work provides a methodology based on the microeconomic theory of the firm for determining such cost. It further suggests that an operational strategy that reduces and limits the use of dynamic VARs, during normal operations, is appropriate. This latter point leads to an increase in the fixed cost of the transmission network but prevents price spikes and short supply situations from affecting, or being affected by, the reactive capability limitations associated with dynamic VARs supplied from synchronous generators. The rules are consistent with a market structure that includes competitive generation and their application will result in the communication of a clear understanding of the responsibilities, related to voltage control, of each type of market entity. In this sense, their application will contribute to

  12. Wind power and the conditions at a liberalized power market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    2003-01-01

    Wind power is undergoing a rapid development nationally as well as globally and in a number of countries covers an increasing part of the power supply. At the same time an ongoing liberalization of power markets is taking place and to an increasing extent the owners of wind power plants will themselves have to be responsible for trading the power at the spot market and financially handling the balancing. In the western part of Denmark (Jutland/Funen area), wind-generated power from time to time covers almost 100% of total power consumption. Therefore some examples are chosen from this area to analyse in more detail how well large amounts of wind power in the short-term are handled at the power spot market. It turns out that there is a tendency that more wind power in the system in the short run leads to relatively lower spot prices, while less wind power implies relatively higher spot prices, although, with the exception of December 2002, in general no strong relationship is found. A stronger relationship is found at the regulating market, where there is a fairly clear tendency that the more wind power produced, the higher is the need for down-regulation, and, correspondingly, the less wind power produced, the higher is the need for up-regulation. In general for the Jutland/Funen area the average cost of down-regulation is calculated as 1 2 c euros/kWh regulated for 2002, while the cost of up-regulation amounts to 0 7 c euros/kWh regulated. (author)

  13. Carbon Pricing, Power Markets and the Competitiveness of Nuclear Power

    International Nuclear Information System (INIS)

    2011-01-01

    This study assesses the competitiveness of nuclear power against coal- and gas-fired power generation in liberalized electricity markets with either CO 2 trading or carbon taxes. It uses daily price data for electricity, gas, coal and carbon from 2005 to 2010, which encompasses the first years of the European Emissions Trading System (EU ETS), the world's foremost carbon trading framework. The study shows that even with modest carbon pricing, competition for new investment in electricity markets will take place between nuclear energy and gas-fired power generation, with coal-fired power struggling to be profitable. The data and analyses contained in this study provide a robust framework for assessing cost and investment issues in liberalized electricity markets with carbon pricing. (authors)

  14. Global market trade policy analysis for petroleum oils and oils obtained from bituminous minerals, crude

    Directory of Open Access Journals (Sweden)

    Bagheri, F.

    2012-01-01

    Full Text Available This article is based on surveying the custom tariffs imposed on the world export market of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. We obtained the data according to the most updated available data provided online by UNCTAD and World Bank. The results indicate that none of the 142 countries in the world market of this product have imposed non-tariff trade barriers on the import of Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude. The developed countries and the countries with transition economies are the main world import partners. European Union, United States, China, Japan, South Korea, Canada, Singapore, Taiwan, Thailand, South Africa, Australia, Turkey, Brazil, Sweden and Belarus are the examples and have imposed low custom tariffs on Petroleum Oils and Oils Obtained from Bituminous Minerals, Crude.

  15. Prospect for the oil market as a consequence of the financial crisis

    International Nuclear Information System (INIS)

    Koppelaar, R.

    2008-11-01

    The Peak Oil Netherlands Foundation shines its light on the consequences of the financial crisis for the global oil market and the relation between oil prices and the credit crisis; short term supply and demand on the oil market; supply and demand of petroleum up to 2015; the volatility of the oil price and the meaning of volatility for the energy transition [mk] [nl

  16. Global warming and oil: Can nuclear power make a difference?

    International Nuclear Information System (INIS)

    Bodansky, D.

    1991-01-01

    A responsible energy policy, for the United States and the world, must address two needs: to restrain the rate of fossil fuel consumption, and to reduce the consumption of oil. Unless the first is accomplished, the world may experience major climate changes, some perhaps disastrous, from the buildup of carbon dioxide and other greenhouse gases. Unless the second is met, we face recurring threats of economic disruption and war, due to the dangerous concentration of the world's oil resources in the Persian Gulf region. Nuclear power has long been cited as a possible answer to these needs. Mr. Bodansky takes a fresh look at the contribution nuclear power could make, in the light of our increased awareness of global warming dangers and the renewed reminders of the instabilities of oil markets. He notes, however, that the basic objections to nuclear power remain. They are well-known, stemming from concerns about reactor safety, waste disposal, nuclear proliferation, and cost. These are old but continuing controversies, involving a tangle of technical, political, social, and economic issues. If nuclear power is to be revived, these concerns clearly must be addressed. 1 fig., 7 tabs

  17. The instability of world oil market and its impact on economic development: Indonesia's experience

    International Nuclear Information System (INIS)

    Patmosukismo, S.

    1991-01-01

    The world oil market has been characterized by fluctuating prices which have a direct impact on the world economy. If the world oil price rises in real terms, upstream activities become more attractive to producers, and if the price declines, downstream opportunities become more attractive. The world oil market is currently determined not only by producers and consumers, but also by the futures trade. In addition, the elasticity of oil prices has increased since the 1970s through competition among producers and competition from other energy sources. The Asia Pacific countries are experiencing rapid economic growth, and are thus heavily dependent on oil, but generally have small reserves. Their reserves/production ratio is ca 20 years, with a major share coming from China and Indonesia. The current situation of tight and inadequate supply may increase the region's dependence on Middle East sources. The effects of the three recent major oil crises on the Asia Pacific countries are reviewed and the role of oil and gas in Indonesia's economic development is described. Export earnings from oil and gas represent a major share of total Indonesian export revenues, and taxes and receipts from oil companies continue to be the largest receipts in Indonesian government revenues. Slow changes in the primary fuel mix and high growth in domestic consumption may turn Indonesia into a net oil importer before the year 2000. A major effort to decrease domestic oil consumption has been implemented by using natural gas and coal in the power generation sector. On the supply side, recoverable oil and gas reserves of 50 billion bbl and 200 trillion ft 3 respectively may be present but their development depends on the investment scheme of the continuing exploration program

  18. Environmental Assessment for power marketing policy for Southwestern Power Administration

    Energy Technology Data Exchange (ETDEWEB)

    1993-12-01

    Southwestern Power Administration (Southwestern) needs to renew expiring power sales contracts with new term (10 year) sales contracts. The existing contracts have been in place for several years and many will expire over the next ten years. Southwestern completed an Environmental Assessment on the existing power allocation in June, 1979 (a copy of the EA is attached), and there are no proposed additions of any major new generation resources, service to discrete major new loads, or major changes in operating parameters, beyond those included in the existing power allocation. Impacts from a no action plan, proposed alternative, and market power for less than 10 years are described.

  19. Environmental Assessment for power marketing policy for Southwestern Power Administration

    International Nuclear Information System (INIS)

    1993-01-01

    Southwestern Power Administration (Southwestern) needs to renew expiring power sales contracts with new term (10 year) sales contracts. The existing contracts have been in place for several years and many will expire over the next ten years. Southwestern completed an Environmental Assessment on the existing power allocation in June, 1979 (a copy of the EA is attached), and there are no proposed additions of any major new generation resources, service to discrete major new loads, or major changes in operating parameters, beyond those included in the existing power allocation. Impacts from a no action plan, proposed alternative, and market power for less than 10 years are described

  20. Power reserves in the end-user market

    International Nuclear Information System (INIS)

    Livik, K.; Mo, B.

    1994-10-01

    Based on a detailed modelling of the end-user electric power market it is evaluated how a selection of energy conservation efforts will affect Norway's system curve for the day of maximum power load. The analysis given in this report is based on empiric load data and statistical analyses of how changing simultaneity in power consumption by the end-users contribute to an aggregated effect on the maximum power of the system. The computer code PMAX was used for the simulation. The following efforts are considered: controlling water heaters in the housing sector, replacing electricity by oil for heating in the housing sector and in the service sector, implementation of temperature control with reduced temperature at night/day in the housing and service sectors, energy conservation in the service sector, heat recovery in the service sector. Transition from electricity to oil in heating is the effort which most strongly affects the energy consumption and power load on the day of peak power load. The discussion excludes energy-intensive industries, pumps and boilers. 11 refs., 16 figs., 6 tabs

  1. Testing efficiency and unbiasedness in the oil market

    International Nuclear Information System (INIS)

    Moosa, I.A.; Al-Loughani, N.

    1994-03-01

    This paper presents some empirical evidence on speculative efficiency or unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the WTI crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time-varying risk premium. (author)

  2. Islamic versus conventional stock market and its co-movement with crude oil: a wavelet analysis

    OpenAIRE

    Kamarudin, Eka Azrin; Masih, Mansur

    2015-01-01

    Crude oil market plays an important role in economic development and its price changes give huge impact to the financial markets. In this paper, the relationships between crude oil and stock markets are examined. This study has selected Malaysian Islamic and conventional stock markets as a case study. Financialisation of crude oil and its frequent inclusion into investment portfolios warrant an analysis of the relationship between crude oil and stock market indices at various time scales or i...

  3. The tenth CERI [Canadian Energy Research Institute] international oil and gas markets conference

    International Nuclear Information System (INIS)

    1991-01-01

    At a conference on oil and gas markets, papers were presented on oil market instability and its impact on economic development, international energy policy, oil supply and demand, natural gas liquids sales, world gas trade, gas markets in Europe and Asia, petroleum industry activities and their relation to government, oil refining and product market developments, and the North American natural gas market. Separate abstracts have been prepared for 25 papers from this conference

  4. 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)

  5. Financing power projects in emerging markets

    International Nuclear Information System (INIS)

    Matsumoto, G.T.

    1996-01-01

    Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)

  6. Canada in the world power market

    International Nuclear Information System (INIS)

    Anon.

    1980-01-01

    Canadian exports around the world are discussed. Canada is already playing a role, or has entered into an agreement with development of nuclear power in Argentina, South Korea, Romania and Mexico. Power generation projects are underway in parts of Asia, Africa and Pacific regions. Exports are taking place to Central and South America, Europe and the Middle East. Federal government assistance in the export market is also discussed. (T.I.)

  7. The World Oil Market: The Search for Balance in the New “Oil” Reality

    Directory of Open Access Journals (Sweden)

    Tatjiana A. Malova

    2016-01-01

    Full Text Available The article provides an analysis of change of the world oil market in the face of new "oil" reality. Factors of formation of new "oil" reality in the global world defined. Scientific background and current state of research of the problem are described. It is shownthat in the Russian and foreign literature the considerable attention is paid to the analysis of dynamics of the quantitative variables characterizing fluctuations and shocks in the oil market. At the same time the search for balance in the new "oil" reality are not considerably investigated yet. The proposed approach allows toreveal the substance of the transformation of the world oil market, to assess the changes in the oil market with the development of rhenium in terms of efficiency and functioning of the mechanism, the prospects of price volatility in the oil market. The main directions of transformation of the oil market are follows. Development of a subject basis of the oil market due to changes of a role of the main market players whose structure includes the USA, Saudi Arabia, Russia now. The impact of regulatory factors complex in the oil market towards equilibrium, which include activity of OPEC, supply of shale oil, future market,activity of the uniform regulator and national regulators. Transformation of the oil market in the direction of perfection of the competitive relations, achievement of optimum market balance as a result of coordination and interaction of interests of participants of the global oil market.

  8. Vertical integration as a source of market power

    Energy Technology Data Exchange (ETDEWEB)

    Phelps, J.H.

    1981-11-01

    This paper has put forward a theory of vertial integration where the ability of a group of firms to engage in noncompetitive pricing is increased by altering conjectural variations. An analysis of conditions faced by major oil companies at refining indicated little likelihood of market power, short of a complex, secret price fixing agreement. Vertical integration to branded retail outlets appears to have created the ability to price noncompetitively without overt collusion. More interesting for vertical policy are the results on non price rivalry where excess profits appear to have been turned into social costs.

  9. The market value of nuclear power

    International Nuclear Information System (INIS)

    Gupta, N.K.; Thompson, H.G. Jr.

    1999-01-01

    What are the factors and circumstances that have made some plants more valuable to others than to their original owners? What is currently keeping nuclear plants, with their relatively low operating cost and environmental impacts, at the bottom of the heap? Why will some nuclear plants have significantly higher market values in the future while others will fail? What circumstances are likely to change in the near future that could significantly alter this market? In this article, the authors address these questions and attempt to provide insights into the unique market for nuclear power. The authors will proceed by first introducing the components of generation asset valuation, then discussing recent experiences with the sales of non-nuclear and nuclear power plants. Next, the authors will provide some explanation for why non-nuclear assets are enjoying a robust market while the market for nuclear plants remains immature. Finally, the authors present an analysis of the future value of nuclear power and a view of one road to take to get there

  10. The market value of nuclear power

    Energy Technology Data Exchange (ETDEWEB)

    Gupta, N.K.; Thompson, H.G. Jr.

    1999-10-01

    What are the factors and circumstances that have made some plants more valuable to others than to their original owners? What is currently keeping nuclear plants, with their relatively low operating cost and environmental impacts, at the bottom of the heap? Why will some nuclear plants have significantly higher market values in the future while others will fail? What circumstances are likely to change in the near future that could significantly alter this market? In this article, the authors address these questions and attempt to provide insights into the unique market for nuclear power. The authors will proceed by first introducing the components of generation asset valuation, then discussing recent experiences with the sales of non-nuclear and nuclear power plants. Next, the authors will provide some explanation for why non-nuclear assets are enjoying a robust market while the market for nuclear plants remains immature. Finally, the authors present an analysis of the future value of nuclear power and a view of one road to take to get there.

  11. An equal opportunity power market

    International Nuclear Information System (INIS)

    Williams, P.L.

    1992-01-01

    As the House and Senate head to conference on the energy bill, the outlook for PUHCA reform and mandatory wholesale transmission access is excellent. During the opening months of 1991, the US Senate was debating the administration's proposal for a comprehensive national energy strategy. Reform of the Public Utilities Holding Company Act of 1935 (PUHCA) was a controversial issue in that debate. Independent energy producers and others strongly supported reform but investor-owned utilities were sharply split on the issue. The Senate refused to consider transmission access, and it was the one issue which had the potential to unite the investor-owned utility community in opposition to PUHCA reform. Now, as we approach the mid-point of 1992, the Senate and the House have passed energy bills and are headed to conference to work out their differences. There is no longer effective opposition to PUHCA reform, and although the Senate would still prefer to avoid the issue, transmission access appears likely to be included in the final energy package. Energy legislation will almost certainly be enacted before the November elections and was expected possibly as early as June. This article addresses transmission access, transmission policies, voluntary transmission, independent power producers influence, the retail wheeling juggernaut, and Public Utilities Holding Company Act reform

  12. Market risks and oilfield ownership - Refining oil and gas disclosures

    International Nuclear Information System (INIS)

    Kretzschmar, Gavin L.; Hatherly, David; Misund, Bard

    2007-01-01

    Market risk exposures of balance sheet asset values are becoming an increasingly important accounting issue. In oil and gas, oilfield exposures to oil prices are specific and contractual, presenting a contingency problem for investors, financial analysts, standard setting bodies and government agencies. Our paper uses an extensive sample of 292 oilfields to provide evidence that the US Securities and Exchange Commission (SEC) supplementary disclosures do not capture the price sensitivities of oil and gas disclosures implicit in the two main forms of oilfield ownership, concession and production sharing contracts (PSCs). Current asset disclosures neither distinguish between global variations in oilfield ownership terms, nor on market risk implications for the value of oilfield assets. Importantly, we show that unlike concessions, reserve and production disclosures vary in response to oil price movements for PSC regimes. Our results highlight the need to differentiate PSC disclosures from concession fields, and to fully reflect price risks implicit in oilfield ownership contracts. We extend findings by Rajgopal [1999. Early evidence on the informativeness of the SEC's market risk disclosures: the case of commodity price risk exposure of oil and gas producers. The Accounting Review 74, 251-280] and propose refinements to capture market risk in financial reporting. (author)

  13. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market...... are consistent across forward premium regressions and structural forward pricing models....

  14. Exploring oil market dynamics: a system dynamics model and microworld of the oil producers

    Energy Technology Data Exchange (ETDEWEB)

    Morecroft, J.D.W. [London Business School (United Kingdom); Marsh, B. [St Andrews Management Institute, Fife (United Kingdom)

    1997-11-01

    This chapter focuses on the development of a simulation model of global oil markets by Royal Dutch/Shell Planners in order to explore the implications of different scenarios. The model development process, mapping the decision making logic of the oil producers, the swing producer making enough to defend the intended price, the independents, quota setting, the opportunists, and market oil price and demand are examined. Use of the model to generate scenarios development of the model as a gaming simulator for training, design of the user interface, and the value of the model are considered in detail. (UK)

  15. Market: why is thermal solar power down?

    International Nuclear Information System (INIS)

    Le Jannic, N.

    2010-01-01

    After a 10 year period of steady growth the French market of the thermal solar power dropped by 15% in 2009. Only 265.000 m 2 were installed instead of 313.000 m 2 in 2008. The main reason of this decrease is the economic crisis: the European market for thermal solar energy dropped by 10%. The second reason is the unfair competition of the photovoltaic power that benefits from very favourable electricity purchase prices, from higher subsidies and from a better image in the public's eye. Another competitor on the market is the new equipment called 'thermodynamic water heater' that involves a heat pump, this equipment is cheaper but only on a short term basis. (A.C.)

  16. Empirical evaluation of the efficiency of the Iberian power futures market

    Directory of Open Access Journals (Sweden)

    Álvaro Capitán Herráiz

    2008-12-01

    Full Text Available Market efficiency is analysed for the Iberian Power Futures Market and other European Power Markets, as well as other fuel markets through evaluation of ex-post Forward Risk Premium. The equilibrium price from compulsory call auctions for distribution companies within the framework of the Iberian Power Futures Market is not optimal for remuneration purposes as it seems to be slightly upward biased, though such a premium is not significant (only around 2% above the average of Settlement Prices. In the period considered (August 2006 to September 2008, monthly futures contracts behave similarly to quarterly contracts. Average risk premia have been positive in power and natural gas markets but negative in oil and coal markets. Different hypotheses are tested regarding increasing volatility with maturity and regarding Forward Risk Premium correlations (negative with variance of spot prices during delivery period and positive with skewness of spot prices during delivery period. Enlarged data sets are recommended for stronger test results. Energy markets tend to show limited levels of market efficiency. Regarding the emerging Iberian Power Futures Market, price efficiency is improved with market development and with further integration of European Regional Power Markets.

  17. 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

  18. Alternative Fuels Data Center: Recycled Cooking Oil Powers Biodiesel

    Science.gov (United States)

    Vehicles in Vermont Recycled Cooking Oil Powers Biodiesel Vehicles in Vermont to someone by E -mail Share Alternative Fuels Data Center: Recycled Cooking Oil Powers Biodiesel Vehicles in Vermont on Facebook Tweet about Alternative Fuels Data Center: Recycled Cooking Oil Powers Biodiesel Vehicles in

  19. Panorama 2012 - The oil market in 2011 and forward trends

    International Nuclear Information System (INIS)

    Maisonnier, Guy

    2012-02-01

    Geopolitical tensions and economic uncertainties were the two forces that drove oil market trends in 2011. Revolutions in North Africa pushed the price of Brent crude to a record high of $111 bbl on average, despite a slowdown in the rate of global economic growth. 2012 could be fairly similar, with further economic decline and high oil prices ($100+) if the geopolitical context remains under strain. Going forward, an oil price that remains consistently above $100 bbl presents itself as an increasingly credible scenario. (author)

  20. Is oil supply choked by financial market pressures?

    International Nuclear Information System (INIS)

    Osmundsen, P.; Mohn, K.; Misund, B.; Asche, F.

    2007-01-01

    Since the late 1990s, financial analysts have focused strongly on short-term profitability for benchmarking and valuation of international oil and gas companies. The increasing pressure for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. The current high oil price is partly due to low exploration activity in the oil industry the last decade. We present and discuss the background for this development - based on previous academic research, industry trends and current valuation practices. An estimated econometric model of stock market valuation among oil and gas companies suggests that analysts and companies have put exaggerate weight on short-term earnings and accounting profitability. We therefore expect that the attention will shift back to long-term reserve and production growth. (author)

  1. Is oil supply choked by financial market pressures?

    International Nuclear Information System (INIS)

    Osmundsen, Petter; Mohn, Klaus; Misund, Bard; Asche, Frank

    2007-01-01

    Since the late 1990s, financial analysts have focused strongly on short-term profitability for benchmarking and valuation of international oil and gas companies. The increasing pressure for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. The current high oil price is partly due to low exploration activity in the oil industry the last decade. We present and discuss the background for this development-based on previous academic research, industry trends and current valuation practices. An estimated econometric model of stock market valuation among oil and gas companies suggests that analysts and companies have put exaggerate weight on short-term earnings and accounting profitability. We therefore expect that the attention will shift back to long-term reserve and production growth

  2. Future markets and the two dimensions of instability in commodity markets: The oil experience

    International Nuclear Information System (INIS)

    Calabre, S.

    1991-01-01

    Public opinion and the media often suggest that futures markets have made the price of oil more unstable than it otherwise should be. It is argued that short-term price instability, associated with the functioning commodity futures markets, must be distinguished from medium-term instability, associated with the processes that adjust supply and consumption. Futures markets appear to be price destabilizing at times, although they also facilitate the management of trade in oil. In the medium term, however, stability and instability are determined by the mechanisms that adjust production and consumption. 39 refs., 4 figs

  3. Local Buyer Market Power and Horizontally Differentiated Manufacturers

    OpenAIRE

    Wang, Shinn-Shyr; Rojas, Christian; Lavoie, Nathalie

    2010-01-01

    In this paper we study a farmer-processor relationship, where market power is bidirectional: processors have buyer as well as seller market power. Farmers supply a homogeneous raw input to the processors, which, in turn, process it into a horizontally differentiated product. The analysis shows that the spread between prices that both parties receive can be decomposed into two components: one due to buyer market power in the agricultural input market and one due to seller market power in the d...

  4. International technologies market for coal thermal power plants

    International Nuclear Information System (INIS)

    1998-01-01

    This paper reports a general framework of potential market of clean coal combustion technologies in thermal power plants, specially for commercialization and market penetration in developing countries [it

  5. Power generation investment in electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Most IEA countries are liberalizing their electricity markets, shifting the responsibility for financing new investment in power generation to private investors. No longer able to automatically pass on costs to consumers, and with future prices of electricity uncertain, investors face a much riskier environment for investment in electricity infrastructure. This report looks at how investors have responded to the need to internalize investment risk in power generation. While capital and total costs remain the parameters shaping investment choices, the value of technologies which can be installed quickly and operated flexibly is increasingly appreciated. Investors are also managing risk by greater use of contracting, by acquiring retail businesses, and through mergers with natural gas suppliers. While liberalization was supposed to limit government intervention in the electricity market, volatile electricity prices have put pressure on governments to intervene and limit such prices. This study looks at several cases of volatile prices in IEA countries' electricity markets, and finds that while market prices can be a sufficient incentive for new investment in peak capacity, government intervention into the market to limit prices may undermine such investment

  6. Japan's oil market and refining sector

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    2002-01-01

    The present economic situation in Japan is discussed. In particular, the focus is on fluctuations in oil product demand, imports of crude oil, and the refining industry. Throughout the 1990s, Japan was plagued by a volatile economy and the new millennium has shown no improvement. A prolonged recession means that the country now has little confidence in its leaders and its institutions, consumer confidence is low and asset values have deflated. Due to a low birth rate and long life expectancy, the population is aging and this means lower savings rates. The contrast between the present situation and the so-called economic miracle once enjoyed by the Japanese is hard to accept, but despite all this, the Japanese lifestyle and economy are to be envied

  7. New wholesale power market design using linked forward markets :

    Energy Technology Data Exchange (ETDEWEB)

    Silva Monroy, Cesar Augusto; Loose, Verne William; Ellison, James F.; Elliott, Ryan Thomas; Byrne, Raymond Harry; Guttromson, Ross; Tesfatsion, Leigh S.

    2013-04-01

    This report proposes a reformulation of U.S. ISO/RTO-managed wholesale electric power mar- kets for improved reliability and e ciency of system operations. Current markets do not specify or compensate primary frequency response. They also unnecessarily limit the participation of new technologies in reserve markets and o er insu cient economic inducements for new capacity invest- ment. In the proposed market reformulation, energy products are represented as physically-covered rm contracts and reserve products as physically-covered call option contracts. Trading of these products is supported by a backbone of linked ISO/RTO-managed forward markets with planning horizons ranging from multiple years to minutes ahead. A principal advantage of this reformulation is that reserve needs can be speci ed in detail, and resources can o er the services for which they are best suited, without being forced to conform to rigid reserve product de nitions. This should improve the business case for electric energy storage and other emerging technologies to provide reserve. In addition, the facilitation of price discovery should help to ensure e cient energy/reserve procurement and adequate levels of new capacity investment.

  8. Real-time Pricing in Power Markets

    DEFF Research Database (Denmark)

    Boom, Anette; Schwenen, Sebastian

    We examine welfare e ects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with nal consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction...... to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power...

  9. Real-time Pricing in Power Markets

    DEFF Research Database (Denmark)

    Boom, Anette; Schwenen, Sebastian

    We examine welfare eects of real-time pricing in electricity markets. Before stochastic energy demand is known, competitive retailers contract with nal consumers who exogenously do not have real-time meters. After demand is realized, two electricity generators compete in a uniform price auction...... to satisfy demand from retailers acting on behalf of subscribed customers and from consumers with real-time meters. Increasing the number of consumers on real-time pricing does not always increase welfare since risk-averse consumers dislike uncertain and high prices arising through market power...

  10. Oil markets to 2010: the impact of non-Opec oil

    International Nuclear Information System (INIS)

    Enav, Peter

    1998-09-01

    This report provides an in-depth assessment of oil development scenarios in every non-Opec oil producing country from 1998 to 2010, in addition to evaluating the extent and direction of future oil trade for Opec and non-Opec countries alike. It re-assesses world oil consumption patterns in light of the Asian financial crisis, providing a concise yet comprehensive coverage of an often-neglected oil production group. The oil market development scenario is analysed in each country, with detailed consideration of the major players providing historical production, consumption, import and export data; current oil balance - production, imports and exports; an assessment of oil development policy; analysis of potential development obstacles considering regulatory, financial, political and environmental issues; oil production and consumption projections to 2010, by type; and import and export projections to 2010, by destination and source. More than 80 tables supplying essential statistics on the world's non-Opec markets accompany the report, with maps and schematic diagrams showing existing and potential infrastructure and fields. (Author)

  11. Power system models - A description of power markets and outline of market modelling in Wilmar

    International Nuclear Information System (INIS)

    Meibom, P.; Morthors, P.E.; Nielsen, L.H.; Weber, C.; Snader, K.; Swider, D.; Ravn, H.

    2003-12-01

    This report is Deliverable 3.2 of the Wilmar project. The report describes the power markets in the Nordic countries and Germany, together with the market models to be implemented in the Wilmar Planning model-ling tool developed in the project. (au)

  12. The economy of palm oil production and marketing in Igala land ...

    African Journals Online (AJOL)

    The economy of palm oil production and marketing in Igala land. ... Palm oil processing and marketing constituted one of the major occupations of the people as men, women and even the young ones ... EMAIL FULL TEXT EMAIL FULL TEXT

  13. 18 CFR 284.503 - Market-power determination.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Market-power determination. 284.503 Section 284.503 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY... RELATED AUTHORITIES Applications for Market-Based Rates for Storage § 284.503 Market-power determination...

  14. Market Penetration Simulation of Hydrogen Powered Vehicles in Korea

    International Nuclear Information System (INIS)

    Eunju Jun; Yong Hoon, Jeong; Soon Heung, Chang

    2006-01-01

    As oil price being boosted, hydrogen has been considered to be a strong candidate for the future energy carrier along with electricity. Although hydrogen can be produced by many energy sources, carbon-free sources such as nuclear and renewable energy may be ideal ones due to their environmental friendliness. For the analysis of hydrogen economy, the cost and market penetration of various end-use technologies are the most important factors in production and consumer side, respectively. Particularly, hydrogen powered vehicle is getting more interests as fuel cell technologies are developed. In this paper, the hydrogen powered vehicle penetration into the transportation market is simulated. A system dynamic code, Vensim, was utilized to simulate the dynamics in the transportation, assuming various types of vehicle such as gasoline, hybrid electricity and hydrogen powered. Market shares of each vehicle are predicted by using currently available data. The result showed that hydrogen era will not be bright as we think. To reach the era of hydrogen fuel cell cost should be reduced dramatically. And if the hydrogen cost which includes both operating and capital cost reaches to a $0.16 per kilometer, hydrogen portion can be a 50 percent in the transportation sector. However, if strong policy or subsidy can be given, the result will be changed. [1] (authors)

  15. Market for oil and gas assets defined in survey

    International Nuclear Information System (INIS)

    Taggart, L.; Murry, D.A.

    1991-01-01

    This paper reports that hundreds of companies are currently active in the oil and gas acquisition and disposition marketplace, but unfortunately, the entire sale process within the industry continues to operate inefficiently. The mechanism for selling oil and gas properties in this secondary market - as used here, a term that excludes initial investments in oil and gas assets and sales of drilling program shares - is sort of catch-as-catch- can. Identifying who is seeking what type of property at any time is difficult, bordering on guesswork. A recent survey of 186 company representatives and individuals, who declared themselves as in the market, disclosed some of this information at a point in time

  16. The dynamic linkages between crude oil and natural gas markets

    International Nuclear Information System (INIS)

    Batten, Jonathan A.; Ciner, Cetin; Lucey, Brian M.

    2017-01-01

    The time varying price spillovers between natural gas and crude oil markets for the period 1994 to 2014 are investigated. Contrary to earlier research, we show that in a large part of our sample the natural gas price leads the price of crude oil with price spillover effects lasting up to two weeks. This result is robust to a battery of tests including out-of-sample forecasting exercises. However, after 2006, we detect little price dependencies between these two energy commodities. These findings arise due to a conjunction of both demand and supply-side shocks arising from both natural and economic events, including Hurricane Katrina, the Tohoku earthquake and the Global Financial Crisis, as well as infrastructure and technological improvements. The increased use of new technologies such as hydraulic fracking for the extraction of gas and oil in particular affected supply in the latter part of the study. We conclude that the long term relation present in the early part of the sample has decoupled, such that price determination of these two energy sources is now independent. - Highlights: • Contrary to earlier research we find natural gas may lead crude oil prices over a long sample. • This finding holds in forecasting out of sample. • There may be a break in the relationship between oil and gas in 2006. • We suggest that new technologies and financial conditions have led to a decoupling of these markets. • Oil and natural gas prices may now be determined independently.

  17. The fluctuations in oil prices in the OPEC countries and the impact on the world oil market

    Directory of Open Access Journals (Sweden)

    Buryanova N.V.

    2017-08-01

    Full Text Available the article examines the issues of influence of OPEC countries on the international oil market. Also, the author analyzes the state of the oil market and fluctuations in oil prices at the macroeconomic level for 2011–2016.

  18. Catching the Brass Ring: Oil Market Diversification Potential for Canada

    Directory of Open Access Journals (Sweden)

    Michal C. Moore

    2011-12-01

    Full Text Available This paper examines the nature and structure of the Canadian oil export market in the context of world prices for heavy crude oil and the potential price differential available to Canadian producers gaining access to new overseas markets. Success in this arena will allow Canada to reap incredible economic benefits. For example, the near term benefits for increased access to Gulf Coast markets after mid-continent bottlenecks are removed, are significant, representing nearly 10$ US per barrel for Canadian producers. On the Pacific Coast, the world market is represented by growing capacity for heavy crude products in emerging Asian markets including Japan, Korea and China and existing heavy crude facilities in California and the west coast. Here, in the reference scenario for California and Asia the benefits are assumed to begin in 2020. The differential value range in California in 2020 is estimated at $7.20US per barrel and escalates to $8.77US by 2030. In Asia, the benefit range is estimated to grow from $11.15US per barrel in 2020 to $13.60US in 2030. Those higher prices for Canadian heavy oil would translate into significant increases in profits, jobs and government revenues. With better access and new pipeline capacity, oil producers will see more efficient access to international markets which can add up to $131 billion to Canada’s GDP between 2016 and 2030 in the reference scenario. This amounts to over $27 billion in federal, provincial and municipal tax receipts, along with an estimated 649,000 person-years of employment. Alberta will be the principal but not sole beneficiary from increased access to world market pricing. Most provinces and territories will realize fiscal and economic gains from the distribution and sale of products reflecting reduced costs and increased access to refineries for heavy oil. The key to this change is the elimination of current bottlenecks in transport and the expansion of a network of pipelines that can

  19. 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.

  20. Modelling the world oil market: Assessment of a quarterly econometric model

    International Nuclear Information System (INIS)

    Dees, Stephane; Karadeloglou, Pavlos; Kaufmann, Robert K.; Sanchez, Marcelo

    2007-01-01

    This paper describes a structural econometric model of the world oil market that can be used to analyse oil market developments and risks. Oil demand depends on domestic economic activity and the real price of oil. Oil supply for non-OPEC producers, based on competitive behaviours, is constrained by geological and institutional conditions. Oil prices are determined by a 'price rule' that includes market conditions and OPEC behaviour. Policy simulations indicate that oil demand and non-OPEC supply are rather inelastic to changes in price, while OPEC decisions about quota and capacity utilisation have a significant, immediate impact on oil prices

  1. Oil and nuclear power: Past, present, and future

    International Nuclear Information System (INIS)

    Toth, Ferenc L.; Rogner, Hans-Holger

    2006-01-01

    The relationship between oil and nuclear energy in the global energy scene over the past 50 years is analysed. The former nuclear-oil product competition in power generation and various end-use markets is found to have transformed into a complementary relationship. Current concerns associated with both energy sources and related technologies, including price volatility, supply security, geopolitical sensitivity, depletion alarms, and environmental pollution issues for oil, economic performance, operational safety, proliferation, terrorism, radioactive waste disposal, and the resulting public acceptance for nuclear are examined as determinants of their future roles in the world energy balance. An assessment of the long-term prospects for oil and nuclear energy is presented at the scale of a century to support further economic and energy policy analyses. It is the first in-depth study of global energy projections based on a comparative examination of long-term socio-economic scenarios and their coordinated quantifications by a set of integrated energy-economy models

  2. Electricity market competition and nuclear power

    International Nuclear Information System (INIS)

    Varley, C.; Paffenbarger, J.

    1999-01-01

    Throughout the world, the Organization for Economic Cooperation and Development (OECD) member countries' governments are promoting competitive electricity markets. In particular, there is a move away from administrative price-setting by government institutions to market price-setting through the introduction of competition. Today this is often focused on competition in generation. However, competition among final electricity suppliers and distributors to provide effective consumer choice is a further step that governments are likely to pursue as experience with market reform grows. This competitive environment will undoubtedly impact upon the nuclear generation industry. Competition will provide an opportunity to reinvigorate nuclear power; it will improve the transparency of energy policy-making and the policy framework for nuclear power; it will spur innovation in existing plants and help prospects for new plant build; and provide a strong impetus for cost reduction and innovation. This paper discusses these issues in detail. It looks at the potential benefits and challenges to the nuclear generation industry arising from an increasingly competitive market. (author)

  3. Perspectives of the electric power industry amid the transforming global power generation markets

    Science.gov (United States)

    Makarov, A. A.; Mitrova, T. A.; Veselov, F. V.; Galkina, A. A.; Kulagin, V. A.

    2017-10-01

    A scenario-based prognosis of the evolution of global power generation markets until 2040, which was developed using the Scaner model-and-information complex, was given. The perspective development of fuel markets, vital for the power generation industry, was considered, and an attempt to predict the demand, production, and prices of oil, gas, coal, and noncarbon resources across various regions of the world was made. The anticipated decline in the growth of the global demand for fossil fuels and their sufficiency with relatively low extraction expenses will maintain the fuel prices (the data hereinafter are given as per 2014 prices) lower than their peak values in 2012. The outrunning growth of demand for electric power is shown in comparison with other power resources by regions and large countries in the world. The conditions of interfuel competition in the electric power industry considering the changes in anticipated fuel prices and cost indicators for various power generation technologies were studied. For this purpose, the ratios of discounted costs of electric power production by new gas and coal TPPs and wind and solar power plants were estimated. It was proven that accounting the system effects (operation modes, necessary duplicating and reserving the power of electric power plants using renewable energy sources) notably reduces the competitiveness of the renewable power industry and is not always compensated by the expected lowering of its capital intensity and growth of fuel for TPPs. However, even with a moderate (in relation to other prognoses) growth of the role of power plants using renewable energy sources, they will triple electric power production. In this context, thermal power plants will preserve their leadership covering up to 60% of the global electric power production, approximately half using gas.

  4. Markets and pricing for interruptible electric power

    International Nuclear Information System (INIS)

    Gedra, T.W.; Varaiya, P.P.

    1993-01-01

    The authors propose a market for interruptible, or callable, forward contracts for electric power, in which the consumer grants the power supplier the right to interrupt a given unit of load in return for a price discount. The callable forward contracts are traded continuously until the time of use. This allows recourse for those customers with uncertain demand, while risk-averse consumers can minimize their price risk by purchasing early. Callable forward contracts are simple in form, and can be directly incorporated into the utility's economic dispatch procedure

  5. An analysis of price and volatility transmission in butter, palm oil and crude oil markets

    Directory of Open Access Journals (Sweden)

    Dennis Bergmann

    2016-11-01

    Full Text Available Abstract Recent changes to the common agricultural policy (CAP saw a shift to greater market orientation for the EU dairy industry. Given this reorientation, the volatility of EU dairy commodity prices has sharply increased, creating the need to develop proper risk management tools to protect farmers’ income and to ensure stable prices for processors and consumers. In addition, there is a perceived threat that these commodities may be replaced by cheaper substitutes, such as palm oil, as dairy commodity prices become more volatile. Global production of palm oil almost doubled over the last decade while butter production remained relatively flat. Palm oil also serves as a feedstock for biodiesel production, thus establishing a new link between agricultural commodities and crude oil. Price and volatility transmission effects between EU and World butter prices, as well as between butter, palm oil and crude oil prices, before and after the Luxembourg agreement, are analysed. Vector autoregression (VAR models are applied to capture price transmission effects between these markets. These are combined with a multivariate GARCH model to account for potential volatility transmission. Results indicate strong price and volatility transmission effects between EU and World butter prices. EU butter shocks further spillover to palm oil volatility. In addition, there is evidence that oil prices spillover to World butter prices and World butter volatility.

  6. The Canadian oil market: Annual review for 1993

    International Nuclear Information System (INIS)

    1994-07-01

    An overview is provided of the salient features of the Canadian oil market for 1993. This is the first annual version of the review; previous reviews (1986 to March 1993) were published quarterly. Statistics and discussion are given for refined petroleum product demand, drilling and exploration activity, crude oil supply and disposition, major oil pipelines, refinery activity, crude oil and petroleum product stocks, crude oil prices, and refined petroleum product prices. In 1993, demand for refined products continued to slowly recover against a background of generally stable prices. Drilling activity nearly doubled from 1992, due to such factors as royalty relief, rising demand, improved prices, and lower interest rates. Crude oil production rose nearly 10% over the last two years, with most of the rise occurring in 1993, and imports in 1993 reached their highest level in 15 years. Deliveries of crude to Canadian refineries rose in almost all regions. Half of Canadian crude production was exported, and the 1993 oil trade surplus reached a record $3.4 billion. Monthly Interprovincial PipeLines apportionment levels reached record highs in 1993. Refinery rationalization continued and capacity fell 6%, raising average refinery utilization to 84%. The price of Canadian sweet crude declined 7% to a five-year low. 45 figs., 9 tabs

  7. Marketing genetic tests: empowerment or snake oil?

    Science.gov (United States)

    Bowen, Deborah J; Battuello, Kathryn M; Raats, Monique

    2005-10-01

    Genetic tests are currently being offered to the general public with little oversight and regulation as to which tests are allowed to be sold clinically and little control over the marketing and promotion of sales and use. This article provides discussion and data to indicate that the general public holds high opinions of genetic testing and that current media outlets for public education on genetic testing are not adequate to increase accurate knowledge of genetics. The authors argue that more regulation is needed to control and correct this problem in the United States.

  8. Crude oil and stock markets. Stability, instability, and bubbles

    International Nuclear Information System (INIS)

    Miller, J. Isaac; Ratti, Ronald A.

    2009-01-01

    We analyze the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors. Allowing for endogenously identified breaks in the cointegrating and error correction matrices, we find evidence for breaks after 1980:5, 1988:1, and 1999:9. There is a clear long-run relationship between these series for six OECD countries for 1971:1-1980.5 and 1988:2-1999.9, suggesting that stock market indices respond negatively to increases in the oil price in the long run. During 1980.6-1988.1, we find relationships that are not statistically significantly different from either zero or from the relationships of the previous period. The expected negative long-run relationship appears to disintegrate after 1999.9. This finding supports a conjecture of change in the relationship between real oil price and real stock prices in the last decade compared to earlier years, which may suggest the presence of several stock market bubbles and/or oil price bubbles since the turn of the century. (author)

  9. Market study on the oil and petroleum industry in Mexico

    International Nuclear Information System (INIS)

    1991-01-01

    The historical background of the Mexican petroleum industry is outlined and an overview is presented of the state of the Mexican economic environment. The Mexican market for oil and gas field equipment is estimated, with a focus on the oil monopoly PEMEX. The total imports of oil and gas field equipment are estimated to increase to US$280.4 million in 1992, and the most important foreign suppliers are led by the USA, which has a 72% share. Canadian exports of oil and gas field equipment have remained fairly stable during the last few years at $2.4-2.7 million. In general, prospects for Canadian suppliers to the Mexican market are best in the area of technologically sophisticated equipment. An end-user profile of PEMEX is presented, noting that it is the largest enterprise in Latin America and had $14.2 billion in sales in 1989. Equipment imported by PEMEX includes seamless steel pipe, drilling tools, gate and control valves, electric motors, processing and control equipment, steam and gas turbines, and telecommunications equipment. PEMEX activities in 1989 are reviewed, including those in the petrochemical sector, and projected activities are described. Major efforts planned by PEMEX include expansion of petrochemical production. Access to the Mexican market is discussed in terms of PEMEX purchasing policy, payment system, import requirements, the need for using a supplier agent, and use of the metric system and other standards. 6 figs., 2 tabs

  10. False security: the effects of long-term oil supply disruptions in a slack oil market

    Energy Technology Data Exchange (ETDEWEB)

    Kah, M; Kruvant, W J

    1984-01-01

    The authors contention that the US should continue to be concerned about energy emergency preparedness, in the event of a long-term disruption of oil supplies, despite current slack economic conditions on the international market is outlined. One quarter of the world's total supply still comes from politically volatile areas of North Africa and the Middle East, and although oil imports have fallen off, the US is still vulnerable.

  11. Electric power geneation and other gas market opportunities

    International Nuclear Information System (INIS)

    Lucy, M.S.

    1991-01-01

    The future market for natural gas in the northeast USA is discussed. A strong market demand for natural gas is foreseen to continue because of the need for clean burning electric generation facilities and the low saturation of overall natural gas use in the northeast. Although total gas sales increased 30% in the northeast from 1978 to 1989, and conversion of commercial businesses and houses to natural gas use is increasing, the northeast still remains highly dependent on oil as an energy source. For example, nearly 60% of all the oil used to generate electricity and ca 70% of all the home heating oil used the USA is burned in the northeast. The northeast currently receives ca 4.3 billion ft 3 /d of gas, 80% from Louisiana and Texas. With the addition of a number of pipeline projects, another 4.2 billion ft 3 /d will be added by 1992. Power demand is growing, and many New England generation plants are 30 years old or more and in need of upgrading. Natural gas is the fuel of choice for new installations because of pollution regulations, low capital costs, competitive gas pricing, and other factors. A recent report projects that ca 68% of the planned cogeneration capacity in New England will be fuelled by natural gas, requiring an additional 200.7 billion ft 3 /d in the northeast. Another market with strong potential for continued growth is the residential sector, where only 61% of households with gas service use gas for heating. Natural gas vehicle development is being stimulated by mandates for alternative fuelled vehicle fleets; an increase in gas demand of 600 billion ft 3 by 2005 is projectd, based on increased use of natural gas vehicles. 2 figs., 6 tabs

  12. Preference for olive oil consumption in the Spanish local market

    Energy Technology Data Exchange (ETDEWEB)

    Bernabéu, R.; Díaz, M.

    2016-07-01

    It is becoming ever more important for the olive oil industry in Spain to adopt a business strategy based on client orientation. In this sense, the objective of this paper is to identify the preferences of olive oil consumers and propose a series of business strategies for the producing sector. The methodology consisted in a survey of 404 olive oil consumers during the months of January and February 2013, whose preferences were determined through several multivariate techniques (conjoint analysis, consumer segmentation and a simulation of market share). The preferred olive oil is low priced, extra virgin and organic. The type of bottle does not appear to be relevant in the buying decision process, although it might be a factor in increasing market share. The current economic crisis has resulted in the emergence of two consumer segments; 67.1% of consumers selected the olive oil they buy on the basis of price and 32.9% were guided by the product’s specific attributes, which include, for example, organic production, which can be another differentiating element for producing companies.

  13. Preference for olive oil consumption in the Spanish local market

    International Nuclear Information System (INIS)

    Bernabéu, R.; Díaz, M.

    2016-01-01

    It is becoming ever more important for the olive oil industry in Spain to adopt a business strategy based on client orientation. In this sense, the objective of this paper is to identify the preferences of olive oil consumers and propose a series of business strategies for the producing sector. The methodology consisted in a survey of 404 olive oil consumers during the months of January and February 2013, whose preferences were determined through several multivariate techniques (conjoint analysis, consumer segmentation and a simulation of market share). The preferred olive oil is low priced, extra virgin and organic. The type of bottle does not appear to be relevant in the buying decision process, although it might be a factor in increasing market share. The current economic crisis has resulted in the emergence of two consumer segments; 67.1% of consumers selected the olive oil they buy on the basis of price and 32.9% were guided by the product’s specific attributes, which include, for example, organic production, which can be another differentiating element for producing companies.

  14. Preference for olive oil consumption in the Spanish local market

    Directory of Open Access Journals (Sweden)

    Rodolfo Bernabéu

    2016-12-01

    Full Text Available It is becoming ever more important for the olive oil industry in Spain to adopt a business strategy based on client orientation. In this sense, the objective of this paper is to identify the preferences of olive oil consumers and propose a series of business strategies for the producing sector. The methodology consisted in a survey of 404 olive oil consumers during the months of January and February 2013, whose preferences were determined through several multivariate techniques (conjoint analysis, consumer segmentation and a simulation of market share. The preferred olive oil is low priced, extra virgin and organic. The type of bottle does not appear to be relevant in the buying decision process, although it might be a factor in increasing market share. The current economic crisis has resulted in the emergence of two consumer segments; 67.1% of consumers selected the olive oil they buy on the basis of price and 32.9% were guided by the product’s specific attributes, which include, for example, organic production, which can be another differentiating element for producing companies.

  15. The oil and gas equipment and services market in Nigeria

    International Nuclear Information System (INIS)

    2003-01-01

    The oil and gas market in Nigeria is being expanded by the Nigerian government over the 2003-2010 period through increased exploration and production (E and P) in new areas. Other measures being implemented are the improvements of structural flaws that hamper industry growth, the modernization of the weak downstream sector, and attempts to attract foreign investment and technologies required for petroleum development. In 2001, it was estimated that the market for oil and gas equipment in Nigeria was approximately 1.03 billion dollars, and is expected to reach 1.15 billion dollars in 2002. In deep-sea areas, major offshore E and P projects are being planned by large oil multinationals. The implementation of several gas-related E and P operations and major liquefied natural gas (LNG) and gas-to-liquid (GTL) projects are being supported by the government of Nigeria to develop the natural gas sector. Onshore and offshore exploration, surveying and geophysical prospecting, drilling equipment, facilities maintenance, deepwater E and P, equipment for LNG/GTL facilities, enhanced recovery equipment and services, gas re-injection technology, pipelines, and the refinery sector are all areas where Canadian equipment and service suppliers could benefit from opportunities in Nigeria. One of the most prominent foreign player in the Nigerian market is Royal Dutch Shell. As far as the offshore deepwater E and P sub-sector, the three major players are Shell, ChevronTexaco, and ExxonMobil. The Nigerian government advocate in upstream and downstream oil industries in the country is Nigeria National Petroleum Corporation (NNPC). The primary domestic end-users of oil and gas equipment and services are member companies of the Nigerian Association of Indigenous Petroleum Exploration Companies (NAIPEC). Canadian companies are encouraged to form joint venture partnerships in oil and gas projects, as foreign majors operating in Nigeria tend to rely on the skills and expertise of foreign

  16. The effect of global oil price shocks on China's metal markets

    International Nuclear Information System (INIS)

    Zhang, Chuanguo; Tu, Xiaohua

    2016-01-01

    This paper investigated the impacts of global oil price shocks on the whole metal market and two typical metal markets: copper and aluminum. We applied the autoregressive conditional jump intensity (ARJI) model, combining with the generalized conditional heteroscedasticity (GRACH) method, to describe the volatility process and jump behavior in the global oil market. We separated the oil price shocks into positive and negative parts, to analyze whether oil price volatility had symmetric impacts on China’s metal markets. We further used the likelihood ratio test to examine the symmetric effect of oil price shocks. In addition, we considered the jump behavior in oil prices as an input factor to investigate how China’s metal markets are affected when jumps occur in the global oil market, in contrast to the existing research paying little attention to this issue. Our results indicate that crude oil price shocks have significant impacts on China's metal markets and the impacts are symmetric. When compared with aluminum, copper is more easily affected by oil price shocks. - Highlights: • We investigated the effect of oil price shocks on China’s metal markets. • The oil price shocks had significant impacts on China's metal markets • The oil price shocks on China's metal markets were symmetric. • Copper is more easily affected by oil price shocks than aluminum.

  17. How does market concern derived from the Internet affect oil prices?

    International Nuclear Information System (INIS)

    Guo, Jian-Feng; Ji, Qiang

    2013-01-01

    Highlights: • The impact of market concern derived from the Web on oil volatility is analysed. • It has an equilibrium relationship between oil prices and long-run market concern. • The short-run market concerns have an asymmetric influence on oil price volatility. • The Internet can exaggerate the impact of information shocks on oil price. - Abstract: With the acceleration of oil marketisation and the rapid development of electronic information carriers, external information shocks can be easily and quickly transmitted to the oil market through the Internet. This paper analyses the impact of short- and long-run market concerns, derived from search query volumes in Google for different domains around the oil market on oil volatility using co-integration and the modified EGARCH model. Empirical results suggest there is a long-term equilibrium relationship between oil prices and long-run market concern for oil prices and oil demand. The short-run market concerns for the 2008 financial crisis and the Libyan war convulsion have a significant and asymmetric influence on oil price volatility. This indicates that market concern transmitted through the Internet can strengthen the linkage between oil price changes and external events by influencing the expectation of market traders, and to some extent it can exaggerate the impact of nonfundamental information shocks

  18. Statistical Analysis of the Impact of Wind Power on Market Quantities and Power Flows

    DEFF Research Database (Denmark)

    Pinson, Pierre; Jónsson, Tryggvi; Zugno, Marco

    2012-01-01

    In view of the increasing penetration of wind power in a number of power systems and markets worldwide, we discuss some of the impacts that wind energy may have on market quantities and cross-border power flows. These impacts are uncovered through statistical analyses of actual market and flow data...... of load and wind power forecasts on Danish and German electricity markets....

  19. SUSTAINABILITY OF SUSTAINABLE PALM OIL: A MARKET INTEGRATION ANALYSIS

    Directory of Open Access Journals (Sweden)

    Diana Chalil

    2016-07-01

    Full Text Available Crude Palm Oil (CPO is the biggest consumed vegetable oil in the world. The increase in CPO production raises concern on the environmental impact even outside the producing countries. As a response to this matter, the EU has made a requirement to only import certified CPO (CSPO. India and China, the two biggest importers in the world, are less restrictive to the environmental issues, and their demands are more influenced by CPO price levels. These countries are the main export markets for Indonesia and Malaysia, the two biggest CPO exporters in the world. This research using monthly price data from the Netherlands, Germany, Italy, EU28, India, China, Indonesia and Malaysia. Market integrations are tested with Cointegration Test, Vector Error Correction Model and Seemingly Unrelated Regression. The results show that these markets are integrated, but European countries are unlikely to lead the price movement. Therefore, the concern on sustainable certification from the European countries still slowly spreads to other main importers, resulting in low absorption of CSPO. Keywords: market integration; sustainable palm oil; seemingly unrelated regression; vector Error correction model

  20. Four Essays on the Economics of Oil and Gas Markets

    OpenAIRE

    Tischler, Benjamin

    2015-01-01

    Since the 1960s hydrocarbons like crude oil and natural gas have been the most important energy source to fuel the world economy. Despite high recent growth rates for renewable energies, hydro- carbons are expected to be a dominant source of energy for several decades to come. In the last 20 years not only fundamental trends, but also singular events such as the financial crisis have shaped the development of crude oil and natural gas markets as well as the corresponding academic debate. On a...

  1. Do we need a power exchange if there are enough power marketers ?

    OpenAIRE

    SMEERS, Yves; WEI, Jing-Yuan

    1997-01-01

    Decentralization in electricity restructuring is a growing trend that Power Marketers are ex- pected to take advantage of. We consider a market composed of Power Marketers, an Indepen- dent System Operator, generators and retailers. Power Marketers behave a` la Cournot-Nash and the ISO implements a Transmission Capacity Reservation market a` la FERC. Retailers are price taker. Generators’ behavior is only reflected in the purchase costs of the Power Marketers. Their behavior is thus not reall...

  2. Carbon pricing, nuclear power and electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Cameron, R.; Keppler, J. H. [OECD Nuclear Energy Agency, 12, boulevard des Iles, 92130 Issy-les-Moulineaux (France)

    2012-07-01

    In 2010, the NEA in conjunction with the International Energy Agency produced an analysis of the Projected Costs of Electricity for almost 200 power plants, covering nuclear, fossil fuel and renewable electricity generation. That analysis used lifetime costs to consider the merits of each technology. However, the lifetime cost analysis is less applicable in liberalised markets and does not look specifically at the viewpoint of the private investor. A follow-up NEA assessment of the competitiveness of nuclear energy against coal- and gas-fired generation under carbon pricing has considered just this question. The economic competition in electricity markets is today between nuclear energy and gas-fired power generation, with coal-fired power generation not being competitive as soon as even modest carbon pricing is introduced. Whether nuclear energy or natural gas comes out ahead in their competition depends on a number of assumptions, which, while all entirely reasonable, yield very different outcomes. The analysis in this study has been developed on the basis of daily data from European power markets over the last five-year period. Three different methodologies, a Profit Analysis looking at historic returns over the past five years, an Investment Analysis projecting the conditions of the past five years over the lifetime of plants and a Carbon Tax Analysis (differentiating the Investment Analysis for different carbon prices) look at the issue of competitiveness from different angles. They show that the competitiveness of nuclear energy depends on a number of variables which in different configurations determine whether electricity produced from nuclear power or from CCGTs generates higher profits for its investors. These are overnight costs, financing costs, gas prices, carbon prices, profit margins (or mark-ups), the amount of coal with carbon capture and electricity prices. This paper will present the outcomes of the analysis in the context of a liberalised

  3. Carbon pricing, nuclear power and electricity markets

    International Nuclear Information System (INIS)

    Cameron, R.; Keppler, J. H.

    2012-01-01

    In 2010, the NEA in conjunction with the International Energy Agency produced an analysis of the Projected Costs of Electricity for almost 200 power plants, covering nuclear, fossil fuel and renewable electricity generation. That analysis used lifetime costs to consider the merits of each technology. However, the lifetime cost analysis is less applicable in liberalised markets and does not look specifically at the viewpoint of the private investor. A follow-up NEA assessment of the competitiveness of nuclear energy against coal- and gas-fired generation under carbon pricing has considered just this question. The economic competition in electricity markets is today between nuclear energy and gas-fired power generation, with coal-fired power generation not being competitive as soon as even modest carbon pricing is introduced. Whether nuclear energy or natural gas comes out ahead in their competition depends on a number of assumptions, which, while all entirely reasonable, yield very different outcomes. The analysis in this study has been developed on the basis of daily data from European power markets over the last five-year period. Three different methodologies, a Profit Analysis looking at historic returns over the past five years, an Investment Analysis projecting the conditions of the past five years over the lifetime of plants and a Carbon Tax Analysis (differentiating the Investment Analysis for different carbon prices) look at the issue of competitiveness from different angles. They show that the competitiveness of nuclear energy depends on a number of variables which in different configurations determine whether electricity produced from nuclear power or from CCGTs generates higher profits for its investors. These are overnight costs, financing costs, gas prices, carbon prices, profit margins (or mark-ups), the amount of coal with carbon capture and electricity prices. This paper will present the outcomes of the analysis in the context of a liberalised

  4. Information Brief on Green Power Marketing, 2nd Edition

    Energy Technology Data Exchange (ETDEWEB)

    Sweezey, B.; Houston, A.

    1998-02-01

    This document is the second in a series of information briefs on green power marketing activity in the United States. It includes descriptions of utility green pricing programs, green power marketing activity, retail access legislation and pilot programs, and other data and information supporting the development of green power markets.

  5. 18 CFR 35.37 - Market power analysis required.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Market power analysis required. 35.37 Section 35.37 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY... Wholesale Sales of Electric Energy, Capacity and Ancillary Services at Market-Based Rates § 35.37 Market...

  6. 13th CERI [Canadian Energy Research Inst.] international oil and gas markets conference

    International Nuclear Information System (INIS)

    1994-01-01

    At an oil and gas industry conference, papers were presented on world oil supply and demand, energy geopolitics, world oil prices, the status of the Chinese oil/gas industry and prospects for exploration and development, Latin American oil/gas markets and development opportunities, the oil and gas industries in non-OPEC Middle East countries (Oman, Yemen, Turkey), oil and gas markets in North America, and financial and regulatory aspects of domestic gas markets in Canada and the USA. Separate abstracts have been prepared for 17 papers from this conference

  7. Dutch Wholesale Power Market Review 2002. Executive Summary

    International Nuclear Information System (INIS)

    Vollebregt, T.; Rusch, H.

    2002-01-01

    Chapter 1 provides a background to the Dutch power market, covering generation, transmission, distribution, supply, and laws and regulations. Chapter 2 reviews the key market events during 2001 and early 2002, providing analysis and background on an important and tumultuous period in the Dutch market. Chapter 3 explains the structure and timing of the key market mechanisms (Amsterdam Power Exchange, interconnector capacity auctions, TenneT 15-minute balancing market). Chapter 4 briefly reviews fuel price developments and discusses their impact on the costs of generation. Chapter 5 contains a detailed review of the traded Dutch power markets (APX, OTC, interconnection), including the linkages between these markets and an analysis of arbitrage opportunities

  8. Research on market power and market structure: A direct measure of market power of internet platform enterprises

    Directory of Open Access Journals (Sweden)

    Baowen Sun

    2017-09-01

    Full Text Available Purpose – This paper aims to clear whether the monopoly structure of the internet industry has produced market power and discussed the welfare change of the internet industry monopoly. Design/methodology/approach – By using new empirical industrial organization methods and taking the e-commerce market as an example, the authors measured market power and economies of scale of the internet platform companies. Findings – Internet platform enterprises have formed scale economy, but it has not had market power, and the industry still maintains high levels of competition; also, the emergence of large enterprises may increase the welfare of consumers. Originality/value – The conclusion of this paper clarified actual competition status of internet industry and provided a new foothold for regulation and ideas for the traditional industry to crack the Marshall Conflict.

  9. New Markets for Solar Photovoltaic Power Systems

    Science.gov (United States)

    Thomas, Chacko; Jennings, Philip; Singh, Dilawar

    2007-10-01

    Over the past five years solar photovoltaic (PV) power supply systems have matured and are now being deployed on a much larger scale. The traditional small-scale remote area power supply systems are still important and village electrification is also a large and growing market but large scale, grid-connected systems and building integrated systems are now being deployed in many countries. This growth has been aided by imaginative government policies in several countries and the overall result is a growth rate of over 40% per annum in the sales of PV systems. Optimistic forecasts are being made about the future of PV power as a major source of sustainable energy. Plans are now being formulated by the IEA for very large-scale PV installations of more than 100 MW peak output. The Australian Government has announced a subsidy for a large solar photovoltaic power station of 154 MW in Victoria, based on the concentrator technology developed in Australia. In Western Australia a proposal has been submitted to the State Government for a 2 MW photovoltaic power system to provide fringe of grid support at Perenjori. This paper outlines the technologies, designs, management and policies that underpin these exciting developments in solar PV power.

  10. Sharing wind power forecasts in electricity markets: A numerical analysis

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Pinson, Pierre; Kazempour, Jalal

    2016-01-01

    In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day......-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding...... flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making...

  11. Waste Heat to Power Market Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Elson, Amelia [ICF International, Fairfax, VA (United States); Tidball, Rick [ICF International, Fairfax, VA (United States); Hampson, Anne [ICF International, Fairfax, VA (United States)

    2015-03-01

    Waste heat to power (WHP) is the process of capturing heat discarded by an existing process and using that heat to generate electricity. In the industrial sector, waste heat streams are generated by kilns, furnaces, ovens, turbines, engines, and other equipment. In addition to processes at industrial plants, waste heat streams suitable for WHP are generated at field locations, including landfills, compressor stations, and mining sites. Waste heat streams are also produced in the residential and commercial sectors, but compared to industrial sites these waste heat streams typically have lower temperatures and much lower volumetric flow rates. The economic feasibility for WHP declines as the temperature and flow rate decline, and most WHP technologies are therefore applied in industrial markets where waste heat stream characteristics are more favorable. This report provides an assessment of the potential market for WHP in the industrial sector in the United States.

  12. The international power market: Myth and reality

    International Nuclear Information System (INIS)

    Bailly, H.C.; Roseman, E.

    1992-01-01

    As the market for independent power (IP) explodes overseas, a number of companies that have been active in project development in the United States are looking hungrily abroad. Some developers view the international market as less competitive than in the U.S., and many are attracted by its size. The backlog of IP activity overseas has now reached over 140,000 MW, primarily in Asia and Europe. The U.S. has about a ten-year head start on IP projects abroad, where project activity has taken off only in the last three years. In 1978, the Public Utility Regulatory Policies Acr (PURPA) required U.S. utilities to purchase power from developers of qualified facilities (QFs), and in the process, created a business that has thrown to over $10 billion in annual sales. Since 1985, IP has added as much new capacity as utilities. The authors project that in the 1990s, IP will add 45-50 GW of new capacity, or between 40%-50% of total U.S. capacity. With nearly 3,200 IP projects (over 46,000 MW) on line in the U.S., many developers are hoping that their U.S. experience will serve them well in developing projects elsewhere. Moreover, many developers expect that such experience will give them a leg up on foreign competitors, who have few, if any, megawatts on line. Do these hopes reflect the emerging reality, or are they dangerous misinformation? As U.S. developers approach projects elsewhere, what are the key advantages and constraints their U.S. experience confers? This paper reviews five common myths about the international market for IP and compares the U.S. market with the opportunities abroad. In the process, the authors explore issues specific to IP, not general issues of doing business outside the U.S

  13. Wind power investment within a market environment

    International Nuclear Information System (INIS)

    Baringo, L.; Conejo, A.J.

    2011-01-01

    Highlights: → The interaction of a wind power investor and the pool is represented via an MPEC. → The considered electricity pool is cleared through a network constrained auction. → Uncertainty of load and wind production is characterized by a moderate number of scenarios. → The investment model can be recast as a mixed integer linear programming problem. → Large instances of the considered model are computationally tractable. - Abstract: Within an existing transmission network, this paper considers the problem of identifying the wind power plants to be built by a wind power investor to maximize its profit. For this analysis a future target year is considered and the loads at different buses are represented by stepwise load-duration curves. The stochastic nature of both load and wind is represented via scenarios. The considered electric energy system operates under a pool-market arrangement and each producer/consumer is paid/pays the Local Marginal Price (LMP) of the bus at which it is located. The higher the wind penetration is, the lower the resulting LMPs. To tackle this problem a stochastic bilevel model is proposed, whose upper-level represents the wind investment and operation decisions with the target of maximizing profits; and its lower-level represents the market clearing under differing load and wind conditions and provides LMPs. This model can be recast as a mixed-integer linear programming problem solvable using commercially available branch-and-cut solvers. The proposed model is illustrated using an example and two case studies.

  14. Nuclear power within liberalised electricity markets

    International Nuclear Information System (INIS)

    Kidd, Stephen W.

    2002-01-01

    Competition between various methods of generating electricity in liberalised markets means that all power plants must be cost-effective. The price of electricity from nuclear power includes all waste disposal and decommissioning costs, unlike other electricity generating technologies. Most existing nuclear power plants are likely to prosper under electricity liberalization. Many will receive operating life extensions and be able to compete in the electricity market for many years to come. Investment costs are particularly heavy for nuclear plants. Capital expenditure appraisal methodologies mean that such plants suffer financial disadvantages in times of high interest rates. Low and stable fuel costs are the prime advantage of nuclear plants against other sources of generating electricity. There will be significant demand for new generating capacity, both incremental and replacement, in the next 20 years. Under present conditions, where there is access to a stable and cheap supply of piped gas, nuclear and coal plants find it difficult to compete against gas-fired plants. The nuclear industry is addressing the need for new reactor designs, offering significant capital and operating cost reductions from the previous generation of reactors. This development and the need for carbon abatement on a worldwide basis offers nuclear plants a further economic advantage against alternative technologies. (author)

  15. Oil market strengthening in the second half of 1992

    International Nuclear Information System (INIS)

    Beck, R.J.

    1992-01-01

    This paper reports that the economy and events in the Middle East continue to drive the oil market. Saudi Arabia's decision in March to reduce crude oil output boosted prices by about $3/bbl and may have signaled a significant change in the kingdom's price strategy. With Kuwaiti production capacity still less then its levels before the Iraqi invasion of 1990, with Iraqi exports still crimped by an international embargo, and with Saudi Arabia producing less than before, the market looks tight for the rest of the year. Last year's war to liberate Kuwait temporarily eliminated much of the surplus production capacity with which the Organization of Petroleum Exporting Countries had grappled for several years. This year, oil supply and demand have stayed in rough balance, even with Kuwaiti crude returning to the market. Two prospects have made traders nervous: resumption of Iraqi exports at significant levels and deliberate Saudi overproduction aimed at suppressing prices. The Saudi production cut put one of those fears to temporary rest. And negotiations between Baghdad and the United Nations over the Iraqi embargo seem unlikely to produce results for at least a while. Demand growth, meanwhile, will depend on economic performances of key oil consuming countries. In the US, modest economic recovery has increased industrial activity and stimulated demand for petroleum products. Crude oil and product prices began rising in April. Refiner additions to crude stocks have further added to the call on shrinking crude supplies, helping to lift prices. In turn, product prices have risen. With continued economic growth, prices will climb modestly throughout the year

  16. Oil and natural gas market: a transitional year

    International Nuclear Information System (INIS)

    Appert, Olivier

    2007-01-01

    Year 2006 represented a transitional year for the oil market: a moderate demand growth and a slowdown of price rise, that will possibly be more significant in 2007. As to the long term, the feeling is anyway pointing at important model tensions and high prices prevailing. As a consequence, governments have to develop a more active energy policy, also when deciding on the actions to be undertaken to manage worldwide climatic change [it

  17. Bio-oil fueled diesel power plant; Biooeljyllae toimiva dieselvoimala

    Energy Technology Data Exchange (ETDEWEB)

    Vuorinen, A [Modigen Oy, Helsinki (Finland)

    1996-12-31

    The project mission is to develop a diesel power plant which is capable of using liquid bio-oils as the main fuel of the power plant. The applicable bio-oils are rape seed oils and pyrolysis oils. The project was started in 1994 by installing a 1.5 MW Vasa 4L32 engine in VTT Energy laboratory in Otaniemi. During 1995 the first tests with the rape seed oils were made. The tests show that the rape seed oil can be used in Vasa 32 engines without difficulties. In the second phase of the project during 1996 and 1997 pyrolysis oil made of wood will be tested. Finally a diesel power plant concept with integrated pyrolysis oil, electricity and heat production will be developed

  18. Bio-oil fueled diesel power plant; Biooeljyllae toimiva dieselvoimala

    Energy Technology Data Exchange (ETDEWEB)

    Vuorinen, A. [Modigen Oy, Helsinki (Finland)

    1995-12-31

    The project mission is to develop a diesel power plant which is capable of using liquid bio-oils as the main fuel of the power plant. The applicable bio-oils are rape seed oils and pyrolysis oils. The project was started in 1994 by installing a 1.5 MW Vasa 4L32 engine in VTT Energy laboratory in Otaniemi. During 1995 the first tests with the rape seed oils were made. The tests show that the rape seed oil can be used in Vasa 32 engines without difficulties. In the second phase of the project during 1996 and 1997 pyrolysis oil made of wood will be tested. Finally a diesel power plant concept with integrated pyrolysis oil, electricity and heat production will be developed

  19. Bio-oil fuelled diesel power plant; Biooeljyllae toimiva dieselvoimala

    Energy Technology Data Exchange (ETDEWEB)

    Vuorinen, A [Modigen Oy, Helsinki (Finland)

    1997-12-01

    The project mission is to develop a diesel power plant which is capable of using liquid bio-oils as the main fuel of the power plant. The applicable bio-oils are rape seed oils and pyrolysis oils. The project was started in 1994 by installing a 1.5 MW Vasa 4L32 engine in VTT Energy laboratory in Otaniemi. During 1995 the first tests with the rape seed oils were made. The tests show that the rape seed oil can be used in Vasa 32 engines without difficulties. In the second phase of the project during 1996 pyrolysis oil made of wood was tested. Finally a diesel power plant concept with integrated pyrolysis oil, electricity and heat production will be developed

  20. Market aspects of smart power grids development

    Directory of Open Access Journals (Sweden)

    Maciej Makowski

    2012-03-01

    Full Text Available Smart Grids herald a revolution in the power sector. The centralized and passive power grid model known for over a century is before our very eyes assuming a completely brand new shape: of an active and dynamic network with an increasingly relevant role of consumers – prosumers, who are offered brand new products and services. Such an active development is possible due to a number of factors, such as: 1. Synergy of ICT with power engineering – these disciplines are becoming an indispensable element of the modern power grid’s operation, 2. The European Union’s regulations in the area of reduction of CO2 emission and improved energy efficiency, as well as identification of Smart Grids as one of the optimum tools, 3. Growth, thanks to continuously increasing expenditures, public awareness of the purchase and rational use of energy. However, the Smart Grid development and ICT implementation in the power sector also carry a risk in the matter of setting up system and process links between the systems of concerned energy market players, which should be mitigated by development of technical standards, methods and principles of good cooperation between the concerned parties. Mitigation of the risk, and as a consequence, effective Smart Grids development will provide conditions for dynamic development of new roles and mechanisms on the energy market. Offering modern products and services to consumers and prosumers, and effective implementation on a national scale of demand management mechanisms will be a source of multidimensional benefits of a functional and financial nature, and will also have a positive impact on the National Lower Grid’s security.

  1. Dynamic linkages among the gold market, US dollar and crude oil market

    Science.gov (United States)

    Mo, Bin; Nie, He; Jiang, Yonghong

    2018-02-01

    This paper aims to examine the dynamic linkages among the gold market, US dollar and crude oil market. The analysis also delves more deeply into the effect of the global financial crisis on the short-term relationship. We use fractional cointegration to analyze the long-term memory feature of these volatility processes to investigate whether they are tied through a common long-term equilibrium. The DCC-MGARCH model is employed to investigate the time-varying long-term linkages among these markets. The Krystou-Labys non-linear asymmetric Granger causality method is used to examine the effect of the financial crisis. We find that (i) there is clearly a long-term dependence among these markets; (ii) the dynamic gold-oil relationship is always positive and the oil-dollar relationship is always negative; and (iii) after the crisis, we can observe evidence of a positive non-linear causal relationship from gold to US dollar and US dollar to crude oil, and a negative non-linear causal relationship from US dollar to gold. Investors who want to construct their optimal portfolios and policymakers who aim to make effective macroeconomic policies should take these findings into account.

  2. A literature review of demand studies in world oil markets

    International Nuclear Information System (INIS)

    Atkins, F.; Tayyebi Jazayeri, S.M.

    2004-04-01

    The literature on world oil market demands was reviewed, summarized and organized into seven major groupings. The objective was to model economic behaviour before and after price shocks. In particular, the paper demonstrated how the price elasticity of demand in world oil markets is estimated. It also showed how the relationship between energy and oil consumption and income are estimated. The income elasticity of demand was also estimated, and empirical estimates of the elasticity of aggregate output regarding crude oil and energy prices were presented. The paper also referred to the transportation sector and estimates of the changing nature of seasonal factors. The review showed that there is much heterogeneity of econometric results. The literature showed that demand increased considerably in response to the price shocks of the 1970s, but these shocks were reversed in the 1980s when the increase in demand did not correspond with the decrease in price. Some of the literature is driven by the belief that there must be a stable, non-linear model that fits the data both before and after price shocks. The authors question whether this could be true and propose an alternative hypothesis that there is a different model that pertains to economic behaviour after price shocks. 15 refs., 7 tabs., 1 fig

  3. Long-term prospects for oil market stability

    Energy Technology Data Exchange (ETDEWEB)

    Subroto, Dr [OPEC, Vienna (AT)

    1989-10-01

    OPEC recognize that energy consumption has its social costs and benefits, and that some energy sources impose fewer costs on society. We must consider the environmental implications of oil extraction. Our policies today should enable future generations to secure their energy needs, and OPEC is well-positioned to supply them. An inward-looking OPEC, distracted by internal wranglings and inconsistencies, cannot expect to be a stabilizing force in the oil markets. We have sought, therefore, to put our own house in order. Aside from the debate on depletion policy, a major strain on OPEC stability is the growing tendency towards regionalization in the world oil market. And the absence of universally acceptable quota allocation criteria means that OPEC may have to live with instability for some time to come, but this will be manageable in the short run. In the medium term, however, the call on OPEC oil in the 1990s is predicted to rise to a level commensurate with the sustainable capacities of member states. Producers and consumers have a common interest and should share a similar perspective on the inter-dependence between energy, the environment and economic development. (author).

  4. Marketing strategy for the BC oil and gas service sector

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-10-29

    The British Columbia (BC) oil and gas service sector is collaborating with the BC Ministry of Energy and Mines (MEM) to enhance the competitiveness of oil and gas service providers in Northeast BC. The MEM agreed to provide one-time funding to develop this marketing strategy for the oil and gas sector, particularly for small to medium-sized companies with limited resources. This document is also a resource tool for suppliers in the sector that have developed and are implementing their own marketing plans and wish to enhance elements of their own plans. The strategy also outlines the potential role of associations in Northeast BC that represent the service sector. It links their marketing activities with the activities of individual service providers. Local service providers (LSP) include companies in a wide range of businesses such as drilling support, transportation, health and safety services, and construction. Six issues that directly impact the competitiveness of LSPs were also presented along with recommendations for participants in the service sector, associations and individual companies. tabs., figs., 11 appendices.

  5. Marketing strategy for the BC oil and gas service sector

    International Nuclear Information System (INIS)

    2004-01-01

    The British Columbia (BC) oil and gas service sector is collaborating with the BC Ministry of Energy and Mines (MEM) to enhance the competitiveness of oil and gas service providers in Northeast BC. The MEM agreed to provide one-time funding to develop this marketing strategy for the oil and gas sector, particularly for small to medium-sized companies with limited resources. This document is also a resource tool for suppliers in the sector that have developed and are implementing their own marketing plans and wish to enhance elements of their own plans. The strategy also outlines the potential role of associations in Northeast BC that represent the service sector. It links their marketing activities with the activities of individual service providers. Local service providers (LSP) include companies in a wide range of businesses such as drilling support, transportation, health and safety services, and construction. Six issues that directly impact the competitiveness of LSPs were also presented along with recommendations for participants in the service sector, associations and individual companies. tabs., figs., 11 appendices

  6. Development of the German mineral oil market in 1995. Pt. 2

    International Nuclear Information System (INIS)

    Mohnfeld, J.; Heinze, W.

    1996-01-01

    Following a brief glance at the boundary conditions for the German market (world oil market, inland energy consumption), the development of inland sales is described. One after one, the mineral oil products Otto engine fuel, diesel fuel, light fuel oil and heavy fuel oil are considered. Further sections deal with crude oil supply, the supply of mineral oil produce, refinery production, the development in the sales sector, the profit situation of the mineral oil industry, the development of prices (according to products) and expenditure in foreign exchange for mineral oil. The article contains numerous tables and graphs; comparisons with the years previously illustrate development trends. (UA) [de

  7. Relationships between oil price shocks and stock market: An empirical analysis from China

    International Nuclear Information System (INIS)

    Cong Ronggang; Wei Yiming; Jiao Jianlin; Fan Ying

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index

  8. Relationships between oil price shocks and stock market: An empirical analysis from China

    DEFF Research Database (Denmark)

    Cong, Ronggang; Wei, Yi-Ming; Jiao, Jian-Ling

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing...... index and some oil companies. Some “important” oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain...

  9. Cross-correlations between crude oil and exchange markets for selected oil rich economies

    Science.gov (United States)

    Li, Jianfeng; Lu, Xinsheng; Zhou, Ying

    2016-07-01

    Using multifractal detrended cross-correlation analysis (MF-DCCA), this paper studies the cross-correlation behavior between crude oil market and five selected exchange rate markets. The dataset covers the period of January 1,1996-December 31,2014, and contains 4,633 observations for each of the series, including daily closing prices of crude oil, Australian Dollars, Canadian Dollars, Mexican Pesos, Russian Rubles, and South African Rand. Our empirical results obtained from cross-correlation statistic and cross-correlation coefficient have confirmed the existence of cross-correlations, and the MF-DCCA results have demonstrated a strong multifractality between cross-correlated crude oil market and exchange rate markets in both short term and long term. Using rolling window analysis, we have also found the persistent cross-correlations between the exchange rates and crude oil returns, and the cross-correlation scaling exponents exhibit volatility during some time periods due to its sensitivity to sudden events.

  10. Fast Food, Addiction, and Market Power

    OpenAIRE

    Richards, Timothy J.; Patterson, Paul M.; Hamilton, Stephen F.

    2007-01-01

    Many attribute the rise in obesity since the early 1980's to the overconsumption of fast food. A dynamic model of a different-product industry equilibrium shows that a firm with market power will price below marginal cost in a steady-state equilibrium. A spatial hedonic pricing model is used to test whether fast food firms set prices in order to exploit their inherent addictiveness. The results show that firms price products dense in addictive nutrients below marginal cost, but price products...

  11. Transporting US oil imports: The impact of oil spill legislation on the tanker market

    International Nuclear Information System (INIS)

    Rowland, P.J.

    1992-05-01

    The Oil Pollution Act of 1990 (''OPA'') and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy's Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry's behavior is affected by OPA and a variety of State pollution laws

  12. Transporting US oil imports: The impact of oil spill legislation on the tanker market

    Energy Technology Data Exchange (ETDEWEB)

    Rowland, P.J. (Rowland (P.) Associates (United States))

    1992-05-01

    The Oil Pollution Act of 1990 ( OPA'') and an even more problematic array of State pollution laws have raised the cost, and risk, of carrying oil into and out of the US. This report, prepared under contract to the US Department of energy's Office of Domestic and International Policy, examines the impact of Federal and State oil spill legislation on the tanker market. It reviews the role of marine transportation in US oil supply, explores the OPA and State oil spill laws, studies reactions to OPA in the tanker and tank barge industries and in related industries such as insurance and ship finance, and finally, discusses the likely developments in the years ahead. US waterborne oil imports amounted to 6.5 million B/D in 1991, three-quarters of which was crude oil. Imports will rise by almost 3 million B/D by 2000 according to US Department of energy forecasts, with most of the crude oil growth after 1995. Tanker demand will grow even faster: most of the US imports and the increased traffic to other world consuming regions will be on long-haul trades. Both the number of US port calls by tankers and the volume of offshore lightering will grow. Every aspect of the tanker industry's behavior is affected by OPA and a variety of State pollution laws.

  13. Green Power Marketing Abroad: Recent Experience and Trends

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Wustenhagen, R.; Aabakken, J.

    2002-04-01

    Green power marketing--the act of differentially selling electricity generated wholly or in part from renewable sources--has emerged in more than a dozen countries around the world. This report reviews green power marketing activity abroad to gain additional perspective on consumer demand and to discern key factors or policies that affect the development of green power markets. The objective is to draw lessons from experience in other countries that could be applicable to the U.S. market.

  14. Oil shock transmission to stock market returns: Wavelet-multivariate Markov switching GARCH approach

    International Nuclear Information System (INIS)

    Jammazi, Rania

    2012-01-01

    , apart from UK and Japanese cases, the responses of the stock market to an oil shock depend on the geographic area for the main source of supply whether from the North Sea or from the North America (as we take two oil benchmarks WTI and Brent respectively). -- Highlights: ► limitation of standard Garch models in capturing non linearity, drifts and spikes of oil and stock returns. ► Wavelet method is known as a powerful tool in removing noises affecting the dynamics of the data. ► Regime switching models are also more suitable to encircle the behavior of these series. ► The use of the Trivariate BEKK-SWITCHING GARCH to explore the transmissions of shock between stock and oil returns. ► Combination of wavelet and BEKK regime switching may be considered as the most flexible model for the data dynamics.

  15. New challenge for the Norwegian electric power market: A free market of power creates stability problems

    International Nuclear Information System (INIS)

    Gjengedal, T.; Rabbe, O.; Ongstad, E.; Uhlen, K.; Hauger, B.; Vormedal, L.; Lysheim, D.

    1997-01-01

    The article relates to problems of grid stability as a consequence of market-based power turnover. In combination with special hydrologic conditions, new approaches are formed concerning power production and transmission. Efficient counter-acting efforts must be initiated at an early stage for power system stabilization also concerning future innovations from the year of 2000. Examples on the development of systems of static magnetization and damping, problems concerning dampers, power grid testing, digital regulators, faults in high voltage 3-phase systems, and evaluation of measures of improvement are discussed. 10 figs

  16. The Chinese Olive Oil Market Today Import Prices,Market Segments, Opportunities and Challenges%The Chinese Olive Oil Market Today Import Prioes,Market Segments, Opportunities and Challenges

    Institute of Scientific and Technical Information of China (English)

    Mateo Radnic

    2011-01-01

    @@ Ⅰ .EDIBLE OIL CONSUMPTION IN CHINA According to the data of Edible Oil Consumption in China,this market has constantly growth over the last years, doublingits size in only 8 years.For the past year 2010, the market sizereaches over 29 thousand tons.

  17. 75 FR 15429 - Dynegy Power Marketing, Inc;. Notice of Filing

    Science.gov (United States)

    2010-03-29

    ... Marketing, Inc;. Notice of Filing March 22, 2010. Take notice that on December 15, 2008, Dynegy Power Marketing, Inc., Dynegy Power Corp., El Segundo Power LLC, Long Beach Generation LLC, Cabrillo Power I LLC... Commission, 888 First Street, NE., Washington, DC 20426. This filing is accessible online at http://www.ferc...

  18. Linking the grids : marketing power across the border

    International Nuclear Information System (INIS)

    Lawrence, G.K.

    1998-01-01

    A review of U.S. regulations such as Federal Energy Regulatory Commission (FERC) order 888 and 889, regarding the transmission and distribution of electricity by electric utilities was presented. This presentation outlined FERC market power tests for power marketer applications. Meeting the 'Market Power' Test requirements means that FERC will allow a power marketer to sell power at market-based rates provided that the applicant can demonstrate that (1) neither it, nor its affiliates, is a dominant firm in generation sales in the relevant market, (2) owns or controls transmission facilities, (3) can erect or control any other barrier to market entry, or (4) abuses the affiliate relationship or has reciprocal dealings. The market power test applies to power marketers affiliated with government-owned Canadian utilities such as Energy Alliance Partnership, TransAlta Enterprises Corp., Ontario Hydro Interconnected Markets, British Columbia Power Exchange Corp., and H.Q. Energy Services (U.S.) Inc. Present state of the FERC applications of each of these power marketers was reviewed. Some lessons learned from U.S. retail natural gas unbundling were described. The general conclusion was that the future for Canadian sales into the U.S. electricity market is exciting, even if meeting FERC conditions is going to be difficult. Those who can, will prosper

  19. The value of flexibility in power markets

    International Nuclear Information System (INIS)

    Goutte, Stephane; Vassilopoulos, Philippe

    2017-01-01

    In this paper we attempt to quantify the net revenues that can be captured by a flexible resource able to react to the short term price variations on the day-ahead and intra-day markets in Germany. We find that the difference between day-ahead and intra-day revenues for a flexible resource has been increasing (although the profitability has been decreasing on both markets). This difference is more pronounced once 15 mn price variations can be captured by a flexible resource. The net revenues from the local 15 mn auction (which is held 3 hours after the hourly 'coupled' day-ahead auction) are more than eight times higher than the day-ahead hourly auction but below the net revenues that can be captured with the high prices from the continuous market. The results of the backward-looking empirical estimations allow us to distinguish and quantify two components of flexibility: (1) the 'immediacy' value as we are approaching real-time and the urgency of the delivery increases (this value is revealed during the continuous intra-day process and is highly linked to the stochastic nature of power supply and demand (i.e. wind/solar forecasts, forced outages of thermal generation,...) forecast error risk), and (2) the 'flexibility' component as a resource can react to variations of shorter granularity (15 mn Vs 60 mn). We model and quantify the 'flexibility' component. (authors)

  20. Relationship between Gold and Oil Prices and Stock Market Returns

    Directory of Open Access Journals (Sweden)

    Muhammad Mansoor Baig

    2013-10-01

    Full Text Available This study objective to examine the relationship between gold prices, oil prices and KSE100 return. This study important for the investor whose want to invest in real assets and financial assets. This study helps investor to achieve the portfolio diversification. This study uses the monthly data of gold prices, KSE100, and oil prices for the period of 2000 to 2010 (monthly. This study applied Descriptive statistics, Augmented Dickey Fuller test Phillip Perron test, Johansen and Jelseluis Co-integration test, Variance Decomposition test to find relationship. This study concludes that Gold prices growth, Oil prices growth and KSE100 return have no significant relationship in the long run. This study provides information to the investors who want to get the benefit of diversification by investing in Gold, Oil and stock market. In the current era Gold prices and oil prices are fluctuating day by day and investors think that stock returns may or may not affected by these fluctuations. This study is unique because it focuses on current issues and takes the current data in this research to help the investment institutions or portfolio managers.

  1. Review of Alberta Crown Crude Oil Marketing Program

    International Nuclear Information System (INIS)

    Crandall, G. R.; Kromm, R. B.

    1999-01-01

    This report contains an independent evaluation of the operations of the private marketing agents that are currently marketing the Alberta Crown's share of royalty crude oil. The evaluation includes a review of pricing performance, working relationship, current issues and the overall performance of the marketing arrangements during the fiscal years of 1997 and 1998. Overall, the outsourcing of sales of Crown production to agents is judged to be successful. For example, it has been noted that agents are becoming more aggressive in maintaining and increasing their margins. On the other hand, the increased level of aggressiveness in marketing, while tending to maximize Crown revenues, is also creating a potential conflict on how margins should be shared between the Crown and its agents. Also, there has been evidence of some management issues between the agents and the Crown concerning the extent to which the Crown should share in any increased value which the agent generates by increased third party marketing activities. These differences need to be addressed in order to maintain the strong performance of the marketing program. The consultants also recommend additional guidelines on risk management issues that more clearly define the Crown's risk tolerance. 2 tabs., 4 figs

  2. 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

  3. Nuclear power in the UK electricity market

    International Nuclear Information System (INIS)

    Coffey, J.M.

    1995-01-01

    Nuclear Electric was formed in the public sector to operate only nuclear power plant, and the Company has been foremost in developing the UK's capability for PWR design and construction. It is now obliged to compete on equal terms with privately-owned generators, and we have made it clear that we would invest in further nuclear plant only if the terms were commercially attractive to the company. The competitive environment in which we now operate has led us to recognise that the priority for the Company in the Nuclear Review is to seek the commercial flexibility which accompanies privatisation. Accordingly, our evidence to the Government in the Nuclear Review has shown that the problems of confidence which surrounded nuclear power in 1989 have been substantially resolved. The improved accounting costs and low avoidable costs of the existing stations make the commercial case for their continued operation. The completion of Szewell B has not only given us a gist class new, profitable power plant, but given confidence in the costs and performance of any follow-on PWRs. In the longer term, a greater recognition of the external environmental costs of fossil-fuel generation may swing the market in favour of nuclar power construction. (orig.) [de

  4. Heavy crude oil and synthetic crude market outlook

    International Nuclear Information System (INIS)

    Crandall, G.R.

    1997-01-01

    This presentation included an outline of the international heavy crude supply and demand versus Canadian heavy crude supply and disposition, and pricing outlook for synthetic crudes. Differences among crude oils such as light sweet, light sour, heavy and bitumen were described and illustrated with respect to their gravity, API, percentage of sulphur, metals and nitrogen. Internationally, heavy and sour crude supplies are forecast to increase significantly over the next four years. Discoveries of light sour crude in offshore Gulf of Mexico will provide a major new source of sour crude to U.S. Gulf Coast refineries. Venezuela's supplies of heavy and sour crude are also expected to increase over the next few years. Mexico and Canada have plans to increase their heavy crude production. All of the crudes will be aimed at the U.S. Gulf Coast and Midwest markets. Pentanes and condensates are also expected to increase based on the growing Canadian natural gas production. Diluent demand will also grow to match Canadian heavy crude/bitumen production. U.S. midwest refiners are proposing expansions to allow them to process more Canadian heavy crude oil. At present, only a few refineries are equipped to process significant amounts of synthetic crude. It was suggested that to absorb available heavy and synthetic production, increased penetration into both Canadian and U.S. markets will be required. Some refineries may have to be modified to process heavy and synthetic oil supplies. Heavy oil and synthetic producers may need to develop relationships with refiners such as joint ventures and term supply agreements to secure markets. 2 tabs., 12 figs

  5. Market power in the Nordic electricity wholesale market: A survey of the empirical evidence

    International Nuclear Information System (INIS)

    Fridolfsson, Sven-Olof; Tangeras, Thomas P.

    2009-01-01

    We review the recent empirical research assessing market power on the Nordic wholesale market for electricity, Nord Pool. The studies find no evidence of systematic exploitation of system level market power on Nord Pool. Local market power arising from transmission constraints seems to be more problematic in some price areas across the Nordic countries. Market power can manifest itself in a number of ways that have so far escaped empirical scrutiny. We discuss investment incentives, vertical integration and buyer power, as well as withholding of base-load (nuclear) capacity.

  6. The Conflict in Syria: Key Issues and Consequences on the International Market of Crude Oil

    Directory of Open Access Journals (Sweden)

    Mariana Papatulică

    2013-07-01

    Full Text Available At the end of August 2013, the international prices of Brent crude rose to a 17-month high ($ 117.8 /barrel as Western powers, mainly USA, readied a military strike against Syria, and traders and analysts cited concerns over stability in the Middle East. The main concern was the risk that Western intervention in Syria could prompt a wider regional conflict, given the support that Iran has provided to the regime of Syria. The attack failed to materialize, because U.S. and Russia reached an agreement with the goal of disarming Syria’s chemical weapon arsenal, and consequently the prices declined, but the risk of geopolitical and social unrest movementsAlpha is still high, so that a reactivation of geopolitical tensions in the extended area of Middle East and north Africa is anytime possible with the afferent disruptive effects on the international oil market. We tried to answer to some questions in order to clear up the background of the problem: 1 What was the real stake of the U.S. plan to intervene in Syria: the concern generated by chemical weapons or U.S. geostrategic interests in the wider Middle East? 2 Why Syria matters to oil market, given that it is not a major oil producer (as was Libya, nor is it a major transit point for oil and gas exports (as is Egypt? 3 The aftermath of a serious military action targeted against the Middle Eastern country and “qui prodest”? 4 Will Iran’s possible return to the world oil market send oil prices down, and how much?

  7. Dynamic market behaviour of autonomous network based power systems

    NARCIS (Netherlands)

    Jokic, A.; Wittebol, E.H.M.; Bosch, van den P.P.J.

    2006-01-01

    Dynamic models of real-time markets are important since they lead to additional insights of the behavior and stability of power system markets. The main topic of this paper is the analysis of real-time market dynamics in a novel power system structure that is based on the concept of autonomous

  8. Prospects of the French offshore wind power market

    International Nuclear Information System (INIS)

    Anon.

    2011-12-01

    This market study about the French offshore wind power industry presents: 1 - the bases of the offshore wind power market: wind turbine operation principle, foundations and scale change; 2 - business model of offshore wind power projects: logistical, technical and financial challenges, cost structure and profitability of projects (investment, power generation costs, incentive mechanisms), project development time; 3 - European and French regulatory framework: the energy/climate package, the French 'Grenelle de l'Environnement' commitments for the development of renewable energies; 4 - start up of the French offshore wind power market: the onshore wind power market looking for growth relaying, the lateness of the offshore market, outlines of the call for bids and of the first phase launching (schedule, selected sites and candidates), market development stakes and opportunities; 5 - offshore wind power overview in Europe - lessons for the French market prospects: status of the European market (installed power/country, projects in progress), European leaders of the market (analysis of the British, Danish and German markets successful takeoff), specificities of the French market (are all favourable conditions present?); 6 - takeoff of the French market - what opportunities on the overall value chain?: front-end of the industry (manufacturers and component suppliers: industry structure, competition, R and D, subcontractors in France), back-end of the industry (developers/operators: sector analysis, ambitions, alliances, competences), specific French know-how in offshore installation and connection of wind turbines (reconversion of harbour areas, re-positioning of shipbuilding industry). (J.S.)

  9. Studies in market-based electric power trade and regulation

    International Nuclear Information System (INIS)

    Hope, Einar

    2000-01-01

    This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

  10. Positioning marketing in the hospital's power structure.

    Science.gov (United States)

    Beckham, D

    1984-08-01

    Although hospitals are increasingly recognizing the importance of marketing, many have difficulty assimilating what has been primarily an industrial concern into a health care environment. The author explains the function of marketing in health care, the outlook and expectations of a good marketing executive, and why hospital management and the medical staff may have difficulty accepting marketing and the expectations of the marketing executive.

  11. Market power in interactive environmental and energy markets: the case of green certificates

    International Nuclear Information System (INIS)

    Amundsen, Eirik S.; Nese, Gjermund

    2004-01-01

    Markets for environmental externalities are typically closely related to the markets causing such externalities, whereupon strategic interaction may result. Along these lines, the market for Green Certificates is strongly interwoven in the electricity market as the producers of green electricity are also the suppliers of Green Certificates. In this paper, we formulate an analytic equilibrium model for simultaneously functioning electricity and Green Certificate markets, and focus on the role of market power. We consider two versions of a Nash-Cournot game: a standard Nash-Cournot game where the players treat the market for Green Certificates and the electricity market as separate markets; and a Nash-Cournot game with endogenous treatment of the interaction between the electricity and Green Certificate markets with conjectured price responses. One result is that a certificate system faced with market power may collapse into a system of per unit subsidies, as the producers involved start to game on the joint functioning of markets. (author)

  12. Pay-as-bid based reactive power market

    International Nuclear Information System (INIS)

    Amjady, N.; Rabiee, A.; Shayanfar, H.A.

    2010-01-01

    In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favorable if it is far from the consumer. Likewise, a high cost local reactive compensator at a heavily loaded demand center of network could be inevitably an alternative required to produce reactive power to maintain the integrity of power system. Given the background, this paper presents a day-ahead reactive power market based on pay-as-bid (PAB) mechanism. Generators expected payment function (EPF) is used to construct a bidding framework. Then, total payment function (TPF) of generators is used as the objective function of optimal power flow (OPF) problem to clear the PAB based market. The CIGRE-32 bus test system is used to examine the effectiveness of the proposed reactive power market.

  13. Pay-as-bid based reactive power market

    Energy Technology Data Exchange (ETDEWEB)

    Amjady, N. [Department of Electrical Engineering, Semnan University, Semnan (Iran, Islamic Republic of); Rabiee, A., E-mail: Rabiee@iust.ac.i [Center of Excellence for Power System Automation and Operation, Department of Electrical Engineering, Iran University of Science and Technology, Tehran (Iran, Islamic Republic of); Shayanfar, H.A. [Center of Excellence for Power System Automation and Operation, Department of Electrical Engineering, Iran University of Science and Technology, Tehran (Iran, Islamic Republic of)

    2010-02-15

    In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favorable if it is far from the consumer. Likewise, a high cost local reactive compensator at a heavily loaded demand center of network could be inevitably an alternative required to produce reactive power to maintain the integrity of power system. Given the background, this paper presents a day-ahead reactive power market based on pay-as-bid (PAB) mechanism. Generators expected payment function (EPF) is used to construct a bidding framework. Then, total payment function (TPF) of generators is used as the objective function of optimal power flow (OPF) problem to clear the PAB based market. The CIGRE-32 bus test system is used to examine the effectiveness of the proposed reactive power market.

  14. OPEC: Market failure or power failure?

    International Nuclear Information System (INIS)

    Cairns, Robert D.; Calfucura, Enrique

    2012-01-01

    The actions of OPEC and Saudi Arabia are discussed in terms of their objectives and their technical and social constraints. It is concluded (1) that OPEC does not act as a cartel and (2) that Hotelling’s rule is not an important feature of pricing or production. OPEC’s (more specifically, Saudi Arabia’s) ideal policy is to keep price moderate to try to assure a market for their high reserves over the long run. Such an action would require heavy investments in capacity, including in excess capacity, for times of interruption of supply from other countries as in the 1990s and for times of high demand as in the 2000s. The action may be inconsistent with other objectives and in any case may be too difficult to achieve. - Highlights: ► Hotelling models abstract from the essence of oil technology. ► Members of OPEC do not act as members of a classical cartel. ► Political–economic considerations influence objectives. ► The aim of Saudi Arabia, the price leader, is to keep price moderate. ► Supply was inelastic in the 2000s. Saudi investment was not adequate.

  15. High freight rates hinder oil markets' return to equilibrium

    International Nuclear Information System (INIS)

    Anon

    2005-01-01

    Hurricane damage to refineries in the US has created shortages of refined products there, boosting imports and sending freight rates across the Atlantic to record levels. The situation was made worse for a time by a strike at France's main oil terminals in the Mediterranean, which prevented some oil tankers from being rapidly redeployed to routes across the Atlantic. Worldscale (WS) rates for routes from the UK and Europe to the US Atlantic and Gulf Coasts rose well above WS500 for clean tonnage during October. High rates were nevertheless not simply confined to product tankers crossing the Atlantic. Rates for crude tankers to the US have also risen, and tightness has begun to appear in some other markets as well. The net result has been to slow down the movement of oil from regions of surplus to those of scarcity, depressing prices in the former and keeping them at high levels in the latter. Atlantic tanker markets look like remaining tight for the rest of the year and perhaps beyond. (author)

  16. Dynamics of heating oil market prices in Europe

    International Nuclear Information System (INIS)

    Indjehagopian, J.P.; Lantz, F.; Simon, V.

    2000-01-01

    This paper concerns the German and French heating oil market and attempts to establish long- and short-term relationships between German and French monthly heating oil prices in dollars, the Rotterdam spot price for the same product and the DM/US$ and FF/US$ exchange rates during the period from January 1987 to December 1997. To model the market over the period under consideration, incorporating the Gulf War, we have used conventional unit root tests and sequential tests allowing structural changes. Long-term relationships, with shifts in regime detected by cointegration tests taking structural breaks into consideration, are estimated. The short-term dynamics defined by a vector error correction (VEC) mechanism is derived in a classic manner when in presence of a cointegrated VAR system. The econometric results obtained are commented on from an economic point of view. Weak exogeneity tests are performed and the conditional VEC model is deduced, enabling measurement of the instantaneous impact of variations in weakly exogenous exchange rates on variations in heating oil prices in Germany and France. Lastly, a study is made of the asymmetric reaction of domestic prices to positive and negative variations in exchange rates and the Rotterdam spot quotation. 25 refs

  17. Medium-Term Oil Market Report 2013: Market Trends and Projections to 2018

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2013-06-01

    The global oil market will undergo sweeping changes over the next five years. The 2013 Medium-Term Oil Market Report evaluates the impact of these changes on the global oil system by 2018 based on all that we know today – current expectations of economic growth, existing or announced policies and regulations, commercially proven technologies, field decline rates, investment programmes (upstream, midstream and downstream), etc. The five-year forecast period corresponds to the length of the typical investment cycle and as such is critical to policymakers and market participants. This Report shows, in detailed but concise terms, why the ongoing North American hydrocarbon revolution is a ''game changer''. The region’s expected contribution to supply growth, however impressive, is only part of the story: Crude quality, infrastructure requirements, current regulations, and the potential for replication elsewhere are bound to spark a chain reaction that will leave few links in the global oil supply chain unaffected. While North America is expected to lead medium-term supply growth, the East-of- Suez region is in the lead on the demand side. Non-OECD oil demand, led by Asia and the Middle East, looks set to overtake the OECD for the first time as early as 2Q13 and will widen its lead afterwards. Non-OECD economies are already home to over half global refining capacity. With that share only expected to grow by 2018, the non-OECD region will be firmly entrenched as the world’s largest crude importer. These and other changes are carefully laid out in this Report, which also examines recent and future changes in global oil storage, shifts in OPEC production capacity and crude and product trade, and the consequences of the ongoing refinery construction boom in emerging markets and developing economies. It is required reading for anyone engaged in policy or investment decision-making in the energy sphere, and those more broadly interested in the oil

  18. Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

    Directory of Open Access Journals (Sweden)

    Talat Ulussever

    2017-09-01

    Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

  19. Emission reduction trading - a power marketer`s perspective

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, M. [Powerex Inc., Vancouver, BC (Canada)

    1999-10-01

    The current situation , and the short-term and long-term outlook in emission reduction trading are reviewed from the point of view of a power marketer. The author`s view is that while the concept of emission reduction credit (ERC) is easy enough to understand, i.e. a series of measures to reduce carbon dioxide production and enhance carbon sequestration, there is no standard definition, although there are a number of models under consideration. What is being sought is clear ownership and title, a clear understanding of what qualifies as a credit, credit for early action, commodity specifications and the ability to hedge. The author predicts that in the short-tem, industry will experiment with different types of transactions to gain experience and seek partners who are willing to share risk and development cost. In the longer-term, emission reduction credits will be bought and sold as commodities and traded, swapped or exchanged as part of a portfolio in bilateral trade transactions, and used in hedging against future liabilities.

  20. The marketing concept of nuclear power plant constructors

    International Nuclear Information System (INIS)

    Czakainski, M.

    1980-01-01

    The paper examines the largely non-investigated area of marketing theory and energy sciences. The author considers the structure of the nuclear power industry and of marketing, analyses the nuclear power station market and its factors of influence, and gives a market forecast. The marketing concept requires especially a typologization of the investment good nuclear power plant. Project-dependent and project-independent marketing activities are coordinated in a marketing programme, and are integrated into mixed marketing efforts. Problems result from insecurity related to the further development of political, social and economic factors of influence. Constructors of nuclear power plants in the Federal Republic of Germany have to adapt to this insecurity and to face risks presented by entrepreneurial activities and the environment by means of flexible planning. (HSCH) [de

  1. Utility-Marketer Partnerships. An Effective Strategy for Marketing Green Power?

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L. A. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brown, E. S. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2006-04-01

    This paper explores whether partnerships between utilities and independent marketers are an effective strategy for marketing green power. We present case studies of voluntary and mandatory partnerships covering green power program design and implementation in both regulated and restructured electricity markets. We also include perspectives (based on interviews) from utilities, marketers, and regulators involved in developing and implementing these partnerships. From these case studies and interviews, we describe lessons learned about developing effective partnerships, including such issues as respective roles in marketing and administration, product branding, and contract and incentive structures. Based on experience to date, strategic partnerships between utilities and marketers can be an effective approach to marketing green power. Partnerships leverage the sales and resource procurement experience of marketers and the utility’s reputation and access to customers. Further, partnerships can create greater incentives for success because marketers have a vested financial interest in maximizing customer participation and green power sales.

  2. Utility-Marketing Partnerships: An Effective Strategy for Marketing Green Power?

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L. A.; Brown, E. S.

    2006-04-01

    This paper explores whether partnerships between utilities and independent marketers are an effective strategy for marketing green power. We present case studies of voluntary and mandatory partnerships covering green power program design and implementation in both regulated and restructured electricity markets. We also include perspectives (based on interviews) from utilities, marketers, and regulators involved in developing and implementing these partnerships. From these case studies and interviews, we describe lessons learned about developing effective partnerships, including such issues as respective roles in marketing and administration, product branding, and contract and incentive structures. Based on experience to date, strategic partnerships between utilities and marketers can be an effective approach to marketing green power. Partnerships leverage the sales and resource procurement experience of marketers and the utility?s reputation and access to customers. Further, partnerships can create greater incentives for success because marketers have a vested financial interest in maximizing customer participation and green power sales.

  3. Spanish Power Exchange Market Concepts and Operating Experience

    International Nuclear Information System (INIS)

    Gonzalez, J. J.; Gamito, C.

    2000-01-01

    On January, 1st, 1998, the Spanish Electricity Market started operations. All generators, distributors, commercialization companies, and final consumers negotiate al power exchanges either through the spot market or using bilateral contracts. The Spanish Power Exchange Market Operator (Compania Operadora del Mercado Espanol de electricidad, OMEL) is responsible for the management of the market and for the economic settlement and billing of a transactions on the Power Exchange market, and the technical operational process handled by the System Operator. This paper describes in detail the Spanish market principles and the experience gathered through the design, installation and first two years of market operation. The paper presents also the Spanish market results from January 1998 up to December 1999 indicating each specific market results and aggregate statistics. (Author)

  4. Markets during world oil supply crises: an analysis of industry, consumer, and governmental response

    Energy Technology Data Exchange (ETDEWEB)

    Erfle, Stephen; Pound, John; Kalt, Joseph

    1981-04-01

    An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption on the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW)

  5. Challenges for gas and power markets

    International Nuclear Information System (INIS)

    Stice, M.

    2000-01-01

    Characteristic features of today's gas market, complicated by globalization and the emergence of e-commerce are discussed. Rising demand, due in part to the new gas-fired power generation, the sluggishness of supply response from new exploration and the influence of rising gas prices are also assessed. The challenges come principally from attempts to close the gap between demand and supply, and from price volatility and price management. Tips on ways to manage price by consumers as well as producers are proffered, and a look into the future is provided. While generally excited about possibilities, the author believes that there is cause for concern about short term supply and the limited infrastructure. In the long-term, there is reason to be concerned about problems in meeting skilled people requirements, as well as the threat represented by regulatory/political risks

  6. Canada in the world power market

    International Nuclear Information System (INIS)

    Anon.

    1979-01-01

    The role of Canadian exports in power projects and industrial development throghout the world is discussed in a series of regional articles. Sales of CANDU reactors in Argentina, South Korea and Romania are mentioned along with possible sales to Japan, China and Mexico. Other technologies, including telecommunications in the Middle East, copper smelters in Chile and pulp mills in Argentina are introduced as examples of Canadian exports. The impact of technology transfer throughout the Americas, Asia, Africa and Europe is stressed. Services available from Canadian government agencies such as the Export Development Corporation and the Canadian International Development Agency are described along wth international development agencies to illustrate the assistance available to the export market. The role of consultants in other projects is also described. (T.I.)

  7. Challenges for gas and power markets

    Energy Technology Data Exchange (ETDEWEB)

    Stice, M. [Conoco Gas and Power Marketing (United States)

    2000-07-01

    Characteristic features of today's gas market, complicated by globalization and the emergence of e-commerce are discussed. Rising demand, due in part to the new gas-fired power generation, the sluggishness of supply response from new exploration and the influence of rising gas prices are also assessed. The challenges come principally from attempts to close the gap between demand and supply, and from price volatility and price management. Tips on ways to manage price by consumers as well as producers are proffered, and a look into the future is provided. While generally excited about possibilities, the author believes that there is cause for concern about short term supply and the limited infrastructure. In the long-term, there is reason to be concerned about problems in meeting skilled people requirements, as well as the threat represented by regulatory/political risks.

  8. Science for power and the market

    International Nuclear Information System (INIS)

    Eckert, M.; Osietzki, M.

    1989-01-01

    Nuclear research and microelectronics rank foremost in importance in recent federal German technology history. So far unpublished documentary materials are made use of by the authors to demonstrate how both these technology sectors have increasingly been governed by economic, military, and political interests. The first approach to nuclear technology is represented by the purchase of the first research reactor, called 'atom egg', from the USA and the planning phase for the Kernforschungsanlage Juelich. The early history of particle accelerators and the beginning of fusion research offer insight into two areas corollary to nuclear research. The chapter on microelectronics is concerned with the beginnings of semi-conductor research at Siemens, the marketing of the first self-fabricated and fully transistorized computer in the Federal Repbulic of Germany, and solid-state physics, the science behind microelectronics. The emphasis is on the linking of scientific output to political and economic needs and aims. For instance, the accelerator development initially was a technology which the military hoped would yield a new weapon and industry hoped could be profitably exploited in the medical sector. In this situation of favour with the powers that be and the market, the scientists involved created a 'research front' that earned them high prestige. A similar case is the 'atom egg', which established nuclear researchers as the new elite in the field where science and politics are contiguous to each other. Microelectronics quickly followed suit in this respect. (orig./HP) [de

  9. Design of reactive power procurement in deregulated electricity market

    African Journals Online (AJOL)

    Reactive power management is different in the deregulated electricity market of various countries. In this paper, a novel reactive power procurement model is proposed, which ensure secure and reliable operation of deregulated electricity market. Various issues of reactive power management in the deregulated electricity ...

  10. The electric power market in Europe. The stakes and forecasts of the market reconfiguration

    International Nuclear Information System (INIS)

    2002-01-01

    This study takes stock on the eight main european electric power markets. It provides data on the electric power sector, knowledge on the european market competition, it analyzes the european companies mastership and management, the market reconfiguration, it evaluates and compares the financial performance of the sector leaders. (A.L.B.)

  11. Emission from Estonian oil shale power plants

    International Nuclear Information System (INIS)

    Aunela, L.; Haesaenen, E.; Kinnunen, V.; Larjava, K.; Mehtonen, A.; Salmikangas, T.; Leskelae, J.; Loosaar, J.

    1995-01-01

    Flue gas emissions from pulverized oil shale fired boilers of Estonian and Baltic power plants have been studied. The concentrations of NO x , CO, C x H y , HCI, Hf and polycyclic aromatic hydrocarbons in flue gases have been found to be relatively low and acceptable according to German emission limits, for instance. Desulphurization degree of flue gases by SO 2 absorption with ash has been found to vary defending on boiler type and operation conditions. In spite of significant sulphur capture (average values for different boilers in the range between 68 and 77 % of the initial sulphur content of the fuel), SO 2 concentrations in flue gases remain still very high (up to 2600 mg/m 3 , 10% O 2 ). Very high concentrations of particles, especially at Estonian Power Plant (up o 6250 mg/m 3 , 10 % 0 2 ) have been detected. Heavy metal emissions were too high by the reason of particle control insufficiency as well. Yearly emission estimates of this study support the former Estonian ones within the range of 10-15 %. (author)

  12. OPEC and the international oil market: can a cartel fuel the engine of economic development?

    Czech Academy of Sciences Publication Activity Database

    Noguera, Jose; Pecchenino, R. A.

    2007-01-01

    Roč. 25, č. 1 (2007), s. 187-199 ISSN 0167-7187 Institutional research plan: CEZ:MSM0021620846 Keywords : OPEC * International oil market * oil export Subject RIV: AH - Economics Impact factor: 0.464, year: 2007

  13. Oil refining and product marketing developments in southeast Asia

    International Nuclear Information System (INIS)

    Szabo, A.M.

    1992-01-01

    Views on the future are based on supplies from a relatively stable Middle East and continued economic growth in the southeast Asian and Pacific countries. Under these circumstances the oil market for the Association of Southeast Asian Nations (ASEAN) will expand considerably during the decade of the 90's. Pacific country demand, 5.92 MMB/D, in 1990 is likely to grow to 7.06 MMB/D in 2000. Regional production could supply about 40% of this. The Asia-Pacific shortage of refining capacity could lead to high regional refined product prices and health refining profit margins. (author)

  14. The market and the economics of large oil tankers

    International Nuclear Information System (INIS)

    Golomer, O.

    1996-01-01

    The document aims to assist decision makers in the tanker industry to make effective management strategies for the future deployment of Very Large Crude Carriers (VLCC) in a time of financial uncertainty and environmental awareness. The VLCC market is described and the factors influencing decision-makers are discussed. Financial considerations including shipping assets and company financial security are reviewed together with the financial implications of operating VLCCs. Environmental pressures, such as international regulations an oil pollution reduction measures are then discussed. The document closes with a review of decision-making for shipowning companies in this complex milieu. (UK)

  15. PROMOTION OF PRODUCTS AND ANALYSIS OF MARKET OF POWER TOOLS

    Directory of Open Access Journals (Sweden)

    Sergey S. Rakhmanov

    2014-01-01

    Full Text Available The article describes the general situation of power tools on the market, both in Russia and in the world. A comparative analysis of competitors, market structure analysis of power tools, as well as assessment of competitiveness of some major product lines. Also the analysis methods of promotion used by companies selling tools, competitive analysis range Bosch, the leader in its segment, power tools available on the market in Russia.

  16. Market potential of solar thermal enhanced oil recovery-a techno-economic model for Issaran oil field in Egypt

    Science.gov (United States)

    Gupta, Sunay; Guédez, Rafael; Laumert, Björn

    2017-06-01

    Solar thermal enhanced oil recovery (S-EOR) is an advanced technique of using concentrated solar power (CSP) technology to generate steam and recover oil from maturing oil reservoirs. The generated steam is injected at high pressure and temperature into the reservoir wells to facilitate oil production. There are three common methods of steam injection in enhanced oil recovery - continuous steam injection, cyclic steam stimulation (CSS) and steam assisted gravity drainage (SAGD). Conventionally, this steam is generated through natural gas (NG) fired boilers with associated greenhouse gas emissions. However, pilot projects in the USA (Coalinga, California) and Oman (Miraah, Amal) demonstrated the use of S-EOR to meet their steam requirements despite the intermittent nature of solar irradiation. Hence, conventional steam based EOR projects under the Sunbelt region can benefit from S-EOR with reduced operational expenditure (OPEX) and increased profitability in the long term, even with the initial investment required for solar equipment. S-EOR can be realized as an opportunity for countries not owning any natural gas resources to make them less energy dependent and less sensible to gas price fluctuations, and for countries owning natural gas resources to reduce their gas consumption and export it for a higher margin. In this study, firstly, the market potential of S-EOR was investigated worldwide by covering some of the major ongoing steam based EOR projects as well as future projects in pipeline. A multi-criteria analysis was performed to compare local conditions and requirements of all the oil fields based on a defined set of parameters. Secondly, a modelling approach for S-EOR was designed to identify cost reduction opportunities and optimum solar integration techniques, and the Issaran oil field in Egypt was selected for a case study to substantiate the approach. This modelling approach can be consulted to develop S-EOR projects for any steam flooding based oil

  17. The Effects of Crude Oil on Stock Markets with use of Markov Switching Models

    OpenAIRE

    Wiese, Thor August Mediaas

    2016-01-01

    In this thesis, a two regime Markov switching (MS) model is implemented to examine the relationship between crude oil, both brent oil and WTI, and stock markets. In particular, the model is applied to stock markets in both oil importing and exporting countries which include Canada, China, Japan, Germany, Netherlands, Norway, the United Kingdom and the United States. This paper first evaluates the significance of oil parameters in the detected regimes, where the two regimes respond to low mean...

  18. Transporting US oil imports: The impact of oil spill legislation on the tanker market

    International Nuclear Information System (INIS)

    1992-06-01

    This report looks at the impact of the Oil Pollution Act of 1990 and the developing State oil spill regulations on the tanker and coastal barge markets, and at the implications for the future of the U.S. seaborne petroleum trades. The analysis relied on a dual approach. Because much of the legislation, both State and Federal, is still evolving--particularly with respect to implementing regulations--as yet there can be no definitive assessment of its impact. Consequently a quantitative analysis of fleets, trades, and vessel movements, was complemented by extensive interviews. Discussions have been held with oil companies large and small, shipowners, charterers, insurance companies, classification societies, and a variety of public and private institutions active in the maritime industry. All interviews were conducted in confidence: no individual views are identified in the report. (AT)

  19. Displacement of oil by gas in power production

    International Nuclear Information System (INIS)

    Sundram, S.; Seng, L.K.; Kow, P.T.A.

    1992-01-01

    After the oil crises, Malaysia unveiled its four fuel diversification policy in the late 1970s towards utilization of gas, oil, coal and hydro. This was to ensure adequate and continuous energy supply for driving economic development and to cushion itself against impact of possible future fluctuations in oil prices. The primary energy supply in 1978 was predominantly oil based, consisting of 75.5% oil. As a result of this diversification policy, the oil component was reduced to about 51.8% in 1988. Due to its inherent ability to adapt and adjust to different fuels, the power sector played a crucial role in this massive shift away from oil. For the corresponding period, the oil component in the electricity generation input mix has decreased from 86.7% oil to 47.4%. Malaysia is endowed with substantial natural gas reserves amounting to 52.5 trillion cubic feet. Gas, therefore constitutes a natural and attractive option for the power sector in diversifying into non-oil indigenous energy resources, as the country's hydro potential has its limitations and the available proven coal reserves are relatively small. The paper addresses the past and current status and issues involved in displacing oil by gas for the power sector. These include the economic, technological and pricing aspects of natural gas development and issues pertaining to power system development. Future gas utilization strategies include the conversion of existing oil-fired plants to gas-fired, and the plant-up of gas turbines and the efficient combined cycle plants to meet the load requirements. These strategies are assessed from the viability and security perspective of increased gas utilization. Oil will continue to be displaced, but the extent to which gas will increase its share in power production is dependent on numerous factors ranging from its economics to supply security

  20. Selling green power in California: Product, industry, and market trends

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.H.; Pickle, S.J.

    1998-05-01

    As one of the first US stages to open its doors to retail electric competition, California offers an important opportunity to assess the effectiveness of green power marketing as a mechanism for supporting renewable energy. This report is an interim assessment of key green power product, industry, and market trends in California. The report identifies and analyzes: the potential size of the green power market in California; the companies participating in the green power market; the green power products being offered and their prices; the impact of the green market on renewable generators and the environment; and the influence of several public policies and non-governmental programs on the market for green power. Data used in this paper have been collected, in large part, from surveys and interviews with green power marketers that took place between December 1997 and April 1998. There remain legitimate concerns over the viability of green power marketing to support significant quantities of renewable energy and provide large environmental gains, and it is far too early to assess the overall strength of customer demand for renewable energy. A critical finding of this report is that, because of the high cost of acquiring and servicing residential customers and the low utility default service price, green power marketing affords new energy service providers one of the only viable entrees to California`s residential marketplace.

  1. Selling green power in California: Product, industry, and market trends

    International Nuclear Information System (INIS)

    Wiser, R.H.; Pickle, S.J.

    1998-05-01

    As one of the first US stages to open its doors to retail electric competition, California offers an important opportunity to assess the effectiveness of green power marketing as a mechanism for supporting renewable energy. This report is an interim assessment of key green power product, industry, and market trends in California. The report identifies and analyzes: the potential size of the green power market in California; the companies participating in the green power market; the green power products being offered and their prices; the impact of the green market on renewable generators and the environment; and the influence of several public policies and non-governmental programs on the market for green power. Data used in this paper have been collected, in large part, from surveys and interviews with green power marketers that took place between December 1997 and April 1998. There remain legitimate concerns over the viability of green power marketing to support significant quantities of renewable energy and provide large environmental gains, and it is far too early to assess the overall strength of customer demand for renewable energy. A critical finding of this report is that, because of the high cost of acquiring and servicing residential customers and the low utility default service price, green power marketing affords new energy service providers one of the only viable entrees to California's residential marketplace

  2. Institutional contexts of market power in the electricity industry

    International Nuclear Information System (INIS)

    Foer, A.A.

    1999-01-01

    Market power is widely recognized as one of the principal issues that must be dealt with if the electricity industry is to make the transition from regulation to competition. In this article, the author provides a legal and economic introduction to what the antitrust community means by market power and offers a primer on why market power is so central an issue in the electricity industry. Finally and most importantly, he offers comments on the institutional contexts of market power, exploring a process which he calls Shermanization that helps explain the institutional aspect of moving from regulation to competition and holds implications for where oversight should reside during this complex transition

  3. Credit risk in liberalised power and natural gas markets

    International Nuclear Information System (INIS)

    Lapson, E.; Hunter, Richard

    1999-01-01

    This chapter examines the relationship of market structure and price volatility to credit risk, and discusses credit risk and energy market structures, credit risk in bilateral contracts, market evolution, and the effect of liberalising power markets on credit quality considering the power liberalising in Europe, the pace of change, and the new risks and opportunities. The market structure in Europe is addressed, and the EU Directive 96/92/EC, structural requirements, access for new generation capacity, and transmission costs are considered. Details of the liberalisation in the UK electricity market, the German market, and the Nord Pool are given, and the best credit practices in bilateral markets, and the quantifying of expected credit loss are described. Panels highlighting the need to know your counterparty in evaluating and negotiating bilateral contracts, and lessons learnt from the June 1998 US power price spike are presented

  4. Independent power and cogeneration in Ontario's new competitive electricity market

    International Nuclear Information System (INIS)

    Barnstable, A.G.

    1999-01-01

    The factors influencing the initial market pricing in the early years of Ontario's new electricity market were discussed with particular insight on the potential for near term development of independent power and cogeneration. The major factors influencing prices include: (1) no increase in retail prices, (2) financial restructuring of Ontario Hydro, (3) the Market Power Mitigation Agreement, (4) tighter power plant emissions standards, and (5) an electricity supply and demand balance. Generation competition is not expected to influence market pricing in the early years of the new electricity market. Prices will instead reflect the restructuring decisions of the Ontario government. The decision to have Ontario Power Generation Inc. (OPGI) as a single generator for Ontario Hydro's generation assets will ensure that average spot market pricing in the early market years will be close to a 3.8 c/kWh revenue cap

  5. Natural gas transits and market power. The case of Turkey

    Energy Technology Data Exchange (ETDEWEB)

    Weiser, Florian; Schulte, Simon

    2017-08-15

    Turkey is a key country in order to realize the Southern Gas Corridor (SGC) due to its geographical location. However, as the main transit country within the SGC, Turkey could potentially exert market power with gas transits. Whether Turkey exerts market power or not, is crucial for an economic assessment of the SGC. Hence, the article investigates this issue quantitatively using a global partial equilibrium gas market model. An oligopolistic and a competitive supply structure in Europe in 2030 are considered in the model. If the European gas market in 2030 is characterized by an oligopolistic supply, Turkey is able to exert market power resulting in higher prices compared to competitive transits, in particular in South Eastern Europe. In a competitive market structure, however, the importance of the SGC and thus the potential of Turkish transit market power is limited.

  6. Natural gas transits and market power. The case of Turkey

    International Nuclear Information System (INIS)

    Weiser, Florian; Schulte, Simon

    2017-01-01

    Turkey is a key country in order to realize the Southern Gas Corridor (SGC) due to its geographical location. However, as the main transit country within the SGC, Turkey could potentially exert market power with gas transits. Whether Turkey exerts market power or not, is crucial for an economic assessment of the SGC. Hence, the article investigates this issue quantitatively using a global partial equilibrium gas market model. An oligopolistic and a competitive supply structure in Europe in 2030 are considered in the model. If the European gas market in 2030 is characterized by an oligopolistic supply, Turkey is able to exert market power resulting in higher prices compared to competitive transits, in particular in South Eastern Europe. In a competitive market structure, however, the importance of the SGC and thus the potential of Turkish transit market power is limited.

  7. Workshop Papers: Directions and Marketing of Synthetic Crude Oil and Heavy Oil

    International Nuclear Information System (INIS)

    1997-01-01

    This workshop was organized by the National Centre for Upgrading Technology in an effort to bring together experts from the various sectors of the petroleum industry to outline their views of the directions that the synthetic crude oil market will pursue over the next decade and into the 21. century. The motivation for the Workshop came from the many announcements during 1996 and 1997 by several Canadian oil companies about plans to initiate or expand their heavy oil and synthetic crude production. During the same period, at least one US refiner also announced plans to revamp an existing refinery to allow it to process Canadian heavy oil and synthetic crude. The workshop was organized to review these plans and to discuss such questions as (1) Would the selected technologies be the familiar carbon rejection or hydrogen addition methods, or would there be radical advanced technologies? (2) Would the products be fully or partially upgraded? (3) How would they be processed in the refinery? (4) Would there be a market? This collection of papers or viewgraphs comprise all the formal presentations given at the workshop. The final section also contains the edited notes recorded during the question and answer periods. refs., tabs., figs

  8. The oil market and international agreements on CO2 emissions

    International Nuclear Information System (INIS)

    Berger, K.; Fimreite, O.; Golombek, R.; Hoel, M.

    1992-01-01

    According to most scientists, greenhouse gas emissions must be reduced significantly relative to current trends to avoid dramatic adverse climatic changes during the next century. CO 2 is the most important greenhouse gas, so any international agreement will certainly cover CO 2 emissions. Any international agreement to reduce emissions of CO 2 is going to have a significant impact on the markets for fossil fuels. The analysis shows that it is not only the amount of CO 2 emissions permitted in an agreement which matters for fossil fuel prices, but also the type of agreement. Two obvious forms of agreements, which under certain assumptions both are cost efficient, are (a) tradeable emission permits, and (b) an international CO 2 tax. If the fossil fuel markets were perfectly competitive, these two types of agreements would have the same effect on the producer price of fossil fuels. However, fossil fuel markets are not completely competitive. It is shown that, under imperfect competition, direct regulation of the 'tradeable quotas' type tends to imply higher producer prices and a larger efficiency loss than an international CO 2 tax giving the same total CO 2 emissions. A numerical illustration of the oil market indicates that the difference in producer prices for the two types of CO 2 agreements is quite significant. 6 refs., 2 figs., 2 tabs

  9. The oil market and international agreements on CO2 emissions

    International Nuclear Information System (INIS)

    Berger, K.; Fimreite, Oe.; Golombek, R.; Hoel, M.

    1991-01-01

    In order to avoid a relatively large risk of dramatic adverse climatic changes during the next century, greenhouse gas emissions must be reduced significantly relative to present emissions. CO 2 is the most important greenhouse gas, so any international agreement will certainly cover CO 2 emissions. Any international agreement to reduce emissions of CO 2 is going to have a significant impact on the markets for fossil fuels. The analysis shows that is not only the amount of CO 2 emissions permitted in an agreement which matters for fossil fuel prices, but also the type of agreement. Two obvious forms of agreements, which under certain assumptions both are cost efficient, are (a) tradeable emission permits, and (b) an international CO 2 tax. If the fossil fuel markets were perfectly competitive, these two types of agreements would have the same effect on the producer price of fossil fuels. However, fossil fuel markets are not completely competitive. It is shown that, under imperfect competition, direct regulation of the ''tradeable quotas'' type tends to imply higher producer prices than an international CO 2 tax giving the same total CO 2 emissions. A numerical illustration of the oil market indicates that the difference in producer prices for the two types of CO 2 agreements is quite significant. 6 refs., 2 figs., 1 tab

  10. The integration of China into the world crude oil market since 1998

    International Nuclear Information System (INIS)

    Li, Raymond; Leung, Guy C.K.

    2011-01-01

    The integration of China into the world oil market is an important issue for at least two reasons. First, the influence of the country on the world oil market is dependent on the level of the integration. Second, integration into the world oil market means that China is opening itself up to potential disturbances in the world market and this leads to significant energy security concerns for the country. The aim of this paper is to investigate whether or not China is an integral part of the world oil market. By reviewing the relevant trade and pricing policies of the Chinese government as well as the behavior of the Chinese national oil companies, we find that China is actively engaging itself in the world oil market. Our time-series results show that the Chinese oil price is cointegrated with the major oil prices in the world and a high degree of co-movement between the prices is found. Causality between the price pairs is found to be bi-directional in most cases. The empirical results suggest that China is now an integral part of the world oil market. - Highlights: → Review of the oil trade and pricing policies of the Chinese government. → Review of the behavior of the Chinese national oil companies. → China is actively engaging itself in the world oil market. → Shipment data show that China can no longer be regarded as a separate market. → Strong co-movement between the Chinese oil price and the international oil prices.

  11. Sharing wind power forecasts in electricity markets: A numerical analysis

    International Nuclear Information System (INIS)

    Exizidis, Lazaros; Kazempour, S. Jalal; Pinson, Pierre; Greve, Zacharie de; Vallée, François

    2016-01-01

    Highlights: • Information sharing among different agents can be beneficial for electricity markets. • System cost decreases by sharing wind power forecasts between different agents. • Market power of wind producer may increase by sharing forecasts with market operator. • Extensive out-of-sample analysis is employed to draw reliable conclusions. - Abstract: In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making more informed day-ahead schedules, which reduces the need for balancing resources in real-time operation. This paper numerically evaluates the potential value of sharing forecasts for the whole system in terms of system cost reduction. Besides, its impact on each market player’s profit is analyzed. The framework of this study is based on a stochastic two-stage market setup and complementarity modeling, which allows us to gain further insights into information sharing impacts.

  12. Do regulatory mechanisms promote competition and mitigate market power? Evidence from Spanish electricity market

    International Nuclear Information System (INIS)

    Moutinho, Victor; Moreira, António C.; Mota, Jorge

    2014-01-01

    This paper estimates the relationships between bidding quantities, marginal cost and market power measures in the Spanish wholesale electricity market for two different regulatory periods: 2002–2005 and 2006–2007. Using panel econometric techniques we find differences in the impacts on bidding strategies for both periods. Hence, the marginal cost and the market power measures affect bid and net quantities. The market power measures also suggest that the coefficient is consistently positive and highly significant for both periods. Moreover, the market power and marginal costs have mixed effects according to the models proposed for both periods. In addition, our results point to the effectiveness of the different effects of mitigating the market power in the Spanish electricity market. For the 2006–2007 period, the proposed causal relationships are partially validated by the cointegration results, which assumes there is a significant causality between the Lerner Index and the marginal cost. - Highlights: • Competition and regulation in the Spanish electricity market. • Net supplier and net demander behavior in the spot market. • Panel cointegration methods used: FMOLS, PMG, MG, DFE and DOLS. • The price cap regulation is effective in mitigating market power. • Market power and marginal cost have positive effects on bidding strategies

  13. State of the Voluntary Green Power Market (2016 Data)

    Energy Technology Data Exchange (ETDEWEB)

    OShaughnessy, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Heeter, Jenny S [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Cook, Jeffrey J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Volpi, Christina M [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2018-03-26

    Annual report of sales and number of customers in voluntary green power markets, including utility green pricing programs, utility green partnerships, competitive suppliers, unbundled renewable energy certificates, community choice aggregations, power purchase agreements, and community solar.

  14. Price dynamics of crude oil and the regional ethylene markets

    International Nuclear Information System (INIS)

    Masih, Mansur; Algahtani, Ibrahim; De Mello, Lurion

    2010-01-01

    This paper is the first attempt to investigate: (1) is the crude oil (WTI) price significantly related to the regional ethylene prices in the Naphtha intensive ethylene markets of the Far East, North West Europe, and the Mediterranean? (2) What drives the regional ethylene prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between crude oil and ethylene prices. Our findings, based on the long-run structural modelling approach of Pesaran and Shin, and subject to the limitations of the study, tend to suggest: (1) crude oil (WTI) price is cointegrated with the regional ethylene prices (2) our within-sample error-correction model results tend to indicate that although the ethylene prices in North West Europe and the Mediterranean were weakly endogenous, the Far East ethylene price was weakly exogenous both in the short and long term. These results are consistent, during most of the period under review (2000.1-2006.4) with the surge in demand for ethylene throughout the Far East, particularly in China and South Korea. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of WTI as a leading player as well, is consistent with the recent surge in WTI price (fuelled mainly, among others, by the strong hedging activities in the WTI futures/options and refining tightness) reflecting the growing importance of input cost in determining the dynamic interactions of input and product prices. (author)

  15. Big questions cloud Iraq's future role in world oil market

    International Nuclear Information System (INIS)

    Tippee, B.

    1992-01-01

    This paper reports that Iraq raises questions for the world oil market beyond those frequently asked about when and under what circumstances it will resume exports. Two wars since 1981 have obscured encouraging results from a 20 year exploration program that were only beginning to come to light when Iraq invaded Kuwait in August 1990. Those results indicate the country might someday be able to produce much more than the 3.2 million b/d it was flowing before a United Nations embargo blocked exports. If exploratory potential is anywhere near what officials asserted in the late 1980s, and if Iraq eventually turns hospitable to international capital, the country could become a world class opportunity for oil companies as well as an exporter with productive capacity approaching that of Saudi Arabia. But political conditions can change quickly. Under a new, secular regime, Iraq might welcome non-Iraqi oil companies and capital as essential to economic recovery. It's a prospect that warrants a new industry look at what the country has revealed about its geology and exploration history

  16. Market power mitigation, monitoring and surveillance in the Ontario electricity market

    International Nuclear Information System (INIS)

    Barrett, A.

    2001-01-01

    This power point presentation discussed the meaning of market power and how Ontario Power Generation's market power is one of the most contentious market implementation issues in the deregulation debate. Market power was described as being the ability to profitably maintain prices above competitive levels for a significant period of time. The presentation referred to the key elements of the market power mitigation framework (MPMF) of Ontario and how it strikes a balance between the three major objectives of creating a competitive marketplace, to pay down the stranded debt, and to ensure viable power generation in the province. It was concluded that there will be a viable competitive market in Ontario in the near future, but a pragmatic, fact-based view of the market is needed to allow market forces to work. It was emphasized that markets by nature are unpredictable and volatility does not necessarily means that the market is not working. The author stated that Ontario Power Generation recognized that it is important to coordinate roles and responsibilities to minimize duplication and reduce confusion. tags., figs

  17. Modelling of hydro and wind power in the regulation market

    International Nuclear Information System (INIS)

    Kiviluoma, J.; Holttinen, H.; Meibom, P.

    2006-01-01

    The amount of required regulation capacity in the power system is affected by the wind power prediction errors. A model has been developed which can evaluate the monetary effects of prediction errors. The model can be used to evaluate (1) the regulation costs of wind power, (2) regulation market prices including effects related to the participation of power producers in the regulating power market, (3) value of accurate wind forecasts and (4) the effect of decreasing the length of the spot market clearance. This article discusses the problems related to developing a realistic model of the regulating power market including the interaction between the spot market and the regulating power market. There are several issues that make things complicated. (1) How to calculate the minimum amount of needed secondary (minute) reserves. Traditionally the Nordic TSOs have used an N-1 criteria in each country to determine the required amounts of positive secondary reserve, but as installed wind power capacity grows, it will become relevant to include the wind power prediction errors in the estimation of secondary reserves. (2) Consumption forecast errors and plant outages also contribute to activation of regulating power and should have stochastic input series besides wind power. (3) Risk premiums and transaction costs in the regulating power market are difficult to estimate as well as the effects of the possible use of market power. This is especially true in the Nordic system with the high share of hydro power, since the water value and hydrological limitations make things more complex than in a thermal system. (4) The available regulation capacity is not necessarily equal to the truly available capacity. All producers don't participate in the regulation market although in principle they could. (orig.)

  18. The Liberating Power of Commercial Marketing

    DEFF Research Database (Denmark)

    Anker, Thomas Boysen; Kappel, Klemens; Sandøe, Peter

    2010-01-01

    The aim of this paper is to explore the impact of commercial marketing on personal autonomy. Several philosophers argue that marketing conflicts with ideals of autonomy or, at best, is neutral to these ideals. After qualifying our concept of marketing and introducing the distinctions between (i...

  19. 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)

  20. 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)

  1. Testing the evolution of crude oil market efficiency: Data have the conn

    International Nuclear Information System (INIS)

    Zhang, Bing; Li, Xiao-Ming; He, Fei

    2014-01-01

    Utilising a time-varying GAR (1)-TGARCH (1,1) model with different frequency data, we investigate the weak-form efficiency of major global crude oil spot markets in Europe, the US, the UAE and China for the period from December 2001 to August 2013. Our empirical results with weekly data indicate that all four markets have reached efficiency with few brief inefficient periods during the past decade, whereas the daily crude oil returns series suggest intermittent and inconsistent efficiency. We argue that the weekly Friday series fit the data better than the average series in autocorrelation tests. The evidence suggests that all four markets exhibit asymmetries in return-volatility reactions to different information shocks and that they react more strongly to bad news than to good news. The 2008 financial crisis has significantly affected the efficiency of oil markets. Furthermore, a comovement phenomenon and volatility spillover effects exist among the oil markets. Policy recommendations consistent with our empirical results are proposed, which address three issues: implementing prudential regulations, establishing an Asian pricing centre and improving transparency in crude oil spot markets. - Highlights: • We adopt a time-varying model to test the weak-form efficiency of crude oil markets. • Weekly oil returns series have been extremely efficient during the past decade. • Daily oil returns series have presented intermittent and inconsistent efficiency. • Oil markets react asymmetrically to different information shocks. • Policy recommendations are proposed according to the degree of efficiency

  2. The impacts of oil price shocks on stock market volatility: Evidence from the G7 countries

    International Nuclear Information System (INIS)

    Bastianin, Andrea; Conti, Francesca; Manera, Matteo

    2016-01-01

    We study the effects of crude oil price shocks on the stock market volatility of the G7 countries. We identify the causes underlying oil price shocks and gauge the impacts that oil supply and oil demand innovations have on financial volatility. We show that stock market volatility does not respond to oil supply shocks. On the contrary, demand shocks impact significantly on the volatility of the G7 stock markets. Our results suggest that economic policies and financial regulation activities designed to mitigate the adverse effects of unexpected oil price movements should be designed by looking at the source of the oil price shocks. - Highlights: • Effects of oil price shocks on the stock market volatility of the G7 countries. • Econometric identification of the different causes of oil shocks. • Stock market volatility does not respond to oil supply shocks. • Demand shocks impact significantly on stock market volatility. • Policy measures should be designed by considering the source of oil shocks.

  3. A review of international green power markets: recent experience, trends, and market drivers

    International Nuclear Information System (INIS)

    Bird, L.; Aabakken, J.; Wuestenhagen, R.

    2002-01-01

    Green power marketing-the act of differentially selling electricity generated wholly or in part from renewable sources - has emerged in more than a dozen countries around the world. Almost two million customers worldwide buy green power today. This paper reviews green power marketing activity in Australia, Canada, Japan, the US, and in a number of countries in Europe to gain an understanding of consumer demand for electricity generated from renewable sources. It also examines key factors that influence market penetration of green power products, such as product designs, pricing, incentives, marketing strategies, policies, and product certification.(author)

  4. MVA power flow and loss analysis for electricity market

    International Nuclear Information System (INIS)

    Wu, Z.Q.; Chen, G.Z.

    2001-01-01

    MVA power-flow and loss analysis is the basis for allocating the fixed costs and power losses under electricity-market deregulation. It is pointed out that the decomposition allocation of active and reactive power losses is not reasonable. The theory of active and reactive loss allocation and branch-power-flow decomposition has been proposed. Various contributory factors have been deduced. These contributory factors include the contribution factors of the active and reactive generation power, load-power-to-branch flows, the contribution factors of active and reactive generation power to active and reactive load power, the contribution factors of active and reactive load power to generation power, and the contribution factors of active and reactive load power and active and reactive generation power to line power losses. The detailed calculation results are presented and analysed, demonstrating that the theory presented provides a good charging algorithm for all the market participants. (Author)

  5. Chemical qualities of oils from some fresh and market vegetable ...

    African Journals Online (AJOL)

    JTEkanem

    production was examined by evaluating the oil yield and chemical qualities of oil extracted from fresh ... oil may be considered as Nigeria potential asset for biofuel and oleochemical production. Keywords: ..... standards for edible Arachis oil.

  6. Parabolic Trough Solar Power for Competitive U.S. Markets

    International Nuclear Information System (INIS)

    Price, Henry W.

    1998-01-01

    Nine parabolic trough power plants located in the California Mojave Desert represent the only commercial development of large-scale solar power plants to date. Although all nine plants continue to operate today, no new solar power plants have been completed since 1990. Over the last several years, the parabolic trough industry has focused much of its efforts on international market opportunities. Although the power market in developing countries appears to offer a number of opportunities for parabolic trough technologies due to high growth and the availability of special financial incentives for renewables, these markets are also plagued with many difficulties for developers. In recent years, there has been some renewed interest in the U.S. domestic power market as a result of an emerging green market and green pricing incentives. Unfortunately, many of these market opportunities and incentives focus on smaller, more modular technologies (such as photovoltaics or wind power), and as a result they tend to exclude or are of minimum long-term benefit to large-scale concentrating solar power technologies. This paper looks at what is necessary for large-scale parabolic trough solar power plants to compete with state-of-the-art fossil power technology in a competitive U.S. power market

  7. Deregulation of the Nordic power market and environmental policy

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Nesse, A.; Tjoetta, S.

    1999-01-01

    A common Nordic power market will reduce total CO2 emissions in the Nordic countries as compared to a situation of autarky and, thus, reduce the aggregate cost of complying to strict national CO2 emission targets. A common market for CO2 emission permits may reduce the aggregate cost further, but this cost reduction will be smaller the harsher the CO2 emission constraints are. The economic gain of introducing a common Nordic power market will be particularly large in the case of a Swedish nuclear power phase out. In this case, the cost reduction of introducing a common market for CO2 emission permits will not be very large. 10 refs

  8. Market opportunities in the oil and gas industry in China

    International Nuclear Information System (INIS)

    Shih, T.

    2004-01-01

    China is an emerging marketplace, with a Gross Domestic Product (GDP) ranked fourth, after the United States, the European Union and Japan. Imports to China have risen from 21 per cent in 2002 to 40 per cent in 2003, with over 54 billion dollars in direct foreign investment in 2003 alone. Private car ownership is also increasing. This paper provides a market overview of China, with specific reference to increases in energy demand fuelled by the rise of energy intensive industries such as steel, aluminum, chemicals and construction. It was noted that resource-based inputs are in need, as well as high tech goods and services. Canada has committed to doubling its trade with China by 2010. Current Canadian exports to China were overviewed. The current situation in the oil and gas sector in China were outlined, as well as a forecast of expected trends. It was suggested that a rise in domestic energy demand and instability in the Middle East was causing China to seek alternative, more secure sources of oil. Major players in the oil and gas industry in China were profiled, with an overview of domestic business, as well as potential future competitors in the sector. It was concluded that opportunities for onshore and offshore exploration and pre-drilling services were a viable option for Canadian investors. Technology and consulting services were also considered to be possible areas for trade development. A list of future projects in the Chinese oil and gas sector was provided, as well as details of necessary steps for entry into the industry and advice concerning intellectual property and legal protection. tabs., figs

  9. Powernext and the liberalization of the French power market

    International Nuclear Information System (INIS)

    Conil-Lacoste, J.F.

    2003-01-01

    The 1996 European Directive concerning the opening of the power market to competition was transposed in France in February 2000, allowing the creation of a real power market. On November 26, 2001, Powernext launched standard hourly contracts with delivery of power on the French hub the day after trading. The market model chosen guarantees the liquidity, the transparency and the settlement of the transactions thanks to a very close cooperation with Clearnet and RTE. Since November 26, 2001, the volume traded on Powernext has increased on a regular basis reaching the 20 GWh daily plateau in February 2003. The liberalization of the electricity market involved the creation of new exchanges in Europe, by facilitating the power flow from one market to the other, and by causing a reduction of price spreads. Powernext's objective is to accompany the liberalization of the French and European electricity market by offering to its members products adapted to this new environment. (author)

  10. Ontario's power market post November 11

    International Nuclear Information System (INIS)

    Murphy, P.

    2003-01-01

    This paper provides a review of Ontario's first year with an open electricity market. The year 2002 to 2003 had record energy demands with challenges on the supply side. In particular, generation availability was below expectations during the summer months. This demonstrated that price predictability and volatility needs to be addressed and investment in new power generation is needed in Ontario. Ontario demand forecasts outpace supply for the long term outlook. In addition, most of Ontario's generating plants are aging and will soon exceed their nominal service life, requiring major refurbishment or replacement. Decisions are needed now on the future of coal in Ontario's generation mix. It was also noted that transmission reinforcements are needed in the Greater Toronto Area (GTA). In the short term, consumers can expect delays in return to service of nuclear units, forced extensions to planned outages, and reduced outlook for energy from hydroelectric resources. It was noted that Ontario will continue to rely on imports, although emergency generation is being installed. 5 figs

  11. Green power marketing in retail competition: an early assessment

    International Nuclear Information System (INIS)

    Wiser, R.; Porter, K.; Fang, J.

    1999-01-01

    With retail competition being introduced throughout the United States, green power marketing offers the promise of customer-driven markets for renewable energy. This paper summarizes early experience with green marketing under full retail competition. We conclude that (1) niche markets exist today among residential and non-residential consumers for green power; (2) green demand may ultimately offer an important strategic market for renewable technologies, but the market is currently rather small and the long-term prospects remain uncertain; (3) the success of green markets will depend critically on the regulatory rules established at the onset of restructuring; and (4) the biomass industry will be forced to better communicate the environmental benefits of its technology in order to play a strong role within the green market. This paper is based on a more detailed NREL Topical Issues Brief, which is available on the Internet. (author)

  12. Application scenario analysis of Power Grid Marketing Large Data

    Science.gov (United States)

    Li, Xin; Zhang, Yuan; Zhang, Qianyu

    2018-01-01

    In recent years, large data has become an important strategic asset in the commercial economy, and its efficient management and application has become the focus of government, enterprise and academia. Power grid marketing data covers real data of electricity and other energy consumption and consumption costs and so on, which is closely related to each customer and the overall economic operation. Fully tap the inherent value of marketing data is of great significance for power grid company to make rapid and efficient response to the market demand and improve service level. The development of large data technology provides a new technical scheme for the development of marketing business under the new situation. Based on the study on current situation of marketing business, marketing information system and marketing data, this paper puts forward the application direction of marketing data and designed typical scenes for internal and external applications.

  13. The Brazilian electric power market: historic and forecasting

    International Nuclear Information System (INIS)

    Carvalho Afonso, C.A. de; Azevedo, J.B.L. de

    1992-01-01

    A historical analysis of electric power market evolution in Brazil and in their regions during 1950 to 1990, is described, showing the forecasting for the next ten years. Some considerations about population, energy conservation and industrial consumers are also presented, including statistical data of the electrical power market. (C.G.C.)

  14. Bank market power, factor reallocation, and aggregate growth

    NARCIS (Netherlands)

    Inklaar, Robert; Koetter, Michael; Noth, Felix

    Using a unique firm-level sample of approximately 700,000 firm-year observations of German small and medium-sized enterprises (SMEs), this study seeks to identify the effect of bank market power on aggregate growth components. We test for a pre-crisis sample whether bank market power spurs or

  15. Market power and price structure in the electricity market; Markedsmakt og prisstruktur i kraftmarkedet

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve

    1998-12-01

    This report evaluates the importance of market power on price formation and price structure in the Norwegian electricity market. A simple oligopoly model is used to show how the equilibrium is affected by demand, distribution of capacity between two major suppliers, and marginal production costs, given that the suppliers do not cooperate. Two important conclusions can be drawn from the calculations: (1) a high concentration on the supply side does not necessarily lead to essential market power, and (2) market power may contribute to increased stability and predictability. The main conclusion is that market power can be positive for society and it is not uniquely associated with a high concentration on the supply side. If emphasis is placed on stability and predictability, market power should not be defined as deviation from prices under free competition but rather should be related to the requirement that the suppliers should not obtain unreasonably high profit with unreasonably little utilization of capacity. 10 refs., 11 figs.

  16. The European electricity market. What are the effects of market power on prices and the environment? Keywords: Electricity market; liberalisation; market power; game theory; environmental impacts; Northwestern Europe

    International Nuclear Information System (INIS)

    Lise, W.

    2005-07-01

    This paper presents a static computational game theoretic COMPETES model. This model is used to study the economic and environmental effects of the liberalisation of the European electricity market. The COMPETES model takes strategic interaction into account. The model is calibrated to four European countries: Belgium, France, Germany and the Netherlands. To analyse the impact of emission trading, a fixed permit price per tonne CO2 emissions is introduced. The effects are studied under different market structures depending on the ability of firms to exercise market power. The results indicate that the effects of liberalisation depend on the resulting market structure, while a reduction in market power of large producers may be beneficial for the consumer (i.e. lower prices), this is not necessarily true for the environment (i.e. lower reduction in CO2 emissions)

  17. Approaches and methods for econometric analysis of market power

    DEFF Research Database (Denmark)

    Perekhozhuk, Oleksandr; Glauben, Thomas; Grings, Michael

    2017-01-01

    , functional forms, estimation methods and derived estimates of the degree of market power. Thereafter, we use our framework to evaluate several structural models based on PTA and GIM to measure oligopsony power in the Ukrainian dairy industry. The PTA-based results suggest that the estimated parameters......This study discusses two widely used approaches in the New Empirical Industrial Organization (NEIO) literature and examines the strengths and weaknesses of the Production-Theoretic Approach (PTA) and the General Identification Method (GIM) for the econometric analysis of market power...... in agricultural and food markets. We provide a framework that may help researchers to evaluate and improve structural models of market power. Starting with the specification of the approaches in question, we compare published empirical studies of market power with respect to the choice of the applied approach...

  18. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    Directory of Open Access Journals (Sweden)

    M. Nabishahikitash

    2016-03-01

    . Suppose you have two firms producing the same good, so that the industry price is determined by the combined output of the two firms (think of the water duopoly in Cournot's original 1838 account. Now suppose that each firm has what is called the "Bertrand Conjecture" of −1. This means that if firm A increases its output, it conjectures that firm B will reduce its output to exactly offset firm A's increase, so that the total output and hence price remain unchanged. With the Bertrand Conjecture, the firms act as if they believe that the market price is unaffected by their own output, because each firm believes that the other firm will adjust its output so that total output will be constant. At the other extreme is the Joint-Profit maximizing conjecture of +1. In this case each firm believes that the other firm will imitate exactly any change it makes in output, which leads (with constant marginal cost to the firms behaving like a single monopoly supplier. The results show that it is significant uncompetitive pattern for 18 of the 19 industries. Existence of oligopoly industry for 12 shows the non-competitiveness of this industry. The flour and cereals production industry has 2.24 degrees of collusion and the tea industry has 2.14 degrees of collusion. Degree of conjectural variation is between 0.43 and 2.24. These numbers are related to carbonated soft drinks industry and production of flour and cereals. Conclusion: This paper discusses the Market Structure and the Degree of Market Power and Collusion Index of Food and Beverage industry on the basis of Modern Industrial Organization (NEIO with Bresnahan- Leo (1982 Approach. For this Purpose, data of ISIC Four- Digit Code is used to investigate the 19 industries for the years 2005-2011. The result showsthat competitive conditions for 18 Industriesaresignificant. The degree of Market Power is between 0.43 and 2.24.12.The industry has Oligopolistic Market and Production of Oil and Fat Industry has a Monopoly Market close to

  19. Croatian Oil and Gas Market - an Area of Contact Between Europe and Asia

    International Nuclear Information System (INIS)

    Dragicevic, T.

    2007-01-01

    Croatia - a regional energy hub, a catchword that has been adopted even by politicians, denotes a combination of favourable geographical position and use of this advantage as a mediator in providing transmission services for natural gas, oil and electricity between Europe and Asia, as well as between the north and the south of the European continent. However, although the idea of regional energy hub has gained support, it is still at a turning point and may take three different directions: 1. If timely activities are undertaken for the implementation of the LNG terminal project and connecting of the JANAF oil pipeline with PEOP and/or Druzba Adria, the realisation of energy hub is possible; 2. In case of further delays in implementing the LNG terminal project and Druzba Adria oil pipeline, we will lose the opportunity for participation in major European projects for twenty years at least; 3. A possible solution may be sought in takeover of individual energy activities by large foreign energy companies that show interest for the Croatian energy market. This last option is very likely due to considerable interest by Central and East European energy companies. In the eve of the expected EU accession, any resistance to takeover may be qualified as economic nationalism. Only large, powerful nations enjoy the privilege that their resistance to foreign domination is qualified as economic patriotism. Since the year 2000 when preparations for INA's privatization began, there were indications of interest and aspiration of the Russian oil companies to ensure presence in the Croatian market. In the meantime the Russian companies evolved their strategies of penetration on the flanks of the European market in the form of North Stream pipeline over the Baltic Sea and South Stream through the Black Sea and Turkey. So, the Republic of Croatia is on the crossroad: it can take a secondary role in other players' strategy, or it can pursue its own strategy based on growth and security

  20. Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements

    Science.gov (United States)

    Jin, Xin

    consensus has been reached on OPEC strategic behavior. In the third chapter, we are interested in the effects of supply-side market power on oil price dynamics in face of different demand shocks, and model the oil market as composed of a strategic dominant firm and several competitive fringe producers. In each period, the dominant firm makes decision while taking fringe's response into consideration. We consider two alternative pricing strategies for the dominant firm. Our results show that this dynamic strategic model improves the potential of dominant firm-competitive fringe model in fitting and explaining real world data. A regime switch after a permanent demand increase generates a time path for price that looks like the price movements in the recent years.

  1. A unified world oil market: Regions in physical, economic, geographic, and political space

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Banerjee, Shayan

    2014-01-01

    Although there is a general consensus that the market is unified, here we quantify the factors that create regions by analyzing the price relation between 33 crude oils. ADF statistics indicate that 447 of the 528 crude oil pairings cointegrate; 81 do not. The presence/absence of cointegration is analyzed using a logit model. The likelihood that the prices for two crude oils cointegrate depends on their physical characteristics (density and sulfur content), economic factors (country risk for the nation of origin), their geographic location (distance between supply ports), and political factors (OPEC membership). Over the sample period, the technology to refine heavy crude oils penetrates the market, and this reduces the price difference between heavy and light crude oils. The effect of country risk implies that crude oils from high risk nations are not perfect substitutes for crude oils of similar quality from low risk nations. Finally, crude oils from widely separated suppliers are more likely to cointegrate than crude oils from near-by nations, which suggests consumers diversify supply across transportation chokepoints. For this sample, these sources of regionalization add $0.20 per barrel to the $2.86 average price difference between crude oils in the same market. Together, these factors have important implications for the efficacy of policy aimed at reducing dependence on unreliable suppliers and the spill-over effects of holding inventories. - Highlights: • The world oil market is not completely unified. • Regions are defined by differences in API gravity and sulfur content. • Country risk regionalizes the world oil market. • Shipping chokepoints regionalize the world oil market. • Regionalization adds $0.20 to $2.86 price difference between oils in same market

  2. Modeling market power in electricity markets: Is the devil only in the details?

    Energy Technology Data Exchange (ETDEWEB)

    Bautista, Guillermo; Anjos, Miguel F.; Vannelli, Anthony

    2007-01-15

    Basic approximations of the transmission system are ubiquitous in the literature on modeling competition in electricity markets. Because the main concern of market power is with active power, reactive power and voltage-related issues are commonly neglected, even though they are inherent features of an electrical power system. However, the usefulness of stylized formulations that do not comprise these system elements may be severely limited. (author)

  3. Forecasting volatility and spillovers in crude oil spot, forward and future markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2009-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  4. Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

    NARCIS (Netherlands)

    H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

    2010-01-01

    textabstractThis paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both

  5. Analyzing and Forecasting Volatility Spillovers and Asymmetries in Major Crude Oil Spot, Forward and Futures Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2010-01-01

    textabstractCrude oil price volatility has been analyzed extensively for organized spot, forward and futures markets for well over a decade, and is crucial for forecasting volatility and Value-at-Risk (VaR). There are four major benchmarks in the international oil market, namely West Texas

  6. Optional forward contracts for electric power markets

    International Nuclear Information System (INIS)

    Gedra, T.W.

    1994-01-01

    This paper extends the idea of callable forward contracts, which are potentially useful as demand-side (interruptible-load) contracts, to their supply-side analogues. Together, these contracts allow market participants to take advantage of flexibility in generation or consumption to obtain a monetary benefit, while simultaneously removing the risk of market price fluctuations. This paper also considers the effects of strategic behavior on the part of market participants in their contract sales/purchase decisions

  7. Saudi Aramco: Oil to a Thirsty Market - International Cooperation Brings New Oil Field on Quickly

    Energy Technology Data Exchange (ETDEWEB)

    Al-Ajmi, Ali

    2007-07-01

    In response to high oil demand in 2004, Saudi Aramco committed to build facilities for the 500,000 BOPD Khursaniyah Oil Field in only 34 months from the start of preliminary engineering to startup. The project schedule was six months faster than any previous project, in the most resource competitive market the oil business has ever seen. The execution of this project required a new contract strategy, novel engineering and construction methods, and international cooperation from EPC firms and manufacturers. The project is also building a new one billion SCF per day gas plant receiving gas from five different sources with varying pressure and H2S content, along with huge water supply and injection facilities, oil gathering lines, and product distribution lines. To execute the project in this short time frame, a temporary construction city for 30,000 men has been constructed in the desert. This city has workers from all over 30 countries, speaking more than 15 languages, all focused on achieving one goal - on time completion of the most complex project ever done in Saudi Arabia. The paper will focus on the unique challenges of managing a city of this size that lasts for only 24 months. (auth)

  8. The role of public policy in emerging green power markets: an analysis of marketer preferences

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.H. [Lawrence Berkeley National Laboratory, Berkeley, CA (United States)

    2000-06-01

    Green power marketing has been heralded by some as a means to create a private market for renewable energy that is driven by customer demand for green products. This article challenges the premise - sometimes proffered in debates over green markets - that profitable, sizable, credible markets for green products will evolve naturally without supportive public policies. Relying primarily on surveys and interviews of US green power marketers, the article examines the role of specific regulatory and legislative policies in 'enabling' the green market, and searches for those policies that are believed by marketers to be the most conducive or detrimental to the expansion of the green market. We find that marketers: (1) believe that profitable green power markets will only develop if a solid foundation of supportive policies exists; (2) believe that establishing overall price competition and encouraging customer switching are the top priorities; (3) are somewhat leery of government-sponsored or mandated public information programs; and (4) oppose three specific renewable energy policies that are frequently advocated by renewable energy enthusiasts, but that may have negative impacts on the green marketers' profitability. The stated preferences of green marketers shed light on ways to foster renewables by means of the green market. Because the interests of marketers do not coincide perfectly with those of society, however, this study also recognizes other normative perspectives and highlights policy tensions at the heart of current debates related to green markets. By examining these conflicts, we identify three key policy questions that should direct future research: To what extent should price competition and customer switching be encouraged at the expense of cost shifting? What requirements should be imposed to ensure credibility in green products and marketing? How should the green power market and broader renewable energy policies interact? (author)

  9. Oil Price and Equity Markets: Modeling Co-Movement and Conditional Value at Risk

    OpenAIRE

    Solvang, Jørn; Aarø, Thomas

    2017-01-01

    Master's thesis in Finance This paper studies the co-movement between oil prices and stock markets during the period 2006 – 2017 utilizing quantile regression. The studied stock indices are AEX, BOVESPA, CAC40, DAX30, EUROSTOXX50, FTSE100, SMI, S&P500 and TSX60, and the United States Oil Fund ETF represents the oil price. We investigate the co-movement and find a positive and significant co-movement between oil returns and stock market returns across quantiles for the stock market return d...

  10. The Nordic power exchange Nord pool and the Nordic model for a liberalised power market

    International Nuclear Information System (INIS)

    Houmoller, A. P.

    2000-01-01

    As the first countries in the world, the Nordic countries Norway, Sweden, Finland and denmark have established a common, multinational power exchange. By means of this common power exchange, these countries also have established a common power market. this is also the first - and for the time being - the only place in the world, where you can find a multinational, truly competitive power market. This Nordic model has attracted much interest from other countries in Europe, Asia, North America and South America. The presentation will explain, how the common power exchange makes it possible for the four countries and the five system operators in Scandinavia physically and financially to operate a common, multinational, competitive power market. The presentation will explain how this systems works in the Nordic countries by discussion the following items: - The non-commercial players: The Transmission System Operators and the local grid operators; - The market players: the producers, the retailers, the traders, the brokers and the end users; - The access to the grid: The point tariff system; - The fairness towards the market players and the security of supply: The balancing power and the regulating power; - The power exchange handles bottlenecks in the grid. The presentation will explain how this is done and will demonstrate how this gives the power market a bottleneck handing method which:- Is neutral and fair towards all the market players, - Ensures that all the capacity of any bottleneck is utilised during every hour of operation, - Is extremely easy to use for the Transmission System Operators - also if the bottleneck is cross-border bottleneck; - The Nord Pool spot market Elspot; - The Nord Pool futures market Eltermin; - Area prices; - How financial contracts replace physical contracts when the power market is liberalised; - The day-to-day market and the market for long-term contracts in a liberalised power market; - How to eliminate the c ounter party risk

  11. Market Power in Bilateral Oligopoly Markets with Nonexpendable Infrastructure

    NARCIS (Netherlands)

    Funaki, Y.; Houba, H.E.D.; Motchenkova, E.

    2012-01-01

    Abstract: We consider price-fee competition in bilateral oligopolies with perfectly-divisible goods, non-expandable infrastructures, concentrated agents on both sides, and constant marginal costs. We define and characterize stable market outcomes. Buyers exclusively trade with the supplier with whom

  12. Analysis Influence of Proactivity Power Business, Market Orientation, and Competitive Advantage toward Marketing Performance

    Directory of Open Access Journals (Sweden)

    Lili Karmela Fitriani

    2016-02-01

    Full Text Available This research is an empirical study on Batik SMEs (Small Medium Enterprises in Cirebon District, West Java. This study analyzes the effect of proactivity power business, market orientation, and competitive advantage towards marketing performance. The subjects of this research were 215 Batik SMEs in Cirebon District West Java. The analysis was done using Structural Equation Modeling (SEM, AMOS ver. 18. The result shows that proactivity power business, market orientation, and competitive advantage give positive influence on marketing performance of  Batik SMEs. The research implication is when SME businesses focus on the effort in improving their proactivity power business and competitive advantage, it will give positive impact on marketing performance. Other research finding reveals that  the orientation of customer and orientation of competitor have some effects on marketing performance. In addition, SME businesses should know what customers want and they should be able to identify their competitors in order to improve their marketing performance.

  13. Impact of changing conditions in the oil market on energy policies in the ESCWA region

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The present study has been prepared in the implementation of the ESCWA work programme and priorities for 1988/1989. It is aimed at examining energy issues of major concern to the region particularly the changes in the oil market, fluctuations of oil prices and their impact on energy plans and policies. The study is also intended to serve as a background document to the Meeting organized to discuss salient energy issues arising from recent developments in the oil market. It has therefore been designed to deal with downstream and upstream activities, adjustments to contractual terms, and market and national energy policies following the violent fluctuations of oil prices. Some futuristic views on the oil market are also presented and the study includes an examination of national and regional entities involved in energy issues and development of oil resources in the ESCWA region. (Author)

  14. Olive and olive pomace oil packing and marketing

    Directory of Open Access Journals (Sweden)

    Berzosa, Juan

    2006-03-01

    Full Text Available The paper describes the industrial installations and equipments used by the olive oil sector for olive oil packing, the different types of containers used (plastic, glass, tin, and carton, and the diverse technologies applied for filling, stoppering, labelling, and packing as well as the trend and new technologies developed according to the material of the containers and the markets’ demands.Some logistic aspects such as palletization, storage, and shipment of final products are also discussed. The use of modern tools and codification systems like EAN 128 permits to follow the product distribution and assure the traceability of packed oils.The last part of the article includes the world and EU production and consumption of olive oil, paying special attention to the peculiarities of the main EU producers (Spain, Italy, Greece, and Portugal. Finally, the olive oil consumption in third countries is analysed and the consumption and its trend in merging markets like USA, Australia, and Japan commented.En este artículo se describen los equipos e instalaciones industriales que utiliza el sector del aceite de oliva para el envasado de los aceites de oliva, los tipos de envases más empleados (plástico, vidrio, metálicos y cartón y las diferentes tecnologías de llenado, taponado, etiquetado y embalado, así como las tendencias y nuevas tecnologías en función del material de los envases y la demanda de los mercados.Se contemplan también aspectos logísticos como el paletizado, el almacenamiento y la expedición del producto terminado. El uso de modernas herramientas y sistemas de codificación como el EAN 128 permite el seguimiento del producto y la trazabilidad de los aceites envasados a lo largo de la cadena de distribución.En la última parte del artículo, se indican cifras de producción y consumo de aceite de oliva en el mundo y en la Unión Europea. Se comentan especialmente las peculiaridades de los principales países productores de la

  15. Vietnam: opportunities in a developing oil and gas market

    International Nuclear Information System (INIS)

    Knott, T.

    1993-11-01

    The aim of this report is to act as an introduction to Vietnam and its oil industry opportunities for manufacturing, contracting, service and supplies companies which are seeking entry into other markets. The chapters of the report present an overview of the country, its recent history and formative events; in addition, the country's economy, industries and rebuilding process are reviewed. Detailed attention is given to trade, investment and finance, as these factors directly influence all business ventures in Vietnam, and are essential considerations in the assessment of the overall business environment. The appendices contain an extensive list of organisational contacts in Vietnam, the U.K. and elsewhere, and other useful information to support these activities. (author)

  16. Produced water: Market and global trends - oil production - water production - choice of technology

    International Nuclear Information System (INIS)

    Robertson, Steve

    2006-01-01

    The presentation discusses various aspects of the world oil production, the energy demand, the future oil supply, the oil prices and the production growth. Some problems with produced water are also discussed as well as aspects of the market for produced water technology (tk)

  17. Threshold values in acquisitions in the power market

    International Nuclear Information System (INIS)

    2002-01-01

    This report discusses weather the authorities should define threshold values for the market concentration in the power market for reasons of future competition. It is shown that special circumstances in the power market dictate that the competition authorities may have good reasons to adopt a precautionary attitude to acquisitions in that market. The assessment must consider the fact that it is the competition in individual hours that is relevant for the market. Thus the competition authorities should use threshold values based on the producers' share of the power capacity in all relevant market areas that are affected by the acquisition. The threshold values may still be used only as a first filtering out procedure. A final decision about intervention must be founded on a closer assessment of all the socioeconomic consequences of the acquisition in each case

  18. The oil and gas equipment and services market in Bolivia

    International Nuclear Information System (INIS)

    2003-01-01

    The economy of Bolivia is based mainly on agriculture and resource extraction, making Bolivia one of the poorest countries in Latin America. Approximately 14 per cent of exports are hydrocarbons. Starting in 1996, the oil and gas sector was privatised, resulting in the domination of multinational corporations. It is estimated that the natural gas reserves of Bolivia stand in excess of 2.2 trillion cubic metres. Equipment, materials, and services used in all stages of the oil and gas production and distribution chain are all in demand in Bolivia. Over the medium term, it is expected that pipelines and equipment required for gas-fired power plants represent the most important opportunity in the country. Incentives for vehicle and industrial conversion were included in the new domestic energy plan, as well as the extension of the domestic gas distribution system to 250,000 homes. Canadian geomatics capability could fill the requirements concerning the Bolivian oil and gas assets still in the exploration, development, and documentation stages. Companies with exploration and development contracts, companies producing from commercial fields, refinery operators, producers in the liquid propane gas and compressed natural gas sub-sector, as well as pipeline operators are all considered key players, in addition to the Bolivian Chamber of Hydrocarbons. The customers are sophisticated buyers who purchase based on technical specifications and price negotiations. There are no significant non-tariff barriers, and Bolivia has adopted liberal trade policies. 9 refs., 3 tabs

  19. Testing market efficiency of crude palm oil futures to European participants

    OpenAIRE

    Liu, Xing

    2009-01-01

    Palm oil is the most consumed and traded vegetable oils in the EU and the world. Increasing non-food uses for vegetable oils in especially feedstock of biofuels in recent years have caused the price volatility to rise in both EU and global market. The most efficient pricing of crude palm oil (CPO) is to found on Bursa Malaysia (BMD), and it provides by far the world’s most liquid palm oil contract. The goal of this study is to investigate CPO futures market efficiency of BMD for the European ...

  20. Electric power markets in Europe 1993; Elmarknaderna i Europa 1993

    Energy Technology Data Exchange (ETDEWEB)

    Hermanson, K; Lublin, Z; Olofsdotter, A; Petsala, B; Wuolikainen, T

    1993-12-01

    The development of power markets in Europe is described. Special attention is devoted to the development in France, Germany, Denmark, Finland and Norway. The planned deregulation of the Swedish electric power market will promote an increased trade with electricity across the border. The possibilities and consequences of this trade is elucidated. Also given is a compilation of electric power prices for different groups of consumers, and the differences among European countries. 7 figs, 26 tabs

  1. NEB view of development potential and markets for heavy crude oil. [Canada

    Energy Technology Data Exchange (ETDEWEB)

    Scotland, W A; Gutek, A M.H.

    1977-01-01

    The phased reduction in total crude oil and equivalent exports, from 911 Mpbd in 1974 to 465 Mbpd in 1976, has no doubt had a disruptive effect on the rate of development of heavy crude oil reserves. The effect could have become more series as total exports continued to drop. However, the separate licensing of heavy crude oil for export will allow heavy crude oil to enter available markets until the early 1980s. The construction of one or several upgrading facilities by the early 1980s, combined with growing domestic requirements for heavy crude oil feedstock, could make the disposition of heavy oil largely independent of the purchasing patterns of export markets. The prospect of increased market stability combined with increasing cash flows should provide an appropriate environment to optimize the role that heavy oil resources can play in Canada's future energy balance. (12 refs.)

  2. Marketing Power Tools for Building Better Connections.

    Science.gov (United States)

    Goldman, Karen Denard

    This paper proposes use of marketing methods to improve college health services and enhance their perceived value. Ten key marketing principles are defined: (1) value of the service as seen by the target population; (2) exchange clients perceive benefits received as exceeding perceived costs; (3) competition offering a better product than the…

  3. Charting the new world order: proceedings of the 15. CERI international oil and gas markets conference

    International Nuclear Information System (INIS)

    1996-10-01

    The 15th International Oil and Gas Markets Conference, organized by the Canadian Energy Research Institute (CERI) and held in Calgary, AB, provided a wide variety of opportunities for discussion of the global oil and gas market outlook, international oil and gas market strategies and corporate planning in the new world order, competition for investments, the re-emergence of the geopolitics of energy, energy in the Americas, international gas market strategies, and the financing of Canadian international operations. More than 100 delegates from around the world attended the conference to hear some 20 presentations. refs., tabs., figs

  4. The Dilemma of the Oil Market in the Current Geopolitical Context

    Directory of Open Access Journals (Sweden)

    Cristina Teodora Balaceanu

    2017-06-01

    Full Text Available In an increasingly globalized world, where the effects of technology have an overwhelming impact on people's lives, meaning an increase in appetite for consumption of luxury goods, of lifestyle, it seems that conventional resources are becoming fewer and their use in industrial processes lead to environmental harm, at least from pollution. Essentially, oil prices influence governments, companies, and markets of raw materials markets of finite economic goods, markets of conventional and unconventional energy and an assumed oil crisis would lead to stronger inflections on the market, with repercussions on the overall level of prices, the oil price being generally regarded as decisive for the other prices in the economy.

  5. Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

    OpenAIRE

    Chang, Chia-Lin; McAleer, Michael; Tian, Jiarong

    2016-01-01

    textabstractThe primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major r...

  6. The oil and gas equipment and services market in India

    International Nuclear Information System (INIS)

    2002-01-01

    In terms of purchasing power, India represents the fourth largest economy in the world. In the year April 1, 2001-Mar 31, 2002, it was estimated that India had a 5.4 per cent growth in gross domestic product (GDP). Canada experienced a 19.9 per cent increase in exports to India in 2001, reaching 656 million dollars. With the world's six-largest energy consumption, oil demand in India is expected to grow to 179 million tonnes in 2006-2007, while the demand for natural gas is expected to reach 231 million cubic metres per day in the same period. To meet this growing demand, India will require investments in the order of 150 billion dollars over the next 10 to 12 years. The oil and gas industry is being opened to the private sector and foreign direct investment, due to new government policies on exploration, production, distribution, and sales. Foreign involvement in exploration, previously restricted to Indian state-owned firms, is now allowed through the New Exploration Licensing Policy. In exploration and production (E and P) activities, as well as the refinery sector, foreign ownership of up to 100 per cent is now allowed. Two Indian companies which dominate the Indian E and P sector, namely Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL), will be upgrading their ageing infrastructure, purchasing new equipment and redeveloping existing oil and gas fields, thereby creating opportunities for the supply of equipment and services. Canadian companies possessing the latest technologies and services in exploration, drilling machinery and equipment, directional drilling services, production machinery and equipment, enhanced recovery services, deep-water drilling equipment and services, and equipment for coal methane E and P should benefit from these opportunities. Over 12,000 kilometres of pipelines are being planned across India, as well as private opportunities in the refinery sector which was opened to the private sector in April 2002. Occasional

  7. World oil market fundamentals - Part One: The near term outlook

    International Nuclear Information System (INIS)

    Dwarkin, J.; Morton, K.; Datta, R.

    1998-03-01

    Potential implications of a number of uncertainties currently affecting the world oil market are assessed. The influence of the interplay of geopolitical events on demand and supply, inventories, prices and price trends are reviewed. Reference prices which industry and governments can use for investment and policy evaluations are provided. In this volume, the emphasis is on near term developments, with a review of the uncertainties surrounding these projections. Three different scenarios are postulated for the near term, each one taking into account different levels of Iraqi exports during the period which would effect available inventories, and hence price. Depending on which of the three scenarios actually comes to pass, unless refiners are prepared to build up inventories well beyond seasonal norms, or producers shut in, the prevailing view is that oil prices will be under severe pressure during most of 1998 and 1999. Over the longer term, however, the analysis suggests that an average real value of US$18.00 - $18.50 per barrel remains a reasonable expectation as a sustainable price. 34 refs., tabs., figs

  8. A Note on Market Power in an Emission Permits Market with Banking

    International Nuclear Information System (INIS)

    Liski, M.; Montero, J.P.

    2005-01-01

    In this paper, we investigate the effect of market power on equilibrium path of an emission permits market in which firms can bank current permits for use in later periods. In particular, we study the market equilibrium for a large (potentially dominant) firm and competitive fringe with rational expectations. We characterize the equilibrium solution for different permits allocations and discuss the large firms stock-holding constraints needed for credible market manipulation

  9. The New Electricity Market of Singapore : regulatory framework, market power and competition

    International Nuclear Information System (INIS)

    Chang, Y.

    2007-01-01

    This study examines whether the New Electricity Market of Singapore (NEMS) is functioning at a workable level of competition. The generation market of the NEMS appears highly concentrated by a four-firm concentration ratio or the Herfindahl-Hirschman Index. However, other measures of market power present that the NEMS is working at close to a competitive market. First, there seems to be a number of effective competitors in the market. Second, Supply Margin Assessment and Residual Supply Index support that the market is competitive though there are some possibilities in which the largest generator or a few large generators jointly could still have market power. Third, the Lerner Index of the NEMS shows that the generation market is fairly competitive and the Lerner Index adjusted with an industry level price elasticity of demand implies that there has not been much exercise of market power. Finally, vesting contracts - a contractual obligation of a specified quantity of electricity supply to the market - have appeared to be a strong and effective tool to mitigate market power in the NEMS. The vesting contracts are considered the force behind the lowering in the average Uniform Singapore Electricity Price and the Lerner Index in 2004. [Author

  10. The New Electricity Market of Singapore: Regulatory framework, market power and competition

    International Nuclear Information System (INIS)

    Chang Youngho

    2007-01-01

    This study examines whether the New Electricity Market of Singapore (NEMS) is functioning at a workable level of competition. The generation market of the NEMS appears highly concentrated by a four-firm concentration ratio or the Herfindahl-Hirschman Index. However, other measures of market power present that the NEMS is working at close to a competitive market. First, there seems to be a number of effective competitors in the market. Second, Supply Margin Assessment and Residual Supply Index support that the market is competitive though there are some possibilities in which the largest generator or a few large generators jointly could still have market power. Third, the Lerner Index of the NEMS shows that the generation market is fairly competitive and the Lerner Index adjusted with an industry level price elasticity of demand implies that there has not been much exercise of market power. Finally, vesting contracts-a contractual obligation of a specified quantity of electricity supply to the market-have appeared to be a strong and effective tool to mitigate market power in the NEMS. The vesting contracts are considered the force behind the lowering in the average Uniform Singapore Electricity Price and the Lerner Index in 2004

  11. Assessing the market power due to the network constraints in competitive electricity markets

    International Nuclear Information System (INIS)

    Bompard, E.; Ma, Y.C.; Napoli, R.; Jiang, C.W.

    2006-01-01

    The physical and operational constraints of the network pose very specific problems to market power analysis in the oligopolistic electricity markets. This paper presents a direct analytical approach to find the market equilibrium based on a supply function game model. The model is exploited to undertake a sensitivity analysis of the producer surplus with reference to the line flow limits under a DC power flow model for network representation. Two different kinds of indices, that can capture the market power arising under network constraints, are proposed. The first set of indices is the location privilege (LP), that measure the effect of the generators positioning in the grid on their surplus under perfect competition. The second set is for the network market power (NMP) indices that take into account the strategic behaviors of the producers that may take advantage of the congestion of the transmission lines. The indices allow for a ranking of the lines in terms of the market power they can induce and, in this respect, they may help the market regulator to focus on the network weakness in terms of the possible market outcomes under the market power behaviors from the supply side. The application of the proposed indices is illustrated with reference to the IEEE 30-bus test system. (author)

  12. Implications of Carbon Regulation for Green Power Markets

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Holt, Ed [Ed Holt & Associates Inc., Harpeswell, ME (United States); Carroll, Ghita [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2007-04-01

    This paper examines the potential effects that emerging mandatory carbon markets have for voluntary markets for renewable energy, or green power markets. In an era of carbon regulation, green power markets will continue to play an important role because many consumers may be interested in supporting renewable energy development beyond what is supported through mandates or other types of policy support. The paper examines the extent to which GHG benefits motivate consumers to make voluntary renewable energy purchases and summarizes key issues emerging as a result of these overlapping markets, such as the implications of carbon regulation for renewable energy marketing claims, the demand for and price of renewable energy certificates (RECs), and the use of RECs in multiple markets (disaggregation of attributes). It describes carbon regulation programs under development in the Northeast and California, and how these might affect renewable energy markets in these regions, as well as the potential interaction between voluntary renewable energy markets and voluntary carbon markets, such as the Chicago Climate Exchange (CCX). It also briefly summarizes the experience in the European Union, where carbon is already regulated. Finally, the paper presents policy options for policymakers and regulators to consider in designing carbon policies to enable carbon markets and voluntary renewable energy markets to work together.

  13. A New Framework for Reactive Power Market Considering Power System Security

    Directory of Open Access Journals (Sweden)

    A. Rabiee

    2009-09-01

    Full Text Available This paper presents a new framework for the day-ahead reactive power market based on the uniform auction price. Voltage stability and security have been considered in the proposed framework. Total Payment Function (TPF is suggested as the objective function of the Optimal Power Flow (OPF used to clear the reactive power market. Overload, voltage drop and voltage stability margin (VSM are included in the constraints of the OPF. Another advantage of the proposed method is the exclusion of Lost Opportunity Cost (LOC concerns from the reactive power market. The effectiveness of the proposed reactive power market is studied based on the CIGRÉ-32 bus test system.

  14. Oil price volatility: An Econometric Analysis of the WTI Market

    International Nuclear Information System (INIS)

    Hache, Emmanuel; Lantz, Frederic

    2011-04-01

    The aim of this paper is to study the oil price volatility in West Texas Intermediate (WTI) market in the US. By using statistical and econometric tools, we first attempt to identify the long-term relationship between WTI spot prices and the prices of futures contracts on the New York Mercantile Exchange (NYMEX). Subsequently we model the short-term dynamic between these two prices and this analysis points up several breaks. On this basis, a short term Markov Switching Vectorial Error Correction model (MS-VECM) with two distinct states (standard state and crisis state) has been estimated. Finally we introduce the volumes of transactions observed on the NYMEX for the WTI contracts and we estimate the influence of the non-commercial players. We conclude that the hypothesis of an influence of noncommercial players on the probability for being in the crisis state cannot be rejected. In addition, we show that the rise in liquidity of the first financial contracts, as measured by the volume of open interest, is a key element to understand the dynamics in market prices. (authors)

  15. Cost reduction potentials in the German market for balancing power

    International Nuclear Information System (INIS)

    Flinkerbusch, Kai; Heuterkes, Michael

    2010-01-01

    This article examines potential cost reductions in the market for balancing power by pooling all four German control areas. In a united control area both the procurement and the production of balancing power may be more efficient than in four separated control areas. Our data contain bids on energy procurement as well as balancing power flows in the period from December 2007 to November 2008. A reference scenario simulates the market results for secondary and tertiary balancing power. Subsequently, we simulate a united control area. We show that in the period under review the total costs of balancing power are reduced by 17%. (author)

  16. Eleventh CERI [Canadian Energy Research Inst.] international oil and gas markets conference

    International Nuclear Information System (INIS)

    1992-01-01

    At a conference on international oil and gas markets, papers were presented on world oil and gas markets; energy policies; regulatory policies; supply and demand scenarios; environmental issues; the markets and industries in individual countries such as the former Soviet Union, USA, Canada, and the United Kingdom; business strategies; geopolitics of energy; and coalbed methane supplies. Separate abstracts have been prepared for 22 papers from this conference

  17. THE ORGANIZATIONAL-ECONOMIC MECHANISM OF RESTRUCTURING OF THE MARKET OF MINERAL OIL IN REGION

    Directory of Open Access Journals (Sweden)

    V.I. Efimenkov

    2007-12-01

    Full Text Available Restructuring, in opinion of the experts, one of the basic ways of steady development of managing subjects in modern conditions. In clause strategy of organizational-economic restructuring of the regional market of mineral oil is considered. Concrete actions of complex restructuring of the market of mineral oil in region and the mechanism of management are resulted by reorganization of the given market.

  18. Power Industry Reliability Coordination in Asia in a Market Environment

    OpenAIRE

    Hammons, Thomas J.; Voropai, Nikolai I.

    2010-01-01

    This paper addresses the problems of power supply reliability in a market environment. The specific features of economic interrelations between the power supply organization and consumers in terms of reliability assurance are examined and the principles of providing power supply reliability are formulated. The economic mechanisms of coordinating the interests of power supply organization and consumers to provide power supply reliability are discussed. Reliability of restructuring China's powe...

  19. Noteworthy: oil markets: Saudis abandon WTI price as benchmark

    OpenAIRE

    Jackson Thies

    2010-01-01

    Saudi Arabia's state-owned oil company no longer uses West Texas Intermediate (WTI) crude oil as its pricing benchmark. Saudi Aramco, the third largest U.S. oil supplier, switched to the Argus Sour Crude Index (ASCI) in January.

  20. Power system models - A description of power markets and outline of market modelling in Wilmar

    DEFF Research Database (Denmark)

    Meibom, Peter; Morthorst, Poul Erik; Nielsen, Lars Henrik

    2004-01-01

    The aim of the Wilmar project is to investigate technical and economical problems related to large-scale deployment of renewable sources and to develop a modelling tool that can handle system simulations for a larger geographical region with anInternational power exchange. Wilmar is an abbreviati...... description of the power market models usedin Wilmar is given in the second part, though the mathematical presentations of the models are left out of this report and will be treated in a later publication from the project.......The aim of the Wilmar project is to investigate technical and economical problems related to large-scale deployment of renewable sources and to develop a modelling tool that can handle system simulations for a larger geographical region with anInternational power exchange. Wilmar is an abbreviation...... of “Wind Power Integration in Liberalised Electricity Markets”. The project was started in 2002 and is funded by the EU’s 5th Research programme on energy and environment. Risø National Laboratory isco-ordinator of the project and partners include SINTEF, Kungliga Tekniska Högskola, University of Stuttgart...

  1. Green Power Marketing in Retail Competition: An Early Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R. (LBL); Fang, J.; Porter, K.; Houston, A. (NREL)

    1999-02-26

    Green power marketing-the business of selling electricity products or services based in part on their environmental values-is still in an early stage of development. This Topical Issues Brief presents a summary of early results with green power marketing under retail competition, covering both fully competitive markets and relevant direct access pilot programs. The brief provides an overview of green products that are or were offered, and discusses consumers' interest in these products. Critical issues that will impact the availability and success of green power products under retail competition are highlighted.

  2. Green Power Marketing in Retail Competition: An Early Assessment

    International Nuclear Information System (INIS)

    Kevin Porter; Ryan Wiser

    1999-01-01

    Green power marketing-the business of selling electricity products or services based in part on their environmental values-is still in an early stage of development. This Topical Issues Brief presents a summary of early results with green power marketing under retail competition, covering both fully competitive markets and relevant direct access pilot programs. The brief provides an overview of green products that are or were offered, and discusses consumers' interest in these products. Critical issues that will impact the availability and success of green power products under retail competition are highlighted

  3. Uncovering the Hidden Transaction Costs of Market Power

    DEFF Research Database (Denmark)

    Foss, Kirsten; Foss, Nicolai J.; Klein, Peter G.

    2018-01-01

    A central construct in competitive strategy research is market power, the ability to raise price above marginal cost. Positioning research focuses on attempts to build, protect, and exercise market power. However, this approach contains hidden assumptions about transaction costs. Parties made worse...... off by the exercise of market power can negotiate, bargain, form coalitions, and otherwise contract around the focal firm's attempts to appropriate monopoly profits—depending on transaction costs. We build on property rights economics to explain how transaction costs affect positioning and offer...

  4. New nuclear power plants and the electricity market competition

    International Nuclear Information System (INIS)

    Ruska, M.; Koreneff, G.

    2009-11-01

    The study assesses the effects the different nuclear power plant projects would have on crossownership, market concentration and market power in electricity market. The analyses are given both for Finnish and Nordic power markets. The authors feel that the electricity market should primarily be viewed as a common Nordic market in the future. During 2000 to 2008 the hours when Finland was an own price area ranged from 1 % to 29 % as annual averages. In the future it will be more and more seldom that Finland will become an own deficit price area, because the cross-border transmission capacity to Sweden will increase as will Finnish electricity production capacity. In addition, the extension of Nord Pool to the Baltic will increase the size of the market. The ownership of power plants is typically organized through power share companies in Finland. Two of the three nuclear power plant projects are joint ventures with several electricity producers and consumers. The current ownership relations and what effects the new projects might have on them were analyzed in this study. The competitiveness of different electricity production forms in the future was assessed using different market scenarios based on varying demand expectations. The capacity structure was assumed to stay quite unchanged, where the biggest change is expected to come from new renewable power capacity due to EU targets. Conventional condensing power production will decrease and Nordic electricity exports will increase in the future. The market concentration would increase in Finland with new nuclear plants, the most if Fortum were the builder. Vattenfall has a decidedly larger electricity production in the Nordic countries than Fortum, and Vattenfall's capacity would be unchanged by the new planned nuclear plants. The nuclear power plant projects do not therefore increase market concentration significantly on a Nordic level. Nuclear power is not used for day or hour regulation in Finland, which means

  5. Kyoto, the oil sands and the GHG emissions market

    International Nuclear Information System (INIS)

    Vickers, P.

    2004-01-01

    This paper reviews uncertainties in the oil sands industry in relation to climate change, greenhouse gas emissions and the Kyoto Protocol. Other issues contributing to uncertainties in the industry were also discussed, including water and natural gas issues, refinery capacity and markets, price and exchange rates as well as capital availability and project cost overruns. The potential economic impact of the Kyoto Protocol on oil sands was outlined with prices per barrel. Government regulations were examined in the context of the evolving expectations of the Canadian public. U.S. actions on climate change were examined at the federal and state level. Emissions trading systems were reviewed with reference to a post 2012 regime. The 2005 budget was discussed, along with the Canadian legislative agenda and domestic offsets program, as well as the regulatory agenda in June of 2005. Post 2012 issues were examined, including discussions on the next commitment period, with reference to the fact that there was no support for new commitments among developing countries but that domestic pressures was building in the U.S. for air and climate regulations. Pressures from shareholders and the scientific community were discussed. Emissions trading in the European Union was reviewed. Stabilization goals will mean significant cuts to emissions in order to accommodate growth. Scenario planning and climate change uncertainties were also reviewed. The benefits of scenario planning in complex situations were outlined and were seen to encourage the development of strategic options. Issues concerning environmental stewardship and possible responses by the Unites States were discussed. Three scenarios were outlined: that climate change is not man-made and all the problems will go away; that technology will evolve to accommodate changes; and that policy will be insensitive to the economy, technology will lag and the energy sector will be faced with much higher costs. Various risk management

  6. The strategic use of forward contracts: Applications in power markets

    Science.gov (United States)

    Lien, Jeffrey Scott

    This dissertation develops three theoretical models that analyze forward trading by firms with market power. The models are discussed in the context of recently restructured power markets, but the results can be applied more generally. The first model considers the profitability of large firms in markets with limited economies of scale and free entry. When large firms apply their market power, small firms benefit from the high prices without incurring the costs of restricted output. When entry is considered, and profit opportunity is determined by the cost of entry, this asymmetry creates the "curse of market power;" the long-run profits of large firms are reduced because of their market power. I suggest ways that large power producers can cope with the curse of market power, including the sale of long-term forward contracts. Past research has shown that forward contracts can demonstrate commitment to aggressive behavior to a competing duopolist. I add explicitly modeled entry to this literature, and make the potential entrants the audience of the forward sale. The existence of a forward market decreases equilibrium entry, increases the profits of large firms, and enhances economic efficiency. In the second model, a consumer representative, such as a state government or regulated distribution utility, bargains in the forward market on behalf of end-consumers who cannot organize together in the spot market. The ability to organize in forward markets allows consumers to encourage economic efficiency. When multiple producers are considered, I find that the ability to offer contracts also increases consumer surplus by decreasing the producers' profits. In some specifications of the model, consumers are able to capture the full gains from trade. The third model of this dissertation considers the ability of a large producer to take advantage of anonymity by randomly alternating between forward sales and forward purchases. The large producer uses its market power to

  7. Assembling markets for wind power. An inquiry into the making of market devices

    Energy Technology Data Exchange (ETDEWEB)

    Pallesen, T.

    2013-04-15

    This project studies the making of a market for wind power in France. Markets for wind power, as well as markets for other renewable energies, are often referred to as 'political markets: On the one hand, wind power has the potential to reduce CO{sub 2}-emissions and thus stall the effects of electricity generation on climate change; and on the other hand, as an economic good, wind power is said to suffer from 'disabilities', such as high costs, fluctuating and unpredictable generation, etc. Therefore, because of its performance as a good, it is argued that the survival of wind power in the market is premised on different instruments, some of which I will refer to as 'prosthetic devices'. This thesis inquires into two such prosthetic devices: The feed-in tariff and the wind power development zones (ZDE) as they are negotiated and practiced in France, and the ways in which they affect the making of markets for wind power. In this thesis, it is argued that while the two devices frame the price of wind power and the location of turbines, they also affect and address questions of costs, profitability, and efficiency; and as such, they may be investigated as market devices. (Author)

  8. 33 CFR 209.141 - Coordination of hydroelectric power operations with power marketing agencies.

    Science.gov (United States)

    2010-07-01

    ... Commanders will develop, in coordination with their respective power marketing agency, a system for exchanging operating information. The system will include general operating information and information on... power operations with power marketing agencies. 209.141 Section 209.141 Navigation and Navigable Waters...

  9. Commercial Power Centers in Emerging Markets

    National Research Council Canada - National Science Library

    Treverton, Gregory

    1998-01-01

    .... All the countries examined-Mexico, Turkey, China and Indonesia-are in transition; all are attempting in varying degrees to implement what might broadly be called "market reforms"-shrinking subsidies to state-owned enterprises (SOEs...

  10. Competitiveness of nuclear power in Japanese liberalized electricity market

    International Nuclear Information System (INIS)

    Abe, Y.

    2006-01-01

    The liberalization of Japanese electricity market expanded to customers of over 50 kV on April 1, 2005 and more than 60% of the market has been already open. The discussion about the assistance measures of nuclear power generation in Japanese liberalization of electricity market has come to grow warmer gradually. The opinions on the competitiveness of nuclear power are inconsistency among the supporters of nuclear power. Some says that nuclear power is the most competitive, others says nuclear power require some sort of financial or political assistance in the deregulation of electricity market. In this study, based on financial statements of each Japanese electric power company, the constitution of generation cost of nuclear power is illustrated and various financial and economic characteristics, including ''merit of scale'' and the impact of new nuclear power plant construction on the finance of electric power company, are discussed. In addition, the economic features of nuclear power generation are compared with those of thermal power generation through the analysis of financial statements. Finally, support policies for nuclear power required in deregulation of electric utilities are examined in terms of fairness of competition and security of electricity supply

  11. Oil refining and product market developments in Europe

    International Nuclear Information System (INIS)

    McDonald, P.

    1991-01-01

    One political development in Europe that will affect the petroleum refining industry is the opening of a single market among the European Commission countries. Although the single market officially opens on January 1, 1993, a single market for energy will not happen at that time. Most European countries feel that refining is a strategic industry and adopt some form of protectionism in this sector. Environmental policy in Europe tends to be separate from energy policy, making conflicts in setting standards for emissions and fuel composition somewhat inevitable. For example, both environmental and energy policies favor a carbon tax on fuels; the EC environmental commission does not want to be seen as favoring nuclear power, so it favors penalizing all fuels about the same amount, while the energy commission says the carbon tax should be related to the fuel carbon content. A measure affecting the refining industry is the proposal for reducing sulfur in diesel fuel. By 1994 EC countries will have a common 0.2% standard and by 1996 a 0.05% standard for automotive diesel. To meet the latter standard, refineries will need upgrading at an estimated cost of US$4 billion. Another political consideration for the refining industry is whether eastern Europe should be part of the EC energy community. However, if there is a reluctance in the western European countries for a single western market, there is even less enthusiasm for an energy market that includes eastern Europe as well. In addition, there is a reluctance to accept that there should be a free flow of petroleum products from east to west

  12. Equilibrium pricing in electricity markets with wind power

    Science.gov (United States)

    Rubin, Ofir David

    Estimates from the World Wind Energy Association assert that world total wind power installed capacity climbed from 18 Gigawatt (GW) to 152 GW from 2000 to 2009. Moreover, according to their predictions, by the end of 2010 global wind power capacity will reach 190 GW. Since electricity is a unique commodity, this remarkable expansion brings forward several key economic questions regarding the integration of significant amount of wind power capacity into deregulated electricity markets. The overall dissertation objective is to develop a comprehensive theoretical framework that enables the modeling of the performance and outcome of wind-integrated electricity markets. This is relevant because the state of knowledge of modeling electricity markets is insufficient for the purpose of wind power considerations. First, there is a need to decide about a consistent representation of deregulated electricity markets. Surprisingly, the related body of literature does not agree on the very economic basics of modeling electricity markets. That is important since we need to capture the fundamentals of electricity markets before we introduce wind power to our study. For example, the structure of the electric industry is a key. If market power is present, the integration of wind power has large consequences on welfare distribution. Since wind power uncertainty changes the dynamics of information it also impacts the ability to manipulate market prices. This is because the quantity supplied by wind energy is not a decision variable. Second, the intermittent spatial nature of wind over a geographical region is important because the market value of wind power capacity is derived from its statistical properties. Once integrated into the market, the distribution of wind will impact the price of electricity produced from conventional sources of energy. Third, although wind power forecasting has improved in recent years, at the time of trading short-term electricity forwards, forecasting

  13. From the ecological niche to the mass market with 'Green Power Marketing' - 1st European Conference on Green Power Marketing 2001

    International Nuclear Information System (INIS)

    2001-01-01

    This report summarises the information presented at the European Conference on Green Power Marketing held in 2001 in St. Moritz, Switzerland. It takes a look at the market chances of ecologically produced electricity for use in Switzerland and for export. The opinions of experts from the areas of research, business, politics, marketing and non-governmental organisations that were presented at the meeting are summarised. European perspectives and trends in the USA are discussed and examples of green power marketing in the USA and Holland are given. Marketing issues and price policies are discussed, as are labelling strategies and customer perception of 'Green Power' issues. Also, sales issues including e-marketing, power-market rules and certificate trading are dealt with

  14. Selling power : marketing energy under deregulation

    Energy Technology Data Exchange (ETDEWEB)

    Drummond, J.; Hanna, F.

    2001-07-01

    This book discussed the marketing of energy in a deregulated environment. Experience from long distance telephone service providers has shown that historical dominance is not a guarantee for future success. As new brands are introduced and as consumer choice increases, so does the ability to change from one provider to another. Price is only one of the factors prompting that change. Old rules and practices do not bind new competitors who must face the challenge of open competition and must be aware of the ever-changing face of business. It was recommended that the strategic solution would be to build a brand and to develop significant market shares and create effective customer retention programs. This book focused on the elements that energy marketing professionals must use to maintain and increase share without product differentiation. It also explained how energy providers can effectively attract and retain customers over the long term while keeping marketing and service delivery costs down. It was suggested that small players can compete with the growing strength of regional providers by creating new alliances between larger energy conglomerates. The chapters of the book were entitled: (1) Introduction, (2) The Goals of Deregulation, (3) Strategic Marketing Choices, (4) Relationship Marketing, (5) The Role of Customer Service, (6) The Question of Outsourcing, and (7) Final Thoughts and Observations. 24 refs., 3 figs.

  15. Selling power : marketing energy under deregulation

    International Nuclear Information System (INIS)

    Drummond, J.; Hanna, F.

    2001-01-01

    This book discussed the marketing of energy in a deregulated environment. Experience from long distance telephone service providers has shown that historical dominance is not a guarantee for future success. As new brands are introduced and as consumer choice increases, so does the ability to change from one provider to another. Price is only one of the factors prompting that change. Old rules and practices do not bind new competitors who must face the challenge of open competition and must be aware of the ever-changing face of business. It was recommended that the strategic solution would be to build a brand and to develop significant market shares and create effective customer retention programs. This book focused on the elements that energy marketing professionals must use to maintain and increase share without product differentiation. It also explained how energy providers can effectively attract and retain customers over the long term while keeping marketing and service delivery costs down. It was suggested that small players can compete with the growing strength of regional providers by creating new alliances between larger energy conglomerates. The chapters of the book were entitled: (1) Introduction, (2) The Goals of Deregulation, (3) Strategic Marketing Choices, (4) Relationship Marketing, (5) The Role of Customer Service, (6) The Question of Outsourcing, and (7) Final Thoughts and Observations. 24 refs., 3 figs

  16. Coupled energy and reactive power market clearing considering power system security

    International Nuclear Information System (INIS)

    Rabiee, Abdorreza; Shayanfar, Heidarali; Amjady, Nima

    2009-01-01

    In a deregulated environment, when talking about electricity markets, one usually refers to energy market, paying less attention to the reactive power market. Active and reactive powers are, however, coupled through the AC power flow equations and branch loading limits as well as the synchronous generators capability curves. However, the sequential approach for energy and reactive power markets cannot present the optimal solution due to the interactions between these markets. For instance, clearing of the reactive power market can change active power dispatch (e.g. due to a change of transmission system losses and the capability curve limitation), which can lead to degradation of the energy market clearing point. This paper presents a coupled day ahead energy and reactive power market based on the pay-at-MCP settlement mechanism. Besides, the proposed coupled framework considers voltage stability and security issues and branch loading limits. The coupled market is cleared through optimal power flow (OPF). Its objective function includes total payment of generating units for their active power production along with the total payment function (TPF) of units for their reactive power compensation. Moreover, lost opportunity cost (LOC) of the units is also considered. The effectiveness of the proposed framework is examined on the IEEE 24 bus Reliability Test System

  17. Coupled energy and reactive power market clearing considering power system security

    Energy Technology Data Exchange (ETDEWEB)

    Rabiee, Abdorreza; Shayanfar, Heidarali [Center of Excellence for Power System Automation and Operation, Electrical Engineering Department, Iran University of Science and Technology (IUST), Tehran (Iran); Amjady, Nima [Department of Electrical Engineering, Semnan University, Semnan (Iran)

    2009-04-15

    In a deregulated environment, when talking about electricity markets, one usually refers to energy market, paying less attention to the reactive power market. Active and reactive powers are, however, coupled through the AC power flow equations and branch loading limits as well as the synchronous generators capability curves. However, the sequential approach for energy and reactive power markets cannot present the optimal solution due to the interactions between these markets. For instance, clearing of the reactive power market can change active power dispatch (e.g. due to a change of transmission system losses and the capability curve limitation), which can lead to degradation of the energy market clearing point. This paper presents a coupled day ahead energy and reactive power market based on the pay-at-MCP settlement mechanism. Besides, the proposed coupled framework considers voltage stability and security issues and branch loading limits. The coupled market is cleared through optimal power flow (OPF). Its objective function includes total payment of generating units for their active power production along with the total payment function (TPF) of units for their reactive power compensation. Moreover, lost opportunity cost (LOC) of the units is also considered. The effectiveness of the proposed framework is examined on the IEEE 24 bus Reliability Test System. (author)

  18. 2004 Power marketing program draft environmental impact statement

    International Nuclear Information System (INIS)

    1996-04-01

    The Western Area Power Administration (Western), created in 1977 under the Department of Energy (DOE) Organization Act, markets and transmits electric power throughout 15 western states. Western's Sierra Nevada Customer Service Region (Sierra Nevada Region) markets approximately 1,480 megawatts (MW) of power from the Central Valley Project (CVP) and other sources, and markets available nonfirm energy from the Washoe Project. The Sierra Nevada Region's marketing area is shown in Figure 1. 1. Western's mission is to sell and deliver electricity that is in excess of Project Use (power required for project operations), which for the Sierra Nevada Region is generated from CVP and Washoe Project powerplants. Western's power marketing responsibility includes managing the Federal transmission system. The hydroelectric generation facilities of the CVP are operated by the Bureau of Reclamation (Reclamation). Reclamation manages and releases water in accordance with the various acts authorizing specific projects and with other laws and enabling legislation. Western's capacity and energy sales must be in conformance with the laws that govern its sale of electrical power. Hydropower operations at each facility must comply with minimum and maximum flows and other constraints set by Reclamation, the U.S. Fish and Wildlife Service (the Service), or other regulatory agencies, acting in accordance with law or policy. This EIS describes the environmental consequences of the range of reasonable marketing alternatives that meet the needs and purposes of the proposed marketing plan

  19. The economics of energy storage in 14 deregulated power markets

    International Nuclear Information System (INIS)

    Figueiredo, F.C.; Flynn, P.C.; Cabral, E.A.

    2006-01-01

    In regulated power markets, electricity is stored to better utilize existing generation and to defer costly investment in generation. The justification is a reduction in the overall regulated price of power compared to the alternative investment in new primary generation. However, any storage of electrical power also involves a capital investment and incurs the cost of inefficiency. In deregulated energy markets, the sale of electricity or ancillary services from pumped storage can be evaluated based on each individual project. The economic basis for power storage is that power is purchased during periods of low price and resold during periods of high price. This study used historical power price data from 14 deregulated markets around the world to evaluate the economic incentive to use pumped storage for electrical energy. Each market was shown to have a unique average diurnal power price profile that results in a unique price spread for pumped storage. The diurnal price pattern and efficiency of storage was used to assess the net income potential from energy sales from pumped storage for each market. The markets were ranked in terms of the incentive to invest in pumped energy storage as well as on available revenue, and on potential return on investment. An optimal operating profile was illustrated in detail based on historical price patterns for one of the markets. The net income potential was then combined with the capital and operating cost of pumped storage. The adequacy of return on investment for pumped storage was analyzed by two different methods. The differences between markets stem from different diurnal power price patterns that reflect the generation mix, market design and participant behaviours. 17 refs., 7 tabs., 7 figs., 1 appendix

  20. A review of international green power markets: recent experience, trends, and market drivers

    OpenAIRE

    Bird, Lori; Wüstenhagen, Rolf; Aabakken, Jorn

    2002-01-01

    Green power marketing-the act of differentially selling electricity generated wholly or in part from renewable sources-has emerged in more than a dozen countries around the world. Almost two million customers worldwide buy green power today. This paper reviews green power marketing activity in Australia, Canada, Japan, the US, and in a number of countries in Europe to gain an understanding of consumer demand for electricity generated from renewable sources. It also examines key factors that i...

  1. A game theoretic model of the Northwestern European electricity market-market power and the environment

    International Nuclear Information System (INIS)

    Lise, Wietze; Linderhof, Vincent; Kuik, Onno; Kemfert, Claudia; Ostling, Robert; Heinzow, Thomas

    2006-01-01

    This paper develops a static computational game theoretic model. Illustrative results for the liberalising European electricity market are given to demonstrate the type of economic and environmental results that can be generated with the model. The model is empirically calibrated to eight Northwestern European countries, namely Belgium, Denmark, Finland, France, Germany, The Netherlands, Norway, and Sweden. Different market structures are compared, depending on the ability of firms to exercise market power, ranging from perfect competition without market power to strategic competition where large firms exercise market power. In addition, a market power reduction policy is studied where the near-monopolies in France and Belgium are demerged into smaller firms. To analyse environmental impacts, a fixed greenhouse gas emission reduction target is introduced under different market structures. The results indicate that the effects of liberalisation depend on the resulting market structure, but that a reduction in market power of large producers may be beneficial for both the consumer (i.e. lower prices) and the environment (i.e. lower greenhouse gas permit price and lower acidifying and smog emissions)

  2. Market redesign and regulatory change : how companies doing business in Alberta's power markets will be affected

    International Nuclear Information System (INIS)

    Runge, C.

    2003-01-01

    The Power Pool of Alberta (PPA) began its operations in 1996 based on a model with a single price set based on day ahead offers/bids and real time dispatch. The Electric Utilities Act was amended in 1998 and direct sales were permitted in 1999. The Power Purchase Arrangement Auction was implemented in 2000. Significant events took place in 2001, including: (1) retail competition, (2) PPAs began operations, (3) restrictions on direct sales were removed, (4) forward exchange operation, and (5) ancillary services market. In 2002, the Market Achievement Plan II was implemented and government industry structure was reviewed. There are several considerations regarding market redesign, such as day ahead market, capacity market, congestion management, and Northwest Regional Transmission Organization (RTO West). The role of the International Standard Organization (ISO) was discussed, with reference to the Independent System Operator, Independent Market Operator, and Transmission and Market Planner. Redesign must involve all participants and include informed, phased in changes

  3. The adaptation of the electric power companies to the power market

    International Nuclear Information System (INIS)

    Otterstad, B.; Ottosen, R.

    1993-02-01

    This report describes the challenges met by the Norwegian electric power companies in adapting to a more market oriented business and their possibilities and strategies when facing the uncertainties on the market side. The main principles of adaptation to the market are described and various strategies are illustrated by means of simple calculations and figures. The theoretical basis for analyses of adaptation to the market and for pricing period contracts and options are discussed. The report concludes with a discussion of the de-regulation of the North American gas market and draws parallels to the Norwegian power market. 17 figs

  4. Recipes for success in the marketing of solar power; Erfolgsrezepte fuer Solarstrom-Marketing

    Energy Technology Data Exchange (ETDEWEB)

    Frauenfelder, S. [Linder Kommunikation AG, Zuerich (Switzerland); Peter, M. [IPSO Sozial-, Marketing- und Personalforschung, Duebendorf (Switzerland)

    1999-07-01

    This report for the Swiss Federal Office of Energy (SFOE) presents the results of a study made of the different concepts used by Swiss electricity utilities in the marketing of solar power. The results of investigations made at 10 utilities and of interviews with 1000 customers are presented. The various marketing methods used by the utilities, including types of product and the methods chosen for communication and promotion, are examined. The marketing of solar power as perceived by actual and potential customers is also examined. In particular, price, image and trustworthiness of the offers are looked at and the four marketing-mix components product, price, sales and promotion are discussed. The authors conclude that the potential for selling solar power is not yet fully exhausted, as shown by customer interviews. The report is rounded off with a review of the particular problems that are still to be resolved in the marketing of solar power.

  5. Oxidative processes in power plant oils

    International Nuclear Information System (INIS)

    Forlerer, Elena; Zambrano, Debora N.

    2007-01-01

    This paper analyzes the chemical properties differences between thermal-oxidation and radioactive-oxidation in turbine oils in order to estimate the oils' Service Life. The oils were Turbine R type, provided by Repsol-YPF with only few additives such as: anti rust, antioxidant, anticorrosion and without viscosity index improvers. The oils were ISO 32 and ISO 68 grade -with viscosity index 95- and API (American Petroleum Institute) group I, due to its viscosity index (95), the percent of paraffinic component ( 0.03%). Different samples from the heavy water main pumps were collected with different service times and radiation fields during an Embalse NPP's outage. For comparison purposes oils from feedwater pumps systems that convey light water to the steam generators in the Turbine building -without radiation- were obtained. The properties studied by ASTM standards were: colour (visual inspection), Viscosity Index VI (ASTM D227/93), viscosity at 40 C degrees (ASTM D445/96) and Total Acid Number, TAN (ASTM D974-97). Oxidative degradation of base oils could be described by two successive mechanisms that allow the definition of two stages: Primary and Secondary Oxidation. Primary oxidation begins with the thermal generation of alkylation's reactions and acid products formation. Radiation damage operates by two mechanisms: scission and cross-linking. The first one generates free radicals of low molecular weight while the other one can build-up complex molecular networks with high or low solubility in the base oil. Moreover, radiation damage destroys additives molecules and generates colour centres different from oxidative colour modification. Due to scission and cross-linking alkyl group substitution in the aromatic rings are formed. Then, radiation acts as a precursor of Primary Oxidation. Both, thermal and radioactive, damage mechanisms can act simultaneously making the isolated analysis for each one very difficult. To manage it, a Relative Damage Index (RDI) has been

  6. The impact of the Market Power Mitigation Agreement on power prices in Ontario

    International Nuclear Information System (INIS)

    Chute, R. G.

    2000-01-01

    Market power was defined by the Market Design Committee (MDC) as 'the ability to sustain a significant price increase profitably', although it is generally understood to refer to the 'overwhelming dominance of generating capacity and supply capability of Ontario Power Generation' (OPG), the former generating arm of Ontario Hydro. The MDC sought to address market power within the context of the Ontario Government's White Paper on electricity sector reform, entitled 'Directions for Change'. The solution was the Market Power Mitigation Agreement (MPMA), a negotiated agreement between the MDC and OPG that established market share goals and provided incentives and penalties to meet these goals. Briefly, the major instrument used by the MPMA is the price of electric power sold in the Ontario market to reward, or penalize the actions of OPG in moving towards its market share goals as defined in the MPMA. This paper explains the principal elements of the MPMA and how they are expected to influence the market prices for power in Ontario. The principal elements of the Agreement are price cap and rebate, decontrol targets, and intertie capacity and limits, while the instruments comprise licence conditions, settlement agreements, market rules and ministerial directives. The issue of the impact of the MPMA on the cost of power, and the future prospects of market power after the expiration of the MPMA are also addressed

  7. An economic study of palm oil marketing in Akwa Ibom state ...

    African Journals Online (AJOL)

    However, the fluctuating trends in the production and marketing of palm oil in the State, calls for adequate economic investigation in order to enhance the potentials of the enterprise. The study covered the major markets in Akwa Ibom State, namely Uyo, Eket, Etinan, and Ikot Abasi main markets. In all, both the producers, ...

  8. Power system economics : the Nordic electricity market. 2nd ed.

    International Nuclear Information System (INIS)

    Wangensteen, Ivar

    2012-01-01

    This book written as a textbook for students of engineering is designed for the Norwegian Power Markets course which is part of the Energy and Environment Master's Program and the recently established international MSc program in Electric Power Engineering. As the title indicates, the book deals with both power system economics in general and the practical implementation and experience from the Nordic market. Areas of coverage include: -- Restructuring/deregulation of the power supply system -- Grid access including tariffs and congestion management -- Generation planning -- Market modeling -- Ancillary services -- Regulation of grid monopolies. Although Power Systems Economics is written primarily as a textbook for students, other readers will also find the book interesting. It deals with problems that have been subject of considerable attention in the power sector for some years and it addresses issues that are still relevant and important. (au)

  9. System and market integration of wind power in Denmark

    DEFF Research Database (Denmark)

    Lund, Henrik; Hvelplund, Frede; Alberg Østergaard, Poul

    2013-01-01

    Denmark has more than 10 years’ of experience with a wind share of approximately 20 per cent. During these 10 years, electricity markets have been subject to developments with a key focus on integrating wind power as well as trading electricity with neighbouring countries. This article introduces...... a methodology to analyse and understand the current market integration of wind power and concludes that the majority of Danish wind power in the period 2004e2008 was used to meet the domestic demand. Based on a physical analysis, at least 63 per cent of Danish wind power was used domestically in 2008....... To analyse the remaining 37 per cent, we must apply a market model to identify cause-effect relationships. The Danish case does not illustrate any upper limit for wind power integration, as also illustrated by Danish political targets to integrate 50 per cent by 2020. In recent years, Danish wind power has...

  10. Power system economics : the Nordic electricity market. 2nd ed.

    Energy Technology Data Exchange (ETDEWEB)

    Wangensteen, Ivar

    2012-07-01

    This book written as a textbook for students of engineering is designed for the Norwegian Power Markets course which is part of the Energy and Environment Master's Program and the recently established international MSc program in Electric Power Engineering. As the title indicates, the book deals with both power system economics in general and the practical implementation and experience from the Nordic market. Areas of coverage include: -- Restructuring/deregulation of the power supply system -- Grid access including tariffs and congestion management -- Generation planning -- Market modeling -- Ancillary services -- Regulation of grid monopolies. Although Power Systems Economics is written primarily as a textbook for students, other readers will also find the book interesting. It deals with problems that have been subject of considerable attention in the power sector for some years and it addresses issues that are still relevant and important. (au)

  11. The world oil market after the Iraq-Kuwait crisis: Economic and politicoeconomic considerations

    International Nuclear Information System (INIS)

    Wirl, F.

    1994-01-01

    The recent crisis in the Gulf (Iraq's temporary annexation of Kuwait) will presumably inflict enormous damage on future oil markets on both sides, consumers and producers. Consumers will be aware of the potential insecurity of the oil supply from the Arab-Persian Gulf, ironically, at a time when OPEC members (others than Iraq and Kuwait) stood up to their commitment. The reason for this lack of confidence is that political objectives may dominate conventional economic goals so that the future oil market becomes unpredictable and potentially insecure. As a consequence, consumers may conserve even in period of low oil prices so that billions and billions of (opportunity) dollars might be wasted. Vertical integration may be a way to mitigate this insecurity and to increase the credibility of a reliable supply. Presumably the easiest way to regain some of the consumers' confidence seems to be to again offer the international oil companies larger responsibility for the oil market

  12. Speculation and volatility spillover in the crude oil and agricultural commodity markets: A Bayesian analysis

    International Nuclear Information System (INIS)

    Du Xiaodong; Yu, Cindy L.; Hayes, Dermot J.

    2011-01-01

    This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov Chain Monte Carlo methods. Speculation, scalping, and petroleum inventories are found to be important in explaining the volatility of crude oil prices. Several properties of crude oil price dynamics are established, including mean-reversion, an asymmetry between returns and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility spillover among crude oil, corn, and wheat markets after the fall of 2006. This can be largely explained by tightened interdependence between crude oil and these commodity markets induced by ethanol production.

  13. A new approach to measure speculation in the oil futures market and some policy implications

    International Nuclear Information System (INIS)

    Chan, Leo H.; Nguyen, Chi M.; Chan, Kam C.

    2015-01-01

    We propose using a new relative measure, the speculative ratio, defined as trading volume divided by open interest, to gauge speculative activity in the oil futures market. We apply the speculative ratio to examine the relation between basis and speculative activity in the oil futures market before and after the financialization of the oil market in 2003. Our finding suggests that the oil futures market is dominated by uninformed speculators in the post-financialization period. Our finding carries several practical policy implications, as follows: (1) both the commodity exchange and the regulator should design regulations and trading policies that improve basis risk; (2) on the commodity exchange side, new policies on margin requirements and position limits for speculators should be implemented; (3) margin requirements should be based on the level of basis risk; (4) regulators should speed up implementation of the position limit rule in the Dodd–Frank Act; and (5) stronger and more meaningful enforcement actions by regulators are required to punish and deter market manipulators. - Highlights: • Use a new speculative ratio to gauge speculative activities in oil futures market. • Examine the relation between basis and speculative activities. • The new speculative ratio also works well in the post-2008 oil bubble period. • Oil futures market is dominated by uninformed speculators in post-financialization in 2003.

  14. Power plant operation and management in a deregulated market

    Energy Technology Data Exchange (ETDEWEB)

    Carraretto, Cristian [Department of Mechanical Engineering, University of Padova, Via Venezia, 1-35131 Padova (Italy)

    2006-05-15

    This paper analyzes the influence of electricity deregulation on the design, operation and management of the power plants owned by strategic and non-strategic producers. After a sensitivity analysis aimed at finding market conditions of profitable operation for thermal and hydroelectric power plants, a Nash-equilibrium market model is used to determine producers' optimum strategies, depending on their relative market power and overall production characteristics. Attention is then focused on the operation of single thermal power plants. Their short-term management plans and consequent effects on emission levels and residual life are described. The available reserve for primary and secondary control deriving from producers' market strategies is discussed. Some design options to improve combined cycles contribution to reserve service are finally described. The paper discusses these problems with a general approach, and uses many cases and examples derived from the current Italian scenario. (author)

  15. Power plant operation and management in a deregulated market

    International Nuclear Information System (INIS)

    Carraretto, Cristian

    2006-01-01

    This paper analyzes the influence of electricity deregulation on the design, operation and management of the power plants owned by strategic and non-strategic producers. After a sensitivity analysis aimed at finding market conditions of profitable operation for thermal and hydroelectric power plants, a Nash-equilibrium market model is used to determine producers' optimum strategies, depending on their relative market power and overall production characteristics. Attention is then focused on the operation of single thermal power plants. Their short-term management plans and consequent effects on emission levels and residual life are described. The available reserve for primary and secondary control deriving from producers' market strategies is discussed. Some design options to improve combined cycles contribution to reserve service are finally described. The paper discusses these problems with a general approach, and uses many cases and examples derived from the current Italian scenario. (author)

  16. Design of reactive power procurement in deregulated electricity market

    African Journals Online (AJOL)

    user

    novel reactive power procurement model is proposed, which ensure secure and ..... The simulation is performed in the Matlab. .... focus of this paper is a reactive procurement market model, which is a basically two-step optimization process.

  17. Risk management of power supply in open electricity market

    International Nuclear Information System (INIS)

    Rinta-Runsala, E.; Kiviniemi, J.

    1999-12-01

    The open electricity market has increased the need of risk management in electric utilities. In this publication the concepts of risk assessment and measures mostly concentrating on market risks for power supply companies are reported. An essential past of the risk management includes the electricity derivates and trade

  18. PRICE DISCRIMINATION AND MARKET POWER: A THEORETICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Olga Smirnova

    2015-07-01

    Full Text Available This paper analyzes the contemporary theoretical and empirical research in the field of impact assessment of market power and conclusions about the possibilities of the company to implement price discrimination in different market structures. The results of the analysis allow to evaluate current approaches to antitrust regulation of price discrimination.

  19. Your School's Web Site-A Powerful Tool for Marketing.

    Science.gov (United States)

    Say, Michael W.; Collier, Karen J.; Hoya, Charlotte, G.

    2001-01-01

    A successful marketing plan requires a conceptual framework, the ability to target an audience effectively, and the strategy for positioning the school organization appropriately. A website can be a powerful marketing tool if it focuses on what users want and provides it in an organized, accessible fashion. (MLH)

  20. Restructured electric power systems analysis of electricity markets with equilibrium models

    CERN Document Server

    2010-01-01

    Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets.