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  • 1. Chen, Yihsu
    et al.
    Tanaka, Makoto
    Siddiqui, Afzal S.
    Stockholm University, Faculty of Social Sciences, Department of Computer and Systems Sciences. University College London, United Kingdom; HEC Montreal, Canada.
    Market Power with Tradable Performance-Based CO2 Emission Standards in the Electricity Sector2018In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 39, no 6, p. 121-145Article in journal (Refereed)
    Abstract [en]

    The U.S. Clean Power Plan stipulates a state-specific performance-based CO2 emission standard, delegating states with considerable flexibility for using either a tradable performance-based or a mass-based permit program. This paper analyzes these two standards under imperfect competitive. We limit our attention to (1) short-run analyses and (2) a situation in which all states are subject to the same type of standard. We show that while the cross-subsidy inherent in the performance-based standard might effectively reduce power prices, it could also inflate energy consumption. A dominant firm with a relatively clean endowment under the performance-based standard would be able to manipulate the electricity market as well as to elevate permit prices, which might worsen market outcomes compared to its mass-based counterpart. On the other hand, the "cross-subsidy" could be the dominant force leading to a higher social welfare if the leader has a relatively dirty endowment.

  • 2.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Shifa, Abdulaziz B.
    Spiro, Daniel
    Should Developing Countries Constrain Resource-Income Spending? A Quantitative Analysis of Oil Income in Uganda2017In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 38, no 1, p. 103-131Article in journal (Refereed)
    Abstract [en]

    A large increase in government spending following resource discoveries often entails political risks, inefficient investments and increased volatility. Setting up a sovereign wealth fund with a clear spending constraint may decrease these risks. On the other hand, in a capital scarce developing economy with limited access to international borrowing, such a spending constraint may lower welfare by reducing domestic capital accumulation and hindering consumption increases for the currently poor. These two contradicting considerations pose a dilemma for policy makers in deciding whether to set up a sovereign wealth fund with a spending constraint. Using Uganda's recent oil discovery as a case study, this paper presents a quantitative macroeconomic analysis and examines the potential loss of constraining spending through a sovereign wealth fund with a simple spending rule. We find that the loss is relatively low and unlikely to dominate the political risks associated with increased oil spending. Thus, such a spending constraint appears well warranted.

  • 3.
    Siddiqui, Afzal S.
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Computer and Systems Sciences. University College London, UK; HEC Montréal, Canada.
    Sioshansi, Ratlike
    Conejo, Antonio J.
    Merchant Storage Investment in a Restructured Electricity Industry2019In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 40, no 4, p. 129-163Article in journal (Refereed)
    Abstract [en]

    Restructuring and liberalisation of the electricity industry creates opportunities for investment in energy storage, which could be undertaken by a profit-maximising merchant storage operator. Because such a firm is concerned solely with maximising its own profit, the resulting storage-investment decision may be socially suboptimal (or detrimental). This paper develops a bi-level model of an imperfectly competitive electricity market. The modelling framework assumes electricity-generation and storage-operations decisions at the lower level and storage investment at the upper level. Our analytical results demonstrate that a relatively high (low) amount of market power in the generation sector leads to low (high) storage-capacity investment by the profit-maximising storage operator relative to a welfare maximiser. This can result in net social welfare losses with a profit-maximising storage operator compared to a no-storage case. Moreover, there are guaranteed to be net social welfare losses with a profit-maximising storage operator if the generation sector is sufficiently competitive. Using a charge on generation ramping between off- and on-peak periods, we induce the profit-maximising storage operator to invest in the same level of storage capacity as the welfare-maximising firm. Such a ramping charge can increase social welfare above the levels that are attained with a welfare-maximising storage operator.

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