The relationship between the price of oil and the level of economic activity is a fundamental issue in macroeconomics. There is an ongoing debate in the literature about whether positive oil price shocks cause recessions in the United States (and other oil-importing countries), and although there exists a vast empirical literature that investigates the effects of oil price shocks, there are relatively few studies that investigate the direct effects of uncertainty about oil prices on the real economy. The book uses recent advances in macroeconomics and financial economics to investigate the effects of oil price shocks and uncertainty about the price of oil on the level of economic activity.

The "Fisher Investments On" series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunities--primarily for investing in global stocks. Each guide is an easily accessible primer to economic sectors, regions, or other components of the global stock market. While this guide is specifically on Utilities, the basic investment methodology is applicable for analyzing any global sector, regardless of the current macroeconomic environment.

Following a top-down approach to investing, "Fisher Investments on Utilities" can help you make more informed decisions within the Utilities sector. It skillfully addresses how to determine optimal times to invest in Utilities stocks and which Utilities industries have the potential to perform well in various environments.

Divided into three comprehensive parts--Getting Started, Utilities Details, and Thinking Like a Portfolio Manager--"Fisher Investments on Utilities" Explains some of the sector's key macro drivers--like regulation, economic cycles, and investor sentimentShows how to capitalize on a wide array of macro conditions and industry-specific features to help you form an opinion on each of the industries within the sectorTakes you through the major components of the industries within the global Utilities sector and reveals how they operateOffers investment strategies to help you determine when and how to overweight specific industries within the sectorOutlines a five-step process to help differentiate firms in this field--designed to help you identify ones with the greatest probability of outperforming

Filled with in-depth insights, "Fisher Investments on Utilities" provides a framework for understanding this sector and its industries to help you make better investment decisions--now and in the future. With this book as your guide, you can gain a global perspective of the Utilities sector and discover strategies to help achieve your investing goals.

A timely contribution and incisive analysis, this is the story of the British experiment in privatizing the nuclear power industry and its subsequent financial collapse. It tells how the UK's pioneering role in nuclear power led to bad technology choices, a badly flawed restructuring of the electricity industry and the end of government support for nuclear power. In this volume Simon Taylor has combined interviews with former executives, regulators and analysts with his own unique insight into the nuclear industry to provide an analysis of the origins of the crisis and the financial and corporate strategies used by British Energy plc. Arguing that the stock market was a major factor in the company's collapse by misunderstanding its finances, over-valuing the shares and giving wrong signals to management and that the government policy of trying to put all responsibility for nuclear liabilities in the hands of the private sector was neither credible nor realistic. The book concludes that failure was not inevitable but resulted from a mixture of internal and external causes that casts doubt on the policy of combining a wholly nuclear generator with liberalized power markets. This book will be of great interest to students engaged with the history of nuclear power in the UK, privatization, regulation and financial and corporate strategy, as well as experts, policy makers and strategists in the field.

Studies of drought have increased in light of new data availability and advances in spatio-temporal analysis. However, the following gaps still need to be filled: 1) methods to characterise drought that explicitly consider its spatio-temporal features, such as spatial extent (area) and pathway; 2) methods to monitor and predict drought that include the above-mentioned characteristics and 3) approaches for visualising and analysing drought characteristics to facilitate interpretation of its variation. This research aims to explore, analyse and propose improvements to the spatio-temporal characterisation of drought. Outcomes provide new perspectives towards better prediction. The following objectives were proposed. 1) Improve the methodology for characterising drought based on the phenomenon's spatial features. 2) Develop a visual approach to analysing drought variations. 3) Develop a methodology for spatial drought tracking. 4) Explore machine learning (ML) techniques to predict crop-yield responses to drought. The four objectives were addressed and results are presented. Finally, a scope was formulated for integrating ML and the spatio-temporal analysis of drought. Proposed scope opens a new area of potential for drought prediction (i.e. predicting spatial drought tracks and areas). It is expected that the drought tracking and prediction method will help populations cope with drought and its severe impacts.

According to recent estimates, around 6,000 people - mostly children under five - die every day from diseases caused by inappropriate water and sanitation (WS) services. Much of the academic and political debate surrounding this issue has focused on private sector participation. By shifting the attention towards the influence of governance, Krause examines the political and sectoral institutions that are essential for the provision of WS services. Utilizing data from sixty-nine developing countries, Matthias Krause demonstrates that the level of democracy has a statistically significant positive impact on access to WS services and that low-quality governance of sub-national governments compromises the internal efficiency of providers and the widespread access to services. This book makes a critical contribution to the water and sanitation research and will help academics and policy-makers to rethink the way in which they deal with water issues.

This publication describes the purpose and scope of the INPRO service Analysis Support for Enhanced Nuclear Energy Sustainability (ASENES) and its potential benefits to Member States. The publication highlights the links between this service and overall technical support to Member States for the planning and development of nuclear energy, and explains how it integrates with other IAEA services supporting knowledgeable decision making on nuclear power. An overview of analytical tools developed by INPRO for this purpose is also provided.

The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate policies. Moreover, crude oil is the basis of a tradable financial asset. It is therefore connected to several outstanding macroeconomic developments of recent years, including financial market fluctuations, the financial crisis and the exceptional conduct of monetary policy. This book investigates the impacts of monetary policy and the financial system on the global crude oil market. Furthermore, it outlines how monetary policy may also be used to guarantee stability and to contribute to ecological sustainability. This unique and innovative book will appeal to students and economists interested in macroeconomics, the environment, energy and monetary policy. It will also be essential reading for policy makers and those interested in economic policy that will benefit both society and the environment.

A comprehensive overview of trading and risk management in the energy markets "Energy Trading and Risk Management "provides a comprehensive overview of global energy markets from one of the foremost authorities on energy derivatives and quantitative finance. With an approachable writing style, Iris Mack breaks down the three primary applications for energy derivatives markets - Risk Management, Speculation, and Investment Portfolio Diversification - in a way that hedge fund traders, consultants, and energy market participants can apply in their day to day trading activities. Moving from the fundamentals of energy markets through simple and complex derivatives trading, hedging strategies, and industry-specific case studies, Dr. Mack walks readers through energy trading and risk management concepts at an instructive pace, supporting her explanations with real-world examples, illustrations, charts, and precise definitions of important and often-misunderstood terms.From stochastic pricing models for exotic derivatives, to modern portfolio theory (MPT), energy portfolio management (EPM), to case studies dealing specifically with risk management challenges unique to wind and hydro-electric power, the bookguides readers through the complex world of energy trading and risk management to help investors, executives, and energy professionals ensure profitability and optimal risk mitigation in every market climate."Energy Trading and Risk Management" is a great resource to help grapple with the very interesting but oftentimes complex issues that arise in energy trading and risk management.

The Smart Grid has the potential to revolutionize electricity delivery systems, and the security of its infrastructure is a vital concern not only for cyber-security practitioners, engineers, policy makers, and utility executives, but also for the media and consumers. Smart Grid Security: An End-to-End View of Security in the New Electrical Grid explores the important techniques, challenges, and forces that will shape how we achieve a secure twenty-first century electric grid. Includes a Foreword by Michael Assante, President and CEO, National Board of Information Security ExaminersFollowing an overview of the components of the Smart Grid, the book delves into the evolution of security standards and regulations and examines ways in which the Smart Grid might be regulated. The authors discuss the technical details about how metering technology is being implemented and the likely threats and vulnerabilities that utilities will face. They address the home area network (HAN) and examine distribution and transmission-the foundation for the delivery of electricity, along with distributed generation, micro-grids, and operations. The book explores future concepts-such as energy storage and the use of plug-in electric vehicles (PEVs)-in addition to the concomitant risk for fraud and manipulation with stored energy. Consumer-related issues are discussed as they pertain to emerging ways of receiving and generating energy. The book examines dysfunctions ranging from inadvertent outages to cyber-attack and presents recommendations on how to respond to these incidents. It concludes with speculation of future cyber-security challenges and discusses new ways that the grid can be defended, such as better key management and protection. Written in a style rigorous enough for the practitioner yet accessible to a broad audience, this comprehensive volume covers a topic that is becoming more critical to industry and consumers everywhere.

The Energy Transition, the inevitable shift away from cheap, centralized, largely fossil-based energy systems, is one of the core challenges of our time. This book provides a coherent and novel insight into the nature of this challenge and possible strategies to accelerate and guide such transitions. It brings together prominent European scholars and practitioners from the fields of energy transition research and governance to draw attention to the current complex dynamics in the energy domain, and offer elegant and provocative explanations for current crises and lock-ins. They identify multiple energy transition pathways that emerge and increasingly compete, and emphasize the need and possibilities for novel governance. By analysing the complexity of energy transition processes and the difficulties in shifting to sustainable pathways, this text questions the extent to which actually governing energy transitions is already reality, just an illusion, or a bare necessity.

Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm - decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.

This path-breaking book explores the new European energy policy, highlighting the significance of environmental policy concerns, instruments, and objectives vis-a-vis competing security and market dimensions in order to achieve an all-embracing EU energy policy perspective for the future. While the past years have witnessed unprecedented development of EU energy policy, the understanding of this process has lagged behind. Alongside the scarce literature on this emergent policy, there is also a gap regarding the attention paid to its different components. The study stems from the perception of a mismatch between the valuable debate that certain dimensions of energy policy - namely, energy security and the market and competition framework - have triggered and the neglect of its environmental and climate change dimensions. European Energy Policy will prove to be insightful for academics and postgraduate students interested in European integration, political science, international relations, public policy and environmental science. Energy stakeholders and governmental policymakers will also find plenty of invaluable information in this enriching resource. Contributors: C. Adelle, M. Bechberger, P.-O. Busch, L. Carafa, A. Ciambra, M. Dobbins, G. Escribano-Frances, S. Fischer, A. Herranz-Surralles, H. Jorgens, J.K. Knudsen, F. Morata, M. Natorski, M. Pallemaerts, D. Russel, E. San Martin Gonzalez, I. Solorio Sandoval, J. Tosun, E. Zapater

Recent developments like the rising trend in crude oil price, the international economic crisis, the civil revolts in Northern Africa and the Middle East, the nuclear threat in Japan after the tsunami, the oil spill in the Gulf of Mexico and the economic growth of emerging countries like China and India have a direct relation to the security of energy supply anywhere in the world. This book provides a comprehensive analysis of energy risks, energy scenarios and energy policies with special reference to the European Union and its member states, emphasizing the economic and geopolitical dimensions of energy security.

The book assesses both quantitatively and qualitatively the socioeconomic and political risks related to the European energy supply, together with the EU 's energy relations with other countries. Two innovative indicators have been developed to estimate geopolitical energy risks and energy-related relations with other countries. The book also examines the process of convergence of member states energy security policies, the path towards a common European energy policy, and the process of Europeanization projected towards the energy corridors through which the EU receive energy imports. In addition, alternative strategic scenarios related to energy risk are assessed. Finally, guidelines for the EU 's energy policy and new strategies using energy corridors are suggested in order to maximize EU 's energy security.

The book should be of interest to students and researchers across a wide range of subjects, including energy economics and policy, energy and foreign policy in the EU, energy policies in EU member states and several aspects related to international political economy.

Tells the untold story of how Exxon, Mobil, Chevron, and Texaco teamed up with the CIA and Department of State to thwart the plans of Greek shipping magnate Aristotle Onassis, who almost managed to reshape the Middle East. In 1954 Aristotle Onassis (long before he married Jacqueline Kennedy) made a bold business gamble: he tried to corner the crude oil shipping market by signing a deal with the King of Saudi Arabia. If it had worked, it would have reshaped the history of the Middle East. As it was, the proposed deal terrified British and U.S. oil companies and the Dulles brothers, who saw it as the first move in the nationalization of Saudi oil. Complicating things were the burgeoning Arab nationalist movement led by Egypt's newly elected president, Gamal Nasser. And of course there were the Soviets, now without Stalin, eager to build influence in the region. This little known story about the collision of nationalism, money, celebrity, and oil sheds new light on the tangled history of the Middle East. Drawing on the author's immense knowledge of the Middle East, and original research incorporating unexplored declassified documents, the book is an eye-opener for students of U.S. foreign policy, anyone interested in the global oil business, and scholars and historians of the role of the U.S. in the Arab world. Dramatically illustrates the convergence of interests of the U.S. government and big business Shows how McCarthy-era phobia about communism affected U.S. foreign policy decisions-even when no communists were involved Examines history with enduring ramifications through narrative to engage students and general readers Unveils a world of international intrigue unknown to most citizens

Carbon capture and storage (CCS) has emerged rapidly as a crucial technological option for decarbonising electricity supply and mitigating climate change. Great hopes are being pinned on this new technology but it is also facing growing scepticism and criticism. This book is the first to bring together the full range of social and policy issues surrounding CCS shedding new light on this potentially vital technology and its future. The book covers many crucial topics including the roles and positions that different publics, NGOs, industry, political parties and media are taking up; the way CCS is organised, supported and regulated; how CCS is being debated and judged; how innovation, demonstration and learning are occurring and being conceptualised and promoted; and the role of CCS in the transition to a low carbon energy future. The authors draw on a variety of approaches, concepts, methods and themes and provide a new understanding of innovation in the energy and climate change fields. It tackles the many issues in a way that speaks to those concerned not only to understand these developments, but to those who are involved in the scientific and technological work itself, as well as those charged with evaluating and making decisions relevant to the future of the technology.

Cyclotrons are currently used for the preparation of a wide variety of radionuclides that have applications in single photon emission computed tomography (SPECT) and positron emission tomography (PET). Consequently, there is high demand from IAEA Member States for support in the area of radiopharmaceutical production using cyclotron produced radioisotopes. This publication describes the potential radionuclide production routes using cyclotrons in different energy ranges and provides methods for the development of targets and provides details of the chemistry for the separation of radionuclides from target materials. The readership of this publication includes scientists, operators interested in putting this technology into practice, technologists already working with cyclotrons who wish to enhance the utility of existing machines, and managers in the process of setting up radionuclide facilities in their countries. Students working towards higher level degrees in related fields may also benefit from this publication.

The greatest challenge of our time is to build a world based on the sustainable use of renewable power. Our massive dependence on fossil fuels has upset the very climatic system that made human evolution possible. The global economy and its financial system are in jeopardy, running hot on overtly cheap yet increasingly costly and fast depleting oil. A 100% renewable world is seen by many as an impossible dream in anything but the very long term. But not only do a growing number of initiatives and plans dare to make the change but many have already achieved it. This rich collection presents a series of pioneering efforts and their champions, and the paths to their successes. Ranging from initiatives by individuals to visions for companies, communities and entire countries, it defeats tired economic and technical counter-arguments, showing how the schemes featured not only can and do work but do so economically and with available technology. The book is introduced by incisive writing by Peter Droege, explaining the challenges and framing a roadmap towards a 100% renewable reality.

Any understanding of the complex politics of the post-Soviet Caucasus presupposes an understanding of the relationship between the transportation of Azerbaijan's oil, inter-state relations and ethnic conflicts. Energy and Security in the Caucasus is a contribution to the debate revolving around the geo-politics of the Caucasus.

Tapping Water Markets is about the past, present, and future of water markets. It compares water markets with political water allocation, documents the growth of water markets, and explores the ways in which water markets can be improved and implemented further. This book provides up-to-date information of where and why water shortages are occurring and where and why water markets are evolving to resolve conflicting water uses. Though the main focus is on the United States, it includes examples from other parts of the world to show how water markets are beginning to thrive. It contains institutional detail that is accessible to people who are not economic or hydrologic experts, and comes alive with numerous examples and case studies of water markets. The book begins with an analysis of water institutions as they have varied over time and location. It then covers a range of discrete water management topics including surface water allocation, groundwater management, environmental flows, and water quality trading. The book concludes with predictions about the future of water scarcity and the ability of water markets to shape that future more positively.

Attention all automotive and petroleum collectors: here is a new book focusing on the Continental Oil Company and its products. Conoco became well-established as an oil supplier during the era of the horse and buggy, and when the automobile craze began to sweep the country, Conoco was ready. It has been providing oil, automobile products, and assistance to travellers for one hundred and twenty years. With almost three hundred full-color pictures of filling stations, car products, promotional giveaways, and original advertisements, this book provides a fascinating glance at American history. It also contains detailed descriptions of Conoco motor oils, road maps, and `Touraide' travel programs, with tips on identifying and dating them. Each item pictured is described in detail, and a price guide is included.

Hydroelectricity is the world's largest-and cleanest-source of renewable -energy. But despite lively interest in renewables generally, there is an information vacuum about the smallest version of the technology dubbed "the simplest, most reliable and least expensive way to generate power off grid." Highly illustrated and practical, Microhydro is the first complete book on the topic in a decade. Covering both AC and DC systems, it covers principles, design and site considerations, equipment options, and legal, environmental, and economic factors. Scott Davis has decades of experience operating, installing, designing, selling, and teaching about microhydro technology. An award-winner in the field, he currently works as a system designer and retailer with an alternative energy company for whom he has authored an on-line microhydro course.

Stability of the electricity industry is crucial for economic growth of all nations. Sustainable economic growth cannot be accomplished without secured energy supply. The book underlines how management of the electricity industry should be conducted and the efficient form of electricity market structure. The book also studies the electricity industry in Korea which has been a strongly supportive and vital factor in the economic development of Korea for the last few decades. The book focuses on the three market players of the electricity market and they are the suppliers, consumers and the government-related organizations. It includes detailed information on generation and finances at the generator level and analyzes the efficiency differences among generators, plants and business units by using different performance measurement methods. It identifies and analyzes different production factors' effectiveness and relationships in generation. The comprehensive analysis helps to provide explanations in the differences in the performance of the studied units. The book also discusses the implications of the findings for future resource allocation and how we can further enhance the efficiency of the industry. The book will appeal to those interested in energy and energy policies, as well as researchers and practitioners in the economic development and electricity and utilities industry.

In recent years, the federal government's increasing inability to address major societal challenges has arguably hampered America's commitment to renewable energy initiatives. Individual U.S. states have stepped into this void and adopted their own policies, leading some to believe that the states can propel America's renewable energy industry forward. There is no guarantee, however, that the states will invent their own pioneering policies rather than copy existing templates from each other. Moreover, we know very little about how legislative and regulatory dynamics within America's states might accelerate or hinder renewable energy policy creation. In Following in Footsteps or Marching Alone?, Srinivas Parinandi explores how the states have devised their own novel policies, and how the political workings of legislatures and public utilities commissions have impacted state renewable energy policy design. Through the meticulous study of nearly three decades of state-level renewable energy policy-making, he finds that their creation is primarily driven by legislatures, and that ideologically liberal legislatures largely push the envelope. To the extent that public utilities commissions craft these policies, they do so with an eye toward avoiding pushback from electric utility companies. The book suggests that a limit of having a predominantly state-driven renewable energy effort can lead to uneven and patchwork-based policy development outcomes, and a possible solution is to try to more successfully federalize these issues. Parinandi urges readers, scholars, and policy practitioners to consider whether a state-led effort is adequate enough to handle the task of building momentum for renewable energy in one of the world's largest electricity markets.

Modeling aspects have added a new dimension in research innovations in all branches of engineering. In the field of soil and water engineering, they are increasingly used for planning, development, and management of land and water resources, including analysis of quantity and quality parameters of surface and ground water, flood forecasting and control measures, optimum allocation and utilization of irrigation water. The application of these models saves considerable time in decision support systems and helps in conservation and optimum allocations of scarce precious natural resources.

The geopolitics of oil and gas have made a spectacular return to the international political agenda. The European Union (EU) has recognized the importance of incorporating energy security more systematically into foreign policy. It has committed itself to pursuing an energy security policy based on market interdependence, European unity and long-term governance improvements in producer states. In offering the first broad, global assessment of the foreign policy dimensions of EU energy security, this book considers how far these commitments have been implemented. Examining how the EU's general approach to energy security has played out in the specific political contexts of different countries and regions, distinctive features of the book include: a thorough analysis of current EU strategies towards energy security, assessing the EU as an international actor a key focus on the governance structures of producer states including the Middle East; Russia, Central Asia and the Caspian, and Sub-Saharan Africa a major addition to debates surrounding markets and geopolitics, informing both international relations and international political economy This book will be of interest to students, scholars and policy makers in the fields of European/EU Politics, energy politics, foreign policy and International Relations.