The Experts below are selected from a list of 312 Experts worldwide ranked by ideXlab platform
Lester C. Hunt - One of the best experts on this subject based on the ideXlab platform.
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Modelling industrial Energy Demand in Saudi Arabia
Energy Economics, 2020Co-Authors: Shahad Alarenan, Anwar A. Gasim, Lester C. HuntAbstract:Abstract Between 1986 and 2016, industrial Energy consumption in Saudi Arabia increased by tenfold, making it one of the largest end-use sectors in the Kingdom. Despite its importance, there appear to be no published econometric studies on aggregate industrial Energy Demand in Saudi Arabia. We model aggregate industrial Energy Demand in Saudi Arabia using Harvey’s (1989) Structural Time Series Model, showing that it is both price and income inelastic, with estimated long-run elasticities of −0.34 and 0.60, respectively. The estimated underlying Energy Demand trend suggests improvements in Energy efficiency starting from 2010. Applying decomposition analysis to the estimated econometric equation highlights the prominent roles of the activity effect (the growth in industrial value added) and the structure effect (the shift towards Energy-intensive production) in driving industrial Energy Demand growth. Moreover, the decomposition shows how exogenous factors such as Energy efficiency helped mitigate some of that growth, delivering cumulative savings of 6.8 million tonnes of oil equivalent (Mtoe) between 2010 and 2016. Saudi Arabia implemented a broad Energy price reform program in 2016, which raised electricity, fuel, and water prices for households and industry. The decomposition results reveal that, holding all else constant, higher industrial Energy prices in 2016 reduced the sector’s Energy consumption by 6.9 %, a decrease of around 3.0 Mtoe. Saudi policymakers could therefore build on the current policy of Energy price reform and Energy efficiency standards to mitigate the rate of growth of industrial Energy consumption, increase economic efficiency, and maintain industrial sector competitiveness.
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Accounting for asymmetric price responses and underlying Energy Demand trends in OECD industrial Energy Demand
Energy Economics, 2014Co-Authors: Olutomi I Adeyemi, Lester C. HuntAbstract:Abstract This paper explores the way technical progress and improvements in Energy efficiency are captured when modelling OECD industrial Energy Demand. The industrial sectors of the developed world involve a number of different practices and processes utilising a range of different technologies. Consequently, given the derived Demand nature of Energy, it is vital when modelling industrial Energy Demand that the impact of technical progress is appropriately captured. However, the Energy economics literature does not give a clear guide on how this can be achieved; one strand suggests that technical progress is ‘endogenous’ via asymmetric price responses whereas another strand suggests that it is ‘exogenous’. More recently, it has been suggested that potentially there is a role for both ‘endogenous’ technical progress and ‘exogenous’ technical progress and consequently the general model should be specified accordingly. This paper therefore attempts to model OECD industrial Energy Demand using annual time series data over the period 1962–2010 for 15 OECD countries. Using the Structural Time Series Model framework, the general specifications allow for both asymmetric price responses (for technical progress to impact endogenously) and an underlying Energy Demand trend (for technical progress and other factors to impact exogenously, but in a non-linear way). The results show that almost all of the preferred models for OECD industrial Energy Demand incorporate both a stochastic underlying Energy Demand trend and asymmetric price responses. This gives estimated long-run income elasticities in the range of 0.34 to 0.96; estimated long-run price-maximum elasticities in the range of − 0.06 to − 1.22; estimated long-run price-recovery elasticities in the range of 0.00 to − 0.27; and estimated long-run price-cut elasticities in the range of 0.00 to − 0.18. Furthermore, the analysis suggests that when modelling industrial Energy Demand there is a place for ‘endogenous’ technical progress and an ‘exogenous’ underlying Energy Demand trend; consequently, it is argued that, any modelling strategy should start by including both and only imposed restrictions if accepted by the data.
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Accounting for asymmetric price responses and underlying Energy Demand trends in OECD industrial Energy Demand
2013Co-Authors: Olutomi I Adeyemi, Lester C. HuntAbstract:This paper explores the way technical progress and improvements in Energy efficiency are captured when modelling OECD industrial Energy Demand. The industrial sectors of the developed world involve a number of different practices and processes utilising a range of different technologies. Consequently, given the derived Demand nature of Energy, it is vital that when modelling industrial Energy Demand the impact of technical progress is appropriately captured. However, the Energy economics literature does not give a clear guide on how this can be achieved; one strand suggests that technical progress is ‘endogenous’ via asymmetric price responses whereas another strand suggests that it is ‘exogenous’. More recently, it has been suggested that potentially there is a role for both ‘endogenous’ and ‘exogenous’ technical progress and consequently the general model should be specified accordingly. This paper therefore attempts to model OECD industrial Energy Demand using annual time series data over the period 1962 -2010 for 15 OECD countries. Using the Structural Time Series Model framework, the general specifications allow for both asymmetric price responses (for technical progress to impact endogenously) and an underlying Energy Demand trend (for technical progress and other factors to impact exogenously, but in a non-linear way). The results show that almost all of the preferred models for OECD industrial Energy Demand incorporate both a stochastic underlying Energy Demand trend and asymmetric price responses. This gives estimated long-run income elasticities in the range of 0.34 to 0.96; long-run price-maximum elasticity in the range of -0.06 to -1.22; long-run price-recovery elasticity in the range of 0.00 to -0.71; and long-run price-cut elasticity in the range of 0.00 to -0.13. Furthermore, the analysis suggests that when modelling industrial Energy Demand there is a place for ‘endogenous’ technical progress and an ‘exogenous’ underlying Energy Demand trend; consequently, it is argued that, any modelling strategy should start by including both and only imposing restrictions if accepted by the data.
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Modelling underlying Energy Demand trends
Energy in a Competitive Market, 1Co-Authors: Lester C. Hunt, Guy Judge, Yasushi NinomiyaAbstract:This chapter analyses the problems of modelling and the underlying Energy Demand trend (UEDT) when estimating Energy Demand models. In particular, it emphasizes the need to ensure that a flexible approach is adopted so that the UEDT captures the important variables which as income and price.
Olutomi I Adeyemi - One of the best experts on this subject based on the ideXlab platform.
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Accounting for asymmetric price responses and underlying Energy Demand trends in OECD industrial Energy Demand
Energy Economics, 2014Co-Authors: Olutomi I Adeyemi, Lester C. HuntAbstract:Abstract This paper explores the way technical progress and improvements in Energy efficiency are captured when modelling OECD industrial Energy Demand. The industrial sectors of the developed world involve a number of different practices and processes utilising a range of different technologies. Consequently, given the derived Demand nature of Energy, it is vital when modelling industrial Energy Demand that the impact of technical progress is appropriately captured. However, the Energy economics literature does not give a clear guide on how this can be achieved; one strand suggests that technical progress is ‘endogenous’ via asymmetric price responses whereas another strand suggests that it is ‘exogenous’. More recently, it has been suggested that potentially there is a role for both ‘endogenous’ technical progress and ‘exogenous’ technical progress and consequently the general model should be specified accordingly. This paper therefore attempts to model OECD industrial Energy Demand using annual time series data over the period 1962–2010 for 15 OECD countries. Using the Structural Time Series Model framework, the general specifications allow for both asymmetric price responses (for technical progress to impact endogenously) and an underlying Energy Demand trend (for technical progress and other factors to impact exogenously, but in a non-linear way). The results show that almost all of the preferred models for OECD industrial Energy Demand incorporate both a stochastic underlying Energy Demand trend and asymmetric price responses. This gives estimated long-run income elasticities in the range of 0.34 to 0.96; estimated long-run price-maximum elasticities in the range of − 0.06 to − 1.22; estimated long-run price-recovery elasticities in the range of 0.00 to − 0.27; and estimated long-run price-cut elasticities in the range of 0.00 to − 0.18. Furthermore, the analysis suggests that when modelling industrial Energy Demand there is a place for ‘endogenous’ technical progress and an ‘exogenous’ underlying Energy Demand trend; consequently, it is argued that, any modelling strategy should start by including both and only imposed restrictions if accepted by the data.
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Accounting for asymmetric price responses and underlying Energy Demand trends in OECD industrial Energy Demand
2013Co-Authors: Olutomi I Adeyemi, Lester C. HuntAbstract:This paper explores the way technical progress and improvements in Energy efficiency are captured when modelling OECD industrial Energy Demand. The industrial sectors of the developed world involve a number of different practices and processes utilising a range of different technologies. Consequently, given the derived Demand nature of Energy, it is vital that when modelling industrial Energy Demand the impact of technical progress is appropriately captured. However, the Energy economics literature does not give a clear guide on how this can be achieved; one strand suggests that technical progress is ‘endogenous’ via asymmetric price responses whereas another strand suggests that it is ‘exogenous’. More recently, it has been suggested that potentially there is a role for both ‘endogenous’ and ‘exogenous’ technical progress and consequently the general model should be specified accordingly. This paper therefore attempts to model OECD industrial Energy Demand using annual time series data over the period 1962 -2010 for 15 OECD countries. Using the Structural Time Series Model framework, the general specifications allow for both asymmetric price responses (for technical progress to impact endogenously) and an underlying Energy Demand trend (for technical progress and other factors to impact exogenously, but in a non-linear way). The results show that almost all of the preferred models for OECD industrial Energy Demand incorporate both a stochastic underlying Energy Demand trend and asymmetric price responses. This gives estimated long-run income elasticities in the range of 0.34 to 0.96; long-run price-maximum elasticity in the range of -0.06 to -1.22; long-run price-recovery elasticity in the range of 0.00 to -0.71; and long-run price-cut elasticity in the range of 0.00 to -0.13. Furthermore, the analysis suggests that when modelling industrial Energy Demand there is a place for ‘endogenous’ technical progress and an ‘exogenous’ underlying Energy Demand trend; consequently, it is argued that, any modelling strategy should start by including both and only imposing restrictions if accepted by the data.
Shunsuke Managi - One of the best experts on this subject based on the ideXlab platform.
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Recent advances in Energy Demand research in China
China Economic Review, 2020Co-Authors: Chu Wei, Andreas Löschel, Shunsuke ManagiAbstract:Abstract The continuously accelerating global Energy Demand leads to increased public concern about climate change. The international community expects China, the world's largest Energy consumer, to play a leading role in the Energy transition, especially since the United States has withdrawn from the Paris Agreement. This special issue on “Energy Demand in Emerging and Developing Economies: Measurement, Policy Interventions and Evaluation” improves international understanding of the patterns of Energy Demand in China by presenting recent experimental and empirical research following the Beijing Energy Conference in 2018. The main purpose of this introductory article is to present recent research advances by summarizing new findings and insights from this special issue, combined with recent literature. It shows that China's rising Energy Demand and Energy transition practices have led to numerous policy interventions, which provides rich observational data on behavioral change and offers an “experimental window” with large opportunities for scholars. Beyond the traditional topics of residential and industrial Energy Demand and its drivers, an increasing number of studies focuses on Energy policy evaluation or quantify the environmental and climate consequences of Energy consumption. This new line of research, supported by policy-oriented model-based quantitative analyses, experimental approaches and econometric analyses using multi-source disaggregated data, offers new insights into various aspects of China's Energy Demand.
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Recent Advances in Energy Demand Analysis—Insights for Industry and Households
Resource and Energy Economics, 2019Co-Authors: Andreas Löschel, Shunsuke ManagiAbstract:Abstract The present special issue on “Recent Advances in Energy Demand Analysis – Insights for Industry and Households” brings together innovative research papers that explore new developments in the methodology of Energy Demand analysis, the underlying data and present new findings. The issue reflects the significant research interest in the analysis of Energy Demand, focusing on behavioral aspects using disaggregated data. A consideration of the heterogeneity of Energy Demand is important for the analysis of Energy policies. This introductory article highlights the specific contributions of the papers in the special issue and provides a selective overview of recent literature with a focus on new estimations of price elasticities, econometric and experimental approaches using disaggregated Energy-consumption data, and monetary and non-monetary intervention strategies in the management of Energy Demand. When engaging seriously with policy proposals, new approaches in the analysis of Energy Demand with appropriate granulated data, advanced econometric techniques, and new experimental approaches are necessary to get the details right. The dynamic digitalization of the Energy world with new and emerging smart technologies will most likely fundamentally change Energy consumer behavior.
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Baseline of the projection under a structural change in Energy Demand
Energy Policy, 2016Co-Authors: Tomoyuki Sakamoto, Kae Takase, Ryuji Matsuhashi, Shunsuke ManagiAbstract:Abstract This article investigates the long-term Energy Demand and Energy policy measures when undergoing structural changes in Energy Demand. Initially, the statistical test shows the possibility of the structural change from the late 2000s. Therefore, we developed the Energy Demand model to forecast the Energy Demand by 2030 that considers the structural change. The results show that there may be a 12% reduction in the Energy Demand in 2030 compared to the reference case in the Japanese government's outlook, which is equal to about 86.0% of the effect of the planned policy measures by the government, but also that it is difficult to achieve Energy-originated CO2 emissions in the national target. Our analysis suggests that mitigation policies are required, but those in the planned policy measures are not completely required to achieve the goal.
Michael L Polemis - One of the best experts on this subject based on the ideXlab platform.
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the structure of residential Energy Demand in greece
Energy Policy, 2006Co-Authors: Vassilis T Rapanos, Michael L PolemisAbstract:Abstract This paper attempts to shed light on the determinants of residential Energy Demand in Greece, and to compare it with some other OECD countries. From the estimates of the short-run and long-run elasticities of Energy Demand for the period 1965–1999, we find that residential Energy Demand appears to be price inelastic. Also, we do not find evidence of a structural change probably because of the low efficiency of the Energy sector. We find, however, that the magnitude of the income elasticity varies substantially between Greece and other OECD countries.
Muhammad Isma’il - One of the best experts on this subject based on the ideXlab platform.
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Visualising the Global Shift in Energy Demand and Supply
International Journal of Energy Economics and Policy, 2012Co-Authors: Muhammad Isma’ilAbstract:The global Energy Demand depends on supplies from fossil fuels responsible for climate change. The supply of the fossil fuels required to meet the global Energy Demand depends on production from the available proved reserves of oil, coal and gas unevenly distributed around the world. On the other hand, the Energy Demand of a country is determined by its economic growth and population dynamics. The industrialised nations accounted for the rising Demand in global primary Energy. However, a global shift is underway with the developing economies being responsible for most of the increase in global Energy Demand. Moreover, statistics suggest that the global Energy production and consumption vary spatially and temporally. This study utilised cartograms to visualise the global shift in production and consumption of fossil fuels; because of its implication on global Energy security and climate change. We observed that cartograms which are rarely used in Energy visualisations provide informative and intuitive picture of the global shift in Energy Demand and supply.
