role of distribution factors in congestion revenue rights applications in the locational marginal price lmp based congestion management scheme transmission customers face uncertainty in the congestion charges they incur in order to bring certainty to customers congestion revenue rights crr such as the fixed transmission rights ftr used in the pjm interconnection and flowgate rights fgr are introduced these crr are financial tools that provide the holder reimbursement of the congestion charges incurred in the day ahead market the implementation of crr requires appropriate modeling of the transmission network in which the distribution factors are extensively used these factors the injection shift factors isfs and the power transfer distribution factors ptdfs are linear approximations of the sensitivities of the active power line flows with respect to various variables the factors are computed for a specified network topology and parameter values in practice the ptdfs used for the crr issuance may be different from those used in the day ahead market due to changes in the forecasted network conditions the ptdf errors may impact the ftr issuance quantities the revenue adequacy of the ftr issuer and the hedging ability of the fgr in this paper we explore analytical characteristics of these distribution factors and investigate their role in crr applications we study the nature of the ptdf errors and examine their impacts in these applications both analytically and experimentally our results indicate that the impacts of the ptdf errors in crr applications stay in an acceptable range under a broad spectrum of conditions including contingencies used to establish n 1 security

urbanization and industrialization impact of co2 emissions in china abstract this study investigates the causal linkage among co2 emissions per capita energy intensity real gdp per capita industrialization share of industrial value added in gdp urbanization share of urban population in total population and share of renewable energy consumption in china over the period from 1970 to 2015 we employ autoregressive distributed lag ardl technology to test the co integration and short and long run estimates and apply the vector error correction model vecm to analyze the directional causality among the time series data the estimates of long run parameters indicate that 1 augments of energy intensity real gdp industrialization and urbanization increase co2 emissions by 1 1 0 6 0 3 and 1 0 respectively long run feedback granger causalities exist among emissions real gdp and industrialization thus our main policy suggestions are as follows i to encourage green and sustainable urbanization as it increases economic growth but not at the expense of environmental degradation ii to strategically adjust and optimize the industrial structure iii to improve the efficiency of energy use and technological innovation and iv to increase the proportion of renewable energy in total energy consumption

the pricing of durable exhaustible resources partial or total durability characterizes a large class of exhaustible resources hotelling s r percent rule will apply to a durable resource produced in a competitive market but will not apply if the resource is produced in a monopolistic market however the r percent rule does not mean that price is steadily rising it is shown that in general the competitive market price will fall initially as the stock in circulation increases and later will rise as the stock decreases and eventually depreciates toward zero after production ceases accounting for durability may thus help explain the u shaped long term price profiles observed for many resources 11 references 3 figures

congestion management and transmission rights in centralized electric markets a new congestion management system is proposed applied under nodal and zonal dispatches with implementation of fixed transmission rights ftr and flowgate rights fgr respectively the ftr model proves to be especially suitable for congestion management in deregulated centralized market structures with nodal dispatch while the fgr is suitable for decentralized markets the main contribution of this work is a nontraditional valuation of fgr under a centralized market such as those present in latin america that builds a link between both transmission rights under the same market structure to accomplish that a computational model is developed implementing marginal theory where congestion components are introduced in the pricing model an application to the chilean central interconnected system indicates that fgr presents advantages over ftr regarding signals on grid use but its application results in complications that make its implementation unattractive

alternative models of restructured electricity systems part 1 no market power different equilibrium concepts have been proposed by various authors schweppe et al hogan et al chao and peck wu et al to analyse competitive electricity systems we establish correspondences between these different models through a single framework and provide additional interpretations of these equilibrium concepts this unifying conceptual view also provides a computationally feasible approach to simulate the market it also opens the way to the modeling of some imperfect markets

optimal bidding strategies and modeling of imperfect information among competitive generators the emerging electricity market behaves more like an oligopoly than a perfectly competitive market due to special features such as a limited number of producers large investment size barrier to entry transmission constraints and transmission losses which discourage purchase from distant suppliers this makes it practicable for only a few independent power suppliers to service a given geographic region and in this imperfect market each power supplier can increase its own profit through strategic bidding the profit of each supplier is influenced to varying extents by differences in the degree of imperfection of knowledge of rival suppliers a new framework to build bidding strategies for power suppliers in an electricity market is presented in this paper it is assumed that each supplier bids a linear supply function and that the system is dispatched to minimize customer payments each supplier chooses the coefficients in the linear supply function to maximize benefits subject to expectations about how rival suppliers will bid a stochastic optimization formulation is developed and two methods proposed for describing and solving this problem a numerical example serves to illustrate the essential features of the approach and the results are used to investigate the potential market power

capacity choice and the theory of the mine when extraction from mineral deposits is constrained byfixed capacity an r per cent rule holds this deposit specific rule however is more partial than hotelling s rule in that it is followed byprice takers and does not require price to adjust to produce equilibrium toobtain the resource rent to which the rule applies the shadow value ofcapacity must be subtracted from the usual net price i e price lessshort run marginal cost but the shadow value of capacity cannot becalculated from common depreciation formulas an alternative method ofcalculating the shadow values is derived the shadow value of reserves maybe increasing in the level of initial reserves if there are increasingreturns to installing capacity the value of the resource is not equal tothe discounted resource rent

transmission access and pricing with multiple separate energy forward markets california s congestion management protocols provide comparable access and prices to all users of the transmission system power exchange and bilateral contract parties the users implicitly bid for capacity on major transmission paths between zones the independent system operator iso allocates the available transmission capacity on these paths so that it maximizes the value of this capacity as measured by the users bids everyone scheduling flow on a congested path is charged the marginal cost based price for using the path the iso keeps each party s portfolio of generation and load individually in balance when adjusting schedules to relieve congestion on interzonal paths by keeping the portfolios of the different parties separate the iso clears its transmission market without arranging energy trades between parties parties are responsible for arranging their own trades the iso does not become involved in the energy forward markets

marginal loss modeling in lmp calculation this paper discusses the pricing of marginal transmission network losses in the locational marginal pricing approach recently deployed in the iso new england iso ne standard market design smd project implemented by alstom s t d energy automation and information eai business the traditional loss model is studied and a new model is proposed the new model achieves more defendable and predictable market clearing results by introducing loss distribution factors to explicitly balance the consumed losses in the lossless dc power system model the distributed market slack reference is also introduced and discussed the lmp components produced by the two models are studied and compared under changes in slack reference numerical examples are presented to further compare the two models

contingent transmission rights in the standard market design we define transmission rights that are compatible with the federal energy regulatory commission s proposed standard market design smd and that provide flexibility in the points of receipt or delivery of energy contracts the contingent transmission rights introduced here provide a viable flexible method for defining smd compatible rights for transmission customers having current pre smd transmission rights that cover multiple points these contingent rights can be bought and sold in the transmission rights auctions under smd

slowing down of globalization and global co2 emissions a causal or casual association abstract in recent years we have witnessed slowdowns of both globalization and global co2 emissions not only have organization for economic co operation and development oecd economies such as the us and the uk tried to bring manufacturing back to their home countries but non oecd economies such as china and india have also increased their shares of domestic products at both intermediate and final goods in this paper we employ the annual global multi regional input output tables compiled by the asian development bank to explore the linkage of the recent slowdown in globalization and global co2 emissions for the period 2012 2016 our results suggest that there are indeed some clues indicating a slowdown of globalization in several leading oecd and non oecd economies however the changes of consumption in non oecd economies are much larger than are those in oecd economies at the aggregate level the effects of globalization on emissions have been dominated by non oecd economies in particular china and india showing a negative linkage more specifically the changing pattern of globalization has contributed a net increase of 202 mt in global co2 emissions the recent slowdown of global co2 emissions cannot in general be attributed to the slowdown of globalization

valuing mineral reserves when capacity constrains production abstract we add a capacity constraint and heterogeneous reserves to the hotelling valuation principle this produces a more general version of the principle that is more consistent with empirical valuations while retaining the underlying relationship between net price and reserve value

an iterative lmp calculation method considering loss distributions generally the locational marginal price lmp is obtained by solving a linear programming formulation network losses are considered through the preset loss factors based on historical operation information this usually brings errors in the calculated loss under different new scenarios further the congestion component of an lmp is dependent on the choice of the reference bus in this paper a new iterative lmp calculation method is proposed to overcome the aforementioned two drawbacks associated with the traditional lmp calculations at each iteration a linear programming problem for market clearing is solved first losses on branches are considered as fictitious nodal demands at their terminal buses secondly the ac power flow is calculated according to the dispatch results loss factors and fictitious nodal demands are then updated according to the ac power flow solution thus removing the need and dependence on presetting loss factors another important merit is that lmp and its congestion component obtained from the proposed iterative lmp calculation method are independent of choice of the reference bus the effectiveness of the proposed method is illustrated on two benchmark systems the importance of obtaining accurate losses and lmps is also demonstrated

financial storage rights should energy storage buy and sell power at wholesale prices like utilities and generators or should its physical and financial operation be asynchronyous as with transmission lines in the first case storage straightforwardly profits through intertemporal arbitrage also known as load shifting and peak shaving in this paper the latter case referred to as passive storage is examined because passive storage does not make nodal price transactions new mechanisms are necessary for its integration into electricity markets this issue is addressed by further developing the analogy between energy storage and transmission specifically financial rights are defined for storage and tracing is extended to multiperiod power flows linked by storage like flowgate transmission rights the new financial storage rights redistribute the system operator s merchandising surplus and enable risk averse market participants to hedge against nodal price volatility resulting from storage congestion simple examples are given demonstrating the implementation of the new mechanisms game theoretic analysis suggests that financial storage rights mitigate gaming when both the generator and load bid strategically

valuing petroleum reserves using current net price i introduction the hotelling valuation principle hvp states that when valuing any depleting mineral reserve one can simply multiply the current net price price less unit extraction cost associated with those reserves by the quantity of reserves 1 v sub s lambda sub s r sub s where lambda sub s p sub s c sub s is the current time s net price and r sub s is current recoverable reserves in place miller and upton 1985a the derivation combines discounted cash flow dcf analysis with hotelling s 1931 result that in equilibrium the net price of a non renewable resource must rise at the rate of interest with net cash flows being inflated and discounted at the same rate the result is intuitive and its simplicity has drawn the attention of mineral appraisers and national income accounting agencies 1 the u s department of commerce for instance uses equation 1 as one method of valuing the stock and depletion of the nation s mineral assets carson 1994 miller and upton 1985a 24 empirically test the principle against oil and gas reserve values imputed from firm balance sheets and conclude that it provides not only reasonably good descriptions of the structure of actual market values of a sample of u s petroleum producing companies but substantially better descriptions than the publicly available alternative appraisals based on much the same underlying raw data they claim that the abstractions of the hvp constant marginal cost perfect information and perfect competition do not appear to invalidate the empirical performance and so miller and upton propose that equation 1 remains theoretically intact even when these abstractions are relaxed further investigation however has found the hvp to severely overvalue oil and gas reserves for example watkins 1992 finds that the formula overvalues oil and gas reserve transactions by an average of 85 2 indeed in miller and upton s original work the imputed reserve values are less than the hvp values in 81 of 94 valuations in the first data set and in 95 of 98 in a second data set in many cases by 50 or more 3 several empirical studies have found that the coefficient on lambda sub s r sub s in equation 1 is in the order of one half this tendency of the hvp to overstate the value of petroleum reserves is recognized by users of the principle such as bartelmus et al 1994 who nevertheless continue to rely on it for reserve valuation several economists have attempted to explain the overvaluation magliolo 1986 investigates data sources and tax effects cairns and davis 1998 and davis and moore 1998 show that for the case of hard rock mining capacity constraints on production produce a coefficient on lambda sub s r sub s that is less than one others have instead rejected not only the hvp as a valuation tool but also the entire hotelling theory underlying the principle for example adelman 1993 and watkins 1992 argue that i for practical purposes there is no binding resource stock constraint for oil and gas as explicitly assumed by hotelling 1931 and ii oil and gas net price data do not reveal hotelling s r rule mcdonald 1994 adds that regulation of well spacing and extraction rates is another important facet of oil production that is not modeled by hotelling and that this could be a cause of the empirical failure of the principle still others propose that oil reserves cannot be valued accurately using a discounted cash flow framework rather the analyst must also incorporate an option value which arises whenever producers can adjust production through time in response to realizations of stochastic events such as price fluctuations brennan and schwartz 1985 paddock siegel and smith 1988 and smit 1997 this position is valid but it does not explain the empirical failures of equation 1

the impact of economic growth on co2 emissions in azerbaijan abstract this paper investigates the relationship between the economic growth and co2 emissions in azerbaijan a cointegration analysis is conducted over the period 1992 2013 for getting more robust results johansen ardlbt dols fmols and ccr methods are employed to explore cointegration and estimate long run coefficients we use cubic quadratic and linear specifications and conclude that the last one is an adequate representation for the impact of the economic growth on co2 emissions in azerbaijan the results from the different cointegration methods are consistent with each other and show that the economic growth has a positive and statistically significant impact on the emissions in the long run implying that the ekc hypothesis does not hold for azerbaijan the income elasticity of co2 emissions using different methods is found to be between 0 7 and 0 8 moreover we find that any short run imbalance can be adjusted towards the long run equilibrium path within less than one year the paper concludes that measures to increase energy efficiency carbon pricing instruments in production and international domestic trade activities and nationwide social awareness programs to instruct about the negative consequences of pollution can be considered as relevant environmental policies aimed at reducing carbon emissions

a comprehensive assessment of the evolution of financial transmission rights financial transmission rights ftrs are complementary to the locational marginal pricing of energy the basic aim of the ftr mechanism is to guard forward contracts from uncertain congestion charges ftrs are also useful to individual generators and loads for selling and buying power respectively at the prices of other locations the concept has evolved encompassing many features such as a simultaneous feasibility test various ways to conduct auctions and allocations and secondary trading ftrs also have a close relation to market power and transmission investment this paper reviews most of the landmark research papers on the evolution of the ftr concept it reports a comprehensive assessment of various facets of ftrs and allied issues financial transmission rights and flowgate rights fgrs are compared the concept of long term ftrs is discussed the paper also touches upon future proposals in this area

evolution toward standardized market design the evolution toward the standardized market design smd is presented in this paper with references to the market developments in new zealand australia pjm iso ne and ercot in the development of market designs two main objectives market liquidity facilitating bilateral trading and pricing efficiency facilitating congestion management have been pursued the efforts to balance the seemingly conflicting objectives led to most markets designed with a uniform or zonal pricing model introduction of locational marginal pricing and evolution of transmission rights from physical to financial form made it possible to harmonize the potentially conflicting goals in a market design the close coupling between energy and ancillary services requires that markets for these commodities be carefully coordinated different operational practices and reliability standard requirements have led to major differences in ancillary service market designs

does globalization affect growth evidence from a new index of globalization the study develops an index of globalization covering its three main dimensions economic integration social integration and political integration using panel data for 123 countries in 1970 2000 it is analysed empirically whether the overall index of globalization as well as sub indexes constructed to measure the single dimensions affect economic growth as the results show globalization indeed promotes growth the dimensions most robustly related with growth refer to actual economic flows and restrictions in developed countries although less robustly information flows also promote growth whereas political integration has no effect

food management in tourism reducing tourism s carbon foodprint food production and consumption have a range of sustainability implications including their contribution to global emissions of greenhouse gases ghgs as some foodstuffs entail higher ghg emissions than others managing their use in tourism related contexts could make a significant contribution to climate change mitigation this article reviews the carbon intensity of selected foods and discusses how foodservice providers could adapt their practices it shows that even though food management could substantially reduce the ghg emissions of foodservice providers its application is currently hampered by the complexity of food production chains and a lack of dependable data on the ghg intensity of foodstuffs nevertheless it is possible to make a number of recommendations in respect of how foodservice providers can better purchase prepare and present foods further research is now needed to refine and extend our understanding of the contribution that food management can make to reducing tourism s carbon foodprint c 2010 elsevier ltd all rights reserved

stoking the fires co2 emissions and economic growth abstract we examine the relationship between economic development and carbon dioxide emissions a greenhouse gas central to global warming predictions estimates derived from global panel data suggest a diminishing marginal propensity to emit mpe carbon dioxide as gdp per capita rises despite this global carbon dioxide emissions growth will continue at 1 8 percent per annum for the foreseeable future a result that is not sensitive to average output growth instead emissions growth continues because output and population will grow most rapidly in lower income nations with high mpes this latter feature emphasizes the distributional consequences of policies to reduce emissions

renewable energy oil prices and economic activity a granger causality in quantiles analysis this paper analyzes the causal relationship between renewable energy consumption oil prices and economic activity in the united states from july 1989 to july 2016 considering all quantiles of the distribution although the concept of granger causality is defined for the conditional distribution the majority of papers have tested granger causality using conditional mean regression models in which the causal relations are linear we apply a granger causality in quantiles analysis that evaluates causal relations in each quantile of the distribution under this approach we can discriminate between causality affecting the median and the tails of the conditional distribution we find evidence of bi directional causality between changes in renewable energy consumption and economic growth at the lowest tail of the distribution besides changes in renewable energy consumption lead economic growth at the highest tail of the distribution our results also support the unidirectional causality from fluctuations in oil prices to economic growth at the extreme quantiles of the distribution finally we find evidence of lower tail dependence from changes in oil prices to changes in renewable energy consumption our findings call for government policies aimed at developing renewable energy markets to increase energy efficiency in the u s

introduction to multidimensional financial transmission rights this paper introduces the concept of multidimensional financial transmission right mdftr which is a generalized group financial transmission right ftr concept an mdftr allows its owner to hold a total ftr amount over a path group along with multiple choices to distribute this grouped amount among the individual grouping paths this added flexibility provides forward market participants with a useful support to overcome the congestion price risk that originates from the uncertainty in their transaction paths all the fundamental issues regarding the implementation of mdftrs are addressed in detail in this paper the practical utility of mdftrs is judged by analyzing their costs it is shown with illustration that an mdftr may be more cost effective than any given portfolio of individual ftrs that has the ability to give the same risk hedging benefit

border flow rights and contracts for differences of differences models for electric transmission property rights in this paper a property rights model for electric transmission is proposed and its properties analyzed the proposed rights called border flow rights support financial hedging of transmission risk and merchant transmission expansion through associated financial rights called contracts for differences of differences these financial rights allow for forward trading of both energy and transmission by a unified exchange avoiding the bifurcation in current markets between decentralized long term energy trading and centralized long term transmission trading such long term trading can help to support the financing of both generation and transmission assets we consider incentive properties of such a right in the absence of lumpiness economies of scale and market power

risk constrained ftr bidding strategy in transmission markets in electricity markets financial transmission right is an important instrument for hedging congestion charges there are two types of financial transmission rights point to point right ftr and flow based right fgr this paper proposes a risk constrained ftr bidding strategy in transmission auction markets based on the forecasted lmp differences between sink and source points of certain ftrs bidders try to maximize their expected payoffs by taking into account the associated risks supposing the forecasted distribution of lmp differences and bidders risk preferences are known to respective bidders the ftr bidding problem is modeled as a bilevel optimization with the upper subproblem representing bidders and the lower subproblem representing the solution to the iso s ftr market clearing problem for maximizing the revenues collected from the ftr auction the bilevel optimization problem is solved by developing the sensitivity of a bidder s expected utility with respect to its bidding strategy a three bus system with four bidders is considered for illustrating the proposed method the numerical results discuss the distinction between ftr obligation and ftr option bidding strategies the results further demonstrate the impact of contingency constraints forecasted lmp differences and bidders preferred risk levels on ftr bidding strategies

an oligopolistic model of an integrated market for energy and spinning reserve in this paper a model for oligopolistic competition in electricity markets is presented most previous proposed models have been static and focused only on the energy market incentives for strategic behavior in contrast in this paper a multiperiod market for energy and spinning reserve sr is considered by including such factors the competition among participants is modeled with more realism competition in the energy market is modeled by means of conjectured supply functions while conjectured reserve price response functions are used to consider the generators ability to alter the sr prices the resulting equilibrium problem is modeled in terms of complementarity conditions based upon a complementarity model the opportunity cost between the energy and sr markets is derived for oligopolistic markets the proposed model is illustrated by a six node network using a dc approximation

screening and mitigation of exacerbated market power due to financial transmission rights a methodology is proposed for taking into account potential exacerbation of market power due to financial transmission rights ftr allocations hedging position ratios hprs are computed for ftr bids these ratios quantify the relationship between the positions of an ftr bidder in the energy market and in the transmission rights allocation based on the transmission rights bids these ratios are used to identify the potential gambling positions from the transmission rights bidders and therefore used to prioritize critical positions in the auction the transmission right auction is modeled as a quadratic programming problem with a direct current dc approximation the methodology is illustrated by a three node network and then extended to larger networks

locational marginal price sensitivities within an optimal power flow market clearing framework this paper provides expressions to compute the sensitivities of locational marginal prices with respect to power demands sensitivities with respect to other parameters can also be obtained an example and a case study are used to illustrate the expressions derived

the effects of electricity consumption economic growth financial development and foreign direct investment on co2 emissions in kuwait abstract this study examined the empirical effects of economic growth electricity consumption foreign direct investment fdi and financial development on carbon dioxide co2 emissions in kuwait using time series data for the period 1980 2013 to achieve this goal we applied the autoregressive distributed lag ardl bounds testing approach and found that cointegration exists among the series findings indicate that economic growth electricity consumption and fdi stimulate co2 emissions in both the short and long run the vecm granger causality analysis revealed that fdi economic growth and electricity consumption strongly granger cause co2 emissions based on these findings the study recommends that kuwait reduce emissions by expanding its existing carbon capture utilization and storage plants capitalizing on its vast solar and wind energy reducing high subsidies of the residential electricity scheme and aggressively investing in energy research to build expertise for achieving electricity generation efficiency

bidding strategy of virtual power plant for participating in energy and spinning reserve markets part i problem formulation this paper addresses the bidding problem faced by a virtual power plant vpp in a joint market of energy and spinning reserve service the proposed bidding strategy is a non equilibrium model based on the deterministic price based unit commitment pbuc which takes the supply demand balancing constraint and security constraints of vpp itself into account the presented model creates a single operating profile from a composite of the parameters characterizing each distributed energy resources der which is a component of vpp and incorporates network constraints into its description of the capabilities of the portfolio the presented model is a nonlinear mixed integer programming with inter temporal constraints and solved by genetic algorithm ga

how economic growth renewable electricity and natural resources contribute to co2 emissions abstract this study explores the relationship between economic growth and co2 emissions in the so called european union 5 eu 5 countries germany france italy spain and the united kingdom for the 1985 2016 period in doing so we employ a carbon emission function to investigate the environmental kuznets curve phenomenon which describes a relationship between economic growth and environmental degradation the empirical results confirm the existence of an n shaped relationship between economic growth and co2 emissions in the eu 5 countries we incorporate additional variables such as renewable electricity consumption trade openness natural resource abundance and energy innovation to augment the carbon emission function renewable electricity consumption natural resources and energy innovation improve environmental quality while trade openness and the interaction between economic growth and renewable electricity consumption exert a positive impact on co2 emissions this study is novel in that it presents an interaction between economic growth and renewable electricity consumption we also confirm the need for renewable energy regulations related to increasing renewable sources and promoting energy innovation to reduce the negative effects of energy and fossil energy resources on environmental degradation

the pricing of oil and gas some further results the hotelling valuation principle hvp implies that the unit value of an exhaustible natural resource can be written as a function of its current price net of extraction costs other variables such as interest rates have no additional explanatory power the results of earlier tests using data from 1979 1981 strongly support the hvp this paper presents a series of follow up tests using time series cross section data covering the period august 1981 to december 1983 because the variance of petroleum prices in this period was substantially less than in the earlier period the follow up sample proved generally noninformative the sample also contains some observations on oil and gas royalty trusts tests of the hvp using these trust data yielded generally satisfactory results although given the limited sample size the results must be viewed with caution the purpose of this paper is to present follow up tests of the hotelling valuation principle hvp for exhaustible resources the hvp and the earlier tests are described in detail in an earlier paper miller and upton 5 and we will limit ourselves here to a brief summary the principle that the unit price of an exhaustible natural resource less the marginal cost of extraction will tend to rise at the rate of interest was first stated by harold hotelling 2 it follows from intertemporal profit maximization on the part of a price taking owner of an exhaustible natural resource if the unit price of resources net of extraction costs is expected to rise by less than the rate of interest why not extract it now and if it will rise by more why extract any today the hotelling principle has become the standard paradigm for natural resource economics although perhaps more from the absence of any viable alternative than from strong empirical validation earlier tests of the hotelling principle generally based on time series of resource prices have yet to provide convincing support

optimal lmp decomposition for the acopf calculation the objective of this work is to design a suitable rule for the energy reference selection in the ac optimal power flow acopf based locational marginal price lmp calculation in the case of the acopf model the congestion component of the lmp vector exhibits strong dependence on the energy reference this in turn makes the hourly values of financial transmission rights ftrs to be reference dependent and thus is a source of dispute in order to resolve this dispute a direct optimization framework is developed in this work exploring the interrelationship between the congestion components of locational marginal prices at individual buses the objective function and the constraints of this optimization model are carefully designed looking at the true motive of the lmp decomposition at the same time necessary attention is paid so as to ensure revenue adequacy in the ftr settlement the optimization problem that is ultimately to be solved is a simple quadratic programming problem with only one variable and two constraints the effectiveness of the proposed methodology is verified through a case study on a modified ieee 30 bus system the framework developed also unveils several interesting features of the lmp components that were under cover until now

components of nodal prices for electric power systems a method is presented to provide a detailed description of each nodal price for electric power systems by breaking down each nodal price into a variety of parts corresponding to the concerned factors such as generations transmission congestion voltage limitations and other constraints or elements this complete information for nodal prices can be used not only to improve the efficient usage of power grid and congestion management but also to design a reasonable pricing structure of power systems or to provide economic signals for generation or transmission investment several numerical examples demonstrate this approach

convexity of the set of feasible injections and revenue adequacy in ftr markets the feasible set of power injections for the constrained power flow equations is nonconvex when practical transmission capacity and bus voltage limits are imposed the projection onto the space of active power injections may be close to convex but this is not sufficient to guarantee revenue adequacy for the settlement of financial transmission rights

sectoral changing patterns of china s green gdp considering climate change an investigation based on the economic input output life cycle assessment model abstract the rapid growth of energy intensive and high emission industries has underpinned china s economic boom over the past few decades since her economic development entered the new normal phase in 2013 china has faced the challenge of mitigating greenhouse gas ghg emissions while achieving medium high economic growth transforming the economic development pattern and restructuring the economy is a principal solution and one important prerequisite is discerning great sectoral disparities of ghg emissions and corresponding environmental costs because the diversity of characteristics among different sectors causes the pollutants that are discharged to vary hence this paper aims to assess the environmental costs of china s total and sectoral ghg emissions based on the system of environmental and economic accounts and using the economic input output life cycle assessment model this study calculates the green gdp and green output value of 27 sectors to reflect the environmental costs of ghg emissions in china during 1991 2016 the findings are as follows 1 while china s direct ghg emissions increased from 3 040 60 million tons of carbon dioxide equivalent mtco2eq to 10 641 10 mtco2eq during 1991 2014 declining trends were observed in the total and 16 sectors direct ghg emissions in the subsequent two years 2 although the ratios of direct ghg emissions to total ghg emissions in most sectors decreased total ghg emissions in eight sectors rose first and then fell and in 15 sectors continued to rise 3 china s green gdp grew from 2 003 88 billion chinese yuan to 26 245 25 billion chinese yuan during 1991 2016 and the difference between china s gdp and green gdp decreased from 2 73 to 1 02 and 4 differences between the output value and green output value decreased in over 20 sectors finally some policy implications are given from the perspective of some key sectors of the manufacturing industry agricultural sector and transport storage and post sector

transmission rights and transmission expansions in this paper we propose a new method of defining rights that may be assigned to the developer of a transmission expansion project they include a right to collect the value of the capacity provided by the expansion project as well as the value arising from the admittance of the expansion project this approach not only ties the rights allocation to actual physical characteristics of the transmission project but also allows such allocation to remain independent both of the order in which the projects are treated and of any previously allocated transmission rights

distributional employment impacts of renewable and new energy a case study of china abstract the main goal of this paper is to argue for the necessity and significance of studying the distributional employment impacts of renewable and new energy development rne based on the comprehensive review of the methodology and conclusions of existing literatures this paper builds up an extended input output model to study rne s distributional employment impacts on gender and personnel structure the case study of china s power sector in this paper affirmed earlier doubts that rne development will indeed aggravate the gender inequality problem and add to the level of mismatch between the structure of labor demand and supply causing structural unemployment problems the quantitative analysis in this paper outlined here implies that from 2011 to 2020 the development of rne will bring about 7 million employment gains but only 81 8 of which can be realized due to the mismatch problem the study of china may alert other countries to be less optimistic about rne s employment impacts and reaffirm the need to carry out the distributional employment impacts analysis this paper concludes with policy suggestions such as providing suitable training and equal promotion opportunities for women offering courses and vocational trainings to rne related majors in order to reduce the structural unemployment problem and further speed up the development of rne

sufficient conditions for a class of investment problems abstract sufficient conditions are obtained for a generalization of the control problem of bolza hestenes in which various functions may not be concave in the control parameter s it is applicable to problems of investment in fixed capacity where there are economies of scale

dc power flow revisited linear mw only ldquodcrdquo network power flow models are in widespread and even increasing use particularly in congestion constrained market applications many versions of these approximate models are possible when their mw flows are reasonably correct and this is by no means assured they can often offer compelling advantages given their considerable importance in today s electric power industry dc models merit closer scrutiny this paper attempts such a re examination

dynamic linkages between globalization financial development and carbon emissions evidence from asia pacific economic cooperation countries abstract this study determines the dynamic linkages between globalization financial development and carbon emissions in asia pacific economic cooperation apec countries in the presence of energy intensity and economic growth under the framework of environment kuznets curve ekc this study employs the panel data from 1990 to 2016 westerlund cointegration technique to find long run cointegration and continuously updated bias corrected cup bc and continuously updated fully modified cup fm methods to check the long run elasticities between the variables empirical results indicate that globalization and financial development significantly reduce carbon emissions but economic growth and energy intensity increase them these results support the ekc hypothesis for apec countries the dumitrescu and hurlin causality analysis shows that globalization granger causes co2 emissions globalization also causes financial development and energy intensity a feedback effect exists between financial development and co2 emissions furthermore financial development causes economic growth but similar is not true from opposite side in granger sense finally this study presents important policy implications with respect to apec countries

resource characteristics extraction costs and optimal exploitation of mineral resources this paper modifies the traditional theories ofnon renewable resource exploitation where reserve sizeis assumed to be the major determinant of extractioncosts in a competitive model of resourceexploitation characteristics of aggregate reservesare considered as a determinant of extraction cost then dynamic solutions for the price and exploratoryefforts are developed various price paths arefeasible under different assumptions with regard tothe changes in the reserve characteristics over time past empirical research shows that there is noconsistent price path for all materials in fact itis the quality of newly discovered reserves as well astheir size that has affected material prices todemonstrate the complexity of a firm s decision torecover mineral from new deposits potentials forsubstantial high quality marine mineral resources areevaluated as a substitute for land based resources however several factors including the decreasingtrend in marine mining r d expenditures and thepotential impact of large scale marine mining on priceof minerals indicate that mining of mostnon hydrocarbon marine minerals will not take place inthe near future

an energy reference bus independent lmp decomposition algorithm the volatility of the price of electricity in a locational marginal price lmp market makes it necessary to introduce financial price risk hedging instruments the congestion related and marginal loss related revenue surpluses collected by the regional transmission operator rto are proposed to be redistributed to market players it is important to be able to correctly decompose the lmp into its congestion and marginal loss components which are critical for the valuation and settlement of these financial instruments a new energy reference bus independent lmp decomposition model using an ac optimal power flow opf model is presented to overcome the reference bus dependency disadvantage of the conventional approach the marginal effect of the generators output variation with respect to load variation are used as the basis of this decomposition model the theoretical derivation and a proof are given the new model achieves a set of reference bus independent results an example is presented comparing the new model with the conventional model

analysis of electricity consumption in the tourism sector a decomposition approach abstract index decomposition analysis ida has become a common tool for studying the evolution of energy consumption in its initial form it comprises three contributions namely activity structure and intensity effects various sectors of activities were studied in the literature by employing ida approach and the present work proposes its application to the electricity consumption in the tourism sector the proposed decomposition analysis is developed on the basis of seven indexes grouped in three macro contributions namely energy intensity economic structure and industrial structure the decomposition is performed in the period 1995 2017 and italy was used as test case for the methodology the analysis highlights that overall the changes in electricity intensity and in the industrial structure were responsible for an increase of the electricity consumption of 5 581 gwh whereas the economic structure was responsible for a decrease of 1 337 gwh their contemporary effect determined a total variation of electricity consumption between 1995 and 2017 of 4 244 gwh results demonstrated that the proposed ida equation specifically tailored for the tourism sector allows to provide a detailed analytical explanation of the factors affecting electricity consumption in the italian tourism sector the same framework can be applied to any other country and source of energy

greenhouse gas emissions energy consumption and economic growth a panel cointegration analysis from canadian industrial sector perspective abstract this paper investigates the long run and the causal relationship between greenhouse gas emissions energy consumption and economic growth for canadian industrial sectors over the period 1990 2007 the empirical findings suggest that in the long run equilibrium energy consumption has a positive and statistically significant impact on greenhouse gas emissions whereas a non linear relationship is found between greenhouse gas emissions and economic growth consistent with the environmental kuznets curve the short run dynamics conveys that there is a unidirectional granger causality running from energy consumption to greenhouse gas emissions from economic growth to greenhouse gas emissions and a weak unidirectional causality running from greenhouse gas emissions to energy consumption from economic growth to energy consumption in the long run however there seems to be a weak one way causality flowing from energy consumption and economic growth to greenhouse gas emissions

introduction to loss hedging financial transmission rights in order to guard forward contracts from the locational marginal price lmp volatility financial transmission rights ftrs are issued in the centralized power markets however the current ftr system can provide hedge only against the congestion components of lmp differentials consequently the loss components remain unhedged to bridge the gap a framework is developed in this paper to implement an ftr system that will provide hedge against the loss prices the availability of loss hedging ftrs in addition to the congestion hedging ftrs further reduces the exposure of the forward market participants to the lmp volatility the loss hedging framework developed is carefully designed to fit the practical environment all the primary issues for the implementation of loss hedging ftrs such as the revenue adequacy test auction and auction revenue rights are carefully addressed revenue adequacy of loss hedging ftrs can be ensured by means of a test called as the offset capacity test some efficient policies are also designed for the successful functioning of loss hedging ftrs at the end of the paper a case study is carried out to assess the effectiveness of the methodology developed

endogenous growth with a limited fossil fuel extraction capacity campbell 1980 and following authors have discussed a limited resource extraction capacity as an augmentation of the well known hotelling model we integrate a limited extraction capacity and related investments in the endogenous growth model of tsur and zemel 2005 to study its effect on economic development the capacity constraint gives rise to three effects on the one hand higher energy costs and the reallocation of production towards capacity investments decrease production available for consumption research and or capital investments energy costs and reallocation effect on the other hand research investments may increase which boosts available production research effect depending on the capital endowment and the strength of the effects long run consumption may be boosted or depressed in particular the capacity constraint may render everlasting consumption growth non optimal in a resource rich economy furthermore we find that capacity investments may be postponed to later points in time if the capital endowment is high

transmission management for congested power system a review of concepts technical challenges and development of a new methodology transmission networks have some constraints that should be addressed in order to ensure sufficient control to maintain the security level of a power system while maximising market efficiency the most obvious drawback of transmission constraints is a congestion problem that becomes an obstacle to perfect competition among the market participants since it can influence spot market pricing as the power flow violates transmission constraints redispatching generating units is required and this will cause the price at every node to vary this manuscript presents concepts technical challenges and methodology for investigating an alternative solution to the redispatch mechanism and then formulates lmp scheme using an optimisation technique that may well control congestion as the main issue the lmp scheme are varied and improved to take into account the energy price congestion revenue cost of losses as well as the transmission usage tariff by utilising shift factor based optimal power flow sf opf which is derived from the well known dc optimal power flow dc opf model

a study of basic bidding strategy in clearing pricing auctions this paper models bidding behaviors of suppliers in electricity auction markets under clearing pricing rule and with some simplified bidding assumptions optimal bidding strategy of suppliers is derived by solving a set of differential equations that specify the necessary conditions for bidders to maximize their expected payoffs the derived result indicates that bidders have incentives to mark up their bids above their costs of production the amount of markup depends on the probability of winning below and on the margin that are computed from the cost distribution of all suppliers market demand and the number of suppliers participating in the auction

revisiting the role of tourism and globalization in environmental degradation in china fresh insights from the quantile ardl approach abstract ascertaining sustainable development is a major issue across the globe and the economic growth pattern achieved is a predominant reason behind this the globalization led economic growth achieved by the emerging economies might not be ecologically sustainable as globalization might not have been utilized as a policy tool moreover a sound policy calls for considering the entire data spectrum for the analysis which is largely ignored in the literature this research contributes to the literature by proffering a policy framework for the emerging economies by analyzing the impact of globalization and tourism on environmental degradation by considering the chinese context as a sample following the quantile autoregressive distributed lag model the impact of economic growth globalization and tourism on greenhouse gas emissions carbon dioxide emissions and the ecological footprint in china over 1978q1 2017q4 are analyzed the results demonstrate that economic growth stimulates environmental degradation while the presence of environmental kuznets curve is also validated moreover tourism has been found to exert positive environmental externalities while globalization exerts negative environmental externalities based on the outcomes of the research a comprehensive policy framework has been suggested following which the chinese economy might be able to attain the objectives of sustainable development goals 7 8 and 13

an analysis of the marginal value of electricity transmission lines in the dispatch possible applications the marginal value of transmission lines in the dispatch is widely used in the literature and has relevant practical applications related to planning the expansion of the transmission grid and computing the remuneration of merchant lines this paper presents a general formulation of the marginal value of a line in the dispatch that highlights the dependence of this value on the link between line admittance and capacity we discuss the value of a line according to marginal principles following a general approach and prove that only if the admittance of a line can be expressed as a linear function of its capacity or when admittance and capacity can be deemed independent is this value equal to the product of the difference between marginal electricity prices at both ends of the line and the flow through this line afterwards we show that under a set of stylized conditions the remuneration of efficient network investments according to their marginal value in the dispatch should result in an exact recovery of their cost finally we compute the marginal value of lines in a stylized though representative system for several relationships between line capacities and admittances to illustrate the theoretical results obtained

optimized ftr portfolio construction based on the identification of congested network elements this paper focuses on the construction of an optimized financial transmission rights ftr or congestion revenue rights portfolio for an ftr market participant given his assessment of the frequency and economic impacts of binding constraints in the transmission network we overcome the data handling and heavy computing demands of locational marginal price lmp difference based methods for ftr selection by recasting the problem into one that focuses on the underlying product of binding constraints which are physically observable phenomena based on the mathematical insights into the structural characteristics of the model used for the clearing of the hourly day ahead markets differentials in the lmps are due to system congestion and so are merely manifestations of binding constraints in the transmission network in addition we exploit extensively the salient topological characteristics of large scale interconnections the market participant specifies the subset of focus constraints and the position he is willing to take on them our approach builds on the mathematical insights and topological characteristics with the effective deployment of the orthogonal matching pursuit algorithm to construct the optimized ftr portfolio characterized by the minimum number of node pairs for the specification of the ftr elements we apply the proposed approach to a test system based on the pjm iso network and markets to illustrate its capabilities for solving the ftr market participant s problem in realistic large scale systems

implementation of lmp ftr mechanism in an ac dc system this paper analyzes the implementability of locational marginal price lmp and financial transmission right ftr mechanisms in the presence of high voltage dc hvdc lines in the regulated i e under the control of system operator network the established framework of lmp ftr mechanism assumes that the system under regulation is fully ac unregulated or private hvdc lines are taken into account within this framework through proxy transaction bids from the line owners however as the flow over a regulated hvdc line has to be controlled by the system operator himself the existing lmp ftr framework becomes insufficient if the system contains or is expanded with regulated hvdc lines the augmentation that should be made to the existing framework to include regulated hvdc lines is explained in this paper it is shown that the flow over a regulated hvdc line can be modeled as a non chargeable bilateral transaction without causing any threat of negative congestion surplus for this power dispatch model revenue adequacy of ftrs can be still ensured by means of the conventional simultaneous feasibility test sft model by utilizing the capacities of dc lines a more general sft model is further developed the modified auction problem is discussed and tested for the non negativity of net auction collection the process of revenue adequate issuance of auction revenue rights is explained finally the relative merit of a regulated hvdc line over a private hvdc line is discussed through a case study

the credibility of a threat to nationalize abstract this paper empirically estimates the credibility of the african national congress s recent threat to nationalize south african mineral assets while south africa s financial press argued that the threat was negatively affecting mineral investment and asset values mining industry executives were confident that the threat was not credible using financial market data i estimate the annual probability of nationalization to have been relatively low at 1 4 although specific to the south african political environment this result can serve as a benchmark when including political risk in applied models of land and natural resource valuation investment timing and resource extraction

contingency constrained reserve requirements in joint energy and ancillary services auction this paper presents a security constrained unit commitment model for energy and ancillary services auction which can be used by an iso to optimize reserve requirements in electricity markets the proposed day ahead algorithm determines reserve requirements by simulating contingencies rather than specifying the requirements as fixed system constraints to address the computational complexity the original auction problem is decomposed into a master problem for solving unit commitment and subproblems for considering network security constraints numerical examples show that the proposed joint auction model can clear energy and ancillary services bids simultaneously while minimizing the total operating cost and satisfying transmission security constraints

a two tier matrix game approach for obtaining joint bidding strategies in ftr and energy markets transmission congestion results in revenue collected from the loads that often exceeds the payment made to the generators the financial transmission right ftr is an instrument that allows the independent system operator iso to redistribute the excess revenue congestion charge among the market participants generators and loads hold ftrs to hedge against congestion charges since the revenues from the ftr and energy markets are interdependent each generator and load must have a joint bidding strategy for ftr and energy markets to maximize its total payoff this paper presents a two tier matrix game model that allows the generators and loads to obtain joint bidding strategies the model also allows the isos and the market designers to assess the impact of various network configurations and rules on market performance e g market power the two tier model considers multiple participants multidimensional bid vectors network contingencies and varying demand we conducted a numerical validation of our model by analyzing the three node network studied by joskow and tirole 2000 additional numerical studies were conducted on a five node network to examine the impact of holding ftrs on the bidding strategies in the energy market and joint payoffs of the participants

a joint energy and transmission rights auction proposal and properties an auction based process is proposed that allows power market participants to acquire and reconfigure financial transmission rights the process simultaneously accommodates flowgate and point to point options and obligations along with energy production and consumption futures a sequence of auctions is held during which participants can buy and sell rights which are then settled in a day ahead or real time auction at which time all rights are cashed out by allowing flowgate and point to point obligations and options to be reconfigured and exchanged the market can decide what combination of financial rights are most useful to power generators consumers and traders rights can be specified not only for capacity of individual flowgates but also for more complex transmission constraints such as nomograms under certain conditions we prove that the auction is revenue adequate for the market operator in that payments to rights holders cannot exceed congestion revenues we present a linearized dc auction along with a numerical illustration

natural resources national accounting and economic depreciation abstract the current value hamiltonian in an aggregate optimal growth problem with heterogeneous capital stocks including exhaustible renewable and environmental stocks is the nnp function routine substitutions reveal that the using up of natural resource stocks is representable as easy to interpret economic depreciation magnitudes we obtain true nnp inclusive of natural resource stock diminution implications for actual national accounting practices are also discussed

exploring the relationship between energy usage segregation and environmental degradation in n 11 countries numerous studies regarding the economic growth environmental pollution link have struggled to determine the effects of various forms of energy consumption on environmental degradation particularly in the context of emerging economies this study examines the environmental kuznets curve ekc for co2 emissions in n 11 countries during 1990 2014 by segregating three forms of energy consumption renewable biomass and non renewable urbanization and trade openness are additional explanatory variables that are used in the empirical framework using the generalized moments method gmm the empirical evidence confirms the presence of an n shaped relationship between economic growth and environmental degradation for n 11 countries this study analyzed the interaction effects among trade openness biomass consumption and economic growth these interactions had a negative impact on co2 emissions levels of n 11 countries suitable policy recommendations have been provided based on the detailed results

from nonrenewable to renewable energy and its impact on economic growth the role of research development expenditures in asia pacific economic cooperation countries abstract this study disaggregates energy i e non renewable and renewable energy consumption and investigates its effect on economic growth the period of 1990 2015 is used to examine asia pacific economic cooperation apec countries this paper determines the cross sectional dependence and employs a second generation panel unit root test for precise estimation westerlund cointegration test is used to examine the long run equilibrium relationship between the variables and confirm the presence of cointegration in the long run the continuously updated fully modified ordinary least square cup fm approaches are applied to investigate long term output elasticities between the variables the results show the stimulating role of energy renewable and nonrenewable consumption in economic growth research and development expenditures and trade openness have a positive effect on economic growth moreover the time series individual country analysis also confirms that renewable energy has a positive impact on economic growth the heterogenous causality analysis reveals the feedback effect i e bidirectional causal associations among economic growth renewable energy consumption and nonrenewable energy consumption this empirical evidence suggests that countries should increase investment in renewable energy sectors and plan for development in renewable energy for sustainable energy growth

framework for the design and analysis of congestion revenue rights the capability to deal effectively with the uncertainty associated with locational marginal prices lmps in congestion management schemes requires the development of appropriate financial tools congestion revenue rights crr are hedging tools that provide the holder reimbursement of the congestion charges in the day ahead market and thereby provide transmission service customers with price certainty in this paper we construct a framework for the design and analysis of the crr by marrying finance theory notions with salient characteristics of electric power systems and electricity markets the framework consists of three interconnected layers with one layer each to represent the models of the transmission network the commodity markets and the crr financial markets the interaction between the layers is represented as information flows the framework has sufficient scope to allow the analysis of a broad range of problems associated with ensuring price certainty for transmission services the structural modularity of the framework provides the flexibility to analyze issues and design structures for the provision of transmission services in the competitive environment we introduce a new notion of crr payoff parity and a practical pricing scheme which are used as the basis for the design of more liquid crr markets the application of the framework is further illustrated by the analysis of the conditions that guarantee the revenue adequacy for the crr issuer

a test of the hotelling valuation principle time series tests of the hotelling r percent rule for natural resource prices have not been strongly supportive but the tests and the data are subject to serious difficulties we propose here an alternative testing strategy based on another but less widely known implication of the hotelling model we test this implication which we call the hotelling valuation principle by regressing the market values of the reserves of a sample of u s domestic oiland gas producing companies on their estimated hotelling values we find that the estimated hotelling values account for a significant portion of the observed variations in market values and that the hotelling measures are better indicators of the market values of petroleum properties than two widely cited publicly available alternative appraisals

reactive power constrained opf scheduling with 2 d locational marginal pricing the objective of this paper is to suggest a robust optimal power flow opf framework to perform locational marginal pricing under the scarcity of reactive power the classical opf models employed for market clearing either assume infinite reactive power support or make a fully independent representation of the reactive power load in contrast a potentially more accurate power flow model is adopted in this paper recognizing the dependence of the level of reactive power consumption on the level of active power consumption the relationship is primarily modeled by employing the concept of power factor in addition there can be load requests with different power factors from the same location the corresponding locational marginal prices lmps are found to vary not only spatially but also according to power factors thus a two dimensional lmp variation is finally obtained a consistent definition of financial transmission rights is also provided and the associated lmp decomposition scheme is described the model proposed is studied on the ieee 30 bus system and its distinctive features are noted down and discussed

renewable non renewable energy consumption economic growth trade openness and ecological footprint evidence from organisation for economic co operation and development countries the purpose of this study is to examine the validity of environmental kuznets curve hypothesis for ecological footprint with the role of renewable energy use non renewable energy use and trade openness in 24 organisation for economic co operation and development countries for this purpose we investigate the period from 1980 to 2014 using with second generation panel data methodologies which allow to cross sectional dependence among countries the group mean results show that the inverted u shaped environmental kuznets curve hypothesis does not hold in organisation for economic co operation and development countries because we found the u shaped relationship between economic growth and ecological footprint in addition it is concluded that increasing renewable energy consumption reduces ecological footprint and increasing non renewable energy consumption increases environmental degradation

the fundamental problem of accounting the fundamental problem of economic accounting is to determine a forward looking schedule of rentals user costs or quasi rents to provide for the recovery of irreversible investments the method derived herein relaxes some restrictive assumptions that are common in capital theory there can be multiple forms of comprehensive capital accounting for all forms of capital including tangible and intangible capital is symmetrical the analytical focus becomes one of fixities and frictions and not optimality rentals obey inequalities as opposed to marginal conditions if discounted profit is positive rentals depreciation and capital value are not unique le probleme fondamental de la comptabilite le probleme fondamental de la comptabilite economique est de determiner une cedule des loyers couts d utilisation ou quasi rentes anticipes permettant de recuperer la mise de fonds dans des investissements irreversibles la methode proposee ici relaxe certains postulats restrictifs conventionnels en theorie du capital la comptabilite de toutes les formes de capital y compris le capital tangible et intangible est symetrique la focalisation analytique devient centree sur les fixites et les frictions et non l optimalite si le profit escompte est positif loyers depreciation et valeur du capital ne sont pas uniques

interplay between technological innovation and environmental quality formulating the sdg policies for next 11 economies abstract since the inception of sustainable development goals sdgs the next 11 n11 countries are facing difficulties in attaining the sdg objectives as maintaining the environmental quality has been a challenge for them in this study we have revisited the technology policies of these countries and in doing so we have tried to address the problem of environmental degradation while addressing the issues of sustained economic growth clean and affordable energy and quality education in this pursuit we have designed two indices for environmental degradation and technological advancement and then analyzed the association between them following the environmental kuznets curve ekc hypothesis the empirical analysis has been done by ipat framework and by using bootstrapped quantile regression and rolling window heterogeneous panel casualty tests over a period of 1990 2017 following the results obtained from the analysis we have tried to address the objectives of sdg 13 sdg 4 sdg 8 sdg 9 sdg 7 and sdg 10

investigating the multivariate granger causality between energy consumption economic growth and co2 emissions in ghana abstract the economy of ghana continues to witness a rising demand for energy coupled with growth in gross domestic product that follows a wavy trajectory in the midst of this economic phenomenon there is a trend of increasing greenhouse gas emissions with attendant economic health and environmental consequences this paper examines the causal interdependence between energy consumption economic growth and co 2 emissions in ghana from 1960 to 2015 by using the toda yamamoto and granger causality tests the johansen and johansen juselius cointegration approach and the autoregressive distributed lag bounds test approach are employed to test for cointegration relationship the results show that the variables are cointegrated the causality tests reveal that there is feedback granger causality between energy consumption and co 2 emissions since there is a causal link between energy consumption and economic growth with its concomitant effect on co 2 emissions any energy conservation oriented policy not derived from energy efficiency and technological progress may hurt the ghanaian economy in effect more effort should be aimed at improving energy efficiency through technological progress and investment should be made in renewable energy to reduce over reliance on fossil fuels

urbanization economic growth energy consumption and co2 emissions empirical evidence from countries with different income levels abstract the growth of anthropogenic co2 emissions has been widely attributed to the combustion of energy in support of human activities associated with economic development while the link between urbanization economic growth energy consumption and co2 emissions has as a result received considerable multidisciplinary scholarly attention little work has been undertaken with respect to the how differences in the development stages or income levels of the countries studied may affect these relations here we empirically explore the link between urbanization economic development energy consumption and co2 emissions specifically taking into account the different income levels of the countries studied a series of panel data models and a balanced dataset for a panel of 170 countries were utilized in the study which took the period of 1980 2011 into consideration the result of panel cointegration tests suggested that a cointegration relationship existed between variables in all the countries studied and that a statistically significant positive relationship existed between the variables employed in the long run the results of a granger causality test based on the vector error correction model vecm provided evidence of varied granger causality relationships between the variables across the income based subpanels moreover we also undertook an impulse response and variance decomposition analysis that allowed us to forecast the impacts of economic growth urbanization and energy consumption on future co2 emissions during the period surveyed our results cast a new light on the importance of a country s development stage and income level for government policy decisions relating to the reduction of co2 emissions

locational marginal price calculations using the distributed slack power flow formulation in practice locational marginal prices lmps are usually calculated by assembling their three components the reference price the congestion price and the loss price explicit formulas for calculating the three components based on the single slack power flow formulation can be found in the literature this letter presents the formulas for calculating the three components based on a distributed slack power flow formulation