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You are here: Home / Archives for Energy Economics

April 3, 2015

Energy Dilemma of Ethical Cities and the Solar City’s Promise

By Job Taminiau, Jeongseok Seo and Joohee Lee

solarcityNo one in large cities would want to have a nuclear or a coal-fired power plant in their residential boundaries. Recognizing environmental and health risks of conventional power plants, it becomes increasingly unthinkable to propose the construction of such power plants near populous areas. Instead, remote locations are sought, often at the expense of local populations, and the produced electricity is then transferred to the areas of demand.

Here ‘ethical’ cities, who are concerned about detrimental impacts of their electricity consumption on supplier communities, are faced with a dilemma: either they have to build some fossil-fueled or nuclear power plants in their cities to supply electricity they need; or they have to live with shifting health or environmental consequences of such power plants to others. Besides, building large power plants in urban centers can be uneconomical as the capital cost will likely be more expensive than remote rural areas largely due to higher property prices and O&M costs will also be greater due to higher transportation costs for fuel sources, such as coal, natural gas or uranium.

Researchers at CEEP have investigated this dilemma and proposed a reorientation of the energy supply focus to include the possibilities and opportunities that are available within city boundaries. This idea has taken shape in the form of the ‘solar city’, putting forth the notion that cities can capitalize on the incoming solar energy that is collected daily but remains unused unless it is ethically and economically captured. While solar electricity is ready-made for this purpose, other energy technology options or energy saving measures can also be considered. In effect, rather than relying on the construction of additional capacity outside the municipal boundaries, the urban fabric is transformed to become a power plant itself, empowering citizens as ‘prosumers’ through a strategic and collective application of the solar city concept. Calculations performed by CEEP researchers have shown that megacities have great potential to address the economic and inequity problems of energy supply through this strategy: for example, a carefully implemented solar city strategy can account for 66% of Seoul’s energy need during daylight hours [1]. And its supply can be affordably provided to all [2].

Now, a recent study investigating the application of the solar city model has identified a viable financing strategy that allows for the gigawatt scale deployment of solar capacity [3]. Using Amsterdam, London, Munich, New York, Seoul, and Tokyo as case studies, the results show that over 300 million square meters of rooftop area could be available for PV installation and that the city-wide deployment of PV on this rooftop real estate would yield substantial energy, economic, and system benefits. The US$ 10 billion financing cost to install PV on approximately 30% of the commercial and public buildings in these cities—the building types primarily studied in the investigation—could, meanwhile, be addressed by approaching the capital markets through bond offerings.

The investigation does show, however, that city-specific policy, market, and finance conditions influence the viability of the strategy. For instance, Seoul’s low commercial retail electricity price set by the national regulator complicates the business case for a solar city strategy and can only be bridged by a more supportive policy framework, continued falling PV system prices, and/or by increasing electricity retail prices. Similarly, the investigation shows how London would need to rely on some level of policy support to allow for a cash flow capable of providing the foundation for the investment. Importantly, however, the study finds that New York City, Tokyo, Amsterdam, and Munich are all able to already implement a solar city strategy without additional policy support which returns its debt in 10 years or less.

These results are promising and can provide an alternative path that cities can take to solve their energy dilemma. Moreover, these six cities have options available to them to further improve the business case for a PV solar city application by modifying policy frameworks or, perhaps, through collaborative bond structuring. In any case, if the PV system price patterns of the past few years continue into the future, payback periods could be under ten years for most cities without any policy support.

Now, ethical cities have an option. One is to stick to the current path, that is, they consume electricity generated from fossil-fueled or nuclear power plants at the expense of supplier communities who must shoulder the risks. Or they can choose a strategy of leadership and start construction of a distributed solar power infrastructure within their own boundaries and contribute to the sustainable energy transition. The Mayor of Seoul, Mr. Park Won-Soon, has offered an interesting name for his city – “One Less Nuclear Power Plant” [4].

Notes
[1] Byrne, J., Taminiau, J., Kurdgelashvili, L., & Kim, K. (2015). A review of the solar city concept and methods to assess rooftop solar electric potential, with an illustrative application to the city of Seoul. Renewable and Sustainable Energy Reviews, 830-844. https://dx.doi.org/10.1016/j.rser.2014.08.023
[2] Byrne, J. and Yoon S-J. 2014. Sustainable Energy for All Citizens of Seoul. Presentation at the Seoul International Energy Conference 2014. https://www.youtube.com/watch?v=HkTUrLbUt7Y
[3] Byrne, J., Taminiau, J., Kim, K., Seo, J., Lee, J. (forthcoming). A solar city strategy applied to six municipalities: integrating market, finance, and policy factors for infrastructure-scale PV development in Amsterdam, London, Munich, New York, Seoul, and Tokyo.
[4] Seoul Metropolitan Government. (2014). One Less Nuclear Power Plant, Phase 2: Seoul Sustainable Energy Action Plan

Photo credit: Forbes

Filed Under: Energy Economics, Renewable Energy Tagged With: Abundant Energy, Ethical Cities, NIMBY, Solar City

February 17, 2015

Obama’s Budget Proposals for Clean Energy and Climate Investment

By Joseph Nyangon
Investment in R&D is crucial to achieving simultaneously the objectives of economic growth and sustainable development.

A cross-country theme in the clean energy programs supported by the Obama budget proposal is the need for federal and private funding for research and development. Photo: Shutterstock
A cross-country theme in the clean energy programs supported by the Obama budget proposal is the need for federal and private funding for research and development. Photo: Shutterstock

President Obama has released a $4 trillion budget proposal for FY 2016. It contains a range of programs designed to encourage the deployment of next-generation clean energy and energy efficiency technologies. Here are the top five things to know about the budget in terms of clean energy and environmental investments:

1. Clean Power State Incentive Fund
The U.S. President proposes a $4 billion incentive fund to encourage states to make faster and deeper cuts in carbon emissions from electricity than would be required under the Clean Power Plan. The Environmental Protection Agency (EPA) is to administer the Clean Power State Incentive Fund, which would enable states to invest in activities that advance and complement the agency’s Clean Power Plan. The administration outlines several goals, including addressing impacts from the environmental pollution in low-income communities to supporting businesses to catalyze investment in renewable energy, energy efficiency and combined heat and power. The budget also includes $239 million to support reductions in greenhouse gas emissions programs at the EPA [1]. In particular, $25 million would be used to help states develop their Clean Power Plan strategies.

2. Permanent extension of renewable energy investment tax credits
The renewable energy Production Tax Credit (PTC) has been an important lifeline for the wind industry in the United States. It expired at the end of 2013 and Congress agreed to a one-year extension, which expired in 2014. Tom Kiernan, CEO of the American Wind Energy Association (AWEA), has called on Congress to extend the PTC, noting that “Investing in wind power makes sense and that the Production Tax Credit is the right policy to continue growing this abundant, homegrown resource.” [2] The FY 2016 budget proposal concurs, proposing a long-term and stable clean energy policy based on a permanent extension of solar and wind investment tax incentives, and reforming the incentives to make them simpler and more efficient. A separate incentive scheme for solar, the Investment Tax Credit (ITC), which authorized a 30% tax credit through 2016 before falling to 10% thereafter is set to expire at the end of 2018. The administration has proposed a permanent extension.

3. Increased investment in clean energy technologies and R&D
The administration has proposed an investment of $7.4 billion in pollution-cutting technologies—an increase of nearly 7% [3] from the $6.5 billion allocations in the FY 2015 [4], for clean energy programs and sustainable technologies. These investments in solar, wind, low-carbon fossil fuels and energy-efficiency initiatives primarily cover programs at the departments of Energy, Defense, Agriculture, and the National Science Foundation. Examples of the programs outlined in the budget include investment in electric vehicles to enhance their affordability and convenience; improvement in building efficiency programs; climate-proofing electric power grid such as storm hardening, flood-proofing, installing higher temperature-rated transformers and replacing underground transformers with saltwater submersible types; carbon capture and storage; and investment in research and development (R&D) to measure and mitigate fugitive methane emissions from natural gas systems.

4. Advancing international climate negotiations efforts and investing in the Green Climate Fund
The budget also provides $1.29 billion to advance the goals of the Global Climate Change Initiative and the President’s Climate Action Plan (which supports bilateral and multilateral engagement with major and emerging economies). This includes $500 million for U.S. contributions to the U.N.’s Green Climate Fund (GCF) to help catalyze additional private sector support for international climate action and $230 million for the Climate Investment Fund. So far, the GCF has received pledges totaling $10.2 billion from countries such as Japan, South Korea, Norway, Mexico, Sweden, United Kingdom, Indonesia, Mongolia, and more. [5]

5. Energy and climate resilience
The budget contains a panoply of provisions designed to help vulnerable parts of the country enhance their energy and climate resilience and preparedness, including increased investments in community and ecosystem resilience, and a better understanding of the projected impacts of climate change. For example, allocation of $400 million for National Flood Insurance Program Risk Mapping efforts, an increase of $184 million over FY 2015 funding levels. Additional funding has been proposed to tackle coastal resilience, wildfires, and drought resilience. These include $50 million towards the NOAA Regional Coastal Resilience Grants, $89 million to promote water conservation efforts, and $200 million to FEMA primarily for mitigation planning and facilities hardening, an increase of $175 million over current funding levels.

A cross-country theme in the clean energy programs supported by the Obama budget proposal is the need for federal and private funding for R&D [6]. The United States enjoyed remarkable success recently because of pharmaceutical and biomedical research (even if proponents of the free-market often less understand it). From securitizing energy efficiency retrofits to unlocking capital in private equity and pension funds to harnessing green bonds, investment in R&D to fund projects targeting climate resilience and low-carbon technologies is crucial to achieving simultaneously the objectives of economic growth and sustainable development. It is why analyzing the trend in federal budgetary allocation for clean energy investment is vital for understanding signals of long-term economic transformation. In every dimension of clean energy economic growth, there is a critical technological need, which must be underpinned by increasing capital flow in basic scientific research.

Notes
[1] Nyangon, J. (2015). Impacts of shale boom in the U.S. and beyond. FREE. https://freefutures.org/impacts-of-shale-boom-in-the-u-s-and-beyond/
[2] The state of the wind industry is strong: https://thehill.com/blogs/congress-blog/energy-environment/230248-the-state-of-the-wind-industry-is-strong
[3] Obama 2016 budget urges states to cut emissions faster: https://www.reuters.com/article/2015/02/02/us-usa-budget-energy-idUSKBN0L60AF20150202
[4] Budget of the United States Government, Fiscal Year 2015: https://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/budget.pdf
[5] Green Climate Fund Initial Resource Mobilisation: https://news.gcfund.org/wp-content/uploads/2015/02/pledges_GCF_dec14.pdf
[6] Nyangon, J. (2015). Why the U.S. urgently needs to invest in a modern energy system. FREE. https://freefutures.org/why-the-u-s-urgently-needs-to-invest-in-modernizing-its-energy-infrastructure/

Filed Under: Energy and Climate Investment, Energy Economics, Renewable Energy Tagged With: Decarbonization, Energy Markets, Innovation, Natural Gas, Sustainable Investing

February 3, 2015

“One Less Nuclear Power Plant”: Seoul’s Commitment to a Low-carbon and Non-nuclear City

By Joohee Lee

olnnp
OLNPP Initiative is designed to reduce the current level of energy consumption in Seoul by as much as a typical nuclear unit can produce annually.

The recent nuclear accident in Fukushima alarmed many throughout the world. South Korea as one of Japan’s neighbors was immediately shaken by this historical nuclear disaster. However, Korea’s national energy plan to maintain and possibly increase dependence on nuclear energy has not changed much despite worrisome voices from civil society and local communities located near nuclear power plants.

Against this background, Mayor Won-Soon Park of the Seoul Metropolitan Government (SMG) announced in 2012 an innovative and experimental initiative on energy sustainability for the City, titled “One Less Nuclear Power Plant (OLNPP).” Although there are no nuclear power plants in Seoul, the name of the Initiative implies the City’s responsibility to understand and reduce the risks of overreliance on nuclear power disproportionately placed on local residents living near power plants. In this regard, the OLNPP Initiative is designed to reduce the current level of energy consumption in Seoul by as much as a typical nuclear unit can produce annually (approximately 2 million TOE) by 2014. To achieve this goal, the SMG provided a variety of policy measures and channels to enable a broad participation from the citizens. Before the end of the target year, the SMG already surpassed its reduction goal through energy saving (0.91 million TOE), efficiency improvement (0.87 million TOE), and the diversification of energy sources including renewables, fuel cell, and waste heat (0.26 million TOE) [1].

In June 2014, the SMG announced the beginning of the second phase of the OLNPP after its early achievements in the Phase 1 target. In Phase 2, the SMG sets up a more ambitious goal to reach 20% of self-sufficiency in electricity by 2020 (4.2% as of 2013). At the same time, the SMG aims to reduce 4 million TOE of energy consumption and 10 million tons of GHG through additional renewable generation and energy efficiency improvement.

In a paper published in Energy Policy in November 2014, Dr. Taehwa Lee, a CEEP alumni, evaluated the OLNPP policy as a meaningful experiment and effort for energy autonomy and sustainability at a local level. The study analyzed the OLNPP from an analytic framework for urban energy experiments consisting of three dimensions – policy background, governance, and policy content [2]. Among the three dimensions of the proposed framework, the paper highlights the leadership and governance behind the OLNPP able to recognize “burden-shifting” issues existing in the present energy system in Korea as well as incorporate social and moral dimensions into urban energy policies.

Dr. John Byrne, Chairman of the Foundation for Renewable Energy and Environment (FREE), Director of CEEP, and Distinguished Professor of Energy and Climate Policy, serves on the Seoul International Energy Advisory Council which advises the SMG on energy policies and plans including the ONLPP Initiative. Dr. Byrne points out that SMG’s rapid reduction in energy use is a remarkable outcome and that OLNPP Phase 2’s value-centered approach could be an important policy driver for enhancing sustainability and equity in Seoul’s energy system. Recent findings by the FREE Research Group include an estimate of Seoul’s “solar city” potential, noting that about 65.7% of the annual daylight-hours electricity needs of the city can be served by distributed solar power systems on a typical day [3]. Two Korean CEEP alumni, Dr. Sun-Jin Yun and Dr. Jungmin Yu, are also serving on the Policy Implementation Committee of the OLNPP.

Notes:

[1] One Less Nuclear Power Plant, Seoul Metropolitan Government, https://archive.ph/20130627005127/http://energy.seoul.go.kr/
[2] Lee, T., Lee, T., & Lee, Y. (2014). An Experiment for Urban Energy Autonomy in Seoul: The One ‘Less’ Nuclear Power Plant Policy. Energy Policy, 74, 311-318. https://dx.doi.org/10.1016/j.enpol.2014.08.023
[3] Byrne, J., Taminiau, J., Kurdgelashvili, L., & Kim, K. N. (2015). A Review of the Solar City Concept and Methods to Assess Rooftop Solar Electric Potential, with an Illustrative Application to the City of Seoul. Renewable and Sustainable Energy Reviews, 41, 830-844. https://dx.doi.org/10.1016/j.rser.2014.08.023

Photo credit: Seoul Metropolitan Government

Filed Under: Energy Economics, Energy Markets Tagged With: Environmental Justice, Ethical Cities, NIMBY, Nuclear Energy

January 28, 2015

Pathways to Deep Decarbonization Report

By Jeongseok Seo

For deep decarbonization of each country to be realized, three common tools are needed: energy efficiency and conservation, low-carbon electricity, and fuel switching.
For deep decarbonization of each country to be realized, three common tools are needed: energy efficiency and conservation, low-carbon electricity, and fuel switching.

Pathways to Deep Decarbonization 2014 Report is an inaugural effort of the Deep Decarbonization Pathways Project (DDPP). Launched in Seoul in October 2013, the DDPP is “a collaborative initiative to understand and show how individual countries can transition to a low-carbon economy and how the world can meet the internationally agreed targets for limiting the increase in global mean surface temperature to less than 2 degree Celsius” [1]. This report is prepared jointly by 27 partner organizations from 15 member countries and published by Sustainable Development Solutions Network (SDSN) and the Institute for Sustainable Development and International Relations (IDDRI), which are leading the project.

Key findings of this report show that total CO2-energy emissions from 15 preliminary deep decarbonization pathways (DDPs) identified can lead to a decrease in emissions by 45%. While this does not achieve the full decarbonization needed to assure to stay below 2 degree Celsius limit, the report stresses that pathways can be immediately implemented, which moves us substantially toward a global goal of living sustainably. For deep decarbonization of each country to occur, the report provides three common tools: energy efficiency and conservation, low-carbon electricity, and fuel switching [2].

This report can be viewed as a general guidance document for how a country can contribute to the global efforts in limiting the 2 degree Celsius threshold. Detailed analyses for individual countries will be released on the DDPP website. Two country-level reports have so far been released: the U.S. and Australia, and a report on France is scheduled to be released in the first half of 2015.

While many analysts would find much to agree with in terms of the value in identifying and developing deep decarbonization pathways, the objective of this report has also raised concerns. First, the underlying principles and assumptions of the report appear to be rooted in eco-modernization principles, in which humans not only fix severe problems like climate change but also can secure continued economic growth vis-à-vis technological innovations and through advancement in environmental management. While this perspective seems to be popular, it can be criticized for its dependency on experts and bureaucrats, most of whom are rarely exposed to the difficulties arising from climate change [3]. Some also object to an initiative like this because it seeks to endorse a vain ambition to ‘master’ nature. And some will criticize the effort for its failure to include NGOs in the pathway-building exercise [4]. Participation from civil society in each country could enrich country-level reports which will follow. Even so, DDPP is worth the attention of researchers and citizens seeking ideas on how to build a sustainable future.

References

[1] Deep Decarbonization Pathways official website: https://resources.unsdsn.org/pathways-to-deep-decarbonization-2014-report
[2] SDSN and IDDRI. Pathways to Deep Decarbonization 2014 Report. Sustainable Development Solution Network and the Institute for Sustainable Development and International Relations (IDDRI). Retrieved from: https://unsdsn.org/wp-content/uploads/2014/09/DDPP_Digit.pdf
[3] Glover, Leigh (2006). Postmodern Climate Change. New York: Routledge.
[4] Byrne et al. (2002) “The Production of Unequal Nature,” in Environmental Justice, Discourses in International Political Economy (New Brunswick, NJ: Transaction Publishers)

Filed Under: Energy and Climate Investment, Energy Economics, Renewable Energy Tagged With: Decarbonization, Energy Efficiency, Energy Markets, Innovation, Renewable Energy, Sustainable Investing

January 23, 2015

Impacts of Shale Boom in the U.S. and Beyond

By Joseph Nyangon

EIA estimates the growth in natural gas in the U.S. will increase by an average of 1.6% annually between 2012 and 2040. Photo: Reuters.
EIA estimates the growth in natural gas in the U.S. will increase by an average of 1.6% annually between 2012 and 2040. Photo: Reuters.

The unconventional oil and gas boom has shaken up energy markets in the U.S. and beyond. Across many American states, the energy sector is experiencing a number of changes far larger than in its history including improvements in policies, business models, technologies, and investment options to make energy cleaner, more plentiful and diversified, cheaper to store and capable of handling increased demand more intelligently. Technological advances have significantly enhanced production of oil and gas from shale, turning the U.S. into a major oil producer, with most of the new production coming from unconventional sources.

The U.S. Bureau of Labor Statistics estimates a drop in the producer price index for natural gas of nearly 57% between 2007 and 2012 because of increased supply from unconventional oil and gas sources. [1] Unlike other countries with abundant shale resource potential in Europe, Asia and Latin America, the U.S. enjoys some big advantages, such as solid financial foundation for risky projects, open access, a well-developed supply chain built upon many years of serving communities and rewarding shareholders. This is allowing sufficiently robust domestic supplies to meet even significant growth in demand across major sectors of the economy for example transportation, electric power generation, and manufacturing. The U.S. Energy Information Administration (EIA) estimates the growth in natural gas in the U.S. will increase by an average of 1.6% annually between 2012 and 2040. [2] This is more than double EIA’s projected 0.8% annual growth rate in consumption over the same period.

Yet the long-term trend in shale boom is clear. The projection by EIA points to a continuing supply growth for oil and gas out of the shale regions in the U.S., with composition of shale energy expected to reach 56% of total production by 2040. [3]

new production
Source: U.S. Energy Information Administration [4]
Because of the big shifts in production now underway, the industry is continuing to attract more domestic and foreign private investment, which is introducing strong competition in a sector that only a decade ago was deemed obsolete and high cost. A declining trend in U.S. power generation emissions attributed to fuel switching from coal-fired power plants to natural gas systems provides conditions, economic and environmental, that enable electric utilities to improve their operations because shale can come online and offline more quickly. This enhances the capacities of utilities to implement demand-side management strategies more effectively.

Consider the following recent developments:

  • Since 2007, annual production of shale gas in the U.S. has increased by nearly 51% and technically recoverable reserves have grown five-fold, according to EIA. [5] In particular, increased drilling in the Marcellus Shale has stimulated economic growth in places like Pennsylvania, traditionally a coal-producing state. At the same time, hydraulic fracturing (“fracking”) and horizontal drilling have caused concerns about their impact on the environment.
  • The EIA predicts that liquefied natural gas (LNG), as a share of U.S. natural gas consumption will grow to 12.4% by 2030 from current levels of around 3%. As energy consumption in general has grown, so has the demand for natural gas. Investment in new LNG gasification terminals will continue to become attractive because of the rising shale boom, flexible contracting arrangements, and falling liquefaction and shipping costs making LNG shipments more responsive to natural gas prices.
  • Promising oil “plays” (i.e. a commercially exploited energy deposit) in the Niobrara in Northern Colorado and parts of Kansas, Nebraska and Wyoming have revived big local economic gains. Introduction of advanced technologies in oil and gas extraction has led to significant rise in production in the Barnett Shale in Texas since 2003. [6] Drilling has also expanded in other areas, such as the Haynesville and Fayetteville shale plays in Texas, Arkansas, and Louisiana.
  • For now, rising U.S. shale supply is exerting pressure on global energy markets, pushing oil and gas prices to record lows. The upside of the falling oil prices is that it provides the U.S. with a unique opportunity to reform its energy policy towards a path of low-carbon future our society so clearly needs. Globally, more effective management of supply and demand is required to catalyze further investments and competition in energy markets, especially in Asia, Europe, and parts of Africa.

So far, the expansion in production points to continued market stability and economic gains in the long term. Domestically, more U.S. output will likely shield the country from frequent price spikes and seasonal price volatility. In the short term, a shortage of skilled engineers, seismologists, geologists and other experts may hamper production though, forcing energy companies to increase specialized training in oil and gas operations.

Over the long-term, that expertise may be exported to other countries, providing positive balance of trade benefits to the U.S. Even so, the decision by OPEC not to cut back on its production quota in November 2014 in an attempt to prop up oil prices has exerted pressure on non-OPEC producers especially the U.S. and Canada to reduce their production. But this has not stopped oil-prices from tumbling to fresh lows (settling below $50 a barrel) and forcing Goldman Sachs and Société Générale to sharply reduce their oil-price forecasts. [7]

However, increased production may not keep oil and gas prices down in the long-term as a prolonged price slump could tighten profit margins forcing energy companies to cut or delay investment projects. Escalating conflicts of attrition among top oil-producing nations are also possible as countries scramble for new energy markets. The resultant price rout, if that happens, would weigh on other markets and sectors devaluing currencies exposed to oil exports as well as intensifying risks to oil-dedicated sovereign wealth funds.


Notes

[1] U.S. natural gas gross withdrawals, U.S. Energy Information Administration (EIA), (U.S. Department of Energy, Jan. 12, 2015), www.eia.gov/dnav/ng/hist/n9010us2m.htm.
[2] “Annual energy outlook 2014,” Figure MT-43. U.S. natural gas production, 1990-2040, EIA, May 2014, https://www.eia.gov/forecasts/aeo/MT_naturalgas.cfm.
[3] “Annual energy outlook 2014,” Figure MT-44. U.S. natural gas production, 1990-2040, EIA, https://www.eia.gov/forecasts/aeo/MT_naturalgas.cfm.
[4] Drilling Productivity Report, EIA, Jan. 22, 2015), https://www.eia.gov/petroleum/drilling/#tabs-summary-1
[5] EIA, 2008. EIA, U.S. Natural Gas Supply, Consumption, and Inventories. In STEO Table Browser. Retrieved from https://www.eia.gov/outlooks/steo/data/browser/#/?v=15&f=A&s=0&start=2007&end=2015&ctype=linechart&maptype=0&linechart=NGMPPUS.
[6] “Technology drives natural gas production growth from shale gas formations,” EIA, July 2011, https://www.eia.gov/todayinenergy/detail.cfm?id=2170.
[7] Friedman, Nicole, 2015. Oil Prices Fall to Fresh Lows. The Wall Street Journal. Accessed on January 12, 2013, Available at: https://www.wsj.com/articles/brent-crude-falls-below-50-in-asian-trading-1421039495?KEYWORDS=Goldman+Sachs+

Filed Under: Energy Economics, Energy Markets Tagged With: Energy Markets, Innovation, Natural Gas, Shale Gas

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