Economics of Electricity Battery Storage

This chapter deals with the challenges and opportunities of energy storage, with a specific focus on the economics of batteries for storing electricity in the framework of the current energy transition. Storage technologies include a variety of solutions that have been used for different grid services, including frequency control, load following, and uninterrupted power supply. A recent interest is being triggered by the increasing grid balance requirements to integrate variable renewable sources and distributed generation. In parallel, lithium-ion batteries are experiencing a strong market expansion driven by an uptake of electric vehicles worldwide, which is leading to a strong decrease of production costs, making Li-ion batteries an attractive solution also for stationary storage applications

The Palgrave Handbook of International Energy Economics

This open access handbook is distinguished by its emphasis on international energy, rather than domestic energy policies or international geopolitic aspects. Addressing key topics such as energy production and distribution, renewables and corporate energy structures, alongside global energy trends, regional case studies and emerging areas such as the digitalization of energy and energy transition, this handbook provides a major new contribution to the field of international energy economics. Written by academics, practitioners and policy-makers, this handbook is a valuable and timely addition to the literature on international energy economics. This book was published open access with the support of Eni

Establishment and Marketing of New Oil Benchmarks in the Structure of Global Oil and Oil Products Mercantile Trade: the Russian Case

The organization of oil and oil products stock trading that requires for independent national price indicators establishment, will promote the formation of a fair prices for energy commodities, the extension of influence of the national currency on the global market and the decrease of impact of external fluctuations of global economy. In this article, the authors review the possibility of inclusion of new oil benchmarks in the structure of the global oil and oil products mercantile trade. In particular, the Russian case is the major research subject, and the assessment is made for the purpose of strengthening the country's leverage over free market prices and in the interests of the state budget and national companies. Special attention is also given to the analysis of the contemporary contract structure of the global oil market and imposed risks. The authors develop the methodological framework for oil and oil products price indicators calculation and the suggestions about the promotion and marketing of Russian oil benchmark on the international level. Keywords: oil, oil products, mercantile exchange, benchmark, global oil market, international relations JEL Classifications: F13, N70, O24, Q4

Carbon prices. Dynamic analysis of European and Californian markets

Dissertação para obtenção do Grau de Doutor em Alterações Climáticas e Políticas de Desenvolvimento SustentávelCarbon markets’ goal is to promote the reduction of emissions of greenhouse gases where it is most cost-efficient. This makes the price of the tradable good – carbon dioxide equivalent (CO2e) - a key variable in management and risk decisions, in markets related to activities connected with the burning of fossil fuels, such as power generation. This work aims to improve the analysis of carbon prices’ dynamics, considering the possibility of multidirectional effects between prices of CO2e, energy (primary and final), offsets licenses and the economy performance, in various frequencies. The two main research questions are: (i) what drives carbon price variations? (ii) what variations do carbon prices drive? We used two comple-mentary methodologies: (a) a vector autoregression model (of common use in macroeconomics and financial markets but not in carbon-energy relations), which allows the analysis of causality and of impulse-response functions of daily prices; and (b) an innovative multivariate wavelet analysis, which allows us to understand the relationship and causal link between the variables in the time and frequency dimensions, particularly in longer cycles (4~8 and 8~20 months), not perceived in previous studies. As case studies we considered the European (EU ETS) and Califor-nia (AB32) carbon markets. This is the first research to present the analysis of the referred US market. The analysis covers the 2008-2013 period, intentionally excluding the EU ETS phase I, for greater consistency of results. Results suggest that the economy and electricity drive the price of European carbon, while gas and oil have a greater role in California. So, there is a greater influence of final energy prices in the most mature market. We also observe that the price of CERs does not affect the European carbon price. On the other hand, this study shows for the first time that carbon prices have impacts on electricity prices over longer cycles (8~20 months) and in coal over short cycles (lim-ited to the first days). It is suggested that the carbon market has more significant effects in longer cycles. The price of European carbon also has impact in CERs prices. The results are statistically significant and relevant, and will improve the quality of decision making of all parties involved in the energy and carbon markets - polluters and regulators included

Protocolo de Leilões Simultâneos com Escalonamento: Aplicação ao Problema de Planejamento de Movimentações de Derivados de Petróleo

Em cadeias de suprimento da indústria de petróleo, atender a demanda e manter um nível de estoque adequado para várias classes de derivados de petróleo é uma questão crucial. Basicamente, este tipo de cadeia é composta por vários elementos, como bases produtoras, bases consumidoras e terminais intermediários, os quais estão conectados por meio de uma malha de transportes multimodais para prover a movimentação de produtos entre as bases. Estes elementos devem cooperar para alcançar uma solução factível com um baixo tempo de processamento. Para atingir tal objetivo, este artigo apresenta um protocolo de leilões multiagentes para negociações simultâneas com um elemento escalonador. Este protocolo foi aplicado à cadeia supracitada, comportando-se eficientemente ao retornar uma solução factível em um baixo tempo de processamento

Macroeconomic impacts of the reform of public services in Uruguay - A CGE analysis

This paper investigates the macroeconomic impacts of the reform of public services in Uruguay. A computable general equilibrium (CGE) model is used to simulate different policy scenarios, analyzing the reforms of the regulatory framework of public services, changes in their investment policies, modifications in the competitive environment and reforms in their tax structure. The results show that the macroeconomic effects of the proposed reforms are relatively small.Social Accounting Matrix, Computable General Equilibrium Models, public services, public sector reform.

Fiscal Policy in the Slovak Republic

On 1st January 1993, the independent Slovak Republic (SR) began to exist. During 1993 a democratic political system was created. It is a parliamentary democracy with a president at its head. The functions of the president were created and instituted, the Constitutional Court and Supreme Supervision Office were established. They began to create the relations determined by the constitution between the parliament (the National Council of the SR), government, president and judicial power. The functioning of the new state began to be confirmed by the issuing of new legislative norms and laws. Starting the incorporation of the SR into international structures was an important factor in the political life of the SR. The SR became a regular member of the Council of Europe, and signed a treaty on the SR becoming an associate member of the European Union. The specific factors of internal political development did not adversely affect the tendency to continue with the transformation process in the economy and society. The SR fully succeeded in maintaining the high level of liberalization of prices and economic relations, already achieved in the former Czecho - Slovak Federal Republic. The liberalization of foreign trade and the associated internal convertibility of the Slovak currency were maintained. In the context of the adopted conception of privatization, standard methods of privatization, justified by the specific characteristics of the Slovak economy, began to be implemented. This led to a slowing down of the progress of privatization of large and medium sized companies. The main role of macro-economic regulation was maintenance of internal and external balance. During 1993, the neutral monetary policy of the central bank, and the restrictive budgetary policy of the government, worked in favour of macro-economic stability. The absence of wage regulation, abolished under the influence of the trade unions, during this year, interfered with the stabilizing macro-economic tendencies. Problems and complications appeared in the progress of the transformation process, but the political groups did not take this as a reason to interrupt the process.Slovakia, fiscal policy

Trade in Northeast Asia: Why do Trade Costs Matter?

Trade costs are often cited as an important determinant of the volume of trade. This paper provides enough evidences to ascertain that today’s trade issues in Northeast Asia go beyond the traditional mechanisms of tariffs, and include “behind-the-border” issues. By estimating a modified gravity equation, controlling for endogeneity and remoteness, we find that variations in transaction costs along with trade infrastructure facilities have significant influence on regional trade flows in Northeast Asia. On average, 10 percent saving in transaction costs increases imports by about 5 percent in Northeast Asia. This paper concludes that when tariffs tend to become low in Northeast Asia, the economies in this region could potentially benefit substantially from higher trade provided trade costs are well controlled.trade costs, transaction costs, infrastructure, regional trade, tariff

Residual Agroforestry Biomass Supply Chain Characterization: A Mapping Approach

Climate change is a critical global problem that has increased the risk of forest fires. The main factors contributing to this risk are global warming, low soil moisture, and the presence of fuel load - woody materials. This problem has attracted increased attention to the residual woody biomass from forests and agriculture since these residues are mainly disposed by setting them ablaze, which increases the risk of forest fires. The valorization of residual agroforestry biomass may represent a solution to reduce the risk mentioned above since it would be possible to reduce the woody fuel. However, this approach is still under research as the low market value of these residues and the high cost of valorization operations, can lead to low efficiency and profitability of the valorization process. The present dissertation aims to map the supply chains inherent to the valorization of residual biomass from forests and agriculture. The main research objectives are to identify valorization options for residual agroforestry biomass and to characterize the material, information and financial flows of the supply chains that support that valorization. Thus, two case studies regarding the residual forestry biomass valorization were conducted to comprehend the supply chain's implications in a real context. Case study 1 comprises companies located in Figueira da Foz, in the Coimbra district, and its supply chain is solely for energy production from forestry residues. Case Study 2 comprises entities in all municipals of Portugal, and the main valorization of forest residues is renewable energy. Both case studies were mapped to illustrate the entities involved, the supply chain operations, and the information, material and financial flows. Since there are two case studies, a cross-case analysis was carried out. The obtained results demonstrated the potential of forestry residues mainly for energy valorization and the main challenges of the residual biomass supply chain.As alterações climáticas são um problema global crítico que tem levado a um aumento do risco de incêndios florestais. Os principais fatores que contribuem para este risco são o aquecimento global, a baixa humidade do solo e a presença de combustível lenhoso. Este problema tem atraído cada vez mais atenção para a biomassa lenhosa residual das florestas e da agricultura, pois estes resíduos são principalmente queimados como método de eliminação, representando um risco de incêndios florestais. A valorização da biomassa agroflorestal residual pode representar uma solução para reduzir o risco acima mencionado, uma vez que seria possível remover o combustível lenhoso das florestas. Contudo, esta abordagem ainda está a ser estudada devido ao baixo valor dos resíduos e às operações de valorização de alto custo, o que pode levar a uma baixa eficiência e rentabilidade do processo de valorização. A presente dissertação tem como objetivo mapear as cadeias de abastecimento inerentes à valorização da biomassa agroflorestal residual. Os principais objetivos da investigação são identificar opções de valorização da biomassa agroflorestal residual e caracterizar os fluxos de materiais, informação e financeiros das cadeias de abastecimento. Assim, dois estudos de caso foram realizados para compreender a cadeia de abastecimento que permite a valorização da biomassa florestal residual num contexto real. O estudo de caso 1 compreende principalmente no concelho da Figueira da Foz, no distrito de Coimbra. O estudo de caso 2 abrange todos os concelhos de Portugal. Ambos são relativos à produção de energia a partir de resíduos florestais. Realizou-se uma análise cruzada dos estudos de caso, em que os resultados obtidos demonstram o potencial dos resíduos florestais para a valorização energética e os principais desafios da cadeia de abastecimento de biomassa residual