The objective of this book is to review and to analyze the
economics of conservation programs in theory and in practice.
Demand side management (DSM) is one of the most topical issues in
regulating electric utilities, both in the United States and
internationally. DSM consists of various measures at the level of
demand (households, commerce, industry, others), which are at least
partially financed by electric utilities and which should either
conserve energy or reduce the peak load. DSM rests on two pillars:
efficient regulation and environmental concern. While regulatory
aspects dominated the past debate, environmental issues are now
becoming more and more important. This shift is largely due to the
recently substantiated evidence on the greenhouse effect.
Therefore, lowering greenhouse gas emissions, in particular of
carbon dioxide, which is an inevitable by-product of burning fossil
fuels, seems an important environmental objective. Given the
contribution of carbon dioxide emissions, energy conservation,
whatever that means in detail, becomes highly important. Indeed,
DSM and related conservation programs are considered as a low cost
option, or as a no regret strategy, independent of whether or not
DSM improves the power industry's economic efficiency. Therefore,
conservation programs have to be considered among the first
instruments to be implemented in any efficient carbon dioxide
emission reduction plan. Just how cheap such programs will turn out
to be is the subject of this study. Although DSM covers load
management as well as conservation, this book, like the public
debate, focuses on conservation. The emphasis of this book is on
electricity demand, including the exposition, jargon, empirics,
etc., but the basic idea of DSM and many of the issues addressed in
this book can be extended to utilities other than energy (gas and
district heat), also to water, garbage collection and others.
However, the intention of the book is not to pretend to generality
but to develop the basic ideas with respect to an environment with
which the author is sufficiently familiar.
General
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