Energy and economic theory / Ferdinand E. Banks.

Format:

Book

Author/Creator:

Banks, Ferdinand E., author.

Series:

World Scientific series on environmental and energy economics and policy ; vol. 9.

World Scientific series on environmental and energy economics and policy ; vol. 9

Language:

English

Subjects (All):

Power resources.

Physical Description:

xiii, 499 pages : illustrations ; 24 cm.

Place of Publication:

Singapore : World Scientific Publishing Co. Pte. Ltd., [2015]

Summary:

This book is an up-to-date primer covering the most important subjects in energy economics, with particular attention paid to oil, natural gas, and nuclear energy, and without an excessive amount of mathematics. The first three survey chapters constitute an introductory (and mostly non-technical) short course in modern energy economics. Most of the technical analysis is taken up in the following four chapters, while the last chapter is a completely non-technical summation that can be read independent of the rest of the book. Written in a user-friendly tone, it is suitable as a textbook for undergraduate and/or graduate students, but most of the book should be accessible to anyone with a serious interest in energy economics.

Contents:

Chapter 1 The World of Energy 1: An Elementary Survey 1

1 Another Energy Message for the 21st Century 6

2 Some Aspects of the Future Supply of Oil 15

3 Deeper Thoughts than Usual about Nuclear Energy 29

4 Two (Nuclear) Hearts in Three-Quarter Time: Sweden and Italy 43

5 Natural Gas: In the Mood for Misunderstandings 53

6 Conclusions and Further Observations 73

7 Mathematical Appendix: Easy Topics Made Difficult 77

Key Concepts and Issues 80

Questions for Discussion 80

Bibliography 81

Chapter 2 The World of Energy 2: An Applied Survey 87

1 Three (Natural Gas) Kings: Russia. Iran and Qatar 89

2 Coming to Terms with Coal 98

3 An Invaluable Lesson on Electric Deregulation 111

4 Emissions Trading 124

5 Energy and Some Macroeconomics 130

6 A Conclusion 133

Key Concepts and Issues 136

Questions for Discussion 136

Bibliography 137

Chapter 3 The World of Energy 3: A Modern Survey 141

1 Oil Futures; and Speculation versus Fundamentals 142

2 The Controversy about Global Warming 159

3 Energy Units, Terminology, and Some Mathematics 169

4 Loose Ends: Mr. Mai thus, Options, and Refining and 'Crack Spreads' 180

5 Final Statements 188

6 Appendix: An Easy Derivation of the Annuity Formula 205

Key Concepts and Issues 207

Questions for Discussion 207

Bibliography 208

Chapter 4 An Introduction to Oil Economics 213

1 1931-1974: Examining a Fundamental Relationship for the Pricing of an Exhaustible Natural Resource (i.e., Oil) 215

2 1960-1973: From OPEC's Formation to the First Oil Price Shock 222

3 1974-1999: Relatively Quiet Days on the World Oil Markets 226

4 Natural Decline 233

5 2000-2020: Then, Now and Later 239

6 A Summary 241

7 Final Statements and Conclusions 243

Appendix 1 More Comments about Oil Futures Markets 247

Appendix 2 Deriving a Logistic Curve for an Exhaustible Resource 255

Key Concepts and Issues 258

Questions for Discussion 258

Bibliography 259

Chapter 5 An Introduction to Natural Gas Economics 261

1 Introduction 263

2 Energy Units and Heat Equivalents 265

3 Some General Remarks about Natural Gas 269

4 Natural Gas Reserves and Locations 276

5 Some Aspects of Natural Gas Production Economics 283

6 An Introduction to Natural Gas Pipelines 287

7 Some Contemporary Price Issues 294

8 Storage, Hubs and Market Centers 297

9 Prelude to a Blunder 302

10 Some Aspects of Merit Order 309

11 Russian Gas, and Comments on LNG and Shale Gas 312

12 Conclusions: The Golden Age of Natural Gas 322

Key Concepts and Issues 330

Questions for Discussion 330

Bibliography 331

Chapter 6 Economic Theory and Nuclear Energy 335

1 Introduction 335

2 Introducing Capacity Factors and Base Loads 340

3 Deeper Meanings 346

4 A Minimal Outline of the Nuclear Fuel Cycle 355

5 Some Basic Analytics 361

6 More Economics of Load Division 369

7 More Background for Curious Readers 373

8 Further Aspects of Nuclear Costs 378

9 Nuclear Energy and the Kyoto Hobby-Horse 382

10 Concluding Remarks 383

A Short Glossary 386

Bibliography 387

Chapter 7 Economic Theory and the Great Coal Game 391

1 A Mandatory Background 392

2 A Coal Primer 395

3 Further Comments on the World Coal Scene 409

4 Concluding Remarks: "Welcome to the Land of Coal" 416

Bibliography 418

Chapter 8 The Final Countdown 421

A Short Introduction 421

12 In the Head of U.S. Energy Secretary Chu 427

11 On Libya and Oil 430

10 Emissions Trading and Climate Change: A Brief Negative Resume 433

9 OPEC's Strategy: An Update 436

8 Energy, Macroeconomics, and Economic Growth 441

7 On the Sunny Side of the Nuclear Street 447

6 Possible Shale Fallacies 451

5 Energy and the Best Brain of the 20th Century 464

4 Some Unfriendly Economic Comments on Another Green Fantasy: Roadmap 2050 469

3 Not So Nice about Oil 472

2 Remembering the Stern Review of Climate Change: An Unfriendly Note 475

1 A Disobliging Comment on Electric Deregulation 480

Finishing Touches 483

Bibliography 493.

Notes:

Includes bibliographical references and index.

ISBN:

9789814366106

9814366102

OCLC:

903983395