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As policy makers consider strategies to reduce greenhouse gas emissions, they need to understand the available options and the conditions under which these options become economically attractive. This paper explores the economics of carbon capture and sequestration technologies as applied to electric generating plants. The MIT Emissions Prediction and Policy Analysis (EPPA) model, a general equilibrium model of the world economy, is used to model two of the most promising carbon capture and sequestration (CCS) technologies. The CCS technologies are based on a natural gas combined cycle plant and an integrated coal gasification combined cycle plant. Additionally, the role of natural gas combined cycle plants without...
Firm estimates have been given of the oil, gas and gas-liquid reserves that Mexico is likely to develop in the next decade or more. But the decision has yet to be made as to how fast and how far its energy resources should be developed. One faction, including the Pemex technocrats, believe that foreign capital should be utilized with all speed, to accelerate Mexico's export of energy products, especially to the US. Another group argues that the development of domestic and agrarian enterprises should be granted a higher priority. The resolution of the debate, and the recovery of the world oil market, will determine whether Mexico will become one of the richest or the most unstable of the oil exporters in the Third...
Important policy issues concerning the mitigation of impacts from construction and development affecting wetlands are under examination by the U.S. Congressional Office of Technology Assessment, the Environment and Public Works Committee of the U.S. Senate, and the National Wetlands Technical Council. The issues divide into two main parts: (1) how the current strategy to simplify federal regulation of wetlands is limiting the success of mitigation; and (2) how to change the present strategy for mitigation under the U.S. Clean Water Act, if at all. Requirements for site-specific analysis of impacts and their mitigation requirements are being replaced by simple, uniform national guidelines on impact mitigation; these...
Open canopy conditions in southeastern pine (Pinus spp.) forests were historically maintained by frequent fire and other disturbances, without which midstory hardwoods create closed canopy conditions limiting value of pine stands for many endemic, disturbance-adapted species. Intensively managed pine forests, which comprise 19% of forests in the southeastern U.S., can emulate historical open pine conditions, providing appropriate vegetation structure and composition for many endemic species. However, exact mechanisms for producing and maintaining open pine conditions and subsequent effects on biodiversity have not been examined across regions and stand ages. To better inform managers about options for providing...
This paper estimates the extra costs of drilling for oil and gas on federal land as compared to private land in the Wyoming Checkerboard. The Checkerboard is a center of U.S. oil and gas activity in which square-mile sections of property alternate between federal and private ownership as originally established by the Pacific Railway Acts of 1862 and 1864. This land ownership pattern is used as an experimental control that may be used to identify differences in drilling cost on federal and private land. Estimates presented suggest that average drilling costs per well are about $200,000 higher on federal property than on private property. This difference is attributed to more stringent enforcement of environmental...
During the past three years, working with more than 150 organizations representing public and private stakeholders, EPRI has developed the Electricity Technology Roadmap. The Roadmap identifies several major strategic challenges that must be successfully addressed to ensure a sustainable future in which electricity continues to play an important role in economic growth. Articulation of these anticipated trends and challenges requires a detailed understanding of the role and importance of reliable electricity in different sectors of the economy. This report is intended to contribute to that understanding by analyzing key aspects of trends in the economic value of electricity reliability in the U.S. economy. We first...
Policy assessment of energy conservation strategies has tended to emphasize technological and economic costs, problems, and benefits. However, too narrow a focus may fail to delineate all the environmental and social impacts associated with the technology in question. In recognition of the importance of a balanced evaluation, a study was undertaken to identify local-level perceptions about environmental and social problems and opportunities associated with several energy conservation measures. These measures included building performance standards and retrofit; waste heat utilization; modifications in land use configurations and transportation modes; and electric utility demand management, and rate reform initiatives....
This paper estimates the extra costs of drilling for oil and gas on federal land as compared to private land in the Wyoming Checkerboard. The Checkerboard is a center of U.S. oil and gas activity in which square-mile sections of property alternate between federal and private ownership as originally established by the Pacific Railway Acts of 1862 and 1864. This land ownership pattern is used as an experimental control that may be used to identify differences in drilling cost on federal and private land. Estimates presented suggest that average drilling costs per well are about $200,000 higher on federal property than on private property. This difference is attributed to more stringent enforcement of environmental...
During the last ten years environmental quality and energy have emerged as important national issues right along with the economy. The central proposition appears to be that environmental concerns are inversely related to concern about energy and the economy. The common assumptions about public perception of the trade-offs between environmental quality, economic growth, and energy production are shown to be invalid. In any event it is unlikely that public policy makers will find themselves strongly pulled by a highly polarized public.
Policy assessment of energy conservation strategies has tended to emphasize technological and economic costs, problems, and benefits. However, too narrow a focus may fail to delineate all the environmental and social impacts associated with the technology in question. In recognition of the importance of a balanced evaluation, a study was undertaken to identify local-level perceptions about environmental and social problems and opportunities associated with several energy conservation measures. These measures included building performance standards and retrofit; waste heat utilization; modifications in land use configurations and transportation modes; and electric utility demand management, and rate reform initiatives....
As technical efficiency improvement in energy use remains a touchstone measure to curb greenhouse gas (GHG) emissions, there is substantial concern about whether this approach can offset the large and expanding impacts of human actions. Critics contend that without adjustments to the prevailing consumptive lifestyle, energy efficiency improvement will generate only token reductions in GHG emissions. I address this concern by examining the extent to which technical efficiency improvement in energy use offsets the impacts of housing-related lifestyle on GHG emissions. I build from two perspectives, the physical-technical-economic models that consider energy efficiency improvement as a potent strategy to curb residential...
As wind power development continues at a rapid pace in the United States, there is increasing interest in its economic impacts. Because good wind resources are typically far from electrical loads, wind power plants are often built in rural areas. The economic impacts that arise from building and operating a power plant can be significant but are often not considered by public utility commission processes. Although these impacts vary from state to state because of the differences in wind resource and state infrastructure, economic development from new wind provides important impacts from necessary power system expansion and should play a more prominent role in decision-making processes. This paper uses the National...
This paper estimates the extra costs of drilling for oil and gas on federal land as compared to private land in the Wyoming Checkerboard. The Checkerboard is a center of U.S. oil and gas activity in which square-mile sections of property alternate between federal and private ownership as originally established by the Pacific Railway Acts of 1862 and 1864. This land ownership pattern is used as an experimental control that may be used to identify differences in drilling cost on federal and private land. Estimates presented suggest that average drilling costs per well are about $200,000 higher on federal property than on private property. This difference is attributed to more stringent enforcement of environmental...
The success of carbon capture, storage and sequestration as a greenhouse gas mitigation strategy will be, in part, dependent on the regulatory framework used to govern its implementation. Creating a science-based regulatory framework that is designed with enough flexibility to encourage greenhouse gas offset activity, effective means of measuring the costs of taking action to reduce greenhouse gas emissions, and ample protection for human and ecosystem health may prove challenging. For the purposes of this paper we will assume that there is an existing incentive to capture, store and sequester carbon and focus on how to regulate the process. Accounting practices and precursory crediting rules for biological sinks...
Firm estimates have been given of the oil, gas and gas-liquid reserves that Mexico is likely to develop in the next decade or more. But the decision has yet to be made as to how fast and how far its energy resources should be developed. One faction, including the Pemex technocrats, believe that foreign capital should be utilized with all speed, to accelerate Mexico's export of energy products, especially to the US. Another group argues that the development of domestic and agrarian enterprises should be granted a higher priority. The resolution of the debate, and the recovery of the world oil market, will determine whether Mexico will become one of the richest or the most unstable of the oil exporters in the Third...
During the last ten years environmental quality and energy have emerged as important national issues right along with the economy. The central proposition appears to be that environmental concerns are inversely related to concern about energy and the economy. The common assumptions about public perception of the trade-offs between environmental quality, economic growth, and energy production are shown to be invalid. In any event it is unlikely that public policy makers will find themselves strongly pulled by a highly polarized public.
During the past three years, working with more than 150 organizations representing public and private stakeholders, EPRI has developed the Electricity Technology Roadmap. The Roadmap identifies several major strategic challenges that must be successfully addressed to ensure a sustainable future in which electricity continues to play an important role in economic growth. Articulation of these anticipated trends and challenges requires a detailed understanding of the role and importance of reliable electricity in different sectors of the economy. This report is intended to contribute to that understanding by analyzing key aspects of trends in the economic value of electricity reliability in the U.S. economy. We first...
This paper estimates the extra costs of drilling for oil and gas on federal land as compared to private land in the Wyoming Checkerboard. The Checkerboard is a center of U.S. oil and gas activity in which square-mile sections of property alternate between federal and private ownership as originally established by the Pacific Railway Acts of 1862 and 1864. This land ownership pattern is used as an experimental control that may be used to identify differences in drilling cost on federal and private land. Estimates presented suggest that average drilling costs per well are about $200,000 higher on federal property than on private property. This difference is attributed to more stringent enforcement of environmental...
The success of carbon capture, storage and sequestration as a greenhouse gas mitigation strategy will be, in part, dependent on the regulatory framework used to govern its implementation. Creating a science-based regulatory framework that is designed with enough flexibility to encourage greenhouse gas offset activity, effective means of measuring the costs of taking action to reduce greenhouse gas emissions, and ample protection for human and ecosystem health may prove challenging. For the purposes of this paper we will assume that there is an existing incentive to capture, store and sequester carbon and focus on how to regulate the process. Accounting practices and precursory crediting rules for biological sinks...
Carbon Capture and Storage (CCS) is a critical part of the global effort to address climate change as CCS has the potential to achieve deep cuts in CO2 emissions to atmosphere from the use of fossil fuels. In this context, pre-combustion capture through Integrated Gasification Combined Cycle (IGCC) power plants with CCS is one of the key pathways to low emissions power generation. There are, however, very significant challenges to the development, commercialization and deployment of IGCC with CCS technologies. This article examines matters of cost, the need for government support to early movers, the attribution of economic value for carbon dioxide and various other regulatory, policy, technical and infrastructural...