Sustainability is a new, important discourse aimed at promoting a new strategy in the development of energy, water and environmental (EWE) systems — the key components that affect the quality of life on our planet. It is becoming increasingly clear that the quest for sustainable development requires integrating economic, social, cultural, political and ecological factors. The behavior and properties of an EWE system arise not merely from the properties of its component elements, but also to a large degree also from the nature and intensity of their dynamic interlinkages. This volume helps clarify the complexity of these problems by providing a deeper understanding of the implications of the different aspects of sustainability.This work contains a collection of selected, peer-reviewed and state-of-the-art reflecting papers that were presented at the Third Dubrovnik Conference on Sustainable Development of Energy, Water and Environment Systems that was held in June 5-10, 2005 in Dubrovnik, Croatia.

This book offers an edited volume for all readers who wish to gain an in-depth grasp of the economic analysis of recent developments in energy law and policy in Europe and the United States. In response to waning resources and heightened environmental awareness, many countries are now seeking to redefine their energy mix. Several energy sources are available: coal and oil, natural gas, and a variety of renewables. Yet which of them are capable of addressing core energy-related concerns? Reliability, security, affordability, fairness, and sustainability all have to be taken into account. Further, once a target mix has been identified, two challenges remain for legal scholars: what role does the law play in achieving a specified energy mix, and, how can the law best fulfill that role? The essential energy concerns are just as important in defining the way we shape our energy mix as they are in defining the mix itself. An example of current challenges in energy law and policy can be seen in the pursuit by the German and Swiss governments of the so-called “Energiewende” (energy transition). These policies are intended to enable the transition from a non-sustainable use of fossil and nuclear energy to a more sustainable approach based on renewable energies. On the one hand, the goal is to achieve a decarbonization of the energy economy by reducing the use of fossil energy sources such as petroleum, carbon and natural gas. On the other, and in response to the Fukushima nuclear accident, a phase out is intended to eliminate the dangers of nuclear technologies. Achieving these goals poses tremendous challenges for the two countries’ energy policies – partly because the energy transition will not only affect energy production, but also energy consumption. From a Law and Economics perspective, a number of questions arise: to what extent is it justifiable to rely on markets and continued technological innovation, especially with regard to the present exploitation of scarce resources? To what extent is it necessary for states to intervene in energy markets? Regulatory instruments are available to create and maintain more sustainable societies: command and control regulations, restraints, Pigovian taxes, emission certificates, nudging policies, and more. If regulation in a certain legal field is necessary, which policies and methods will most effectively spur the sustainable consumption and production of energy in order to protect the environment while mitigating any potential negative impacts on economic development? Do neoclassical and behavioural economics provide us with a suitable framework for predicting the market’s complex reactions to a changing energy policy? This book provides theoretical insights as well as empirical findings in order to answer these vital questions.

This textbook explains the main economic mechanisms behind energy markets and assesses how governments can implement policies to improve how these markets function. Adopting a micro-economic perspective, the book systematically analyses the various types of market failures on the electricity and gas markets as well as coal, oil, hydrogen and heat markets to identify government policies that can improve welfare. These shortcomings include the natural monopoly and the public-good character of energy infrastructures; market power resulting from inflexibility of supply and demand; international trade restrictions; negative externalities concerning the use of fossil energy; positive externalities concerning innovative new energy technologies; information asymmetries with regard to the product characteristics of energy commodities; and other public concerns, such as energy poverty. In turn, readers will learn about various measures that governments can use to address these market failures, including incentive regulation for electricity grids; international integration of wholesale energy markets; environmental regulatory measures like emissions trading schemes; subsidy schemes for new technologies; green-energy certificate schemes; and energy taxes. Given its scope, the book will appeal to upper-undergraduate and graduate students from various disciplines who want to learn more about the economics and regulation of energy systems and markets.

This book provides an introduction to energy economics. It shows how to apply general economic theory as well as empirical and advanced econometric methods to explain the drivers of energy markets and their development. Readers learn about the specific properties of energy markets as well as the physical, technological, environmental, and geopolitical particularities of energy sources and products. The book covers all types of energy markets, ranging from liquid fuels, gaseous fuels, and solid fuels to electricity. It also addresses emission allowances, energy efficiency, and nuclear risks. The authors discuss the engineering properties of energy technologies including renewables, the economics of natural resources and environmental protection, market liberalization, and energy trade as well as the experience of the German energy transformation. This book will serve students as a textbook and practitioners as a reference for their understanding of energy markets and their development.

Electricity supply plays a strategic role for Russia’s economic development and for social peace. As a main consumer of natural gas, electricity is also of central importance for the efficient management of Russia’s energy resource basis. Today, however, the electricity sector is in an obsolete condition. Investments are needed in the modernization of the infrastructure. This book analyzes the liberalization and privatization program that Russia is implementing to attract private investments in this modernization process. Taking a comparative approach, this analysis critically assesses Russian electricity law in the light of the European liberalization experience. Given the strategic importance of electricity, investors face significant risks of government intervention. This book identifies these regulatory risks and examines investment protection mechanisms under Russia’s national and international investment obligations.

Making local energy futures, from marine energy to hydrogen fuel, at the edge of the world. The islands of Orkney, off the northern coast of Scotland, are closer to the Arctic Circle than to London. Surrounded by fierce seas and shrouded by clouds and mist, the islands seem to mark the edge of the known world. And yet they are a center for energy technology innovation, from marine energy to hydrogen fuel networks, attracting the interest of venture capitalists and local communities. In this book, Laura Watts tells a story of making energy futures at the edge of the world. Orkney, Watts tells us, has been making technology for six thousand years, from arrowheads and stone circles to wave and tide energy prototypes. Artifacts and traces of all the ages—Stone, Bronze, Iron, Viking, Silicon—are visible everywhere. The islanders turned to energy innovation when forced to contend with an energy infrastructure they had outgrown. Today, Orkney is home to the European Marine Energy Centre, established in 2003. There are about forty open-sea marine energy test facilities in the world, many of which draw on Orkney expertise. The islands generate more renewable energy than they use, are growing hydrogen fuel and electric car networks, and have hundreds of locally owned micro wind turbines and a decade-old smart grid. Mixing storytelling and ethnography, empiricism and lyricism, Watts tells an Orkney energy saga—an account of how the islands are creating their own low-carbon future in the face of the seemingly impossible. The Orkney Islands, Watts shows, are playing a long game, making energy futures for another six thousand years.

The Economics and Econometrics of the Energy-Growth Nexus recognizes that research in the energy-growth nexus field is heterogeneous and controversial. To make studies in the field as comparable as possible, chapters cover aggregate energy and disaggregate energy consumption and single country and multiple country analysis. As a foundational resource that helps researchers answer fundamental questions about their energy-growth projects, it combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus. The book provides order and guidance, enabling researchers to feel confident that they are adhering to widely accepted assumptions and procedures. Provides guidance about selecting and implementing econometric tools and interpreting empirical findings Equips researchers to get clearer pictures of the most robust relationships between variables Covers up-to-date empirical and econometric methods Combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus

The Dictionary of Energy, Second Edition is a comprehensive and authoritative reference on all aspects of energy and its role in society. Edited by Cutler J. Cleveland and Christopher Morris, the editors of Handbook of Energy, Volumes 1 and 2, this authoritative resource comes at a time when the topic of energy prices, resources and environmental impacts are at the forefront of news stories and political discussions. The Second Edition of Dictionary of Energy contains over 10,000 terms, across 40 key subject areas in energy (e.g. solar, oil & gas, economics, models, policy, basic concepts, sustainable development, systems, renewable/alternative energy, water, etc), with additional window essays on key issues, such as Biomass, Ecological Footprint, Exergy, Fuel Cell, and Hybrid Vehicles. Dictionary of Energy, Second Edition is a valuable reference for undergraduate and graduate students, academics, and research scientists who study energy, as well as business corporations, professional firms, government agencies, foundations, and other groups whose activities relate to energy. - Comprises over 10,000 terms and definitions covering 40 scientific disciplines and topics - Window essays on subjects such as life cycle assessment, methane, and tragedy of the commons written by leading scientists in the field - Definitions are accompanied by photos and illustrations - Over 2,200 new or revised terms - Seventy-five percent of photos and illustrations either revised or new for this edition