Topic Resource Markets

Russian Natural Gas Exports to Europe: Effects of Russian Gas Market Reforms and the Rising Market Power of Gazprom

Gazprom, the dominant gas company in Russia, is widely believed to be the key supplier of gas to Europe in the foreseeable future. However, there are numerous uncertainties and challenges within the Russian and European gas industry that may alter the allocation of Gazprom´s gas sales between domestic and export markets. In this paper we use both theoretical and numerical models to study potential ...

Introducing Environmental Externalities into Transport Pricing: Measurement and Implications

It is European Commission policy to charge modes of transport according to the marginal social cost of their use of the infrastructure, including environmental costs. However, progress in implementing this process has been slow, partly because of the difficulty of measuring and valuing these costs. This need has led to a great deal of research in this area in recent years. The paper presents the results ...

Transporting Russian Gas to Western Europe: A Simulation Analysis

Lead Markets for Environmental Innovations

The Role of Technological Change for a Sustainable Development: Editorial

Technological change has become a major focus in environmental policy as well as in energy and climate policy. Indeed, there is a growing body of knowledge about how and in which direction technological change might have an impact on environmental resource constraints and how environmental policy might have an impact on this direction. In this article we introduce the contributions to this special ...

International Market Integration for Natural Gas? A Cointegration Analysis of Prices in Europe, North America and Japan

This paper investigates the degree of integration of natural gas markets in Europe, North America and Japan in the time period between the early 1990s and 2004. The relationship between international gas market prices and their relation to the oil price are explored through principal components analysis and Johansen likelihood-based cointegration procedure. Both of them show a high level of natural ...

What Direction for Oil Prices?

The price of crude oil goes up and up -most recently driven by hurricane Katrina, which had a catastrophic effect on the US oil industry, and was followed by hurricane Rita. In September 2005 the price of Brent crude reached a new record at US $ 66 per barrel. The agreement by member states of the International Energy Agency (IEA) to release crude oil and petroleum products from their strategic reserves ...

Impact Assessment of Emissions Stabilization Scenarios with and without Induced Technological Change

The main aim of this paper is to investigate quantitatively the economic impacts of emissions stabilization scenarios with and without the inclusion of induced technological change (ITC). Improved technological innovations are triggered by increased R&D expenditures that advance energy efficiencies. Model results show that induced technological changes due to increased investment in R&D reduce compliance ...

Convergence of Electricity Wholesale Prices in Europe? A Kalman Filter Approach

This study tests the hypothesis that the ongoing restructuring process in the European electricity sector, as well as market participants' adaptation to the new legal framework, have caused electricity wholesale day-ahead prices to converge towards arbitrage freeness. Using hourly cross-border capacity auction results at the Dutch-German and at the Danish-German border for the years 2002 to 2004, and ...

The Environmental and Economic Effects of European Emissions Trading

In 2005, the EU introduced an emissions trading system in order to pursue its Kyoto obligations. This instrument gives emitters the flexibility to undertake reduction measures in the most cost-efficient way and mobilizes market forces for the protection of the earth's climate. In this paper, we analyse the effects of emissions trading in Europe, with some special reference to the case of Germany. We ...