University of Pittsburgh School of Law 2013 Energy Law & Policy
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University of Pittsburgh School of Law 2013 Energy Law & Policy Institute David Spence August 1, 2013. U.S. Energy Policy in 2013 Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

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University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

University of Pittsburgh School of Law 2013 Energy Law & Policy Institute

David Spence

August 1, 2013


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

  • U.S. Energy Policy in 2013

  • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

  • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation

  • If not “rational middle,” then more of a middle


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

U.S. Energy Flows


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

  • U.S. Energy Policy in 2013

  • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

    • GHG regulation

    • MATS, CSAPR, once-through cooling, etc.

    • RPS battles in states

    • Shale gas production/fracking

    • “Can energy markets be trusted?”  from CA energy crisis to Barclays/JP Morgan

    • Capacity markets vs. pure energy markets vs regulation (Texas)


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

  • U.S. Energy Policy in 2013

  • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

  • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation

  • In theory: who do you trust?

  • Theory vs. reality

  • Centrifugal forces – cognitive biases and cultural cognition of risk


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

  • Electricity Markets

    • “Can energy markets be trusted?”  from CA energy crisis to Barclays/JP Morgan

    • Capacity markets vs. pure energy markets vs regulation (Texas)

  • MMUs in organized markets

  • Mandatory features of organized markets

  • Capacity markets vs. pure energy markets– is price a sufficient signal?

  • Would consumers prefer security?


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

Shale Gas vs. Coal

Share of Electricity Production for Coal, Natural Gas, and Non-Hydro Renewables, 1949-2012

2005: Nat. Gas Wellhead Price = $7.33/mcf

Wider use of mountaintop removal reduces costs of coal mining

2012: Nat. Gas Wellhead Price = $2.66/mcf

56%

First horizontal wells fracked in the Barnett Shale

37%

30%

9%

Arab Oil Embargo: reduced use of oil and gas for electricity generation

5%

New generation of EPA rules developed

a Data source, US EIA


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

  • U.S. Energy Policy in 2013

  • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

  • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation

  • If not “rational middle,” then more of a middle


University of pittsburgh school of law 2013 energy law policy institute david spence august 1 2013

Thank you


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