A nonparametric analysis of the Greek renewable energy sector

This paper applies a bootstrapped Data Envelopment Analysis (DEA) formulation aiming to evaluate the financial performance of the firms operating in the Greek renewable energy sector. With the use of financial ratios in a DEA setting, efficiency ratios are constructed in order to analyse firms’ financial performance. The results reveal that firms’ performances are positively influenced by the high levels of return on assets and equity and by lower levels of debt to equity. In addition it appears that there are not significant differences of firms’ efficiency levels indicating high competitiveness between firms. Finally, firms producing wind energy appear to perform better than firms producing hydropower energy. It emerges that the majority of firms are operating in the wind and hydropower energy production making the Greek market of solar energy production being an emerging segment of the Greek renewable energy sector.Renewable energy market; Data Envelopment Analysis; Financial ratios; Greece

Equity Weighting and the Marginal Damage Costs of Climate Change

Climate change would impact different countries differently, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. Equity-weighted estimates of the marginal damage cost of carbon dioxide emissions are substantially higher than estimates without equity-weights; equity-weights may also change the sign of the social cost estimates. Equity weights need to be normalised. Our estimates differ by two orders of magnitude depending on the region of normalisation. A discounting error of equity weighted social cost of carbon estimates in earlier work (Tol, Energy Journal, 1999), led to an error of a factor two. Equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. The assumed scenario is important too, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. Because of this, variations in the assumed inequity aversion have little effect on the marginal damage cost in some scenarios, and a large effect in other scenarios.Marginal Damage Costs, Climate Change, Equity

Innovative Green Technology for Sustainable Industrial Estate Development

Sustainable industrial development requires a balance between economic growth, equity and environment. Two major components of industrial development are energy and raw materials. To minimize the environmental impacts of energy and raw materials, important steps are required to deal with the green economy and global warming issues. The use of innovation technology to industrial gas emission is a preventive solution facing global warming. A research has been done in Industrial Estate in Cilegon (IEC) Banten province, Indonesia, to see how to reduce energy demand and encourage uses of more environmentally-friendly energy in the estate. Fossil energy needs in the industrial estate were analyzed to see the opportunities of energy saving and renewable energy development. The target to be achieved is to reduce the greenhouse gas emissions and improve the energy efficiency in the industrial park

Equity weighting and the marginal damage costs of climate change

Climate change would impact different countries differently, and different countries have different levels of development. Equity-weighted estimates of the (marginal) impact of greenhouse gas emissions reflect these differences. Equity-weighted estimates of the marginal damage cost of carbon dioxide emissions are substantially higher than estimates without equity-weights; equity-weights may also change the sign of the social cost estimates. Equity weights need to be normalised. Our estimates differ by two orders of magnitude depending on the region of normalisation. A discounting error of equity weighted social cost of carbon estimates in earlier work (Tol, Energy Journal, 1999), led to an error of a factor two. Equity-weighted estimates are sensitive to the resolution of the impact estimates. Depending on the assumed intra-regional income distribution, estimates may be more than twice as high if national rather than regional impacts are aggregated. The assumed scenario is important too, not only because different scenarios have different emissions and hence warming, but also because different scenarios have different income differences, different growth rates, and different vulnerabilities. Because of this, variations in the assumed inequity aversion have little effect on the marginal damage cost in some scenarios, and a large effect in other scenarios.marginal damage costs, climate change, equity

Resource Rents and their Impact on Institutional and Economic Development

Over the twentieth century, Canada's energy, forestry, and mining industries played a substantial and increasing role in the growth and development of the aggregate economy. Despite the improving fundamentals that were underlying their increased contributions to the size, capital intensity, and productivity of the aggregate economy, the relative profitability and equity market performance of the resource industries deteriorated over the twentieth century. Without having to invoke entrepreneurial failure among the resource industries or equity market inefficiency, I am able to illustrate that falling relative output prices played the key role in a reconciliation of what, at first glance, appears to be a surprising relationship between the resource industries' fundamentals, resource rents, and equity market performance.

Carbon Free Boston: Energy Technical Report

Part of a series of reports that includes: Carbon Free Boston: Summary Report; Carbon Free Boston: Social Equity Report; Carbon Free Boston: Technical Summary; Carbon Free Boston: Buildings Technical Report; Carbon Free Boston: Transportation Technical Report; Carbon Free Boston: Waste Technical Report; Carbon Free Boston: Offsets Technical Report; Available at http://sites.bu.edu/cfb/INTRODUCTION: The adoption of clean energy in Boston’s buildings and transportation systems will produce sweeping changes in the quantity and composition of the city’s demand for fuel and electricity. The demand for electricity is expected to increase by 2050, while the demand for petroleum-based liquid fuels and natural gas within the city is projected to decline significantly. The city must meet future energy demand with clean energy sources in order to meet its carbon mitigation targets. That clean energy must be procured in a way that supports the City’s goals for economic development, social equity, environmental sustainability, and overall quality of life. This chapter examines the strategies to accomplish these goals. Improved energy efficiency, district energy, and in-boundary generation of clean energy (rooftop PV) will reduce net electric power and natural gas demand substantially, but these measures will not eliminate the need for electricity and gas (or its replacement fuel) delivered into Boston. Broadly speaking, to achieve carbon neutrality by 2050, the city must therefore (1) reduce its use of fossil fuels to heat and cool buildings through cost-effective energy efficiency measures and electrification of building thermal services where feasible; and (2) over time, increase the amount of carbon-free electricity delivered to the city. Reducing energy demand though cost effective energy conservation measures will be necessary to reduce the challenges associated with expanding the electricity delivery system and sustainably sourcing renewable fuels.Published versio

EFFECTS OF ENERGY DEVELOPMENT IN THE UPPER COLORADO BASIN ON IRRIGATED AGRICULTURE AND SALINITY

A mathematical programming model is formulated to determine the salinity impacts of energy development in the Upper Colorado River Basin. Using this model, the costs and benefits to Upper and Lower Basins in complying with the 1974 EPA regulations on numerical salinity standards are examined. Optimal water quality levels consistent with economic criteria are established for projected energy growth in the basin. The efficiency costs and equity implications of the salinity regulations are analyzed.Resource /Energy Economics and Policy,

Carbon Free Boston: Social equity report 2019

OVERVIEW: In January 2019, the Boston Green Ribbon Commission released its Carbon Free Boston: Summary Report, identifying potential options for the City of Boston to meet its goal of becoming carbon neutral by 2050. The report found that reaching carbon neutrality by 2050 requires three mutually-reinforcing strategies in key sectors: 1) deepen energy efficiency while reducing energy demand, 2) electrify activity to the fullest practical extent, and 3) use fuels and electricity that are 100 percent free of greenhouse gases (GHGs). The Summary Report detailed the ways in which these technical strategies will transform Boston’s physical infrastructure, including its buildings, energy supply, transportation, and waste management systems. The Summary Report also highlighted that it is how these strategies are designed and implemented that matter most in ensuring an effective and equitable transition to carbon neutrality. Equity concerns exist for every option the City has to reduce GHG emissions. The services provided by each sector are not experienced equally across Boston’s communities. Low-income families and families of color are more likely to live in residences that are in poor physical condition, leading to high utility bills, unsafe and unhealthy indoor environments, and high GHG emissions.1 Those same families face greater exposure to harmful outdoor air pollution compared to others. The access and reliability of public transportation is disproportionately worse in neighborhoods with large populations of people of color, and large swaths of vulnerable neighborhoods, from East Boston to Mattapan, do not have ready access to the city’s bike network. Income inequality is a growing national issue and is particularly acute in Boston, which consistently ranks among the highest US cities in regards to income disparities. With the release of Imagine Boston 2030, Mayor Walsh committed to make Boston more equitable, affordable, connected, and resilient. The Summary Report outlined the broad strokes of how action to reach carbon neutrality intersects with equity. A just transition to carbon neutrality improves environmental quality for all Bostonians, prioritizes socially vulnerable populations, seeks to redress current and past injustice, and creates economic and social opportunities for all. This Carbon Free Boston: Social Equity Report provides a deeper equity context for Carbon Free Boston as a whole, and for each strategy area, by demonstrating how inequitable and unjust the playing field is for socially vulnerable Bostonians and why equity must be integrated into policy design and implementation. This report summarizes the current landscape of climate action work for each strategy area and evaluates how it currently impacts inequity. Finally, this report provides guidance to the City and partners on how to do better; it lays out the attributes of an equitable approach to carbon neutrality, framed around three guiding principles: 1) plan carefully to avoid unintended consequences, 2) be intentional in design through a clear equity lens, and 3) practice inclusivity from start to finish

Granular technologies to accelerate decarbonization

Of the 45 energy technologies deemed critical by the International Energy Agency for meeting global climate targets, 38 need to improve substan- tially in cost and performance while accelerating deployment over the next decades.Low-carbon technological solutions vary in scale from solar panels, e-bikes, and smart thermostats to carbon capture and storage, light rail transit, and whole-building retrofits. We make three contributions to long-standing debates on the appropriate scale of technological responses in the energy system. First, we focus on the specific needs of accelerated low-carbon transformation: rapid technology deployment, escaping lock-in, and social legitimacy. Second, we synthesize evidence on energy end-use technologies in homes, transport, and industry, as well as electricity generation and energy supply. Third, we go beyond technical and economic considerations to include innovation, investment, deployment, social, and equity criteria for assessing the relative advantage of alternative technologies as a function of their scale. We suggest numerous potential advantages of more-granular energy technologies for accelerating progress toward climate targets, as well as the conditions on which such progress depends

Energy Risk Management with Carbon Assets

This article proposes a mean-variance optimization and portfolio frontier analysis of energy risk management with carbon assets, introduced in January 2005 as part of the EU Emissions Trading Scheme. In a stylized exercise, we compute returns, standard deviations and correlations for various asset classes from April 2005 to January 2009. Our central result features an expected return of 3% with a standard deviationMean-variance optimization; Portfolio frontier analysis; CAPM; CO2; Carbon; Energy; Bonds; Equity; Asset Management; EU ETS; CERs