The drive toward decarbonization has spurred the growth of renewable energy sources, reshaping energy production and consumption patterns. As the energy landscape evolves, so must the market design supporting it to steer the integration of renewable energy. Addressing the challenges of promoting...

Electric power is so vital to both our economic and personal wellbeing that the erstwhile state policy in most of the developing countries, including India, had vested the power industry in the hands of the state as a promotional agency for subsidized supply. However, with the onset of the...

Asia has truly experienced spectacular economic growth over the past 15 years. However, this economic progress has come at a high cost. It has led to unprecedented environmental consequences. The ecological footprint shows that, despite the fact that one-fifth of the population in Asia still...

Economic growth requires growth of energy consumption. In the second half of the twentieth century energy consumption began to outgrow its production and the United States. Consequently, we observe growing dependence of the U.S. economy on energy imports which is causing political and economic...

Duke University organized the International Conference on Reconstructing Climate Policy: Moving Beyond the Kyoto Impasse, May 2003. The organizer invited me to specifically address the following two issues at the conference: 1) Whether is the proposal for joint accession by the U.S. and China in...

Over the last decade, Turkish electricity demand has increased more than 8% per annum as a result of economic development. Being one of the renewable energy sources par excellence, non-exhaustible, non-polluting and economically more attractive than other renewable sources, hydropower has turned...

We formulate an analytic equilibrium model for simultaneously functioning electricity market an a market for Green Certificates. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results is that the certificate system faced with market...

Markets for environmental externalities are typically closely related to the markets causing such externalities, whereupon strategic interactions may result. Along these lines, the market for Green Certificates is strongly interwoven in the electricity market as the producers of green...