Energy demand and interfuel substitution in the transportation sector

The analysis in this paper is directed at examining the effect of energy prices on the quantity of energy demanded in the transportation sector in the United States. For motor gasoline, the suggestion is that vehicle miles travelled as well as the stock of automobiles respond to changing motor gasoline prices. For other fuels consumed in this sector, the quantity of energy consumed does respond to energy prices as well as the level of economic activity. The magnitude of the response is typically small.     

Risk factors in oil and gas industry returns: International evidence

The recent boom in oil prices has attracted many investors to oil companies in search of both returns and diversification benefits. This analysis of the risk factors of investing in the oil and gas industry in 34 countries finds evidence that oil price is a globally priced factor for the oil industry. The oil and gas sector in developed countries responds more strongly to oil price changes than in emerging markets. Oil and gas industry returns also respond asymmetrically to changes in oil prices; oil price rises have a greater impact than oil price drops. There is no parallel to the asymmetry of oil price changes in other industries related to commodities. If there is any asymmetry, it is in the opposite direction from oil. Negative commodity price changes have a greater impact than positive ones. The results seem to indicate that the oil and gas industry is distinguished by a pass-through effect.     

The long-run and short-run effects of oil price on energy consumption in Tunisia: Evidence from structural breaks analysis

ABSTRACT

Since its revolution in 2010, Tunisia has known a drastic decrease of its GDP reaching the lowest level during the two last decades. In this context, this paper examines the relationship between oil prices, GDP and energy consumption for Tunisia over the 1986–2014 period. The error-correction model (VECM) is employed to investigate the dynamic causality relationships among the variables. In the short run, we find unidirectional causality from oil price and energy consumption to GDP, but this does not indicate unidirectional causality from energy consumption and GDP to oil price. In the long run, our results suggest the existence of a bi-directional Granger causality between oil price, energy consumption, and GDP. We thus propose policy suggestions to solve the energy and sustainable development dilemma in Tunisia, such as encouraging the development of renewable energy, controlling energy consumption through more ambitious programs of energy efficiency and rational use of energy.     

A game theoretic model of the Northwestern European electricity market—market power and the environment

This paper develops a static computational game theoretic model. Illustrative results for the liberalising European electricity market are given to demonstrate the type of economic and environmental results that can be generated with the model. The model is empirically calibrated to eight Northwestern European countries, namely Belgium, Denmark, Finland, France, Germany, The Netherlands, Norway, and Sweden. Different market structures are compared, depending on the ability of firms to exercise market power, ranging from perfect competition without market power to strategic competition where large firms exercise market power. In addition, a market power reduction policy is studied where the near-monopolies in France and Belgium are demerged into smaller firms. To analyse environmental impacts, a fixed greenhouse gas emission reduction target is introduced under different market structures. The results indicate that the effects of liberalisation depend on the resulting market structure, but that a reduction in market power of large producers may be beneficial for both the consumer (i.e. lower prices) and the environment (i.e. lower greenhouse gas permit price and lower acidifying and smog emissions).     

Double dividend effectiveness of energy tax policies and the elasticity of substitution: A CGE appraisal

There is a considerable body of literature that has studied whether or not an adequately designed tax swap, whereby an ecotax is levied and some other tax is reduced while keeping government income constant, may achieve a so-called double dividend, that is, an increase in environmental quality and an increase in overall efficiency. Arguments in favor and against are abundant. Our position is that the issue should be empirically studied starting from an actual, non-optimal tax system structure and by way of checking the responsiveness of equilibria to revenue neutral tax regimes under alternate scenarios regarding technological substitution. With the use of a CGE model, we find that the most critical elasticity for achieving a double dividend is the substitution elasticity between labor and capital whereas the elasticity that would generate the highest reduction in carbon dioxide emissions is the substitution elasticity among energy goods.     

Identifying electricity-saving potential in rural China: Empirical evidence from a household survey

In recent years, there has been a fast-growing body of literature examining energy-saving potential in relation to electricity. However, empirical studies focusing on non-Western nations are limited. To fill this gap, this study intends to examine the electricity-saving potential of rural households in China using a unique data set from the China Residential Electricity Consumption Survey (CRECS) in collaboration with the China General Social Survey (CGSS), conducted nationwide at the household level in rural China. We use a stochastic frontier model, which allows us to decompose residential electricity consumption into the minimum necessary amount of consumption based on physical characteristics (e.g. house size, house age, number of televisions or refrigerators) and estimate the consumption slack (i.e. the amount of electricity consumption that could be saved), which depends on various factors. We find that rural households in China are generally efficient in electricity saving and the saving potential is affected by (fast) information feedback and social-demographic characteristics, instead of by the (averaged) electricity price, or energy efficiency labelling signals. In addition, we find no evidence of regional heterogeneity on electricity saving potential for rural households. Policy implications are derived.     

Stock-Watson dynamic OLS (DOLS) and error-correction modelling approaches to estimating long- and short-run elasticities in a demand function: new evidence and methodological implications from an application to the demand for coal in mainland China

In this paper robust elasticity estimates of coal demand for China are derived using annual data 1953–1992. In so doing, we illustrate the use of a powerful yet practically convenient and recently developed modelling procedure devised by Stock and Watson (known as Dynamic OLS (DOLS)), who provide evidence, based on Monte Carlo simulations, of this estimator being superior in small samples compared to a number of alternative estimators, as well as being able not only to accommodate higher orders of integration but also to account for possible simultaneity within regressors of a potential demand system. Furthermore, cointegration and error-correction methods are employed to derive short-run price and income elasticities. Estimated results are quite robust not only in terms of statistical prowess but also in terms of economic intuition and indicate that, over the long run, both price and income elasticities are close to unity. While short-run price and income elasticities are less (in absolute value) than their long-run counterparts, there seems to be some divergence in short-run parameters from a subsample analysis. Overall, results seem to imply that for China, coal consumption should remain relatively constant as future modernization strategies for economic development are pursued. In addition, the study has clear methodological implications for estimating the long- and short-run elasticities in a demand function in general, and in a wide variety of fields in future applied research.     

Jumps and stochastic volatility in oil prices: Time series evidence

In this paper we examine the empirical performance of affine jump diffusion models with stochastic volatility in a time series study of crude oil prices. We compare four different models and estimate them using the Markov Chain Monte Carlo method. The support for a stochastic volatility model including jumps in both prices and volatility is strong and the model clearly outperforms the others in terms of a superior fit to data. Our estimation method allows us to obtain a detailed study of oil prices during two periods of extreme market stress included in our sample; the Gulf war and the recent financial crisis. We also address the economic significance of model choice in two option pricing applications. The implied volatilities generated by the different estimated models are compared and we price a real option to develop an oil field. Our findings indicate that model choice can have a material effect on the option values.     

Carbon dioxide emissions and economic growth: Panel data evidence from developing countries

In this paper we test the Environment Kuznet's Curve (EKC) hypothesis for 43 developing countries. We suggest examining the EKC hypothesis based on the short- and long-run income elasticities; that is, if the long-run income elasticity is smaller than the short-run income elasticity then it is evident that a country has reduced carbon dioxide emissions as its income has increased. Our empirical analysis based on individual countries suggests that Jordan, Iraq, Kuwait, Yemen, Qatar, the UAE, Argentina, Mexico, Venezuela, Algeria, Kenya, Nigeria, Congo, Ghana, and South Africa—approximately 35 per cent of the sample—carbon dioxide emissions have fallen over the long run; that is, as these economies have grown emissions have fallen since the long-run income elasticity is smaller than the short-run elasticity. We also examine the EKC hypothesis for panels of countries constructed on the basis of regional location using the panel cointegration and the panel long-run estimation techniques. We find that only for the Middle Eastern and South Asian panels, the income elasticity in the long run is smaller than the short run, implying that carbon dioxide emission has fallen with a rise in income.     

A cross-country analysis of aggregate energy and carbon intensities

An update on the study by Ang [Energy Economics 9 (1987) 274–286] shows substantial changes in the relationship between energy consumption and national output across world countries from 1975 to 1997. While the ratio of commercial energy consumption to national output increases across countries as per capita income increases in 1975, the converse is observed in 1997. The cross-country energy elasticity has also dropped from values well above unity to below or close to unity. Using the 1997 data, the relationship between CO₂ emissions and national output across countries is studied and the results show some interesting differences from that between energy consumption and national output.     

Income risk of EU coal-fired power plants after Kyoto

Coal-fired power plants enjoy a significant advantage relative to gas plants in terms of cheaper fuel cost. This advantage may erode (or turn into disadvantage) depending on CO₂ emission allowance price. Financial risks are further reinforced when the price of electricity is determined by natural gas-fired plants’ marginal costs. We aim to empirically assess the risks in EU coal plants’ margins up to the year 2020. Parameter values are derived from actual market data. Monte Carlo simulation allows compute the expected value and risk profile of coal plants’ earnings. Future allowance prices may spell significant risks on utilities’ balance sheets.     

炼钢电弧炉的技术革命

综述国内外炼钢电弧炉的概况,重点论述直流电弧炉的技术优越性。它具有冶炼性能良好、电耗低、电极消耗低、经济效益好,在世界各工业大国正在速迅发展,在我国处于起步阶段。     

国际燃烧技术现状及宝钢的研究

首先对欧洲各国在燃烧技术领域的研发现状进行介绍，然后介绍了宝钢研究院近年来在燃烧领域开展的研究，同时对各自的研究内容进行了对比，最后对今后钢铁行业节能工作开展的方向提出了自己的建议。     

The effects of environmental sustainability and R&D on corporate risk-taking: International evidence

In this paper, we ask an important question: can firm-level environmentally sustainable practices and research and development (R&D) intensity individually and jointly affect corporate risk-taking? Using firm-level data from 41 countries spanning 2002–2013, we find environmentally sustainable practices and R&D intensity enhance the risk-taking of firms. Voluntary sustainable practices generate a positive and significant effect on corporate risk-taking. We also find that country-level determinants play a complementary role. Firms operating in countries with better intellectual property rights protection and overall infrastructure benefit more from environment-friendly practices and R&D intensity. Further, we find that ESI has a positive effect on risk taking in countries with higher CO₂ emissions per capita, energy usages per capita and more stringent environmental policies. These results are robust after correcting for potential endogeneity, alternative measures of R&D intensity or ESI score. Overall, our findings provide key insights on policy recommendations at the national and international levels.     

Partial phosphating of Ni-MOFs and Cu2S snowflakes form 2D/2D structure for efficiently improved photocatalytic hydrogen evolution

2D Cu₂S snowflakes and 2D Ni-MOFs flakes were synthesized by hydrothermal method, and Ni-MOFs were calcined with sodium hypophosphite at 200 °C to form Ni-MOFs-P (Ni-MOFs/Ni₂P). In the physical mixing process, since the -formation temperature of Cu₂S is at 80 °C, the physical mixing temperature was controlled at 80 °C, which is advantageous for achieving a close 2D/2D contact. The results showed that 15 vol% TEOA with pH = 10 was used as sacrificent reagent under 5 W LED simulated visible light. 20 mg of EY was used as a photosensitizer. CNP60 had the best hydrogen evolution performance within 5 h, which was 3122.76 μmol g^?1 h^?1. The hydrogen evolution rate of CNP60 is 8.72 fold, 3.37 fold, and 91.85 fold faster than that of Ni-MOFs, Ni-MOFs-P, and Cu₂S, respectively. Ni-MOFs phosphating and Cu₂S loading can reduce the photocatalyst's photogenerated electron and hole recombination efficiency. This significant improvement was achieved through XRD, SEM, TEM, XPS, UTV-Visible DRS, transient photocurrent, steady-state fluorescence, short fluorescence, related substance reporting studies, radical hydroxyl trapping, and more. The results show that the 2D/2D assembled CNP can effectively enhance the ability to reduce H1, and a possible photocatalytic hydrogen production mechanism is proposed.     

复杂河网水利工程水量水质联合调度研究

以北村水系为例,采用平面二维有限元水动力模型 RMA2 和水质模型RMA4,模拟分析了潮位影响、引水工程及水库泄水单因素水利工程水资源调度条件下河网水量水质时空变化规律,提出了3种闸、站、库联合调度方案,建立了水量水质联合调度评价指标综合评价方案.结果表明,落潮时引潮排水相结合方案为北村水系水利工程联合运行最优方案.     

Uncertain long-run emissions targets,CO2 price and global energy transition: A general equilibrium approach

The persistent uncertainty about mid-century CO₂ emissions targets is likely to affect not only the technological choices that energy-producing firms will make in the future but also their current investment decisions. We illustrate this effect on CO₂ price and global energy transition within a MERGE-type general-equilibrium model framework, by considering simple stochastic CO₂ policy scenarios. In these scenarios, economic agents know that credible long-run CO₂ emissions targets will be set in 2020, with two possible outcomes: either a “hard cap” or a “soft cap”. Each scenario is characterized by the relative probabilities of both possible caps. We derive consistent stochastic trajectories—with two branches after 2020—for prices and quantities of energy commodities and CO₂ emissions permits. The impact of uncertain long-run CO₂ emissions targets on prices and technological trajectories is discussed. In addition, a simple marginal approach allows us to analyze the Hotelling rule with risk premia observed for certain scenarios.     

Effect of Fe substitution on first hydrogenation kinetics of TiFe-based hydrogen storage alloys after air exposure

This study investigated how Fe substitution with Ni, Co, Cu, Mn, and Cr affected the first hydrogenation behavior of air-exposed TiFe-based hydrogen storage alloys. The alloy ingots were crushed into powders and exposed to air for 1 h to analyze the first hydrogenation kinetics. Although Fe was substituted with up to 30% of Ni, Co, and Cu, the alloys had a single TiFe phase. In addition, the TiFe_0·7Ni_0·2Co_0.1 and TiFe_0·7Co_0·2Ni_0.1 alloys also had a single TiFe phase in spite of the simultaneous substitution. The composition of the oxide layer changed by the addition of Ni, Co, and Cu, but the alloys did not absorb hydrogen. In the TiFe_0·8Mn_0.2 and TiFe_0·8Cr_0.2 alloys, a dual-phase microstructure consisting of TiFe and Mn/Cr-rich C14 Laves phase was formed, with a larger amount in TiFe_0·8Cr_0.2. Both samples absorbed hydrogen after air exposure without any thermal activation process. Comparing the first hydrogenation kinetics, TiFe_0·8Cr_0.2 had a shorter incubation time and faster hydrogen absorption rate than TiFe_0·8Mn_0.2.     

Li4SiO4吸收CO2的实验研究

用固相法合成了用来循环使用的吸收CO2的Li4SiO4材料。通过热力学分析、X射线衍射(XRD)、热重分析(TG)确定了合成条件;用热重分析(TG)仪研究Li4SiO4吸附CO2的性能;用扫描电子显微镜(SEM)来观察Li4SiO4吸附CO2前后表面微观形貌的变化特征。结果发现,在900℃烧结2h可以合成Li4SiO4;材料在600～720℃段吸附CO2反应最为活跃,最高吸附量可达29.16%(质量分数)左右;材料吸附CO2后在750℃开始脱出CO2,到900℃左右可脱附完全,再生为Li4SiO4;CO2的体积百分含量(分压)对Li4SiO4吸附CO2的速度和吸附量有明显影响;气氛相同时,气体流量对吸附速度和吸附量的影响不明显。     

Turning the wind into hydrogen: The long-run impact on electricity prices and generating capacity

Hydrogen production via electrolysis has been proposed as a way of absorbing the fluctuating electricity generated by wind power, potentially allowing the use of cheap electricity at times when it would otherwise be in surplus. We show that large-scale adoption of electrolysers would change the shape of the load–duration curve for electricity, affecting the optimal capacity mix. Nuclear power stations will replace gas-fired power stations, as they are able to run for longer periods of time. Changes in the electricity capacity mix will be much greater than changes to the pattern of prices. The long-run supply price of hydrogen will thus tend to be insensitive to the amount produced.