全球智库信息集成服务系统(G2TT): Natural Gas Prices and Coal Displacement: Evidence from Electricity Markets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21627
来源ID	Working Paper 21627
	Natural Gas Prices and Coal Displacement: Evidence from Electricity Markets
	Christopher R. Knittel; Konstantinos Metaxoglou; Andre Trindade
发表日期	2015-10-12
出版年	2015
语种	英语
摘要	We examine the environmental impact of the post-2005 natural gas glut in the United States due to the shale gas boom. Our focus is on quantifying short-term coal-to-gas switching decisions by different types of electric power plants in response to changes in the relative price of the two fuels. In particular, we study the following entities: investor-owned utilities (IOUs) and independent power producers (IPPs) in restructured markets coordinated by Independent System Operators, as well as IOUs in traditional vertically-integrated markets. Using alternative data aggregations and model specifications, we find that IOUs operating in traditional markets are more sensitive to changes in fuel prices than both IOUs and IPPs in restructured markets. We attribute our findings to differences in available gas-fired generating capacity with the most cost-efficient technology: electricity generators reduced their rate of investment in the restructured markets post restructuring. The heterogeneity in the response of fuel consumption to prices has implications for carbon dioxide (CO2) emissions for the entities considered. Using simple back-of-the-envelope calculations, the almost 70% drop in the price of natural gas between June 2008 and the end of 2012 translates to as much as 33% reduction in CO2 emissions for IOUs in traditional markets, but only up to 19% for IOUs in restructured markets.
主题	Industrial Organization ; Regulatory Economics ; Industry Studies ; Environmental and Resource Economics ; Energy ; Environment
URL	https://www.nber.org/papers/w21627
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/579302
推荐引用方式 GB/T 7714	Christopher R. Knittel,Konstantinos Metaxoglou,Andre Trindade. Natural Gas Prices and Coal Displacement: Evidence from Electricity Markets. 2015.