Energy Economics

Description

With interest in topics such as climate change, energy security, and alternative energy sources being at an all-time high, the effects of today's decisions now rest on the shoulders of future generations. There are no easy answers to our energy issues, so costs and benefits must be considered when evaluating all energy alternatives; alongside that, prices must be right and need to reflect the full social costs to society of a given source of energy. Energy Economics outlines the fundamental issues and possible solutions to the challenges of energy production and use, and presents a framework for energy decisions based upon sound economic analysis. It considers market forces and policy goals, including economic prosperity, environmental protection, and other considerations that affect societal well-being. This book focuses on both energy choices and the impact of these choices on market performance, environmental conditions, and sustainability. The initial section covers the fundamental economic concepts for analyzing energy markets. Following this, a detailed analysis of established energy sources, specifically fossil fuels and nuclear energy, leads into consideration of energy alternatives such as renewable energy and next-generation alternatives. Electricity production and regulatory trends are covered in depth. The final section considers policy: environmental considerations, sustainability, and energy security. The concluding chapter is a comprehensive vision for our energy future. Drawing on current energy headlines, perspectives familiar from the popular press, and views outside economics, this text sharpens students' ability to understand, evaluate, and critique policy using appropriate economic analysis. The text builds a foundation that culminates in a view of a comprehensive energy policy that improves upon the vacillations of past decades. Contents List of figures List of tables Preface Acknowledgments List of abbreviations Part I: Fundamentals of energy economics 1 Introduction 2 Energy, markets, and society 3 Static efficiency: applying supply and demand to energy markets 4 Dynamic efficiency: energy decisions over time Part II: Conventional energy sources 5 Oil: there at the creation of energy economics 6 Natural gas: a new golden age? 7 Coal 8 Nuclear energy Part III: Alternative energy sources 9 Renewable energy: ready for prime time? 10 Next-generational ternatives: the future or flavor of the month? 11 Energy efficiency: the cheapest fuel? Part IV: Electricity 12 Traditional electricity regulation: the calm before the storm 13 Electricity restructuring and deregulation: the path forward? Part V: Energy policy 14 Energy and the environment 15 Energy and sustainability 16 Energy security 17 A comprehensive energy policy: the big picture Index