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Energies
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Energy Economics 2016
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Energy Economics 2016

A special issue of Energies (ISSN 1996-1073).

Deadline for manuscript submissions: closed (31 December 2016) | Viewed by 10509

Special Issue Editors

Prof. Eric Girardin

E-Mail Website
Guest Editor
CNRS, AMSE. 5 Bd Maurice Bourdet, Aix Marseille University, CEDEX 01, 13205 Marseille, France
Interests: China; financial markets; monetary policy; macroeconomic dynamics
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Guy Liu

E-Mail Website
Guest Editor
School of HSBC Business, Peking University, Beijing 100091, China
Interests: industrial economics; energy economics; comparative economics; China

Special Issue Information

Dear Colleagues,

Papers are invited for a Special Issue on the economics of electricity markets and development in Energies (impact factor of 2.072). The Special Issue will review new developments in the electricity markets and industry of emerging and developed economies, and identify and seek to address challenges for the industry, from the perspective of micro- and macroeconomic analysis, demand and supply, efficiency, environment, governance, green finance, investment, innovation and technology development, management, pricing, regulation, energy policy, security, as well as transmission. Both surveys of the current state of theoretical and empirical research focusing on specific issues or regions and original frontier technical papers will be considered.

In the context of low oil prices, more demand for carbon reduction and environmental improvement, the rising importance of fast-growing large emerging economies, the new development of clean technology, priorities for developing intelligent distribution networks, and smart meter systems that generate big data for research, the proposed Special Issue will advance our knowledge of current reform and development of the industry, and shed light on its future changes.

Prof. Dr. Eric Girardin
Prof. Dr. Guy Liu
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Economics
  • Electricity market
  • Electricity production
  • Electricity technology development
  • Demand for Electricity
  • Electricity efficiency and outputs

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Published Papers (2 papers)

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Research

4947 KiB  
Article
Sectoral Electricity Consumption and Economic Growth: The Time Difference Case of China, 2006–2015
by Jian Zhang, Zhaoguang Hu, Yanan Zheng, Yuhui Zhou and Ziwei Wan
Energies 2017, 10(2), 249; https://doi.org/10.3390/en10020249 - 18 Feb 2017
Cited by 7 | Viewed by 4144
Abstract
Unlike existing studies focused on the causal relationship between electricity consumption and economic growth at the macro level, this paper uses monthly data from January 2006 to December 2015 and applies the correlation coefficient, as well as Kullback-Leibler (KL) divergence, to study the [...] Read more.
Unlike existing studies focused on the causal relationship between electricity consumption and economic growth at the macro level, this paper uses monthly data from January 2006 to December 2015 and applies the correlation coefficient, as well as Kullback-Leibler (KL) divergence, to study the time difference relationship between sectoral electricity consumption and economic growth. The empirical results draw some main findings as follows: First, the time difference relationships show diversity at the sector level but will form a kind of overall characteristic between economic growth and total electricity consumption. Secondly, not all sectors have a remarkable correlation between sectoral electricity consumption and economic growth as only part of them have reasonable values to describe the time difference relationship. Thirdly, the results present both diversity and aggregation at the industry level, while lagging sectors mainly concentrate in the manufacturing industry. The relationship between sectoral electricity consumption and economic growth can be further explored and described from a new perspective based on the results. Further, the trend of economic development and sectoral electricity consumption can be predicted to help policy-makers formulate proper policies. Full article
(This article belongs to the Special Issue Energy Economics 2016)
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3215 KiB  
Article
Revenue Risk of U.S. Tight-Oil Firms
by Luis Mª Abadie and José M. Chamorro
Energies 2016, 9(10), 848; https://doi.org/10.3390/en9100848 - 21 Oct 2016
Cited by 3 | Viewed by 5866
Abstract
American U.S. crude oil prices have dropped significantly of late down to a low of less than $30 a barrel in early 2016. At the same time price volatility has increased and crude in storage has reached record amounts in the U.S. America. [...] Read more.
American U.S. crude oil prices have dropped significantly of late down to a low of less than $30 a barrel in early 2016. At the same time price volatility has increased and crude in storage has reached record amounts in the U.S. America. Low oil prices in particular pose quite a challenge for the survival of U.S. America’s tight-oil industry. In this paper we assess the current profitability and future prospects of this industry. The question could be broadly stated as: should producers stop operation immediately or continue in the hope that prices will rise in the medium term? Our assessment is based on a stochastic volatility model with three risk factors, namely the oil spot price, the long-term oil price, and the spot price volatility; we allow for these sources of risk to be correlated and display mean reversion. We then use information from spot and futures West Texas Intermediate (WTI) oil prices to estimate this model. Our aim is to show how the development of the oil price in the future may affect the prospective revenues of firms and hence their operation decisions at present. With the numerical estimates of the model’s parameters we can compute the value of an operating tight-oil field over a certain time horizon. Thus, the present value (PV) of the prospective revenues up to ten years from now is $37.07/bbl in the base case. Consequently, provided that the cost of producing a barrel of oil is less than $37.07 production from an operating field would make economic sense. Obviously this is just a point estimate. We further perform a Monte Carlo (MC) simulation to derive the risk profile of this activity and calculate two standard measures of risk, namely the value at risk (VaR) and the expected shortfall (ES) (for a given confidence level). In this sense, the PV of the prospective revenues will fall below $22.22/bbl in the worst 5% of the cases; and the average value across these worst scenarios is $19.77/bbl. Last we undertake two sensitivity analyses with respect to the spot price and the long-term price. The former is shown to have a stronger impact on the field’s value than the latter. This bodes well with the usual time profile of tight oil production: intense depletion initially, followed by steep decline thereafter. Full article
(This article belongs to the Special Issue Energy Economics 2016)
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