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Abstract Numerous countries have set up strategic petroleum reserves (SPRs) in response to oil disruptions since 1970. While numerous studies model such programs, we found few that evaluate SPRs' historical performance. Thus, we evaluate the U.S. SPR's performance by comparing actual real costs with estimated real benefits. From 1976 to 2014, the real U.S. SPR cost was about $219 billion real (2014$) dollars, whereas the real benefit was only $122 billion. Sensitivity testing suggests such negative net benefits are qualitatively robust. However, if world oil demand is extremely inelastic to oil price or GDP is elastic enough to oil price shocks, the estimated U.S. SPR net benefit is positive. Sensitivity testing around total real costs and benefits range from $380 billion to $80 billion. Limited testing of IEA coordinated drawdowns suggests that total U.S. benefits jump from $122 billion to more than $400 billion putting the SPR strongly in the black. Limited testing of private sector inventory changes was more disappointing and tentatively suggests private activities may at times have offset some of the government drawdowns. With 20-20 hindsight, initial experimentation found that better management could have significantly enhanced the value of the U.S. SPR, especially for the 1990-91 disruption.

Abstract Technological progress is an effective way to improve electricity efficiency. Due to the existence of the rebound effect, it is of great significance to optimize the technical power saving policy by examining the rebound effect caused by different technological progress paths.Based on the panel data of electricity industry in 30 provinces of China from 1997 to 2013, this paper systematically examines the rebound effects of electricity consumption under the two sources of technological progress, namely independent innovation and technology import. Then, it discusses the impact of coal-electricity linkage policy. The empirical results are as follows: (1) without considering rebound effect, independent innovation significantly promotes electricity conservation, while the effects of technology import is not obvious; (2) when considering the rebound effect, electricity price declining driven by independent innovation is not conducive to electricity saving, while electricity price declining driven by technology import has an electricity-saving effect; (3)The coal-electricity linkage policy that began in 2004 not only reduced the rebound effect by increasing the flexibility of electricity prices to a certain extent and improved the electricity-saving effect of independent innovation, but also reduced the electricity-saving effect of technology import.

Abstract An overview for energy use in Chinese economy is presented in this study by means of a systems cross-scale input-output analysis. To concretely reflect the cross-scale effect between China and the rest of the world, embodied energy intensity of foreign imports is provided on the basis of our recent work on the world economy, in contrast to the conventional assumption of the same intensity for both the foreign and domestic trade. In 2012, the energy embodied in gross fixed capital formation is found to constitute nearly half of the total energy use in China, three-quarters larger than the total household consumption. Approximately 40% of energy resources embodied in final use turn out to be imported from foreign regions, twice the share of the direct energy imports in total energy consumption recorded by traditional direct accounting. The trade imbalance in energy use is illustrated with the support of the law of comparative advantage. In addition to economic benefits, hidden social impacts, including indirect external dependence and health costs associated with non-energy trade, should also be considered by the government in industrial structure adjustment. The present embodiment study is expected to be remarkably supportive for sustainable energy policy making in China.

This article seeks to examine accountants' perceptions of carbon taxes in addressing climate change. Specifically, it aims at (i) a better understanding of accountants opinions on carbon taxes; (ii) how energy companies have adapted their business operations since introducing carbon tax. The article's primary sources of data are (1) a 2018 survey distributed to 45 accounting professionals in Scotland, which specialise in energy finance and a formal interview with a regional finance director of a multinational energy company. The results show how the accountants are in favour the carbon tax due to its positive environmental impact, however, do not agree with the associated rising utility costs. Though, carbon tax, from an energy business' perspective, is viewed negatively due to its effects on the end users of energy. This study contributes to the current research by demonstrating the role of accounting society in boosting public awareness of climate change. The findings of this study will help regulators and policy makers in the UK to evaluate the adequacy of current carbon tax reforms and to promote the public awareness of climate change to reduce carbon emissions.

In a recent paper Huntington lays some of the groundwork for more meaningful discussions between economists and technologists on the apparent underinvestment in energy efficiency. In a discussion illustrated by a production function, he points out that the technical efficiency of economic actors should be treated as an empirical question. Huntington's groundwork can be further extended by observing that there is a close relationship between production functions and conservation supply curves, an analytical tool routinely used by technologists. Here we show that a conservation supply curve can be obtained from a production function by a simple transformation.

This paper analyses the impact of postponing global mitigation action on abatement costs and energy systems changes in China and India. It compares energy-system changes and mitigation costs from a global and two national energy-system models under two global emission pathways with medium likelihood of meeting the 2 °C target: a least-cost pathway and a pathway that postpones ambitious mitigation action, starting from the Copenhagen Accord pledges. Both pathways have similar 2010–2050 cumulative greenhouse gas emissions. The analysis shows that postponing mitigation action increases the lock-in in less energy efficient technologies and results in much higher cumulative mitigation costs. The models agree that carbon capture and storage (CCS) and nuclear energy are important mitigation technologies, while the shares of biofuels and other renewables vary largely over the models. Differences between India and China with respect to the timing of emission reductions and the choice of mitigation measures relate to differences in projections of rapid economic change, capital stock turnover and technological development. Furthermore, depending on the way it is implemented, climate policy could increase indoor air pollution, but it is likely to provide synergies for energy security. These relations should be taken into account when designing national climate policies.

Abstract With emphasis on application in the built environment, this paper analyses meanings of the term ‘solar energy use’. It shows that failure to address the inherently vague and context dependent nature of the concept leads to much confusion, especially when attempts at absolute quantification are made. The paper argues that meaningful absolute quantification of solar energy use is impossible, and that misplaced attempts at this quantification have serious implications, especially in relation to decisions at the level of government policy. To avoid confusion, solar energy should not be considered as a component of conservation, energy-efficiency, or renewables, and definition and quantification of solar energy use should be qualified regarding purpose of quantification, type of energy, definition of use, baselines and context.

Abstract In order to promote ASEAN gas market integration, this paper offers four scenarios to renew momentum towards continuing with the marginalised Trans-ASEAN gas pipeline (TAGP) and further development of cross-border pipeline gas trading. The four subregional and regional market integration scenarios could be used as stepping-stones to achieve ASEAN gas market integration. The impact of each scenario was estimated with the least cost world gas market model and the impact is indicated by the difference between each integration scenario and the baseline scenario, respectively. The simulations suggest that integrated gas markets in ASEAN are beneficial through the reduction of total procurement costs for ASEAN and the World. The TAGP is also beneficial in terms of incentivising ASEAN production that can be transported cost-effectively to demand centres within the region. The development of marginal production due to the availability of lower cost transportation is in line with ASEAN's goals for resource optimisation and energy security enhancement. The paper suggests that ASEAN should advocate the gas market integration, and that ASEAN member states could take various institutional measures to achieve higher levels of integration.