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      The Costs and Gains of Coordinating Electricity Generation in the Gulf Cooperation Council Utilizing the Interconnector
      Regional Energy Markets

      The Costs and Gains of Coordinating Electricity Generation in the Gulf Cooperation Council Utilizing the Interconnector

      David Wogan, Frederic Murphy, Axel Pierru

      Countries in the Gulf Cooperation Council (GCC) have installed a network of high-voltage transmission lines, known as the GCC Interconnector, which links the member states of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates (UAE). The Interconnector…

      David Wogan Wogan, David
      Frederic Murphy Murphy, Frederic
      Axel Pierru Pierru, Axel
      10th June 2018
      OPEC’s Impact on Oil Price Volatility: The Role of Spare Capacity
      Future of Global Oil Markets

      OPEC’s Impact on Oil Price Volatility: The Role of Spare Capacity

      Energy Journal

      OPEC claims to hold and use spare production capacity to stabilize the crude oil market. We study the impact of that buffer on the volatility of oil prices. After estimating the stochastic process that generates shocks to demand and supply,…

      Axel Pierru, Tamim Zamrik

      2018
      The Economic Impact of Price Controls on China’s Natural Gas Supply Chain
      Regional Energy Markets

      The Economic Impact of Price Controls on China’s Natural Gas Supply Chain

      Bertrand Rioux, Philipp Galkin, Frederic Murphy, Axel Pierru, Kang Wu

      Despite significant progress made by China in liberalizing its natural gas market, certain key areas such as market access and pricing mechanisms remain heavily monopolized or controlled by the government. To assess how such distortions impact the market, we developed…

      Bertrand Rioux Rioux, Bertrand
      Philipp Galkin Galkin, Philipp
      Frederic Murphy Murphy, Frederic
      Axel Pierru Pierru, Axel
      Kang Wu Wu, Kang
      24th May 2018
      The Value of Saving Oil in Saudi Arabia
      Evaluation of Public Investment Projects

      The Value of Saving Oil in Saudi Arabia

      Jorge Blazquez, Baltasar Manzano, Axel Pierru

      What is the value of saving a barrel of oil that would otherwise had been consumed domestically? This study explores the question, taking a long-run perspective into a general equilibrium approach. In the case of Saudi Arabia, the difference between…

      Jorge Blazquez Blazquez, Jorge
      Baltasar Manzano Manzano, Baltasar
      Axel Pierru Pierru, Axel
      25th March 2018
      Restructuring Saudi Arabia’s Power Generation Sector: Model-Based Insights
      Electricity Sector Transitions

      Restructuring Saudi Arabia’s Power Generation Sector: Model-Based Insights

      Bertrand Rioux, Axel Pierru, Nader AlKathiri

      Saudi Arabia plans to reform and privatize its power generation sector as part of the Kingdom’s Vision 2030. To provide analytical insights, we developed a model that simulates the restructuring of the electricity market, along with reforming fuel prices to…

      Bertrand Rioux Rioux, Bertrand
      Axel Pierru Pierru, Axel
      Nader AlKathiri AlKathiri, Nader
      20th December 2017
      Managing Oil Revenue Stabilization Funds: A Framework for Developing Policies
      Evaluation of Public Investment Projects Energy and Economic Vulnerability

      Managing Oil Revenue Stabilization Funds: A Framework for Developing Policies

      Nader AlKathiri, Frederic Murphy, Axel Pierru

      Oil revenue stabilization funds provide short-run protection against oil revenue fluctuations – in the way that Saudi government deposits and reserve at the Saudi Arabian Monetary Authority (SAMA) have historically served as a buffer to decouple government budget from oil…

      Nader AlKathiri AlKathiri, Nader
      Frederic Murphy Murphy, Frederic
      Axel Pierru Pierru, Axel
      4th October 2017
      Efficient industrial energy use: The first step in transitioning Saudi Arabia’s energy mix

      Efficient industrial energy use: The first step in transitioning Saudi Arabia’s energy mix

      Energy Policy

      In Saudi Arabia, industrial fuel prices are administered below international prices and firms make decisions based on low energy prices, increasing domestic energy demand. This analysis explores alternative policies designed to induce a transition to a more efficient energy system…

      Walid Matar, Frederic Murphy, Axel Pierru, Bertrand Rioux, David Wogan

      2017
      A tutorial on building policy models as mixed-complementarity problems

      A tutorial on building policy models as mixed-complementarity problems

      Interfaces

      After 50 years of development, building and solving mixed-complementarity problems (MCPs) have become commonplace for policy models that analyze markets. These models are used to develop policies that reshape markets, or introduce markets that replace other organizational forms. In this…

      Frederic Murphy, Axel Pierru, Yves Smeers

      2016
      Economic impacts of debottlenecking congestion in the Chinese coal supply chain

      Economic impacts of debottlenecking congestion in the Chinese coal supply chain

      Energy Economics

      The fast pace of development in China’s coal industry created bottlenecks in its transportation infrastructure. These bottlenecks likely affected not only China’s domestic coal market, but also global coal markets. In this paper, we estimate the costs and consequences of…

      Bertrand Rioux, Philipp Galkin, Frederic Murphy, Axel Pierru

      2016
      The prospects for coal-fired power generation in Saudi Arabia

      The prospects for coal-fired power generation in Saudi Arabia

      Energy Strategy Reviews

      Almost all of Saudi Arabia’s electric power generation is fueled by oil and gas. Plans for future capacity envisage nuclear and renewables supplementing this mix and thereby freeing up oil for other revenue-generating opportunities. Coal-fired generation has been promoted in…

      Walid Matar, Rodrigo Echeverri, Axel Pierru

      2016
      Potential Gains From Reforming Price Caps in China’s Power Sector
      Electricity Sector Transitions

      Potential Gains From Reforming Price Caps in China’s Power Sector

      Bertrand Rioux, Philipp Galkin, Axel Pierru, Frederic Murphy

      When energy sectors transition from government-controlled to market-driven systems, the legacy regulatory instruments can create unintended market distortions and lead to higher costs. In China, the most notable regulatory throwback is ceilings on electricity prices that generators can charge utilities,…

      Bertrand Rioux Rioux, Bertrand
      Philipp Galkin Galkin, Philipp
      Axel Pierru Pierru, Axel
      Frederic Murphy Murphy, Frederic
      29th September 2016
      The Prospects for Coal-fired Power Generation in Saudi Arabia

      The Prospects for Coal-fired Power Generation in Saudi Arabia

      Axel Pierru, Walid Matar

      Almost all of Saudi Arabia’s electric power generation is fueled by oil and gas. Plans for future capacity envisage nuclear and renewables supplementing this mix and freeing up oil for other revenue-generating opportunities. Coal-fired generation has been promoted in some…

      Axel Pierru Pierru, Axel
      Walid Matar Matar, Walid
      24th December 2015
      Economic Impacts of Debottlenecking Congestion in the Chinese Coal Supply Chain
      Regional Energy Markets

      Economic Impacts of Debottlenecking Congestion in the Chinese Coal Supply Chain

      Philipp Galkin, Frederic Murphy, Axel Pierru, Bertrand Rioux

      China’s coal industry grew at unprecedented rates during the first decade of the 2000s in order to support equally unprecedented economic growth. In that type of environment, it is impossible for the capacities of every link in the supply chain…

      Philipp Galkin Galkin, Philipp
      Frederic Murphy Murphy, Frederic
      Axel Pierru Pierru, Axel
      Bertrand Rioux Rioux, Bertrand
      7th September 2015
      Efficient Industrial Energy Use: The First Step in Transitioning Saudi Arabia’s Energy Mix
      Productivity and Economic Diversification

      Efficient Industrial Energy Use: The First Step in Transitioning Saudi Arabia’s Energy Mix

      Walid Matar, Axel Pierru, Frederic Murphy, David Wogan, Bertrand Rioux

      External observers worry about whether Saudi domestic consumption of oil will crowd out exports. This is based on simple extrapolations which suggest that in a little more than 20 years Saudi Arabia may become a net importer of hydrocarbon fuels.…

      Walid Matar Matar, Walid
      Axel Pierru Pierru, Axel
      Frederic Murphy Murphy, Frederic
      David Wogan Wogan, David
      Bertrand Rioux Rioux, Bertrand
      7th June 2015
      Why build energy models as MCPs? An economic perspective

      Why build energy models as MCPs? An economic perspective

      Frederic Murphy, Axel Pierru

      The discipline of microeconomics focuses on the outcomes of the actions of economic agents, where economic agents can be individuals as producers and consumers or organizations that deliver goods or services. Microeconomists have developed a collection of models to understand…

      Frederic Murphy Murphy, Frederic
      Axel Pierru Pierru, Axel
      6th January 2015