• Energy Research
• Closed Access close
• Open Source close
• DE close
• FR close
• Energy Policy close

Abstract This paper provides new empirical insights on the capital structure of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. Most results are consistent with the basic view of risk-averse funds suppliers. Especially, the projects located in risky countries and larger projects tend to exhibit lower debt ratios and less-concentrated equity ownerships. In addition, regasification projects appear to have a more diluted equity ownership. Methodological issues raised by the financing of these projects are also examined from a capital-budgeting perspective. In particular, the equity residual method, usually used by industrial practitioners to value these projects, should be adjusted.

Abstract This article analyzes the CFTC's Disaggregated Commitments of Traders (DCOT) Report to get more insights into the behavior of different traders during the 2008 oil bubble. The analysis shows that: (1) the Money Manager category perfectly played the oil bubble, got in early and started selling shortly before the bubble peak; (2) the Producer/Merchant/Processor/User category and the Nonreportable category were covering their short positions into the peak of the bubble; (3) the Swap/Dealer category benefited while the price of oil was rising, but incurred heavy losses as the price of oil collapsed; (4) we find no indications of speculation by any group of traders via the positive feedback trading or rational destabilization; and (5) we do, however, criticize the commercial hedgers for failing to arbitrage the soaring oil prices in 2008.

Abstract Energy efficiency improvement will reduce the effective price of energy services, and hence at least partially mitigate original expected energy conservation. Therefore, the magnitude of rebound effect is important for the design and timing of an effective energy conservation policy. Under the framework of translog cost share equations, we estimates the direct rebound effect for heavy industry in China for the first time by conducting an empirical research on the relationship between the direct rebound effect and the ease with which energy services can substitute for other inputs. Additionally, asymmetric price responses are specified in the model for the rebound effect estimation. Empirical results in our paper indicate that the rebound effect for heavy industry in China is about 74.3%. This reveals that energy efficiency improvement can save energy to a certain degree since the rebound effect is less than 100% (“back-fire”), but most of the expected reduction in heavy industry energy consumption is mitigated. These findings prove that energy pricing reforms and energy taxes should be further implemented to achieve effective energy conservation in China’s 12th Five Years Plan.

Local citizen-led initiatives relating to energy are developing strongly in Anglo-Saxon countries and a growing body of research is examining their innovative potential. In France, similar grassroots initiatives – albeit with certain specificities – only began to emerge recently and so far, very few studies have dealt with them. The purpose of this article is to propose an exploratory and in-depth analysis of one advanced French case: Le Mene, a pioneer in local energy autonomy. We examine the conditions under which the initiative emerged and the processes through which a grassroots innovation is formed. In studying this case (interviews, analysis of documents), comparing it with other sources of data (expert interviews, comparative observation of other initiatives) and taking stock of various social sciences studies, we show that a social innovation was produced in Le Mene through the hybridisation of actors, sociotechniques and discourses. This initiative was innovative not only in terms of the scope of the mechanisms implemented, but also in terms of the social organisation behind the development of the projects and the capacity to use energy production as a social resource. Finally, we reflect on the possible diffusion of these grassroots initiatives and their policy implications in France.

Abstract Despite the comparatively limited stock of vehicles, heavy-duty road transport is responsible for a major share of CO2 emissions from the European transport sector. Electric trucks powered by overhead lines, so-called trolley trucks or catenary hybrid trucks, have been proposed as a potential GHG mitigation option. However, from the perspective of the energy system, trolley trucks constitute an additional and inflexible electricity demand. Here, we analyse scenarios with an ambitious European market diffusion of trolley trucks and their impact on the electricity system and CO2 emissions. Our results show that trolley trucks can noteworthily reduce the CO2 emissions from heavy road transport even when the additional CO2 emissions from electricity generation are taken into account. Furthermore, the actual impact of the additional load from trolley trucks on the total energy system is limited. Compared to the anticipated electricity demand from passenger cars in 2030, trolley trucks require less energy and the load is more equally distributed over daytime. Our findings thus show that electric trucks are an interesting option for CO2 mitigation in heavy road transport.

Abstract Transition towards a renewable energy supply initiates a physical (re)shaping of places and a social transformation of communities into renewable energy communities. Although socio-cultural challenges of energy transition have been recognised ( Field, 2015 , IPCC, 2011 , Teske et al., 2015 ), understandings about socio-geographic places of energy transition and their underlying social processes and structures are insufficiently studied and often remain underestimated. To close this gap, we theoretically and empirically analysed the multifaceted interplay between place, local entrepreneurship and ‘community renewable energy’. Our study is based on an analysis of regional documents and policy reports, and on qualitative interviews undertaken with inhabitants in the case-study municipality of Reusenkoge (Germany). Our findings reveal two important aspects: Firstly, people's individual and shared place meanings which materialised in social, physical, historical and climate-related place-attachments and meanings of contested and innovative place are important ingredients bearing an impact on processes of adopting or rejecting renewables. Secondly, differentiated characteristics of entrepreneurs, namely grounded, collaborative, innovative, change-making, economic, communicating, networking and political aspects, appeared to be relevant for the acceptance and support in community-based renewable energy projects. Our findings reveal that energy policies, funding schemes and administrative structures should recognise local socio-geographic important elements in the context of a sustained and decentralised energy transition.

Abstract Public participation is often part of planning and decision-making processes relating to the German energy transformation (Energiewende). Factors influencing the active involvement of individuals have not been fully investigated, although these factors may impact the outcome of participatory decision making. However, a few concepts are discussed relating to what kind of people participate in governance processes: political efficacy, place attachment, value orientation, and sociodemographic characteristics. We further assumed that the aspects of attitudes toward renewable energy technologies, general knowledge about environment and energy, specific knowledge about electricity-generating technologies, personality strength, and living situation might influence people's participation in planning and decision making related to energy issues. In this study, we examine the relevance of these concepts based on a survey for which (n=) 2400 respondents were recruited from an access panel to build up a quota sample on the three crossed characteristics: gender, age, and school education. Many of the respondents are aware of participation options but very few become actively engaged in participation processes. The multivariate analyses conducted showed that attitudes towards renewable energy technologies, value orientation towards nature, political efficacy, personality strength, and individuals' specific knowledge have a strong influence on whether someone becomes actively involved or not.

Abstract The objective of our paper is to analyze the prospects for LNG development in the US. In particular, we discuss LNG investment projects with respect to natural gas supply and demand, existing transmission infrastructure, and competing pipeline projects. At the same time potential competition between natural gas and coal in power generation is taken into account. We conclude that in the mid-term, LNG will assume an essential role in meeting US demand because of stagnating and declining domestic production in North America accompanied by an expected increase in demand for natural gas. Additional net imports will be required in the western US (mainly southern California), the Southeast, and in the Northeast—three areas of the nation that lack adequate supply. When accounting for the current status of existing natural gas infrastructure and forthcoming investments, we conclude that there should be little concern about sufficient investment incentives and supply security in the US competitive natural gas market.