WorldWideScience

Sample records for rising gas prices

  1. Rising prices squeeze gas marketer

    Energy Technology Data Exchange (ETDEWEB)

    Lunan, D.

    2000-06-19

    Apollo Gas, a Toronto-based gas marketer, is considering options to enhance unit holder value, including sale of its 21,000 gas supply contracts, just weeks after it was forced out of the Alberta market by rising gas prices. Although the company had reported first quarter revenues of more than $15 million and earnings through that period of about $2.1 million, increases of 33 per cent and 38 per cent respectively over the same period in 1999, the company is resigned to the fact that such performance markers are not likely to be reached again in the foreseeable future, hence the decision to sell. About 95 per cent of Apollo's current transportation service volumes are matched to existing fixed-price supply contract which are due to expire in November 2000. After that, it is about 75 per cent matched for the balance of the term of its customer contracts (mostly five years). This means that the company is exposed to market prices that are likely to continue to increase. If this prediction holds true, Apollo would be forced to purchase the unhedged volumes of gas it needs to service its customers in the spot market at prices higher than prices the company is charging to its customers.

  2. Rising prices squeeze gas marketer

    International Nuclear Information System (INIS)

    Lunan, D.

    2000-01-01

    Apollo Gas, a Toronto-based gas marketer, is considering options to enhance unit holder value, including sale of its 21,000 gas supply contracts, just weeks after it was forced out of the Alberta market by rising gas prices. Although the company had reported first quarter revenues of more than $15 million and earnings through that period of about $2.1 million, increases of 33 per cent and 38 per cent respectively over the same period in 1999, the company is resigned to the fact that such performance markers are not likely to be reached again in the foreseeable future, hence the decision to sell. About 95 per cent of Apollo's current transportation service volumes are matched to existing fixed-price supply contract which are due to expire in November 2000. After that, it is about 75 per cent matched for the balance of the term of its customer contracts (mostly five years). This means that the company is exposed to market prices that are likely to continue to increase. If this prediction holds true, Apollo would be forced to purchase the unhedged volumes of gas it needs to service its customers in the spot market at prices higher than prices the company is charging to its customers

  3. Rising natural gas and electricity prices in the Netherlands

    International Nuclear Information System (INIS)

    Roggen, M.

    2004-01-01

    In a free market, the price for electricity rises rather than falls. And as for the gas price, the consumer will be facing strong fluctuations. For that matter, it is only slightly connected with the liberalization of the market. An employee of Roland Berger Strategy Consultants has delved deeply into the matter, down to the euro [nl

  4. Rising natural gas prices : impacts on U.S. industries

    International Nuclear Information System (INIS)

    Henry, D.

    2005-01-01

    The impact of rising natural gas prices on the United States economy and domestic industries was examined in this PowerPoint presentation. Industry comments were solicited on the effects of natural gas prices on their business performance from 2000 to 2004 in order to collect data, and macroeconomic impacts were determined through the use of an inter-industry model. Results of the survey and subsequent model suggested that in 2000 and 2001, real gross domestic product (GDP) growth was depressed by 0.2 per cent because of higher natural gas prices. Between 2000 and 2004, the civilian workforce was lower by 489,000 jobs. It was determined that nitrogenous fertilizer manufacturing was the most gas intensive industry. The results indicated that higher natural gas prices were an additional burden on manufacturing industries, and that the economic performance of natural gas intensive industries was poor between 2000-2004. However, it was just as poor between 1997-2000, when gas prices were relatively low and stable. Natural gas intensive industries passed along price increases in their products to their downstream consumers. Despite job losses, wages in natural gas intensive industries were higher and grew faster than in the rest of the manufacturing industry in the 2000-2004 period. Although capital expenditures declined between 2000 to 2004, they declined more rapidly in the 1997-2000 period. There has been no evidence of a decline in international competitiveness of natural gas intensive industries. It was concluded that rising natural gas prices have had a significant impact on the growth of the economy and workforce. tabs., figs

  5. The Answer to Rising Gas Prices...Nitrogen?

    Science.gov (United States)

    Lee, Frank; Batelaan, Herman

    2010-01-01

    It is claimed by the company NitroFill and the GetNitrogen Institute that filling car tires with nitrogen improves gas mileage considerably. The reason given is that oxygen leaks out of tires so that the increased rolling friction causes a reduced gas mileage. Because it is hard to do an actual road test, we report on a simple visual test of…

  6. Why rising U.S. gas demand may not hike prices in the 90s

    International Nuclear Information System (INIS)

    Adelman, M.A.

    1992-01-01

    This paper reports that it was widely believed after the 1986 U.S. natural gas price drop that prices had to rise steeply soon because at the low prices it did not pay to replace reserves. Lack of reserves would push the price back up. This forecast raised the value of reserves in the ground. It was a mistake. Reserves were replaced because the cost had dropped so sharply that it paid to replace them. This fact was hidden by the so-called finding cost per Mcf equivalent. This is expenditures on exploration plus development, for oil and gas together, divided by the reserve-additions of oil plus gas reduced to an equivalent, usually of 6:1 but sometimes a higher ratio

  7. Coal prices rise

    International Nuclear Information System (INIS)

    McLean, A.

    2001-01-01

    Coking and semi hard coking coal price agreements had been reached, but, strangely enough, the reaching of common ground on semi soft coking coal, ultra low volatile coal and thermal coal seemed some way off. More of this phenomenon later, but suffice to say that, traditionally, the semi soft and thermal coal prices have fallen into place as soon as the hard, or prime, coking coal prices have been determined. The rise and rise of the popularity of the ultra low volatile coals has seen demand for this type of coal grow almost exponentially. Perhaps one of the most interesting facets of the coking coal settlements announced to date is that the deals appear almost to have been preordained. The extraordinary thing is that the preordination has been at the prescience of the sellers. Traditionally, coking coal price fixing has been the prerogative of the Japanese Steel Mills (JSM) cartel (Nippon, NKK, Kawasaki, Kobe and Sumitomo) who presented a united front to a somewhat disorganised force of predominantly Australian and Canadian sellers. However, by the time JFY 2001 had come round, the rules of the game had changed

  8. Costly energy : why oil and gas prices are rising and what we can do about it : a collection of progressive analysis and policy alternatives

    International Nuclear Information System (INIS)

    Klein, S.

    2001-02-01

    A collection of essays were presented to address the issue of rising oil and gas prices. This issue has significant social and environmental implications and the public wants to know what is driving prices up and who is profiting. The myth that gas taxes are driving price increases was dispelled. It was argued that price hikes are mainly due to crude oil price increases and to refining and marketing price increases. The link between rising prices and free trade was also emphasized. The North American Free Trade Agreement (NAFTA) tied Canada into a North American energy market in which U.S. demand sets prices in Canada. It was suggested that trade rules regarding energy should be changed. Other short and longer-term progressive policy alternatives were also presented in the second part of this report. One possible short-term policy response would be to tax windfall oil and gas profits and direct the resulting revenues to rebates for low-income households and for energy conservation initiatives. It was noted that the environmental benefit of rising prices is that it encourages conservation and improved fuel efficiency. The final part of this report discussed the issue of protecting electricity from deregulation and sited lessons learned from the deregulation of natural gas. 2 tabs., 4 figs

  9. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

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

  10. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

    Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis

  11. Logistics: Price Rises Incurred by High Oil Price

    Institute of Scientific and Technical Information of China (English)

    Lai Zhihui

    2011-01-01

    @@ "When the oil price grows by 100%, the logistic indus-try will see a price growth of 40%, while the logistics in-dustry a price rise of 35%, which means every price increase of 5% in the oil price will bring along that of 2% in this industry." said Liu Zongsheng, General Manager of Itochu Logistics Co., Ltd., on the seminar "Focusing on the eco-nomic consequences of raising oil price, interest rate and deposit reserve ratio", which was held recently.

  12. The economic consequences of oil price rise

    International Nuclear Information System (INIS)

    Lescaroux, Francois

    2006-05-01

    The author discusses the possible consequences of oil barrel price rise. First, he discusses the main results of analysis's which have been performed for thirty years regarding the impact of oil price on economical activity. He proposes interpretations of these studies and of their conclusions, and tries to draw lessons regarding effects which can be expected from the recent evolutions of energy markets

  13. Natural gas pricing policies in Southeast Asia

    International Nuclear Information System (INIS)

    Pacudan, R.B.

    1998-01-01

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

  14. The economic consequences of rising oil prices

    International Nuclear Information System (INIS)

    Lescaroux, F.

    2006-05-01

    In the context of rising crude oil prices observed in the last five years, this paper attempts to shed light on the possible consequences of a costlier barrel. We shall begin with a brief presentation of the main results of the analyses conducted in the last 30 years, concerning the impact of energy prices on economic activity. We shall then interpret these analyses and their conclusions, and try to draw a number of lessons about the anticipated effects of the recent trend in energy prices. (author)

  15. Rise of oil prices and energy policy

    International Nuclear Information System (INIS)

    2005-01-01

    This document reprints the talk of the press conference given by D. de Villepin, French prime minister, on August 16, 2005 about the alarming rise of oil prices. In his talk, the prime minister explains the reasons of the crisis (increase of worldwide consumption, political tensions in the Middle East..) and presents the strategy and main trends of the French energy policy: re-launching of energy investments in petroleum refining capacities and in the nuclear domain (new generation of power plants), development of renewable energy sources and in particular biofuels, re-launching of the energy saving policy thanks to financial incentives and to the development of clean vehicles and mass transportation systems. In a second part, the prime minister presents his policy of retro-cession of petroleum tax profits to low income workers, and of charge abatement to professionals having an occupation strongly penalized by the rise of oil prices (truckers, farmers, fishermen, taxi drivers). (J.S.)

  16. Recent trends in gas pricing in economies in transition

    International Nuclear Information System (INIS)

    Cornot-Gandolplhe, S.

    1996-01-01

    This paper deals with end-user gas price movements in economies in transition since 1990 and with present problems associated with rising of gas prices levels. The first part stresses the major discrepancies existing between countries in transition with regard to their economic situation and their gas market. Historical gas price movements are shown in the second part, which analyzes the main trends observed in economies in transition and problems encountered when raising the gas prices

  17. Gas prices: realities and probabilities

    International Nuclear Information System (INIS)

    Broadfoot, M.

    2000-01-01

    An assessment of price trends suggests continuing rise in 2001, with some easing of upward price movement in 2002 and 2003. Storage levels as of Nov. 1, 2000 are expected to be at 2.77 Tcf, but if the winter of 2000/2001 proves to be more severe than usual, inventory levels could sink as low as 500 Bcf by April 1, 2001. With increasing demand for natural gas for non-utility electric power generation the major challenge will be to achieve significant supply growth, which means increased developmental drilling and inventory draw-downs, as well as more exploratory drilling in deepwater and frontier regions. Absence of a significant supply response by next summer will affect both growth in demand and in price levels, and the increased demand for electric generation in the summer will create a flatter consumption profile, erasing the traditional summer/winter spread in consumption, further intensifying price volatility. Managing price fluctuations is the second biggest challenge (after potential supply problems) facing the industry

  18. Rise of energy prices: why and up to how much?

    International Nuclear Information System (INIS)

    Maillard, D.; Gonnot, F.M.

    2004-01-01

    This article is a presentation given by D. Maillard, general director of the general direction of energy and raw materials (DGEMP) of the French ministry of economy, finances and industry (Minefi), at the occasion of a colloquium held in Paris on December 8, 2004, and organised by the energy and development club. In his talk, D. Maillard explains the reasons of the rise of energy prices in 2004: international factors (volatility of the oil and gas markets) and European factors (liberalization and re-structuration of the electricity market, spot prices, increase of demand). (J.S.)

  19. Natural gas prices

    International Nuclear Information System (INIS)

    Johnson, W.A.

    1990-01-01

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

  20. The Pricing of natural gas

    International Nuclear Information System (INIS)

    Nese, Gjermund

    2004-11-01

    The report focuses on the pricing of natural gas. The motivation has been the wish of the Norwegian authorities to increase the use of natural gas and that this should follow market conditions. The pricing of gas occurs at present in various ways in the different markets. The report identifies to main factors behind the pricing. 1) The type of market i.e. how far the liberalization of the gas markets has gone in the various countries. 2) The development within the regulation, climate and tax policies. The gas markets are undergoing as the energy markets in general, a liberalization process where the traditional monopoly based market structures are replaced by markets based on competition. There are great differences in the liberalization development of the various countries, which is reflected in the various pricing principles applied for the trade of gas in the countries. The analysis shows that the net-back-pricing is predominant in some countries i.e. that the price is in various ways indexed towards and follow the development of the price of alternative energy carriers so that the gas may be able to compete. The development towards trade places for gas where the pricing is based on offer and demand is already underway. As the liberalization of the European gas markets progresses it is expected that the gas price will be determined increasingly at spot markets instead of through bilateral agreements between monopolistic corporations. The development within the regulation, climate and tax policies and to what extent this may influence the gas prices in the future, are also studied. There seem to be effects that may pull in both directions but it is evident that these political variables will influence the gas pricing in the international market to a large extent and thereby also the future internal natural gas market

  1. The 1995 uranium spot market: Rising volume - rising prices

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    1995 Uranium Spot Market volume increased by 7.8 million lbs U308 equivalent from 1994 levels to over 42.1 million lbs U308 equivalent the largest since 1991. This increased volume was accompanied by increased prices. The restricted market price rose by over $2.20/lb U308 from the January range of $9.75-$10.00 per lb U308 to the December range of $11.95-$12.25 per pound U308. The unrestricted market price rose by over $2.65/lb U308 from the January range of $7.15-$7.30 per lb U308 to the December range of $9.80-$10.15 per pound U308. Unrestricted prices rose at a relatively steady pace each month for the first half of the year and at a greater pace through the second half of the year, while restricted prices rose faster during the first half of the year and leveled out during the second half of the year. The result was a partial closure of the gap between restricted and unrestricted prices

  2. The price of natural gas

    International Nuclear Information System (INIS)

    Bakhtiari, A.M.S.

    2001-01-01

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

  3. Canadian natural gas price forecast

    International Nuclear Information System (INIS)

    Jones, D.

    1998-01-01

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

  4. Have oil and gas prices got separated?

    International Nuclear Information System (INIS)

    Erdős, Péter

    2012-01-01

    This paper applies vector error correction models that show that oil and natural gas prices decoupled around 2009. Before 2009, US and UK gas prices had a long-term equilibrium with crude prices to which gas prices always reverted after exogenous shocks. Both US and UK gas prices adjusted to the crude oil price individually, and departure from the equilibrium gas price on one continent resulted in a similar departure on the other. After an exogenous shock, the adjustment between US and UK gas prices took approximately 20 weeks on average, and the convergence was mediated mainly by crude oil with a necessary condition that arbitrage across the Atlantic was possible. After 2009, however, the UK gas price has remained integrated with oil price, but the US gas price decoupled from crude oil price and the European gas price, as the Atlantic arbitrage has halted. The oversupply from shale gas production has not been mitigated by North American export, as there has been no liquefying and export capacity. - Highlights: ► VEC models are applied to investigate the relationship between oil and natural gas prices. ► While natural gas prices in Europe and Asia react to oil price, US gas price decoupled from oil in 2009. ► Since 2009, the US gas price has decoupled from the European and Asian gas prices.

  5. Canadian natural gas price debate

    International Nuclear Information System (INIS)

    Wight, G.

    1998-01-01

    Sunoco Inc. is a subsidiary of Suncor Energy, one of Canada's largest integrated energy companies having total assets of $2.8 billion. As one of the major energy suppliers in the country, Sunoco Inc has a substantial stake in the emerging trends in the natural gas industry, including the Canadian natural gas price debate. Traditionally, natural gas prices have been determined by the number of pipeline expansions, weather, energy supply and demand, and storage levels. In addition to all these traditional factors which still apply today, the present day natural gas industry also has to deal with deregulation, open competition and the global energy situation, all of which also have an impact on prices. How to face up to these challenges is the subject of this discourse. tabs., figs

  6. Gas Price Formation, Structure and Dynamics

    Energy Technology Data Exchange (ETDEWEB)

    Davoust, R.

    2008-07-01

    of the LNG supply chain implies rising LNG international arbitrage, cargoes being diverted to the most profitable destinations. Co-movements are then expected between regional quotes, leading to the potential emergence of a world gas market with a single price. (author)

  7. Gas Price Formation, Structure and Dynamics

    International Nuclear Information System (INIS)

    Davoust, R.

    2008-01-01

    the LNG supply chain implies rising LNG international arbitrage, cargoes being diverted to the most profitable destinations. Co-movements are then expected between regional quotes, leading to the potential emergence of a world gas market with a single price. (author)

  8. Business cycles and natural gas prices

    International Nuclear Information System (INIS)

    Apostolos, S.; Asghar, S.

    2005-01-01

    This paper investigates the basic stylised facts of natural gas price movements using data for the period that natural gas has been traded on an organised exchange and the methodology suggested by Kydland and Prescott (1990). Our results indicate that natural gas prices are procyclical and lag the cycle of industrial production. Moreover, natural gas prices are positively contemporaneously correlated with United States consumer prices and lead the cycle of consumer prices, raising the possibility that natural gas prices might be a useful guide for US monetary policy, like crude oil prices are, possibly serving as an important indicator variable. (author)

  9. Canadian natural gas market dynamics and pricing : an update

    International Nuclear Information System (INIS)

    2002-10-01

    This energy market assessment (EMA) report discusses natural gas price formation and describes the current functioning of regional gas markets in Canada. This EMA also describes the factors affecting the price of natural gas in Canada and examines natural gas markets on a region-by region basis. It is shown that as part of an integrated North American market, prices of natural gas in Canada reflect supply and demand factors in both Canada and the United States. During the low oil price period of 1997/1998, high demand for natural gas outpaced the supply because of low drilling and production activity by producers. In response to the increased demand and lower levels of supply, the price of natural gas increased significantly in 1999 and 2000. This was followed by a period of market adjustment. The importance of electronic trading systems for enhancing price discovery was also discussed with reference to how spot and futures markets allow market participants to manage price volatility. It was determined that Canadians have had access to natural gas on terms and conditions equal to export customers, and at equal pricing. In early November 2000, natural gas prices in North American began to rise due to low levels of natural gas in storage. The price shocks were felt unevenly across the North American market. In response to the high prices, consumers conserved energy use, and many industrial users switched to cheaper fuels. By the spring 2001, demand continued to decrease at a time when production was high. These factors contributed to the downward pressure on gas prices. This EMA discusses the structure of market transactions and market adjustment mechanisms. It is presented in the context of the approaching 2002/2003 winter season where the tightening between natural gas supply and demand is expected to result in price volatility. 28 figs

  10. Weak oil prices seen hindrance to pace of increase in gas use

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    World demand for gas is expected to rocket, yet future natural gas and liquefied natural gas projects remain threatened by the link of gas prices to crude oil prices. This is the main message that emerged from the 19th World Gas Conference in Milan last week. A number of reports predicted regional demand for gas. All foresaw a rise. International Gas Union (IGU), organizer of the conference, and said world natural gas production has continued to rise despite a significant downturn in industrial production. The paper discusses gas demand in Europe, the correlation between oil and gas prices, the natural gas industry in Indonesia, Russia, and southern Europe

  11. Price management mechanisms and the gas contract

    International Nuclear Information System (INIS)

    Dickson, D.J.

    1996-01-01

    Pricing objectives and risk management strategies that can be achieved through the proper use of the standard gas contract, were discussed. Main topics of discussion were: (1) gas sales contract and convertible pricing, (2) gas contract and imbedded hedging, gas contracts and exchange traded instruments, (4) gas contracts fixed for floating swaps, and OTC options and exotics, (5) options and exotic price structures, and (6) advantages and disadvantages of using the gas contract versus the swap agreement

  12. Pricing of natural gas in Kazakhstan

    International Nuclear Information System (INIS)

    Zhapargaliev, I.K.

    1996-01-01

    Two state companies are in charge of natural gas supply in Kazakhstan. They buy, transport and sell natural gas and have monopolized the industry and provoked increase of gas prices. Ministry of Oil and gas Industry proposed demonopolization. The restructuring that took place caused new distribution of tasks in the gas industry. A more competitive environment was created leading to normalization of the natural gas prices. All economic subjects were granted the right to acquire gas regardless the type of ownership. Measures implemented for reorganization of gas companies contributed to the reduction of gas transport costs and prices by 50% and to decrease of gas prices in the southern regions by 50%. Despite these measures gas prices for household sector are still unchanged and are below the import prices, the main reason being the low average household income

  13. Rise of energy price, rise of agricultural prices: what medium- and long-term relations and implications?

    International Nuclear Information System (INIS)

    Voituriez, T.

    2009-01-01

    We review in this study the different factors which have been presented by the scientific community as possible explanations of the sudden upsurge in commodity prices between 2006 and 2008. We examine whether scientific evidence validates any causal relationship, and particularly emphasize the role of explanatory variables underpinning the co-movement of energy and food price rises. Our aim is to provide an up-to-date understanding of food and energy market relationships, so as to better anticipate the possible changes in the evolution of prices in the coming years. (author)

  14. Rising energy prices and the economics of water in agriculture

    NARCIS (Netherlands)

    Zilberman, D.; Sproul, T.; Rajagopal, D.; Sexton, S.; Hellegers, P.J.G.J.

    2008-01-01

    Rising energy prices will alter water allocation and distribution. Water extraction and conveyance will become more costly and demand for hydroelectric power will grow. The higher cost of energy will substantially increase the cost of groundwater, whereas increasing demand for hydroelectric power

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

    Science.gov (United States)

    Stimpson, Jim P.; Hilsenrath, Peter E.

    2009-01-01

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

  16. Natural gas pricing: concepts and international overview

    Energy Technology Data Exchange (ETDEWEB)

    Gorodicht, Daniel Monnerat [Gas Energy, Rio de Janeiro, RJ (Brazil); Veloso, Luciano de Gusmao; Fidelis, Marco Antonio Barbosa; Mathias, Melissa Cristina Pinto Pires [Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP), Rio de Janeiro, RJ (Brazil)

    2012-07-01

    The core of this article is a critical analysis of different forms of pricing of natural gas existing in the world today. This paper is to describe the various scenarios of natural gas price formation models. Along the paper, the context is emphasized by considering their cases of applications and their results. Today, basically, there are three main groups of models for natural gas pricing: i) competition gas-on-gas, i.e., a liberalized natural gas market, II) gas indexed to oil prices or its products and III) bilateral monopolies and regulated prices. All the three groups of models have relevant application worldwide. Moreover, those are under dynamic influence of economic, technological and sociopolitical factors which bring complexity to the many existing scenarios. However, at first this paper builds a critical analysis of the international current situation of natural gas today and its economic relevance. (author)

  17. North American natural gas price outlook

    International Nuclear Information System (INIS)

    Denhardt, R.

    1998-01-01

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

  18. Influence of rising commodity prices on energy policy

    International Nuclear Information System (INIS)

    Keppo, I.J.

    2009-04-01

    During the past few years we have first witnessed a rapid increase in the prices of commodities and then later, as a consequence of the economic downturn, an even more drastic drop. Simultaneously with the commodity price increase, an increase in the investment costs of power plants was experienced. The rise in material costs was often stated as one of the reasons for this increase. In this study the relationship between commodity costs and energy prices is studied. A bottom-up approach is used for estimating what kind of an impact increased commodity prices alone could be expected to have on the investment costs on the one hand, and how increased energy prices may affect commodity production costs on the other. The results indicate that although the commodity production costs usually have a fairly large energy component, even high increases in commodity prices, and therefore raw material costs of power plant investments, can not explain the recently experienced hikes in power plant investment costs; a doubling of the costs of the main raw material flows could explain an investment cost increase of some 5-10%, depending on the power plant type. This would seem to indicate that other contributing factors, such as bottlenecks in the production of power plant components, may play an important role in the recent investment cost increase

  19. Oil Price Rise and the Great Recession of 2008

    Directory of Open Access Journals (Sweden)

    Mehdi Siamak MONADJEMI

    2017-02-01

    Full Text Available The financial crises of 2007-2008, caused wide-spread falling output and unemployment, in the affected countries and also globally. The severity of the recession was such that it was called the “Great Recession”. As a result of an increase in demand from China and India, at the same time, oil prices rose significantly. The empirical results from this study show that oil price changes negatively affected global growth rate in the 1970s but not in the 1990s and 2000s. These results suggest that the Great Recession in 2008 that initiated by the financial crises, was independent of a significant rise in oil prices.

  20. Does climate policy make the EU economy more resilient to oil price rises? A CGE analysis

    International Nuclear Information System (INIS)

    Maisonnave, Hélène; Pycroft, Jonathan; Saveyn, Bert; Ciscar, Juan-Carlos

    2012-01-01

    The European Union has committed itself to reduce greenhouse gas (GHG) emissions by 20% in 2020 compared with 1990 levels. This paper investigates whether this policy has an additional benefit in terms of economic resilience by protecting the EU from the macroeconomic consequences due to an oil price rise. We use the GEM-E3 computable general equilibrium model to analyse the results of three scenarios. The first one refers to the impact of an increase in the oil price. The second scenario analyses the European climate policy and the third scenario analyses the oil price rise when the European climate policy is implemented. Unilateral EU climate policy implies a cost on the EU of around 1.0% of GDP. An oil price rise in the presence of EU climate policy does imply an additional cost on the EU of 1.5% of GDP (making a total loss of 2.5% of GDP), but this is less than the 2.2% of GDP that the EU would lose from the oil price rise in the absence of climate policy. This is evidence that even unilateral climate policy does offer some economic protection for the EU.

  1. Canadian natural gas market: dynamics and pricing

    International Nuclear Information System (INIS)

    2000-01-01

    This publication by the National Energy Board is part of a continuing program of assessing applications for long-term natural gas export licences. The market-based procedure used by the Board is based on the premise that the marketplace will generally operate in a way that will ensure that Canadian requirements for natural gas will be met at fair market prices. The market--based procedure consists of a public hearing and a monitoring component. The monitoring component involves the on-going assessment of Canadian energy markets to provide analyses of major energy commodities on either an individual or integrated commodity basis. This report is the result of the most recent assessment . It identifies factors that affect natural gas prices and describes the functioning of regional markets in Canada. It provides an overview of the energy demand, including recent trends, reviews the North American gas supply and markets, the natural gas pricing dynamics in Canada, and a regional analysis of markets, prices and dynamics in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and the Atlantic provinces. In general, demand growth outstripped growth in supply, but natural gas producers throughout North America have been responding to the current high price environment with aggressive drilling programs. The Board anticipates that in time, there will be a supply and demand response and accompanying relief in natural gas prices. A review of the annual weighted average border price paid for Alberta gas indicates that domestic gas users paid less than export customers until 1998, at which point the two prices converged, suggesting that Canadians have had access to natural gas at prices no less favourable than export customers. The influence of electronic trading systems such as NYMEX and AECO-C/NIT have had significant impact on the pricing of natural gas. These systems, by providing timely information to market participants. enables them to manage price

  2. Gas-rise velocities during kicks

    Energy Technology Data Exchange (ETDEWEB)

    White, D.B. (Sedco Forex (FR))

    1991-12-01

    This paper reports on experiments to examine gas migration rates in drilling muds that were performed in a 15-m-long, 200-mm-ID inclinable flow loop where air injection simulates gas entry during a kick. These tests were conducted using a xanthum gum (a common polymer used in drilling fluids) solution to simulate drilling muds as the liquid phase and air as the gas phase. This work represents a significant extension of existing correlations for gas/liquid flows in large pipe diameters with non- Newtonian fluids. Bubbles rise faster in drilling muds than in water despite the increased viscosity. This surprising result is caused by the change in the flow regime, with large slug-type bubbles forming at lower void fractions. The gas velocity is independent of void fraction, thus simplifying flow modeling. Results show that a gas influx will rise faster in a well than previously believed. This has major implications for kick simulation, with gas arriving at the surface earlier than would be expected and the gas outflow rate being higher than would have been predicted. A model of the two-phase gas flow in drilling mud, including the results of this work, has been incorporated into the joint Schlumberger Cambridge Research (SCR)/BP Intl. kick model.

  3. Rising gasoline prices increase new motorcycle sales and fatalities.

    Science.gov (United States)

    Zhu, He; Wilson, Fernando A; Stimpson, Jim P; Hilsenrath, Peter E

    2015-12-01

    We examined whether sales of new motorcycles was a mechanism to explain the relationship between motorcycle fatalities and gasoline prices. The data came from the Motorcycle Industry Council, Energy Information Administration and Fatality Analysis Reporting System for 1984-2009. Autoregressive integrated moving average (ARIMA) regressions estimated the effect of inflation-adjusted gasoline price on motorcycle sales and logistic regressions estimated odds ratios (ORs) between new and old motorcycle fatalities when gasoline prices increase. New motorcycle sales were positively correlated with gasoline prices (r = 0.78) and new motorcycle fatalities (r = 0.92). ARIMA analysis estimated that a US$1 increase in gasoline prices would result in 295,000 new motorcycle sales and, consequently, 233 new motorcycle fatalities. Compared to crashes on older motorcycle models, those on new motorcycles were more likely to be young riders, occur in the afternoon, in clear weather, with a large engine displacement, and without alcohol involvement. Riders on new motorcycles were more likely to be in fatal crashes relative to older motorcycles (OR 1.14, 95 % confidence interval (CI) 1.02-1.28) when gasoline prices increase. Our findings suggest that, in response to increasing gasoline prices, people tend to purchase new motorcycles, and this is accompanied with significantly increased crash risk. There are several policy mechanisms that can be used to lower the risk of motorcycle crash injuries through the mechanism of gas prices and motorcycle sales such as raising awareness of motorcycling risks, enhancing licensing and testing requirements, limiting motorcycle power-to-weight ratios for inexperienced riders, and developing mandatory training programs for new riders.

  4. Alberta producers' gas export prices slip

    International Nuclear Information System (INIS)

    Chandrasekharaiah, M.N.; Dubben, G.; Kolster, B.H.

    1992-01-01

    This paper reports that Alberta gas producers have approved a new contract with California buyers that includes slightly lower wellhead prices and more flexible pricing terms. The 1 year agreement, will apply a flexible price formula to gas sales. A basic volume of 212 MMcfd will receive $1.52 (U.S.)/Mcf. A and S also will buy 200 MMcfd at prices paid for other Alberta gas in the California market. It will have the right to buy added volumes at prices indexed to gas sold into California from the U.S. Southwest. Ballots cast by producers were to be verified by regulatory agencies in Alberta and British Columbia. The more flexible price terms in the new contract are seen as a positive development for negotiations in a dispute over long term contracts

  5. Gas demand to rise in the Usa

    International Nuclear Information System (INIS)

    Anon.

    2000-01-01

    Could US consumption of natural gas rise by as much as 13 quadrillion Btu (quads) over the next 20 years? A new study conducted for the American Gas Foundation by Washington Policy and Analysis says it's certainly a possibility if appropriate policies are implemented. 'Fueling the Future: Natural Gas and New Technologies for a Cleaner 21. Century', confirms what natural gas industry professionals have long suspected: changes in US energy policy that favor increased use of natural gas could improve air quality, conserve energy and reduce reliance on imported oil from politically unstable countries. Consequently, the study forecasts that the environmental, economic and efficiency advantages of natural gas-combined with advances in gas-related technologies and the introduction of new end-use technologies - could help push. US gas consumption into the 35-quad range over the next two decades. Currently, American gas demand is close to 22 quads a year. The study tracks two scenarios: a 'current projection', which shows gas demand reaching nearly 30 quads by 2020, and an 'accelerated projection', which foresees demand topping 35 quads by then based on the adoption of national policies encouraging greater use of natural gas. (authors)

  6. Price discovery in European natural gas markets

    International Nuclear Information System (INIS)

    Schultz, Emma; Swieringa, John

    2013-01-01

    We provide the first high-frequency investigation of price discovery within the physical and financial layers of Europe's natural gas markets. Testing not only looks at short-term return dynamics, but also considers each security's contribution to price equilibrium in the longer-term. Results show that UK natural gas futures traded on the Intercontinental Exchange display greater price discovery than physical trading at various hubs throughout Europe. - Highlights: • We use intraday data to gauge price discovery in European natural gas markets. • We explore short and long-term dynamics in physical and financial market layers. • Results show ICE's UK natural gas futures are the main venue for price discovery

  7. Gas pricing in developing countries: A case study of Pakistan

    International Nuclear Information System (INIS)

    Sohail, H.M.; Abid, M.S.; Ansari, A.M.

    1994-01-01

    Pakistan, a developing country, has gone through various phases of formulating gas pricing policies during its 40-year history of natural gas production and consumption. This paper identifies critical factors that influenced gas pricing policies in Pakistan and adverse effects experienced when any of these factors was not given proper consideration. For instance, on the producer's side, discounted pricing formulas discouraged further exploration and development, leaving high-potential areas unexplored and discovered fields dormant for more than a decade. On the consumer's side, subsidized gas prices encouraged consumption to rise steeply without new discoveries to offset additional surplus consumption. The paper also discusses various short- and long-term variables that should go into a gas pricing policy for developing countries. References to recent policies are also given, indicating how these variables were incorporated in real terms. The conclusions and recommendations, based on Pakistan's long experience with the gas industry, should be useful for other oil-importing countries rich in indigenous gas resources

  8. Do changes in natural gas futures prices influence changes in natural gas spot prices?

    International Nuclear Information System (INIS)

    Herbert, J.H.

    1993-01-01

    Data on natural gas futures and spot markets are examined to determine if variability in price on futures markets influences variability in price on spot markets. Using econometric techniques, it is found that changes in futures contract prices do not precede changes in spot market prices. (Author)

  9. Gas markets and pricing in Asia

    International Nuclear Information System (INIS)

    Mashayekhi, A.; Law, P.L.

    1992-01-01

    The issues of natural gas market development and pricing are reviewed within the context of specific Asian countries where gas plays an important role. Within Southeast Asia, Malaysia's Penninsular Gas Utilization project signals a new era in pipeline gas trade with an agreement to supply Singapore. There is now also an opportunity to extend Malaysian pipeline supplies to Thailand, which is actively seeking natural gas from neighboring countries. The prospects for LNG are dominated by the high growth markets of Japan, South Korea, and Taiwan. LNG trade has tended to bind the region together through close economic ties. Due to the increasing damand within the supplier countries themselves and their close neighbors, it is likely that LNG consumers will increasingly need to look beyond their traditional Southeast Asian suppliers in the future, perhaps to higher cost LNG schemes outside the region. In Southeast Asia, reduction of the high volumes of associated gas currently flared from the Bombay High Field in India will not only make big contribution to meeting the country's future gas demand, but will also prove environmentally beneficial. Pakistan, in order to control its developing gas markets, has raised gas prices to consumers substantially, with beneficial effects on supply and demand. In Bangladesh, economic pricing has been important in allocating gas resources efficiently. At both the regional and global level, the link between gas use and the environment is becoming stronger, raising the question of relating gas and energy prices to environmental costs and benefits

  10. Natural gas prices and the end of gradual change

    International Nuclear Information System (INIS)

    Osten, J.A.

    1998-01-01

    Natural gas price predictions for the years 1998, 1999-2001, 2000-2005 are provided. In general, prices are predicted to decrease with increase in storage. Some other factors that will influence the price of natural gas and, therefore, should receive consideration in price predictions, include growth in demand, natural gas production, deliverability, new pipelines, and the Alberta price basis. tabs., figs

  11. U.S., non-U.S. outlays to rise in '98, but oil price plunge clouds spending outlook

    International Nuclear Information System (INIS)

    Beck, R.J.

    1998-01-01

    Capital spending by oil and gas companies in and outside the US will rise in 1998, but that forecast may be jeopardized by the continuing plunge in oil prices. For operations in the US, oil and gas company capital spending is expected to move up in 1998 for the fourth year in a row. If the money is spent, it will be the highest industry investment level since 1985. Strong oil and gas prices and increased volumes have boosted company cash flow and profits the last few years, fueling increased spending. However, the near-term outlook has now been clouded by economic turmoil in a number of Asian countries and the recent collapse of oil prices. The paper discusses oil and gas prices, US upstream spending, US non-exploration and production spending, capital spending in Canada, and spending outside US and Canada

  12. Separated influence of crude oil prices on regional natural gas import prices

    International Nuclear Information System (INIS)

    Ji, Qiang; Geng, Jiang-Bo; Fan, Ying

    2014-01-01

    This paper analyses the impact of global economic activity and international crude oil prices on natural gas import prices in three major natural gas markets using the panel cointegration model. It also investigates the shock impacts of the volatility and the increase and decrease of oil prices on regional natural gas import prices. The results show that both global economic activity and international crude oil prices have significant long-term positive effects on regional natural gas import prices. The volatility of international crude oil prices has a negative impact on regional natural gas import prices. The shock impact is weak in North America, lags in Europe and is most significant in Asia, which is mainly determined by different regional policies for price formation. In addition, the response of natural gas import prices to increases and decreases in international crude oil prices shows an asymmetrical mechanism, of which the decrease impact is relatively stronger. - Highlights: • Impacts of world economy and oil prices on regional natural gas prices are analysed • North American natural gas prices are mainly affected by world economy • Asian and European natural gas prices are mainly affected by oil prices • The volatility of oil prices has a negative impact on regional natural gas prices • The response of natural gas import prices to oil prices up and down shows asymmetry

  13. Weighted Average Cost of Retail Gas (WACORG) highlights pricing effects in the US gas value chain: Do we need wellhead price-floor regulation to bail out the unconventional gas industry?

    International Nuclear Information System (INIS)

    Weijermars, Ruud

    2011-01-01

    The total annual revenue stream in the US natural gas value chain over the past decade is analyzed. Growth of total revenues has been driven by higher wellhead prices, which peaked in 2008. The emergence of the unconventional gas business was made possible in part by the pre-recessional rise in global energy prices. The general rise in natural gas prices between 1998 and 2008 did not lower overall US gas consumption, but shifts have occurred during the past decade in the consumption levels of individual consumer groups. Industry's gas consumption has decreased, while power stations increased their gas consumption. Commercial and residential consumers maintained flat gas consumption patterns. This study introduces the Weighted Average Cost of Retail Gas (WACORG) as a tool to calculate and monitor an average retail price based on the different natural gas prices charged to the traditional consumer groups. The WACORG also provides insight in wellhead revenues and may be used as an instrument for calibrating retail prices in support of wellhead price-floor regulation. Such price-floor regulation is advocated here as a possible mitigation measure against excessive volatility in US wellhead gas prices to improve the security of gas supply. - Highlights: → This study introduces an average retail price, WACORG. → WACORG can monitor price differentials for the traditional US gas consumer groups. → WACORG also provides insight in US wellhead revenues. → WACORG can calibrate retail prices in support of wellhead price-floor regulation. → Gas price-floor can improve security of gas supply by reducing price volatility.

  14. The challenge for gas: get price-competitive with coal-fired electricity

    International Nuclear Information System (INIS)

    Gill, Len

    1999-01-01

    The challenge for the gas industry is to become price competitive with coal-fired electricity if it wants a larger share of the energy market. Returning to the issue of greater use of gas for electricity generation, the author points out that although electricity prices were rising they were still below the point where gas-fired electricity generation was viable. Copyright (1999) The Australian Gas Journal

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

    Science.gov (United States)

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

    2003-01-01

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

  16. Equivalent oil price, equivalent gas price and CO2 cost

    International Nuclear Information System (INIS)

    Bacher, P.

    2008-01-01

    This article assess the magnitudes of costs to replace oil (and natural gas) in their fixed (heat) or mobile (transport) uses with energy savings or non CO 2 emitting energies. The price of oil (or gas) at which such measures would be profitable at is inferred, without any tax or subsidy, as well as the resulting CO 2 costs avoided. It shows that several of the actions considered in France and Europe to protect the climate are far from being the most economically justified. (author)

  17. Paying the price: a cross-sectional survey of Australian socioeconomically disadvantaged smokers' responses to hypothetical cigarette price rises.

    Science.gov (United States)

    Guillaumier, Ashleigh; Bonevski, Billie; Paul, Christine; D'Este, Catherine; Doran, Christopher; Siahpush, Mohammad

    2014-03-01

    Increases in tobacco taxation can lead to reductions in tobacco consumption and prevalence of use across social groups. However, use of price-minimisation strategies to manage current and future tobacco use and the role of financial stress is less understood. This study aimed to measure the effect of cigarette price increases on price-minimisation strategy endorsement and financial stress among socioeconomically disadvantaged smokers. Community service organisation welfare recipients in NSW, Australia completed a touchscreen survey. Smoking history, financial stress, highest price to quit and responses to hypothetical cigarette price increases were assessed. Participants were 354 smokers (response rate = 79%). Most participants received income from a government pension (95%), earned price rises, significantly more participants endorsed trying to quit in response to the larger increase scenario (P price-minimisation strategies (e.g. switching to cheaper brands/products) were endorsed, but remained constant across hypothetical scenarios; level of financial stress appeared to have little influence. Smokers indicating they would not change their smoking in response to price rises had higher levels of nicotine dependence. Socially disadvantaged smokers endorsed numerous price-minimising strategies to maintain smoking at hypothetically increased costs. Larger cigarette price rises motivated more smokers to consider quitting, while price-resistant smokers appeared to have a more entrenched smoker status. © 2013 Australasian Professional Society on Alcohol and other Drugs.

  18. Decoupling the Oil and Gas Prices. Natural Gas Pricing in the Post-Financial Crisis Market

    International Nuclear Information System (INIS)

    Kanai, Miharu

    2011-01-01

    This paper looks into natural gas pricing in the post-financial crisis market and, in particular, examines the question whether the oil-linked gas pricing system has outlived its utility as global gas markets mature and converge more rapidly than expected and as large new resources of unconventional gas shift the gas terms-of-trade. Two opposing natural gas pricing systems have coexisted for the last two decades. On the one hand, there is traditional oil-linked pricing, used in pipeline gas imports by Continental European countries and in LNG imports by the countries in Far East. The other is the system led by futures exchanges in deregulated, competitive markets largely in the UK and the US. World gas markets are changing and the basis and mechanisms of price formation are changing with them. There is no reason to expect a revolution in gas pricing, but formulas designed to address the challenges of the 1970's will need to adjust to the realities of the present and expectations for the 21. century. Because such changes will imply a redistribution of costs and benefits, vested shareholders will defend the status quo. But hopefully and ultimately, appropriately regulated markets will assert themselves and shareholders along the entire value chain will have their interests served

  19. Market fundamentals, competition and natural-gas prices

    International Nuclear Information System (INIS)

    Hulshof, Daan; Maat, Jan-Pieter van der; Mulder, Machiel

    2016-01-01

    After the liberalisation of the gas industry, trading hubs have emerged in Europe. Although these hubs appear to be liquid market places fostering gas-to-gas competition, the efficiency of the gas market remains a topic of interest as a fair share of gas is still traded through long-term contracts with prices linked to the oil price while the number of gas suppliers to the European market is limited. In order to assess the efficiency of the gas market, we analyse the day-ahead spot price at the Dutch gas hub over the period 2011–2014. We find that the oil price had a small positive impact on the gas price. Changes in the concentration on the supply side did not affect the movement in gas prices. The availability of gas in storages and the outside temperature negatively influenced the gas price. We also find that the gas price was related to the production of wind electricity. Overall, we conclude that the day-ahead gas prices are predominantly determined by gas-market fundamentals. Policies to further integrate gas markets within Europe may extend this gas-to-gas competition to a larger region. - Highlights: •We analyse the development of the day-ahead spot price at TTF over 2011–2014. •The oil price had a small impact on the gas price, while the coal price had no effect. •Changes in the concentration on the supply side did not affect the gas prices. •The gas prices are predominantly determined by weather and storage availability. •Policies to integrate gas markets foster gas-to-gas competition.

  20. Canadian natural gas price debate : TCGS view

    International Nuclear Information System (INIS)

    Johnson, J.

    1998-01-01

    Issues regarding the Alberta supply of natural gas were debated. Factors considered include pipeline expansions, storage and foreign exchange. The influence of NYMEX was also cited as an important determinant of gas pricing. Currently, the Western Canada Sedimentary Basin's (WCSB) market share is 22 per cent of the North American demand. The WCSB extends through Alberta, British Columbia, Saskatchewan, the Northwest Territories and the Yukon. The Basin's estimated reserves at the end of 1996 were 65 TCF. tabs., figs

  1. Price Comovement Between Biodiesel and Natural Gas

    OpenAIRE

    Janda, Karel; Kourilek, Jakub

    2016-01-01

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

  2. Oil price induced gas acquisition contracts. Immune to price changes; Oelpreisindizierte Gasbezugsvertraege. Immun gegen Preisaenderungen

    Energy Technology Data Exchange (ETDEWEB)

    Verhoeven, Meike [Soptim AG, Aachen (Germany)

    2012-10-15

    The gas price continues to be linked to the oil price. Gas utilities that must buy gas in these conditions and sell it at a fixed price incur considerable financial risk. Especially with long-term buying contracts, and especially for gas from Russia, producers insist on linking to the oil price. Gas utilities, on the other hand, had to stop to sell gas at a price linked to the oil price two years ago. Utilities attempt to protect themselves, e.g. via oil swaps. Professional portfolio management is necessary to cope with the risks and the highly complex processes involved.

  3. Price impact on Russian gas production and export

    International Nuclear Information System (INIS)

    Kononov, Y.D.

    2003-01-01

    The paper examines the prospects for Russian gas output and export under different price development. Growth of gas production and transportation costs, following an increase of gas export and production, is estimated. An attempt is made to determine the relation of efficient (from the point of view of gas companies) gas export volumes to prices on external energy markets. The paper presents a quantitative estimate of the possible impact of domestic gas price policy on gas output in Western Siberia. (author)

  4. Natural gas supply, demand and price outlook

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    Natural gas consumption in the US grew 15.9 percent between 1986 and 1989. Its share of total primary energy use in the US grew from 22.5 percent to 23.8 percent. Despite unusually warm weather and an economic downturn, natural gas use in the first eight months of 1990 fell only modestly from its 1989 pace - while its market share of US total primary energy use has remained stable. The American Gas Association's Total Energy Resource Analysis energy modeling system (A.G.A.-TERA) projects continued growth in natural gas demand and supply. Natural gas is projected to gain a growing share of total US primary use. Natural gas prices are projected to be sufficient to encourage growth in well completions and reserve additions, yet competitive with electricity, fuel oil and other alternative forms of energy

  5. Combined natural gas and electricity network pricing

    Energy Technology Data Exchange (ETDEWEB)

    Morais, M.S.; Marangon Lima, J.W. [Universidade Federal de Itajuba, Rua Dr. Daniel de Carvalho, no. 296, Passa Quatro, Minas Gerais, CEP 37460-000 (Brazil)

    2007-04-15

    The introduction of competition to electricity generation and commercialization has been the main focus of many restructuring experiences around the world. The open access to the transmission network and a fair regulated tariff have been the keystones for the development of the electricity market. Parallel to the electricity industry, the natural gas business has great interaction with the electricity market in terms of fuel consumption and energy conversion. Given that the transmission and distribution monopolistic activities are very similar to the natural gas transportation through pipelines, economic regulation related to the natural gas network should be coherent with the transmission counterpart. This paper shows the application of the main wheeling charge methods, such as MW/gas-mile, invested related asset cost (IRAC) and Aumman-Shapley allocation, to both transmission and gas network. Stead-state equations are developed to adequate the various pricing methods. Some examples clarify the results, in terms of investments for thermal generation plants and end consumers, when combined pricing methods are used for transmission and gas networks. The paper also shows that the synergies between gas and electricity industry should be adequately considered, otherwise wrong economic signals are sent to the market players. (author)

  6. Long-term projections for electricity and gas prices

    International Nuclear Information System (INIS)

    Borggrefe, Frieder; Lochner, Stefan

    2009-01-01

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

  7. The impact of high oil prices on natural gas

    International Nuclear Information System (INIS)

    Koevoet, H.

    2003-01-01

    The principle of gas-to-oil (oil prices determine the price of natural gas) in the Netherlands and several other developments elsewhere (war in Iraq and a cold winter in the USA) has caused high natural gas prices. The question is whether the liberalization of the energy market can change this principle [nl

  8. Labor demand effects of rising electricity prices: Evidence for Germany

    International Nuclear Information System (INIS)

    Cox, Michael; Peichl, Andreas; Pestel, Nico; Siegloch, Sebastian

    2014-01-01

    Germany continues to play a pioneering role in replacing conventional power plants with renewable energy sources. While this might be beneficial with respect to environmental quality, it also implies increasing electricity prices. The extent to which this is associated with negative impacts on employment depends on the interrelationship between labor and electricity as input factors in the production process. In this paper, we estimate cross-price elasticities between electricity and heterogeneous labor for the German manufacturing sector. We use administrative linked employer–employee micro-data combined with information on sector-level electricity prices and usage over the period 2003–2007. We find positive, but small conditional cross-price elasticities of labor demand with respect to electricity prices, which means that electricity as an input factor can be replaced by labor to a limited extent when the production level is held constant. In the case of adjustable output, we find negative unconditional cross-price elasticities, implying that higher electricity prices lead to output reductions and to lower labor demand, with low- and high-skilled workers being affected more than medium-skilled. Resulting adverse distributional effects and potential overall job losses may pose challenges for policy-makers in securing public support for the German energy turnaround. - Highlights: • We estimate cross-price elasticities for electricity and labor in manufacturing. • We use linked employer–employee micro-data from Germany for 2003 to 2007. • We find a weak substitutability between electricity and labor for constant output. • We find complementarity between electricity and labor for adjustable output. • Low- and high-skilled workers are more affected than medium-skilled

  9. Gas pricing in Europe. Pt. 1. Wholesale markets

    International Nuclear Information System (INIS)

    Donath, R.

    1996-01-01

    The article investigates gas pricing in the European procurement market and the wholesale markets of the most important EU consumer markets. It demonstrates that value-oriented pricing principles override cost-oriented pricing principles. For one thing, and independently of pricing principles, two- or three-part demand price systems or basic price systems are common. For another, the frequently encountered opportunities for the differentiation of prices show that as long as there is merely substitution competition instead of direct competition, gas suppliers have a certain degree of freedom in fixing their prices. By contrast, the introduction of direct competition in Great Britain has reduced suppliers' individual price fixing margins, because short-term supply and demand variations in the now created spot market are decisive for gas pricing. (orig.) [de

  10. The Rise of Food Prices and the Challenge of Development in Africa ...

    African Journals Online (AJOL)

    This article examines the rise of food prices and analyses the factors that contribute to price hikes and the overall implication in Africa's development. Africa is a conspicuous laggard among contemporary developing regions in the world. The continent bears the brunt of starvation, malnutrition, hunger and diseases that arise ...

  11. Finland: Scandinavia's top gas user sees demand rising rapidly

    International Nuclear Information System (INIS)

    Nielsen, H.H.

    1992-01-01

    The rising demand for natural gas in Finland which already uses more gas than any other Nordic country is noted. The natural gas market which is based on sales to large industries and for heating is compared to the market in Denmark which is geared to small private heating customers. Imports of Norwegian gas allowing increased sales for power generation in Finland, and the influence of the impending Finnish application for membership of the EC on the gas market are considered. (UK)

  12. A Study on the Current Oil and Gas Price Formula and Its Improvement

    Energy Technology Data Exchange (ETDEWEB)

    Park, Chang Won; Lee, Young Koo [Korea Energy Economics Institute, Euiwang (Korea)

    2000-12-01

    The object of this study is to suggest some improvements on current price formulas on oil and gas which have been pivotal roles in the process of Korean economic growth. This study first examines basic frames and transition of oil and gas pricing in Korea and then finds some suggestions on them by scrutinizing their theoretical backgrounds. This study finds several problems on oil and gas pricing formulas. (a) In a model that is now studied to evaluate the current domestic oil price, the costs associated with oil security such as oil stockpile are fully penetrated into oil price without their fair evaluations. There is no evaluation principle on the costs occurred in oil supply security. (b) The Rate Of Equity(ROE), a crucial factor in town-gas pricing which is strictly controlled, is directly connected to the average interest rate on saving accounts of domestic commercial banks. Some arguments may have rise about inclusion a risk factor on ROE in order to compensate the uncertainty of town-gas business. (c) New demand for natural gas which is generated by new technologies or machinery and tools can help reduce the costs occurred from seasonal imbalance between power sector and gas sector. So it is also important to decide how to include the beneficiary of cost reduction in town-gas pricing. In order to evaluate the proper price levels, this study tests energy supply security by adopting methodologies such as Herfindahl Index and Portfolio Variance Risk. They can help develop the method to effectively improve the energy security and include the proper energy security costs into energy prices. This study also provides some suggestions for betterment of current ROE decision rule in town-gas business and for improvement of current town-gas policy that government subsidizes newly developed demand for strengthening price competitiveness in the early stage. (author). 145 refs., 16 figs., 49 tabs.

  13. Non-price competition in the regional high-rise construction market

    Directory of Open Access Journals (Sweden)

    Ganebnykh Elena

    2018-01-01

    Full Text Available The article analyzes the market of high-rise residential construction in the city of Kirov (Russia. A minimal significance of price factors has been revealed in the process of the market analysis. This suggests that a lower price does not guarantee an increase in consumer demand. Thus, factors of non-price competition are of great importance in the market in question. The expert survey has identified the factors of non-price competition which influence consumer perceptions. A perceptual map has been constructed on the basis of the identified factors by means of the factor analysis to determine the positioning of each high-rise building relative to the consumer requirements. None of the high-rise residential buildings in the market in question meets the consumers’ expectations of an “ideal facility”.

  14. Non-price competition in the regional high-rise construction market

    Science.gov (United States)

    Ganebnykh, Elena; Burtseva, Tatyana; Gurova, Ekaterina; Polyakova, Irina

    2018-03-01

    The article analyzes the market of high-rise residential construction in the city of Kirov (Russia). A minimal significance of price factors has been revealed in the process of the market analysis. This suggests that a lower price does not guarantee an increase in consumer demand. Thus, factors of non-price competition are of great importance in the market in question. The expert survey has identified the factors of non-price competition which influence consumer perceptions. A perceptual map has been constructed on the basis of the identified factors by means of the factor analysis to determine the positioning of each high-rise building relative to the consumer requirements. None of the high-rise residential buildings in the market in question meets the consumers' expectations of an "ideal facility".

  15. Ontario gas prices review task force report : fairness at the pump

    International Nuclear Information System (INIS)

    2000-01-01

    Sudden gas price increases hit Ontario consumers in July 1999, and as a result, the Gas Busters Hotline operated by the provincial government received over 4,000 complaints concerning the price of gas. World crude oil prices increased to above 34 American dollars per barrel by March 2000, and there were discrepancies by as much as 10 cents a litre in the price of gas in Ontario, depending on the community where the purchase was made. The Gas Prices Review Task Force was established in November 1999 to assist in the identification of an adequate solution to the rising price of gas. Public participation was sought, as well as input from representatives of consumer groups and industry. The Task Force was also mandated to conduct policy options research to ensure fair prices at the pump, to examine the regulatory or legislative initiatives that would work best for the protection of the consumer, in accordance with the federal Competition Act. A report was submitted to the Minister of Consumer and Commercial Relations. A total of fourteen recommendations were made to the Minister. The recommendations touched topics as varied as tax collection legislation, price monitoring, segmented earnings reports, removal of the Goods and Services Tax (GST). refs., figs

  16. Fuel prices, emission standards, and generation costs for coal vs natural gas power plants.

    Science.gov (United States)

    Pratson, Lincoln F; Haerer, Drew; Patiño-Echeverri, Dalia

    2013-05-07

    Low natural gas prices and stricter, federal emission regulations are promoting a shift away from coal power plants and toward natural gas plants as the lowest-cost means of generating electricity in the United States. By estimating the cost of electricity generation (COE) for 304 coal and 358 natural gas plants, we show that the economic viability of 9% of current coal capacity is challenged by low natural gas prices, while another 56% would be challenged by the stricter emission regulations. Under the current regulations, coal plants would again become the dominant least-cost generation option should the ratio of average natural gas to coal prices (NG2CP) rise to 1.8 (it was 1.42 in February 2012). If the more stringent emission standards are enforced, however, natural gas plants would remain cost competitive with a majority of coal plants for NG2CPs up to 4.3.

  17. Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices

    International Nuclear Information System (INIS)

    Atil, Ahmed; Lahiani, Amine; Nguyen, Duc Khuong

    2014-01-01

    In this article, we use the recently developed nonlinear autoregressive distributed lags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our approach allows us to simultaneously test the short- and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings. - Highlights: • The pass-through of crude oil prices into gasoline and natural gas prices is examined. • We use a NARDL model to test for the long-run and short-run asymmetric reactions. • Both gasoline and natural gas prices significantly adjust to changes in the price of oil. • Negative oil shocks have greater effects than positive oil shocks. • Policy implications are discussed

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

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2003-08-13

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

  19. The pricing of natural gas in US markets

    International Nuclear Information System (INIS)

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

    1993-01-01

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

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

    International Nuclear Information System (INIS)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2006-01-01

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

  1. Gas and electricity price in the European Union in 2011

    International Nuclear Information System (INIS)

    Martin, Jean-Philippe

    2012-11-01

    This document indicates and comments the evolution of gas and electricity prices in the different countries of the European Union. As far as natural gas is concerned, it outlines that taxes on gas are higher in Nordic countries, and that prices are increasing everywhere (for industry as well as for households). As far as electricity is concerned, price is rather cheap in France compared to the other countries. Graphs indicate the evolution of electricity prices between 2010 and 2011 in the different countries for industry and households. Even if a decrease has been noticed in some countries, the general trend is to an increase (between 5 and 10% in average)

  2. Fuel switching? Demand destruction? Gas market responses to price spikes

    International Nuclear Information System (INIS)

    Lippe, D.

    2004-01-01

    This presentation defined fuel switching and addressed the issue regarding which consumers have the capability to switch fuels. In response to short term price aberrations, consumers with fuel switching capabilities reduce their use of one fuel and increase consumption of an alternative fuel. For example, natural gas consumption by some consumers declines in response to price spikes relative to prices of alternative fuels. This presentation also addressed the issue of differentiating between fuel switching and demand destruction. It also demonstrated how to compare gas prices versus alternative fuel prices and how to determine when consumers will likely switch fuels. Price spikes have implications for long term trends in natural gas demand, supply/demand balances and prices. The power generating sector represents a particular class of gas consumers that reduce operating rates of gas fired plants and increase operating rates of other plants. Some gas consumers even shut down plants until gas prices declines and relative economies improve. Some practical considerations for fuel switching include storage tank capacity, domestic refinery production, winter heating season, and decline in working gas storage. tabs., figs

  3. A trend discontinuity: The mystery of natural gas prices

    International Nuclear Information System (INIS)

    Steffes, D.W.

    1995-01-01

    For the last fifteen years, the natural gas price forecasting experts have had a terrible record of forecasting future natural gas prices. (In the early 80's, the gas price was forecasted to be over $10/MMBtu in the late 80's). To make matters even worse, they can't seem to understand why the price is what it is, even in hindsight. If these experts can't even get it right in hindsight, how can one ever expect to get it right in foresight? It is concluded that the traditional laws of supply and demand don't work very well in this new quasi-regulated natural gas industry. Evidently, Social Influences and Political Influences are more important than the Economic Influence on natural gas prices

  4. Helping consumers manage their exposure to volatile natural gas prices

    International Nuclear Information System (INIS)

    Campion, A.

    2004-01-01

    This presentation provided a customer's view of forward gas prices and outlined different buying behaviours in terms of characteristics of novice and seasoned buyers. It presented a portfolio overview of natural gas and described the risks facing customers in terms of fixed prices and fixed volumes. An energy smart price plan considers floating gas prices instead of a fixed market price. An automobile manufacturer was presented as an example of a gas consumer that would prefer to manage internal costs of production rather than manage gas volatility. The importance of understanding the drivers of individual businesses was emphasized. Natural Resources Canada and the Office of Energy Efficiency offer financial incentives for manufacturers for energy retrofit feasibility studies that result in energy retrofit projects in lighting, heating, boiler replacement, chiller upgrades, and heat recovery. tabs., figs

  5. Pricing Natural Gas. The Outlook for the European Market (Summary)

    International Nuclear Information System (INIS)

    2008-01-01

    Long-term gas supply contracts contain price formulae, in which the gas price is usually linked to the price of another commodity, or to the spot price of gas in a particular market. In continental Europe the gas price in international long-term supply contracts is predominantly linked to oil products. At the same time, spot markets for gas in which gas prices are determined by supply and demand are developing in various EU markets. This paper addresses the question of to what extent the traditional form of oil-based price indexation is sustainable and/or will be sustained by the market players. It discusses the considerations the market players may have in favour of one or the other form of indexation, the external forces that may influence the choice of indexation in the short and longer terms and the consequences of change. It argues that pricing systems are a fundamental part of a market organisation, and that a shift to different pricing structures only happens if and when the main actors are convinced that they understand and accept the consequences of such change. It concludes that there is no strong evidence that the current hybrid situation, in which both forms of gas pricing co-exist, cannot continue. There are also no overriding reasons to intervene in the market practices of price formation. Both systems have their advantages and disadvantages under different market conditions, and to some extent complement each other in the current markets. Different types of risk and the appreciation thereof by the trading parties will determine particular choices of pricing rules and contracting conditions. More importantly, in today's market, in which new supplies are slow to come forward, the choice should be left to the market parties, particularly as sellers and buyers do not seem to be in strong disagreement

  6. Natural gas and CO2 price variation: impact on the relative cost-efficiency of LNG and pipelines.

    Science.gov (United States)

    Ulvestad, Marte; Overland, Indra

    2012-06-01

    THIS ARTICLE DEVELOPS A FORMAL MODEL FOR COMPARING THE COST STRUCTURE OF THE TWO MAIN TRANSPORT OPTIONS FOR NATURAL GAS: liquefied natural gas (LNG) and pipelines. In particular, it evaluates how variations in the prices of natural gas and greenhouse gas emissions affect the relative cost-efficiency of these two options. Natural gas is often promoted as the most environmentally friendly of all fossil fuels, and LNG as a modern and efficient way of transporting it. Some research has been carried out into the local environmental impact of LNG facilities, but almost none into aspects related to climate change. This paper concludes that at current price levels for natural gas and CO 2 emissions the distance from field to consumer and the volume of natural gas transported are the main determinants of transport costs. The pricing of natural gas and greenhouse emissions influence the relative cost-efficiency of LNG and pipeline transport, but only to a limited degree at current price levels. Because more energy is required for the LNG process (especially for fuelling the liquefaction process) than for pipelines at distances below 9100 km, LNG is more exposed to variability in the price of natural gas and greenhouse gas emissions up to this distance. If the prices of natural gas and/or greenhouse gas emission rise dramatically in the future, this will affect the choice between pipelines and LNG. Such a price increase will be favourable for pipelines relative to LNG.

  7. Natural gas prices in the Maritimes : an energy market assessment

    International Nuclear Information System (INIS)

    2004-03-01

    The National Energy Board monitors the supply and price of natural gas in the Maritimes. This report contains the results and analysis of a survey of the wholesale natural gas prices paid by Canadian buyers in the Maritimes from November 2002 to October 2003. The objective of the report is to improve the understanding of the market factors that influence wholesale natural gas prices in the Maritimes. A comparative evaluation of domestic and export prices shows that Canadian buyers have had access to gas at prices similar to the export market at St. Stephen, New Brunswick. Since the number of participants in the domestic market is low, only four large buyers have a major impact on average prices in the region. The challenge for small buyers will be to buy gas from others who can divert some of their own sales of use. However, these sellers may not want to over-commit to new firm sales in case they have to re-purchase the gas during shortages that may occur due to fluctuations in production or shipping. It was noted that a new gas supply into the region would support many buyers and sellers, and could lead to a more transparent Maritime natural gas market. The National Energy Board is satisfied that the Maritime natural gas market is currently performing as well as can be expected, given its young stage of development. 1 tab., 8 figs., 1 appendix

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

    DEFF Research Database (Denmark)

    Mabit, Stefan Lindhard

    2014-01-01

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

  9. Oil price influence on spanish gas prices : fundamentals and volatility

    OpenAIRE

    Cansado Bravo, Pablo

    2017-01-01

    A pesar de la rápida evolución de los mercados organizados nacionales de gas en el mundo, la contratación de gas a largo plazo sigue siendo el proceso principal de determinación de precios de referencia, al menos en Europa continental y Asia Oriental. El caso de España es un ejemplo de mercado local, donde las condiciones de suministro de gas están condicionadas por la existencia de una cantidad sustancial de contratos de largo plazo, que junto con la limitada interconexión gasista con Franci...

  10. Market value-oriented gas pricing in Germany

    International Nuclear Information System (INIS)

    Eimermacher, T.

    1996-01-01

    In Germany, natural gas faces stiff competition from other types of energy. In many applications, natural gas is capable of replacing other fuels. In addition there is a growing gas-to-gas competition in some European countries, either through pipeline construction by a competitor as in Germany or by mandatory third-party access as in UK. Competition leads to market value-oriented energy pricing, which is particularly evident in Germany. For the consumer, this competitive situation ensures that natural gas can be obtained (and remains available in the long term) at competitive prices

  11. Gas prices in the UK: markets and insecurity supply

    International Nuclear Information System (INIS)

    Wright, P.

    2006-01-01

    In this article, Professor P. Wright argues that the high and volatile gas price experienced by UK consumers over the last 3 years are the result of the extend of liberalization in the UK - which has made UK prices much more sensitive to insecurities of supply. Businesses pay the cost of this, straightaway, while the strategies which gas companies have used to respond to heightened price risks means domestic consumers also bear the cost of higher supply-markups. The prospect of high levels of demand in bad winters then just adds to price risk and its associated costs. The implication of this analysis is that it is illogical for the UK's regulator and government to blame the UK's high prices on the slow progress of liberalization in the rest of Europe - greater liberalization in Europe might simply replicate the UK's price difficulties throughout Europe

  12. Gas prices in the UK: markets and insecurity of supply

    International Nuclear Information System (INIS)

    Wright, P.

    2006-01-01

    In this article Professor Philip Wright argues that the high and volatile gas prices experienced by UK consumers over the last 3 years are the result of the extent of liberalization in the UK which has made UK prices much more sensitive to insecurities of supply. Businesses pay the cost of this, straightaway, while the strategies which gas companies have used to respond to heightened price risks means domestic consumers also bear the cost of higher supply-markups. The prospect of high levels of demand in bad winters then just adds to price risk and its associated costs. The implication of this analysis is that it is illogical for the UK's regulator and government to blame the UK's high prices on the slow progress of liberalization in the rest of Europe - greater liberalization in Europe might simply replicate the UK's price difficulties throughout Europe. (author)

  13. Rising Prices of Targeted Oral Anticancer Medications and Associated Financial Burden on Medicare Beneficiaries.

    Science.gov (United States)

    Shih, Ya-Chen Tina; Xu, Ying; Liu, Lei; Smieliauskas, Fabrice

    2017-08-01

    Purpose The high cost of oncology drugs threatens the affordability of cancer care. Previous research identified drivers of price growth of targeted oral anticancer medications (TOAMs) in private insurance plans and projected the impact of closing the coverage gap in Medicare Part D in 2020. This study examined trends in TOAM prices and patient out-of-pocket (OOP) payments in Medicare Part D and estimated the actual effects on patient OOP payments of partial filling of the coverage gap by 2012. Methods Using SEER linked to Medicare Part D, 2007 to 2012, we identified patients who take TOAMs via National Drug Codes in Part D claims. We calculated total drug costs (prices) and OOP payments per patient per month and compared their rates of inflation with general health care prices. Results The study cohort included 42,111 patients who received TOAMs between 2007 and 2012. Although the general prescription drug consumer price index grew at 3% per year over 2007 to 2012, mean TOAM prices increased by nearly 12% per year, reaching $7,719 per patient per month in 2012. Prices increased over time for newly and previously launched TOAMs. Mean patient OOP payments dropped by 4% per year over the study period, with a 40% drop among patients with a high financial burden in 2011, when the coverage gap began to close. Conclusion Rising TOAM prices threaten the financial relief patients have begun to experience under closure of the coverage gap in Medicare Part D. Policymakers should explore methods of harnessing the surge of novel TOAMs to increase price competition for Medicare beneficiaries.

  14. Transparency in natural gas prices in Western Europe

    International Nuclear Information System (INIS)

    Vrieling, E.B.; Munksgaard, J.; Hopper, R.J.

    1989-11-01

    The present situation on price transparency in Western Europe and North america within the context of the European internal gas market is analyzed. In chapter one the ideas and policy proposals put forward by the European Commission are discussed. Special attention is paid to the situation of the large industrial consumers. It is argued that price transparency needs to be extended to more upstream price aspects. This includes information on city-gates prices, transmission and handling charges in addition to wellhead and import prices. In Western Europe (chapter two) two pricing principles can be distinguished at the final consumer level: pricing according to costs and prices according to market value. The first principle is applied in France, Belgium, the United Kingdom and Austria, as some cost elements are included in the tariff calculations in Italy. Countries where a market-evaluation methodology is applied are Denmark, the Netherlands, Germany, Spain and Switzerland. In North America (chapter three) price transparency is extensive and part of the necessary conditions of an open access contract carriage market. In order to integrate the aspect of price transparency in the broader framework of the internal gas market a model of an integrated natural gas market is described in chapter four. The model specifies the preconditions of a truly integrated gas market, i.e. accessible market entry at all levels of the gas sector and for all market players, equal market opportunity and a regulatory oversight system. A brief comparison between the model and the actual market situation in Western Europe showed that hardly any of these preconditions are met. The comparison points out which actions need to be taken to implement an internal gas market in Western Europe. 9 appendices

  15. Natural gas prices in Italy. Tariffs geographical distribution

    International Nuclear Information System (INIS)

    Marrocchelli, A.

    2000-01-01

    The annual report on services and activity carries at some evaluations of data concerned the natural gas market: total consumption, costs and prices in Italy and comparative evaluations with other european countries [it

  16. The ties between natural gas and oil prices

    International Nuclear Information System (INIS)

    Maisonnier, G.

    2006-01-01

    On the European continent, the price of natural gas is still tied directly and to a great extent to the price of competing energies, especially heavy fuel oil and home heating oil. In other words, the gas market is linked to the oil market. Under the effect of deregulation, this model is likely to change in the future, making a shift like that which took place on the American market in the past. (author)

  17. Price dynamics of natural gas and the regional methanol markets

    International Nuclear Information System (INIS)

    Masih, A. Mansur M.; Albinali, Khaled; DeMello, Lurion

    2010-01-01

    A 'methanol economy' based mainly on natural gas as a feedstock has a lot of potential to cope with the current and ongoing concerns for energy security along with the reduction of CO-2 emissions. It is, therefore, important to examine the price dynamics of methanol in order to ascertain whether the price of methanol is mainly natural-gas-cost driven or demand driven in the context of different regions. This paper is the first attempt to investigate the following: (1) is the natural gas price significantly related to the regional methanol prices in the Far East, United States and Europe? (2) who drives the regional methanol prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between natural gas and methanol prices. Our findings, based on the most recently developed 'long-run structural modelling' and subject to the limitations of the study, tend to suggest: (1) natural gas price is cointegrated with the regional methanol prices, (2) our within-sample error-correction model results tend to indicate that natural gas was driving the methanol prices in Europe and the United States but not in the Far East. These results are consistent, during most of the period under review (1998.5-2007.3), with the surge in demand for methanol throughout the Far East, particularly in China, Taiwan and South Korea, which appears to have played a relatively more dominant role in the Far East compared to that in Europe and the United States within the framework of the dynamic interactions of input and product prices. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of natural gas as the main driver of methanol prices in all three continents is consistent with the recent surge in natural gas price fueled mainly, among others, by the strong hedging activities in the natural gas futures/options as well as refining tightness (similar to those that were happening in the crude oil markets

  18. Effects of an oil price rise on inflation, output, and the exchange rate in the case of subsidization policy

    Energy Technology Data Exchange (ETDEWEB)

    Zandi, F R

    1982-01-01

    Since the Organization of Petroleum Exporting Countries raised the price of oil by 400% in 1974, the theory of supply inflation has received a great deal of attention. This study analyses the short and long run effects of an oil price rise on output, inflation, and the exchange rate. The study also analyses dynamic adjustments to the oil price rise in cases where oil-price subsidies are provided and where no subsidies are provided. In the no-subsidy case it is shown that the oil price rise can be inflationary or deflationary. The implications of the policy of subsidizing the price of oil is highlighted by taking account of a government budget constraint which in turn leads to the possibility of monetization as a source of financing the deficit, and thereby to higher output relative to the no subsidy case. As to the price level, the possibility is illustrated that subsidization can actually be more inflationary. The important element giving rise to the above possibility is the subsidy induced increase in the money supply. Exchange-rate flexibility is shown not to insulate the domestic price level against an oil price rise. In the long run the rate of inflation and exchange-rate variations are determined by the rate of growth of the money supply. The dynamic adjustment path of price and output is shown to be determined by the rate of adjustment of inflationary expectations.

  19. Who's making the money on natural gas prices ? What should government do? a CCPA-BC policy brief

    International Nuclear Information System (INIS)

    Wilson, F.

    2001-01-01

    The issue of rising oil and gas prices was discussed with reference to British Columbia's three gas distribution companies, BC Gas, Centra Gas, and Pacific Northern. Rising oil and gas prices have significant social and environmental implications and the public wants to know who is profiting and what the government should do about the problem. It was argued that the current prices mean huge profits for natural gas producers. This report listed the top 10 gas producers in British Columbia, along with their raw gas production and estimated profits. Another factor to be considered in this debate is that in the past decade, limited pipeline capacity meant that there was usually a surplus of gas to serve the Canadian market. This all changed with the addition of new pipelines and pipeline expansions, leading to price determination by local market conditions and direct competition with U.S. purchasers. It was suggested that the federal government should tax windfall oil and gas profits and direct the resulting revenues to rebates for low-income households and for energy conservation initiatives. It was also suggested that the trade rules regarding energy should be changed, with particular reference to the North American Free Trade Agreement (NAFTA) which tied Canada into a North American energy market in which U.S. demand sets prices in Canada. 2 tabs., 1 fig

  20. Henry Hub and national balancing point prices: what will be the international gas price reference?

    International Nuclear Information System (INIS)

    Mazighi, A.E.H.

    2005-01-01

    One of the lessons in the history of international trade in commodities is the emergence - sooner or later - of an international price reference, most commonly known as an international marker price. In the area of oil, West Texas Intermediate (WTI) plays the role of a marker for sour crudes traded in the Atlantic basin. Brent oil fulfils this function for sweet crudes traded in Europe. Another important aspect in the area of global commodities is that the emergence of a marker price is not always necessarily related to the relative share of production of exports of the commodity, but primarily to the existence of an organized market for this commodity. Today, while international gas trade is intensifying, we still lack an international price reference for this commodity. This is due to the fact that the international trade of natural gas is still highly regionalized. It is also due to the fact that most gas markets are still regulated. Nevertheless, deregulation efforts have been implemented in both developed (the United States, the United Kingdom, continental Europe, Korea) and developing countries (Brazil, Chile) and have led to new market structures based on more competition in all segments of the gas chain, except transportation. In the meantime, price structures based on supply and demand principles are supposed to have emerged in the US and UK markets in the 1990s as a result of the implementation of deregulation measures. Today, the US gas market, which represents more than 660 billion cubic metres per year of consumption and the UK gas market, which is close to 100 bcm annually, are considered mature enough to make the principles of supply and demand operate inside these markets. In fact, the Henry Hub (HH) price, which is determined at a physical location in Louisiana, US, and the national balancing point (NBP) price, which is determined somewhere inside the national transmission system (NTS), without any precise location, are considered as potential

  1. Australian retail electricity prices: Can we avoid repeating the rising trend of the past?

    International Nuclear Information System (INIS)

    Graham, Paul W.; Brinsmead, Thomas; Hatfield-Dodds, Steve

    2015-01-01

    After a stable or declining real trend that persisted for more than half a century, Australian retail electricity prices have experienced a substantial increase, in real terms, since 2007. This has mainly been driven by increases in the cost of electricity distribution and to a lesser degree in the cost of electricity generation. Reducing greenhouse gas emissions, which is a bipartisan political goal in Australia, will likely deliver further increases in generation costs due to the expected higher cost of low emission technology. Participating in global negotiations on emission reduction targets and designing efficient policy mechanisms have been a major focus of governments over the last several decades. In contrast, managing distribution system costs has received less attention. While there were a number of factors which drove historical increases in distribution costs, management of peak demand growth could help contain or reduce the extent to which consumers, particularly households, experience further increases in distribution costs. The paper demonstrates how different combinations of carbon price and peak demand scenarios could impact future residential and industrial retail electricity prices to 2050 and discusses some behavioural and technological solutions to manage peak demand and potential barriers to their deployment. - Highlights: • We identify the causes of the increase in Australian retail electricity prices. • We identify two sources of likely further cost pressures on electricity prices. • We estimate future retail electricity prices under five scenarios. • We discuss barriers and solutions to controlling peak demand growth.

  2. Gas prices deregulation: how to play the game well?

    International Nuclear Information System (INIS)

    Petitot, Pauline

    2014-01-01

    At the instigation of the European Union and in a context of increasing deregulation, the end of regulated gas prices in France is coming soon. Suppliers and consumers concerned are actively preparing themselves to take the turn of gas market liberalization. This short paper reveals their strategies

  3. Natural gas, NGL's and crude: supply, demand and price forecasts

    International Nuclear Information System (INIS)

    Stauft, T.L.

    2003-01-01

    This paper presents an overview of the major issues to watch in the crude oil, natural gas, and natural gas liquids (NGL) markets in North America. The presentation began with background information concerning Purvin and Gertz, an employee-owned consulting firm whose employees are chemical engineers, holders of a Master of Business Administration (MBA), or economists. They specialize in providing strategic, commercial, and technical advice to the international energy industry. A closer look at each individual market was provided, looking at demand, supply, price drivers and others. The author concluded that world oil prices continue to be influenced by a war premium. Oil prices support natural gas, as well as the possibility of a supply issue. The gas processing margins have remained strong. The unknown quantities are the weather and economic recovery. figs

  4. Price-related sensitivities of greenhouse gas intensity targets

    International Nuclear Information System (INIS)

    Muller, Benito; Muller-Furstenberger, Georg

    2003-12-01

    Greenhouse gas intensities are an appealing tool to foster abatement without imposing constraints on economic growth. This paper shows, however, that the computation of intensities is subject to some significant statistical and conceptual problems which relate to the inflation proofing of GDP growth. It is shown that the choice of price-index, the updating of quantity weights and the choice of base year prices can have a significant impact upon the commitment of intensity targets

  5. North American natural gas storage, market and price outlook

    International Nuclear Information System (INIS)

    George, R.

    1999-01-01

    A series of overhead viewgraphs accompanied this presentation which dealt with the fundamental factors and short-term considerations that will impact Canadian and U.S. natural gas pricing. The short-term pricing outlook and some transportation issues were also highlighted. The major transportation issues for 1999/2000 are: (1) Nova tolling, (2) incentive tolling and negotiations, (3) decontracting, (4) pipeline project schedules, and (5) land use and environmental considerations. The major supply issues are: (1) impact of oil prices on gas drilling and production, (2) impact of merger and acquisition activity, and (3) land use and environmental considerations. The major demand issues for the same time period are: (1) greenhouse gas emissions, (2) electricity restructuring, and (3) new end-use technologies. 3 tabs., 21 figs

  6. Natural Gas Extraction, Earthquakes and House Prices

    OpenAIRE

    Hans R.A. Koster; Jos N. van Ommeren

    2015-01-01

    The production of natural gas is strongly increasing around the world. Long-run negative external effects of extraction are understudied and often ignored in social) cost-benefit analyses. One important example is that natural gas extraction leads to soil subsidence and subsequent induced earthquakes that may occur only after a couple of decades. We show that induced earthquakes that are noticeable to residents generate substantial non-monetary economic effects, as measured by their effects o...

  7. Natural gas pricing and contracting practices in North America

    International Nuclear Information System (INIS)

    Hassan, F.

    1992-01-01

    Over the past 5 years the natural gas industry in North America has undergone substantial change as a result of the deregulated market. A comparison is provided of the key contract parameters in gas purchase contracts utilized by local distribution companies, industrial customers, cogenerators and marketers. Issues discussed include pricing mechanisms, indexed contracts, negotiated contracts, combinations, dispute resolution, supply, government regulation, industry structures, financial considerations, perception, geological influences, demand, transmission, storage, distribution, price trends and forecasts, Order 636 in the U.S., the evolution of North American market hubs, the futures market, and 'daisy chains' of connecting pipelines. 15 refs., 7 figs., 1 tab

  8. Transatlantic natural gas price and oil price relationships - an empirical analysis

    International Nuclear Information System (INIS)

    Vasquez Josse, C.I.; Neumann, A.

    2006-09-01

    Markets for natural gas in industrialized countries have witnessed profound changes in the past two decades. Trade of natural gas at spot markets in North America and Europe expanded and intensified significantly as a direct result of liberalization efforts. We test the relationships of weekly prices for crude oil and natural gas on either side of the Atlantic Basin between 1999 and 2005. Applying co-integration methodology we identify a move toward integration of historically and geographically separated markets for the homogeneous commodity natural gas. (authors)

  9. AGA predicts winter jump in residential gas price

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The American Gas Association predicts the average heating bill for residential gas consumers could increase by as much as 18% this winter. AGA Pres. Mike Baly said, Last year's winter was warmer than normal. If the 1992-93 winter is similar, AGA projects that residential natural gas heating bills will go up about 6%. If we see a return to normal winter weather, our projection show the average bill could rise by almost 18%

  10. Russian natural gas exports-Will Russian gas price reforms improve the European security of supply?

    International Nuclear Information System (INIS)

    Sagen, Eirik Lund; Tsygankova, Marina

    2008-01-01

    In this paper we use both theoretical and numerical tools to study potential effects on Russian gas exports from different Russian domestic gas prices and production capacities in 2015. We also investigate whether a fully competitive European gas market may provide incentives for Gazprom, the dominant Russian gas company, to change its export behaviour. Our main findings suggest that both increased domestic gas prices and sufficient production capacities are vital to maintain Gazprom's market share in Europe over the next decade. In fact, Russia may struggle to carry out its current long-term export commitments if domestic prices are sufficiently low. At the same time, if Russian prices approach European net-back levels, Gazprom may reduce exports in favour of a relatively more profitable domestic market

  11. Price convergence and information efficiency in German natural gas markets

    International Nuclear Information System (INIS)

    Growitsch, Christian; Stronzik, Marcus; Nepal, Rabindra

    2012-01-01

    In 2007, Germany changed network access regulation in the natural gas sector and introduced a so-called entry-exit system. The re-regulation's spot market effects remain to be examined. We use cointegration analysis and a state space model with time-varying coefficients to study the development of natural gas spot prices in the two major trading hubs in Germany and the interlinked Dutch spot market. To analyse information efficiency in more detail, the state space model is extended to an error correction model. Overall, our results suggest a reasonable degree of price convergence between the corresponding hubs. However, allowing for time-variant adjustment processes, the remaining price differentials are only partly explained by transportation costs, indicating capacity constraints. Nonetheless, market efficiency in terms of information processing has increased considerably among Germany and The Netherlands.

  12. Natural gas consumption and economic growth: Are we ready to natural gas price liberalization in Iran?

    International Nuclear Information System (INIS)

    Heidari, Hassan; Katircioglu, Salih Turan; Saeidpour, Lesyan

    2013-01-01

    This paper examines the relationship between natural gas consumption and economic growth in Iran within a multivariate production model. We also investigate the effects of natural gas price on its consumption and economic growth using a demand side model. The paper employs bounds test approach to level relationship over the period of 1972–007. We find evidence of bidirectional positive relationship between natural gas consumption and economic growth in short-run and long-run, based on the production model. The findings also suggest that real GDP growth and natural gas have positive and negative impacts on gross fixed capital formation, respectively. Employment, however, was found to have negative but insignificant impact on gross fixed capital formation. Moreover, the estimation results of demand side model suggest that natural gas price has negative and significant impact on natural gas consumption only in the long-run, though there is insignificant impact on economic growth. These results imply that the Iranian government's decision for natural gas price liberalization has the adverse effects on economic growth and policy makers should be cautious in doing this policy. - Highlights: • Iran has been considered as a major natural gas producer in the world. • This paper examines the relationship between gas consumption and growth in Iran. • Positive impact of gas consumption on growth has been obtained. • The paper finds that gas consumption and income reinforce each other in Iran. • Natural gas price has also negative and significant impact on natural gas consumption in Iran

  13. International study on gas prices (September 1996 - September 1997)

    International Nuclear Information System (INIS)

    1998-01-01

    This economic study summarizes the evolution of gas prices from September 1996 to September 1997 in a selected panel of European and Non-European countries (Italy, The Netherlands, Sweden, Spain, Germany, Belgium, Finland, UK, Canada, USA, South Africa, Australia). (J.S.)

  14. Pricing natural gas distribution in Mexico

    International Nuclear Information System (INIS)

    Ramirez, Jose Carlos; Rosellon, Juan

    2002-01-01

    We examine regulation of distribution tariffs in the Mexican natural gas industry. Average revenue in each period is constrained not to exceed an upper bound and is calculated as the ratio of total revenue to output in the current period. This regime implies incentives for strategically setting two-part tariffs. The usage charge is typically dropped to its lowest feasible level, while the fixed charge is raised to compensate for the loss of profit. The regime also creates a stochastic effect that implies decreased values of consumer surplus for lower levels of risk aversion and uncertainty

  15. Natural gas market review 2008 - optimising investments and ensuring security in a high-priced environment

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-09-18

    Over the last 18 months, natural gas prices have continued to rise steadily in all IEA markets. What are the causes of this steady upward trend? Unprecedented oil and coal prices which have encouraged power generators to switch to gas, together with tight supplies, demand for gas in new markets and delayed investments all played a role. Investment uncertainties, cost increases and delays remain major concerns in most gas markets and are continuing to constitute a threat to long-term security of supply. A massive expansion in LNG production is expected in the short term to 2012, but the lag in LNG investment beyond 2012 is a concern for all gas users in both IEA and non-IEA markets. Despite this tight market context, regional markets continue on their way to globalisation. This tendency seems irreversible, and it impacts even the most independent markets. Price linkages and other interactions between markets are becoming more pronounced. This publication addresses these major developments, assessing investment in natural gas projects (LNG, pipelines, upstream), escalating costs, the activities of international oil and gas companies, and gas demand in the power sector. In addition, the publication includes data and forecasts on OECD and non-OECD regions to 2015 and in-depth reviews of five OECD countries and regions including the European Union. It also provides analysis of 34 non-OECD countries in South America, the Middle East, Africa, and Asia, including a detailed assessment of the outlook for gas in Russia, as well as insights on new technologies to deliver gas to markets.

  16. Lower electricity prices and greenhouse gas emissions due to rooftop solar: empirical results for Massachusetts

    International Nuclear Information System (INIS)

    Kaufmann, Robert K.; Vaid, Devina

    2016-01-01

    Monthly and hourly correlations among photovoltaic (PV) capacity utilization, electricity prices, electricity consumption, and the thermal efficiency of power plants in Massachusetts reduce electricity prices and carbon emissions beyond average calculations. PV utilization rates are highest when the thermal efficiencies of natural gas fired power plants are lowest, which reduces emissions of CO 2 and CH 4 by 0.3% relative to the annual average emission rate. There is a positive correlation between PV utilization rates and electricity prices, which raises the implied price of PV electricity by up to 10% relative to the annual average price, such that the average MWh reduces electricity prices by $0.26–$1.86 per MWh. These price reductions save Massachusetts rate-payers $184 million between 2010 and 2012. The current and net present values of these savings are greater than the cost of solar renewable energy credits which is the policy instrument that is used to accelerate the installation of PV capacity. Together, these results suggest that rooftop PV is an economically viable source of power in Massachusetts even though it has not reached socket parity. - Highlights: •Implied price of PV up to 10% greater than the annual average price. •PV saves Massachusetts rate-payers $184 million in 2010–2012. •Annual savings are greater than the cost of solar renewable energy credits. •Savings rise longer lifetime of PV systems and pay period for SREC's shortened. •PV reduces emissions of CO 2 and CH 4 by 0.3% relative to the annual average.

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

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2004-07-17

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

  18. Deregulation, market structure and gas prices in the Canadian Natural Gas Industry

    International Nuclear Information System (INIS)

    Uhler, R.S.

    1992-01-01

    During the course of the development of the natural gas industry in Canada, gas purchase and sales markets have evolved from being relatively free of regulation to being highly regulated and back again. Though pipeline transport charges were regulated, the pipeline companies, or their subsidiaries, owned the gas that they transported and price and other provisions of purchase and sales contracts were freely negotiated with the producers at one end and distributing utilities or industrial users at the other end. The Western Accord of 1985 set the process of deregulation of the Canadian natural gas industry in motion. On November 1, 1986, natural gas prices in interprovincial trade were deregulated in that domestic natural gas prices were to be freely negotiated. Although not stated explicitly, government policy is to permit export prices to be freely negotiated so long as they do not fall below domestic prices. The deregulation process has dramatically changed the relationship between buyers and sellers. Of particular importance is that deregulation has permitted companies to negotiate gas purchase contracts directly with producers with the pipeline company acting solely as a gas transporter. The purpose of this paper is to examine the forces that have led to shorter term contracts and to examine the likely effect of these contract terms on reservoir development investment incentives. 5 refs., 3 figs

  19. The rising price of oil: a window of opportunity for some Central American and Caribbean countries

    International Nuclear Information System (INIS)

    Lizardi, Carlos Guerrero de; Padilla-Perez, Ramon

    2010-11-01

    This research paper analyzes the direct impact of the rising price of oil on shipping costs of any product to any point in the United States from Central America, Mexico or the Dominican Republic (CAM-DR) versus products from Asia. First, the study provides a brief description of the commercial opening of the countries analyzed and the liberalization of their markets. Second, it analyzes the evolution of the competitiveness of selected countries in the U.S. import market. Third, the study presents an analysis for each product. The hypothesis of this study is that geographical distance will be increasingly key. It is recommended that enhance shipping procedures and time (transit and container stay) be enhanced by simplifying customs procedures and improving port infrastructure. By expanding and improving road and rail infrastructures, countries could reduce shipping costs within their own territories. Besides, to avoid significant gain or loss in market share, it is recommended that the current tariff gaps be maintained or better still, expanded. Furthermore, forming strategic alliances could help producers lower the prices of their exported manufactured products.

  20. Effect of Energy Efficiency Standards on Natural Gas Prices

    Energy Technology Data Exchange (ETDEWEB)

    Carnall, Michael; Dale, Larry; Lekov, Alex

    2011-07-26

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

  1. Partner Country Series: Gas Pricing - China's Challenges and IEA Experience

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-01

    China will play a positive role in the global development of gas, the International Energy Agency’s (IEA) Executive Director, Maria Van der Hoeven has said in Beijing on 11 September, 2012 when launching a new IEA report: Gas Pricing and Regulation, China’s challenges and IEA experiences. In line with its aim to meet growing energy demand while shifting away from coal, China has set an ambitious goal of doubling its use of natural gas from 2011 levels by 2015. Prospects are good for significant new supplies – both domestic and imported, conventional and unconventional – to come online in the medium-term, but notable challenges remain, particularly concerning gas pricing and the institutional and regulatory landscape. While China’s circumstances are, in many respects unique, some current issues are similar to those a number of IEA countries have faced. This report highlights some key challenges China faces in its transition to greater reliance on natural gas, then explores in detail relevant experiences from IEA countries, particularly in the United Kingdom, the Netherlands, and the United States as well as the European Union (EU). Preliminary suggestions about how lessons learned in other countries could be applied to China’s situation are offered as well. The aim of this report is to provide stakeholders in China with a useful reference as they consider decisions about the evolution of the gas sector in their country.

  2. Rise of energy price, rise of agricultural prices: what medium- and long-term relations and implications?; Hausse du prix de l'energie, hausse des prix agricoles: quelles relations et implications a moyen et long terme?

    Energy Technology Data Exchange (ETDEWEB)

    Voituriez, T.

    2009-07-01

    We review in this study the different factors which have been presented by the scientific community as possible explanations of the sudden upsurge in commodity prices between 2006 and 2008. We examine whether scientific evidence validates any causal relationship, and particularly emphasize the role of explanatory variables underpinning the co-movement of energy and food price rises. Our aim is to provide an up-to-date understanding of food and energy market relationships, so as to better anticipate the possible changes in the evolution of prices in the coming years. (author)

  3. FTA figures in Alberta-California gas price tiff

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This paper reports that Canadian government and industry officials are considering a grievance procedure under the Canada-U.S. Free Trade Agreement in a natural gas price conflict with California regulators. Industry groups and the federal and Alberta governments are considering action under the FTA and other possible responses to recent rulings by the California Public Utilities Commission. Other options being considered are appeals against the CPUC policy to the U.S. energy secretary and the governor of California or court challenges. Meantime, Alberta's government the new export volumes of gas sales to California will be approved only after existing contracts with the 190 Alberta producers have been filled

  4. U.S. gas outlook: The price is right

    International Nuclear Information System (INIS)

    Parent, L.

    1997-01-01

    The gas business is on a roll. Prices are higher than ever since deregulation became a reality; the gas-well rig count is higher than it has been in years; pipelines are adding capacity; demand is growing; and the prospect of adding substantial gas-fired electric generating capacity is the pot of gold at the end of the rainbow. The players also recognize that competition is fierce and that they need to be cost-effective operators at the leading edge of technology, and flexible enough to manage change. Supporting these premises, the following discussion covers: (1) pricing factors--trends for a slight increase, futures, the market driver, status/effect of storage, and supply/demand; (2) gas well drilling--an increase in 1996, effects of geographics on incentive, good news/bad news of creating another surplus; (3) energy marketing trends--electric power industry restructuring, pairing of electrics and pipelines; (4) gas industry standards--new proposals for 1997 implementation; and (5) Canada/Mexico--competition along the northern US border, Mexico still getting its act together

  5. Impacts of carbon pricing, brown coal availability and gas cost on Czech energy system up to 2050

    International Nuclear Information System (INIS)

    Rečka, L.; Ščasný, M.

    2016-01-01

    increase will generate ancillary costs at least of 31€ per t CO_2. - Highlights: • EUA price is the main driver of emission reduction in Czech energy system. • New nuclear technology is not competitive under low EUA price assumption. • Wind and photovoltaic technologies are competitive if EUA price rise above 33€. • High EUA price would lead to more than 80% reduction of CO_2 emissions. • Lower price of natural gas will slow down development of RES.

  6. The evolution of gas price: gas assessment and perspectives; The evolution of gas price on the American, Asian and European markets; Assessment of the organised gas market; Assessment of gas market opening; Gas price: the point of view of consumers and providers; Tariff, the formula which cannot be found: a new stage in an endless history; The diversity of the world gas industry: the Mediterranean situation on prices

    International Nuclear Information System (INIS)

    Malherbe, Herve; Corbeau, Anne-Sophie; Lu, Long; Maire, Jacques; Verdier, Catherine; Bros, Thierry; Nyouki, Evariste; Astruc, Pierre; Katz, Richard; Jamme, Dominique; Rosier, Philippe; Salanson, Damien; Saniez, Thierry; Moraleda, Pedro; Le Gourrierec, M.

    2012-01-01

    After a brief introduction, this document contains the various contributions and interventions during round tables dealing with the evolution of gas price on American, Asian and European markets, an assessment of the organised gas market (model, references, members, and so on), an assessment of market gas opening, the point of view of consumers and providers on gas price. Then three articles address the issue of gas pricing in France, the developments of gas industry in the world (consumptions, production, perspectives for LNG) and the Mediterranean situation with respect to gas prices (trends and challenges)

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

    International Nuclear Information System (INIS)

    Paltsev, Sergey; Zhang, Danwei

    2015-01-01

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

  8. Europe's cross-border gas trade on the rise

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    Europe is poised for more growth in the gas industry that is certain to expand international gas trade into the next century. In the affluent societies of western Europe, gas growth will be fueled by an increasing public perception that it is the least environmentally harmful of fossil fuels. That factor is helping boost natural gas and LNG trade in many parts of the world. Gas will continue to penetrate the European residential market, but the biggest growth will occur in the industrial use, particularly for electrical power generation. The European Community has belatedly lifted restrictions on the use of a gas as a fuel for power generation. That, combined with the greater efficiency of cogeneration systems, is likely to set off a 100% increase in Europe's gas fueled power generation capacity in the first 5 years of 1990s

  9. A framework for diagnosing the regional impacts of energy price policies. An application to natural gas deregulation

    Energy Technology Data Exchange (ETDEWEB)

    Bender, S.; Kalt, J.P.; Lee, H.

    1986-03-01

    Energy policy debates in the U.S. have frequently centered upon asserted regional effects. 'Consuming' regions are commonly pitted against 'producing' regions, with the latter purportedly gaining/losing at the expense of the former under higher/lower energy prices. Such simple views ignore regional trade linkages, the geographic distribution of ownership in energy using and producing firms, and the microeconomics of the incidence of energy price changes. This study presents a framework which incorporates these factors and allows assessment of the net regional income effects of changing energy prices. When applied to U.S. natural gas policy, the study's results indicate that the income effects of a rise in gas prices tend to be much more evenly spread than a naive assignment of increased costs and revenues to consuming and producing regions, respectively, would indicate. Under a number of plausible scenarios, in fact, it is likely that certain net gas consuming regions (e.g., the Pacific Northwest) have benefitted from the recent deregulation of U.S. gas prices. 14 refs. (A.V.)

  10. The relation of monthly spot to futures prices for natural gas

    International Nuclear Information System (INIS)

    Herbert, J.H.

    1993-01-01

    The relationship between the spot price for natural gas for a delivery month and the futures contract price for the same delivery month is examined. The estimated regression equation provides a good summary of the relationship between spot and futures prices for the time period and can also be used to obtain accurate forecasts of spot prices. It appears that the natural gas futures market is inefficient. (author)

  11. Gas and electricity prices in France and in the European Union in 2012

    International Nuclear Information System (INIS)

    Martin, Jean-Philippe

    2013-11-01

    Graphs and tables illustrate the levels and the evolution of gas and electricity prices in France and in EU member states. It is notably outlined that gas is less expensive in central and eastern Europe, that gas prices generally increased in Europe between 2011 and 2012 (for industries as well as for households), that electricity remains cheap in France

  12. Easing the natural gas crisis: Reducing natural gas prices through increased deployment of renewable energy and energy efficiency

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Bolinger, Mark; St. Clair, Matt

    2004-12-21

    Heightened natural gas prices have emerged as a key energy-policy challenge for at least the early part of the 21st century. With the recent run-up in gas prices and the expected continuation of volatile and high prices in the near future, a growing number of voices are calling for increased diversification of energy supplies. Proponents of renewable energy and energy efficiency identify these clean energy sources as an important part of the solution. Increased deployment of renewable energy (RE) and energy efficiency (EE) can hedge natural gas price risk in more than one way, but this paper touches on just one potential benefit: displacement of gas-fired electricity generation, which reduces natural gas demand and thus puts downward pressure on gas prices. Many recent modeling studies of increased RE and EE deployment have demonstrated that this ''secondary'' effect of lowering natural gas prices could be significant; as a result, this effect is increasingly cited as justification for policies promoting RE and EE. This paper summarizes recent studies that have evaluated the gas-price-reduction effect of RE and EE deployment, analyzes the results of these studies in light of economic theory and other research, reviews the reasonableness of the effect as portrayed in modeling studies, and develops a simple tool that can be used to evaluate the impact of RE and EE on gas prices without relying on a complex national energy model. Key findings are summarized.

  13. Improved price transparency : how electronic trading is affecting natural gas prices

    International Nuclear Information System (INIS)

    Gault, G.

    2002-01-01

    New electronic trading platforms can be categorized as: (1) proprietary or marketplace systems owned by the market maker or liquidity provider, (2) matching systems for brokerage systems where counter parties are matched and electronically executed through bilateral trading agreements, and (3) cleared exchanges which have traditional characteristics such as neutrality, anonymity, and clearing. The Calgary-based Natural Gas Exchange (NGX) is an independent electronic energy exchange. It is owned by OM in Stockholm, Sweden and operates under an order from the Alberta Securities Commission. Its main objective is to provide electronic energy trading and clearing services to participants in the the North American energy market. NGX has transacted more than 270,000 trades with zero default. The services at NGX include: centralized and anonymous electronic trading; centralized risk management and netting; centralized collateral management; transaction facilitation; pipeline title transfer coordination; and, real time price index generation. This paper described the impact of the many different types of trading platforms on liquidity and volatility in the marketplace. It also addresses the future of online energy trading and their respective platforms. Supply and demand of natural gas, storage, and weather are the basic market fundamentals, but trading platforms have an impact of volatility of natural gas because of market fragmentation, transparency, and market systems. As online energy exchanges evolve, we will see a consolidation of online energy exchanges that will thin a shrinking pool of players, and appropriately capitalized and centralized clearinghouses will become the backbone of all major online energy trading operations

  14. The effect of rising food prices on food consumption: systematic review with meta-regression.

    Science.gov (United States)

    Green, Rosemary; Cornelsen, Laura; Dangour, Alan D; Turner, Rachel; Shankar, Bhavani; Mazzocchi, Mario; Smith, Richard D

    2013-06-17

    To quantify the relation between food prices and the demand for food with specific reference to national and household income levels. Systematic review with meta-regression. Online databases of peer reviewed and grey literature (ISI Web of Science, EconLit, PubMed, Medline, AgEcon, Agricola, Google, Google Scholar, IdeasREPEC, Eldis, USAID, United Nations Food and Agriculture Organization, World Bank, International Food Policy Research Institute), hand searched reference lists, and contact with authors. We included cross sectional, cohort, experimental, and quasi-experimental studies with English abstracts. Eligible studies used nationally representative data from 1990 onwards derived from national aggregate data sources, household surveys, or supermarket and home scanners. The primary outcome extracted from relevant papers was the quantification of the demand for foods in response to changes in food price (own price food elasticities). Descriptive and study design variables were extracted for use as covariates in analysis. We conducted meta-regressions to assess the effect of income levels between and within countries on the strength of the relation between food price and demand, and predicted price elasticities adjusted for differences across studies. 136 studies reporting 3495 own price food elasticities from 162 different countries were identified. Our models predict that increases in the price of all foods result in greater reductions in food consumption in poor countries: in low and high income countries, respectively, a 1% increase in the price of cereals results in reductions in consumption of 0.61% (95% confidence interval 0.56% to 0.66%) and 0.43% (0.36% to 0.48%), and a 1% increase in the price of meat results in reductions in consumption of 0.78% (0.73% to 0.83%) and 0.60% (0.54% to 0.66%). Within all countries, our models predict that poorer households will be the most adversely affected by increases in food prices. Changes in global food prices will

  15. Gas price and oil price: a new level of competition; Gaspreis und Oelpreis. Eine neue Stufe des Wettbewerbs

    Energy Technology Data Exchange (ETDEWEB)

    Hahn, Wolfgang; Poepperl, Claudia [Energie Consulting GmbH, Kehl (Germany)

    2012-01-15

    With a marked delay relative to electricity the gas market has now too come under the reign of competition. The dissociation of gas prices from oil prices was not only the result of successive deregulation but was also catalysed by the drop in demand attending the economic slump in 2008 and 2009. In response to the changing market environment the procurement processes of industrial and commercial customers have undergone lasting changes in the course of the past three years. At the same time, fierce competition has developed between the two energy carriers crude oil and natural gas.

  16. Justification of directions of technological and price audit systems changes for the purpose of high-rise construction innovating

    Science.gov (United States)

    Rogacheva, Yana; Panenkov, Andrey; Petrikova, Zinaida; Nezhnikova, Ekaterina

    2018-03-01

    Improving the quality of high-rise buildings under modern conditions should be based not only on compliance with the norms of technical regulations, but also on ensuring energy efficiency, environmental friendliness, and intellectuality, which can be achieved only through the introduction of innovations at all stages of the life cycle of the investment project. Authors of this article justified the need for a mechanism of technological and price audit of projects. They also suggested the model of life cycle of organizational and economic changes, connected with implantation of the mechanism of projects audit. They showed innovation character of ecological high-rise construction for the whole life cycle. Authors also made proposals to change the audit system for high-rise construction projects in the focus of its environmental friendliness.

  17. Justification of directions of technological and price audit systems changes for the purpose of high-rise construction innovating

    Directory of Open Access Journals (Sweden)

    Rogacheva Yana

    2018-01-01

    Full Text Available Improving the quality of high-rise buildings under modern conditions should be based not only on compliance with the norms of technical regulations, but also on ensuring energy efficiency, environmental friendliness, and intellectuality, which can be achieved only through the introduction of innovations at all stages of the life cycle of the investment project. Authors of this article justified the need for a mechanism of technological and price audit of projects. They also suggested the model of life cycle of organizational and economic changes, connected with implantation of the mechanism of projects audit. They showed innovation character of ecological high-rise construction for the whole life cycle. Authors also made proposals to change the audit system for high-rise construction projects in the focus of its environmental friendliness.

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

    OpenAIRE

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

    2016-01-01

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

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

    OpenAIRE

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

    2012-01-01

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

  20. US gas line contract carriage on the rise

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the Interstate Natural Gas Association of America reports contract carriage moved 84% of the gas delivered to U.S. markets in 1991, up from 79% the previous year. Carriage for market transportation for distributors, end users, and marketers totaled 15.2 quadrillion BTU, a 13% increase from the 13.4 quads reported at the end of 1990. Ingaa the growth in carriage volumes has slowed. This year's 13% increase is lower than the 28% growth in carriage volumes from 1988 to 1989 and the 72% from 1986 to 1987. Total natural gas delivered to market was 18 quads in 1991, an increase of 5% from the 1990 level of 17.1 quads. Pipeline sales accounted for only 16% of the gas delivered to market in 1991. They dropped 0.8 quads, or 22%, from 1990 levels. Ingaa the while the market relies heavily on carriage throughout the year, reliance on carriage is somewhat heavier as has been the case since 1986 during the off peak season in April-September

  1. Oil prices and the rise and fall of the U.S. real exchange rate

    International Nuclear Information System (INIS)

    Amano, R.A.; Norden, S. van.

    1993-12-01

    It is examined whether a link exists between oil price shocks and the U.S. real effective exchange rate. Data used for the study are described and their time series properties and the long-run explanatory power of oil prices for the real exchange rate are examined. Apparent causal relationships between exchange rates and oil prices are examined. An unrestricted error correction model is reduced until an error correction model with reasonable properties is derived. Results show that the two variables appear to be cointegrated and that causality runs from oil prices to the exchange rate and not vice-versa. The single equation error correction model linking these two variables is stable and captures much of the in- and out-of-sample movement in the exchange rate in dynamic simulation. Tests are presented to show that the error correction model has significant post-sample predictive ability for both the size and sign of changes in the real effective exchange rate. The results suggest that oil prices may have been the dominant source of persistant real exchange rate shocks over the post-Bretton Woods period and that energy prices may have important implications for future work on exchange rate behaviour. 61 refs., 3 figs., 7 tabs

  2. North American natural gas liquids pricing and convergence : an energy market assessment

    International Nuclear Information System (INIS)

    2001-05-01

    A background on natural gas liquids (NGL) pricing was presented along with a discussion regarding the impact of energy price convergence. The high energy prices in the fall of 2000 were a result of many factors, including the high price of NGLs. All NGL components such as ethane, propane and butane can be used as petrochemical feedstock. In the winter of 2000/2001 the relationship between liquids and crude oil prices collapsed when high energy prices led to a situation where, for a short while, extraction of liquids from natural gas became uneconomic since producers got more value for NGLs left in the gas stream. As a result, when the supply and demand balances for NGL tightened in many regions of North America, NGL prices were reflecting the unprecedented high natural gas prices. This paper also explained how the four major North American NGL trading hubs in Alberta, Ontario, Kansas and Texas operate. The pricing events of 2000 have impacted on the NGL industry and energy prices remain an issue since both crude oil and natural gas price are forecasted to remain strong in the near future. 5 figs

  3. The contribution of the DOE's R ampersand D budget in natural gas to energy price security

    International Nuclear Information System (INIS)

    Sutherland, R.J.

    1992-01-01

    The energy price volatility model suggests that some of the proposed natural gas programs can contribute to energy price stability. The sector most vulnerable to fuel price variations is, of course, the transportation sector. The most effective strategy to achieve energy pace stability is to reduce petroleum consumption in this sector. The natural gas vehicle program is therefore recommended as potentially important and worthy of further consideration. At this point, distinguishing the merits of various subprograms is not feasible. This result farther supports the conclusion that the DOE's energy R ampersand D portfolio is not efficiently balanced and an increase in oil and gas research should be a high priority. The DOE has responded favorably and has significantly increased its proposed research with the explicit objective of displacing oil in the transportation sector. The enhanced research and development program for energy security, in the NES, proposes major funding, increases in this area. To recommend the further increases proposed by the industry, a careful analysis of incremental benefits and costs is required. The proposed natural as supply program is intended to enhance the future supply of natural gas. As explained above, enhanced gas supplies can reduce the volatility of gas prices and severe the link between gas and oil prices. The gas supply program is recommended as a potentially important strategy to ensure energy price stability. The importance of this point merits restatement. Oil price volatility affects directly the transportation and industrial sectors. The residential, commercial and electric utility sectors are not highly oil dependent. However, oil prices have affected gas prices and gas is used extensively the residential, commercial, industrial and electric utility sectors. Energy price stability is enhanced in these sectors by severing, the link, between oil and gas prices

  4. Achieving 80% greenhouse gas reduction target in Saudi Arabia under low and medium oil prices

    KAUST Repository

    Alshammari, Yousef Mohammad

    2016-11-10

    COP 21 led to a global agreement to limit the earth\\'s rising temperature to less than 2 °C. This will require countries to act upon climate change and achieve a significant reduction in their greenhouse gas emissions which will play a pivotal role in shaping future energy systems. Saudi Arabia is the World\\'s largest exporter of crude oil, and the 11th largest CO2 emitter. Understanding the Kingdom\\'s role in global greenhouse gas reduction is critical in shaping the future of fossil fuels. Hence, this work presents an optimisation study to understand how Saudi Arabia can meet the CO2 reduction targets to achieve the 80% reduction in the power generation sector. It is found that the implementation of energy efficiency measures is necessary to enable meeting the 80% target, and it would also lower costs of transition to low carbon energy system while maintaining cleaner use of hydrocarbons with CCS. Setting very deep GHG reduction targets may be economically uncompetitive in consideration of the energy supply requirements. In addition, we determine the breakeven price of crude oil needed to make CCS economically viable. Results show important dimension for pricing CO2 and the role of CCS compared with alternative sources of energy.

  5. Alternative natural gas contract and pricing structures and incentives for the LNG industry

    International Nuclear Information System (INIS)

    Attanasi, E.D.

    1991-01-01

    Gas conversion to liquefied gas (LNG) and transport by LNG tankers is one option for meeting expanding gas consumption and for gas traded internationally. This paper examines the impact of the traditional gas contract provisions of indefinite pricing, market out price ceilings, and take-or-pay requirements on the profitability of LNG projects in the context of markets characterized by price and quantity uncertainty. Simulation of experiments are used to examine and calibrate the effects of those provisions. The results provide guidance to operators, host countries and purchasers in structuring such contracts. The paper also assesses prospects of future expansion of world LNG capacity. (author). 11 refs, 3 figs, 4 tabs

  6. Price war or instrumentalization of price uncertainty: which strategy for a dominant provider on the European gas market

    International Nuclear Information System (INIS)

    Boussena, Sadek; Locatelli, Catherine

    2016-03-01

    The objective of this article is to try to assess which strategy could be implemented by a European dominant provider (or a group of big providers) during the current phase of transition of the European gas market in order to keep (or increase) his market shares and maximise his revenues. The authors aim at exploring possibilities of strategic actions on the long term other than those of defence of volumes through a price war, or the possibility of a strategy similar to that of Saudi Arabia which instrumentalises uncertainty on future prices. This last type of strategy is defined for the case of natural gas. The authors show that it could be implemented on the EU gas market, provided some specific conditions. They show that Gazprom has not enough power to become a price maker, and explore which kind of strategy of uncertainty could be implemented by this actor

  7. Flexible LNG supply, storage and price formation in a global natural gas market

    Science.gov (United States)

    Hayes, Mark Hanley

    The body of work included in this dissertation explores the interaction of the growing, flexible liquefied natural gas (LNG) trade with the fundamentals of pipeline gas supply, gas storage, and gas consumption. By nature of its uses---largely for residential heating and electric power generation---the consumption of natural gas is highly variable both seasonally and on less predictable daily and weekly timescales. Flexible LNG trade will interconnect previously isolated regional gas markets, each with non-correlated variability in gas demand, differing gas storage costs, and heterogeneous institutional structures. The dissertation employs a series of analytical models to address key issues that will affect the expansion of the LNG trade and the implications for gas prices, investment and energy policy. First, I employ an optimization model to evaluate the fundamentals of seasonal LNG swing between markets with non-correlated gas demand (the U.S. and Europe). The model provides insights about the interaction of LNG trade with gas storage and price formation in interconnected regional markets. I then explore how random (stochastic) variability in gas demand will drive spot cargo movements and covariation in regional gas prices. Finally, I analyze the different institutional structures of the gas markets in the U.S. and Europe and consider how managed gas markets in Europe---without a competitive wholesale gas market---may effectively "export" supply and price volatility to countries with more competitive gas markets, such as the U.S.

  8. U.S. Trade Deficit and the Impact of Rising Oil Prices

    National Research Council Canada - National Science Library

    Jackson, James K

    2008-01-01

    .... The fall in the cost of energy imports combined with the drop in import volumes as a result of the slowdown in economic activity has reversed the trend of rising energy imports costs and will sharply...

  9. United Kingdom: 'competition can force prices up'

    International Nuclear Information System (INIS)

    Powe, I.

    1992-01-01

    The increased demand for natural gas and price considerations are examined. The recent undertaking of British Gas to place storage and transmission in a separate regulated division with transparent accounts is reported, and the possible rise in the price of gas when British Gas has to pay commercial rates to the separate division is considered. (UK)

  10. As Food Prices Rise, Setting Menus Is Cause of Heartburn for Schools

    Science.gov (United States)

    Samuels, Christina A.

    2008-01-01

    With food and fuel prices increasing sharply, food and nutrition directors in school districts around the country are finding themselves facing some uncomfortable choices. In some districts, school lunch menus are being pared down to fewer selections, instead of the array of healthy options districts would like to offer. In other areas, canned and…

  11. 30 CFR 203.48 - Do I keep royalty relief if prices rise significantly?

    Science.gov (United States)

    2010-07-01

    ... and entirely less than 400 meters deep, on any date, $4.55 per MMBtu, adjusted annually after calendar... price is . . . (1) Partly or entirely less than 200 meters deep, before December 18, 2008, $10.15 per... meters deep, after December 18, 2008, $4.55 per MMBtu, adjusted annually after calendar year 2007 for...

  12. 30 CFR 203.36 - Do I keep royalty relief if prices rise significantly?

    Science.gov (United States)

    2010-07-01

    ... 200 meters deep and entirely less than 400 meters deep. (3) $4.08 per MMBtu (i) The first 20 BCF of... less than 400 meters of water, the $4.55 per MMBtu price threshold applies to the whole RSV (see... that is located in water partly or entirely less than 200 meters deep issued before December 18, 2008...

  13. Visibility graph network analysis of natural gas price: The case of North American market

    Science.gov (United States)

    Sun, Mei; Wang, Yaqi; Gao, Cuixia

    2016-11-01

    Fluctuations in prices of natural gas significantly affect global economy. Therefore, the research on the characteristics of natural gas price fluctuations, turning points and its influencing cycle on the subsequent price series is of great significance. Global natural gas trade concentrates on three regional markets: the North American market, the European market and the Asia-Pacific market, with North America having the most developed natural gas financial market. In addition, perfect legal supervision and coordinated regulations make the North American market more open and more competitive. This paper focuses on the North American natural gas market specifically. The Henry Hub natural gas spot price time series is converted to a visibility graph network which provides a new direction for macro analysis of time series, and several indicators are investigated: degree and degree distribution, the average shortest path length and community structure. The internal mechanisms underlying price fluctuations are explored through the indicators. The results show that the natural gas prices visibility graph network (NGP-VGN) is of small-world and scale-free properties simultaneously. After random rearrangement of original price time series, the degree distribution of network becomes exponential distribution, different from the original ones. This means that, the original price time series is of long-range negative correlation fractal characteristic. In addition, nodes with large degree correspond to significant geopolitical or economic events. Communities correspond to time cycles in visibility graph network. The cycles of time series and the impact scope of hubs can be found by community structure partition.

  14. Does Accessibility to the Central Business District (CBD Have an Impact on High-Rise Condominium Price Gradient in Kuala Lumpur, Malaysia?

    Directory of Open Access Journals (Sweden)

    Dziauddin Mohd Faris

    2016-01-01

    Full Text Available This paper uses a spatial econometric method known as Geographically Weighted Regression (GWR to investigate the impact of accessibility to the CBD on the high-rise condominium price gradient in Kuala Lumpur, Malaysia. Using a GWR method, after having controlled other factors, this study clearly reveal the impact of accessibility to the CBD on high-rise condominium varying prices across the study area, having a much larger positive impact in some areas but less and counterintuitive impact in others. In general, the results from this study show accessibility to the CBD measured by the travel times does affect high-rise condominium prices (high-rise condominium prices decrease as travel times to the CBD increase in most part of the areas, hence proved Alonso, Muth and Mills were still right.

  15. Prices regulation in price-cap: the lessons of the british gas industry; Reglementations tarifaires en price-cap: les lecons de l'industrie gaziere anglaise

    Energy Technology Data Exchange (ETDEWEB)

    David, L.

    2003-07-01

    This article examines the problem of the price-cap regulation applied to the british gas transport. The RPI-X cap is a particular form of the price cap. This cap seems to be more remunerative for the regulatory firm than a cap calculated on the Laspeyres index because it authorizes a greater freedom of prices choice, to the prejudice of the consumers. Facing these perverse effects, Cowan proposed in 1997 a new system, not more satisfying. Another equation is analyzed in this article, proposed by Ofgem. Meanwhile this system presents no improvement of the consumers surplus facing the RPI-X cap. (A.L.B.)

  16. Natural gas market assessment: Price convergence in North American natural gas markets

    International Nuclear Information System (INIS)

    1995-12-01

    The extent to which Canadian and U.S. natural gas markets have become integrated in the post-deregulation era was assessed. This assessment was accomplished through a statistical analysis of the price movements in Canadian and U.S. gas markets. The analysis pointed to three broad conclusions: (1) on the whole, there has been an increasing degree of integration among North American natural gas markets since price deregulation and the introduction of open access, (2) there is somewhat of a split between eastern and western markets, (3) Alberta's links are stronger with the western U.S. natural gas market than with the market in the eastern U.S. Several factors were cited as contributing to the general increase in market integration, including: (1) increased pipeline capacity and additional pipeline interconnections, coupled with the development of market hubs, (2) improved flexibility of access to pipeline transportation services, (3) improved access to market information and greater trading flexibility which has been facilitated by growing use of electronic bulletin boards and electronic trading systems. The increased market integration was claimed to have benefited both consumers and producers, and to have increased competition in both countries.. 28 refs., 14 figs

  17. The price of oil and the future of Middle East Gas

    International Nuclear Information System (INIS)

    Zaki Yamani, A.

    1997-01-01

    Most LNG contracts relate the LNG price received by the supplier at the point of delivery to a relevant oil price. Gas and oil are thus closely connected so that when the price of landed oil decreases so dose the price of delivered LNG. With large fixed transportation and liquefaction costs, accounting for around 85% of the supply cost of delivered LNG in the case of Qatari LNG supplied to japan, you can imagine how large falls in the price paid for delivered LNG would squeeze the net back to the producer back in Qatar. However, low oil price can do some damage to the economics of existing LNG projects in the Middle East. More importantly, persistently low oil prices can prevent new LNG projects from leaving the drawing board-which will stifle the exciting export potential of Middle Eastern gas

  18. Islands of steel rise over North Sea gas. Pt. 1

    Energy Technology Data Exchange (ETDEWEB)

    Hind, J A

    1965-10-27

    Nowhere is the offshore oil and gas prospecting boom more enthusiastic, urgent, and crowded than in the North Sea. The type of rig required for this type of offshore drilling mainly depends upon how far offshore drilling is to take place. The fixed jack-up type is most suitable where depth of water is not excessive and for actual drilling operations were the drill is most easily held steady over the hole. This type of rig presents a stability problem under tow from location to location with a shallow depth of hull. Depth of water limits the operational mobility of the submerged-type rig and it is the most prone to scouring effects. Fully floating and ship-mounted rigs solve the depth of water problem and many others associated with ocean transportation. However, this is at the expense of more difficult drilling operations and complexity of equipment. Semi-submersibles are a popular compromise between fixed sit-on-bottom rigs and fully floating types. From a naval architectural point of view they have much to recommend them as all- round units. Typical North Sea drill rigs are described and a table is given for complete details.

  19. The US Shale Gas Revolution and Its Externality on Crude Oil Prices: A Counterfactual Analysis

    Directory of Open Access Journals (Sweden)

    Hongxun Liu

    2018-03-01

    Full Text Available The expansion of shale gas production since the mid-2000s which is commonly referred to as “shale gas revolution” has had large impacts on global energy outlook. The impact is particularly substantial when it comes to the oil market because natural gas and oil are substitutes in consumption and complements and rivals in production. This paper investigates the price externality of shale gas revolution on crude oil. Applying a structural vector autoregressive model (VAR model, the effect of natural gas production on real oil price is identified in particular, and then based on the identification, counterfactuals of oil price without shale gas revolution are constructed. We find that after the expansion of shale gas production, the real West Texas Intermediate (WTI oil price is depressed by 10.22 USD/barrel on average from 2007 to 2017, and the magnitude seems to increase with time. In addition, the period before shale gas revolution is used as a “thought experiment” for placebo study. The results support the hypothesis that real WTI oil price can be reasonably reproduced by our models, and the estimated gap for oil price during 2007–2017 can be attributed to shale gas revolution. The methodology and framework can be applied to evaluate the economic impacts of other programs or policies.

  20. Land use changes after the period commodities rising price in the Rio Grande do Sul State, Brazil

    Directory of Open Access Journals (Sweden)

    Vicente Celestino Pires Silveira

    Full Text Available ABSTRACT: At the end of the 20th and early 21st century, agricultural systems incorporated definitively a new mission: to generate goods for a world population that continues to grow and whose way of life demand food with low environmental impact. Soybean is the main raw material for the production of biodiesel in Brazil, accountably responsible for 82.4% of the total produced between 2006 and 2013. The Brazilian state of Rio Grande do Sul (RS, which is formed by the Pampa and the Atlantic forest biomes, was responsible for 35.7% of the country's biodiesel production in the referred period. The aim of this paper was to verify the impact of the increased area of soybean cultivation in land use in Rio Grande do Sul State, in the period between 1990 and 2015, considering separately its two biomes (Pampa and Atlantic Forest original areas, using both census dataset and satellite images. We used the period from 1990 to 2000 as before commodity rising price (BCRP and the period from 2000 to 2013 as commodity rising price (CRP. The 505,162 ha from Atlantic Forest biome and 1,192,115ha from Pampa biome were added to soybean production in the CRP period. In the Atlantic Forest, this enlargement occurred in the border of the main production area, while in Pampa biome conversion of natural grassland to crop land was the main reason for the large increment in the cultivated area.

  1. Main drivers of natural gas prices in the Czech Republic after the market liberalisation

    International Nuclear Information System (INIS)

    Slabá, Monika; Gapko, Petr; Klimešová, Andrea

    2013-01-01

    One of the goals of the European Commission in the energy sector is creating a single competitive European market. The decision to liberalise energy markets has far-reaching consequences not only for gas companies, but also for the rest of the real economy in view of the fact that natural gas is being used as an important primary energy source in several sectors of production and in the power industry. We aim to answer how liberalisation/unbundling has influenced gas pricing/prices in the Czech Republic. We investigate the individual components of end-customer gas prices according to the value chain and we define and structure the drivers of these components. We use a case study from the Czech Republic, one of the Central and Eastern European countries, which, contrary to the old Member States, is buying most of its gas from one supplier (high import dependence and low supply diversity) and where the transmission and distribution network is characterised by a sufficient contractual and physical capacity. We stress that next to basic conditions on the European gas market (import dependency on external gas producers) legal and institutional conditions and the initial market structure of each Member State are also important for the results of the liberalisation. - Highlights: ► We deal with gas pricing in the Czech Republic after liberalisation/unbundling. ► The TSO, DSO price components have increased, the SSO price component has decreased. ► Commodity price for Households started to relate to hub prices. ► Commodity price for Corporates remained oil-linked, however discounts were provided. ► Only some Corporates experienced savings in total purchasing costs of gas.

  2. Gas prices in Europe before oligopoly and liberalization; Il prezzo del gas in Europa tra liberalizzazione e oligopolio

    Energy Technology Data Exchange (ETDEWEB)

    Bianchi, A.

    1998-09-01

    The forthcoming incorporation of the EU Directive on the internal gas market shall set the conditions to increase competition among suppliers, thus lowering gas prices in Europe. But, in perspective, the strategic decisions taken by the majors tend to a stronger oligopoly coordination to sustain prices and share the gas price premium provided by environmental constraints and the technical dominance of combined-cycle plants. [Italiano] Con la direttiva comunitaria sul mercato interno del gas si dovrebbero creare le condizioni per una maggiore competizione tra i fornitori e, quindi, per una riduzione dei prezzi del gas in Europa. Le azioni strategiche delle major paiono invece tendere, in prospettiva, a un piu` forte coordinamento oligopolistico per sostenere i prezzi e spartirsi l`incremento di premio del gas garantito dai vincoli ambientali e dal dominio del ciclo combinato.

  3. Russian gas price reform and the EU-Russia gas relationship: Incentives, consequences and European security of supply

    International Nuclear Information System (INIS)

    Spanjer, Aldo

    2007-01-01

    In order to provide a comprehensive picture on the relationship between Russia and the EU, the focus should be on both the external energy relationship as well as Russia's internal organization. This paper sets out to do this by combining both strands of research in order to arrive at recommendations for Europe on the way to adjust its energy policy towards Russia. The emphasis is on whether or not Russia should impose unified gas pricing. Main conclusions are that the perceived advantages of unified Russian gas pricing to Russia as well as Europe are in fact overstated and that EU security of supply might worsen under unified gas prices. Three policy recommendations are that EU policy should (1) more explicitly acknowledge the interdependence between Russia and Europe; (2) not push Russia towards unified gas pricing; and (3) not take for granted any increase in Russian exports flowing to Europe

  4. Gas sector expansion: production monopoly versus free prices; Expansao do setor de gas: monopolio na producao versus precos livres

    Energy Technology Data Exchange (ETDEWEB)

    Martins, Maria Paula de Souza [Agencia de Servicos Publicos de Energia do Estado do Espirito Santo (ASPE), Vitoria, ES (Brazil)

    2006-07-01

    This paper describes the necessary conditions to develop Brazil's natural gas sector with production, reserves, main uses, sources, inputs, main players, laws, regulatory aspects, prices, supply, demand, market, monopoly and free competition. (author)

  5. Deliverability and regional pricing in U.S. natural gas markets

    International Nuclear Information System (INIS)

    Brown, Stephen P.A.; Yuecel, Mine K.

    2008-01-01

    During the 1980s and early 90s, interstate natural gas markets in the United States made a transition away from the regulation that characterized the previous three decades. With abundant supplies and plentiful pipeline capacity, a new order emerged in which freer markets and arbitrage closely linked natural gas price movements throughout the country. After the mid-1990s, however, U.S. natural gas markets tightened and some pipelines were pushed to capacity. We look for the pricing effects of limited arbitrage through causality testing between prices at nodes on the U.S. natural gas transportation system and interchange prices at regional nodes on North American electricity grids. Our tests do reveal limited arbitrage, which is indicative of bottlenecks in the U.S. natural gas pipeline system. (author)

  6. International gas pricing in Europe and Asia: A crisis of fundamentals

    International Nuclear Information System (INIS)

    Stern, Jonathan

    2014-01-01

    In Continental Europe and LNG importing Asia, international gas prices reflect the market fundamentals of the 1970s–1990s when gas was replacing oil products and crude oil in energy balances. By the end of the 2000s, fundamentals in both these regions had changed significantly, but gas price formation mechanisms had not. This created major problems for buyers locked into long term contracts indexed to crude oil and oil product prices, which had risen to levels far above gas market fundamentals. By 2013, the transition to hub-based pricing was well advanced in Europe and dominant in the large markets in the north west of the Continent. In Asia the “crisis of fundamentals” was only just starting to be addressed with a transition to market pricing an urgent imperative, but still a distant prospect. - Highlights: • International gas prices in Europe and LNG importing Asia no longer reflect market fundamentals. • This became highly problematic in Europe post-2008 and in Japan post-Fukushima. • The result has been a significant switch to hub pricing in Europe. • In Asia, no substantial action has been taken beyond some new contracts based on Henry Hub prices

  7. The Impact of the Rise in Vegetable Prices on Vegetable Producer Behavior–Based on the survey of vegetable producers in Jiayu, Hubei Province

    Directory of Open Access Journals (Sweden)

    Liu Pan

    2015-01-01

    Full Text Available In order to study the impact of the rise in prices of vegetables on vegetable producers, and to increase the revenue of vegetable producers, this paper does a survey by anonymous sampling questionnaire. Results shows that: most vegetable growers think that vegetable prices should rise and would continue to rise, and that vegetable prices would increase their revenue, thus in the coming year they would expand the planting scale of vegetable variety whose increase rate is the largest in this year. But because of the increase of logistics costs and production costs, some farmers benefit very little from the rising trend of vegetable prices. Most farmers expect too much in the trend estimation of the prices of vegetables and also lack of planning and forward-looking in production, thus the planting area of single variety is often decided by the market of previous year. According to analysis of the impact of the rise in vegetable prices on vegetable producer behavior, this paper gives the following suggestions to increase revenue of vegetable producers: change the mode of thinking, improve rural information platform, and increase capital investment for vegetable production base.

  8. Which way the natural gas price. An attempt to predict the direction of natural gas spot price movements using trader positions

    International Nuclear Information System (INIS)

    Buchanan, W.K.; Hodges, P.; Theis, J.

    2001-01-01

    This research provides a method of predicting direction of spot price movements in the natural gas market for the month succeeding from market participants positions in the futures market. Cumby and Modest (Cumby, R.E., Modest, D.M., 1987. Testing for market timing ability: a framework for forecast evaluation. Journal of Financial Economics 19, 169-189) provide the backdrop for analyzing the futures market positions of large hedgers and speculators to arrive at conclusions of market price movements in the spot market. This methodology is suggested as a means for municipalities entering the natural gas market to improve upon their ordering of quantities of gas for the ensuing months in order to take advantage of possibly foreseeable price trends

  9. Price interactions and discovery among natural gas spot markets in North America

    International Nuclear Information System (INIS)

    Park, Haesun; Mjelde, James W.; Bessler, David A.

    2008-01-01

    Recent advances in modeling causal flows with time series analysis are used to study relationships among eight North American natural gas spot market prices. Results indicate that the Canadian and US natural gas market is a single highly integrated market. Further results indicate that price discovery tends to reflect both regions of excess demand and supply. Across North America, Malin Hub in Oregon, Chicago Hub, Illinois, Waha, Texas, and Henry Hub, Louisiana region, are the most important markets for price discovery. Opal Hub in Wyoming is an information sink in contemporaneous time, receiving price information but passing on no price information. AECO Hub in Alberta, Canada, receives price signals from several markets and passes on information to Opal and the Oklahoma region. (author)

  10. Papers of the Canadian Institute's forum on natural gas purchasing strategies : critical information for natural gas consumers in a time of diminishing natural gas supplies and higher prices

    International Nuclear Information System (INIS)

    2003-01-01

    This conference provided insight into how to prosper in an increasingly complex natural gas marketplace. The presentations from key industry players offered valuable information on natural gas purchasing strategies that are working in the current volatile price environment. Diminishing natural gas supplies in North America mean that higher prices and volatility will continue. Other market challenges stem from potential cost increases in gas transportation, unbundling of natural gas services, and the changing energy marketing environment. The main factors that will affect prices for the winter of 2004 were outlined along with risk management and the best pricing strategies for businesses. The key strategies for managing the risks associated with natural gas purchase contracts were also reviewed, along with the issue of converging natural gas and electricity markets and the impact on energy consumers. The conference featured 15 presentations, of which 4 have been indexed separately for inclusion in this database. refs., tabs., figs

  11. Achieving 80% greenhouse gas reduction target in Saudi Arabia under low and medium oil prices

    International Nuclear Information System (INIS)

    Alshammari, Yousef M.; Sarathy, S. Mani

    2017-01-01

    COP 21 led to a global agreement to limit the earth's rising temperature to less than 2 °C. This will require countries to act upon climate change and achieve a significant reduction in their greenhouse gas emissions which will play a pivotal role in shaping future energy systems. Saudi Arabia is the World's largest exporter of crude oil, and the 11th largest CO_2 emitter. Understanding the Kingdom's role in global greenhouse gas reduction is critical in shaping the future of fossil fuels. Hence, this work presents an optimisation study to understand how Saudi Arabia can meet the CO_2 reduction targets to achieve the 80% reduction in the power generation sector. It is found that the implementation of energy efficiency measures is necessary to enable meeting the 80% target, and it would also lower costs of transition to low carbon energy system while maintaining cleaner use of hydrocarbons with CCS. Setting very deep GHG reduction targets may be economically uncompetitive in consideration of the energy supply requirements. In addition, we determine the breakeven price of crude oil needed to make CCS economically viable. Results show important dimension for pricing CO_2 and the role of CCS compared with alternative sources of energy. - Highlights: • Energy efficiency measures are needed to achieve 80% reduction. • Nuclear appears as an important option to achieve deep cuts in CO_2 by 2050. • Technology improvement can enable using heavy fuel oil with CCS until 2050. • IGCC requires lower net CO_2 footprint in order to be competitive. • Nuclear power causes a sharp increase in the CO_2 avoidance costs.

  12. Perspectives of fuel prices in Brazil: the case of liquefied petroleum gas

    International Nuclear Information System (INIS)

    Reis, Marcos Swensson

    1993-01-01

    A summary of the price evolution of liquefied petroleum gas (LPG) between 1979 and 1983 in Brazil is presented. The pricing policy adopted by the government as a tool for fighting inflation has caused problems to the LPG industry. It is proposed the implementation of a market policy in order to solve these problems

  13. Factors affecting seasonal gas prices: Analysis of trends and R and D implications. Final report, November 1990-February 1992

    International Nuclear Information System (INIS)

    Denhardt, R.C.

    1992-02-01

    Three economic factors were identified which influence the seasonality of gas prices: fuel switching, storage, and utilization of wellhead deliverability. Also, contract structures will have an influence on the seasonality of natural gas prices. Increases in the utilization of wellhead deliverability tends to increase the seasonality of gas prices. Price-induced fuel switching capability is too small to significantly influence the seasonality of gas prices. If there is adequate deliverability, the cost of interruptible storage, including carry cost, will place a ceiling on the seasonability of gas prices. This cost is about $.70 per MMBtu. If deliverability tightens, then the cost of firm storage or producer shut-ins will place a ceiling on gas prices. The ceiling would range from $1.00 to $1.20 per MMBtu. There is concern about whether the current market structure will provide for a smooth return to full cycle pricing. The current premiums for new contracts are inadequate to achieve this objective

  14. Study of the rise of gas bubbles in a viscous liquid. Stability and speed. Bibliographical study

    International Nuclear Information System (INIS)

    Dahan, Gilbert

    1969-01-01

    This short thesis reports a bibliographical study on the movement of gas bubbles in viscous liquids. The author addresses the formation of gas bubbles in liquids of different viscosity (devices used for the formation of bubbles in viscous liquids, formation of bubbles at a hole), and the behaviour of bubbles rising in viscous liquids and more particularly the speed and shape of these bubbles [fr

  15. Influence of gender roles and rising food prices on poor, pregnant women's eating and food provisioning practices in Dhaka, Bangladesh.

    Science.gov (United States)

    Levay, Adrienne V; Mumtaz, Zubia; Faiz Rashid, Sabina; Willows, Noreen

    2013-09-26

    Maternal malnutrition in Bangladesh is a persistent health issue and is the product of a number of complex factors, including adherence to food 'taboos' and a patriarchal gender order that limits women's mobility and decision-making. The recent global food price crisis is also negatively impacting poor pregnant women's access to food. It is believed that those who are most acutely affected by rising food prices are the urban poor. While there is an abundance of useful quantitative research centered on maternal nutrition and food insecurity measurements in Bangladesh, missing is an understanding of how food insecurity is experienced by people who are most vulnerable, the urban ultra-poor. In particular, little is known of the lived experience of food insecurity among pregnant women in this context. This research investigated these lived experiences by exploring food provisioning strategies of urban, ultra-poor, pregnant women. This knowledge is important as discussions surrounding the creation of new development goals are currently underway. Using a focused-ethnographic approach, household food provisioning experiences were explored. Data from participant observation, a focus group discussion and semi-structured interviews were collected in an urban slum in Dhaka, Bangladesh. Interviews were undertaken with 28 participants including 12 pregnant women and new mothers, two husbands, nine non-pregnant women, and five health care workers. The key findings are: 1) women were aware of the importance of good nutrition and demonstrated accurate, biomedically-based knowledge of healthy eating practices during pregnancy; 2) the normative gender rules that have traditionally constrained women's access to nutritional resources are relaxing in the urban setting; however 3) women are challenged in accessing adequate quality and quantities of food due to the increase in food prices at the market. Rising food prices and resultant food insecurity due to insufficient incomes are

  16. Gas Supply, Pricing Mechanism and the Economics of Power Generation in China

    Directory of Open Access Journals (Sweden)

    Yuanxin Liu

    2018-04-01

    Full Text Available During the “13th Five-Year Plan” period, green energy is the top priority for China. China has realized that natural gas, as a low-carbon energy source, fits with the nation’s energy demand and will play a critical role in the energy transition, but the actual industry development is slower than expected. By analyzing the major gas corporations around the world, the paper finds that the key factors of the sector are supply and price of the energy resource. A comprehensive analysis on domestic and foreign imported gas reveals a trend of oversupply in China in the future. Given the critical import dependence, China has introduced a series of gas price reforms since 2013, which have led to negative impacts on important gas consumption sectors including power generation. With the levelized cost of electricity (LCOE model, we find that under the prevailing gas supply structure and price level, the economy of utility gas power generation will remain unprofitable, while combined cooling heating and power (CCHP is only commercially feasible in coastal developed regions. If continuing, such a trend will not only bring forth disastrous consequences to gas power industry, but also damage the upstream gas industry, more importantly, impede the energy transition. We conclude the paper with policy implications on pricing mechanism reform, developing domestic unconventional gas and the R&D of gas turbine.

  17. Renewable energy as a natural gas price hedge: the case of wind

    International Nuclear Information System (INIS)

    Berry, David

    2005-01-01

    Electric utilities use natural gas to fuel many of their power plants, especially those plants which provide electricity at peak and intermediate hours. Natural gas prices are highly volatile and have shown a general upward trend. Wind energy can provide a cost-effective hedge against natural gas price volatility or price increases. This conclusion is based on analysis of the costs of marginal conventional generation given the historical probability distribution of natural gas prices, the cost of wind energy, wind integration costs, transmission costs for wind energy, the capacity value of wind, and environmental benefits of wind energy for a hypothetical utility in the Southwestern United States. The efficacy of using wind energy as a hedge at a particular utility will depend on site specific conditions

  18. Evolution of the European gas market on the long term. Organisation and price

    International Nuclear Information System (INIS)

    Ouvry, V.

    1998-01-01

    The objective of this work is to shed light upon the future organization of the European gas market with an emphasis on price matters. There are nowadays few producers of gas on the market, most of whom hold long-term contracts with gas companies. Gas pricing is based on the net-back principle. The actual debate on liberalization of the gas market and the growing pressure from industrial customers to obtain lower prices addresses the problem of the future organisation of the market and the potential impact of the introduction of third party access. We first analyse the main actors of the gas market, their strategy and the actual market organization market. Two different logics are considered hereunder: a market approach: the competition theory provides efficient tools to analyse the evolution of competition depending on numerous factors. It appears that the strategy of all actors and particularly of producers will be the main determinant of the future competition. The oligopoly theory includes oligopolistic behaviours modelizations. The application of the Cournot's model leads to prices ranging from 1,6 to 3,7 $/MBtu; a contractual approach: today, gas is essentially exchanged through long term contracts, which allow for long-term management of investments and supply security. Two operators negotiate the price, which ultimately mirrors their respective leverage. The transaction cost theory clearly shows the necessity of including transaction costs, especially when optimizing the duration of the contract. The gas prices escalation is nowadays partially obsolete and unadapted to customer needs. Escalation on coal, electricity price or inflation should soon be considered. The theories of negotiation highlight the importance of the operators' marketing power during gas price fixation Applying Nash and Harsanyi-Selten's negotiation models results in a scale of 2,4 to 3,5 $/MBtu of the gas price at the actual supply and demand conditions. Both approaches lead to similar

  19. Bringing gas prices to economic levels. An overview of some of the barriers and challenges

    International Nuclear Information System (INIS)

    Dorssen, R. van

    1996-01-01

    This presentation is a general overview of the situation in Central and Eastern Europe regarding gas pricing. The experience in Central and Eastern Europe shows that many countries have embarked on the road towards a sound gas pricing. The speed of this differs among countries, depending on their specific circumstances. It has been a difficult process, despite the fact that all market players will benefit: the industry, the governments and the end consumers

  20. Optimal Energy Management for the Integrated Power and Gas Systems via Real-time Pricing

    DEFF Research Database (Denmark)

    Shu, KangAn; Ai, Xiaomeng; Wen, Jinyu

    2018-01-01

    This work proposed a bi-level formulation for energy management in the integrated power and natural gas system via real-time price signals. The upper-level problem minimizes the operational cost, in which dynamic electricity price and dynamic gas tariff are proposed. The lower level problem...... and P2Gs plants follow the system operator’s preferences such as wind power accommodation, mitigation of unsupplied load and relieving the network congestion....

  1. Bad weather for the IPCC: from Nobel price to affairs, rise and fall of climate experts

    International Nuclear Information System (INIS)

    Dubuis, E.

    2010-01-01

    The intergovernmental panel on climate change, IPCC, or GIEC in French, has become in 20 years one of the most influent organization in the world. Awarded by the Nobel price of peace in 2007, this expression of the United Nations has succeeded in setting the fight against global warming at the top of the international political agenda, in particular during the 2009 Copenhagen meeting. What are the keys of this success? The IPCC has announced a global warming with disastrous effects, where floods would combine with dryness periods, epidemics and other natural disasters. Such a dark picture cannot leave anyone indifferent and allows the IPCC to encourage the humanity to drastically change its consumption habits and limit its way of life. However, to raise such fears and ask for such sacrifices, an organization like the IPCC must be irreproachable. And here is the problem reported in this book: the IPCC has shown its weaknesses, has made mistakes, has used unappropriated methods and miscasting personnel, has been uncapable to explain the complexness of the climate question and has felt reticent about the recognition of its mistakes. Revealed between fall 2009 and winter 2010, these failures have shaken the credibility of the organization to such a point that the UN requested an expertise to judge its own experts. (J.S.)

  2. X-ray polarimetry with a conventional gas proportional counter through rise-time analysis

    CERN Document Server

    Hayashida, K; Tsunemi, H; Torii, K; Murakami, H; Ohno, Y; Tamura, K

    1999-01-01

    We have performed an experiment on the signal rise time of a Xe gas proportional counter using a polarized X-ray beam of synchrotron orbital radiation with energies from 10 to 40 keV. When the counter anode is perpendicular to the electric vector of the incident X-ray photons, the average rise time becomes significantly longer than that for the parallel case. This indicates that the conventional gas proportional counters are useful for X-ray polarimetry. The moderate modulation contrast of this rise-time polarimeter (M=0.1 for 10 keV X-rays and M=0.35 for 40 keV X-rays), with capability of the simultaneous measuring X-ray energies and the timing, would be useful for applications in X-ray astronomy and in other fields.

  3. Numerical modelling of inert gas bubble rising in liquid metal pool

    International Nuclear Information System (INIS)

    Pradeep, Arjun; Sharma, Anil Kumar; Ponraju, D.; Nashine, B K.

    2016-01-01

    Two-phase flow finds several applications in safe operation of Sodium-cooled Fast Reactor (SFR). Numerical modelling of bubble rise dynamics in liquid metal pool of SFR is essential for the evaluation of residence time and shape changes, which are of utmost importance for simulating associated heat and mass transfer processes involved in reactor safety. A numerical model has been developed based on OpenFOAM for the evaluation of two-dimensional inert gas bubble rise dynamics in stagnant liquid metal pool. The governing model equations are discretized and solved using the Volume of Fluid based solver available in OpenFOAM with appropriate initial and boundary conditions. The model has been validated with available numerical benchmark results for laminar transient two-phase flow. The model has been used to evaluate velocity and rise trajectory of argon gas bubble with different diameters through a pool of liquid sodium. (author)

  4. Canadian natural gas market: dynamics and pricing -- an energy market assessment

    International Nuclear Information System (INIS)

    2000-11-01

    This publication is part of the Energy Market Assessment Program of the National Energy Board. It focuses on identifying factors that affect natural gas prices and describe the current functioning of domestic regional markets in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and in the Atlantic provinces.The report emphasizes the growth in demand for natural gas throughout North America, and the aggressive response by producers to the current high price environment with increased drilling programs. The report also predicts a supply and demand adjustment over time, and an accompanying relief in natural gas prices, although the Board is not able to predict with certainty any movements in commodity markets. The Board's findings indicate that domestic users of natural gas paid less than export customers until 1998, at which point the two prices have converged. The end result of the convergence was that Canadians have had access to natural gas under terms and conditions which were no less favourable than those in effect for export customers. The influence of electronic trading systems is reviewed, noting that spot markets and futures markets such as the NYMEX and AECO-C/NIT have had a significant impact on the pricing of natural gas, mostly by allowing market participants to manage price volatility by forward contracting. 1 tab., 42 figs., 1 glossary

  5. A comparison of cost-based pricing rules for natural gas distribution utilities

    International Nuclear Information System (INIS)

    Klein, C.C.

    1993-01-01

    Partial-equilibrium social welfare deadweight losses under uniform Ramsey pricing, a cost allocation pricing method, and the actual average revenues by customer class for two natural gas distribution utilities are calculated and compared. Marginal cost estimates are derived from a multiple-output translog variable cost function and used, along with three sets of demand elasticities, to generate the Ramsey prices and welfare losses. The actual and cost-allocation prices are taken directly from rate case files. The largest social welfare losses are associated with the cost-allocation rule, as high as 10-25% of revenue, despite suggestions in the literature to the contrary. (Author)

  6. Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

    2002-05-15

    Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments--made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001--have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available--in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as $0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy.

  7. Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

    International Nuclear Information System (INIS)

    Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

    2002-01-01

    Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments-made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001-have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available-in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as$0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy

  8. The law of one price in global natural gas markets. A threshold cointegration analysis

    Energy Technology Data Exchange (ETDEWEB)

    Nick, Sebastian; Tischler, Benjamin

    2014-11-15

    The US and UK markets for natural gas are connected by arbitrage activity in the form of shifting trade volumes of liquefied natural gas (LNG). We empirically investigate the degree of integration between the US and the UK gas markets by using a threshold cointegration approach that is in accordance with the law of one price and explicitly accounts for transaction costs. Our empirical results reveal a high degree of market integration for the period 2000-2008. Although US and UK gas prices seemed to have decoupled between 2009 and 2012, we still find a certain degree of integration pointing towards significant regional price arbitrage. However, high threshold estimates in the latter period indicate impediments to arbitrage that are by far surpassing the LNG transport costs difference between the US and UK gas market.

  9. The Effects of Rising Interest Rates on Electric Utility Stock Prices: Regulatory Considerations and Approaches

    Energy Technology Data Exchange (ETDEWEB)

    Kihm, Steve [Seventhwave, Madison, WI (United States); Satchwell, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-07-26

    This technical brief identifies conditions under which utility regulators should consider implementing policy approaches that seek to mitigate negative outcomes due to an increase in interest rates. Interest rates are a key factor in determining a utility’s cost of equity and investors find value when returns exceed the cost of equity. Through historical observations of periods of rising and falling interest rates and application of a pro forma financial tool, we identify the key drivers of utility stock valuations and estimate the degree to which those valuations might be affected by increasing interest rates.3 We also analyze the efficacy of responses by utility regulators to mitigate potential negative financial impacts. We find that regulators have several possible approaches to mitigate a decline in value in an environment of increasing interest rates, though regulators must weigh the tradeoffs of improving investor value with potential increases in customer costs. Furthermore, the range of approaches reflects today’s many different electric utility regulatory models and regulatory responses to a decline in investor value will fit within state-specific models.

  10. Pricing, hedging and risk management : practical tips for natural gas buyers and sellers

    International Nuclear Information System (INIS)

    Shields, D.

    1998-01-01

    Risk analysis and techniques to manage risk as it pertains to the natural gas industry were discussed. Portfolio allocations for long-term, short-term fixed price and variable price contracts were described. Options were defined as a market instrument offering the benefits of a fixed price purchase or sale without the obligation of incurring financial or opportunity losses if the market goes against the option buyer. Options should be used as a defence strategy to protect portfolios from price risk in times of uncertainty and to take advantage of current floating market conditions without making a full price commitment. Options can also be used as an offensive strategy to make a directional play on the market or on volatility. Options selling was regarded as a much higher risk than options buying. The variables that affect options premiums were: (1) volatility, (2) time to expiration, (3) underlying price versus strike price, and (4) flexibility. Williams Energy's new world class energy trading floor in Tulsa, Oklahoma was also described. Williams is the largest-volume transporter of natural gas in the U.S. with more than 27,000 miles of pipelines. Williams pipelines transport 16 per cent of all the natural gas used in the U.S. and the company is one of the nation's largest natural gas gatherers and processors. tabs., figs

  11. Price elasticity of natural gas demand in the power generation sector

    International Nuclear Information System (INIS)

    McArdle, P.F.

    1990-01-01

    Today, the demand for energy by the electric generation sector is highly competitive and price-responsive. Previous estimates of the price elasticity of natural gas demand in this sector have focused primarily on data from the 1960s and 1970s. Such estimates fail to take full account of economic, regulatory, and legislative developments that have altered the structure of the electric generation market during the 1980s. Structural changes include an increased ability of utilities to choose among generating options, the increase in non-utility generators, the amending of the Fuel Use Act, and a more competitive market for electricity. An accurate estimate of price elasticity requires a refocusing on data from the post-1983 period. The purpose of this paper is to answer two questions: how price responsive (elastic) is natural gas demand in this market; and what changes in natural gas demand elasticity have occurred over time

  12. EFFECTS OF OIL AND NATURAL GAS PRICES ON INDUSTRIAL PRODUCTION IN THE EUROZONE MEMBER COUNTRIES

    Directory of Open Access Journals (Sweden)

    Yılmaz BAYAR

    2014-04-01

    Full Text Available Industrial production is one of the leading indicators of gross domestic product which reflects the overall economic performance of a country. In other words decreases or increases in industrial production point out a contracting or expanding economy. Therefore, changes in prices of oil and natural gas which are the crucial inputs to the industrial production are also important for the overall economy. This study examines the effects of changes in oil and natural gas prices on the industrial production in the 18 Eurozone member countries during the period January 2001-September 2013 by using panel regression. We found that oil prices and natural gas prices had negative effect on industrial production in the Eurozone member countries.

  13. Electrical markets, energy security and technology diversification: nuclear as cover against gas and carbon price risks?

    International Nuclear Information System (INIS)

    Roques, F.A.; Newbery, D.M.; Nuttall, W.J.; Neufville, R. de

    2005-01-01

    Recent tension in the oil and gas markets has brought back the concept of energy offer diversification. Electrical production technology diversification in a country helps improve the security of supply and make up for the negative effects of hydrocarbons price variations. The portfolio and real options theories help to quantify the optimum diversification level for a country or a power company. The cover value of a nuclear investment for a power company facing cost uncertainties (price of gas and of carbon dioxide emission permit) and proceeds (price of electricity) is assessed. A strong link between the prices of gas and electricity reduces incentives to private producers to diversify, disputing the capacity of a liberalized electrical market to achieve optimum technology diversity from a domestic point of view. (authors)

  14. The lead-lag relationships between spot and futures prices of natural gas

    Science.gov (United States)

    Zhang, Yahui; Liu, Li

    2018-01-01

    The lead-lag relationships between spot and futures markets are of great interest for academics. Previous studies neglect the possibility of nonlinear behaviors which may be caused by asymmetry or persistence. To fill this gap, this paper uses the MF-DCCA method and the linear and nonlinear causality tests to explore the causal relationships between natural gas spot and futures prices in the New York Mercantile Exchange. We find that spot and futures prices are positive cross-correlated, the natural gas futures can linearly Granger cause spot price, and there are bidirectional nonlinear causality relationships between natural gas spot and futures prices. Further, we explore the sources of nonlinear causality relationships, and find that the volatility spillover can partly explain the nonlinear causality and affect their cross-correlations.

  15. Indexing of gas prices with respect to those of petroleum products: problem and perspectives

    International Nuclear Information System (INIS)

    Percebois, J.; Sauvage, E.; Valette, M.; Liens, G.; Lu, L.

    2009-01-01

    A debate was organized by the French gas association (AFG) on December 2, 2008 around the question of: is it opportune to maintain the present day system of indexing of gas prices with respect to petroleum product prices? Even if the basic reasons justifying this indexing system have changed with time, and despite the recent hostility of the European Commission, this practice remains the standard for the huge majority of gas transactions. Does this indexing system favour the producers? In spite of their apparent interest, do the consumers really wish to replace indexed prices by market prices in a context where strong uncertainties and tensions on gas markets cannot be excluded? Is the present day status quo the result of the situation imposed by producers or is it the consequences of contradictory anticipations between sellers and buyers? Will gas prices remain indexed on petroleum prices in the future and if not, what would be the possible alternatives? These are the questions debated by the participants and reported in this paper with the questions from the audience. (J.S.)

  16. Can deployment of renewable energy put downward pressure on natural gas prices?

    International Nuclear Information System (INIS)

    Wiser, Ryan; Bolinger, Mark

    2007-01-01

    High and volatile natural gas prices have increasingly led to calls for investments in renewable energy. One line of argument is that deployment of these resources may lead to reductions in the demand for and price of natural gas. Many recent US-based modeling studies have demonstrated that this effect could provide significant consumer savings. In this article we evaluate these studies, and benchmark their findings against economic theory, other modeling results, and a limited empirical literature. We find that many uncertainties remain regarding the absolute magnitude of this effect, and that the reduction in natural gas prices may not represent an increase in aggregate economic wealth. Nonetheless, we conclude that many of the studies of the impact of renewable energy on natural gas prices appear to have represented this effect within reason, given current knowledge. These studies specifically suggest that a 1% reduction in US natural gas demand could lead to long-term average wellhead price reductions of 0.8-2%, and that each megawatt-hour of renewable energy may benefit natural gas consumers to the tune of at least $7.5-20

  17. Can deployment of renewable energy put downward pressure on natural gas prices?

    International Nuclear Information System (INIS)

    Wiser, R.; Bolinger, M.

    2007-01-01

    High and volatile natural gas prices have increasingly led to calls for investments in renewable energy. One line of argument is that deployment of these resources may lead to reductions in the demand for and price of natural gas. Many recent US-based modeling studies have demonstrated that this effect could provide significant consumer savings. In this article we evaluate these studies, and benchmark their findings against economic theory, other modeling results, and a limited empirical literature. We find that many uncertainties remain regarding the absolute magnitude of this effect, and that the reduction in natural gas prices may not represent an increase in aggregate economic wealth. Nonetheless, we conclude that many of the studies of the impact of renewable energy on natural gas prices appear to have represented this effect within reason, given current knowledge. These studies specifically suggest that a 1% reduction in US natural gas demand could lead to long-term average wellhead price reductions of 0.8-2%, and that each megawatt-hour of renewable energy may benefit natural gas consumers to the tune of at least $7.5-20. [Author

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

    International Nuclear Information System (INIS)

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

    1994-08-01

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

  19. Can Deployment of Renewable Energy and Energy Efficiency PutDownward Pressure on Natural Gas Prices

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Bolinger, Mark

    2005-06-01

    High and volatile natural gas prices have increasingly led to calls for investments in renewable energy and energy efficiency. One line of argument is that deployment of these resources may lead to reductions in the demand for and price of natural gas. Many recent U.S.-based modeling studies have demonstrated that this effect could provide significant consumer savings. In this article we evaluate these studies, and benchmark their findings against economic theory, other modeling results, and a limited empirical literature. We find that many uncertainties remain regarding the absolute magnitude of this effect, and that the reduction in natural gas prices may not represent an increase in aggregate economic wealth. Nonetheless, we conclude that many of the studies of the impact of renewable energy and energy efficiency on natural gas prices appear to have represented this effect within reason, given current knowledge. These studies specifically suggest that a 1% reduction in U.S. natural gas demand could lead to long-term average wellhead price reductions of 0.8% to 2%, and that each megawatt-hour of renewable energy and energy efficiency may benefit natural gas consumers to the tune of at least $7.5 to $20.

  20. The influence of prices formation system for natural gas over the sector development

    International Nuclear Information System (INIS)

    Drummond, P.H.

    1988-01-01

    An analysis of the existing methodologies concerning natural gas valorization in developing countries is presented. The characteristics of natural gas production, transport and distribution in Brazil, with the purpose of suggesting a pricing policy which could effectively permit its development on a national basis is also described. (author)

  1. Natural gas prices force businesses to strategic energy policy

    International Nuclear Information System (INIS)

    Wisse, C.J.

    2006-01-01

    There are many factors which force businesses to think about a strategic energy policy: energy prices, supply security, regulations in the Netherlands and the European Union, technological developments with regard to fuels, etc. By using a decision making model several criteria can be assessed for different scenarios [nl

  2. Gas pricing in Europe. Pt. 2. End-use consumption markets

    International Nuclear Information System (INIS)

    Donath, R.

    1996-01-01

    In the end-use consumption markets, gas is supplied to households, small consumers and industrial customers of retail distributors. As regards the delimitation of industrial customers receiving gas from retail distributors, there are great differences from one country to another, similarly to the market segmentation of wholesale markets.- First of all, the article points out structures and regulations in the investigated end-use consumption markets. The second part investigates cost-oriented and value-oriented pricing principles, followed by a comparison of price structures based on the Eurostat gas purchasing criteria for households and small consumers in the third part. A fourth part summarizes the results. (orig./UA) [de

  3. Gas price policies in Central and Eastern Europe. Papers and proceedings of the Seminar

    International Nuclear Information System (INIS)

    1996-01-01

    The seminar on the topic of gas pricing and its future supply to Central and Eastern European countries was organised by the United Nations Gas Centre, part of the Economic Commission for Europe, and sponsored by the Slovenian gas company Geoplin, the N.V. Nederlandse Gasunie and ABN-AMRO Bank. The purpose was to analyse natural gas pricing as the major prerequisite for further integration of the Eastern, Central and Western European gas markets. Almost 150 representatives of gas industries and government officials of 36 different countries presented and discussed their experiences, know-how and visions on the themes of gas pricing and, in relation to these, future supply options. A total of 19 Central and Eastern European countries were represented, 11 western European countries and two from other parts of the world. The large number of participating countries and the high level of participants present witnessed the general acceptance of the importance of sharing views and information as a step towards further integration of the European gas industry. Establishment of commercial price structures and policies was identified as a main concern of Central and Eastern European countries. At present, in many cases in economies in transition the current end user prices are not sufficient to cover import European border prices. Once introduced, the commercial prices will facilitate a country's diversification, which is not only important for diminishing dependency on one supplier, but its also important for the growth of the European market as a whole. Countries that can rely on a diversified supply will allow themselves to have a larger share of gas in their primary energy supply and will be able to support necessary investment. Future market growth in the European gas market as a whole is of great importance for reducing Europe's environmental burden. Experience over the past 20 years in the western European gas industry demonstrated that the market integration is based

  4. Gas pricing in a liberalized European market; will the rent be taxed away?

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1997-01-01

    The European gas market will become 'more liberal'. Depending on in which segments competition is intensified and public interference takes place, prices in the gas chain will be affected. Rent may be redistributed among firms and prices will become more volatile. If supply overshoots demand for a long period, average consumer prices may also be pushed down. Rent may also end up as tax revenues for public authorities. This article argues that an active use of gas taxes as an instrument to derive public revenues increases the probability of a politically led liberalization process. The effect of these economic and political forces and actions may, however, be less new gas to the market. (author)

  5. Gas and LNG pricing and trading hub in East Asia: An introduction

    Directory of Open Access Journals (Sweden)

    Xunpeng Shi

    2016-10-01

    Full Text Available This paper summarizes the four papers in the special issues on ‘Gas and LNG pricing and trading hub in East Asia’. The papers examine lessons and experience from European hub development, other commodity, the Japanese history on developing of futures markets and inter-fuel substitution in East Asia. The papers finds that liquid futures market is the key to formulate benchmark prices while a well-developed spot market is the foundation; political will and strong leadership are required to overcome the power of incumbents and to restructure the gas market that impede the the development of competitive markets; and East Asia needs to develop its indigenous gas or LNG trading hubs even in low oil prices period and its developing market allows easier changes in new contracts than in existing ones. This hub development requires governments to go through tough domestic market reforms, including liberalization and cooperation with each other and with gas exporters.

  6. Quantifying the value that wind power provides as a hedge against volatile natural gas prices

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2002-05-31

    Advocates of renewable energy have long argued that wind power and other renewable technologies can mitigate fuel price risk within a resource portfolio. Such arguments--made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001--have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that wind and other renewables provide. This paper attempts to quantify this benefit by equating it with the cost of achieving price stability through other means, particularly gas-based financial derivatives (futures and swaps). We find that over the past two years, natural gas consumers have had to pay a premium of roughly 0.50 cents/kWh over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost is potentially large enough to tip the scales away from new investments in natural gasfired generation and in favor of investments in wind power and other renewable technologies.

  7. The Share Price and Investment: Current Footprints for Future Oil and Gas Industry Performance

    Directory of Open Access Journals (Sweden)

    Ionel Jianu

    2018-02-01

    Full Text Available The share price has become a very important indicator for shareholders, banks, and financial institutions evaluating the performance of companies. The oil and gas industry seems to be in a difficult era of development, due to the market prices for its products. Moreover, climate change and renewable energies are barriers for fossil energy. This state of affairs, and the fact that oil and gas shares are considered one of the most solid and reliable shares on the London Stock Exchange (LSE, have drawn our attention. International institutions encourage the investment in the oil and gas economic sector. This study investigates how investments of oil and gas companies in long-term assets influence the share price. Using the Ohlson share price model for a sample of 51 listed companies on the LSE proves that investments in long-term assets influence the share price in the case of companies which record losses. Investments in long-term assets are responsible for the attractiveness of the oil and gas company shares.

  8. Canada's gas industry forges ahead in growth, demand, improved prices

    Energy Technology Data Exchange (ETDEWEB)

    Rowland, L; Rankin, A

    1974-01-21

    This annual natural gas report takes an in-depth look at industry performance during 1973 and prospects for this year, in terms of production, markets, and plant construction. A detailed listing of gas processing plants is included. Planned projects also are listed.

  9. A Shaky Business: Natural Gas Extraction, Earthquakes and House Prices

    NARCIS (Netherlands)

    Koster, H.R.A.; van Ommeren, J.N.

    2015-01-01

    The production of natural gas is strongly increasing around the world. Long-run negative external effects of extraction are understudied and often ignored in (social) cost-benefit analyses. One important example is that natural gas extraction leads to soil subsidence and subsequent induced

  10. Market efficiency, cross hedging and price forecasts: California's natural-gas markets

    International Nuclear Information System (INIS)

    Woo, C.K.; Olson, A.; Horowitz, I.

    2006-01-01

    An extensive North American pipeline grid that physically integrates individual natural-gas markets, in conjunction with economic ties binding the California markets to those at Henry Hub, Louisiana and the New York mercantile exchange via an array of financial instruments, suggests that the spot prices at Henry Hub will impact those in California. We verify the suggestion via a partial-adjustment regression model, thus affirming that California traders can exploit the cross-hedging opportunities made available to them via market integration with Henry Hub, and that they can accurately forecast the price they will have to pay to meet future demand based solely on the price of futures at Henry Hub and the price of a California natural-gas basis swaps contract. (author)

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

    International Nuclear Information System (INIS)

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

    1995-01-01

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

  12. Forward curves, scarcity and price volatility in oil and natural gas markets

    International Nuclear Information System (INIS)

    Geman, Helyette; Ohana, Steve

    2009-01-01

    The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)

  13. Forecasting Natural Gas Prices Using Wavelets, Time Series, and Artificial Neural Networks.

    Science.gov (United States)

    Jin, Junghwan; Kim, Jinsoo

    2015-01-01

    Following the unconventional gas revolution, the forecasting of natural gas prices has become increasingly important because the association of these prices with those of crude oil has weakened. With this as motivation, we propose some modified hybrid models in which various combinations of the wavelet approximation, detail components, autoregressive integrated moving average, generalized autoregressive conditional heteroskedasticity, and artificial neural network models are employed to predict natural gas prices. We also emphasize the boundary problem in wavelet decomposition, and compare results that consider the boundary problem case with those that do not. The empirical results show that our suggested approach can handle the boundary problem, such that it facilitates the extraction of the appropriate forecasting results. The performance of the wavelet-hybrid approach was superior in all cases, whereas the application of detail components in the forecasting was only able to yield a small improvement in forecasting performance. Therefore, forecasting with only an approximation component would be acceptable, in consideration of forecasting efficiency.

  14. Electricity to natural gas competition under customer-side technological change: a marginal cost pricing analysis

    International Nuclear Information System (INIS)

    Gulli', Francesco

    2004-01-01

    This paper aims at evaluating the impact of technological change (on the customer side of the meter) on the network energy industry (electricity and natural gas). The performances of the small gas fired power technologies and the electrical reversible heat pumps have improved remarkably over the last ten years, making possible (or more viable) two opposite technological trajectories: the fully gas-based system, based on the use of small CHP (combined heat and power generation) plants, which would involve a wide decentralisation of energy supply; the fully electric-based system, based on the use of reversible electric heat pumps, which would imply increasing centralisation of energy supply. The analysis described in this paper attempts to evaluate how these two kinds of technological solutions can impact on inter-service competition when input prices are ste equals to marginal costs of supply in each stage of the electricity and natural gas industries. For this purpose, unbundled prices over time and over space are simulated. In particular the paper shows that unbundling prices over space in not very important in affecting electricity to natural gas competition and that, when prices are set equal to long-run marginal costs, the fully electric-based solution (the reversible heat pump) is by far preferable to the fully gas-based solution (the CHP gas fired small power plant). In consequence, the first best outcome of the technological change would involve increasing large power generation and imported (from the utility grid) electricity consumption. Given this framework, we have to ask ourselves why operators, regulators and legislators are so optimistic about the development of the fully gas-based solutions. In this respect, the paper suggests that market distortions (such as market power, energy taxation and inefficient pricing regulation) might have give an ambiguous representation of the optimal technological trajectory, inducing to overestimate the social value

  15. Liquefied natural gas projects in Altamira: impacts on the prices of the natural gas; Proyectos de gas natural licuado en Altamira: impactos sobre los precios del gas natural

    Energy Technology Data Exchange (ETDEWEB)

    Perez Cordova, Hugo; Elizalde Baltierra, Alberto [Petroleos Mexicanos (PEMEX), (Mexico)

    2004-06-15

    The possible incorporation of new points of supply of natural gas to the Sistema National de Gasoductos (SNG) through the import of Liquified Natural Gas or (GNL) could cause an important modification in the national balance of supply-demand of the fuel and in its price, if large volumes are received. An analysis is presented of the possible impact that would have in the natural gas national market and in its prices the import of GNL made by the region of Altamira, Tamaulipas. [Spanish] La posible incorporacion de nuevos puntos de oferta de gas natural al Sistema Nacional de Gasoductos (SNG) a traves de la importacion de Gas Natural Licuado (GNL), podria provocar una modificacion importante en el balance oferta-demanda nacional del combustible y en su precio, si se reciben fuertes volumenes. Se presenta un analisis del posible impacto que tendria en el mercado nacional del gas natural y en sus precios la importacion de GNL realizada por la region de Altamira, Tamaulipas.

  16. Price dynamics in the market for Liquid Petroleum Gas transport

    International Nuclear Information System (INIS)

    Adland, Roar; Jia Haiying; Lu Jing

    2008-01-01

    The purpose of this paper is to investigate the dynamics of the spot freight rate in the Liquid Petroleum Gas (LPG) shipping market. The spot freight rate process is nonparametrically specified so that the model allows for maximal flexibility in fitting the data. The model is estimated using data for the Very Large Gas Carrier (VLGC) sector and the estimation results are compared to those of crude oil tankers available in the literature. The empirical results suggest that the LPG spot freight rate can be appropriately described by a simple linear stochastic model and does not exhibit the non-linearity found in other bulk shipping sectors

  17. Opening the gas market - Effects on energy consumption, energy prices and the environment and compensation measures

    International Nuclear Information System (INIS)

    Dettli, R.; Signer, B.; Kaufmann, Y.

    2001-01-01

    This final report for the Swiss Federal Office of Energy (SFOE) examines the effects of a future liberalisation of the gas market in Switzerland. The report first examines the current situation of the gas supply industry in Switzerland. The contents of European Union Guidelines are described and their implementation in Switzerland is discussed. Experience already gained in other countries is looked at, including market opening already implemented in the USA and Great Britain. The effect of market-opening on gas prices is discussed; the various components of the gas price are examined and comparisons are made with international figures. The pressure of competition on the individual sectors of the gas industry are looked at and the perspectives in the gas purchasing market are examined. The report presents basic scenarios developed from these considerations. Further effects resulting from a market opening are discussed, including those on the structure of the gas industry, its participants, electricity generation, energy use and the environment, consumers in general, security of supply and the national economy. Possible compensatory measures are discussed and factors for increasing efficiency and the promotion of a competitive environment are discussed. In the appendix, two price scenarios are presented

  18. Price Increases in the Aftermath of Hurricane Katrina: Authority to Limit Price Gouging

    National Research Council Canada - National Science Library

    Welborn, Angie A; Flynn, Aaron M

    2005-01-01

    ... gasoline prices, in other parts of the country. State laws regarding price gouging in the event of an emergency are discussed as is the role the Federal Government could play in addressing rising gas prices in other parts of the country...

  19. The resilience of the Indian economy to rising oil prices as a validation test for a global energy-environment-economy CGE model

    International Nuclear Information System (INIS)

    Guivarch, C.; Hallegatte, St.; Crassous, R.

    2008-09-01

    This paper proposes to test the global hybrid computable general equilibrium model IMACLIM-R against macro-economic data. To do so, it compares the modeled and observed responses of the Indian economy to the rise of oil price during the 2003-2006 period. The objective is twofold: first, to disentangle the various mechanisms and policies at play in India's economy response to rising oil prices and, second, to validate our model as a tool capable of reproducing short-run statistical data. With default parametrization, the model predicts a significant decrease in the Indian growth rate that is not observed. However, this discrepancy is corrected if three additional mechanisms identified by the International Monetary Fund are introduced, namely the rise in exports of refined oil products, the imbalance of the trade balance allowed by large capital inflows, and the incomplete pass-through of the oil price increase to Indian customers. This work is a first step toward model validation, and provides interesting insights on the modeling methodology relevant to represent an economy's response to a shock, as well as on how short-term mechanisms - and policy action - can smooth the negative impacts of energy price shocks or climate policies. (authors)

  20. The resilience of the Indian economy to rising oil prices as a validation test for a global energy-environment-economy CGE model

    International Nuclear Information System (INIS)

    Guivarch, Celine; Hallegatte, Stephane; Crassous, Renaud

    2009-01-01

    This paper proposes to test the global hybrid computable general equilibrium model IMACLIM-R against macroeconomic data. To do so, it compares the modeled and observed responses of the Indian economy to the rise of oil price during the 2003-2006 period. The objective is twofold: first, to disentangle the various mechanisms and policies at play in India's economy response to rising oil prices and, second, to validate our model as a tool capable of reproducing short-run statistical data. With default parameterization, the model predicts a significant decrease in the Indian growth rate that is not observed. However, this discrepancy is corrected if three additional mechanisms identified by the International Monetary Fund are introduced, namely the rise in exports of refined oil products, the imbalance of the trade balance allowed by large capital inflows, and the incomplete pass-through of the oil price increase to Indian customers. This work is a first step toward model validation, and provides interesting insights on the modeling methodology relevant to represent an economy's response to a shock, as well as on how short-term mechanisms - and policy action - can smooth the negative impacts of energy price shocks or climate policies. (author)

  1. 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)

  2. Two-part pricing structure in long-term gas sales contracts

    International Nuclear Information System (INIS)

    Slocum, J.C.; Lee, S.Y.

    1992-01-01

    Although the incremental electricity generation market has the potential to be a major growth area for natural gas demand in the U.S., it may never live up to such promise unless gas suppliers are more willing to enter into long-term gas sales agreements necessary to nurture this segment of the industry. The authors submit that producer reluctance to enter into such long-term sales agreements can be traced, at least in part to the differing contract price requirements between gas producers and buyers. This paper will address an evolving solution to this contracting dilemma - the development of a two-part pricing structure for the gas commodity. A two-part pricing structure includes a usage or throughput charge established in a way to yield a marginal gas cost competitive with electric utility avoided costs, and a reservation charge established to guarantee a minimum cash flow to the producer. Moreover, the combined effect of the two charges may yield total revenues that better reflect the producer's replacement cost of the reserves committed under the contract. 2 tabs

  3. 77 FR 71788 - Notice of Change to the Publication of Natural Gas Wellhead Prices

    Science.gov (United States)

    2012-12-04

    ... Act (Pub. L. 95-91, 42 U.S.C. 7101 et seq.) require the EIA to carry out a centralized, comprehensive... disseminates information on energy resource reserves, production, demand, technology, and related economic... gas wellhead price using a time-series econometric model, which incorporates data from historical...

  4. Price and volatility transmissions between natural gas, fertilizer, and corn markets

    NARCIS (Netherlands)

    Etienne, Xiaoli Liao; Trujillo-Barrera, Andrés; Wiggins, Seth

    2016-01-01

    Purpose – The purpose of this paper is to investigate the price and volatility transmission between natural gas, fertilizer (ammonia), and corn markets, an issue that has been traditionally ignored in the literature despite its significant importance. Design/methodology/approach – The authors

  5. How does increased corn-ethanol production affect US natural gas prices?

    International Nuclear Information System (INIS)

    Whistance, Jarrett; Thompson, Wyatt

    2010-01-01

    In recent years, there has been a push to increase biofuel production in the United States. The biofuel of choice, so far, has been ethanol produced from corn. The effects of increased corn-ethanol production on the consumer prices of food and energy continue to be studied and debated. This study examines, in particular, the effects of increased corn-ethanol production on US natural gas prices. A structural model of the natural gas market is developed and estimated using two stage least squares. A baseline projection for the period 2007-2018 is determined, and two scenarios are simulated. In the first scenario, current biofuel policies including EISA mandates, tariffs, and tax credits are removed. In the second scenario, we hold ethanol production to the level required only for largely obligatory additive use. The results indicate that the increased level of corn-ethanol production occurring as a result of the current US biofuel policies may lead to natural gas prices that are as much as 0.25% higher, on average, than if no biofuel policies were in place. A similar comparison between the baseline and second scenario indicates natural gas prices could be as much as 0.5% higher, on average, for the same period.

  6. Quantifying the impact of rising food prices on child mortality in India: a cross-district statistical analysis of the District Level Household Survey.

    Science.gov (United States)

    Fledderjohann, Jasmine; Vellakkal, Sukumar; Khan, Zaky; Ebrahim, Shah; Stuckler, David

    2016-04-01

    Rates of child malnutrition and mortality in India remain high. We tested the hypothesis that rising food prices are contributing to India's slow progress in improving childhood survival. Using rounds 2 and 3 (2002-08) of the Indian District Level Household Survey, we calculated neonatal, infant and under-five mortality rates in 364 districts, and merged these with district-level food price data from the National Sample Survey Office. Multivariate models were estimated, stratified into 27 less deprived states and territories and 8 deprived states ('Empowered Action Groups'). Between 2002 and 2008, the real price of food in India rose by 11.7%. A 1% increase in total food prices was associated with a 0.49% increase in neonatal (95% confidence interval (CI): 0.13% to 0.85%), but not infant or under-five mortality rates. Disaggregating by type of food and level of deprivation, in the eight deprived states, we found an elevation in neonatal mortality rates of 0.33% for each 1% increase in the price of meat (95% CI: 0.06% to 0.60%) and 0.10% for a 1% increase in dairy (95% CI: 0.01% to 0.20%). We also detected an adverse association of the price of dairy with infant (b = 0.09%; 95% CI: 0.01% to 0.16%) and under-five mortality rates (b = 0.10%; 95% CI: 0.03% to 0.17%). These associations were not detected in less deprived states and territories. Rising food prices, particularly of high-protein meat and dairy products, were associated with worse child mortality outcomes. These adverse associations were concentrated in the most deprived states. © The Author 2016. Published by Oxford University Press on behalf of the International Epidemiological Association.

  7. Asymmetric price responses, market integration and market power: A study of the U.S. natural gas market

    International Nuclear Information System (INIS)

    Murry, Donald; Zhu, Zhen

    2008-01-01

    We studied the market performance at selected, representative natural gas trading hubs in the U.S. and documented different price behaviors among various hubs. With NYMEX prices as the competitive benchmark, we found empirically that the spot price responses at some trading hubs were systematically asymmetric, thus demonstrating a market advantage by either buyers or sellers. We further found that the presence of market power was a very plausible explanation for this price behavior at some hubs. (author)

  8. Capacity payment impact on gas-fired generation investments under rising renewable feed-in — A real options analysis

    International Nuclear Information System (INIS)

    Hach, Daniel; Spinler, Stefan

    2016-01-01

    We assess the effect of capacity payments on investments in gas-fired power plants in the presence of different degrees of renewable energy technology (RET) penetration. Low variable cost renewables increasingly make investments in gas-fired generation unprofitable. At the same time, growing feed-in from intermittent RETs amplifies fluctuations in power generation, thus entailing the need for flexible buffer capacity—currently mostly gas-fired power plants. A real options approach is applied to evaluate investment decisions and timing of a single investor in gas-fired power generation. We investigate the necessity and effectiveness of capacity payments. Our model incorporates multiple uncertainties and assesses the effect of capacity payments under different degrees of RET penetration. In a numerical study, we implement stochastic processes for peak-load electricity prices and natural gas prices. We find that capacity payments are an effective measure to promote new gas-fired generation projects. Especially in times of high renewable feed-in, capacity payments are required to incentivize peak-load investments. - Highlights: • We assess capacity payments under the specific focus of the influence of different degrees of renewable feed-in. • We use a real options approach to analyze investment decision and timing. • Our model reflects stochastic gas prices and stochastic electricity prices. • The case study shows the value of capacity payments to investors especially under high renewable feed-in.

  9. Frameworks for pricing greenhouse gas emissions and the policy objectives they promote

    International Nuclear Information System (INIS)

    Higgins, Paul A.T.

    2013-01-01

    Four cost-effective frameworks for pricing greenhouse gas emissions currently receive widespread attention: cap-and-trade, emission fees, and hybrid cap-and-trade approaches that include upper or lower limits on permit prices (price ceilings or floors). This paper develops a fifth framework that uses an emission fee with an upper limit on the quantity of emissions—a quantity ceiling—and compares the impact of each framework on emission prices and quantities. Cap-and-trade with a price ceiling minimizes price increases for emitting activities in all cases whereas an emission fee with a quantity ceiling maximizes emissions reductions. Thus, the choice of framework influences policy outcomes because each framework is more or less suited to particular policy goals. Whether pursuing one potential policy goal serves society's interests best depends on the eventual consequences of climate damage and emissions pricing, which are uncertain when policy choices are made. Policy updating over time may reduce but likely cannot entirely eliminate the differences in outcome that arise due to framework choice. Therefore, the “best” framework for emissions pricing depends on subjective preferences regarding the relative importance of different policy objectives, most notably whether one is more risk averse to climate damages or emissions price increases. - Highlights: • This article develops and examines a carbon tax that includes a quantity constraint on emissions. • This approach maximizes climate protection in all cases, unlike existing policy alternatives. • This promotes rapid reductions in emissions if mitigation is easy without risk to long term targets. • This analysis reveals that different policy frameworks promote different policy goals. • The analysis helps round out ongoing policy discussions over how to deal with climate change

  10. Natural gas prices in Italy. Tariffs geographical distribution; Metano. Paese che vai, prezzo che trovi

    Energy Technology Data Exchange (ETDEWEB)

    Marrocchelli, A. [ENEA, Rome (Italy). Centro Ricerche Casaccia

    2000-11-01

    The annual report on services and activity carries at some evaluations of data concerned the natural gas market: total consumption, costs and prices in Italy and comparative evaluations with other european countries. [Italian] La relazione annuale sullo stato dei servizi e sull'attivita' svolta, presentata dal Presidente dell'Autorita' per l'energia elettrica e il gas, porta ad alcune considerazioni sui dati che riguardano il mercato del gas naturale: i consumi totali, i costi e i prezzi in Italia, il confronto con i costi e i prezzi praticati negli altri paesi europei.

  11. Exploiting Flexibility in Coupled Electricity and Natural Gas Markets: A Price-Based Approach

    DEFF Research Database (Denmark)

    Ordoudis, Christos; Delikaraoglou, Stefanos; Pinson, Pierre

    2017-01-01

    Natural gas-fired power plants (NGFPPs) are considered a highly flexible component of the energy system and can facilitate the large-scale integration of intermittent renewable generation. Therefore, it is necessary to improve the coordination between electric power and natural gas systems....... Considering a market-based coupling of these systems, we introduce a decision support tool that increases market efficiency in the current setup where day-ahead and balancing markets are cleared sequentially. The proposed approach relies on the optimal adjustment of natural gas price to modify the scheduling...

  12. Price cap regulation: the case of natural gas transport in the UK; La reglementation par price cap: le cas du transport de gaz naturel au Royaume Uni

    Energy Technology Data Exchange (ETDEWEB)

    David, L. [ATER, Paris-1 Univ., 75 (France)

    1999-09-01

    The transport and storage activities of British Gas company are controlled by a distinct organization named Transco. The access charges paid by the suppliers for the use of Transco's network are regulated by a price cap since October 1, 1994. However, Ofgas, the office of gas supply which is the regulation authority in charge of the control of competition and of British Gas activities, considers this control system as inefficient and has chosen a RPI (retail price index)-X (expected productivity factor)-type price cap for the control of gas transport tariffs. This has led to a disagreement between Transco and Ofgas which has delayed the implementation of the new system up to February 1998. This article compares the choices made by Ofgas for the control of gas transport tariffs with the economical theory. It recalls first, the reasons why the price cap appears as more efficient than the service cost regulation, the alternate method used by regulation authorities to control the tariffs of natural monopolies. Then, the difficulties linked with the implementation of the price cap for the transport of natural gas in the UK are analyzed in order to explain the reasons that led Ofgas to change its formula. Finally, the bases of an optimum hybrid formula are proposed. (J.S.)

  13. Forward curves, scarcity and price volatility in oil and natural gas markets

    Energy Technology Data Exchange (ETDEWEB)

    Geman, Helyette [Birkbeck, University of London (United Kingdom); ESCP-EAP (France); Ohana, Steve [ESCP-EAP (France)

    2009-07-15

    The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)

  14. Gas and electricity prices in France and in the European Union in 2014

    International Nuclear Information System (INIS)

    Gong, Zheng

    2015-10-01

    This publication presents and comments tables and graphs of data related to natural gas prices for enterprises and for households and to their evolution between 2013 and 2014, to the electricity price for enterprises and for households and to their evolution between 2013 and 2014 in European countries (Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Croatia, Ireland, Italy, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia, United Kingdom), in the euro Zone (19 countries), and in the European Union as a whole

  15. Gas and LNG pricing and trading hub in East Asia: An introduction

    OpenAIRE

    Shi, Xunpeng

    2017-01-01

    This paper summarizes the four papers in the special issues on ‘Gas and LNG pricing and trading hub in East Asia’. The papers examine lessons and experience from European hub development, other commodity, the Japanese history on developing of futures markets and inter-fuel substitution in East Asia. The papers finds that liquid futures market is the key to formulate benchmark prices while a well-developed spot market is the foundation; political will and strong leadership are required to over...

  16. Classical gas: Hearty prices, robust demand combine to pump breezy optimism through 2005 forecasts

    International Nuclear Information System (INIS)

    Lunan, D.

    2005-01-01

    The outlook for natural gas in 2005 is said to be a watershed year, with a lengthy list of developments that could have significant effect on the industry for many years to come. In light of continuing high demand and static supply prospects, prices will have to continue to be high in order to ensure the necessary infrastructure investments to keep gas flowing from multiple sources to the consumer. It is predicted that against the backdrop of robust prices several supply initiatives will continue to advance rapidly in 2005, such as the $7 billion Mackenzie Gas Project on which public hearings are expected to start this summer, along with regulatory clarity about the $20 billion Alaska Highway Natural Gas Pipeline Project to move North Slope gas to southern markets. Drilling of new gas wells will continue to approach or even surpass 18,000 new wells, with an increasing number of these being coal-bed methane wells. Despite high level drilling activity, supply is expected to grow only about 400 MMcf per day. Greater supply increments are expected through continued LNG terminal development, although plans for new LNG terminal development have been met with stiff resistance from local residents both in Canada and the United States. Imports of liquefied natural gas into the United States slowed dramatically in 2004 under the severe short-term downward pressure on natural gas prices, nevertheless, these imports are expected to rebound to new record highs in 2005. Capacity is expected to climb from about 2.55 Bcf per day in 2004 to as much as 6.4 Bcf per day by late 2007. At least one Canadian import facility, Anadarko's one Bcf per day Bear Head terminal on Nova Scotia's Strait of Canso, is expected to become operational by late 2007 or early 2008. 6 photos

  17. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored

  18. Gas Injection And Fast Pressure-Rise Measurements For The Linac4 H− Source

    CERN Document Server

    Mahner, E; Lettry, J; Mattei, S; O'Neil, M; Neupert, H; Pasquino, C; Schmitzer, C

    2013-01-01

    In the era of the Large Hadron Collider, the CERN injector complex comprising the 34 years old Linac2 with its primary proton source, is presently upgraded with a new linear accelerator for H− (Linac4). The design, construction, and test of volume production and cesiated RF-driven H− ion sources is presently ongoing with the final goal of producing an H− beam with 80 mA beam current, 45 keV beam energy, 500 s pulse length, and a repetition rate of 2 Hz. In order to have quantitative information of the hydrogen gas density at the moment of plasma ignition the dynamic vacuum properties of the plasma generator were studied experimentally. We describe the experimental setup and present fast pressure-rise measurements for different parameters of the gas injection system, such as gas species (H2, He, N2, Ar), piezo valve voltage pulse length (200 - 500 s), and injection pressure (400 - 2800 mbar). The obtained data are compared with a conductance model of the plasma generator.

  19. Proceedings of the 1999 natural gas lookout and strategies forum : Price and supply outlook, trading and purchasing strategies

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

    A total of 17 papers were presented at this conference, all of them devoted to a discussion of marketing strategies and price and supply outlook within the natural gas industry in North America. The presentations provided a practical and analytical look at where natural gas prices were heading. They also described winning trading and purchasing strategies. The challenges posed by the deregulation and the expected competition in the natural gas industry in North America also received much attention. tabs., figs

  20. Estimating the long-run equilibrium relationship. The case of city-gate and residential natural gas prices

    International Nuclear Information System (INIS)

    Arano, Kathleen; Velikova, Marieta

    2010-01-01

    This paper examines market cointegration of city-gate and residential natural gas prices. Cointegration of gas prices across different segments of the industry provides evidence that deregulation has resulted into a more integrated, competitive natural gas industry where gas prices converge into a long-run equilibrium. Our results indicate prices further down the distribution line, the final two points of consumption, are cointegrated for a majority of the US states post open access and retail unbundling, although we find little evidence of perfect market integration. The two price series likewise converge to the long-run equilibrium faster post open access and retail unbundling. Results relative to state level unbundling (choice programs) reveal mixed outcomes with a few states without retail unbundling exhibiting market integration while some states with full unbundling exhibiting non-cointegration. (author)

  1. Time series analysis applied to construct US natural gas price functions for groups of states

    International Nuclear Information System (INIS)

    Kalashnikov, V.V.; Matis, T.I.; Perez-Valdes, G.A.

    2010-01-01

    The study of natural gas markets took a considerably new direction after the liberalization of the natural gas markets during the early 1990s. As a result, several problems and research opportunities arose for those studying the natural gas supply chain, particularly the marketing operations. Consequently, various studies have been undertaken about the econometrics of natural gas. Several models have been developed and used for different purposes, from descriptive analysis to practical applications such as price and consumption forecasting. In this work, we address the problem of finding a pooled regression formula relating the monthly figures of price and consumption volumes for each state of the United States during the last twenty years. The model thus obtained is used as the basis for the development of two methods aimed at classifying the states into groups sharing a similar price/consumption relationship: a dendrogram application, and an heuristic algorithm. The details and further applications of these grouping techniques are discussed, along with the ultimate purpose of using this pooled regression model to validate data employed in the stochastic optimization problem studied by the authors.

  2. Time series analysis applied to construct US natural gas price functions for groups of states

    Energy Technology Data Exchange (ETDEWEB)

    Kalashnikov, V.V. [Departamento de Ingenieria Industrial y de Sistemas, Tecnologico de Monterrey, Av. Eugenio Garza Sada 2501 Sur, Col. Tecnologico, Monterrey, Nuevo Leon, 64849 (Mexico); Matis, T.I. [Deparment of Industrial Engineering, Texas Tech University, 2500 Broadway, Lubbock, TX 79409 (United States); Perez-Valdes, G.A. [Departamento de Ingenieria Industrial y de Sistemas, Tecnologico de Monterrey, Av. Eugenio Garza Sada 2501 Sur, Col. Tecnologico, Monterrey, Nuevo Leon, 64849 (Mexico); Deparment of Industrial Engineering, Texas Tech University, 2500 Broadway, Lubbock, TX 79409 (United States)

    2010-07-15

    The study of natural gas markets took a considerably new direction after the liberalization of the natural gas markets during the early 1990s. As a result, several problems and research opportunities arose for those studying the natural gas supply chain, particularly the marketing operations. Consequently, various studies have been undertaken about the econometrics of natural gas. Several models have been developed and used for different purposes, from descriptive analysis to practical applications such as price and consumption forecasting. In this work, we address the problem of finding a pooled regression formula relating the monthly figures of price and consumption volumes for each state of the United States during the last twenty years. The model thus obtained is used as the basis for the development of two methods aimed at classifying the states into groups sharing a similar price/consumption relationship: a dendrogram application, and an heuristic algorithm. The details and further applications of these grouping techniques are discussed, along with the ultimate purpose of using this pooled regression model to validate data employed in the stochastic optimization problem studied by the authors. (author)

  3. Impact of sustained low oil prices on China's oil & gas industry system and coping strategies

    Directory of Open Access Journals (Sweden)

    Jianjun Chen

    2016-05-01

    Full Text Available The global sustained low oil prices have a significant impact on China's oil and gas industry system and the national energy security. This paper aims to find solutions in order to guarantee the smooth development of China's oil and gas industry system and its survival in such a severe environment. First, the origins of sustained low oil prices were analyzed. Then, based on those published data from IEA, government and some other authorities, this study focused on the development status, energy policies and the future developing trend of those main oil & gas producing countries. Investigations show that the low-price running is primarily contributed to the so-called oil and gas policies in the USA. It is predicted that national petroleum consumption will reach up to 6.0 × 108 t (oil & 3300 × 108 m3 (gas in 2020 and 6.8 × 108 t (oil & 5200 × 108 m3 (gas in 2030. For reducing the dependence on foreign oil and gas, the investment in the upstream of oil and gas industry should be maintained and scientific research should be intensified to ensure the smooth operation of the oil and gas production system. Considering China's national energy security strategy, the following suggestions were proposed herein. First, ensure that in China the yearly oil output reaches 2 × 108 t, while natural gas yield will be expected to be up to 2700 × 108 m3 in 2030, both of which should become the “bottom line” in the long term. Second, focus on the planning of upstream business with insistence on risk exploration investment, scientific and technological innovation and pilot area construction especially for low-permeability tight oil & gas, shale oil & gas reservoir development techniques. Third, encourage the in-depth reform and further growth especially in the three major state-owned oil & gas companies under adverse situations, and create more companies competent to offer overseas technical services by taking the opportunity of the

  4. Price trends of oil and gas. Influence from the development on the British gas market; Prisutsikter for olje og gass. Vil utviklingen paa det britiske gassmarked smitte?

    Energy Technology Data Exchange (ETDEWEB)

    Hansen, B.L.

    1996-12-31

    This paper focuses on the future prospects of oil and gas prices in Europe being influenced by the liberalized market in the United Kingdom. With reference to the Norwegian continental shelf, the market price of oil determines the price of gas because the oil production will be much higher than the production of gas for a long time. From 1998 onwards, a new natural gas pipeline will be operating between the United Kingdom and the Continent having a capacity of 20 billion Sm{sup 3} in both directions. The author gives at first a brief description of the continental market of to day, secondly, a discussion on how to liberalize such a market together with experience obtained in the United Kingdom, and thirdly, the risk of falling prices being similar to the existing bargain prices in the United Kingdom. 11 figs.

  5. Partner Country Series: Gas Pricing - China's Challenges and IEA Experience

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-01

    China will play a positive role in the global development of gas, the International Energy Agency’s (IEA) Executive Director, Maria Van der Hoeven has said in Beijing on 11 September, 2012 when launching a new IEA report: Gas Pricing and Regulation, China’s challenges and IEA experiences. In line with its aim to meet growing energy demand while shifting away from coal, China has set an ambitious goal of doubling its use of natural gas from 2011 levels by 2015. Prospects are good for significant new supplies – both domestic and imported, conventional and unconventional – to come online in the medium-term, but notable challenges remain, particularly concerning gas pricing and the institutional and regulatory landscape. While China’s circumstances are, in many respects unique, some current issues are similar to those a number of IEA countries have faced. This report highlights some key challenges China faces in its transition to greater reliance on natural gas, then explores in detail relevant experiences from IEA countries, particularly in the United Kingdom, the Netherlands, and the United States as well as the European Union (EU). Preliminary suggestions about how lessons learned in other countries could be applied to China’s situation are offered as well. The aim of this report is to provide stakeholders in China with a useful reference as they consider decisions about the evolution of the gas sector in their country.

  6. The effects of a rise in cigarette price on cigarette consumption, tobacco taxation revenues, and of smoking-related deaths in 28 EU countries-- applying threshold regression modelling

    Directory of Open Access Journals (Sweden)

    Chun-Yuan Yeh

    2017-09-01

    Full Text Available Abstract Background European Union public healthcare expenditure on treating smoking and attributable diseases is estimated at over €25bn annually. The reduction of tobacco consumption has thus become one of the major social policies of the EU. This study investigates the effects of price hikes on cigarette consumption, tobacco tax revenues and smoking-caused deaths in 28 EU countries. Methods Employing panel data for the years 2005 to 2014 from Euromonitor International, the World Bank and the World Health Organization, we used income as a threshold variable and applied threshold regression modelling to estimate the elasticity of cigarette prices and to simulate the effect of price fluctuations. Results The results showed that there was an income threshold effect on cigarette prices in the 28 EU countries that had a gross national income (GNI per capita lower than US$5418, with a maximum cigarette price elasticity of −1.227. The results of the simulated analysis showed that a rise of 10% in cigarette price would significantly reduce cigarette consumption as well the total death toll caused by smoking in all the observed countries, but would be most effective in Bulgaria and Romania, followed by Latvia and Poland. Additionally, an increase in the number of MPOWER tobacco control policies at the highest level of achievment would help reduce cigarette consumption. Conclusions It is recommended that all EU countries levy higher tobacco taxes to increase cigarette prices, and thus in effect reduce cigarette consumption. The subsequent increase in tobacco tax revenues would be instrumental in covering expenditures related to tobacco prevention and control programs.

  7. The effects of a rise in cigarette price on cigarette consumption, tobacco taxation revenues, and of smoking-related deaths in 28 EU countries-- applying threshold regression modelling.

    Science.gov (United States)

    Yeh, Chun-Yuan; Schafferer, Christian; Lee, Jie-Min; Ho, Li-Ming; Hsieh, Chi-Jung

    2017-09-21

    European Union public healthcare expenditure on treating smoking and attributable diseases is estimated at over €25bn annually. The reduction of tobacco consumption has thus become one of the major social policies of the EU. This study investigates the effects of price hikes on cigarette consumption, tobacco tax revenues and smoking-caused deaths in 28 EU countries. Employing panel data for the years 2005 to 2014 from Euromonitor International, the World Bank and the World Health Organization, we used income as a threshold variable and applied threshold regression modelling to estimate the elasticity of cigarette prices and to simulate the effect of price fluctuations. The results showed that there was an income threshold effect on cigarette prices in the 28 EU countries that had a gross national income (GNI) per capita lower than US$5418, with a maximum cigarette price elasticity of -1.227. The results of the simulated analysis showed that a rise of 10% in cigarette price would significantly reduce cigarette consumption as well the total death toll caused by smoking in all the observed countries, but would be most effective in Bulgaria and Romania, followed by Latvia and Poland. Additionally, an increase in the number of MPOWER tobacco control policies at the highest level of achievment would help reduce cigarette consumption. It is recommended that all EU countries levy higher tobacco taxes to increase cigarette prices, and thus in effect reduce cigarette consumption. The subsequent increase in tobacco tax revenues would be instrumental in covering expenditures related to tobacco prevention and control programs.

  8. Measuring the diameter of rising gas bubbles by means of the ultrasound transit time technique

    Energy Technology Data Exchange (ETDEWEB)

    Richter, T., E-mail: Thomas.Richter6@tu-dresden.de; Eckert, K., E-mail: Kerstin.Eckert@tu-dresden.de; Yang, X.; Odenbach, S.

    2015-09-15

    Highlights: • Ultrasound transit time technique (UTTT) is applied to the zig-zag raise of gas bubble. • Comparison of bubble diameter and tilt, measured by UTTT, with high-speed imaging. • Uncertainty in the determination of the bubble diameter by UTTT is less than 7%. • UTTT is able to measure dynamic changes in bubble size in opaque liquids and vessels. • UTTT can be applied to liquid metal loops. - Abstract: This study presents ultrasound transit time technique (UTTT) measurements of the diameter variations of single argon bubbles rising in a zig-zag trajectory in water. Simultaneous size measurements with a high-speed camera show that UTTT resolves both the apparent diameter and the tilt of the bubble axis with an accuracy of better than 7%. This qualifies UTTT for the measurement of bubble sizes in opaque liquids, such as liquid metals, or vessels.

  9. Experimental study of slight temperature rise combustion in trapped vortex combustors for gas turbines

    International Nuclear Information System (INIS)

    Zhang, R.C.; Fan, W.J.; Xing, F.; Song, S.W.; Shi, Q.; Tian, G.H.; Tan, W.L.

    2015-01-01

    Interstage turbine combustion used for improving efficiency of gas turbine was a new type of combustion mode. Operating conditions and technical requirements for this type of combustor were different from those of traditional combustor. It was expected to achieve engineering application in both ground-based and aviation gas turbine in the near future. In this study, a number of modifications in a base design were applied and examined experimentally. The trapped-vortex combustion technology was adopted for flame stability under high velocity conditions, and the preheating-fuel injection technology was used to improve the atomization and evaporation performance of liquid fuel. The experimental results indicated that stable and efficient combustion with slight temperature-rise can be achieved under the high velocity conditions of combustor inlet. Under all experimental conditions, the excess air coefficients of ignition and lean blow-out were larger than 7 and 20, respectively; pollutant emission index of NO x and the maximum wall temperature were below 2.5 g/(kg fuel) and 1050 K, respectively. Moreover, the effects of fuel injection and overall configuration on the combustion characteristics were analyzed in detail. The number increase, area increase and depth increase of fuel injectors had different influences on the stability, combustion characteristic and temperature distribution. - Highlights: • The combustion mode of slight temperature-rise (200 K) was achieved. • Effect of fuel and air injection on stability characteristic was investigated. • Impact of overall configuration on combustion performance was analyzed. • The feasibility of scheme was determined.

  10. Forecasting Natural Gas Prices Using Wavelets, Time Series, and Artificial Neural Networks.

    Directory of Open Access Journals (Sweden)

    Junghwan Jin

    Full Text Available Following the unconventional gas revolution, the forecasting of natural gas prices has become increasingly important because the association of these prices with those of crude oil has weakened. With this as motivation, we propose some modified hybrid models in which various combinations of the wavelet approximation, detail components, autoregressive integrated moving average, generalized autoregressive conditional heteroskedasticity, and artificial neural network models are employed to predict natural gas prices. We also emphasize the boundary problem in wavelet decomposition, and compare results that consider the boundary problem case with those that do not. The empirical results show that our suggested approach can handle the boundary problem, such that it facilitates the extraction of the appropriate forecasting results. The performance of the wavelet-hybrid approach was superior in all cases, whereas the application of detail components in the forecasting was only able to yield a small improvement in forecasting performance. Therefore, forecasting with only an approximation component would be acceptable, in consideration of forecasting efficiency.

  11. Revisiting short-term price and volatility dynamics in day-ahead electricity markets with rising wind power

    International Nuclear Information System (INIS)

    Li, Yuanjing

    2015-01-01

    This paper revisits the short-term price and volatility dynamics in day-ahead electricity markets in consideration of an increasing share of wind power, using an example of the Nord Pool day-ahead market and the Danish wind generation. To do so, a GARCH process is applied, and market coupling and the counterbalance effect of hydropower in the Scandinavian countries are additionally accounted for. As results, we found that wind generation weakly dampens spot prices with an elasticity of 0.008 and also reduces price volatility with an elasticity of 0.02 in the Nordic day-ahead market. The results shed lights on the importance of market coupling and interactions between wind power and hydropower in the Nordic system through cross-border exchanges, which play an essential role in price stabilization. Additionally, an EGARCH specification confirms an asymmetric influence of the price innovations, whereby negative shocks produce larger volatility in the Nordic spot market. While considering heavy tails in error distributions can improve model fits significantly, the EGARCH model outperforms the GARCH model on forecast evaluations. (author)

  12. Natural Gas and CO2 Price Variation: Impact on the Relative Cost-Efficiency of LNG and Pipelines

    OpenAIRE

    Øverland, Indra; Ulvestad, Marte

    2012-01-01

    This article develops a formal model for comparing the cost structure of the two main transport options for natural gas: liquefied natural gas (LNG) and pipelines. In particular, it evaluates how variations in the prices of natural gas and greenhouse gas emissions affect the relative cost-efficiency of these two options. Natural gas is often promoted as the most environmentally friendly of all fossil fuels, and LNG as a modern and efficient way of transporting it. Some research has been carri...

  13. Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's

    OpenAIRE

    Ashenfelter, Orley C; Graddy, Kathryn

    2004-01-01

    The Sotheby's/Christie's price-fixing scandal that ended in the public trial of Alfred Taubman provides a unique window on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided detailed evidence as to how the price fixing worked, and the economic conditions under which it was started and began to fall apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the civil settl...

  14. The essence of value : an application of inter generational justice to the price of gas

    International Nuclear Information System (INIS)

    Gagnon, F.; Bernard, G.; Cloutier, G.; Coignaud, R.; Couillard, R.; Lampron, J.; Latrasse, C.; Lemire, B.

    2001-01-01

    This paper was prepared by a group of citizens concerned about the price of gasoline. The paper was presented during public hearings held in Quebec with regard to the price of gasoline and its effects on the economy of Quebec. The voices represented are diverse: some own a car, others do not, but all are confronted, at one time or another, with the price of gasoline. The authors were of the opinion that the price of gasoline is too low, as opposed to the point of view shared by a vast majority of citizens. Gasoline is a polluting, non-renewable energy source that will soon be depleted. Gasoline has detrimental effects on the environment, the economy, quality of life and human health. It also negatively affects other animal species. As a society, the authors argued that we are too concerned with buying the biggest sports utility vehicle, and that we do not rationalize our travels, while complaining about the high price of gasoline. There are solutions, that are based on the principle of inter generational justice. In other words, future generations ought to be offered the same productivity potential as that our generation had access to. Gasoline reserves are being depleted, and we have a responsibility to use it efficiently and with parsimony, while investigating alternative energy sources. Those alternative energy sources should not pollute the environment, or keep it to a bare minimum. Exploitation costs are rising, and it would be wise to invest a portion of the savings realised today to benefit society when exploitation costs have increased considerably. The best way to intervene is to raise gasoline taxes, which would help reduce consumption and free up funds for government to use for other purposes. 43 refs., 1 tab., 6 figs

  15. The impact of the new investments in combined cycle gas turbine power plants on the Italian electricity price

    International Nuclear Information System (INIS)

    Fontini, Fulvio; Paloscia, Lorenzo

    2007-01-01

    The paper measures the variation of the electricity price in Italy within the next 10 years due to the recent investment flow in combined cycle gas turbine (CCGT) power plants. It starts by investigating the possibility of decoupling gas and oil prices on the basis of hypotheses about the amount of existing resources and plausible technical substitutability assumptions of the latter with the former. In particular, it is supposed that, in the Italian market, natural gas will play a crucial role which oil has had in power generation. The price of electricity stemming from natural gas is then calculated taking into account the role of the power mix restructuring that derives from the CCGT power plants investments. Under reasonable assumptions, it is shown that a net reduction of at least 17% on the electric price is likely to be expected. (author)

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

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan

    2003-12-18

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

  17. LNG (Liquefied Natural Gas): the natural gas becoming a world commodity and creating international price references; GNL (Gas Natural Liquefeito): o gas natural se tornando uma commodity mundial e criando referencias de preco internacionais

    Energy Technology Data Exchange (ETDEWEB)

    Demori, Marcio Bastos [PETROBRAS, Rio de Janeiro, RJ (Brazil). Coordenacao de Comercializacao de Gas e GNL; Santos, Edmilson Moutinho dos [Universidade de Sao Paulo (USP), SP (Brazil). Inst. de Eletrotecnica e Energia. Programa Interunidades de Pos-Graduacao em Energia (PIPGE)

    2004-07-01

    The transportation of large quantities of natural gas through long distances has been done more frequently by Liquefied Natural Gas (LNG). The increase of natural gas demand and the distance of major reserves, allied to technological improvements and cost reduction through LNG supply chain, have triggered the expressive increase of LNG world market This paper tries to evaluate the influence that LNG should cause on natural gas world market dynamic, analyzing the tendency of gas to become a world commodity, creating international price references, like oil and its derivates. For this, are shown data as natural gas world reserves, the participation of LNG in natural gas world market and their increase. Furthermore, will be analyzed the interaction between major natural gas reserves and their access to major markets, still considering scheduled LNG projects, the following impacts from their implementation and price arbitrage that should be provoked on natural gas markets. (author)

  18. Profit, productivity, and price differential: an international performance comparison of the natural gas transportation industry

    International Nuclear Information System (INIS)

    Jeong-Dong Lee; Sung-Bae Park; Tai-Yoo Kim

    1999-01-01

    The objective of this paper is to evaluate the performance of natural gas transportation utilities, focusing on the three-key strategic performance measures of profit, productivity, and price differential. We propose a methodology that expresses the three performance measures in a unified single equation using the Edgeworth index. The proposed methodology is applied to an international comparison of the performance of 28 natural gas transportation utilities operating in eight countries in which the business environments differ greatly. The empirical results show the possible causes of performance differences and may shed some light on the direction of regulatory policy, especially for developing countries that have relatively short histories in the natural gas industry, such as Korea. (author)

  19. Diversification of Oil and Gas Companies’ Activities in the Condition of Oil Prices Reduction and Economic Sanctions

    Directory of Open Access Journals (Sweden)

    Anastasia V. Sheveleva

    2016-01-01

    Full Text Available This article analyzes the influence of the economic sanctions imposed from the USA and the EU and oil prices reduction on the oil and gas companies and the directions of diversification of their activity as a method of management of price risks are considered. In the modern dynamic and quickly developing world, in the conditions of globalization and market economy, the oil and gas companies are affected by various risks which can exert negative impact on production and financial results. Risks can arise in absolutely various spheres, beginning from natural and technological hazards, and finishing with price risks. Sharp reduction of oil prices and decrease in demand for energy resources in the world markets, first of all in the European countries, input of financial or technological sanctions from the USA and Europe against Russia in 2014 has caused necessity of search a new more effective methods of price risks management of the oil and gas company. The methods of price risk management include the creation of commodity reserves, the establishment of a reserve fund, long-term contracts, subsidies from the state and the diversification of activities. The most effective it is possible to offer diversification of oil and gas companies' activity. It is expedient to carry out diversification of oil and gas companies' activity in such directions as geographical diversification of the oil, oil products and gas realization directions, geographical diversification of oil and gas companies' purchasing activity, diversification of oil, oil products and gas transportation ways, diversification of oil and gas companies' business. This approach allows to expand the activities of the oil and gas companies and create additional ways to generate revenue and enhance efficiency of oil and gas companies.

  20. Regulator preferences and utility prices: evidence from natural gas distribution utilities

    International Nuclear Information System (INIS)

    Klein, C.C.; Sweeney, G.H.

    1999-01-01

    We investigate the determinants of regulators' relative weighting of the social welfare of customer groups and utilities using panel data on natural gas distribution utilities in the US state of Tennessee. In contrast to previous empirical work on cross-sections of electric utilities, our results are statistically robust and consistent with the interest group theory of regulation. Intervention in rate cases, settlement vs. litigation of cases, and prices of alternative energy sources, as well as the size characteristics of customer groups and the firm, are significant determinants of the elasticity-weighted price-cost margin (Ramsey number) for each group. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  1. Pricing the (European) option to switch between two energy sources: An application to crude oil and natural gas

    International Nuclear Information System (INIS)

    Gatfaoui, Hayette

    2015-01-01

    We consider a firm, which can choose between crude oil and natural gas to run its business. The firm selects the energy source, which minimizes its energy or production costs at a given time horizon. Assuming the energy strategy to be established over a fixed time window, the energy choice decision will be made at a given future date T. In this light, the firm's energy cost can be considered as a long position in a risk-free bond by an amount of the terminal oil price, and a short position in a European put option to switch from oil to gas by an amount of the terminal oil price too. As a result, the option to switch from crude oil to natural gas allows for establishing a hedging strategy with respect to energy costs. Modeling stochastically the underlying asset of the European put, we propose a valuation formula of the option to switch and calibrate the pricing formula to empirical data on a daily basis. Hence, our innovative framework handles widely the hedge against the price increase of any given energy source versus the price of another competing energy source (i.e. minimizing energy costs). Moreover, we provide a price for the cost-reducing effect of the capability to switch from one energy source to another one (i.e. hedging energy price risk). - Highlights: • We consider a firm, which chooses either crude oil or natural gas as an energy source. • The capability to switch offers the firm a hedge against energy commodity price risk. • A European put option prices the ability to switch from crude oil to natural gas. • The capability to switch between two energy sources reduces the firm's energy costs. • The discount illustrates the efficiency of the energy management policy (e.g. timing).

  2. Regulatory reform for natural gas pipelines: The effect on pipeline and distribution company share prices

    Science.gov (United States)

    Jurman, Elisabeth Antonie

    1997-08-01

    The natural gas shortages in the 1970s focused considerable attention on the federal government's role in altering energy consumption. For the natural gas industry these shortages eventually led to the passage of the Natural Gas Policy Act (NGPA) in 1978 as part of the National Energy Plan. A series of events in the decade of the 1980s has brought about the restructuring of interstate natural gas pipelines which have been transformed by regulators and the courts from monopolies into competitive entities. This transformation also changed their relationship with their downstream customers, the LDCs, who no longer had to deal with pipelines as the only merchants of gas. Regulatory reform made it possible for LDCs to buy directly from producers using the pipelines only for delivery of their purchases. This study tests for the existence of monopoly rents by analyzing the daily returns of natural gas pipeline and utility industry stock price data from 1982 to 1990, a period of regulatory reform for the natural gas industry. The study's main objective is to investigate the degree of empirical support for claims that regulatory reforms increase profits in the affected industry, as the normative theory of regulation expects, or decrease profits, as advocates of the positive theory of regulation believe. I also test Norton's theory of risk which predicts that systematic risk will increase for firms undergoing deregulation. Based on a sample of twelve natural gas pipelines, and 25 utilities an event study concept was employed to measure the impact of regulatory event announcements on daily natural gas pipeline or utility industry stock price data using a market model regression equation. The results of this study provide some evidence that regulatory reforms did not increase the profits of pipeline firms, confirming the expectations of those who claim that excess profits result from regulation and will disappear, once that protection is removed and the firms are operating in

  3. Vital signs : spending hit new high as industry stepped on the gas to reap strong prices

    International Nuclear Information System (INIS)

    Lunan, D.

    2001-01-01

    This paper presented a review of Canadian oil industry expenditures plus oil and gas revenues for Alberta, Saskatchewan, British Columbia and Manitoba since 1991. In the year 2000, the oil and gas industry boosted expenditures by 33 per cent and drilled a record number of wells in an effort to cash in on record natural gas prices and near-record crude oil prices which were a result of soaring demand and low supply. Total expenditures by Canadian oil and gas companies reached $33.98 billion in 2000 from $25.5 billion in 1999. A total of 16,507 wells were completed. Canada-wide development drilling expenditures increased to $5.7 billion in 2000 from $4.2 billion in 1999. In addition, exploration dollars and land expenditures also rose, as did investments in production facilities and production costs. Most of the new spending was concentrated in Alberta where most of the development drilling took place. Exploration efforts were held back to boost deliverability from known reserves. As a result, exploration spending in Alberta rose only slightly to $2.6 billion from $2.3 billion in 1999. Total crude and equivalent production for the Canadian oil patch in year 2000 rose only about 5 per cent, with most of the increase being associated with higher output from offshore development. Total sales of Canadian gas rose a modest 3 per cent, but measured by financial growth, these results are very positive. Most companies are reporting record revenues, cash flow and earnings for year 2000. 2 tabs., 1 fig

  4. Fortum Oil and Gas 2000: Exceptionally high price of crude oil and strong refining margins

    International Nuclear Information System (INIS)

    Ropponen, V.-M.

    2001-01-01

    Fortum intends to be an active player in the structural reorganization of the oil business by utilizing its niche position in oil refining. Fortum produces sophisticated motor fuel components, which it uses in its reformulated gasolines and sells and exports to other oil companies, even to highly demanding markets in California. The increase in the price of crude oil considerably improved the results of Oil and Gas Upstream. Similarly, an improvement in the refining margin, as well as profitable shipping operations and a strong demand for gasoline components, boosted the results of Oil Refining and Marketing. (orig.)

  5. Evaluation of long-term natural gas marketing agreements: An application of commodity forward and option pricing theory

    International Nuclear Information System (INIS)

    Salahor, G.S.; Laughton, D.G.

    1993-01-01

    Methods that have been empirically validated in the analysis of short-term traded securities are adapted to evaluate long-term natural gas direct-sale contracts. A sample contract is examined from the perspective of the producer, and analyzed as a series of forward and option contracts. The assessment of contract value is based on the gas price forecast, the volatility in that forecast, and the valuation of risk caused by that volatility. The method presented allows the gas producer to quantify these elements, and to evaluate the variety of terms encountered in direct-sale natural gas agreements, including features such as load factors and penalty charges. The analysis uses as inputs a probabilistic price forecast and a determination of a price of risk for gas prices. Once the forecast volatility is derived from the probabilistic forecast, the forward contracts imbedded in the long-term gas contract can be valued with a risk-discounting model, and optional aspects can be evaluated using the Black-Scholes option pricing method. 10 refs., 3 figs., 2 tabs

  6. International market integration for natural gas? A cointegration analysis of prices in Europe, North America and Japan

    International Nuclear Information System (INIS)

    Siliverstovs, Boriss; L'Hegaret, Guillaume; Neumann, Anne; Hirschlausen, Christian von

    2005-01-01

    This paper investigates the degree of integration of natural gas markets in Europe, North America and Japan in the time period between the early 1990s and 2004. The relationship between international gas market prices and their relation to the oil price are explored through principal components analysis and Johansen likelihood-based cointegration procedure. Both of them show a high level of natural gas market integration within Europe, between the European and Japanese markets as well as within the North American market. At the same time the obtained results suggest that the European (respectively, Japanese) and the North American markets were not integrated. (Author)

  7. On creating of a new pricing policy for natural gas in Bulgaria

    International Nuclear Information System (INIS)

    G'oshev, P.

    1994-01-01

    The joint venture company BULSOFGAS, representing the interests of SOFREGAS (France) and GAZSTROJMONTAZH (Bulgaria) have investigated in 1991 the natural gas usage in household sector in the towns of Montana and Blagoevgrad. The results received show the necessity of introducing a new pricing policy directed to different consumers' groups. The solving of this problem will contribute to: 1) creating possibilities for financing the projects, their realisation and motivation of users; 2) generating preconditions for setting up domestic corporations involved in organizing, financing and operation of urban gas supply networks; 3) more efficient and economically beneficial usage of energy sources at a significantly higher comfort. A special attention is paid to the government activities in this matter. (orig.)

  8. Vital signs: oil supplies improving but natural gas tight enough to keep prices high

    International Nuclear Information System (INIS)

    Lunan, D.

    2000-01-01

    Canada's 1999 year-end oil reserves were boosted by 2.1 million barrels by the launch of new oil sands mining projects near Fort McMurray and revisions in two existing operations, offsetting a decline of 3.7 per cent in remaining conventional reserves. Total oil reserves at year end stood at some 11.9 billion barrels, up from 9.8 billion barrels a year earlier. Conventional crude reserves dropped to 4.37 billion barrels. Despite the decline, the Canadian Association of Petroleum Producers (CAPP) were encouraged by a 70 per cent replacement rate, on production of 441 million barrels of oil, despite low activity resulting from soft prices in early part of 1999. Production from offshore Newfoundland sites amounted to 38.6 million barrels; remaining reserves in the Hibernia and Terra Nova field are estimated at 868 million barrels. Meanwhile, natural gas reserves slipped by about a trillion cubic feet to about 61 trillion cubic feet, reflecting an 83 per cent replacement rate which, however, represented an improvement from 76 per cent in 1998. Reserves replacement in 2000 is expected to improve over 1999 due to improved prices resulting in increased activity in 2000 which is expected to continue into 2001. Despite improvements in replacement, consumers have much to worry about as far as further consumer price increases are concerned. The situation can be traced back to the summer 2000 storage injection period when supplies normally stored for use in the winter were sold instead, to take advantage of high prices. The injection for storage was reduced due largely to continued strong demand from the US electric power generating sector. This situation will continue, barring a dramatic softening of the US economy

  9. Long-term trends in U.S. gas supply and prices: 1991 edition of the GRI baseline projection of U.S. energy supply and demand to 2010, April 1991. Gas research insights

    International Nuclear Information System (INIS)

    Woods, T.J.

    1991-04-01

    The report summarizes the gas supply and price outlook in the 1991 Edition of the GRI Baseline Projection of U.S. Energy Supply and Demand. Projected U.S. gas production, gas imports, and other sources of gas supply are discussed along with the sensitivity of the outlook to changes in price expectations. The critical uncertainties and issues affecting the gas supply and price outlook are discussed. Appendixes include a comparison of the 1991 and the 1989 projections of gas supply and price trends; and a description of the GRI Hydrocarbon Model

  10. Influence of gender roles and rising food prices on poor, pregnant women’s eating and food provisioning practices in Dhaka, Bangladesh

    Science.gov (United States)

    2013-01-01

    Background Maternal malnutrition in Bangladesh is a persistent health issue and is the product of a number of complex factors, including adherence to food 'taboos’ and a patriarchal gender order that limits women’s mobility and decision-making. The recent global food price crisis is also negatively impacting poor pregnant women’s access to food. It is believed that those who are most acutely affected by rising food prices are the urban poor. While there is an abundance of useful quantitative research centered on maternal nutrition and food insecurity measurements in Bangladesh, missing is an understanding of how food insecurity is experienced by people who are most vulnerable, the urban ultra-poor. In particular, little is known of the lived experience of food insecurity among pregnant women in this context. This research investigated these lived experiences by exploring food provisioning strategies of urban, ultra-poor, pregnant women. This knowledge is important as discussions surrounding the creation of new development goals are currently underway. Methods Using a focused-ethnographic approach, household food provisioning experiences were explored. Data from participant observation, a focus group discussion and semi-structured interviews were collected in an urban slum in Dhaka, Bangladesh. Interviews were undertaken with 28 participants including 12 pregnant women and new mothers, two husbands, nine non-pregnant women, and five health care workers. Results The key findings are: 1) women were aware of the importance of good nutrition and demonstrated accurate, biomedically-based knowledge of healthy eating practices during pregnancy; 2) the normative gender rules that have traditionally constrained women’s access to nutritional resources are relaxing in the urban setting; however 3) women are challenged in accessing adequate quality and quantities of food due to the increase in food prices at the market. Conclusions Rising food prices and resultant food

  11. Welfare distribution effect of a price reduction in the Dutch gas transport market: A scenario analysis of regulatory policy, market form and rent allocation

    NARCIS (Netherlands)

    A. Witteloostuijn, van (Arjen); S. Brakman (Steven); J.G.M. van Marrewijk (Charles)

    2007-01-01

    textabstractAs part of the larger energy market deregulation program, the Dutch energy authority—DTe—has developed the habit to force the Dutch gas transport enterprise—Gas Transport Services, or GTS—to lower its prices. DTe's key argument is that lower gas transport prices will benefit the

  12. Welfare distribution effect of a price reduction in the Dutch gas transport market: A scenario analysis of regulatory policy, market form and rent allocation

    NARCIS (Netherlands)

    Witteloostuijn , van Arjen; Brakman, S.; van Marrewijk, C.

    2007-01-01

    As part of the larger energy market deregulation program, the Dutch energy authority-DTe-has developed the habit to force the Dutch gas transport enterprise-Gas Transport Services, or GTS-to lower its prices. DTe's key argument is that lower gas transport prices will benefit the end-user. Indeed,

  13. Papers of the 2. annual Canadian Institute conference on managing natural gas price volatility : effective risk strategies for turbulent times

    International Nuclear Information System (INIS)

    2002-01-01

    The issue of how natural gas price volatility is affecting future energy projects was the focus of this conference. Discussions focused on the dynamics of supply and demand of natural gas in North America and how end-users are responding to price fluctuations. Methods by which storage can be used as an effective risk management tool was also on the agenda. The hedging strategies that work best for leading energy firms were described. It was noted that price volatility can be reduced through improved market transparency. Discussions also focused on credit risk in a volatile price environment. A total of 17 papers were presented of which 3 were indexed separately for inclusion in the database. tabs., figs

  14. Price formation and intertemporal arbitrage within a low-liquidity framework. Empirical evidence from European natural gas markets

    Energy Technology Data Exchange (ETDEWEB)

    Nick, Sebastian

    2013-08-15

    In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low liquidity framework of the considered gas hubs. The empirical results reveal that price discovery takes place on the futures market, while the spot price subsequently follows the futures market price. Furthermore, there is empirical evidence of significant market frictions hampering intertemporal arbitrage. UK's NBP seems to be the hub at which arbitrage opportunities are exhausted most efficiently, although there is convergence in the degree of intertemporal arbitrage efficiency over time at the hubs investigated.

  15. Reference price of natural gas produced in Bacia dos Solimoes; Preco de referencia do gas natural produzido na Bacia do Solimoes

    Energy Technology Data Exchange (ETDEWEB)

    Valim, Leandro S.; Ferreira, Leticia P.; Correia, Irina S.; Guimaraes, Maria Jose de O.C.; Seidl, Peter R. [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola de Quimica; Bispo, Luiz Henrique de Oliveira [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola de Quimica; Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP), Rio de Janeiro, RJ (Brazil)

    2012-07-01

    Oil and natural gas are exhaustible resources. Thus, exploitation of these energy sources can lead to shortages and even the absence for future generations. In this context, royalties are included as a way to financially compensate future generations through a monthly payment made by the explorer. In Brazil, the control of the royalties and their distribution is charge of the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Its function is to establish reference prices used for the payment of royalties on oil and natural gas. In this study, three methods were used to calculate royalties, using data from Leste do Urucu field, located in Solimoes Basin. The first one is imposed by Resolution ANP No. 40/2009 that uses the calculation of the reference price of natural gas produced in Brazil. The second one is an alternative method of calculating royalties produced by Bispo, 2011, considering the different compositions of the gas produced and injected. And finally, the Resolution ANP RD No. 983/2011 that uses the calculation of the price of gas injected, considering this as the price of gas processed. When performing the calculation of royalties through the proposed methodologies by Bispo, 2011, and the ANP (Resolution No. 40/2009 and RD 983/2011), the results were similar to each other, and the methodology proposed by Resolution No. 40/2009 was the most different from the others. (author)

  16. Exploring economically and environmentally viable northeastern US dairy farm strategies for coping with rising corn grain prices.

    Science.gov (United States)

    Ghebremichael, L T; Veith, T L; Cerosaletti, P E; Dewing, D E; Rotz, C A

    2009-08-01

    In 2008, corn grain prices rose $115/t of DM above the 2005 average. Such an increase creates tight marginal profits for small (profit losses by growing more corn silage and reducing corn grain purchases. This study applies the Integrated Farm Systems Model to 1 small and 1 medium-sized New York State dairy farm to predict 1) sediment and P loss impacts from expanding corn fields, 2) benefits of no-till or cover cropping on corn fields, and 3) alternatives to the economic challenge of the current farming system as the price ratio of milk to corn grain continues to decline. Based on the simulation results, expanding corn silage production by 3% of the cultivated farm area increased sediment and sediment-bound P losses by 41 and 18%, respectively. Implementing no-till controlled about 84% of the erosion and about 75% of the sediment-bound P that would have occurred from the conventionally tilled, expanded corn production scenario. Implementing a conventionally tilled cover crop with the conventionally tilled, expanded corn production scenario controlled both erosion and sediment-bound P, but to a lesser extent than no-till corn with no cover crop. However, annual farm net return using cover crops was slightly less than when using no-till. Increasing on-farm grass productivity while feeding cows a high-quality, high-forage diet and precise dietary P levels offered dual benefits: 1) improved farm profitability from reduced purchases of dietary protein and P supplements, and 2) decreased runoff P losses from reduced P-levels in applied manure. Moreover, alternatives such as growing additional small grains on marginal lands and increasing milk production levels demonstrated great potential in increasing farm profitability. Overall, it is crucial that conservation measures such as no-till and cover cropping be implemented on new or existing corn lands as these areas often pose the highest threat for P losses through runoff. Although alternatives that would likely provide

  17. Electricity and gas : market and price convergence : fundamentals of restructuring and convergence

    Energy Technology Data Exchange (ETDEWEB)

    Heintz, H.; Spragins, R.

    2000-07-01

    One of the results of the transition from regulation to competition in the Canadian and American natural gas and electricity industries is convergence of the two industries. Convergence is occurring in the areas of corporate structuring activities (mergers and acquisitions), natural gas and electricity prices, products and services, and on a geographic basis. This study examines the restructuring and convergence from the perspective of industry stakeholders, consumers, competitors and regulators. The trend to deregulate to establish competitive markets has been driven by the assumption that lower prices and more choices will result. Deregulation has been made easier by technological developments and innovations in the area of conventional generation, distributed generation, information management and analysis, as well as mass communication channels such as the Internet. These changes have made it possible to measure and monitor energy use in real-time. Technological changes will continue to influence the energy industry. The use of different restructuring rules and regulations in jurisdictions that are implementing change may be one of the primary factors that could limit the extent of convergence. Successful competition by energy service providers in converged retail energy markets will depend on several factors, the first of which is the ability to control the customer interface through retail cycle services such as metering and billing. The second is the successful branding of corporate identities, products and services. These will ensure customer loyalty and facilitate the marketing of new products. Another factor would be the effective management of information regarding natural gas and electricity consumption patterns and the establishment of low cost operations through the use of conventional generation technologies. The final factor for successful competition is the effective use of low cost communication technologies such as the Internet. The transition

  18. Electricity and gas : market and price convergence : fundamentals of restructuring and convergence

    International Nuclear Information System (INIS)

    Heintz, H.; Spragins, R.

    2000-01-01

    One of the results of the transition from regulation to competition in the Canadian and American natural gas and electricity industries is convergence of the two industries. Convergence is occurring in the areas of corporate structuring activities (mergers and acquisitions), natural gas and electricity prices, products and services, and on a geographic basis. This study examines the restructuring and convergence from the perspective of industry stakeholders, consumers, competitors and regulators. The trend to deregulate to establish competitive markets has been driven by the assumption that lower prices and more choices will result. Deregulation has been made easier by technological developments and innovations in the area of conventional generation, distributed generation, information management and analysis, as well as mass communication channels such as the Internet. These changes have made it possible to measure and monitor energy use in real-time. Technological changes will continue to influence the energy industry. The use of different restructuring rules and regulations in jurisdictions that are implementing change may be one of the primary factors that could limit the extent of convergence. Successful competition by energy service providers in converged retail energy markets will depend on several factors, the first of which is the ability to control the customer interface through retail cycle services such as metering and billing. The second is the successful branding of corporate identities, products and services. These will ensure customer loyalty and facilitate the marketing of new products. Another factor would be the effective management of information regarding natural gas and electricity consumption patterns and the establishment of low cost operations through the use of conventional generation technologies. The final factor for successful competition is the effective use of low cost communication technologies such as the Internet. The transition

  19. Prospective activity levels in the regions of the UKCS under different oil and gas prices: an application of the Monte Carlo technique

    International Nuclear Information System (INIS)

    Kemp, A.G.; Stephen, L.

    1999-01-01

    This paper summarises the results of a study using the Monte Carlo simulation to examine activity levels in the regions of the UK continental shelf under different oil and gas prices. Details of the methodology, data, and assumptions used are given, and the production of oil and gas, new field investment, aggregate operating expenditures, and gross revenues under different price scenarios are addressed. The total potential oil and gas production under the different price scenarios for 2000-2013 are plotted. (UK)

  20. The diversification value of nuclear power as part of a utility technology mix when gas and carbon prices are uncertain

    International Nuclear Information System (INIS)

    Roques, Fabien A.; Nuttall, William J.; Newbery, David M.; Neufville, Richard de; Connors, Stephen

    2005-01-01

    Despite recent revived interest, the prospects for new nuclear power investment in liberalized electricity industries without government support do not seem promising. The objective of this paper is twofold. First it aims to identify the specific features of nuclear power technology that makes it an unattractive choice. The second objective is to estimate the value to a utility of a nuclear investment as a hedge against uncertain gas and carbon prices. A stylized 5-plant Real Option utility model shows that while the nuclear option value represents about 18% of the net present value (NPV) of the nuclear plant investment in the case where electricity and gas prices are uncorrelated, it reduces to nearly zero for correlation factors between electricity and gas price greater than 30%. These results suggest that the private diversification incentives in electricity markets might not be aligned with the social value of a diverse fuel-mix at the country level. (Author)

  1. Is the Rise in the Prevalence of Renal Replacement Therapy at Older Ages the Price for Living Longer?

    Directory of Open Access Journals (Sweden)

    Frederik Peters

    2018-05-01

    Full Text Available BackgroundRenal replacement therapy (RRT is one of the most expensive in renal medicine. Cross-sectional studies suggest that life expectancy increases in the general population are associated with a higher burden of RRT. This study tests this hypothesis in a prospective setting among people aged 75+ living in Western Europe.MethodsWe gathered sex-specific data for 11 Western European countries in 2005–2014. RRT prevalence on country level was extracted from the ERA-EDTA registry, while data on population size and life expectancy for the 75+ age group came from the Eurostat database. GDP per capita was extracted from the OECD database. To measure the association between RRT prevalence and life expectancy, we performed Poisson regression models separately for each country and for all countries combined. To adjust for confounding, GDP per capita as well as time and country-fixed effects were included.ResultsOur analysis revealed that living longer coincides with rising RRT prevalence at ages 75+ in Western Europe between 2005 and 2014. On average, a 1-year increase in life expectancy was associated with a roughly 20% increase in RRT prevalence [(95% CI 21–23% in men and 19–22% in women]. However, after adjustments for confounding were made, the association became insignificant among women and became weaker among men, falling to a level of 11% [(95% CI 6–17%].ConclusionLiving longer was not necessarily associated with a higher burden of RRT in Western European countries.

  2. Short-term electricity demand and gas price forecasts using wavelet transforms and adaptive models

    International Nuclear Information System (INIS)

    Nguyen, Hang T.; Nabney, Ian T.

    2010-01-01

    This paper presents some forecasting techniques for energy demand and price prediction, one day ahead. These techniques combine wavelet transform (WT) with fixed and adaptive machine learning/time series models (multi-layer perceptron (MLP), radial basis functions, linear regression, or GARCH). To create an adaptive model, we use an extended Kalman filter or particle filter to update the parameters continuously on the test set. The adaptive GARCH model is a new contribution, broadening the applicability of GARCH methods. We empirically compared two approaches of combining the WT with prediction models: multicomponent forecasts and direct forecasts. These techniques are applied to large sets of real data (both stationary and non-stationary) from the UK energy markets, so as to provide comparative results that are statistically stronger than those previously reported. The results showed that the forecasting accuracy is significantly improved by using the WT and adaptive models. The best models on the electricity demand/gas price forecast are the adaptive MLP/GARCH with the multicomponent forecast; their NMSEs are 0.02314 and 0.15384 respectively. (author)

  3. Fundamental and Financial Influences on the Co-movement of Oil and Gas Prices

    International Nuclear Information System (INIS)

    Bunn, Derek; Chevallier, Julien; Le Pen, Yannick; Sevi, Benoit

    2013-01-01

    As both speculative and hedging financial flows into commodity futures are expected to link commodity price formation more strongly to equity indices, we investigate whether these processes also create increased correlation amongst the commodities themselves. Considering U.S. oil and gas futures, using the large approximate factor models methodology we investigate whether common factors derived from a large international dataset of real and nominal macro variables are able to explain both returns and whether, beyond these fundamental common factors, the residuals remain correlated. We further investigate a possible explanation for this residual correlation by using some proxies for hedging and speculative activity, showing that speculation increases and hedging reduces the inter-commodity correlations. (authors)

  4. Implications of the recent reductions in natural gas prices for emissions of CO2 from the US power sector.

    Science.gov (United States)

    Lu, Xi; Salovaara, Jackson; McElroy, Michael B

    2012-03-06

    CO(2) emissions from the US power sector decreased by 8.76% in 2009 relative to 2008 contributing to a decrease over this period of 6.59% in overall US emissions of greenhouse gases. An econometric model, tuned to data reported for regional generation of US electricity, is used to diagnose factors responsible for the 2009 decrease. More than half of the reduction is attributed to a shift from generation of power using coal to gas driven by a recent decrease in gas prices in response to the increase in production from shale. An important result of the model is that, when the cost differential for generation using gas rather than coal falls below 2-3 cents/kWh, less efficient coal fired plants are displaced by more efficient natural gas combined cycle (NGCC) generation alternatives. Costs for generation using NGCC decreased by close to 4 cents/kWh in 2009 relative to 2008 ensuring that generation of electricity using gas was competitive with coal in 2009 in contrast to the situation in 2008 when gas prices were much higher. A modest price on carbon could contribute to additional switching from coal to gas with further savings in CO(2) emissions.

  5. Bearing up: natural gas, new technology, and rising efficiency keep the wolf from Canadian industry doors

    Energy Technology Data Exchange (ETDEWEB)

    Lamb, M.

    1999-03-01

    Poor commodity prices forced many of the oil field service companies to cut budgets, cut staff and to undertake unusual measures to stay afloat and ride out the current low price regime. The new measures include increased efficiency, technology and international connections. Some examples of the latter are discussed in this article. For example, Calgary-based Merak Projects Ltd. teamed up with Microsoft Corp`s energy services arm to score strong performance with lightning-fast information technology for head offices in the production community. Alberta-based Tesco Corporation entered a joint operating agreement with the French multinational service and supply giant Schlumberger to field a high-technology drilling package including gear and and expertise for coiled tubing systems, and capabilities to handle `underbalanced` wells. Serval Integrated Energy Services raised nearly US $ 7 million for expansion by an equipment lease-back arrangement with an undisclosed financial institution in the United States. These and other similar moves attest to the ingenuity of Canadian entrepreneurs and while there will be several casualties, there is confidence that companies that are big enough and innovative enough, will survive the current price crisis.

  6. Bearing up: natural gas, new technology, and rising efficiency keep the wolf from Canadian industry doors

    International Nuclear Information System (INIS)

    Lamb, M.

    1999-01-01

    Poor commodity prices forced many of the oil field service companies to cut budgets, cut staff and to undertake unusual measures to stay afloat and ride out the current low price regime. The new measures include increased efficiency, technology and international connections. Some examples of the latter are discussed in this article. For example, Calgary-based Merak Projects Ltd. teamed up with Microsoft Corp's energy services arm to score strong performance with lightning-fast information technology for head offices in the production community. Alberta-based Tesco Corporation entered a joint operating agreement with the French multinational service and supply giant Schlumberger to field a high-technology drilling package including gear and and expertise for coiled tubing systems, and capabilities to handle 'underbalanced' wells. Serval Integrated Energy Services raised nearly US $ 7 million for expansion by an equipment lease-back arrangement with an undisclosed financial institution in the United States. These and other similar moves attest to the ingenuity of Canadian entrepreneurs and while there will be several casualties, there is confidence that companies that are big enough and innovative enough, will survive the current price crisis

  7. Gas brokerage in Germany. Introduction to products and price modelling; Der boersliche Gashandel in Deutschland. Einfuehrung in Produkte und Preismodelle

    Energy Technology Data Exchange (ETDEWEB)

    Wimschulte, J. [Regensburg Univ. (Germany). Lehrstuhl fuer Finanzdienstleistungen; Wilkens, S.

    2007-11-15

    Two events have contributed significantly to facilitating the trade in natural gas in Germany: The Federal Network Agency's decision in November 2006 in favour of the two-contract model as a means of governing access to the gas networks and the unification of high gas market regions. These developments will boost competition in the gas market and improve price transparency. Since July 2007 the European Energy Exchange has operated a trading floor for the spot and futures trade in natural gas in two German market regions. However it will probably take another two to three years for a robust and substantial trade in natural gas to develop. Major factors contributing to this goal will be the continued consolidation of market regions, improved access to natural gas storages and improved transparency of market information.

  8. Declining price difference from gas to coal provides for a new situation in the electricity market; Sinkende Preisdifferenz von Gas zu Kohle sorgt fuer neue Lage am Strommarkt

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2017-01-15

    The price difference (spread) between power coal and natural gas has increased sharply since 1999. This gap reached its peak in 2013 with 171 Euro/t SKE. In many cases, higher CO{sub 2} prices were required to promote gas use in the electricity sector. However, it has now become clear that falling gas prices lead to a growing competitiveness of natural gas. Interventions in the EU-ETS or at the national level with the aim to promote gas use in the electricity sector do not make sense and would merely reduce the competitive pressure on the gas producers and lead them to become a monopoly rents. [German] Der Preisabstand (Spread) zwischen Kraftwerkskohle und Erdgas stieg seit 1999 stark an. Dieser Gap erreichte in 2013 mit 171 Euro/t SKE seinen Hoechststand. Vielfach wurden hoehere CO{sub 2}-Preise gefordert, um den Gaseinsatz im Stromsektor zu foerdern. Doch inzwischen zeigt sich, dass fallende Gaspreise zu einer wachsenden Wettbewerbsfaehigkeit von Erdgas fuehren. Interventionen in das EU-ETS oder auf nationaler Ebene mit dem Ziel, den Gaseinsatz im Stromsektor zu foerdern, machen daher keinen Sinn und wuerden lediglich den Wettbewerbsdruck auf die Gasproduzenten mindern sowie fuer diese zu einer Monopolrente fuehren.

  9. Empirical study of peak-load pricing and investment policies for the domestic market of gas in Great Britain

    Energy Technology Data Exchange (ETDEWEB)

    Tzoannos, J

    1977-06-01

    This paper reports the main results of a study aimed at determining empirically an optimal structure of seasonal tariffs for the domestic sector of gas in Great Britain. The study first involves the development of a peak-load pricing model which maximizes social welfare. The model is then quantified with cost and demand functions which have been statistically estimated for Great Britian using data for town gas. The procedure of estimating these functions is based on an error components model. The seasonal pricing and investment policy resulting from the solution to the above model is then compared with the existing policy for the domestic sector of gas in Great Britain. It is shown that the former is superior to the latter in terms of improvements in social welfare and capacity utilization. 22 references.

  10. Oil and gas. Gas supply under pressure

    International Nuclear Information System (INIS)

    Forbes, A.

    2008-01-01

    The latest review of natural gas markets from the International Energy Agency (IEA) paints a picture of growing demand in the face of rising prices, a strengthening link between gas and electricity markets, and a globalising influence from increasingly flexible LNG supplies. But there are growing signs that security of supply is under threat from underinvestment, delays and cost escalation

  11. Natural gas price uncertainty and the cost-effectiveness of hedging against low hydropower revenues caused by drought

    Science.gov (United States)

    Kern, Jordan D.; Characklis, Gregory W.; Foster, Benjamin T.

    2015-04-01

    Prolonged periods of low reservoir inflows (droughts) significantly reduce a hydropower producer's ability to generate both electricity and revenues. Given the capital intensive nature of the electric power industry, this can impact hydropower producers' ability to pay down outstanding debt, leading to credit rating downgrades, higher interests rates on new debt, and ultimately, greater infrastructure costs. One potential tool for reducing the financial exposure of hydropower producers to drought is hydrologic index insurance, in particular, contracts structured to payout when streamflows drop below a specified level. An ongoing challenge in developing this type of insurance, however, is minimizing contracts' "basis risk," that is, the degree to which contract payouts deviate in timing and/or amount from actual damages experienced by policyholders. In this paper, we show that consideration of year-to-year changes in the value of hydropower (i.e., the cost of replacing it with an alternative energy source during droughts) is critical to reducing contract basis risk. In particular, we find that volatility in the price of natural gas, a key driver of peak electricity prices, can significantly degrade the performance of index insurance unless contracts are designed to explicitly consider natural gas prices when determining payouts. Results show that a combined index whose value is derived from both seasonal streamflows and the spot price of natural gas yields contracts that exhibit both lower basis risk and greater effectiveness in terms of reducing financial exposure.

  12. Third party access pricing to the network, secondary capacity market and economic optimum: the case of natural gas

    Energy Technology Data Exchange (ETDEWEB)

    David, L.; Percebois, J

    2002-09-01

    The gas deregulation process implies crucial choices concerning access to transportation networks. These choices deal with the nature, the structure and the level of access fees. This paper proposes an evaluation of different systems implemented both in Europe and North America, in relation to normative pricing references. The rules according to which shippers can buy or sell capacity represent another kind of choice that Regulators have to make. This paper proposes a simple model which demonstrates that secondary market prices should not be subject to a cap and emphasizes the need of a 'use-it-or-lose-it' rule on this market. (authors)

  13. Third party access pricing to the network, secondary capacity market and economic optimum: the case of natural gas

    International Nuclear Information System (INIS)

    David, L.; Percebois, J.

    2002-09-01

    The gas deregulation process implies crucial choices concerning access to transportation networks. These choices deal with the nature, the structure and the level of access fees. This paper proposes an evaluation of different systems implemented both in Europe and North America, in relation to normative pricing references. The rules according to which shippers can buy or sell capacity represent another kind of choice that Regulators have to make. This paper proposes a simple model which demonstrates that secondary market prices should not be subject to a cap and emphasizes the need of a 'use-it-or-lose-it' rule on this market. (authors)

  14. The price of the natural gas in the producing states: Espirito Santo case; O preco do gas natural nos estados produtores: caso Espirito Santo

    Energy Technology Data Exchange (ETDEWEB)

    Cometi, Darcy Lannes

    2008-07-01

    The State of the Espirito Santo will become until the end of 2008, one of the main producers and natural gas exporters of Brazil, where, according to PETROBRAS, the State will produce about 20 million /day m{sup 3}, what it will go to contribute significantly for reduction of the dependence of the Bolivian gas, and still to give support to the natural gas sector in Brazil. The Intention of this work, is to identify proposals so that it has left of the gas produced in the State of the Espirito Santo, has a differentiated price. It does not make sensible the State to pay for the gas that is removed in its proper territory the same price that paid Sao Paulo for the gas that consumes imported of national Bolivia. With the markdown of the gas the State will be able to attract investments of great transport, to generate job and income and to advance in the question of the regional development that is of great importance for the developed cities less. Important to stand out that this study it will present proposals to try to sensitize PETROBRAS, initiating a quarrel on the subject. (author)

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

    Science.gov (United States)

    Wilson, I. A. Grant; Staffell, Iain

    2018-05-01

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

  16. Report made on behalf of the commission of economic affairs about the proposal of law aiming at authorizing the end-users to get back to the regulated power supply tariff, about the proposal of law aiming at authorizing the reversibility of the use of eligibility rights for the purchase of electric power, and about the proposal of law aiming at preserving the purchasing power of households by maintaining the regulated prices of electricity and natural gas

    International Nuclear Information System (INIS)

    2007-01-01

    This report concerns the examination of three proposals of law in relation with the regulated prices of electricity and gas. Since July 1, 2007, the French households can freely quit their historical energy supplier and subscribe to other suppliers with de-regulated energy prices. In front of the rise of free energy prices observed during the last years, some households who made the choice of free tariffs have encountered serious financial problems. For this reason, a law is proposed by the commission of economic affairs which aims at allowing the end-users to get back to the regulated tariffs of electricity and gas. (J.S.)

  17. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

    Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country

  18. Supply disruptions and regional price effects in a spatial oligopoly. An application to the global gas market

    International Nuclear Information System (INIS)

    Growitsch, Christian; Hecking, Harald; Panke, Timo

    2013-01-01

    Supply shocks in the global gas market may affect countries differently, as the market is regionally interlinked but not perfectly integrated. Additionally, high supply-side concentration may expose countries to market power in different ways. To evaluate the strategic position of importing countries with regard to gas supplies, we disentangle import price components into increasing and decreasing factors. Due to the complexity of the interrelations in the global gas market, we use an equilibrium model programmed as a mixed complementarity problem (MCP) and simulate the blockage of LNG ows through the Strait of Hormuz. This enables us to account for the oligopolistic nature and the asymmetry of the gas supply. We find that Japan faces the most severe price increases, as the Japanese gas demand completely relies on LNG supply. In contrast, European countries such as the UK benefit from good interconnection to the continental pipeline system and domestic pricetaking production, both of which help to mitigate an increase in physical costs of supply as well as in the exercise of market power.

  19. 17 CFR 229.1204 - (Item 1204) Oil and gas production, production prices and production costs.

    Science.gov (United States)

    2010-04-01

    ... production, production prices and production costs. 229.1204 Section 229.1204 Commodity and Securities... production, production prices and production costs. (a) For each of the last three fiscal years disclose... production cost, not including ad valorem and severance taxes, per unit of production. Instruction 1 to Item...

  20. Access pricing on gas networks and capacity release markets: Lessons from North American and European experiences

    International Nuclear Information System (INIS)

    David, L.; Percebois, J.

    2004-01-01

    An evaluation of different access fee systems in North America and Europe in relation to normative prices is discussed. Among available alternatives the entry-exit pricing system as it is currently applied in the United Kingdom, the Netherlands, Italy and France, was judged to be the best solution to increased competition. Canadian and American experiences highlight the influence of the market power of shippers with regard to the efficacy of capping the market. Whether or not to cap the price on a capacity release market is a choice between the protection of shippers against market abuses and the promotion of secondary market liquidity, a choice that is linked to the level of congestion of a pipeline system. If there is much congestion, a price cap may be necessary; if there is little congestion, the need for market value given by an uncapped price may be more important than the market power of shippers. 15 refs., 2 tabs

  1. Reducing greenhouse gas emissions: a duopoly market pricing competition and cooperation under the carbon emissions cap.

    Science.gov (United States)

    Jian, Ming; He, Hua; Ma, Changsong; Wu, Yan; Yang, Hao

    2017-05-17

    This article studies the price competition and cooperation in a duopoly that is subjected to carbon emissions cap. The study assumes that in a departure from the classical Bertrand game, there is still a market for both firms' goods regardless of the product price, even though production capacity is limited by carbon emissions regulation. Through the decentralized decision making of both firms under perfect information, the results are unstable. The firm with the lower maximum production capacity under carbon emissions regulation and the firm with the higher maximum production capacity both seek market price cooperation. By designing an internal carbon credits trading mechanism, we can ensure that the production capacity of the firm with the higher maximum production capacity under carbon emissions regulation reaches price equilibrium. Also, the negotiation power of the duopoly would affect the price equilibrium.

  2. Visualisation of gas-liquid mass transfer around a rising bubble in a quiescent liquid using an oxygen sensitive dye

    Science.gov (United States)

    Dietrich, Nicolas; Hebrard, Gilles

    2018-02-01

    An approach for visualizing and measuring the mass transfer around a single bubble rising in a quiescent liquid is reported. A colorimetric technique, developed by (Dietrich et al. Chem Eng Sci 100:172-182, 2013) using an oxygen sensitive redox dye was implemented. It was based on the reduction of the colorimetric indicator in presence of oxygen, this reduction being catalysed by sodium hydroxide and glucose. In this study, resazurin was selected because it offered various reduced forms with colours ranging from transparent (without oxygen) to pink (in presence of oxygen). These advantages made it possible to visualize the spatio-temporal oxygen mass transfer around rising bubbles. Images were recorded by a CCD camera and, after post-processing, the shape, size, and velocity of the bubbles were measured and the colours around the bubbles mapped. A calibration, linking the level of colour with the dissolved oxygen concentration, enabled colour maps to be converted into oxygen concentration fields. A rheoscopic fluid was used to visualize the wake of the bubbles. A calculation method was also developed to determine the transferred oxygen fluxes around bubbles of two sizes (d = 0.82 mm and d = 2.12 mm) and the associated liquid-side mass transfer coefficients. The results compared satisfactorily with classical global measurements made by oxygen micro-sensors or from the classical models. This study thus constitutes a striking example of how this new colorimetric method could become a remarkable tool for exploring gas-liquid mass transfer in fluids.

  3. The response of the Beijing carbon emissions allowance price (BJC) to macroeconomic and energy price indices

    International Nuclear Information System (INIS)

    Zeng, Shihong; Nan, Xin; Liu, Chao; Chen, Jiuying

    2017-01-01

    In 2013, China opened pilot carbon emission trading markets in seven provinces, where carbon emission allowances have now been traded for more than two years. In this paper, we employ a structural VAR model and the price of the Beijing carbon emission allowance to study the dynamic relationships among the price of the carbon emission allowance, economic development and the price of energy. This paper's data cover the period from April 2, 2014 to November 6, 2015. This paper provides information that will be helpful to both investors and governmental policy makers. The results show that (1) an increase of one standard deviation in the coal price leads to an initial increase of approximately 0.1% in the Beijing carbon price. After 2 days, there is a decrease of less than 0.1%, and the price gradually increases by approximately 0.1% after 30 days; (2) the price of the Beijing carbon emission allowance is mainly affected by its own historical price; (3) the Beijing carbon emission allowance price, crude oil price, natural gas price and economic development have positive – albeit non-significant – correlations. - Highlights: • This paper examines the response of the Beijing carbon emission allowance price. • A rise in coal prices will have different effects in different lag stages. • There are positive correlations between the BJC and economic development.

  4. Economic impacts of higher oil and gas prices. The role of international trade for Germany

    International Nuclear Information System (INIS)

    Lutz, Christian; Meyer, Bernd

    2009-01-01

    The analysis concentrates on direct and indirect price increases, induced shifts in international trade and structural changes in the oil importing economies. The paper at hand asks, whether a stabilizing effect via international trade and domestic structural change on the GDP of oil importing countries can be observed, if a permanent oil price increase occurs. At least for Germany, structural change from consumer goods to investment goods industry and an improvement of international competitiveness limit negative impacts of increased energy prices. Analysis is based on the extensive and disaggregated global GINFORS model and the detailed INFORGE model for the German economy. (author)

  5. Evolution of the European gas market on the long term. Organisation and price; Evolution du marche gazier europeen a long terme. Organisation et prix

    Energy Technology Data Exchange (ETDEWEB)

    Ouvry, V

    1998-01-30

    The objective of this work is to shed light upon the future organization of the European gas market with an emphasis on price matters. There are nowadays few producers of gas on the market, most of whom hold long-term contracts with gas companies. Gas pricing is based on the net-back principle. The actual debate on liberalization of the gas market and the growing pressure from industrial customers to obtain lower prices addresses the problem of the future organisation of the market and the potential impact of the introduction of third party access. We first analyse the main actors of the gas market, their strategy and the actual market organization market. Two different logics are considered hereunder: a market approach: the competition theory provides efficient tools to analyse the evolution of competition depending on numerous factors. It appears that the strategy of all actors and particularly of producers will be the main determinant of the future competition. The oligopoly theory includes oligopolistic behaviours modelizations. The application of the Cournot`s model leads to prices ranging from 1,6 to 3,7 $/MBtu; a contractual approach: today, gas is essentially exchanged through long term contracts, which allow for long-term management of investments and supply security. Two operators negotiate the price, which ultimately mirrors their respective leverage. The transaction cost theory clearly shows the necessity of including transaction costs, especially when optimizing the duration of the contract. The gas prices escalation is nowadays partially obsolete and unadapted to customer needs. Escalation on coal, electricity price or inflation should soon be considered. The theories of negotiation highlight the importance of the operators` marketing power during gas price fixation Applying Nash and Harsanyi-Selten`s negotiation models results in a scale of 2,4 to 3,5 $/MBtu of the gas price at the actual supply and demand conditions. Both approaches lead to similar

  6. Comparison of the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program on household food security and dietary diversity in the face of rising food prices: ways forward for a more nutrition-sensitive program.

    Science.gov (United States)

    Baye, Kaleab; Retta, Negussie; Abuye, Cherinet

    2014-09-01

    In light of the continuing rise in food prices during and after the 2008 world food crisis, whether food and cash transfers are equally effective in improving food security and diet quality is debatable. To compare the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program (PSNP) on household food security and dietary diversity. Data on household dietary diversity, child anthropometry, food security, and preference of transfer modalities (food, cash, or mixed) were generated from a cross-sectional survey of 195 PSNP beneficiary households (67 receiving food and 128 receiving cash) in Hawella Tulla District, Sidama, southern Ethiopia. Most beneficiaries (96%) reported food shortages, and 47% reported food shortages that exceeded 3 months. Households receiving cash had better household dietary diversity scores (p = .02) and higher consumption of oils and fats (p = .003) and vitamin A-rich foods (p = .002). Compared with households receiving food, households receiving cash were more affected by increases in food prices that forced them to reduce their number of daily meals (p diversity than households receiving food, a result suggesting that cash transfers may be more effective. However, the continuing rise infood prices may offset these benefits unless cash transfers are index-linked to food price fluctuations.

  7. Gas Station Pricing Game: A Lesson in Engineering Economics and Business Strategies.

    Science.gov (United States)

    Sin, Aaron; Center, Alfred M.

    2002-01-01

    Describes an educational game designed for engineering majors that demonstrates engineering economics and business strategies, specifically the concepts of customer perception of product value, convenience, and price differentiation. (YDS)

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

    Directory of Open Access Journals (Sweden)

    Michael W. Levin

    2017-12-01

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

  9. A Cointegrated Regime-Switching Model Approach with Jumps Applied to Natural Gas Futures Prices

    Directory of Open Access Journals (Sweden)

    Daniel Leonhardt

    2017-09-01

    Full Text Available Energy commodities and their futures naturally show cointegrated price movements. However, there is empirical evidence that the prices of futures with different maturities might have, e.g., different jump behaviours in different market situations. Observing commodity futures over time, there is also evidence for different states of the underlying volatility of the futures. In this paper, we therefore allow for cointegration of the term structure within a multi-factor model, which includes seasonality, as well as joint and individual jumps in the price processes of futures with different maturities. The seasonality in this model is realized via a deterministic function, and the jumps are represented with thinned-out compound Poisson processes. The model also includes a regime-switching approach that is modelled through a Markov chain and extends the class of geometric models. We show how the model can be calibrated to empirical data and give some practical applications.

  10. Accelerated Reduction in \\(SO_2\\) Emissions from the U.S. Power Sector Triggered by Changing Prices of Natural Gas

    OpenAIRE

    Wu, Gang; McElroy, Michael Brendon; Lu, Xi; Nielsen, Chris

    2012-01-01

    Emissions of sulfur dioxide (\\(SO_2\\)) from the U.S. power sector decreased by 24% in 2009 relative to 2008. The Logarithmic Mean Divisia Index (LMDI) approach was applied to isolate the factors responsible for this decrease. It is concluded that 15% of the decrease can be attributed to the drop in demand for electricity triggered by the economic recession, and 28% can be attributed to switching of fuel from coal to gas responding to the decrease in prices for the latter. The largest factor i...

  11. Liberation play : technology and prices help release shale gas from unconventional status

    International Nuclear Information System (INIS)

    Roche, P.

    2006-01-01

    Shale gas production is set to increase in Canada. The British Columbia (BC) Oil and Gas Commission has approved more than 20 blocks of potential shale lands as experimental scheme areas targeting Cretaceous-age and Devonian-age shales. The BC government is currently working on a royalty scheme to benefit shale gas producers by allowing them to defer the bulk of the royalty collection until projects have reached a certain economic payout point. Interest in unconventional gas has spawned activity in previously unexplored areas of BC. Coals and shales are currently being evaluated near the community of Hudson's Hope, which has an estimated 1.8 tcf of shale gas. Canadian Spirit Resources Inc., who have leased the land, are now focusing on optimizing production processes to improve the economics of shale gas recovery. In Saskatchewan, shale gas exploration is occurring in the central region of the province, far from existing oil and gas production. PanTerra Resources Corp. has recently drilled 16 wells on its Foam Lake project, and detailed core and log analyses are being conducted to improve the understanding of the lithology and rock fabric and allow the company to design completion and stimulation programs. Stealth Ventures Ltd. is concentrating on developing the tight, biogenic Colorado Shale, which extends from Manitoba to the foothills of Alberta. Because of the shallow depths, the initial drilling costs are lower for biogenic gas than for thermogenic gas. Success will depend on the right drilling and completion methods. Junior explorers are also exploring for shale gas in an area straddling the St. Lawrence River between Quebec City and Montreal. Several large companies are examining the economic potential of shale gas production throughout North America. It was concluded that oil and gas operators are becoming more confident that domestic shale gas resources will be cheaper in future than imported liquefied natural gas (LNG), which requires special ships

  12. Long-term trends in US gas supply and prices: 1993 edition of the GRI baseline projection of US energy supply and demand to 2010

    International Nuclear Information System (INIS)

    Woods, T.J.

    1993-03-01

    A Summary of the gas supply outlook in the 1993 Edition of the GRI Baseline Projection of U.S. Energy Supply and Demand, adopted as a major input to the planning cycle of the 1994 research and development program, is presented. Significant changes were made in developing the gas supply and price trends for the 1993 edition of the projection. The GRI Hydrocarbon Model was expanded to include the Canadian hydrocarbon resource base. Thus, Canadian and lower-48 gas production and prices were developed on a fully integrated basis in the 1993 projection. The lower-48 hydrocarbon resource estimate was increased, reflecting the results of the recent National Petroleum Council gas study and ongoing GRI resource work. The effects of new technology and practice on drilling costs and exploration efficiency were included for the first time. Appendices include comparisons of supply and price trends

  13. In Situ Raman Spectroscopic Observations of Gas-Saturated Rising Oil droplets: Simulation with Decane as an Oil-Equivalent Substitute

    Science.gov (United States)

    Peltzer, E. T.; Walz, P. M.; Brewer, P. G.

    2016-02-01

    Oil droplets rising from the sea floor, whether from seeps or well leakage, contain very large quantities of dissolved gas that profoundly affects their density and critical oil-water interfacial characteristics. The primary dissolved gas is methane which may be up to 30% of the molar volume. This can create a hydrate skin as the methane gas is shed from the oil as it rises through the water column, thus decreasing in pressure and increasing in temperature, and steadily changing the rising droplet buoyancy. We have explored this phenomenon by executing controlled ROV based experiments with a "bubble cup" technique in which a small volume of gas saturated decane (saturated with pure methane, a mix of methane and nitrogen , or a mix of methane and CO2) is interrogated by laser Raman spectroscopy. The use of decane as an oil "substitute" is required since natural oil samples are highly fluorescent due to the presence of polycyclic aromatic hydrocarbons. We have devised Matlab techniques for extracting the spectroscopic dissolved methane signal from the thicket of decane peaks that surround it. We have directly observed the rate at which gases are lost from the "oil" per unit area at depths in the water column that are both within and outside the hydrate forming phase boundary. We have compared the behavior of both a non-hydrate forming dissolved gas (nitrogen) with CO2 where the hydrate phase boundary is at significantly shallower depth. The results indicate complex interfacial behavior and physical chemistry. We did not observe direct gas bubble formation on the decane outer surface but did observe gas bubble formation within the oil droplets as they rose through the water column. Because there are significant energy barriers for homogeneous bubble formation within the decane phase, we took this as evidence of significant gas super-saturation within the oil droplet. The gas loss rates increased significantly in all cases when the hydrate phase boundary was crossed.

  14. Developments in Global Food Prices

    OpenAIRE

    Vanessa Rayner; Emily Laing; Jamie Hall

    2011-01-01

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

  15. Regulated prices: for how long more?

    International Nuclear Information System (INIS)

    Pauron, M.

    2008-01-01

    Does a government has to intervene in a liberalize market? Between the purchasing power of consumers, the rise of raw materials price and the opening of markets, each announcement by the French government of an increase of the tariffs of Gaz de France (GDF: the historical French gas utility) irritates the ones and the others: the consumer considers it as another attack to its purchasing power, while the gas operators, GDF and its competitors, consider that the gas prices remain below the market prices, does not reflect the real increase of costs, and disturbs the good operation of the competitive market. This paper put the question of what must be the position of a government in a de-regulated energy market in order to implement sustainable economic measures and protect the low-income consumers. (J.S.)

  16. Energy at what price? Energy markets

    International Nuclear Information System (INIS)

    Favennec, J.P.; Amic, E.; Darmois, G.

    2006-01-01

    In 2005, the whole world had to stand a real energy shock due to the rise of oil, gas and electricity prices. The perspective of a possible shortage, even at the prospect of several decades, has led to a deep change of the world energy market. In this context, this book supplies a clear and didactical presentation of the mechanisms of petroleum, gas and electricity markets, with their advantages and limitations. At the time of a globalization of economy, the book analyzes the consequences of markets deregulation on the energy prices and tries to answer several main questions: why such a price volatility? Who will take the risk of investing now? Will the energy actors of the present day concentration be in a dominating position? Content: 1 - energy, markets and energy markets; 2 - crude oil and petroleum product markets; 3 - gas markets; 4 - electric power markets; 5 - perspectives. Glossary. Index. (J.S.)

  17. Convergence of European spot market prices for natural gas. A Real-Time Analysis of market integration using the Kalman filter

    International Nuclear Information System (INIS)

    Siliverstovs, Boriss; Neumann, Anne

    2005-01-01

    This paper provides a textbook example of an econometric analysis of the integration between two commodity markets and the subsequent price convergence or absence thereof. We analyze price relations between spot markets for natural gas in Europe. The European market for natural gas is currently undergoing a liberalization process with the aim of creating a single, unified market. We use time-varying coefficient estimation models, applying the Kalman filter to test whether price convergence between different locations is really taking place. Our results reveal that the construction of a pipeline between the UK and Zeebrugge (Belgium) has lead to almost perfect price convergence between theses locations; on the other hand, liberalization on the European continent does not seem to be working so far. (Author)

  18. Detailed analysis of costs of historical providers to be taken into account in natural gas regulated prices from the 1 July 2017. Report, 24 May 2017

    International Nuclear Information System (INIS)

    2017-01-01

    This publication first proposes an analysis of Engie costs regarding gas sale regulated prices. This comprises a presentation of the Engie cost structure, an analysis of coverage of costs by sales incomes, a presentation of supply costs and conditions for Engie, an analysis of supply-excluded provisional costs (distribution costs, transport costs, storage costs, commercial costs). The second part proposes a brief cost analysis for 5 other historical providers regarding regulated prices

  19. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  20. Environmental policy, fuel prices and the switching to natural gas in Santiago, Chile

    International Nuclear Information System (INIS)

    Coria, Jessica

    2009-01-01

    In this study I analyzed the role of environmental policies and energy cost savings on the pattern of switching to natural gas by stationary sources in Chile. According to the data most of the switching was induced by the lower cost of natural gas, although environmental policies played a small role and showed that sources were more sensitive to the cost of energy than to the environmental regulation. (author)

  1. The importance of marginal cost electricity pricing to the success of greenhouse gas reduction programs

    International Nuclear Information System (INIS)

    Friedman, Lee S.

    2011-01-01

    The efficient reduction of GHG emissions requires appropriate retail pricing of off-peak electricity. However, off-peak electricity for residential consumers is priced at 331% above its marginal cost in the United States as a whole (June 2009). Even for the 1% of residences that are on some form of time-of-use (TOU) rate schedule, the off-peak rate is almost three times higher than the marginal cost. A barrier to marginal-cost based TOU rates is that less than 9% of U.S. households have the 'smart' meters in place that can measure and record the time of consumption. Policies should be put in place to achieve full deployment. Another important barrier is consumer concern about TOU rate design. Two TOU rate designs (baseline and two-part tariff) are described that utilize marginal-cost based rates, ensure appropriate cost recovery, and minimize bill changes from current rate structures. A final barrier is to get residences on to these rates. Should a marginal-cost based TOU rate design remain an alternative for which residences could 'opt-in,' or become the default choice, or become mandatory? Time-invariant rates are a historical anachronism that subsidize very costly peak-period consumption and penalize off-peak usage to our environmental detriment. They should be phased out. - Highlights: → Off-peak electricity for residences is priced at 331% above marginal cost in the US. → This inefficiently deters vehicle electrification that could reduce GHG emissions. → 9% of U.S. households have the 'smart' meters necessary for time-of-use rates. → Time-invariant rates cause substantial environmental harm and should be phased out.

  2. Economical efficiency of bio energy as the level of prices in the agricultural sector rises; Wirtschaftlichkeit der Bioenergie bei steigendem Agrarpreisniveau

    Energy Technology Data Exchange (ETDEWEB)

    Heilmann, Hubert [Landesforschungsanstalt fuer Landwirtschaft und Fischerei Mecklenburg-Vorpommern, Guelzow (Germany). Inst. fuer Pflanzenproduktion und Betriebswirtschaft

    2013-10-01

    The food versus fuel debate is still of high social relevance. Changes to the framework conditions can have serious consequences for the profitability and the raw material supply of bioenergy plants. With the German Renewable Energy Act (EEG) economic incentives were created in the past to expand the growing of renewable raw materials on arable land for the production of biogas as well as for combined heat and power generation. In the meantime, agricultural prices have developed very dynamically; there can currently hardly be any talk of excessive promotion by the EEG. Taking into account the opportunity cost of agricultural/and use, from the perspective of the grower raw material prices which call into question the profitable supply of biogas plants are sometimes necessary - even for maize, the most important and efficient field fodder. The expiration of long-term supply agreements can lead to supply shortages, especially for biogas plants that do not belong to farms. (orig.)

  3. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

    textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms.

  4. Economic assessment of solar and conventional biomass gasification technologies: Financial and policy implications under feedstock and product gas price uncertainty

    International Nuclear Information System (INIS)

    Nickerson, Thomas A.; Hathaway, Brandon J.; Smith, Timothy M.; Davidson, Jane H.

    2015-01-01

    Four configurations of a novel solar-heated biomass gasification facility and one configuration of conventional biomass gasification are analyzed through financial and policy scenarios. The purpose of this study is to determine the potential financial position for varying configurations of a novel technology, as compared to the current state-of-the-art gasification technology. Through the use of project finance and policy scenario development, we assess the baseline breakeven syngas price (normalized against natural gas prices and based upon annual feedstock consumption), the sensitivity of major cost components for the novel facilities, and the implications of policy levers on the economic feasibility of the solar facilities. Findings show that certain solar configurations may compete with conventional facilities on a straightforward economic basis. However, with renewable energy policy levers in place the solar technologies become increasingly attractive options. - Highlights: • We model four solar and one conventional biomass gasification systems. • We assess economic feasibility of these systems with and without policy incentives. • Solar facilities compete with the conventional system in certain scenarios. • Feedstock costs are the largest contributor to system cost sensitivity. • Policy incentives create an economically favorable scenario for solar facilities

  5. Characteristics of DC electrical braking method of the gas circulator to limit the temperature rise at the heat transfer pipes in the HTTR

    International Nuclear Information System (INIS)

    Kawasaki, K.; Saito, K.; Iyoku, T.

    2001-01-01

    In the safety evaluation of a High Temperature Engineering Test Reactor (HTTR), it must be confirmed that the core has no chance to be damaged and the barrier against the FP release is designed properly not to be affecting the influence of radiation around the reactor site. Especially the maximum temperature of the reactor pressure boundary such as the heat transfer pipes of pressurized water cooler (PWC) must not exceed the permissible values under an anticipated accident such as pipe of rupture in PWC. A requirement for the gas circulator which circulates helium gas in the primary cooling line and the secondary cooling line, is to be braked within 10 seconds by an electrical braking method after the HTTR reactor has scrammed under the accident in PWC. The reason is that the temperature rise of the heat transfer pipe at PWC has to be suppressed when the gas circulator has stopped, the revolution of the gas circulator decreases like the free coast down so that it takes about 90 seconds to be zero and the temperature rise of the pipe in the PWC exceeds the permissible value. By braking within 10 secs., the temperature of the pipe in the PWC reaches about 368 deg. C, less than the permissible value. Using a simplified equivalent circuit of an induction motor, braking time analysis was performed with obtained electrical resistance and inductance. The obtained braking time is about 10 secs., showing close agreement with analysis values. (author)

  6. The concept of a new natural gas price policy in Bulgaria

    International Nuclear Information System (INIS)

    Goshev, P.

    1996-01-01

    Development of the gas industry is an important issue in the energy policy in Bulgaria. It is based on a long term strategy based on available natural resources, geopolitical considerations, regional development an international co-operation. Current political and economic situation and a market based transition of the economy exert the key influence on the strategy. Regardless the mentioned, it is obvious that there is a desire to use relevant world experience, which opens up the possibility of a quick integration in the European energy market

  7. Three essays on access pricing

    Science.gov (United States)

    Sydee, Ahmed Nasim

    access pricing with congestion and in which investments in infrastructure are lumpy. To fix ideas, the model is formulated in the context of airport infrastructure investments, which captures both the element of congestion and the lumpiness involved in infrastructure investments. The optimal investment program suggests how many units of capacity should be installed and at which times. Because time is continuous in the model, the discounted cost -- despite the lumpiness of capacity additions -- can be made to vary continuously by varying the time a capacity addition is made. The main results that emerge from the analysis can be described as follows: First, the global demand for air travel rises with time and experiences an upward jump whenever a capacity addition is made. Second, the access price is constant and stays at the basic level when the system is not congested. When the system is congested, a congestion surcharge is imposed on top of the basic level, and the congestion surcharge rises with the level of congestion until the next capacity addition is made at which time the access price takes a downward jump. Third, the individual demand for air travel is constant before congestion sets in and after the last capacity addition takes place. During a time interval in which congestion rises, the individual demand for travel is below the level that prevails when there is no congestion and declines as congestion worsens. The third essay contains a model of access pricing for natural gas transmission pipelines, both when pipeline operators are regulated and when they behave strategically. The high sunk costs involved in building a pipeline network constitute a serious barrier of entry, and competitive behaviour in the transmission pipeline sector cannot be expected. Most of the economic analyses of access pricing for natural gas transmission pipelines are carried out from the regulatory perspective, and the access price paid by shippers are cost-based. The model formalized

  8. Greenhouse gas emissions from solid waste in Beijing: The rising trend and the mitigation effects by management improvements.

    Science.gov (United States)

    Yu, Yongqiang; Zhang, Wen

    2016-04-01

    Disposal of solid waste poses great challenges to city managements. Changes in solid waste composition and disposal methods, along with urbanisation, can certainly affect greenhouse gas emissions from municipal solid waste. In this study, we analysed the changes in the generation, composition and management of municipal solid waste in Beijing. The changes of greenhouse gas emissions from municipal solid waste management were thereafter calculated. The impacts of municipal solid waste management improvements on greenhouse gas emissions and the mitigation effects of treatment techniques of greenhouse gas were also analysed. Municipal solid waste generation in Beijing has increased, and food waste has constituted the most substantial component of municipal solid waste over the past decade. Since the first half of 1950s, greenhouse gas emission has increased from 6 CO2-eq Gg y(-1)to approximately 200 CO2-eq Gg y(-1)in the early 1990s and 2145 CO2-eq Gg y(-1)in 2013. Landfill gas flaring, landfill gas utilisation and energy recovery in incineration are three techniques of the after-emission treatments in municipal solid waste management. The scenario analysis showed that three techniques might reduce greenhouse gas emissions by 22.7%, 4.5% and 9.8%, respectively. In the future, if waste disposal can achieve a ratio of 4:3:3 by landfill, composting and incineration with the proposed after-emission treatments, as stipulated by the Beijing Municipal Waste Management Act, greenhouse gas emissions from municipal solid waste will decrease by 41%. © The Author(s) 2016.

  9. 77 FR 14041 - Major Portion Prices and Due Date for Additional Royalty Payments on Indian Gas Production in...

    Science.gov (United States)

    2012-03-08

    ... index zone pricing. We approved the Ute Indian Tribe's request; therefore, you must value production... due date for industry to pay additional royalties based on the major portion prices. This notice... additional royalties based on the major portion prices is May 7, 2012. FOR FURTHER INFORMATION CONTACT: John...

  10. The world economy: Its impact on the gas processing industry

    International Nuclear Information System (INIS)

    Teleki, A.

    1994-01-01

    Gas processors are in the business of extracting C 2-7 hydrocarbons from natural gas streams and converting them to commercial grade gas liquids, valued at or slightly below oil product prices. If the margin of oil prices over gas prices is higher, the gas processing business is more profitable. An approximate index of profitability is the ratio of the price of a bbl of oil divided by the price of a million Btu of gas (the oil-gas ratio). Since the mid-1980s, by which time both the oil and gas markets had been largely deregulated, the oil-gas ratio fluctuated in the 10-12 range then peaked to over 15 in 1990-91. The recent fall in oil prices has driven the ratio to historically low levels of 6-7, which leads to gas processors curtailing ethane recovery. Various aspects of the world economy and the growth of oil consumption are discussed to forecast their effect on gas processors. It is expected that oil demand should grow at least 4% annually over 1994-98, due to factors including world economic growth and low energy prices. Oil prices are forecast to bottom out in late 1995 and rise thereafter to the mid-20 dollar range by the end of the 1990s. A close supply-demand balance could send short-term prices much higher. Some widening of the gas-oil ratio should occur, providing room for domestic natural gas prices to rise, but with a lag. 8 figs

  11. Oil prices and the stock prices of alternative energy companies

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

    Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)

  12. What justifies the lack of alignment between natural gas and crude oil prices in the period 2006-2007; O que justifica o deslocamento entre os precos do gas natural e do petroleo no periodo 2006-2007

    Energy Technology Data Exchange (ETDEWEB)

    Abreu, Ana Lucia Vahia de; Pinelli, Marcelo Santos

    2008-07-01

    The objective of the work is to show that the mismatch between Brent and Henry Hub in the period 2006-2007 is mainly due to the local characteristics of natural gas market. After the beginning of 2008, the price of Henry Hub is increasing and returning to the long term relationship (nonlinear) with Brent. Even with local features, the natural gas market tends to be a market of tradable goods. (author.

  13. Accelerated reduction in SO₂ emissions from the U.S. power sector triggered by changing prices of natural gas.

    Science.gov (United States)

    Lu, Xi; McElroy, Michael B; Wu, Gang; Nielsen, Chris P

    2012-07-17

    Emissions of sulfur dioxide (SO(2)) from the U.S. power sector decreased by 24% in 2009 relative to 2008. The Logarithmic Mean Divisia Index (LMDI) approach was applied to isolate the factors responsible for this decrease. It is concluded that 15% of the decrease can be attributed to the drop in demand for electricity triggered by the economic recession, and 28% can be attributed to switching of fuel from coal to gas responding to the decrease in prices for the latter. The largest factor in the decrease, close to 57%, resulted from an overall decline in emissions per unit of power generated from coal. This is attributed in part to selective idling of older, less efficient coal plants that generally do not incorporate technology for sulfur removal, and in part to continued investments by the power sector in removal equipment in response to the requirements limiting emissions imposed by the U.S. Environmental Protection Agency (U.S. EPA). The paper argues further that imposition of a modest tax on emissions of carbon would have ancillary benefits in terms of emissions of SO(2).

  14. 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

  15. 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.

  16. Gas Control and Thermal Modeling Methods for Pressed Pellet and Fast Rise Thin-Film Thermal Batteries

    Science.gov (United States)

    2015-09-01

    high operating battery case temperatures. Acceptable hermetic seals for thermal batteries ordinarily use laser welding , tungsten inert gas ( TIG ...20 Fig. 16 Sierra TABS Internal Plotter – Final pre- processing step for Low Cost Competent Munition (LCCM) thermal battery (battery shown drawn to...of experimental and DOE statistical methods. Such studies could be used to identify 2 electrochemical and thermodynamic processes that occur

  17. Gas and electricity providers. Offensive of alternate providers, launching of green offers, price-based conquest: which perspectives for the market and the competitive game by 2019?

    International Nuclear Information System (INIS)

    2017-02-01

    As the end of regulated tariffs for industries and local communities resulted in a total new deal on the electric power and gas providing market, notably with newcomers who decided to cut prices, this study aims at identifying actual perspectives for the power and gas markets by 2019, and actual levers of action for providers to gain market shares. After a synthesis and a proposal of some strategic conclusions, the report proposes an analysis of the activity and of its perspectives: determining factors, overview of the activity until 2016 (power and gas provisions in France, production and consumption prices for gas and for electric power, regulated tariffs), and provisional scenario by 2019 regarding electricity and gas provisions in France. A second part analyses the external environment through a discussion of external drivers and brakes, and an analysis of demand. The third part reports an analysis of the competitive landscape (market shares per strategic groups, in power providing and in gas providing, and switch rate between residential and non-residential customers). The last part addresses development axes and proposes a discussion of offensive conquest strategies, a discussion of actor positioning on green energies, a discussion of supply adaptation and targeting depending on customers with an analysis of three specific segments (mobility, data centres, and self-consumption), and a discussion of the diversification of services

  18. 1988 coal price negotiation

    Energy Technology Data Exchange (ETDEWEB)

    Senmura, Akira

    1988-12-01

    In the negotiation on raw coal price for 1988, which began at the end of 1987, Australia requested price rise of 4 - 5 dollars for the reason of rise of Australian dollars, conditions of mines, price drop in the past five years, and world supply/demand of coal. Japan insisted to maintain the price of preceding year. The talk ended in a dead lock which could last a long time. Negotiation on the Canadian coal price also encountered difficulties but an agreement was obtained in March as Japan accepted the increased price. After which, Japan and Australia agreed to raise the price by 2.90 dollars and an increase over last year. Producing countries also requested a wide price rise as 7.50 dollars for general coal, making in this area very difficult to progress. Finally, they agreed to raise the price by 6.30 dollars and the electric power utility in Japan responded by importing of U.S. coal, which has a lower heat output but is also cheaper. It depends on Australia for 70% of coal supply but started to diversify the source. 3 tabs.

  19. Does oil move equity prices? A global view

    International Nuclear Information System (INIS)

    Nandha, Mohan; Faff, Robert

    2008-01-01

    Many studies indicate that oil price shocks have an adverse effect on real output and, hence, an adverse effect on corporate profits where oil is used as a key input. The present study examines whether and to what extent the adverse effect of oil price shocks impacts stock market returns. To this end we, analyse 35 DataStream global industry indices for the period from April 1983 to September 2005. Our findings indicate that oil price rises have a negative impact on equity returns for all sectors except mining, and oil and gas industries. Generally, these results are consistent with economic theory and evidence provided by previous empirical studies. Little evidence of any asymmetry is detected in the oil price sensitivities. In light of our findings, we recommend that international portfolio investors consider hedging oil price risk. (author)

  20. Historical Consumption of Heating Natural Gas and Thermal Monitoring of a Multifamily High-Rise Building in a Temperate/Cold Climate in Argentina

    Directory of Open Access Journals (Sweden)

    Celina Filippín

    2012-12-01

    Full Text Available This paper analyzes the historical consumption of natural gas in a multifamily high-rise building and the monitored winter thermal behavior of an apartment sample. The building is located in the center of Argentina (latitude: 36º27’S; longitude: 64º27’W, where the climate is a cold temperate with an absolute minimum temperature that may reach −10 °C. The building has two blocks, North and South. The building’s annual gas consumption and its variability between 1996 and 2008 are shown. The South block consumed 78% more gas, a situation expected due to lower solar resource availability and greater vulnerability regarding strong and cold SW winds. Indoor temperatures monitored during 2009 in four apartments are described. The outdoor minimum temperature reached −5 °C, with solar irradiance around 500 W/m2 at midday. Results showed that the average indoor temperatures were 20.1, 20.6, 24.0 and 22.1 °C. The highest consumption value corresponded to the apartment exposed to SW cold winds. Compared to the rest of the building, the apartment on the top floor consumes 59% more energy than the average for the gas consumed throughout the year. The authors assume that the energy potentials of intervention are different, and not necessarily all the apartments should have the same technological response.

  1. Energy markets and price relations

    International Nuclear Information System (INIS)

    Bergendahl, P.A.

    1986-10-01

    The aim of the report is to elucidate the way and extent of the dependence of the price of different energy species of one another and particularly of crude oil prices. Oil, coal and natural gas can substitute each other at many applications. The prices are dependent on mining, processing and transporting. Forecasting of prices and future trends are discussed

  2. Experimental investigation of temperature rise in bone drilling with cooling: A comparison between modes of without cooling, internal gas cooling, and external liquid cooling.

    Science.gov (United States)

    Shakouri, Ehsan; Haghighi Hassanalideh, Hossein; Gholampour, Seifollah

    2018-01-01

    Bone fracture occurs due to accident, aging, and disease. For the treatment of bone fractures, it is essential that the bones are kept fixed in the right place. In complex fractures, internal fixation or external methods are used to fix the fracture position. In order to immobilize the fracture position and connect the holder equipment to it, bone drilling is required. During the drilling of the bone, the required forces to chip formation could cause an increase in the temperature. If the resulting temperature increases to 47 °C, it causes thermal necrosis of the bone. Thermal necrosis decreases bone strength in the hole and, subsequently, due to incomplete immobilization of bone, fracture repair is not performed correctly. In this study, attempts have been made to compare local temperature increases in different processes of bone drilling. This comparison has been done between drilling without cooling, drilling with gas cooling, and liquid cooling on bovine femur. Drilling tests with gas coolant using direct injection of CO 2 and N 2 gases were carried out by internal coolant drill bit. The results showed that with the use of gas coolant, the elevation of temperature has limited to 6 °C and the thermal necrosis is prevented. Maximum temperature rise reached in drilling without cooling was 56 °C, using gas and liquid coolant, a maximum temperature elevation of 43 °C and 42 °C have been obtained, respectively. This resulted in decreased possibility of thermal necrosis of bone in drilling with gas and liquid cooling. However, the results showed that the values obtained with the drilling method with direct gas cooling are independent of the rotational speed of drill.

  3. The criteria for setting the natural gas reference price for purposes of government take calculation; Os criterios para fixacao do preco de referencia do gas natural para fins de calculo das participacoes governamentais

    Energy Technology Data Exchange (ETDEWEB)

    Lima, Flavio Augusto Pimentel de; Rosa, Renata Gualberto Cordeiro [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The Petroleum Law states that the concession contract will also have provisions regarding the government takes established by the bid tender. However, the criteria for calculating the value of Royalties are set forth in the Decree 2.705/98, enacted to set such criteria, taking into account the volumes of production and the reference prices for oil and natural gas. The following aspects are analyzed in this paper: the method for calculating the volumes subject to the impact of Royalties; definition of the reference price for natural gas, the general rule for setting up the reference price in case the sale was made at market price; the special rule in case the sale was not made on a market basis, in case there is no sale or in case of breach of the conditions set in that Decree; and the settlement of the reference price in situations where only part of the volumes produced are sold on contracts that meet the requirements of the Decree. In conclusion the problems caused by gaps in legislation will be highlighted, particularly with regard to concessions granted to consortia as well as the inconsistencies between the applicable legislation, which may provide different analysis, including by the ANP, according to the features of each case. (author)

  4. Rent distribution effect of a price reduction in the Dutch gas transport market. A scenario analysis of regulatory policy, market form and rent allocation

    International Nuclear Information System (INIS)

    Van Witteloostuijn, A.; Brakman, S.; Van Marrewijk, C.

    2005-09-01

    As part of the larger energy market deregulation program, the Dutch Office of Energy Regulation (DTe) has developed the habit to force the Dutch gas transport enterprise (Gas Transport Services GTS) to lower its prices. In this report, we simulate the welfare effects of a five per cent transport price reduction. DTe's key argument is that lower gas transport prices will benefit the end-user. Indeed, that might well be the case. However, at least three observations complicate matters substantially: Observation 1: government ownership. GTS is government -owned, and the dominant shipper (Gasunie Trade and Supply) is partly so (50 %). Hence, lost revenues from the gas transport business will all emerge at the debit side of the government's budget, and part of the shippers' rent returns in the government's pockets. Observation 2: imperfect competition. Firms enter into the competitive game to make profits. Shippers are not different. So, apart from in the extreme case of perfect competition (or, more generally, perfect contestability), part of the rents will end up in the pockets of the shippers, rather than the endconsumers. Observation 3: rent export. The Netherlands are not an isolated island in the European gas ocean. Not only is the majority of gas transported in the Netherlands exported to foreign end-users, but apart from that have foreign owners a large stake in Dutch shippers. As a result, given the fact that the Dutch industry is not autarktic, part of the rents will always be distributed, or will always 'leak' away, to foreign consumers and shippers (or their shareholders). These three observations together have three important implications. First, state ownership implies that much rent allocation is simply a matter of circulating money from one government sub-budget to the other (Observation 1). Second, given that the industry is imperfectly competitive, part of the rents will not be passed on to the endconsumers (Observation 2). Third, it is unavoidable

  5. Welfare distribution effect of a price reduction in the Dutch gas transport market: A scenario analysis of regulatory policy, market form and rent allocation

    International Nuclear Information System (INIS)

    Van Witteloostuijn, Arjen; Van Marrewijk, Charles

    2007-01-01

    As part of the larger energy market deregulation program, the Dutch energy authority - DTe - has developed the habit to force the Dutch gas transport enterprise - Gas Transport Services, or GTS - to lower its prices. DTe's key argument is that lower gas transport prices will benefit the end-user. Indeed, that might well be the case. This policy, in general, is in line with European legislation on the liberalization of the gas market. We model and simulate the (domestic) welfare effects of a 5 percent transport price reduction. From this, we conclude that at least three observations complicate matters substantially. First, GTS is government-owned, and the dominant shipper - Gasunie Trade and Supply (or GasTerra, as it was recoined recently) - is partly so (50%). Second, shippers enter into the competitive game to make profits. Third, not only is the majority of gas transported in the Netherlands exported to foreign end-users, but also foreign owners have a large stake in Dutch shippers. As a result, part of the rents will always be distributed, or will 'leak' away, to foreign consumers and shippers (or their shareholders). These three observations together have three important implications. First, state ownership implies that much rent allocation is simply a matter of circulating money from one government sub-budget to the other. Second, given that the industry is imperfectly competitive, part of the rents will not be passed on to the end-consumers. Third, it is unavoidable that a substantial part of the rents are transferred abroad. A general conclusion for policy-makers is that market liberalization might not bring ex post what they expected ex ante. (author)

  6. An essay pertaining to the supply and price of natural gas as fuel for electric utilities and independent power producers; and, the related growth of non-utility generators to meet capacity shortfalls in the next decade

    International Nuclear Information System (INIS)

    Clements, J.R.

    1990-01-01

    This paper addresses the impact natural gas and petroleum prices have on how the electric power industry decides to meet increasing demand for electric power. The topics of the paper include the pricing impact of the Iraq-Kuwait conflict, the BTU parity argument, electric utility capacity shortfalls in 1993, the growth of the non-utility generator and the independent power developer market, natural gas as the desired fuel of the decade, the financial strategy in acquiring natural gas reserves, the cost and availability of natural gas supplies for non-utility generators, and the reluctance of the gas producers to enter long term contracts

  7. Measuring the influence of Canadian carbon stabilization programs on natural gas exports to the United States via a 'bottom-up' intertemporal spatial price equilibrium model

    International Nuclear Information System (INIS)

    Gabriel, S.A.; Vikas, S.; Ribar, D.M.

    2000-01-01

    In this paper, we present the results of a study of the impact of Canadian carbon stabilization programs on exports of natural gas to the United States. This work was based on a study conducted for the US Environmental Protection Agency. The Gas Systems Analysis model (GSAM), developed by ICF Consulting for the US Department of Energy, was used to gauge the overall impact of the stabilization programs on the North American natural gas market. GSAM is an intertemporal, spatial price equilibrium (SPE) type model of the North American natural gas system. Salient features of this model include characterization of over 17 000 gas production reservoirs with explicit reservoir-level geologic and economic information used to build up the supply side of the market. On the demand side, four sectors, residential, commercial, industrial and electric power generation, are characterized in the model. Lastly, both above and below ground storage facilities as well as a comprehensive pipeline network are used with the supply and demand side characterizations to arrive at estimates of market equilibrium prices and quantities and flows. 35 refs

  8. The growth of energy consumption and prices in the USA, West Germany, and the UK, 1950 to 1980

    Science.gov (United States)

    Doblin, C. P.

    1982-05-01

    The relationship between energy price and consumption was studied, especially reactions to oil price rises in the 1970's. Industrial, domestic, and road transportation energy consumption were examined. Until 1973, consumption rose steadily, while the inflation-adjusted price dropped. Immediate reaction to the two large price rises was a drop in consumption, but overall consumption continued to grow when the growth in total energy consumption was reversed. This change is due to adverse business conditions, displacement of coal by oil, oil by gas, and mineral fuels by electricity in given sectors, switches to less energy intensive activities, a change in the mix of gross national products, and weather conditions, as well as by price rises. Energy conservation measures had little impact.

  9. Short-term Canadian natural gas deliverability 2006-2008 : an energy market assessment

    International Nuclear Information System (INIS)

    2006-10-01

    This report presented an assessment of the expected capability of Canadian gas production through to the year 2008. Strong natural gas prices have led to record drilling levels in Canada's natural gas industry. North American natural gas prices reached a peak near the end of 2005. The rise in prices during 2005 reflected high world crude oil prices, a tight balance between natural gas supply and demand, and disruptions to United States gas supply from 2 hurricanes. In response to rising prices, western Canada drilling activity achieved new highs in early 2006. Higher drilling rates also reflected rising costs for key inputs of steel, fuel, and labour. Gas prices have since softened due to a storage overhang resulting from a mild winter. The combination of rising costs and softening prices has impacted margins for Canadian gas producers. In response, some producers have reduced drilling expansion plans in coalbed methane (CBM) and shallow gas plays in the Western Canadian Sedimentary Basin (WCSB). Increases in deeper gas drilling have been maintained. Total gas drilling for 2006 is expected to rise by 3 per cent compared to 2005. The report projected a small increase in Canada's total annual gas production from 484 million m 3 /d in 2005 to 491 million m 3 /d in 2008. Annual average deliverability of conventional gas is expected to decline slightly over the projection period. The decrease is expected to be more than offset by growth in CBM production in western Canada, which is expected to increase from 8 million m 3 /d in 2005 to 27 million m 3 /d in 2008. 5 tabs., 5 figs

  10. Velocity of a single gas plug rising through a particle-gas-liquid three-phase flow (In the case that particles updrift in a stagnant liquid column)

    International Nuclear Information System (INIS)

    Koizumi, Yasuo; Shimada, Jun; Ohtake, Hiroyasu

    1999-01-01

    The velocity of a single air plug rising through a stagnant water column in a pipe with updrifting particles has been examined at atmospheric pressure and room temperature. The particles used were polymer balls with a diameter of 3.18 mm and a density of 0.835 x 10 -3 kg/m 3 . The water velocity in a film around the plug and a wake region behind the plug was measured by a laser Doppler velocimeter. The thickness of the film was also measured with a dye-fluoresce-method by a laser ray. When the updrifting particles were introduced, the rising velocity of the plug became fast a little. However, the velocity was considerably slower than that in the falling particle case and independent on the particle introduction rate. The film around the plug was thicker a little than that in the no particle case, however considerably thinner than that in the falling particle case. The water velocity in the film around the plug was slower a little than that in the no particle case, and not dependent on the particle introduction rate contrary to that in the falling particle case. The vortex size behind the plug was almost the same as that in the no particle case although the vortex region was spread downward in the falling particle case. (author)

  11. Current developments on the coal and gas markets and their retroactive effects on the Merit Order

    International Nuclear Information System (INIS)

    Hecking, Harald; Cam, Eren; Schoenfisch, Max; Schulte, Simon

    2017-01-01

    Coal and gas continue to play a significant role in the European power generation system, especially in Germany. According to the AG energy balances, the share of hard coal in German gross electricity generation in 2016 was 17.2% and natural gas 12.4%. In addition to the CO 2 price, the prices for steam coal and natural gas are a key factor in determining which gas or coal power station is in Merit Order and whether it comes to a fuel switch. Declining gas prices have been rising sharply since the middle of 2016, and the volatile prices for steam coal have been rising. This article discusses the developments and factors responsible for these developments, which could be expected in the near future, and the implications for the gas-coal spread in the electricity market. [de

  12. Removal of volatile iodine from gas bubbles rising in water pools: review and assessment of pool scrubbing codes

    Energy Technology Data Exchange (ETDEWEB)

    Polo, J; Herranz, L E; Peyres, V; Escudero, M [CIEMAT, Nuclear Technology Institute, Madrid (Spain)

    1996-12-01

    During a hypothetical nuclear reactor accident with core damage the fission products released from the degrading fuel bundles often pass through aqueous beds before entering the containment, mitigating in part the source term. Several computer codes have been developed for predicting the fission product and aerosols removal in pool scrubbing scenarios. In addition to particle removal, these codes simulate the retention of some volatile iodine compounds. In this work a review of volatile iodine removal models included in SPARC and BUSCA codes is presented. Besides, the results and discussions of a validation of both codes against the available experimental data are summarized. SPARC and BUSCA codes model the diffusion of iodine toward the bubble interface by using the film penetration theory, which assumes a double layer gas-liquid at the interface. However, there are some differences between the two models, mainly related to the boundary conditions in the aqueous volume for the diffusion of molecular iodine. In SPARC, a set of fast reactions in the liquid phase control both the molecular iodine concentration in the pool and the partition coefficient of iodine at the interface. Thus, the aqueous chemistry plays an important role in the boundary conditions for the diffusion process. On the contrary, the BUSCA model has no chemical considerations at all, and assumes a null iodine concentration in the water bulk. Several sensitivity studies have been made in order to weight the effect of these differences. The variables examined in these studies were the pool temperature and the incoming iodine concentration in the pool. Additionally, sensitivity studies focused on the steam mass fraction of the injected gas were performed to study the effect of the different approach of both models for the condensation process. The results showed a different sensitivity of SPARC and BUSCA to the incoming concentration. (author) 5 tabs., 26 refs.

  13. Removal of volatile iodine from gas bubbles rising in water pools: review and assessment of pool scrubbing codes

    International Nuclear Information System (INIS)

    Polo, J.; Herranz, L.E.; Peyres, V.; Escudero, M.

    1996-01-01

    During a hypothetical nuclear reactor accident with core damage the fission products released from the degrading fuel bundles often pass through aqueous beds before entering the containment, mitigating in part the source term. Several computer codes have been developed for predicting the fission product and aerosols removal in pool scrubbing scenarios. In addition to particle removal, these codes simulate the retention of some volatile iodine compounds. Nonetheless, experimental data on the matter are rather scarce and further validation remains to be done. In this work a review of volatile iodine removal models included in SPARC and BUSCA codes is presented. Besides, the results and discussions of a validation of both codes against the available experimental data are summarized. SPARC and BUSCA codes model the diffusion of iodine toward the bubble interface by using the film penetration theory, which assumes a double layer gas-liquid at the interface. However, there are some differences between the two models, mainly related to the boundary conditions in the aqueous volume for the diffusion of molecular iodine. In SPARC, a set of fast reactions in the liquid phase control both the molecular iodine concentration in the pool and the partition coefficient of iodine at the interface. Thus, the aqueous chemistry plays an important role in the boundary conditions for the diffusion process. On the contrary, the BUSCA model has no chemical considerations at all, and assumes a null iodine concentration in the water bulk. Several sensitivity studies have been made in order to weight the effect of these differences. The variables examined in these studies were the pool temperature and the incoming iodine concentration in the pool. Additionally, sensitivity studies focused on the steam mass fraction of the injected gas were performed to study the effect of the different approach of both models for the condensation process. The results showed a different sensitivity of SPARC

  14. Downstream gas processing opportunities arising from the 1990's quest for a quality environment

    International Nuclear Information System (INIS)

    Geren, P.M.

    1992-01-01

    Over the last several years the former wart on your favorite daughter's nose (gas liquids processing) has become a most cherished body part, to paraphrase 1991 remarks of a U.S. gas processing leader. The dramatic recent spreads between liquids prices and the cost of feedstock natural gas have provided spectacular performance for processors. However, market prices for liquids will probably track petroleum. One day soon natural gas's inherent value will rise to parity with petroleum on a heating value basis. As petroleum demands will probably be flat in the foreseeable term, and natural gas prices will rise, something must be done to preserve gas processors' margins. Radical change in the formulation of U.S. gasoline presents many opportunities for gas processor to diversify into synthesis of upgraded derivatives of natural gas and liquids, which derivatives have high value-added characteristics. Issues relating to the selection of derivatives, the required technology, and capital project considerations are discussed in this paper

  15. Do changing prices portend a shift in fuel consumption, diminished greenhouse gas emissions, and lower fuel tax revenue?

    Science.gov (United States)

    2015-01-01

    The growing uncertainty about oil prices and availability has made long-range transportation planning : more challenging. Rather than relying on trend extrapolation, this study uses market mechanisms to : evaluate key long-range transportation planni...

  16. Rising food prices and household food security

    African Journals Online (AJOL)

    produce),4 which is the case for the majority of South Africans. In South Africa ... Expressed as a proportion of average monthly income, the increase in the cost of .... innovation in food, nutrition and broader agricultural policies. Mieke Faber ...

  17. Oil and natural gas

    International Nuclear Information System (INIS)

    Riddell, C.H.

    1993-01-01

    The natural gas industry and market prospects in Canada are reviewed from a producer's point of view. In the first eight months of 1993, $2.3 billion in new equity was raised for natural gas exploration and production, compared to $900 million in 1991 and $1.2 billion in 1992. The number of wells drilled in the western Canada basin is expected to reach 8,000-9,000 in 1993, up from 5,600 in 1992, and Canadian producers' share of the North American natural gas market will probably reach 20% in 1993, up from 13% in 1986. Potential and proved gas supply in North America is ca 750 trillion ft 3 , of which ca 30% is in Canada. Factors affecting gas producers in Canada are the deregulated nature of the market, low costs for finding gas (finding costs in the western Canada basin are the lowest of any basin in North America), and the coming into balance of gas supply and demand. The former gas surplus has been reduced by expanding markets and by low prices which reduced the incentive to find new reserves. This surplus is largely gone, and prices have started rising although they are still lower than the pre-deregulation prices. Progress is continuing toward an integrated North American gas market in which a number of market hubs allow easy gas trading between producers and consumers. Commodity exchanges for hedging gas prices are beginning operation and electronic trading of gas contracts and pipeline capacity will also become a reality. 4 figs

  18. Writedowns, soft gas markets trim profits of OGJ independents' group

    International Nuclear Information System (INIS)

    Williams, B.; Biggs, J.B.

    1991-01-01

    A widely expected rise in 1990 profits stemming from a runup in oil prices did not happen for the group of 50 U.S. independent oil and gas companies the Oil and Gas Journal tracks. Instead, a string of special charges spurred big losses for a number of companies. In addition, an unexpectedly weak natural gas market also helped dampen upstream earnings for independents with reserves portfolios dominated by gas. As a result, overall profits for the OGJ group of independents slipped 2.3% in 1990 from 1989 levels. That occurred despite the group's increase of 13% in revenues, largely on the strength of oil production and prices climbing 16% and 25%, respectively. The group's gas production rose 8%, while gas prices remained flat. A few companies heavily skewed to oil saw profits about double year to year. However, the squeeze on revenues and profits from lower gas prices often more than offset increased gas production for many of the companies dependent on gas sales for most of their revenues. The situation was even worse for companies that shut in gas rather than sell it at less than replacement costs, thereby slicing, gas sales volumes as well. The depressed North American gas market has lasted into 1991, and oil prices have fallen from second half 1990 highs. Industry expectations are that oil prices overall will be lower in 1991 than they were last year, so it falls generally to increased gas prices and production in the second half to buoy profits enough to keep pace with 1990 levels. Prospects in 1991 are for big asset writedowns and plunging profits for U.S. independents if oil prices fall much below current levels and gas prices don't rally in the second half

  19. Gas transportation issues in the WCSB

    International Nuclear Information System (INIS)

    Turner, M.

    1998-01-01

    This paper addressed the issue of the competitiveness of the Western Canadian Sedimentary Basin (WCSB), concentrating on transportation issues. Various related issues such as natural gas pricing dynamics, price convergence in late 1998, projected gas revenues, issues of supply and demand, reserves inventory, the worrisome rate of decline in well productivity, deliverability and drilling, all received attention. Despite the gloomy picture, the general conclusion was that industry activity in the Basin will need to increase as the growth of the WCSB will be driven by rising North American demand. A profile of Nova Gas Transmission Ltd. was also presented. 1 tab., 13 figs

  20. Electricity to natural gas competition under customer-side technological change: a marginal cost pricing analysis; Cambiamento tecnologico a valle del contatore e concorrenza fra elettricita' e gas naturale

    Energy Technology Data Exchange (ETDEWEB)

    Gulli' , Francesco [Bocconi Univ., Milan (Italy). Iefe

    2004-07-01

    This paper aims at evaluating the impact of technological change (on the customer side of the meter) on the network energy industry (electricity and natural gas). The performances of the small gas fired power technologies and the electrical reversible heat pumps have improved remarkably over the last ten years, making possible (or more viable) two opposite technological trajectories: the fully gas-based system, based on the use of small CHP (combined heat and power generation) plants, which would involve a wide decentralisation of energy supply; the fully electric-based system, based on the use of reversible electric heat pumps, which would imply increasing centralisation of energy supply. The analysis described in this paper attempts to evaluate how these two kinds of technological solutions can impact on inter-service competition when input prices are ste equals to marginal costs of supply in each stage of the electricity and natural gas industries. For this purpose, unbundled prices over time and over space are simulated. In particular the paper shows that unbundling prices over space in not very important in affecting electricity to natural gas competition and that, when prices are set equal to long-run marginal costs, the fully electric-based solution (the reversible heat pump) is by far preferable to the fully gas-based solution (the CHP gas fired small power plant). In consequence, the first best outcome of the technological change would involve increasing large power generation and imported (from the utility grid) electricity consumption. Given this framework, we have to ask ourselves why operators, regulators and legislators are so optimistic about the development of the fully gas-based solutions. In this respect, the paper suggests that market distortions (such as market power, energy taxation and inefficient pricing regulation) might have give an ambiguous representation of the optimal technological trajectory, inducing to overestimate the social value

  1. Minerals Price Increases and Volatility: Causes and Consequences

    National Research Council Canada - National Science Library

    Cooney, Stephen; Nanto, Dick K

    2008-01-01

    .... Prices have at least nearly doubled between 2001 and 2008. In the case of steel, the most widely used industrial metal, the rise in price appears largely driven by the high prices of iron ore and steel scrap...

  2. Sales analysis as a basis for optimising gas procurement; Absatzanalyse als Grundlage optimierter Gasbeschaffung

    Energy Technology Data Exchange (ETDEWEB)

    Jungblut, Ralf [RWE Vertrieb AG, Dortmund (Germany). Produktmanagement, Marketing und Datenmanagement

    2012-01-15

    German energy suppliers are finding themselves in an increasingly difficult situation in the gas market. With the natural gas glut subsiding and global demand picking up, gas prices are expected to rise over the long term. Counter to the global trend, gas demand in Germany is expected to decrease. Furthermore, short-term fluctuations in economic activity with a potential for impacting on the demand for and price level of natural gas may pose significant economic risks. A detailed knowledge of one's own sales portfolio is therefore extremely important when it comes to gas procurement.

  3. Report made on behalf of the commission of economic affairs about the proposal of law aiming at authorizing the end-users to get back to the regulated power supply tariff, about the proposal of law aiming at authorizing the reversibility of the use of eligibility rights for the purchase of electric power, and about the proposal of law aiming at preserving the purchasing power of households by maintaining the regulated prices of electricity and natural gas; Rapport fait au nom de la commission des Affaires economiques sur la proposition de loi tendant a autoriser les consommateurs particuliers a retourner au tarif reglemente d'electricite, la proposition de loi reversibilite de l'exercice des droits relatifs a l'eligibilite pour l'achat d'energie electrique et la proposition de loi tendant a preserver le pouvoir d'achat des menages en maintenant les tarifs reglementes de vente d'electricite et de gaz naturel

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    This report concerns the examination of three proposals of law in relation with the regulated prices of electricity and gas. Since July 1, 2007, the French households can freely quit their historical energy supplier and subscribe to other suppliers with de-regulated energy prices. In front of the rise of free energy prices observed during the last years, some households who made the choice of free tariffs have encountered serious financial problems. For this reason, a law is proposed by the commission of economic affairs which aims at allowing the end-users to get back to the regulated tariffs of electricity and gas. (J.S.)

  4. Delegating pricing power to customers: Pay what you want or name your own price?

    OpenAIRE

    Krämer, Florentin; Schmidt, Klaus M.; Spann, Martin; Stich, Lucas

    2015-01-01

    Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customer driven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed costs to price discriminate without setting a reference price. Their participatory and innovative nature gives rise to promotional benefits that do not accrue to posted-price sellers. We explore the nature and effects of these benefits and compare PWYW and NYOP using controlled lab experiments. We sho...

  5. Tapping methane hydrates for unconventional natural gas

    Science.gov (United States)

    Ruppel, Carolyn

    2007-01-01

    Methane hydrate is an icelike form of concentrated methane and water found in the sediments of permafrost regions and marine continental margins at depths far shallower than conventional oil and gas. Despite their relative accessibility and widespread occurrence, methane hydrates have never been tapped to meet increasing global energy demands. With rising natural gas prices, production from these unconventional gas deposits is becoming economically viable, particularly in permafrost areas already being exploited for conventional oil and gas. This article provides an overview of gas hydrate occurrence, resource assessment, exploration, production technologies, renewability, and future challenges.

  6. Rising equity

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article reports on the results of a financial rankings survey of the independent energy industry indicating that lenders and investors provided more than five billion dollars in capital for new, private power projects during the first six months of 1992. The topics of the article include rising equity requirements, corporate finance, mergers and acquisitions, project finance investors, revenue bonds, project finance lenders for new projects, project finance lenders for restructurings, and project finance advisors

  7. An analysis of price competitiveness of CNG (compressed natural gas) versus gasoline: estimation of the elasticities of demand by CNG in a recent period in Brazil; Uma analise da competitividade de preco do GNV (Gas Natural Veicular) frente a gasolina: estimacao das elasticidades da demanda por GNV no Brasil no periodo recente

    Energy Technology Data Exchange (ETDEWEB)

    Iootty, Mariana; Pinto Junior, Helder; Roppa, Bruna; Biasi, Guilherme de [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Inst. de Economia

    2004-07-01

    One of the main determinants to the expansion of natural gas on the Brazilian domestic market is its price. Hence, it is important to analyze the price competitiveness of natural gas vis-a-vis its competitors. The current paper focuses on the market of natural gas in vehicles (the compressed natural gas - CNG), and uses co-integration techniques to estimate the price-elasticity of CNG, the cross-elasticity of CNG and gasoline, and the income-elasticity. The results suggest that price is a relevant factor in the long-run, while in the short-run income is the most significant determinant of the demand variation. In addition, the paper also shows an imperfect substitutability between CNG and gasoline. (author)

  8. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  9. The correlation between the rise of the tumor temperature during the hyperthermia treatment and the tumor blood flow measured by dynamic CT and 15O gas-positron emission tomography

    International Nuclear Information System (INIS)

    Hattori, Hideyuki

    1993-01-01

    This study was designed to determine the correlation between the rise of tumor temperature during hyperthermia treatment and the blood flow of the tumors measured by dynamic CT (DCT) and 15 O gas-positron emission tomography. In this report, we observed 20 patients with malignant tumors which underwent hyperthermia treatment. In each case, the temperature of the tumor was monitored with a photofiber sensor. DCT's and 15 O gas-positron emission tomographies were applied before the hyperthermia treatment. During the DCT, the tumor blood flow of each tumor was estimated by analyzing the time-dependent activity curve after a bolus injection. During the 15 O gas-positron emission tomography, the tumor blood flow was estimated by the C 15 O 2 -steady-state method. The value of the tumor blood flow estimated by DCT were proportional to those calculated by the 15 O gas-positron emission tomography. These values were inversely proportional to the rise of the temperature of the tumors during hyperthermia treatment. Our results imply that DCT as well as the 15 O gas-positron emission tomography can be used for the prediction of the tumor temperature rise during the hyperthermia treatment. (author)

  10. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

    Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...

  11. 2009 energy prices in the European Union

    International Nuclear Information System (INIS)

    2010-01-01

    In 2009, the natural gas price fell down in the European Union (EU). This drop was of about -5% (excluding taxes) as an average for companies, and of about -3% for households (including taxes). On the other hand, the electricity prices raised by 3% for companies and by 5% for households. In France, only the gas price for companies has dropped between 2008 and 2009. The electricity prices remain significantly lower than the EU average: -29% for companies and -30% for households. The gas price in France remains close to the European average but is significantly lower than the average price in the euro area. (J.S.)

  12. The Effects of Changing Input Costs on Food Prices

    OpenAIRE

    R. McFall Lamm; Paul C. Westcott

    1981-01-01

    The relationships between changes in food sector input costs and retail food prices are examined. Results indicate that increases in factor prices pass quickly to consumers, within two quarters for most foods. In addition, rising farm-level prices and substantial increases in nonfarm resource prices appear to explain why food prices rose more rapidly than nonfood prices in the 1970s. The analysis is based on a twenty-equation econometric model of the food-price determination process, specifie...

  13. Demand for natural gas from industries in Brazil: an estimate of the price elasticity, income elasticity and forecast for 2008-2012 using VEC (Vector Error Correction) Model; Demanda por gas natural no Brasil: um estudo sobre as elasticidades preco e renda de longo prazo do segmento industrial e estimativa para o periodo de 2008-2012 usando modelo VEC (Vector Error Correction)

    Energy Technology Data Exchange (ETDEWEB)

    Cabral, Renata [Universidade de Sao Paulo (USP), SP (Brazil). Faculdade de Economia e Administracao; Parente, Virginia [Universidade de Sao Paulo (USP), SP (Brazil). Inst. de Eletrotecnica e Energia

    2008-07-01

    The purpose of the present study is to estimate the long-run elasticities - manly price and income - of the demand for gas natural in the industrial category. After determining that the series under study were non-stationary, we chose to use the cointegration approach, estimating a Vector Error Correction Model (VEC Model). The obtained results show that the price elasticity for industrial sector in Brazil is higher than income elasticity. Although both of then is near to one, the price elasticity is higher that one unit while income elasticity is slightly lower. Predictions for the gas natural consumption in Brazil for industrials for 2008-2012 period are also made. (author)

  14. Structure of the US gas market, regulation and pricing of the third party access to the network

    International Nuclear Information System (INIS)

    David, L.; Mirabel, F.

    2000-06-01

    The opening of the US natural gas market to competition is followed by deep changes in the implemented regulations for an efficient organization and operation of the gas industry. The transformations of the industrial structures and the strategic behavior of the actors characterize the mutations of the gas markets in the USA. The aim of this paper is to transcribe in a synthetic form the characteristics of the gas market in North America and to model the structure of the industry in this sector opened to competition in its back-end. Two main questions are analyzed: the role and position of the former monopoly (utility) in this back-end market (should the local distribution companies continue to sell gas to end users?), and what kind of regulation should be implemented by the authorities in order to avoid the former monopoly to use its market power and make excessive profits. The analysis is made in two steps: the first part explains the hypotheses of the analysis using the characteristics of the North American market. It presents the general framework of the model and explains the two 'regulatory scenarios' retained in the study. The main steps of the resolution of the model are detailed in the second part. (J.S.)

  15. The British Columbia natural gas market overview and assessment : an energy market assessment

    International Nuclear Information System (INIS)

    2004-04-01

    The National Energy Board monitors the supply of all energy commodities in Canada along with the demand for Canadian energy commodities in domestic and export markets. This report provides an assessment of the natural gas market in British Columbia (BC) and discusses several issues facing the market. The main challenges facing the market in recent years have been rising prices, price spikes and increased price volatility. New exploration and development projects have been announced along with new gas pipeline projects that move gas to eastern markets. Industrial consumers are exploring fuel alternatives to reduce natural gas consumption. Despite these challenges, the Board believes the natural gas market in British Columbia is working well. Natural gas prices are integrated with the North American market, consumers have responded to higher prices by reducing demand, and producers have increased exploration and production. Price discovery has improved due to better pricing reporting standards and access to electronic gas trading at pricing points for BC gas. The small market size in British Columbia and the lack of storage in the Lower Mainland limit market liquidity in comparison with other major market centres. 20 figs

  16. Advanced ultrasonic technology for natural gas measurement

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-11-15

    In recent years, due to rising environmental and safety concerns, increasing commodity prices, and operational inefficiencies, a paradigm shift has been taking place with respect to gas measurement. The price of natural gas depends on the location, time of the year, and type of consumer. There is wide uncertainty associated with an orifice meter. This paper presents the use of advanced ultrasonic technology for the measurement of natural gas. For many years, multi-path ultrasonic meters with intelligent sensor technology have been used for gas measurement. This paper gives the various applications of ultrasonic technology along with their advantages and a draws a comparison with orifice meters. From the study it can be concluded that extensive advances in the use of ultrasonic technology for gas measurement have widened the areas of application and that varying frequencies combined with sealed transducer designs make it possible to measure atmospheric and sour gas in custody transfer process control and flaring accurately.

  17. Empirical study of the ability of Canadian oil and gas companies' reserves disclosures to account for relative changes in common stock prices

    Energy Technology Data Exchange (ETDEWEB)

    Teall, H D

    1987-01-01

    The purpose of this study is to determine which of these alternative annual report disclosures of oil and gas reserves, namely historic capitalized costs, quantities, and discounted cash flows contributes the most information content. Information content is defined as the ability of a reserves disclosure to account for relative changes in common stock prices. Multiple correlation/regression analysis was used to evaluate the extent that each of the three alternative reserves disclosures account for common stock returns after first recognizing the information provided by an industry variable and by an earnings per share or cash flow per share variable. The results indicated that the earnings per share provides significant information content while the cash flow per share consistently provides no significant evidence of information content. The capitalized costs reserves disclosure did not provide consistent evidence of information content, while the quantities disclosure and the discounted cash flows disclosure do provide significant incremental information content. The study concludes that the alternative reserves disclosures of quantities and discounted cash flows are more informative to users when accounting for changes in a corporation's common stock prices than the disclosure of reserves in historic capitalized costs.

  18. Energy Price Comparisons. Study on the quality of comparison sites for electricity and natural gas on the Internet; Energieprijsvergelijkers. Onderzoek naar de kwaliteit van vergelijkingssites voor elektriciteit en gas op het internet

    Energy Technology Data Exchange (ETDEWEB)

    Boezaard, P.M.; Van Liere, M.M.; Van Steenpaal, D.F.J.M.

    2007-06-15

    Internet sites with comparisons of prices for electricity and natural gas appear to be important tools for consumers. On a regular basis the Dutch Office of Energy Regulation (DTe) carries out a study on the quality of such price comparison sites. In this report the results of the June 2007 study are summarized. [Dutch] Voor een goedwerkende markt is een goed geinformeerde consument van belang. Uit de Consumentenmonitor, kwalitatief onderzoek dat de NMa in 2006 heeft laten uitvoeren, is gebleken dat de consument bij een overstap vaak gebruik maakt van prijsvergelijkingssites. Het belang van dergelijke sites neemt alleen maar toe. Door een grotere differentiatie aan producten en meer variatie in prijsstelling wordt een goede vergelijking van energieleveranciers voor de gemiddelde consument steeds lastiger. Ook voor de prijsvergelijkingssites neemt de complexiteit toe. De Directie Toezicht Energie (DTe) van de Nederlandse Mededingingsautoriteit (NMa) onderzoekt sinds 2004 jaarlijks de kwaliteit van (prijs)vergelijkingssites voor elektriciteit en gas. Gezien de groeiende complexiteit van de prijsvergelijkingen is het van belang dat de NMa dit onderzoek ook in 2007 uitvoert. In dit rapport worden de resultaten van dit jaar gepresenteerd. Daarnaast heeft de NMa voor het eerst een handleiding met tips voor de consument als bijlage bij dit rapport opgenomen.

  19. Energy prices and substitution in United States manufacturing plants

    Science.gov (United States)

    Grim, Cheryl

    Persistent regional disparities in electricity prices, growth in wholesale power markets, and recent deregulation attempts have intensified interest in the performance of the U.S. electric power industry, while skyrocketing fuel prices have brought renewed interest in the effect of changes in prices of all energy types on the U.S. economy. This dissertation examines energy prices and substitution between energy types in U.S. manufacturing. I use a newly constructed database that includes information on purchased electricity and electricity expenditures for more than 48,000 plants per year and additional data on the utilities that supply electricity to study the distribution of electricity prices paid by U.S. manufacturing plants from 1963 to 2000. I find a large compression in the dispersion of electricity prices from 1963 to 1978 due primarily to a decrease in quantity discounts for large electricity purchasers. I also find that spatial dispersion in retail electricity prices among states, counties and utility service territories is large, rises over time for smaller purchasers, and does not diminish as wholesale power markets expand in the 1990s. In addition, I examine energy type consumption patterns, prices, and substitution in U.S. manufacturing plants. I develop a plant-level dataset for 1998 with data on consumption and expenditures on energy and non-energy production inputs, output, and other plant characteristics. I find energy type consumption patterns vary widely across manufacturing plants. Further, I find a large amount of dispersion across plants in the prices paid for electricity, oil, natural gas, and coal. These high levels of dispersion are accounted for by the plant's location, industry, and purchase quantity. Finally, I present estimates of own- and cross-price elasticities of demand for both the energy and non-energy production inputs.

  20. Energy price risk management

    International Nuclear Information System (INIS)

    Evans, J.W.G.

    1998-01-01

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

  1. Dynamic Pricing

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...

  2. Mind your pricing cues.

    Science.gov (United States)

    Anderson, Eric; Simester, Duncan

    2003-09-01

    For most of the items they buy, consumers don't have an accurate sense of what the price should be. Ask them to guess how much a four-pack of 35-mm film costs, and you'll get a variety of wrong answers: Most people will underestimate; many will only shrug. Research shows that consumers' knowledge of the market is so far from perfect that it hardly deserves to be called knowledge at all. Yet people happily buy film and other products every day. Is this because they don't care what kind of deal they're getting? No. Remarkably, it's because they rely on retailers to tell them whether they're getting a good price. In subtle and not-so-subtle ways, retailers send signals to customers, telling them whether a given price is relatively high or low. In this article, the authors review several common pricing cues retailers use--"sale" signs, prices that end in 9, signpost items, and price-matching guarantees. They also offer some surprising facts about how--and how well--those cues work. For instance, the authors' tests with several mail-order catalogs reveal that including the word "sale" beside a price can increase demand by more than 50%. The practice of using a 9 at the end of a price to denote a bargain is so common, you'd think customers would be numb to it. Yet in a study the authors did involving a women's clothing catalog, they increased demand by a third just by changing the price of a dress from $34 to $39. Pricing cues are powerful tools for guiding customers' purchasing decisions, but they must be applied judiciously. Used inappropriately, the cues may breach customers' trust, reduce brand equity, and give rise to lawsuits.

  3. A note on the conditional correlation between energy prices: Evidence from future markets

    International Nuclear Information System (INIS)

    Marzo, Massimiliano; Zagaglia, Paolo

    2008-01-01

    We model the joint movements of daily returns on one-month futures for crude oil, heating oil and natural gas through the multivariate GARCH with dynamic conditional correlations and elliptical distributions introduced by Pelagatti and Rondena [Pelagatti, M.M., Rondena, S., 2007. 'Dynamic Conditional Correlation with Elliptical Distributions', unpublished manuscript. Universita di Milano - Bicocca, August]. Futures prices of crude and heating oil covary strongly. The conditional correlation between the futures prices of natural gas and crude oil has been rising over the last 5 years. However, this correlation has been low on average over two thirds of the sample, suggesting that future markets have no established tradition of pricing natural gas as a function of developments on oil markets. (author)

  4. Innovation and the price of wind energy in the US

    International Nuclear Information System (INIS)

    Berry, David

    2009-01-01

    In the last ten years, the wind energy industry has experienced many innovations resulting in wider deployment of wind energy, larger wind energy projects, larger wind turbines, and greater capacity factors. Using regression analysis, this paper examines the effects of technological improvements and other factors on the price of wind energy charged under long-term contracts in the United States. For wind energy projects completed during the period 1999-2006, higher capacity factors and larger wind farms contributed to reductions in wind energy contract prices paid by regulated investor owned utilities in 2007. However, this effect was offset by rising construction costs. Turbine size (in MW) shows no clear relationship to contract prices, possibly because there may be opposing factors tending to decrease costs as turbine size increases and tending to increase costs as turbine size increases. Wind energy is generally a low-cost resource that is competitive with natural gas-fired power generation.

  5. Electricity thanks to gas: perspectives in Europe

    International Nuclear Information System (INIS)

    Dubreuil, J.B.

    2007-01-01

    The present day uncertainty about the security of European market power supplies militates more than ever for a rapid recovery of investments in production infrastructures. In a context of opening of energy markets and of questioning of the preeminent role of nuclear energy, natural gas still have undeniable advantage with respect to other energy sources, and this even after the price rise observed during the last years. This article describes the share of power generation in the European gas demand, the coal-gas competition and their relative profitability, and the variable development potentialities of natural gas inside the European Union. (J.S.)

  6. Producers give prices a boost

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    Uranium producers came alive in August, helping spot prices crack the $8.00 barrier for the first time since March. The upper end of NUKEM's price range actually finished the month at $8.20. Scrambling to fulfill their long-term delivery contracts, producers dominate the market. In the span of three weeks, five producers came out for 2 million lbs U3O8, ultimately buying nearly 1.5 million lbs. One producer accounted for over half this volume. The major factor behind rising prices was that producers required specific origins to meet contract obligations. Buyers willing to accept open origins created the lower end of NUKEM's price range

  7. Another look on the relationships between oil prices and energy prices

    International Nuclear Information System (INIS)

    Lahiani, Amine; Miloudi, Anthony; Benkraiem, Ramzi; Shahbaz, Muhammad

    2017-01-01

    This paper employs the Quantile Autoregressive Distributed Lags (QARDL) model developed recently by Cho et al. (2015) to investigate the pass-through of oil prices to a set of energy prices. This approach allows analyzing simultaneously short-term connections and long-run cointegrating relationships across a range of quantiles. It also provides insights on the short-run predictive power of oil prices in predicting energy prices while accounting for the cointegration between oil prices and each of the considered energy prices in low, medium and high quantiles. Two key findings emerge from this paper. First, all considered energy prices are shown to be cointegrated with oil price across quantiles meaning that a stationaryequilibriumrelationship exists between single energy price and oil price. Second, we find evidence that oil price is a significant predictor of individual petroleum products prices and natural gas in the short run. This paper has important policy implications for forecasters, energy policy-makers and portfolio managers. - Highlights: • The pass-through of oil prices to a set of energy prices is investigated for US economy. • All considered energy prices are shown to be cointegrated with oil price across quantiles. • Oil price is a significant predictor of individual petroleum products prices in the short run. • Oil price also predicts natural gas prices in the short run.

  8. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...

  9. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

    The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.

  10. The Influence of RSG-GAS Primary Pump Operation Concerning the Rise Water Level of Reactor Pool in 15 MW Reactor Power

    International Nuclear Information System (INIS)

    Djunaidi

    2004-01-01

    The expansion of air volume in the delay chamber shows in rise water level of reactor pool during the operation. The rises of water level in the reactor pool is not quite from the expansion of air volume in the delay chamber, but some influence the primary pump operation. The purpose evaluated of influence primary pump is to know the influence primary pump power concerning the rise water level during the reactor operation. From the data collection during 15 MW power operation in the last core 42 the influence of primary pump operation concerning the rise water level in the reactor pool is 34.48 % from the total increased after operation during 12 days. (author)

  11. The message in North American energy prices

    Energy Technology Data Exchange (ETDEWEB)

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

    1999-10-01

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

  12. Short-term trends in the gas industry - Panorama 2008

    International Nuclear Information System (INIS)

    2008-01-01

    In a context of high investment costs and rising energy prices, and recurring unseasonably warm temperatures in recent years, the growth of natural gas demand is slowing. On the supply side, and on the demand side too, new trends are emerging, with potentially powerful impact on the short-and long-term development of the industry

  13. Long-term trends in U.S. gas supply and prices: 1992 edition of the GRI baseline projection of U.S. energy supply and demand to 2010

    International Nuclear Information System (INIS)

    Woods, T.J.

    1991-12-01

    The paper summarizes the gas supply outlook in the 1992 Edition of the GRI Baseline Projection of U.S. Energy Supply and Demand, which has been adopted as a major input to the planning cycle leading to the development of the Gas Research Institute (GRI) 1993 research and development program. The 1992 projection presents the GRI planning outlook for the economic and the energy supply and demand situation to the year 2010. It was prepared independently by GRI using publicly available data and a framework of commercially available models that GRI has developed over several years. It is not derived from the views of GRI member companies. The 1992 Edition of the GRI Baseline Projection presents an optimistic outlook for the U.S. gas industry in which increased gas supply can be obtained at competitive prices. The gas prices in the 1992 projection support growth in all major U.S. gas supply sources: lower-48, Alaska, Canada, Mexico, and LNG. By about 2005, U.S. gas supply is at its highest level ever. By 2010, U.S. gas supply has grown to almost 25 quads. U.S. gas production increases 2.6 quads between 1990 and 2010; imports increase 2.2 quads. Although imports do not increase as much as U.S. gas production, they account for an increased share of U.S. gas supply. The import share grows from 7 percent to 12 percent over the projection period. Supplemental gas sources provide about 1 percent of U.S. gas supply

  14. The Minimum Wage, Restaurant Prices, and Labor Market Structure

    Science.gov (United States)

    Aaronson, Daniel; French, Eric; MacDonald, James

    2008-01-01

    Using store-level and aggregated Consumer Price Index data, we show that restaurant prices rise in response to minimum wage increases under several sources of identifying variation. We introduce a general model of employment determination that implies minimum wage hikes cause prices to rise in competitive labor markets but potentially fall in…

  15. Impact of electric range and fossil fuel price level on the economics of plug-in hybrid vehicles and greenhouse gas abatement costs

    International Nuclear Information System (INIS)

    Özdemir, Enver Doruk; Hartmann, Niklas

    2012-01-01

    In this paper, the energy consumption shares of plug-in hybrid vehicles (PHEVs) for electricity from the grid and conventional fuel depending on electric driving range are estimated. The resulting mobility costs and greenhouse gas (GHG) abatement costs per vehicle kilometer for the year 2030 are calculated and optimal electric driving range (which indicates the size of the battery) is found for different oil price levels with the help of a MATLAB based model for a typical compact passenger car (e.g. VW Golf). The results show that the optimum electric driving range for minimum mobility costs of a PHEV is between 12 and 32 km. Furthermore, optimum GHG abatement costs are achieved with an electric driving range between 16 and 23 km. These results are considerable lower than most market ready PHEVs (electric driving range of 50 to 100 km), which shows that the automobile industry should concentrate on shorter electric driving range for PHEVs in the near future to offer cost optimum mobility and low GHG abatement costs. However, the oil price level and the consumer driving habits impact heavily on the cost performance as well as the optimum electric driving range of plug-in hybrid vehicles. - Highlights: ► We analyze the energy consumption (and share of grid electricity) of plug-in hybrid vehicles. ► We analyzed the mobility costs and GHG abatement costs depending on electric driving range. ► Mobility costs of plug-in hybrid vehicles can be lower than those of conventional diesel vehicles in 2030. ► The optimum mobility costs are achieved with the electric driving range between 12 and 32 km. ► The optimum GHG abatement costs are achieved with the electric driving range between 16 and 23 km.

  16. Golden age: marketers extract the most from oil and natural gas trade

    Energy Technology Data Exchange (ETDEWEB)

    Lorenz, A.

    2000-04-01

    The complexity of the oil and natural gas markets, the complex factors which interact to produce the price of oil or natural gas on any given day, and the role of marketers in this high stakes game are discussed. While oil and natural gas prices are very good today compared to the low prices through much of the 1990s, marketers are now concerned about the ability of Canadian fields to produce enough to fill the expanded pipelines and meet the rising demand. As the oil and natural gas industry in Canada is moving from a pipeline-constrained environment to a resource-constrained environment, the question of declining reserves in the Western Canadian Sedimentary Basin and the resulting surplus in pipeline capacity is one of the most serious issues facing industry in the immediate future. This is especially true of natural gas where the cost of transportation, which can be as high as 30 per cent, is one of major importance to gas marketers. Locking in prices or allowing prices to float can make the difference between huge losses or gains depending on the interplay of the various factor that influence price fluctuations. Examples of how decisions about oil and gas prices are made, and the various outcomes that may result from marketer decisions are described to illustrate the vagaries of the natural gas market.

  17. Golden age: marketers extract the most from oil and natural gas trade

    International Nuclear Information System (INIS)

    Lorenz, A.

    2000-01-01

    The complexity of the oil and natural gas markets, the complex factors which interact to produce the price of oil or natural gas on any given day, and the role of marketers in this high stakes game are discussed. While oil and natural gas prices are very good today compared to the low prices through much of the 1990s, marketers are now concerned about the ability of Canadian fields to produce enough to fill the expanded pipelines and meet the rising demand. As the oil and natural gas industry in Canada is moving from a pipeline-constrained environment to a resource-constrained environment, the question of declining reserves in the Western Canadian Sedimentary Basin and the resulting surplus in pipeline capacity is one of the most serious issues facing industry in the immediate future. This is especially true of natural gas where the cost of transportation, which can be as high as 30 per cent, is one of major importance to gas marketers. Locking in prices or allowing prices to float can make the difference between huge losses or gains depending on the interplay of the various factor that influence price fluctuations. Examples of how decisions about oil and gas prices are made, and the various outcomes that may result from marketer decisions are described to illustrate the vagaries of the natural gas market

  18. Gas Strategy of China: Developing competition between national production and imports

    International Nuclear Information System (INIS)

    Cornot-Gandolphe, Sylvie

    2014-10-01

    The Chinese gas market is facing four key challenges and the government is elaborating responses which will have implications for the Chinese and world energy markets: - Enabling the development of gas demand in order to fight against the issue of air pollution which is particularly strong in the big coast cities of the East and South-East of the country. This means replacing coal and oil by cleaner energy sources, including natural gas for which demand is booming. In such a young market, everything needs to be put in place: from the construction of LNG terminals to the sale and installation of gas stoves. The price of gas needs to be competitive for the market to develop. - Securing supplies: As national production is struggling to follow the rise in demand and as shale gas - of which China owns the second largest reserves in the world - is still a distant dream, this country is more and more reliant on imports. For evident energy security reasons, China diversifies its supplies at the maximum level and develops new energy partnerships. Four importing routes are favoured: LNG transported by ships, the West axis with Central Asia, the South axis with Burma and the new North-East axis with Russia. These imports, which amounted to 53 bcm in 2013, may triple by 2020. Even though China managed to negotiate a favourable price with Russia and its LNG importing price is lower than the one of Japan - thanks to its first LNG importing contracts signed in the early 2000 - imports are expensive, in particular for a country used to producing or importing coal at a very low cost. Up to now, the price at which gas is sold could not cover the import price and this system is not sustainable. - Developing national production: Despite important gas reserves - in particular for unconventional gas (shale gas, tight gas, CBM) - production in China is still not much developed in comparison with its potential and the growth opportunities are significant. Making the best of this potential

  19. Oil price prospects

    International Nuclear Information System (INIS)

    Toalster, J.

    1992-01-01

    In this paper, four different, popular approaches to the analysis of oil price movements will be considered and an alternative method will be proposed. Whilst we await the development of a rigorous theoretical framework within which to evaluate the phenomenon of oil price movements some progress may be effected by an amalgam of approaches, with the traditional supply and demand model being supplemented by observations regarding political and social developments in particular countries or regions, together with an assessment of emerging and prospective technological achievements. In this way it should be possible to identify the critical influences at work, from which it should also be possible to select either the single most important variable or combination of variables, affecting the oil price. Moreover, it is my belief that the crucial variables influencing the oil price almost certainly, are more likely to be political and social, rather than economic. In this context and notwithstanding the fact that there is only a minimal level of surplus productive capacity in the world oil industry at present (perhaps 1-2 million b/d albeit rising rapidly), it is reasonable to conclude that oil prices will average around $18-19 a barrel for North Sea Brent in 1992 and 1993, with oscillations of $2-4 a barrel either side, rising slightly in 1994 to $19-20 a barrel and to $20-21 a barrel in 1995. Thereafter, the most likely outcome is for a rise in line with inflation (say $ a barrel/annum) with no prospect of an upward spike, because demand will be weaker than most commentators expect up to the year 2000, whilst OPEC oil supplies will be substantially higher than the consensus forecast. (author)

  20. Prices and pricing in the energy sector. From calculation to implemention of prices for electricity, gas, district heating, water and CO{sub 2}; Preise und Preisgestaltung in der Energiewirtschaft. Von der Kalkulation bis zur Umsetzung von Preisen fuer Strom, Gas, Fernwaerme, Wasser und CO{sub 2}

    Energy Technology Data Exchange (ETDEWEB)

    Zenke, Ines [BBH Becker Buettner Held, Berlin (Germany); Hochschule fuer nachhaltige Entwicklung Eberswalde (HNEE) (Germany); Wollschlaeger, Stefan [Becker Buettner Held, Hamburg (Germany).; Eder, Jost (ed.) [BBH Becker Buettner Held, Berlin (Germany)

    2015-07-01

    Hardly a question in the energy sector is currently so great discussion subject, such as the pricing of energy prices. The work provides practical answers to all questions. After a systematic introduction to the subject specialists and practitioners give an introduction to the specific rules applicable to each sector or value chain. Given is a comprehensive overview on the subject of prices in the energy sector as well as numerous practical examples, notes, options for action and formulating proposals. [German] Kaum eine Frage in der Energiewirtschaft ist derzeit so grossen Diskussionen unterworfen, wie die Preisgestaltung von Energieversorgungspreisen. Das Werk bietet praxisbezogene Antworten auf alle Fragen. Nach einer systematischen Einfuehrung in die Thematik fuehren ausgewiesene Fachleute und Praktiker in die fuer jede einzelne Sparte bzw. Wertschoepfungskette geltenden Besonderheiten ein. Gegeben wird ein umfassender Ueberblick zum Thema Preise in der Energiewirtschaft sowie zahlreiche praxisnahe Beispiele, Hinweise, Handlungsoptionen und Formulierungsvorschlaege.

  1. Rise of a cold plume

    International Nuclear Information System (INIS)

    Kakuta, Michio

    1977-06-01

    The rise of smoke from the stacks of two research reactors in normal operation was measured by photogrametric method. The temperature of effluent gas is less than 20 0 C higher than that of the ambient air (heat emission of the order 10 4 cal s -1 ), and the efflux velocity divided by the wind speed is between 0.5 and 2.8 in all 16 smoke runs. The field data obtained within downwind distance of 150m are compared with those by plume rise formulas presently available. Considering the shape of bending-over plume, the Briggs' formula for 'jet' gives a reasonable explanation of the observed plume rise. (auth.)

  2. Round and round: Little consensus exists on the near-term future of natural gas

    International Nuclear Information System (INIS)

    Lunan, D.

    2004-01-01

    The various combinations of factors influencing natural gas supply and demand and the future price of natural gas is discussed. Expert opinion is that prices will continue to track higher, demand will grow with the surging American economy, and supplies will remain constrained providing more fuel for another cycle of ever-higher prices. There is also considerable concern about the continuing rise in demand and tight supply situation in the near term, and the uncertainty about when, or even whether, major new sources will become available. The prediction is that the overriding impact of declining domestic supplies will put a premium on natural gas at any given time. Overall, it appears certain that higher prices are here to stay: as a result, industrial gas users will see their competitiveness eroded, and individual consumers will see their heating bills rise. Governments, too, will be affected as the increasing cost of natural gas will slow down the pace of conversion of coal-fired power generating plants to natural gas, reducing anticipated emissions benefits and in the process compromising environmental goals. Current best estimates put prices for the 2004/2005 heating season at about US$5.40 per MMBtu, whereas the longer term price range is estimated to lie in the range of US$4.75 to US$5.25 per MMBtu. 2 figs

  3. The impact of energy price shocks on the UK economy

    International Nuclear Information System (INIS)

    2007-01-01

    This report describes the results of six scenarios considering the impact of energy price shocks on the UK economy. The six scenarios considered are: UK aggregate energy price scenario; pan-Europe aggregate energy price; global aggregate energy price; UK temporary gas price; UK permanent gas price; crude (Brent) oil price. As expected, shocks to aggregate energy prices cause the largest macroeconomic and energy demand effects (in terms of growth rate volatility). Shocks to gas prices produce a greater growth volatility for macroeconomic and energy demand than shocks to oil prices. In general terms, shocks specific to the UK market tend to produce more growth rate volatility than wider ranging price shocks (global or pan-European). All of the price shocks considered have a recursive effect on the main indicators, which tend to stabilise around the baseline level in the long run. The report summarises the results obtained in the different scenarios

  4. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  5. Modelling long run strategic behaviour on the liberalised European gas market

    International Nuclear Information System (INIS)

    Mulder, Machiel; Zwart, Gijsbert

    2005-01-01

    In gas markets, intertemporal constraints are of particular importance due to the finiteness of gas resources. In particular in the UK and the Netherlands, gas resources are expected to dry up on the medium term, giving rise to a positive resource rent of the gas. On shorter time scales, decisions on investments in production, transmission, storage and LNG terminal capacities affect short term output decisions in following years, while within the year prices across seasons are related through storage decisions. We develop a model of strategic behaviour on the European gas markets that incorporates such intertemporal relations. We take into account interactions between strategic producers of gas, price-taking transmission companies, and traders arbitraging the markets by transporting gas across borders, storing gas across seasons, and importing LNG. As a case study, we use the model to explore the impacts on producer behaviour and infrastructure investments of a cap on production from a large gas field in the Netherlands. (Author)

  6. Oil prices and economic growth

    International Nuclear Information System (INIS)

    Babusiaux, D.; Lescaroux, F.

    2006-01-01

    There is no limit to the sources of hydrocarbons (whether pumped out of the earth or produced in factories) for the next few decades, but there is and will be a need for increasingly complex and costly techniques as the usual sources of petroleum run out. Does this mean that prices will keep on rising? Probably, since environmental costs must be added onto direct costs. The mining of oil out of 'tar sands', for example, or the production of hydrocarbons by the chemical industry will have a significant impact owing to the emission of greenhouse gases. If prices do rise in the short or middle term, the cause will have to do more with the calendar of investments than with the availability of energy and its costs. In the long run however, price hikes are not all that certain. A few points for analyzing and predicting the macro-and micro-economic effects of fluctuating oil prices are discussed. (author)

  7. Effects of high energy prices on scenarios for greenhouse gas emissions. Final report; Energiepreise und Klimaschutz. Wirkung hoher Energietraegerpreise auf die CO{sub 2}-Emissionsminderung bis 2030. Abschlussbericht

    Energy Technology Data Exchange (ETDEWEB)

    Matthes, Felix Christian; Graichen, Verena; Harthan, Ralph O.; Repenning, Julia [Oeko-Institut, Berlin (Germany); Horn, Manfred [DIW Berlin (Germany); Krey, Volker; Markewitz, Peter; Martinsen, Dag [Forschungszentrum Juelich (Germany). Programmgruppe STE

    2008-05-15

    Against the background of high increases in the prices of the primary energy carriers crude oil, natural gas and hard coal, which are traded on international markets, three scenarios of the price development of the most important energy carriers are developed. Using energy price assumptions, a scenario analysis is undertaken with regard to the development of CO{sub 2} emissions in Germany as a whole as well as in terms of the different energy sectors. The emission scenarios are analysed with respect to the electricity industry in Germany using both IKARUS, the energy system model geared towards macroeconomic optimisation, and ELIAS, the sector model based on microeconomic considerations. The model analyses are supplemented by an overview of literature with regard to similar model analyses. (orig.)

  8. Price floors for emissions trading

    International Nuclear Information System (INIS)

    Wood, Peter John; Jotzo, Frank

    2011-01-01

    Price floors in greenhouse gas emissions trading schemes can guarantee minimum abatement efforts if prices are lower than expected, and they can help manage cost uncertainty, possibly as complements to price ceilings. Provisions for price floors are found in several recent legislative proposals for emissions trading. Implementation however has potential pitfalls. Possible mechanisms are government commitments to buy back permits, a reserve price at auction, or an extra fee or tax on acquittal of emissions permits. Our analysis of these alternatives shows that the fee approach has budgetary advantages and is more compatible with international permit trading than the alternatives. It can also be used to implement more general hybrid approaches to emissions pricing. - Research highlights: → Price floors for emissions trading schemes guarantee a minimum carbon price. → Price floors mean that emissions can be less than specified by the ETS cap. → We examine how price floors can relate to different policy objectives. → We compare different mechanisms for implementing a price floor. → We find that a mechanism where there is an extra tax or fee has advantages.

  9. Shale gas: the water myth

    Energy Technology Data Exchange (ETDEWEB)

    O' Shea, Kerry [Dillon Consulting Limited (Canada)

    2010-07-01

    In recent years, due to the depletion of traditional fossil fuel resources and the rising price of energy, production from unconventional gas activities has increased. Large shale gas plays are available in Quebec but environmental concerns, mainly in terms of water resources, have been raised. The aim of this paper is to provide information on the impact of shale gas exploitation on water resources. It is shown herein that shale gas water use is not significant, the water use of 250 wells represents only 0.3% of the Quebec pulp and paper industry's water use, or 0.0004% of the flow of the St Lawrence. It is also shown that the environmental risk associated with fracking and drilling activities is low. This paper demonstrated that as long as industry practices conform to a well-designed regulatory framework, shale gas development in Quebec will have a low impact on water resources and the environment.

  10. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

    The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)

  11. Natural gas: which growth and which markets in a context of high petroleum prices?; Le gaz naturel: quelle croissance, quels marches dans un conteste de prix eleves du petrole?

    Energy Technology Data Exchange (ETDEWEB)

    Appert, O. [Institut Francais du Petrole (IFP), 92 - Rueil Malmaison (France); Chabrelie, M.F. [CEDIGAZ, 92 - Rueil Malmaison (France); Zofrea, F.; Bellussi, G. [EniTecnologie (Italy); Dauger, J.M. [Gaz de France (GDF), 75 - Paris (France); Bigeard, P.H. [Institut Francais du Petrole, 69 - Vernaison (France); Courtois, A.; Renaudie, Th. [Gaz de France, 26 - Valence (France); Cervantes, V. [IRISBUS / Iveco (France); Buffet, P. [Groupe Suez (France)

    2006-07-01

    Beyond the technological stakes linked with the use of natural gas, a new geopolitical equilibrium is coming due to the different geographical distribution of gas and petroleum reserves. New countries and new markets are entering the game and may change the worldwide balance of energy powers. At the occasion of its annual 'Panorama' colloquium, the French institute of petroleum (IFP) tackles the question of the crucial role that natural gas will play in a context of high petroleum prices. Natural gas has serious economical and environmental advantages and already occupies an important position in the residential, industrial and power generation sectors and should become a major fuel for tomorrows' transportation systems. This document gathers 10 presentations (article and transparencies) given at the colloquium and dealing with: the 2005 world energy outlook: analyses and impacts (O. Appert); the future of natural gas in Europe (M.F. Chabrelie); the perspectives and new openings for LNG in a changing market (P. Buffet); the perspectives of the gas-to-liquid (GTL) industry (F. Zofrea); the opening of the natural gas market in Europe (J.M. Dauger); a presentation of natural gas (P.H. Bigeard); the 2005 world energy outlook: analyses and impacts (O. Appert); the new synthetic fuels from the GTL industry (G. Bellussi); the successes and perspectives of natural gas in the transportation sector (A. Courtois); the urban natural gas-fueled captive fleets: point of view of a car-maker (V. Cervantes). A press kit with 11 synthetic notes written by IFP's experts complete the preceding presentations, they treat of: activities and markets in exploration-production, refining and petrochemistry, natural gas industry at the 2020 prospects, petroleum supply and demand, gas reserves, discoveries and production, strategy of the European gas market actors, gas markets liberalization in Europe, natural gas for vehicles, perspectives of development of the GTL

  12. A comparison of the structure and organisation of the West German and the U. S. gas industries. Consequences for the status of gas utility companies

    Energy Technology Data Exchange (ETDEWEB)

    Dirrheimer, M J; Teece, D J

    1989-03-01

    When comparing the West German gas industry to the United States one finds some striking differences in their structure and organisation. The German industry is small but growing, vertically integrated, efficient and scarcely regulated. The US-industry is big, hardly integrated and just recovering from years of frictions caused by successive waves of misguided regulations which were interrupted only by short periods of deregulation. Violation of contracts, price rises, price dumps, 'evasions', law suits are characteristic of today's American gas industry. The history of regulations in the U.S. gas industry is a nightmare other countries have fortunately been able to avoid. (orig.).

  13. Economic impact of oil price shocks on the Turkish economy in the coming decades: A dynamic CGE analysis

    International Nuclear Information System (INIS)

    Aydin, Levent; Acar, Mustafa

    2011-01-01

    As a small open economy, Turkey depends on both imported oil and natural gas, importing almost two-thirds of its primary energy demand. This paper analyzes the economic effects of oil price shocks for Turkey as a small, open oil- and gas-importing country. To analyze the potential long-term effects of oil price shocks on macroeconomic variables of interest, including GDP, consumer price inflation, indirect tax revenues, trade balance, and carbon emissions, we developed TurGEM-D, a dynamic multisectoral general equilibrium model for the Turkish economy. Using TurGEM-D, we analyzed the impact of oil price shocks under three distinct scenarios: reference, high and low oil prices. The simulation results show that these oil prices have very significant effects on macro indicators and carbon emissions in the Turkish economy. - Research highlights: → World oil prices are projected to rise in coming decade, to around $185 per barrel in 2020. → If this occurs in Turkey, how to quantitatively evaluate the impacts on Turkish economy? → Cumulative output loss resulting from world oil prices increased by 121% can be as large as 14%. → Cumulative inflation as measured by CPI index can be nearly 5% under a fixed exchange rate regime. → Cumulative carbon emissions fall by around 51.7% without using any tools for climate change policy.

  14. Western Canada : changing pricing dynamics

    International Nuclear Information System (INIS)

    Frank, B.

    1998-01-01

    Natural gas supply and demand trends in Western Canada are reviewed in a series of overhead viewgraphs. Production versus pipeline capacity, required gas well completions in the WCSB to meet local demand and fill export pipeline capacity to year 2005, NYMEX and AECO price trends during 1995-2000, and the question of what will happen to prices with additional pipeline capacity to the U.S. Midwest were summarized. The best guess is that Midwest prices will need to be high enough to attract marginal supplies from the Gulf, i.e. prices have be around the Henry Hub + five cents/ mmbtu. The new Canadian pipelines, (Northern Border and Alliance) will lower Midwest prices somewhat, but the impact will be modest. Assuming that additional planned pipeline expansion come on-stream, the pressure to expand east of Chicago will be considerable. tabs., figs

  15. Impacts of high energy prices on long-term energy-economic scenarios for Germany

    Energy Technology Data Exchange (ETDEWEB)

    Krey, V.; Markewitz, P. [Research Center Juelich, Inst. of Energy Res., Systems Analysis and Technology Evaluation, Juelich (Germany); Horn, M. [DIW Berlin, Berlin (Germany); Matthes, C.; Graichen, V.; Harthan, R.O.; Repenning, J. [Oeko-Institut, Berlin (Germany)

    2007-05-15

    Prices of oil and other fossil fuels on global markets have reached a high level in recent years. These levels were not able to be reproduced on the basis of scenarios and prognoses that were published in the past. New scenarios, based on higher energy price trajectories, have appeared only recently. The future role of various energy carriers and technologies in energy-economic scenarios will greatly depend on the level of energy prices. Therefore, an analysis of the impact of high energy prices on long-term scenarios for Germany was undertaken. Based on a reference scenario with moderate prices, a series of consistent high price scenarios for primary and secondary energy carriers were developed. Two scenarios with (i) continuously rising price trajectories and (ii) a price shock with a price peak during the period 2010-15 and a subsequent decline to the reference level are analysed. Two types of models have been applied in the analysis. The IKARUS energy systems optimisation model covers the whole of the German energy system from primary energy supply down to the end-use sectors. Key results in both high price scenarios include a replacement of natural gas by hard coal and renewable energy sources in electricity and heat generation. Backstop technologies like coal liquefaction begin to play a role under such conditions. Up to 10% of final energy consumption is saved in the end-use sectors, with the residential and transport sector being the greatest contributors. Even without additional restrictions, CO{sub 2} emissions significantly drop in comparison to the reference scenario. The ELIAS electricity investment analysis model focuses on the power sector. In the reference scenario with current allocation rules in the emissions trading scheme, the CO{sub 2} emissions decrease relatively steadily. The development is characterised by the phaseout of nuclear energy which is counterweighted by the increase of renewable. In the high price scenario, the CO{sub 2

  16. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson

    2008-01-01

    of Mozambique indicates that the fuel price shock dominates rising food prices from both macroeconomic and poverty perspectives. Again, negative impacts are larger in urban areas. The importance of agricultural production response in general and export response in particular is highlighted. Policy analysis...... analysis indicates that urban households and households in the southern region are more vulnerable to food price increases. Rural households, particularly in the North and Center, often benefit from being in a net seller position. Longer-term analysis using a computable general equilibrium (CGE) model...

  17. AGA answers complaints on burner tip prices

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the American Gas Association has rebutted complaints that natural gas prices have dropped at the wellhead but not at the burner tip. AGA Pres. Mike Baly the an association study of the issue found that all classes of customers paid less for gas in 1991 than they did in 1984, when gas prices were at their peak. He the, the study also shows that 100% of the wellhead price decline has been passed through to natural gas consumers in the form of lower retail prices. Baly the the average cost of gas delivered to all customers classes fell by $1.12/Mcf from 1984 to 1991, which exceeds the $1.10/Mcf decline in average wellhead prices during the same period

  18. Panorama 2018 - Overview of economic carbon pricing tools worldwide

    International Nuclear Information System (INIS)

    Coussy, Paula

    2018-01-01

    The Paris Agreement signed at COP21 came into effect in November 2016. This agreement aims to hold the increase in global average temperature to below 2 deg. C and pursue efforts to limit the rise to 1.5 deg. C by 2100. Governments and local jurisdictions must now implement an economic and regulatory framework to encourage greenhouse gas reductions. One of the economic tools available is carbon pricing. It varies greatly in form and value at international level and is deployed in all sectors of the economy. (author)

  19. Panorama 2017 - Overview of economic carbon pricing tools worldwide

    International Nuclear Information System (INIS)

    Coussy, Paula

    2017-06-01

    The Paris Agreement signed at COP21 came into effect in November 2016. This agreement aims to hold the increase in global average temperature to below 2 deg. C and pursue efforts to limit the rise to 1.5 deg. C by 2100. Governments and local jurisdictions must now implement an economic and regulatory framework to encourage greenhouse gas reductions. One of the economic tools available is carbon pricing. It varies greatly in form and value at international level and is deployed in all sectors of the economy

  20. Changes of uranium market price and trend in recent years

    International Nuclear Information System (INIS)

    Wang Xingwu; Chen Zuyi

    2008-01-01

    The market price (especially the spot price ) of uranium has experienced significant changes since 2004. Several stages of uranium price are summed up. It is the slow increase period of uranium price from 1991 to 2004, The uranium price rapid rise from 2005 to 2007. The price of uranium jumped sharply from the fourth quarter 2006 to first half of 2007. The price of uranium rapid declined and tended to be stable from second half 2007 to this day. Characteristics, reason and change trend of uranium price in these stages are summarized. (authors)

  1. Oil and Gas in the Arab world

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The state of oil and gas production in each of twelve Arab states in 1996 is reviewed. A table of proved oil reserves and production in these countries as at the end of 1995 is provided. For Arab oil producers, 1996 was a good year in price terms. Crude oil was selling at an average of $3 a barrel more than in 1995. Factors contributing to prices rises were the increase in demand accompanying global economic growth, especially in the developing economies of Asia, which was not matched by supply growth, and the news that Iraq is unlikely to return to international markets in the near future. (UK)

  2. Higher household expenditure on animal-source and nongrain foods lowers the risk of stunting among children 0-59 months old in Indonesia: implications of rising food prices.

    Science.gov (United States)

    Sari, Mayang; de Pee, Saskia; Bloem, Martin W; Sun, Kai; Thorne-Lyman, Andrew L; Moench-Pfanner, Regina; Akhter, Nasima; Kraemer, Klaus; Semba, Richard D

    2010-01-01

    Because the global financial crisis and high food prices affect food consumption, we characterized the relationship between stunting and nongrain food expenditure at the household level among children 0-59 mo old in Indonesia's rural and urban poor population. Expenditure and height-for-age data were obtained from a population-based sample of 446,473 children in rural and 143,807 in urban poor areas in Indonesia. Expenditure on food was grouped into categories: animal, plant, total nongrain, and grain. The prevalence of stunting in rural and urban poor areas was 33.8 and 31.2%, respectively. In rural areas, the odds ratios (OR) (5th vs. first quintile) for stunting were similar for proportion of household expenditure on animal (0.87; 95% CI = 0.85-0.90; P global crises.

  3. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  4. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  5. Russia/Asia-Pacific: rising gas and oil production in the Russian Far East will recast Asia-Pacific energy markets

    International Nuclear Information System (INIS)

    Khartukov, E.

    1994-01-01

    The next few years will see the emergence of the Russian Far East (RFE) as a major new source of hydrocarbons. Expansion of the production of crude oil and refined products will substantially improve the region's degree of energy self-sufficiency. The development of the large gas reserves is likely to have the greatest impact however. Three scenario's for this development are examined. Even under the most pessimistic the region's gas balance will show an exportable surplus by 2000. The energy future of the RFE, especially export plans for gas, depends on foreign investment, though. A radical improvement in the investment climate is needed to promote international co-operation. Political factors and strains within the Russian Federation and dwindling supplies of the crude oil and refined products from Siberia which the RFE still needs, tend to favour the development of economic links between the RFE and its Pacific Rim neighbours. The RFE would then be involved in Pacific energy flows, exporting gas and importing crude oil and refined products to make up its domestic shortfall rather than being dependent on Moscow controlled supplies. Should the RFE take this independent course and open its doors to foreign investors, solutions to the region's energy security problems would be made easier. There would almost certainly, though, be rivalry between the USA, Japan and Korea for influence with the RFE. (3 tables) (UK)

  6. Assessment of demand for natural gas from the electricity sector in India

    DEFF Research Database (Denmark)

    Shukla, P.R.; Dhar, Subash; Victor, David G.

    2009-01-01

    Electricity sector is among the key users of natural gas. The sustained electricity deficit and environment policies have added to an already rising demand for gas. This paper tries to understand gas demand in future from electricity sector. This paper models the future demand for gas in India from...... the electricity sector under alternative scenarios for the period 2005–2025, using bottom-up ANSWER MARKAL model. The scenarios are differentiated by alternate economic growth projections and policies related to coal reforms, infrastructure choices and local environment. The results across scenarios show that gas...... competes with coal as a base-load option if price difference is below US $ 4 per MBtu. At higher price difference gas penetrates only the peak power market. Gas demand is lower in the high economic growth scenario, since electricity sector is more flexible in substitution of primary energy. Gas demand...

  7. Oil transformation sector modelling: price interactions

    International Nuclear Information System (INIS)

    Maurer, A.

    1992-01-01

    A global oil and oil product prices evolution model is proposed that covers the transformation sector incidence and the final user price establishment together with price interactions between gaseous and liquid hydrocarbons. High disparities among oil product prices in the various consumer zones (North America, Western Europe, Japan) are well described and compared with the low differences between oil supply prices in these zones. Final user price fluctuations are shown to be induced by transformation differences and competition; natural gas market is also modelled

  8. Western Canada: high prices, high activity

    International Nuclear Information System (INIS)

    Savidant, S

    2000-01-01

    The forces responsible for the high drilling and exploration activity in Western Canada (recent high prices, excess pipeline capacity, and the promise of as yet undiscovered natural gas resources) are discussed. Supply and demand signposts, among them weather impacts, political response by governments, the high demand for rigs and services, the intense competition for land, the scarcity of qualified human resources, are reviewed/. The geological potential of Western Canada, the implications of falling average pool sizes, the industry's ability to catch up to increasing declines, are explored. The disappearance of easy large discoveries, rising development costs involved in smaller, more complex hence more expensive pools are assessed and the Canadian equity and capital markets are reviewed. The predicted likely outcome of all the above factors is fewer players, increasing expectation of higher returns, and more discipline among the remaining players

  9. Testing causal relationships between wholesale electricity prices and primary energy prices

    International Nuclear Information System (INIS)

    Nakajima, Tadahiro; Hamori, Shigeyuki

    2013-01-01

    We apply the lag-augmented vector autoregression technique to test the Granger-causal relationships among wholesale electricity prices, natural gas prices, and crude oil prices. In addition, by adopting a cross-correlation function approach, we test not only the causality in mean but also the causality in variance between the variables. The results of tests using both techniques show that gas prices Granger-cause electricity prices in mean. We find no Granger-causality in variance among these variables. -- Highlights: •We test the Granger-causality among wholesale electricity and primary energy prices. •We test not only the causality in mean but also the causality in variance. •The results show that gas prices Granger-cause electricity prices in mean. •We find no Granger-causality in variance among these variables

  10. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...

  11. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

    The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)

  12. Problems of gas marketing, particularly with respect to Swiss conditions

    Energy Technology Data Exchange (ETDEWEB)

    Hunzinger, W

    1981-07-01

    Rising gas prices have required a change in Switzerland's marketing strategy to a greater emphasis on the residential, commercial, and service sectors. A Swiss committee on energy in 1978 reported on three different scenarios for Swiss energy development. Excluding district heating and cogeneration use, natural gas consumption, though modest by world standards, grew 13.3% in 1979 to reach 7848 GWhr, or 4.2% of the total energy consumption. The Swiss gas industry association in 1979 began an information campaign to send out a series of six letters about gas.

  13. The exponential rise of induced seismicity with increasing stress levels in the Groningen gas field and its implications for controlling seismic risk

    Science.gov (United States)

    Bourne, S. J.; Oates, S. J.; van Elk, J.

    2018-06-01

    Induced seismicity typically arises from the progressive activation of recently inactive geological faults by anthropogenic activity. Faults are mechanically and geometrically heterogeneous, so their extremes of stress and strength govern the initial evolution of induced seismicity. We derive a statistical model of Coulomb stress failures and associated aftershocks within the tail of the distribution of fault stress and strength variations to show initial induced seismicity rates will increase as an exponential function of induced stress. Our model provides operational forecasts consistent with the observed space-time-magnitude distribution of earthquakes induced by gas production from the Groningen field in the Netherlands. These probabilistic forecasts also match the observed changes in seismicity following a significant and sustained decrease in gas production rates designed to reduce seismic hazard and risk. This forecast capability allows reliable assessment of alternative control options to better inform future induced seismic risk management decisions.

  14. FUNGIBILITY AND CONSUMER CHOICE: EVIDENCE FROM COMMODITY PRICE SHOCKS*

    Science.gov (United States)

    Hastings, Justine S.; Shapiro, Jesse M.

    2015-01-01

    We formulate a test of the fungibility of money based on parallel shifts in the prices of different quality grades of a commodity. We embed the test in a discrete-choice model of product quality choice and estimate the model using panel microdata on gasoline purchases. We find that when gasoline prices rise consumers substitute to lower octane gasoline, to an extent that cannot be explained by income effects. Across a wide range of specifications, we consistently reject the null hypothesis that households treat “gas money” as fungible with other income. We compare the empirical fit of three psychological models of decision-making. A simple model of category budgeting fits the data well, with models of loss aversion and salience both capturing important features of the time series. PMID:26937053

  15. FUNGIBILITY AND CONSUMER CHOICE: EVIDENCE FROM COMMODITY PRICE SHOCKS.

    Science.gov (United States)

    Hastings, Justine S; Shapiro, Jesse M

    2013-11-01

    We formulate a test of the fungibility of money based on parallel shifts in the prices of different quality grades of a commodity. We embed the test in a discrete-choice model of product quality choice and estimate the model using panel microdata on gasoline purchases. We find that when gasoline prices rise consumers substitute to lower octane gasoline, to an extent that cannot be explained by income effects. Across a wide range of specifications, we consistently reject the null hypothesis that households treat "gas money" as fungible with other income. We compare the empirical fit of three psychological models of decision-making. A simple model of category budgeting fits the data well, with models of loss aversion and salience both capturing important features of the time series.

  16. Bad weather for the IPCC: from Nobel price to affairs, rise and fall of climate experts; Sale temps pour le GIEC: Du prix Nobel aux affaires, grandeur et decadence des experts du climat

    Energy Technology Data Exchange (ETDEWEB)

    Dubuis, E.

    2010-07-01

    The intergovernmental panel on climate change, IPCC, or GIEC in French, has become in 20 years one of the most influent organization in the world. Awarded by the Nobel price of peace in 2007, this expression of the United Nations has succeeded in setting the fight against global warming at the top of the international political agenda, in particular during the 2009 Copenhagen meeting. What are the keys of this success? The IPCC has announced a global warming with disastrous effects, where floods would combine with dryness periods, epidemics and other natural disasters. Such a dark picture cannot leave anyone indifferent and allows the IPCC to encourage the humanity to drastically change its consumption habits and limit its way of life. However, to raise such fears and ask for such sacrifices, an organization like the IPCC must be irreproachable. And here is the problem reported in this book: the IPCC has shown its weaknesses, has made mistakes, has used unappropriated methods and miscasting personnel, has been uncapable to explain the complexness of the climate question and has felt reticent about the recognition of its mistakes. Revealed between fall 2009 and winter 2010, these failures have shaken the credibility of the organization to such a point that the UN requested an expertise to judge its own experts. (J.S.)

  17. Gas in the Levant Sea: Casus Belli or an opportunity for regional cooperation?

    International Nuclear Information System (INIS)

    Furfari, S.

    2012-01-01

    Changes in technology and the rise in world crude oil prices have led oil companies to look for petroleum elsewhere than in areas hitherto considered to contain the largest conventional reserves. These new zones also have a geopolitical dimension. This is equally true for the discovery of gas reserves contained in the maritime basin in the East Mediterranean. (author)

  18. Natural gas; Erdgas

    Energy Technology Data Exchange (ETDEWEB)

    Graf, Frank [DVGW-Forschungsstelle am KIT, Karlsruhe (Germany); Groeschl, Frank; Wetzel, Uwe [DVGW, Bonn (Germany); Heikrodt, Klaus [Hochschule Ostwestfalen-Lippe, Lemgo (Germany); Krause, Hartmut [DBI Gastechnologisches Institut, An-Institut der TU Bergakademie, Freiberg (Germany); Beestermoeller, Christina; Witschen, Bernhard [Team Consult G.P.E. GmbH, Berlin (Germany); Albus, Rolf; Burmeister, Frank [Gas- und Waerme-Institut Essen e.V., Essen (Germany)

    2015-07-01

    The reform of the EEG in Germany, a positive global development in natural gas, the decline in oil prices, questions about the security of supply in Europe, and not least the effect of the decision by E.on at the end of 2014 have moved the gas industry. Gas has the lowest CO{sub 2} emissions of fossil fuels. Flexibility, storability, useful for networks and the diversity in the application make it an ideal partner for renewable energy. However, these complementary properties are valued at wind and photovoltaics internationally and nationally different. The situation in the gas power plants remains tense. LNG - liquefied natural gas - is on the rise. [German] Die Reform des EEG in Deutschland, eine positive Entwicklung beim Gas weltweit, der Verfall der Oelpreises, Fragen zur Versorgungssicherheit in Europa und nicht zuletzt die Auswirkung der Entscheidung von E.on Ende 2014 haben die Gaswirtschaft bewegt. Gas weist die geringsten CO{sub 2}-Emissioen der fossilen Energietraeger auf. Flexibilitaet, Speicherbarkeit, Netzdienlichkeit sowie die Vielfalt in der Anwendung machen es zum idealen Partner der erneuerbaren Energien. Allerdings werden diese komplementaeren Eigenschaften zu Wind und Photovoltaik international und national unterschiedlich bewertet. Die Lage bei den Gaskraftwerken bleibt weiter angespannt. LNG - verfluessigtes Erdgas - ist auf dem Vormarsch.

  19. Techno-economic assessment and policy of gas power generation considering the role of multiple stakeholders in China

    International Nuclear Information System (INIS)

    Dong Jun; Zhang Xu; Xu Xiaolin

    2012-01-01

    In accordance with the energy planning in China, within the “Twelfth Five-Year” period (2011–2015), the proportion of natural gas among primary energy consumption is expected to increase from the current 4% to 8%. In 2015, about 17 natural gas pipelines will be completed. This paper reviews the current situation of gas power generation, analyzes the main opportunities and obstacles of gas power generation development in China, and conducts a techno-economic assessment of the natural gas power generation, taking into account the role and the interaction of the multiple stakeholders in the natural gas industry chain. Taking a power plant fueled with the natural gas transported by the second West-to-East Pipeline as an example, it is found that the on-grid power price fluctuates upward with the rise of gas price and downward with the increase of annual utilization hours, and the influences of tax policies on the on-grid power price prove to be highly significant. As the analysis and calculation indicate, the environmental benefits of natural gas power generation ought to be strongly emphasized, compared with coal-fired power generation. Finally, this paper puts forward specific policy recommendations, from the perspectives of electricity price, gas price, tax, power grid dispatching, etc. - Highlights: ► Presents the opportunities and obstacles of gas power generation development in China. ► Analyzes the interactions of multiple stakeholders in the natural gas industry chain. ► Conducts a techno-economic assessment on the natural gas power generation. ► Discusses the responsibilities and risks of multiple stakeholders. ► Puts forward policy recommendations, from electricity price, gas price, tax, etc.

  20. Noble Gas geochemistry of the newly discovered hydrothermal fields in the Gulf of California: preliminary He-isotope ratios from the Alarcon Rise and Pescadero basin vent sites

    Science.gov (United States)

    Spelz, R. M.; Lupton, J. E.; Evans, L. J.; Zierenberg, R. A.; Clague, D. A.; Neumann, F.; Paduan, J. B.

    2015-12-01

    Numerous submarine deep-sea hydrothermal vents related to volcanic activity of the East Pacific Rise (EPR) are situated along the Pacific margins of Mexico. Until recently, active hydrothermal venting was unknown between the Guaymas Basin and 21°N on the EPR. MBARI's recent oceanographic surveys have added 7 new active vent sites. In this study, we aimed to sample the high-temperature hydrothermal fluids emanating from two distinct vent sites, named Meyibo and Auka, located in the Alarcon Rise and Pescadero Basin, respectively. Mantle-derived He have long been identified in hydrothermal fluid releases. The presence of He in aqueous fluids with 3He/4He ratios greater than in-situ production values (~0.05 RA, where RA = air He or 1.4 x 10-6) indicates the presence of mantle-derived melts. Preliminary analyses of He-isotope ratios derived from the newly discovered Meyibo and Auka hydrothermal fields show high 3He/4He ratios (~8RA), typical of MORB's. Auka vent field, characterized by chimneys composed of light carbonate minerals and oil-like hydrocarbons, and temperatures between 250-290oC, show average values of ~7.87RA. In contrast, the black-smokers at the Meyibo field, composed of dark sulfide minerals and temperatures over 350oC, yielded a higher He ratio of ~8.24RA. Recently, it has become clear that regional maximum mantle He values correlate with the velocity structure in the mantle, therefore, He has the potential to map regions of the underlying mantle that are undergoing partial melting. Seismic records could then be compared with the geochemical He ratio signal and supply information regarding tectonics and other processes involved in the generation of these gases. The data presented here will be completing a totally new inventory of He results from hydrothermal vents in the EPR and fault-termination basins distributed along the P-NA plate boundary in the Gulf of California. The results will be further coupled with the analysis of other geochemical

  1. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable

  2. The Global Economic Crisis and the Africa Rising Narrative

    African Journals Online (AJOL)

    growth back on the global agenda, with lowering oil prices and the rising of fracking .... workforce is informalised labour (Bieler et al 2008), while in the rural areas .... community gardens, and socially-owned renewable energy projects, which.

  3. The commercial potential of Nova Scotian natural gas

    International Nuclear Information System (INIS)

    Power, M.; Jewkes, E.

    1992-01-01

    The Scotian Shelf has estimated potential natural gas reserves of 18 trillion ft 3 . A project cash flow analysis of the development and production from Nova Scotia's discovered natural gas pools is presented to determine the commercial potential of these resources. The modelling framework proposed by Power and Jewkes (1990) is used in the analysis. This framework consists of three sub-models: a drilling model, a pool-cost model, and a filtration model. The model was run 84 times, once for each combination of the 21 price levels and 4 discount rates used in the study. It was assumed that exploration and delineation drilling, project construction, and operation were completed in 35 years. The sensitivity of commercial declarations to the discount rate is most clearly seen in the measure of commercially recoverable volumes calculated by the model. Gas prices below $1.80 per thousand ft 3 (MCF) do not result in any of the significant discoveries being declared as commercially viable. As prices rise above this level, a 6% discount rate results in the largest of the discovered pools being assessed as commercial. When prices have risen sufficiently to offset the discount rate effect, the differences in commercial declarations fall progressively as prices continue to rise. The financial variables (profit and fiscal take) both exhibit increasing sensitivity to the discount rate. The results suggest a limited role for Scotian Shelf gas in Canada's energy future. Landed prices must be in the range of $2.80-$4.00/MCF before sufficient quantities of gas are made available. It is likely that the market for such gas will be small and limited primarily to an interfuel substitution role. 16 refs., 4 figs., 3 tabs

  4. Gas

    International Nuclear Information System (INIS)

    1996-01-01

    The French government has decided to modify the conditions of extension of local natural gas authorities to neighbouring districts. The European Union is studying the conditions of internal gas market with the objective of more open markets although considering public service requirements

  5. Wholesale gas market indicators - 4. Quarter 2012

    International Nuclear Information System (INIS)

    2013-01-01

    The wholesale gas market indicators publication aims to provide general monitoring indicators about: wholesale gas prices, gas trade between France and neighboring countries, infrastructures availability and utilisation

  6. Wholesale gas market indicators - December 2013

    International Nuclear Information System (INIS)

    2013-12-01

    The wholesale gas market indicators publication aims to provide general monitoring indicators about: wholesale gas prices, gas trade between France and neighboring countries, infrastructures availability and utilisation

  7. Wholesale gas market indicators - September 2013

    International Nuclear Information System (INIS)

    2013-09-01

    The wholesale gas market indicators publication aims to provide general monitoring indicators about: wholesale gas prices, gas trade between France and neighboring countries, infrastructures availability and utilisation

  8. Responding to high energy prices: energy management services

    International Nuclear Information System (INIS)

    Raynolds, M.

    2001-01-01

    Rapid growth in the number and sophistication of energy management companies has been observed in the wake of rising energy prices. These companies offer energy-efficiency consulting services to utilities, government and industry with the promise of improved cost efficiency, marketplace competitiveness and environmental commitments. The environmental benefits result from the reduction in emissions and pollutants associated with power production and natural gas used for space heating. In general, the stock in trade of these energy management companies is the energy audit involving evaluation of existing equipment in buildings and facilities and the resulting recommendations to install energy-efficient equipment such as lighting retrofits, boiler replacement, chiller replacement, variable speed drives, high-efficiency motors, improved insulation and weather proofing, water heaters and piping. The North American market for energy management services was estimated in 1997 at $208 billion (rising to $350 billion by 2004). Current market penetration is less than two per cent

  9. A propane price spike nails users

    International Nuclear Information System (INIS)

    Milke, M.

    1997-01-01

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

  10. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

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

  11. Oil price, biofuels and food supply

    International Nuclear Information System (INIS)

    Timilsina, Govinda R.; Mevel, Simon; Shrestha, Ashish

    2011-01-01

    The price of oil could play a significant role in influencing the expansion of biofuels, but this issue has yet to be fully investigated in the literature. Using a global computable general equilibrium (CGE) model, this study analyzes the impact of oil price on biofuel expansion, and subsequently, on food supply. The study shows that a 65% increase in oil price in 2020 from the 2009 level would increase the global biofuel penetration to 5.4% in 2020 from 2.4% in 2009. If oil prices rise 150% from their 2009 levels by 2020, the resulting penetration of biofuels would be 9%, which is higher than that would be caused by current mandates and targets introduced in more than forty countries around the world. The study also shows that aggregate agricultural output drops due to an oil price increase, but the drop is small in major biofuel producing countries as the expansion of biofuels would partially offset the negative impacts of the oil price increase on agricultural outputs. An increase in oil price would reduce global food supply through direct impacts as well as through the diversion of food commodities and cropland towards the production of biofuels. - Highlights: ► A global CGE model to analyze impacts of oil price on biofuels and food supply. ► Global biofuel penetration increases from 2.4% (2009) to 5.4% (2020) in baseline. ► A 150% rise of oil price boosts biofuels more than current mandates and targets do. ► Biofuels partially offset drops in agricultural outputs caused by oil price rise. ► Biofuels as well as oil price rise negatively affect global food supply.

  12. Gas - the implications for the NWECS

    International Nuclear Information System (INIS)

    1993-01-01

    Natural gas will assume an increasingly dominant role in the future development of the North West European Continental Shelf (NWECS). The drive to exploit reserves derives from the combination of economic and environmental benefits which natural gas offers relative to other fossil fuels. Not only is natural gas the cleanest, but it is also currently both more efficient to use than either oil or coal, as well as being significantly cheaper than oil in thermal terms. Almost all forecasters foresee a large rise in natural gas demand in Europe, which cannot be met without bringing into play large new supply sources including those increasingly remote from main centres of European demand. To develop and bring these resources to market implies to many the need for a significant increase in natural gas prices. Against such a background the business prospects for producers in the ''conventional'' NWECS areas look good particularly to United Kingdom Continental Shelf (UKCS) producers. With the ''dash for gas'' in UK power generation largely complete, a significant element in the future development of the UKCS gas resources will be exported to the EC mainland. Whilst the relative proximity to the main Continental markets gives UKCS gas every prospect of price competitiveness in Europe, security of supply arguments will also strongly favour the Continental gas companies adding a British component to their supply portfolio. (29 figures; 10 tables) (Author)

  13. Canadian natural gas liquids : market outlook 2000 - 2010

    International Nuclear Information System (INIS)

    Gill, L.; Mortensen, P.

    2001-01-01

    This study provides a comprehensive analysis of the availability of Canadian natural gas liquids. The analysis was developed from production profiles and gas compositions for individual gas pools and takes into account the effects of market factors. On the demand side, the effects of new infrastructure and changes in corporate structures have been evaluated. The study was initiated at a time when energy prices were stable and the major concern was to see how the addition of the Alliance pipeline, the Aux Sable gas processing plant, the Empress V straddle plant and the Nova/UCC E3 ethylene plant would affect the Canadian liquids business. The study was complicated by the advent of unexpected factors affecting the supply and demand of natural gas liquids (NGLs). These included extremely high prices for natural gas, an apparent inability of the supply basin to respond to the high gas prices with increased supply, and the very high electricity costs in Alberta. The weak supply of NGLs coincides with the increase in ethane demand from the start-up of Alberta's fourth ethylene facility and the addition of the high vapour pressure Alliance pipeline. This weak supply suggests there will be an ethane shortage for at least the next few years. The longer term outlook, however, is less certain and will require an analysis of the outlook for gas production, gas composition and NGL extraction capacity. This study developed two forecasts for natural gas prices. Both presume rising gas demand across North America driven by increased gas use for power generation. The Low Case assumes modest growth in domestic Canadian gas demand and the High case predicts strong growth in domestic demand as higher levels of exports to the United States, resulting in a doubling in growth for Canadian gas production from 2000-2015 compared to the Low Case. Both High and Low Case scenarios suggest that prices will decline from current levels so that Alberta plant gate prices fall by 2005 and will then

  14. Canadian natural gas liquids : market outlook 2000 - 2010

    Energy Technology Data Exchange (ETDEWEB)

    Gill, L.; Mortensen, P.

    2001-04-01

    This study provides a comprehensive analysis of the availability of Canadian natural gas liquids. The analysis was developed from production profiles and gas compositions for individual gas pools and takes into account the effects of market factors. On the demand side, the effects of new infrastructure and changes in corporate structures have been evaluated. The study was initiated at a time when energy prices were stable and the major concern was to see how the addition of the Alliance pipeline, the Aux Sable gas processing plant, the Empress V straddle plant and the Nova/UCC E3 ethylene plant would affect the Canadian liquids business. The study was complicated by the advent of unexpected factors affecting the supply and demand of natural gas liquids (NGLs). These included extremely high prices for natural gas, an apparent inability of the supply basin to respond to the high gas prices with increased supply, and the very high electricity costs in Alberta. The weak supply of NGLs coincides with the increase in ethane demand from the start-up of Alberta's fourth ethylene facility and the addition of the high vapour pressure Alliance pipeline. This weak supply suggests there will be an ethane shortage for at least the next few years. The longer term outlook, however, is less certain and will require an analysis of the outlook for gas production, gas composition and NGL extraction capacity. This study developed two forecasts for natural gas prices. Both presume rising gas demand across North America driven by increased gas use for power generation. The Low Case assumes modest growth in domestic Canadian gas demand and the High case predicts strong growth in domestic demand as higher levels of exports to the United States, resulting in a doubling in growth for Canadian gas production from 2000-2015 compared to the Low Case. Both High and Low Case scenarios suggest that prices will decline from current levels so that Alberta plant gate prices fall by 2005 and will

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

    International Nuclear Information System (INIS)

    Altomonte, H.; Rogat, J.

    2004-01-01

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

  16. Clearwood quality and softwood lumber prices: what's the real premium?

    Science.gov (United States)

    Thomas R. Waggener; Roger D. Fight

    1999-01-01

    Diminishing quantities of appearance grade lumber and rising price premiums for it have accompanied the transition from old-growth to young-growth timber. The price premiums for better grades are an incentive for producers to undertake investments to increase the yield of those higher valued products. Price premiums, however, are also an incentive for users to...

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

    Science.gov (United States)

    Baum, Sandy; Ma, Jennifer

    2013-01-01

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

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

    Science.gov (United States)

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

    2013-11-01

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

  19. End user prices in liberalised energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Lijesen, M.G. [Afdeling Energie en Grondstoffen, Centraal Planbureau CPB, Den Haag (Netherlands)

    2002-12-01

    As European energy markets move towards deregulation, energy prices shift from classic 'cost plus' prices towards market prices. We develop a model for the retail and wholesale energy markets in Europe, based on Bertrand competition in a two part pricing structure with switching costs. We use the model to forecast end user electricity and natural gas prices and find that the introduction of competition in energy retail and wholesale markets will decrease standing charges, lowering total costs for energy users. A larger number of entrants, a cost advantage for one of the suppliers, or lower switching costs reduces standing charges further.

  20. Market, trading and coal price

    International Nuclear Information System (INIS)

    Muller, J.C.; Cornot-Gandolphe, S.; Labrunie, L.; Lemoine, St.; Vandijck, M.

    2006-01-01

    The coal world experienced a true upheaval in the past five years World coal consumption went up 28 % between 2000 and 2005, as a result of the strong growth in Chinese demand. The growth should continue in the coming years: electrical plant builders' orders are mainly for coal. The regained interest in coal is based on the constraints experienced by competing energies (increase in oil and natural gas prices, geopolitical uncertainties, supply difficulties) and by the abundant reserves of coal in the world and the competitiveness of its price. The strong growth in world coal demand comes with a change in rules governing steam coal trading. While long term bilateral agreements were most common until the late nineties, there has been a true revolution in coal marketing since 2000: spot contracts, stock exchange emergence and futures contracts, price indexes. In a few years, the steam coal market has become a true commodities market, overtaking many more goods. The price of coal has also gone through strong variations since 2003. Whereas the price had been stable for decades, in 2004 the strong increase in China' s demand for coal and iron ore resulting in transport shortage, caused a strong increase in CAF coal prices. Since then, prices have gone down, but remain higher than the Eighties and Nineties levels. In spite of the increase, coal remains available at more competitive prices than its competing energies. (authors)

  1. How market structure drives commodity prices

    Science.gov (United States)

    Li, Bin; Wong, K. Y. Michael; Chan, Amos H. M.; So, Tsz Yan; Heimonen, Hermanni; Wei, Junyi; Saad, David

    2017-11-01

    We introduce an agent-based model, in which agents set their prices to maximize profit. At steady state the market self-organizes into three groups: excess producers, consumers and balanced agents, with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics. When resources are scarce prices rise sharply below a turning point that marks the disappearance of excess producers. To compare the model with real empirical data, we study the relationship between commodity prices and stock-to-use ratios in a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities.

  2. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

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

  3. Price changes in the gasoline market: Are Midwestern gasoline prices downward sticky?

    International Nuclear Information System (INIS)

    1999-03-01

    This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they're rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears

  4. The top 100: hanging on for another wild oil price ride with new survival skills and help from hired hands

    International Nuclear Information System (INIS)

    Harvie, W.; Jaremko, G.

    1998-01-01

    A forecast of industry performance in 1998 predicts that despite the heavy plunge of prices in 1997 that resulted in an increase in the TSE oil and gas index of only 2.8 per cent compared to 36.6 per cent in 1996, the Canadian oil and gas industry will be able to hang on. This is due to new technology, overhauled companies, improved management, a more diverse mix of products, better access to export outlets and new expertise in marketing, trading, hedging and risk assessment. Industry forecasts call for 12,000 new wells in 1998 which, if realized, will be the second best performance for the industry since 1986. Takeovers by the likes of Renaissance Energy, the merger by Nova Corporation and TransCanada Pipelines and the prospect of new competition to the Nova-TransCanada System by the Alliance Pipeline Project, are just some of the twists and turns that help maintain the buoyancy of the industry. Heavy oil developments are likely to remain dormant during 1998, although the long term prospects look strong. Husky Oil's $ 500 million expansion of its Lloydminster upgrader is seen as the lone bright spot in 1998. The natural gas sector has kept the industry going in 1997, but with the heating season over, the immediate prospects are not very bright. Gas prices are likely to decline during the summer, but with new pipeline capacity coming on-stream soon, the artificially low gas prices in Alberta should begin to ease later in the year. Conventional oil prices are expected to rise, provided OPEC members can keep recalcitrant members in check. If light oil prices do not rise soon, the forecast calls for several oil companies to end up on the auctioneer's block

  5. Conclusion statement of the 'gas tariffs' Commission works

    International Nuclear Information System (INIS)

    2006-01-01

    This report recalls some basic aspects of gas economy, notices that gas purchase prices are indexed to oil product prices, compares gas prices among European countries, briefly evokes the competition situation on the gas market in France, indicates the field of application of tariffs fixed by the ministry and the different pricing regimes, briefly discusses the pricing modalities, indicates the different components of gas price for a typical user. Then, recommendations are formulated for a new gas pricing policy based on true prices, transparency and user expectations

  6. Evaluation of retrofitting gas-fired cooling and heating systems into BCHP using design optimization

    International Nuclear Information System (INIS)

    Cao Jiacong

    2009-01-01

    The influence of energy prices on the feasibility of a retrofit is investigated. The retrofit describes the conversion of a system from HVAC to BCHP for energy-saving. This includes two optimal retrofit design models, of which the exergetic efficiency and annual costs (AC) are the separate objective functions. The retrofit scheme is planned to insert gas engines as prime movers into the original system, which have adopted gas-fired absorption chillers. The solutions of the optimizations show that such a retrofit can result in a remarkable rise in exergetic efficiency but is not viable with current energy prices. The contradictory solutions reveal a gap between the current energy prices system of the country and the present energy situation. Further investigation gives the critical lines of which each divides the coordinate plane of natural gas-electric prices into two parts of benefit and deficit. If the electric price rises to a certain extent, the retrofit will be advantageous both in benefit and energy-saving. So it is really an urgent task to reform the energy prices system in China. Conclusions may be helpful for other similar retrofit projects, and for legislators and the government which are responsible for improving the energy market in China.

  7. Carbon pricing. A lever for energy transition

    International Nuclear Information System (INIS)

    2016-01-01

    The international community has set itself the target of limiting the global temperature rise to 2 deg. C. In today's world, the challenge is to invent new ways of manufacturing goods, producing food, travelling and keeping ourselves warm, without emitting more greenhouse gases (GHG) into the atmosphere than what we are technically able to remove from it. Climate action can be considered as an insurance for our societies against unacceptable costs generated by the risk of increasingly frequent climate-triggered natural disasters, irreversible damage to ecosystems and mass population migrations. In addition to avoid climate damage there are many benefits of climate action, including greater energy autonomy, reduced atmospheric pollution, which is harmful for human health, and the economic benefits of new green growth sectors. However, the efforts needed to make the transition to economies that emit fewer greenhouse gases must not be underestimated. This transition requires the mass redirection of investments into clean transport, renewable energy sources, building insulation and the development of agro-ecology, in a highly restricted financial and budgetary context. The economic and financial tools used for explicit or implicit carbon pricing give clear messages about the benefits of emitting less carbon, or alternatively the cost of greenhouse gas emissions for society. Consequently, they make it possible to accelerate the energy transition. 74 countries and over 1,000 businesses formed a coalition for carbon pricing during the United Nations Climate Summit in September 2014, held at the invitation of the UN Secretary-General. The goal of the coalition is to promote productive dialogue between public and private decision-makers concerning opportunities to extend carbon pricing policies. It has been officially launched on November 30, 2015, on the opening day of COP21. It has been officially launched on November 30, 2015, on the opening day of COP21. Members of the

  8. Energy prices, equalization and federalism

    Energy Technology Data Exchange (ETDEWEB)

    Courchene, T.J. [Queen' s Univ., Kingston, ON (Canada). School of Policy Studies

    2005-10-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  9. Energy prices, equalization and federalism

    International Nuclear Information System (INIS)

    Courchene, T.J.

    2005-01-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  10. Modelling the impact of oil prices on Vietnam's stock prices

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University, Victoria 3125 (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology University, Melbourne (Australia)

    2010-01-15

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  11. Economic analysis of coal price-electricity price adjustment in China based on the CGE model

    International Nuclear Information System (INIS)

    He, Y.X.; Zhang, S.L.; Yang, L.Y.; Wang, Y.J.; Wang, J.

    2010-01-01

    In recent years, coal price has risen rapidly, which has also brought a sharp increase in the expenditures of thermal power plants in China. Meantime, the power production price and power retail price have not been adjusted accordingly and a large number of thermal power plants have incurred losses. The power industry is a key industry in the national economy. As such, a thorough analysis and evaluation of the economic influence of the electricity price should be conducted before electricity price adjustment is carried out. This paper analyses the influence of coal price adjustment on the electric power industry, and the influence of electricity price adjustment on the macroeconomy in China based on computable general equilibrium models. The conclusions are as follows: (1) a coal price increase causes a rise in the cost of the electric power industry, but the influence gradually descends with increase in coal price; and (2) an electricity price increase has an adverse influence on the total output, Gross Domestic Product (GDP), and the Consumer Price Index (CPI). Electricity price increases have a contractionary effect on economic development and, consequently, electricity price policy making must consequently consider all factors to minimize their adverse influence.

  12. Natural gas, uncertainty, and climate policy in the US electric power sector

    International Nuclear Information System (INIS)

    Bistline, John E.

    2014-01-01

    This paper investigates how uncertainties related to natural gas prices and potential climate policies may influence capacity investments, utilization, and emissions in US electricity markets. Using a two-stage stochastic programming approach, model results suggest that climate policies are stronger drivers of greenhouse gas emission trajectories than new natural gas supplies. The dynamics of learning and irreversibility may give rise to an investment climate where strategic delay is optimal. Hedging strategies are shown to be sensitive to the specification of probability distributions for climate policy and natural gas prices, highlighting the important role of uncertainty quantification in future research. The paper also illustrates how this stochastic modeling framework could be used to quantify the value of limiting methane emissions from natural gas production. - Highlights: • This paper examines how uncertainty may impact natural gas in the power sector. • Uncertainties like gas prices, upstream emissions, and climate policy are modeled. • Climate policies are stronger drivers of emissions than gas supply conditions. • Lower gas prices are likely to spark greater utilization of existing capacity. • Irreversibility and uncertainty may make strategic delay optimal

  13. Australian Coal Company Risk Factors: Coal and Oil Prices

    OpenAIRE

    M. Zahid Hasan; Ronald A. Ratti

    2014-01-01

    Examination of panel data on listed coal companies on the Australian exchange over January 1999 to February 2010 suggests that market return, interest rate premium, foreign exchange rate risk, and coal price returns are statistically significant in determining the excess return on coal companies’ stock. Coal price return and oil price return increases have statistically significant positive effects on coal company stock returns. A one per cent rise in coal price raises coal company returns ...

  14. Understanding gasoline pricing in Canada

    International Nuclear Information System (INIS)

    Anon.

    2001-01-01

    Pricing policies for gasoline by Canadian oil companies are discussed. An attempt is made to demonstrate that competition between oil companies is extremely keen, and markups are so small that to stay in business, retail outlets have to sell huge volumes and sell non-fuel products, as a means to increase revenues and margins. An explanation is provided for why gasoline prices move in unison, and why what appears to the public as collusion and gouging is, in fact, the result of retail dealers attempting to stay in business. The high prices are attributed mainly to taxes by municipalities, the provinces and the federal government; taxes are said to account for 40 to 50 per cent of the pump price. The cost of crude makes up another 35 to 45 per cent, refining adds 10 to 15 per cent, with the remaining 5 to 10 per cent representing retail costs. (Taxes in the United States average 20 to 30 per cent). Over the longer term, gasoline prices consistently reflect the cost of crude oil, dominated by the OPEC countries which supply about 41 per cent of daily world production. Another factor is the rise of global and regional commodity markets for refined products such as gasoline. Commodity traders buy wholesale gasoline cheaply whenever it is in oversupply, and sell it for a profit into markets where the demand is greater. While this is claimed to ensure competitive prices in all markets, the practice can also trigger abrupt changes in regional markets

  15. Drawing a Roadmap for Oil Pricing Reform

    OpenAIRE

    Kojima, Masami

    2013-01-01

    In 2011, the median oil imports rose to 5 percent of gross domestic product for net importers. In the past several years, many governments have not passed through the world oil price increases to consumers fully. As a sign of divergent pricing policies, the retail prices of gasoline, diesel, and cooking gas in January 2013 varied by a factor of 190, 250, and 70, respectively, across develo...

  16. Pricing electricity for sustainability : climate change and Canada's electricity sector

    International Nuclear Information System (INIS)

    2010-01-01

    The electricity sector is Canada's largest single source of greenhouse gas (GHG) emissions. This paper discussed electricity and carbon pricing approaches to reducing GHG emissions in the electricity sector. An overview of the links between electricity pricing and climate change was presented, and current and emerging trends in electricity pricing related to encouraging energy conservation were reviewed. Market prices and failures were discussed. Approaches to pricing electricity included an increase in block prices; time-of-use prices; demand-side management and energy efficiency; and carbon pricing in Canada and electricity pricing signals. The study showed that several provincial utilities in Canada are experimenting with market-based pricing approaches for electricity and carbon that may help to reduce GHG emissions over time. Concerns over electricity supply and the negative environmental impacts of electricity production may lead to the full social pricing of electricity in some regions of Canada. 46 refs., 3 tabs., 5 figs.

  17. Volatility in energy prices

    International Nuclear Information System (INIS)

    Duffie, D.

    1999-01-01

    This chapter with 58 references reviews the modelling and empirical behaviour of volatility in energy prices. Constant volatility and stochastic volatility are discussed. Markovian models of stochastic volatility are described and the different classes of Markovian stochastic volatility model are examined including auto-regressive volatility, option implied and forecasted volatility, Garch volatility, Egarch volatility, multivariate Garch volatility, and stochastic volatility and dynamic hedging policies. Other volatility models and option hedging are considered. The performance of several stochastic volatility models as applied to heating oil, light oil, natural gas, electricity and light crude oil are compared

  18. Bank Share Prices and Profitability

    OpenAIRE

    Daniel Daugaard; Tom Valentine

    1993-01-01

    This paper considers the influence of economic conditions and financial markets on Australian bank share prices and profitability. It uses time series analysis to obtain an indication of the effectiveness of banks in managing their exposure to interest rates and exchange rates. The results give rise to some comments on the extent to which banks actively manage their exposure to financial and economic variables. The discussion of risk management activities necessarily raises the question of ho...

  19. An Analysis of Decision Factors on the Price of South Korea’s Certified Emission Reductions in Use of Vector Error Correction Model

    Directory of Open Access Journals (Sweden)

    Sumin Park

    2017-09-01

    Full Text Available This study analyzes factors affecting the price of South Korea’s Certified Emission Reduction (CER using statistical methods. CER refers to the transaction price for the amount of carbon emitted. Analysis of results found a co-integration relationship among the price of South Korea’s CER, oil price (WTI, and South Korea’s maximum electric power demand, which means that there is a long-term relationship among the three variables. Based on this result, VECM (vector error correction model analysis, impulse response function, and variance decomposition were performed. As the oil price (WTI increases, the demand for gas in power generation in Korea declines while the demand for coal increases. This leads to increased greenhouse gas (GHG; e.g., CO2 emissions and increased price of South Korea’s CERs. In addition, rising oil prices (WTI cause a decline in demand for oil products such as kerosene, which results in an increase in South Korea’s maximum power demand.

  20. Indicators of gas gross markets - November 2009-December 2012

    International Nuclear Information System (INIS)

    2012-12-01

    For each month from November 2009 until December 2012, this document proposes a set of graphs which illustrate the evolution of gas price (day-ahead price in France, difference between the North gas exchange point and South exchange point, price volatility, difference between M + 1 PEG price and day-ahead price, day-ahead price in Belgium, Germany and Netherlands, relationship between import price and market price), the development of gas trade in France (transactions, volumes, supplied volume in European countries) and indicators related to infrastructures (availability in gas entry points, use of infrastructure with respect to price difference on markets)

  1. Energy consumption and energy prices

    International Nuclear Information System (INIS)

    Bentzen, J.

    1993-01-01

    Data are presented on energy consumption and energy prices related to a number of OECD (Organisation for Economic Co-operation and Development) lands covering the period 1951-1990. The information sources are described and the development of energy consumption and prices in Denmark are illustrated in relation to these other countries. The energy intensity (the relation between energy consumption and the gross national product) is dealt with. Here it is possible to follow development during the whole post-war period. It is generally understood that Denmark saved large amounts of energy after 1973-74 but, taken over the whole post-war period, savings and decline in energy-gross national product relations are less dramatic compared to conditions in other OECD countries. Energy coefficients or elasticities show the relative rise in consumption compared to the relative rise in gross national product (growth rate). This is shown to be typically unstable and an eventual connection with the amount of energy price increase and/or the growth rate of the national economy is considered. Results of Granger causuality tests on energy consumption, national income and energy prices are presented. Effective energy prices were very low in Denmark up to 1970 when they suddenly began to increase. Since the oil crisis Denmark's energy consumption has fallen whereas the other countries have used rather more energy than before. Effective promotion of energy savings must be seen in relation to the fact that the 1970 basis level of energy consumption and intensity was unusually high. The high effective energy prices have also encouraged energy savings in Denmark. (AB)

  2. Effects of rising food prices on household food security on ...

    African Journals Online (AJOL)

    2015-05-13

    May 13, 2015 ... This study was conducted in January 2013 at Runnymede Village ... The data were entered and stored in a spreadsheet of Microsoft®. Excel®, and ..... Valoyi Traditional Governance Authority, N'wamitwa Tribal Office.

  3. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

    Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.

  4. 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.

  5. A history of prices in Canada, 1840-1871: a new wholesale price index

    OpenAIRE

    Donald G. Paterson; Ronald A. Shearer

    2003-01-01

    We present a new monthly wholesale price index for Canada, 1840-71, comparing fluctuations in the Canadian macroeconomy with fluctuations in similar U.S. and British indexes. Canadian prices move through distinct phases: the 1840s rise in prices and the decline in the depression of 1848-49; the mid-century economic boom and the 1857 depression; U.S. Civil War inflation and apparent Canadian price insulation through a flexible exchange rate created by U.S. withdrawal from gold; and the non-inf...

  6. The strategies of development of electricity and natural gas providers in France. High gross prices, tariff maintenance...: how do alternate operators come through?

    International Nuclear Information System (INIS)

    2008-11-01

    This article presents the content of a market study which aimed at gathering and analysing key figures of the electricity and natural gas markets, at assessing the actual degree of opening to competition of these French markets, at comparing the position and offers of providers, at identifying the best commercial and marketing practices, and at assessing the impact of the GDF Suez merge and of the arrival of E.ON and Enel in France. A first volume addresses the strategic perspectives for electricity and natural gas providers on the French market: current status and perspectives of the French markets of electricity and natural gas, strategic orientations of operators, scenarios of reconfiguration of French markets of electricity and natural gas by 2012. The second volume proposes a deep analysis of position and perspectives of 22 electricity and natural gas providers: Alterna, Atel Energie, Direct Energie, Distrigaz, EDF, Electrabel, Electricite de Strasbourg, Enel, Enercoop, E.ON, Endesa, Gas Natural, Gaz de France, Gazprom, Gaz Electricite de Grenoble, HEWenergies, Poweo, Soregies, Tegaz, Usine d'Electricite de Metz, Vialis

  7. Short-term trends in the gas industry - Panorama 2008; Tendances a court terme de l'industrie gaziere - Panorama 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    In a context of high investment costs and rising energy prices, and recurring unseasonably warm temperatures in recent years, the growth of natural gas demand is slowing. On the supply side, and on the demand side too, new trends are emerging, with potentially powerful impact on the short-and long-term development of the industry.

  8. Outlook for B.C. gas production and deliverability in relation to domestic and export markets

    International Nuclear Information System (INIS)

    Phelps, M.E.J.

    1993-01-01

    The business outlook for natural gas in British Columbia is discussed. Drilling activity in B.C. is increasing, and it is predicted that reserve additions over 1993-1998 will total 3.4 terra cubic feet. Deliverability in 1993 is 1.9 billion cubic feet/d, and this is expected to rise 30% by 1998. Westcoast is doubling raw gas capacity at the Pine River plant and is constructing new raw gas transmission lines. Growth is expected to continue at 6%/y for the next five years. In the deregulated environment, short term fluctuations in price are to be expected, however consumers are reluctant to tolerate price increases when levels of disposable income are static or decreasing. Regular, predictable and sustained increases in prices are preferable to sudden, significant oscillations, especially for residental customers

  9. British Gas: remuneration. There may be trouble ahead

    International Nuclear Information System (INIS)

    Anon.

    1995-01-01

    When the Chairman and Chief Executive of British Gas was awarded a huge salary increase recently, a major revolt occurred amongst 4,000 of British Gas's small shareholders. The increase was awarded despite the intense opposition because the pension funds voted with the Board. A critique is offered of the occasion, and a comparison with the rather fairer rise requested by Ofgas's Director General, the gas company regulator, who had been paid as a 3 day a week contract, but had been working six days a week. With deregulation of the gas supply market, British Gas has been under governmental pressure to publish its prices, and has been undercut by competitors. The newly developed contractural relationships in the United Kingdom gas market are very complex and, for the first time subject to legal enforcement. (UK)

  10. Health care prices, the federal budget, and economic growth.

    Science.gov (United States)

    Monaco, R M; Phelps, J H

    1995-01-01

    Rising health care spending, led by rising prices, has had an enormous impact on the economy, especially on the federal budget. Our work shows that if rapid growth in health care prices continues, under current institutional arrangements, real economic growth and employment will be lower during the next two decades than if health price inflation were somehow reduced. How big the losses are and which sectors bear the brunt of the costs vary depending on how society chooses to fund the federal budget deficit that stems from the rising cost of federal health care programs.

  11. Carbon price signal. Impact Analysis on the European Electricity System

    International Nuclear Information System (INIS)

    2016-03-01

    : Fairly stable fuel costs relative to their historical averages; A carbon price signal that is homogeneous across Europe which, in an interconnected system, seems more efficient. Additional take-away from the study are: The introduction of a high carbon price leads to greater use of gas- rather than coal-fired plants in the European power system, with gas's share of the electricity mix rising from about 15% currently to more than 40%. The per tonne carbon price could drive sharp increases in variable generation costs and market prices and, ultimately, add to consumers' electricity bills. Though the effect may benefit the environment by making energy efficiency measures more profitable, it would be necessary to monitor how revenue generated by carbon regulation was redistributed to limit the additional costs that could be borne by the different economic actors

  12. Electricity price, energy production and emissions impact : evaluating proposed GHG emission reduction frameworks for the Alberta electricity industry : updated reference case and sensitivity results prepared for CASA EPT Greenhouse Gas Allocation Subgroup

    International Nuclear Information System (INIS)

    2004-01-01

    This document presents the results of a study which quantified the potential impact of various greenhouse gas (GHG) policy scenarios on Alberta generators' energy production, airborne emissions and electricity wholesale market price. The study examined proactive policy frameworks compared to business as usual scenarios. A reference case scenario was included to represent the status quo environment where electricity demand continues on its current path. Five additional sensitivity cases were examined, of which 3 evaluated the impact of many key assumptions regarding progressive GHG reduction levels and costs related to meeting GHG requirements. The other two evaluated an all-coal future electricity supply both with and without GHG emission reduction costs. Environmental costs were also evaluated in terms of emissions of nitrous oxides, sulphurous oxides, mercury and particulate matter. The impact of generation retirement and renewable energy source development was also analyzed. Demand and supply forecasts for oil, natural gas, electric energy and energy sales were presented along with generation supply forecasts for the reference case scenario, coal generation and natural gas fired retirements. refs., tabs., figs

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

    Energy Technology Data Exchange (ETDEWEB)

    Erath, A.; Axhausen, K. W.

    2010-04-15

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

  14. Price and consumption of tobacco

    Directory of Open Access Journals (Sweden)

    Virendra Singh

    2012-01-01

    Full Text Available Background: It is thought that price increase in tobacco products leads to reduced consumption. Though many studies have substantiated this concept, it has not been well studied in India. Recently, price of tobacco products was increased due to ban on plastic sachets of chewing tobacco and increased tax in Rajasthan. This study was designed to evaluate the effect of price rise on overall consumption of tobacco in Jaipur city, Rajasthan. Materials and Methods: This study was carried out in Jaipur city. Two-staged stratified sampling was used. In the first phase of study, cost and consumption of various tobacco products in the months of February and April were enquired from 25 retail tobacco shops. In the second phase, tobacco consumption was enquired from 20 consecutive consumers purchasing any tobacco product from all the above retail tobacco shops. The data were statistically analyzed using descriptive statistics and paired "t" test. Results: The comparison of prices of tobacco products between February and April revealed that the price of cigarette, bidi, and chewing tobacco has increased by 19%, 21%, and 68%, respectively. Average decrease in sales of cigarettes, bidi, and chewing tobacco at shops included in the study were 14%, 23%, and 38%, respectively. The consumers purchasing tobacco also reported decreased consumption. Chewing tobacco showed the maximum reduction (21%. Consumption of cigarette and bidi has also reduced by 15% and 13%, respectively. Conclusion: It may be concluded that reduction in consumption is associated with increased price of tobacco products. Reduced consumption is comparative to the magnitude of price increase.

  15. The 'Shale Gas Revolution'. Hype and Reality

    International Nuclear Information System (INIS)

    Stevens, P.

    2010-09-01

    The 'shale gas revolution' - responsible for a huge increase in unconventional gas production in the US over the last couple of years - is creating huge investor uncertainties for international gas markets and renewables and could result in serious gas shortages in 10 years time. This report casts serious doubt over industry confidence in the 'revolution', questioning whether it can spread beyond the US, or indeed be maintained within it, as environmental concerns, high depletion rates and the fear that US circumstances may be impossible to replicate elsewhere, come to the fore. Investor uncertainty will reduce investment in future gas supplies to lower levels than would have happened had the 'shale gas revolution' not hit the headlines. While the markets will eventually solve this problem, rising gas demand and the long lead-in-times on most gas projects are likely to inflict high prices on consumers in the medium term. The uncertainties created by the 'shale gas revolution' are also likely to compound existing investor uncertainty in renewables for power generation in the aftermath of Copenhagen. The serious possibility of cheap, relatively clean gas may threaten investment in more expensive lower carbon technologies.

  16. A long-term view of worldwide fossil fuel prices

    International Nuclear Information System (INIS)

    Shafiee, Shahriar; Topal, Erkan

    2010-01-01

    This paper reviews a long-term trend of worldwide fossil fuel prices in the future by introducing a new method to forecast oil, natural gas and coal prices. The first section of this study analyses the global fossil fuel market and the historical trend of real and nominal fossil fuel prices from 1950 to 2008. Historical fossil fuel price analysis shows that coal prices are decreasing, while natural gas prices are increasing. The second section reviews previously available price modelling techniques and proposes a new comprehensive version of the long-term trend reverting jump and dip diffusion model. The third section uses the new model to forecast fossil fuel prices in nominal and real terms from 2009 to 2018. The new model follows the extrapolation of the historical sinusoidal trend of nominal and real fossil fuel prices. The historical trends show an increase in nominal/real oil and natural gas prices plus nominal coal prices, as well as a decrease in real coal prices. Furthermore, the new model forecasts that oil, natural gas and coal will stay in jump for the next couple of years and after that they will revert back to the long-term trend until 2018. (author)

  17. 76 FR 37828 - Update to Indian Index Zone Price Points

    Science.gov (United States)

    2011-06-28

    ... to Indian Index Zone Price Points AGENCY: Office of Natural Resources Revenue, Interior. ACTION... (MMS) Minerals Revenue Management) is announcing an update to Indian index zone price points that will remove certain natural gas index prices from the Indian Index Zone calculation. These changes will impact...

  18. Gas and electrical utilities owned by local governments. A development reviewed from the viewpoint of price control in the framework of the antitrust laws and the German Energy Act

    International Nuclear Information System (INIS)

    Wolf, A.

    1994-01-01

    There is no legal obligation of local governments to run electric utilities or gas works as public utilities, but logal governments have the right to do so. If they so wish, a vital requirement is to produce evidence of the long-term economic efficiency, to be presented among others to the supervisory Land authority for public utilities, which has to grant a licence under section 5 EnWG. The licence should not be issued unless proof is given of the long-term economic efficiency on the basis of near-to-competition prices and taking into account cost advantages due to local infrastructural conditions. The costs of deprivatisation - take-over costs, deconcentration and integration costs - must not be used to justify higher rates charged by public, local government utilities in comparison to regional utilies. (orig./HSCH) [de

  19. Calculating sales prices for natural gas. Securing success through an assessment of risks and opportunities; Vertriebspreiskalkulation Erdgas. Erfolgssicherung durch Chancen- und Risikobewertung

    Energy Technology Data Exchange (ETDEWEB)

    Gumbel, Steffen; Henze, Michael [energie quader GmbH, Darmstadt (Germany)

    2011-11-15

    Over the past years the gas market, which was once entirely supply-driven, has developed more and more into a buyer's market. Gas supply companies increasingly see themselves confronted with more innovative and varied supply inquiries from their customers. With sales margins increasingly coming under pressure, this often leaves no option but to give close consideration to the appropriate risk premium. This creates an urgent need to review existing risk assessment methods and put a stronger focus on possible opportunities.

  20. Do gasoline prices exhibit asymmetry? Not usually

    International Nuclear Information System (INIS)

    Douglas, Christopher C.

    2010-01-01

    Previous studies have found evidence of asymmetric price adjustment in U.S. retail gasoline prices in that gasoline prices rise more rapidly in response to a cost increase than fall in response to a cost decrease. By estimating a threshold cointegration model that allows for multiple regimes, I am able to test how sensitive this result is to outlying observations. In contrast to previous studies, I find little evidence of asymmetry for the vast majority of observations and that the asymmetry is being driven by a small number of outlying observations. (author)