ALBERT

Description: Uncertainty whatsoever has undoubtedly been deemed to be malevolent to the interests of investors. Theories of partial irreversibility of investment argue that uncertainty at the micro level negatively impacts the firm’s investment and thereby, at least, slow the process of capital accumulation. Therefore, the present study, empirically analyzes how energy price uncertainty affects investment decisions of manufacturing firms in India.  A variety of panel data models are estimated using Generalized Method of Moments (GMM) with data pertaining to  Indian manufacturing firms over the period 1992- 93 to 2013- 14. Results are consistent with irreversible investment literature on the supply side of production, which shows that energy uncertainty has a negative effect on the capital accumulation in the manufacturing sector and this effect transpires in the form of firm's inability to adjust its actual capital stock to match up to its potential desired capital stock as proposed by the investment theories. Keywords : Energy Price Uncertainty, Irreversible Investment, Energy Intensity JEL Classifications : C23, D80, E20, Q41.

Description: This paper aims to examine the effects of electric consumption on three sectors, namely, manufacturing, agriculture and services. The Johansen co-integration model is applied. The results indicate a long-run relationship between electric consumption and three sectors in Malaysia. VECM shows that it is confirmed that the long run relationship among electric consumption, agriculture and manufacturing in Malaysia. The Granger causality is used, and the results show that electric consumption does not Granger cause manufacturing and services sectors. However electricity consumption does Granger cause agriculture sector. Keywords: Electricity consumption, Agriculture, Service, Manufacturing JEL Classifications: Q11, Q43

Description: This study probes the short and long run relationship between economic growth, electricity supply, trade openness, electricity prices, employment and capital in South Africa within a multivariate framework. The autoregressive distributed lag bound testing was employed to establish the long run relationship between these variables using data for the period between 1985 and 2014. Major findings of the study include that economic growth, electricity supply, trade openness, electricity prices, employment and capital are co-integrated. Overall, the paper suggests that efficient planning and increased investments in electricity supply industry infrastructure is of essence to solve the problem of electricity supply as this would force the sustainable economic growth in South Africa. Keywords: Electricity Supply, Economic Growth, South Africa JEL Classifications: O13, Q43

Description: Recent environmental concerns and policies have reformulated the traditional economic dispatch problem by including the emission impacts in the mathematical model.  The combined economic and emission dispatch problem is a multi-objective non-linear optimization problem. This paper presents a method to consider the fuel costs and environmental emissions simultaneously. The -constraint method for bi-objective optimization has been used to generate Pareto front. Furthermore, trade-off curves have been developed for different types of emission. The elasticity of cost with respect to the emission (say, emission elasticity) has been estimated for all Pareto optimal points and different types of emissions that provides invaluable information for the system operator to run the system with sufficient flexibility subject to technical constraints while the operator has multi fuel options. Moreover, the emission elasticity is effective tool for competition in the electricity market. The Iranian Electricity Market is considered as empirical evidence. Keywords: Combined economic-emission dispatch, Emission elasticity, Iranian electricity market, Multi objective optimization model, ε-Constraint. JEL Classifications:   C6, F64, P48, Q

Description: In this study, the impact of information communication technologies (ICT) on electricity consumption in the Next 11 (N-11) emerging economies over the period 1990-2014 is examined. This period coincides with high economic growth rates in those countries and associated rapidly increasing electricity consumption as well as the ICT revolution that saw the rapid uptake of new ICT by its peoples. Little has been published on the relationship between ICT and electricity consumption in the N-11 emerging economies. This paper examines the hypothesis that increased use of ICT increases electricity consumption. Secondly, how different measures of ICT affect electricity consumption and finally, what are the short-run and long run elasticities of electricity demand with respect to ICT in N-11 countries? The methods used included dynamic panel data models (MG, PMG, system GMM) and show a positive and statistically significant relationship between ICT and electricity consumption where ICT is measured using internet connections, mobile phones or the import percentage of ICT goods of total imports. Long run ICT elasticities are smaller than income elasticities but because ICT growth rates are so much higher than economic growth rates, the impact of ICT on electricity consumption is greater than the impact of income on electricity consumption. Electricity demand projections in emerging economies, which do not include ICT as an explanatory variable, may underestimate actual electricity demand. This can lead to unplanned electricity shortages if actual electricity demand exceeds planned electricity demand. Thus, the paper gives policy recommendations based on the empirical results for the N-11 countries to address this problem. Keywords: N-11 countries, ICT, Electricity Consumption, Panel data, MGE, PMGE, system GMM JEL Classifications:  L94, O1, N17, O10, Q43, J21

Description: The relationship between the oil and the level of economic activity is a fundamental empirical issue in macroeconomics. Also, a part of major debates between the pessimists and the optimists approaches about economic growth is how uncertainty of proved reserves of non- renewable energy resources as a one of main inputs, effects on the economic growth; in other words, on the base of some optimistic new economic growth models, the uncertainty through positive shocks positively effects on the economic growth. So, to find some evidences about it, in this research we try to find experimentally direct effects of uncertainty of oil proved reserves on macroeconomics of Iran by using annually data from 1980 to 2013 by using Multivariate GARCH-in-mean VAR model. We find that uncertainty in oil proved reserves has not had statistically significant effect on aggregate output and the responses to positive and negative shocks are symmetric. Keywords: Uncertainty, Oil proved reserves, Time allocation of resources, Vector autoregression multivariate GARCH-in-mean VAR. JEL Classification: C32; E10; Q32.

Description: Nigeria is Sub-Saharan Africa’s largest oil producer and also possesses huge unrealized gas deposits. The oil and gas industry is considered as the lifeblood of Nigeria’s socio-economic development, bearing in mind the well-established historical antecedents and the unfolding happenings. However, inspite of the strategic role of this industry to national wellbeing, it is a signpost for; corruption, infrastructure deficit, oil smuggling, vandalism and diverse security challenges. It is noteworthy, that accurate revenues attributable to the industry are not consistently published. Royalties paid to the Federal Government remain undisclosed for unjustifiable reasons. Also, specifics of transactions are disguised, thereby making it practically impossible for an interested stakeholder to monitor the level of; royalties, taxes, fees and charges paid to the Federal Government. Hence, the paper critically assessed selected laws, code, practices and the essence of policy re-engineering to Nigeria’s oil and gas industry. Conclusions and contextual recommendations were also proffered.  Keywords: transparency, oil & gas, law, policy, re-engineering, Nigeria JEL Classifications: O13, Q48

Description: This paper studies the relationship between oil price and the exchange rates of OPEC members from February 1999 to March 2016. The wavelet method is applied to combine information from both time and frequency domains, which does not require stationary and decomposition of original time series data. The study found that the strength of the relationship between oil price and exchange rate divides into three main categories, namely oil price leads exchange rate, exchange rate leads oil prices, and the relationship keeps changing. Countries which currencies pegged to USD are lagging against oil price changes, countries with floating exchange rates and countries with an undisclosed weighted basket of international currencies leads the changes in oil price, and countries which their currencies pegged to Special Drawing Right (SDR) experience changing relationships. This finding suggests that the central banks of OPEC member countries should give importance to shocks on oil prices, while formulating their own exchange rate policy. Keywords: Wavelet coherence, oil price, exchange rate, OPEC JEL Classifications: C58, F31, Q02

Description: Environmental degradation and climate change are the main challenges encountered to achieve the predominant objective of sustainable development. There has been voluminous work done in this area, but the policies adopted and the empirical relationship between the determinants of CO 2 emissions are not clear to handle the problem.  There exists a theoretical and empirical contradiction in the literature on the relationship between the variables under the study. Thus, the current study investigates the relationship between carbon dioxide (CO 2 ) emissions and its determinants namely economic growth, energy consumption, financial development, and technological innovations for Malaysia between 1985 and 2012. To achieve the objective of long-run relationship the autoregressive distributed lagged (ARDL) model is used for parameter estimation. The empirical results reveal that technological innovation is having a negative but insignificant relationship with environmental pollution in Malaysia during the period under study. The study also indicates that higher economic growth improves the environmental quality in the long-run and is in line with the Environmental Kuznets Curve (EKC) hypothesis. In a similar vein, the results indicate that financial sector development will lessen the CO 2 emissions, thus, improving the quality of the environment in Malaysia. The short-run results reveal no evidence of the validation EKC hypothesis. Furthermore, the study applied Granger causality approach for causal relationship and found bidirectional causality running between economic growth and CO 2 emissions and between technological innovation and CO 2 emissions in the long-run. The study also found that the impact of energy consumption in the short-run is environmentally friendly. Moreover, the results indicate a short-run bidirectional causality running between energy consumption and economic growth and also between economic growth and technological innovation. Keywords: CO 2 emissions, EKC, technological innovation, ARDL, Malaysia JEL Classifications: C32, O52, Q43, Q50

Description: Today conflicts between large organizations that promote hydroelectric megaprojects (Sovacool, et al, 2015) and local communities are predictable (Ansar, et al., 2014). In literature, the causes of these levels of conflict are explored from the point of view of power relationship (Goodwin & Jasper, 1999) and stakeholder framework theory (Rosso, et al., 2014). This paper presents an original way to address this research field through an endogenous view (Mieg H. A., 2014) of the organizations focused on decision making process based on expert judgment. The study scopes are environmental decisions under uncertainty that are carried out to develop environmental impact assessment. All organizations that are developing large hydroelectric projects in Colombia during period 2010-2020 were examined. The results indicate the difficulty of organizations (Moritz & Gieri, 2015) to adequately respond to external requests associated with environmental and technological dimensions. Cumulative prospect theory and heuristic and biases framework (Brighton & Gigerenzer, 2015) are the theoretical background. Energy policy recommendations are generated based on adjustment type "external view" that comes from behavioral organizational framework (DellaVigna, 2009). This study identifies a novel approach to design lesser levels of conflict through creating better organizational decision making processes. Keywords: Decision making theory, large organizations, cumulative prospect theory, megaproject JEL Classifications : D22, Q51, L90 

Description: This paper is an attempt to analyze changing energy intensities in the Indian economy. The hybrid I-O model at constant prices has been used to address the problem of homogenous pricing of energy inputs across sectors of the economy. Results reveal that the indirect rather than direct energy use is an important source of energy consumption. In such scenario, conservation measures should be pegged in upstream suppliers through technological improvements, fuel substitution or input replacements. Finally, the paper argues that improvements in energy efficiency in the production chains are likely to be more effective than changes within the production process. Keywords: Hybrid Input-Output; Energy intensity; Constant prices JEL Classifications: C67, D57, Q40

Description: Natural gas distribution infrastructure is critical to socioeconomic development and environmental sustainability in Nigeria. Environmental degradation has benefited largely from inadequate natural gas utilisation and infrastructural development in the domestic and regional networks to gather, transmit and distribute the associated gas produced. Thus, this paper explores the concept of gas development to promote sustainable development and to tackle the problem of environmental degradation in Nigeria. It identified the various natural gas utilisation projects in the domestic, regional and international networks to stimulate economic growth as well as the quest for environmental sustainability across the gamut of Nigeria. These projects enable captured gas to be harnessed for socioeconomic and environmental benefit, eliminate routine gas flaring and create the much needed gas infrastructure for development. Quite remarkably, natural gas distribution infrastructure creates undisputed domestic and regional hub gas based opportunities for industries in the domestic network. It also acts as industrial feedstock to consolidate the market share in high value export market through the liquefied natural gas (LNG), Escravos Gas Project and the West Africa Gas Pipeline (WAGP) in the West African sub region. Keywords:   Natural gas utilisation; environmental sustainability; environmental preservation; JEL Classifications: O13, Q55

Description: In Indonesia, the use of LPG in vehicles has been promoted through government policy since 1988. However, the progress has not significantly run. Therefore, this paper presents the techno-economic analysis of LPG as road vehicles fuel alternative in comparison with gasoline RON 88 and RON 92 for public transportation in Indonesia. The techno-economic analysis is considered running cost, break-even point (BEP) distance, net present value (NPV), internal rate of return (IRR), payback period, and sensitivity analysis. This analysis indicates that the BEP distance of public transportation vehicles are approximating at 55,351 km compared to gasoline RON 92 and 93,168 km compared to gasoline RON 88. Meanwhile, the result of the investment analysis shows that the investment feasibility indicators which include NPV, IRR, and payback period show the investment was feasible but the investment is sensitive to fuel cost ratio between LPG and gasoline. Keywords: LPG vehicles, running costs, investment feasibility JEL Classifications : M21, O31, Q43

Description: The Government sector is one of the main energy consuming sectors in Thailand which consumed 2,064 GWh of total consumption in 2012. Due to Thailand need to import energy, so Government of Thailand announced to all government agencies to reduce energy consumption by 10%. Public school is one of government agencies, not only to reduce their consumption but also have responsibility to transfer knowledge and create the behavior of energy saving for students. However, it is not simple to fulfill this task due to many obstacles, called “Barriers”. The purpose of this paper is to identified the barriers which prevented public schools from energy saving and how to overcome those barriers, by interviewing with school managements as research method. The results highlight the government policies and values are the main barriers of energy saving in schools and also suggested various ideas of how to overcome those barriers in each level. Keywords:  Energy saving, Barriers, public school JEL Classificationss : Q4, P28

Description: This study aims to estimate and analyze the income elasticities of Brazil’s energy matrix, represented by the supply and consumption of energy. We sought to compare the income elasticities of both energy products and consumption through secondary sources and consumer sectors. This is an explanatory or relational research of an ex-post-facto nature, analyzing the period from 1970 to 2011, using the ANCOVA-EC estimation method. The results obtained from the estimates show that both for energy products, as in relation to industrial sectors, the elasticities are statistically different. The naphta, natural gas and ethyl alcohol had the highest elasticities in the energy matrix, and the industries ferro-alloy, non-ferrous metals and non-energy are the most sensitive to income growth. When elasticities are compared with the sectoral energy intensity index, there is evidence that less efficient sectors have higher income elasticities. In summary the results show that there is sectors or products that are more sensitive to economic growth where the energy-intensive and demand presented as the main factors to explain the sensitivity, there is also evidence to demonstrate that the level of efficiency is different compared the different sectors. Keywords: Income Elasticity, Price Elasticity, Energy Matrix, Sector Demand for Energy JEL Classifications: E3, G38, K23, M48, Q4

Description: This paper examines the causal relationships between energy consumption, income and energy prices for the African countries using Johansen's maximum-likelihood test of cointegration and Error-Correction Model (ECM). To have a reliable estimate, only countries having data availability for a minimum period of 25 years were considered. This requirement reduces the sample size to 26 countries only. Out of these, a long run cointegrating relationship was found for a total of six countries, which was then subsequently analyzed to confer on the direction of causality. Out of the reported five countries, we found the existence of bidirectional Granger causality for Ethiopia, Morocco and Mozambique. The result for Angola suggests unidirectional Granger causality running from income to energy consumption while no Granger causality for the case of Tanzania. Findings suggest that countries regardless of their level of income and development should direct their energy conservation policies on the basis of the energy-output causality relation. Keywords: energy; Johansen's maximum likelihood test of cointegration; Error Correction Model. JEL Classifications: C22; Q43; Q48

Description: The present study aims to reinvestigate the relationship between electricity consumption and economic growth in Angola by introducing exports, imports and urbanization in the production function. We utilize the combined cointegration method to test the long-run relationship for the period of 1971-2012. Whilst accommodating structural breaks, the ARDL bounds test approach is applied to examine the robustness of the long-run relationship in the variables. The results reveal that electricity consumption boosts economic growth but urbanization impairs it. The VECM causality results unveil the feedback relationship of electricity consumption with economic growth, exports and imports. It is, therefore, suggested that the policy makers should formulate the policies to improve the electricity supply that in turn will enhance the economic growth. Keywords: Electricity consumption, economic growth, combined cointegration test, Granger causality test JEL Classifications : C32; O55, Q43

Description: The purpose of this article is to study the specifics of renewable energy development in China, including solar, as well as to identify the main factors limiting the ubiquity of solar energy in the country. Among the main objectives of the article, it makes sense to highlight the following: a study of historical preconditions for the formation of the renewable energy segment in the national energy sectors; an analysis of the main trends in socio-economic and energy development in China; an evaluation of China's activity in the exploitation of renewable energy sources; consideration of the most important prospects and limitations in the use of solar energy. Keywords: Renewable Energy; Solar Energy; China; Conventional Energy Production; Photovoltaic Cells; Electric Power JEL Classifications: Q42, Q48, O31

Description: This article tries to explore the long-run nexus between oil consumption, GDP and carbon dioxide (CO2) emissions in the Next eleven (N-11) countries over the period 1980-2013, by using the panel c-ointegration, the panel Dynamic OLS and the panel Fully modified OLS approaches.The empirical findings indicate that there is a bidirectional long-run linkage between oil consumption – GDP per capita and oil consumption- CO2 emissions. Moreover the inverted U-shaped linkage between the square of GDP per capita and CO2 emissions, supports the existence of Environmental Kuznets Curve (EKC) hypothesis. With estimations through the panel DOLS and FMOLS, the long-run elasticity of oil consumption per capita to CO2 emissions per capita is calculated about 0.96% and positive which is in contrast to the coefficient sign of its elasticity to GDP per capita (-0.48%). Moreover, the elasticity of GDP per capita and CO2 emissions per capita to oil consumption per capita are -0.32% and 0.94%, respectively. These findings prove the negative contribution of non-renewable energy (oil) consumption per capita to GDP per capita in the N-11 group. Furthermore, due to the bidirectional long-run relationships between oil consumption and CO2 emissions, these 11 countries should find the efficient energy policies which are in line with CO2 mitigation and reaching a higher GDP per capita growth. Keywords: Oil consumption per capita, GDP per capita, CO2 emissions per capita. JEL classifications : E21, Q54, Q56

Description: The goal of the article is to analyze the present state and perspectives of exploring gas and oil resources of the Russian North in the context of economic interests of a number of foreign countries, to reveal both common things in interests of the both parties, and inconsistencies that must be aligned. The methodology of the research is based on the system approach to estimating the state of gas and oil resources of the Russian North and comprehensive analysis of aligning economic interests of Russia and a number of foreign countries. A complex of general scientific and special methods of research was used, including abstract-logical, balance, statistical analysis and others. The article shows that the Russian North is extremely rich in gas and oil resources that are both currently exploited and promising for reclaiming especially on the shelf of Arctic seas. It analyzes reasons of the decrease in the gas and oil production in the country that has occurred over recent years. It is caused by the fall of the demand for hydrocarbons in the world, sectoral sanctions, and the decrease in the production of the mineral resources base. Gas and oil resources of Russia fall within the interests of a number of foreign countries, mainly West European countries for which stable provision of the economy with raw hydrocarbons becomes one of the most important strategic tasks. Long-term economic interests of Russia coincide with the interests of the European Union, however, not fully. The authors come to the conclusion that in case of supplying hydrocarbons economic interests of Russia and European Union countries must be aligned not only in terms of searching for mutually profitable forms of cooperation but also solving basic inconsistencies that lie in the basis of opinions discrepancies. Keywords: gas and oil resources, the Russian North, Arctic shelf, Western European countries, Asia-Pacific countries, alignment of interests. JEL Classifications: , D74, F00, L71, Q32, Q34

Description: This paper analyses the joint effects of oil price volatility and environmental risks on non-performing loans. Using panel data of 12 Organisation of the Petroleum Exporting Countries for 2000-2014, we test hypotheses of joint effects of oil price changes and environmental risks on non-performing loans. Estimates from static panel model highlights the explanatory power of systemic risks theory in linking the effects of oil price volatility and environmental risks on NPLs and underpins their importance for policy implication purposes in OPEC member states. This calls for concerted policy and management response for assessing oil price sensitive and disaster riskiness of borrowing entities. This paper is of particular value to oil dependent countries such as OPEC member states that are net oil exporting countries. From the policy perspectives, there is need for banking regulators to consistently ensure the conduct of both micro-stress and macro-stress tests of loans against the systemic risks of oil price volatility. In addition, policymakers in the banking system should redesign their prudential guidelines to take care of the credit risks vulnerabilities associated with environmental risks and spread their risks across industries and geographical areas that are less prone to disasters. Keywords: Oil Price Volatility, Environmental Risks, Non-Performing Loans, OPEC JEL Classifications: G32, Q43, Q54

Description: This paper examines the impacts of oil price shocks on macroeconomic aggregates of Turkey. We find evidence suggesting the influential role of oil price shocks on macroeconomic aggregates. In other words, we find that oil price shocks affect output growth negatively with a delay. However, higher oil prices are associated with higher inflation, and depreciating exchange rate. We also explore the role of asymmetric oil shocks on macroeconomic aggregates and find that both oil price increases and decreases are associated with a delayed lower output growth rate. Furthermore, we find oil price increases affect inflation positively a delay. The appreciation of exchange rate appears with a delay due to oil price decreases. Keywords : Oil Price Shocks, Economic Activity, Turkey JEL Classification : C22, C32, Q43

Description: The aim of this paper is to examine the convergence behavior of carbon dioxide emissions per capita (co) in seven regions for 1960-2011 period by using recently developed the second generation panel data methods. Empirical results are as follows: i) there exists cross-sectional dependency for co variable ii) the CADF unit root test without structural breaks shows that the co variable is stationary at its first differences, iii) but the PANKPSS unit root test with structural breaks the co variable is stationary at its level. The overall results indicate that the regional stochastic convergence of carbon emission per capita is valid for the seven regions under structural breaks and any environmental shock has temporary effect. Keywords: Carbon Emissions, Stochastic Convergence, Panel Data. JEL Classifications : C33, Q53, Q56

Description: In this paper, we investigate long and short-term direct and indirect impact of changes in oil prices (including shocks to exchange rate) and bank lending policy (interest rate channel) on prices of six groups of agricultural products in Russia (buckwheat, potatoes, oat, wheat, rye, barley). In this paper, Granger causality approach is applied to test long-run interlinkages with monthly data from January 1999 to October 2015. For testing the response of agricultural prices to sudden shocks in oil prices, exchange rate and interest rates for agricultural loans in the short run, we use impulse-response techniques. The results of impulse response analysis show that agricultural prices are not particularly sensitive to changes in oil prices, exchange rate of Russian ruble and banks’ interest rates in short run, except for imported and not subsidized commodities. In the long run, Granger causal relationship test shows same results. Keywords : agricultural commodity, world oil prices, exchange rate, interest rate, Granger causality test, impulse response analysis. JEL Classifications: F31, Q1

Description: The importance of international cooperation in reducing the Green House Gas (GHG) has been widely recognized. The primary tool for involving developing countries in carbon reduction without hindering their development is the clean development mechanism. In order to simulate numerically the impact of the Iran clean energy development of the industrial sector under the CDM, a computable general equilibrium (CGE) model is used. The numerical simulations reveal the growth potential and sustainable development benefits that represent the CDM for Iran, though the environmental impact in terms of carbon emission of sectors appears broadly mixed. Based on results some sectors benefit from these clean investment flows -including industry- other sectors show carbon emission increases, but the overall emission of the economy decrease and results in lower environmental costs in green GDP. Keywords: Clean Development Mechanism, Computable General Equilibrium, Industry Sector, Iran. JEL Classifications: D58, O13, Q56.

Description: The Energy Efficiency Directive 2012/27/EU (EED) requires that final users in multi-apartment buildings supplied by common central heating source should be provided by 31 December 2016 with accounting systems, as long as technical feasibility and reasonable costs in relation to the potential energy savings can be demonstrated. Such systems would reflect users actual thermal energy consumption. The typical configuration of Italian multi-apartment buildings implies quite expensive installation costs and sometimes even prevents the installation for technical reasons. Coherently with EED, in such cases alternative cost-efficient methods for heat accounting should be adopted, such as indirect methods. This study assesses the economic and technical feasibility of the most common heat accounting systems. In this paper, after a brief analysis of the different approaches adopted in EU member states, the authors present a cost/benefit analysis that considers the main capital and running costs of individual heat accounting systems with respect to the potential energy savings achievable. Keywords: energy efficiency, heat accounting, cost efficiency. JEL Classifications: O31, O33

Description: Food and beverage industries play crucial roles in satisfying food requirements. They rely on various kinds of energy to prepare and process foodstuff. The relative prices, technology level, sector growth and machinery status determine use of energy carriers in these enterprises. This paper examines the relationships among natural gas use, value-added and energy prices in food and beverage industries of Iran during 1978-2014. The decision unit is food manufacturing workplace. By considering microeconomic basics and applying co-integration approach, demand for natural gas is estimated. Due to the long-run nature of co-integrating relationships, the long-run own- and cross- price elasticities and income elasticity are estimated. Our findings show that natural gas is a luxury input in food industry, it is highly elastic to its price; and electricity and oil products are substitutes for natural gas. In a growing food sector, we would expect natural gas use to increase more rapidly. Keywords : Natural Gas, Food industry, Price elasticity JEL Classifications : D21, Q13, Q41 

Description: One of the main tasks of the state when achieving the stable economy growth is to stimulate a growth of the energy efficiency in energy intensive sectors of economy and to form the efficient regulatory basis to decrease the energy ratio. Therefore, the main task of the state power is to provide efficient, reliable, and ecologically responsible supply of energy resources. Thus, in 2013 the Government of the Republicof Kazakhstandeveloped and adopted the Concept on Transferring to “Green Economy”. Its basic goal is to provide reliable, adequate and accessible energy resources for substantial social, economic, and ecologically stable growth of the country. The research conducted within this article allows to make the conclusion that at the present time the Republic of Kazakhstan has a very low level of energy efficiency. In spite of considerable positive changes in the development of innovations, in accordance with the classification of the 2015 Global Innovation Index, Kazakhstanis ranged as an inefficient innovator with a low level of investments in research and development works and low demand for eco-innovations. Keywords: eco-innovations, green technologies, green power industry, national innovational strategy, energy efficiency, energy ratio, resources of renewable energy sector (RRES). JEL Classifications: N55, O13, P28

Description: The study examines gas flaring and crude oil revenue in Nigeria. The study used secondary data for 14 years from 2000 to 2014 inclusive to analyze the issue using multiple regression analysis. The study employed time series data hence, a unit root test is conducted and found that they are stationary at level. Using three variables, gas flaring as the aggregate amount of gas flared by oil producing companies in Nigeria as an independent variable and crude oil revenue as an aggregate of revenue generated from all oil companies crude oil as dependent variable and tax as penalty on flaring is used as a control variable, the findings of the study show that gas flaring has a negative impact on Nigerian crude oil revenue and is statistically significant. From the research there are strong indications that the implementation of regulations and incentives to abate gas glaring in Nigeria has to be improving in other to increase revenue generated from crude oil. The author suggests that government should embark seriously on gas utilization policy and increase the penalty for companies who still engage in gas flaring. In addition, the government should utilize the gas flaring for electricity generation or implore another means of either utilizing it or curtail it. Keywords: Gas Flaring; Carbon Emission; Crude Oil Revenue JEL Classifications: Q51, Q53, Q56

Description: Marginal oil and gas field could contribute immensely to wealth creation, employment generation and confidence in local oil firms if properly exploited by the indigenous firms. Despite the laudable marginal field initiative by the Government, indigenous players still face challenges in exploiting these fields in Nigeria. This study evaluates the fiscal regime and the economic factors that could be hindering oil field development among the indigenous oil firms. The result of the financial cash flow modelling found that the marginal oil field’s project is viable with post-tax Net Present Value (NPV) and Expected Monetary Value (EMV) above $29 million. The petroleum profit tax, royalty and crude oil price have more impacts on the field’s NPV. The study suggests a periodic assessment of the fiscal regime and appropriate policy by the government to encourage the local players in developing the marginal oil field. Keywords: indigenous, marginal oil and gas field, Financial Simulation, government JEL Classifications: F38, Q47

Description: Russia is one of the most polluting countries in the world and environmental problem is very important in this country. The forecast of atmospheric emissions was conducted according to various economic development scenarios in Russia using dynamic Dynamic Input-Output Model. The optimistic scenario is realized under hypothesis about oil prices increase and real ruble exchange rate strengthening beginning of the end of 2015, the revival of investment processes, the successful policy of import substitution, and the competent using of instruments of monetary and fiscal policy. The pessimistic scenario is implemented under assumption of negative economic tendency prolongation of the 2014. Future increase of environmental pressure will be expected in optimistic scenario. The improvement of pollution taxes mechanism as a way of government ecological policy is discussed in the article. Keywords: Input-Output Model, environmental pollution, forecast of emission, pollution taxes JEL Classifications: E62, H23, Q32, Q38, Q42, Q5

Description: This study analyses the validity of environmental Kuznets curve (EKC) hypothesis for the Asia-Pacific Economic Cooperation Forum (APEC), within the period 1992-2012. Three econometric models are performed, which use different environmental quality indicators as dependent variable. Model 1) uses CO 2 total emissions in APEC, model 2) uses CO 2 emissions generated from coal consumption, and model 3) uses CO 2 emissions generate from petroleum consumption. Pedroni and Kao cointegration approach are applied for testing long-run relationship between variables for each model. Fully modified ordinary least squares (FMOLS) method is employed for determining the elasticities of the long-run relationships. The analysis finds that an EKC is held under model 1, and 3, but for model 2 the relation between the variables does not show an inverted U shape behavior. Additionally descriptive analysis and model 2 suggest that coal consumption has been increasing in last years, because of the effect in CO 2 emissions; even more in this specific indicator, economic activity is leading to an unsustainable growth scenario in APEC. Keywords: Environmental Kuznets curve, CO 2 emissions, economic growth. JEL Classifications: Q5, Q56

Description: Investment in infrastructure, although historically dominated by public intervention, are experiencing a growing role for public and private partnership. This trend traced a steady increase since the start of privatization and liberalization process that took place in most OECD countries in the 90s and peaked in 2012. Middle East and North African (MENA) countries are hungry for infrastructural investment, but looking at the consolidated global trends in energy investment, it emerges that its performance is particularly poor in attracting private participation. However, Morocco was able to figure among the top destination countries for energy investment. Together with Jordan they represent the only two countries able to attract energy investment in the region mostly in renewable energy technology. Evidence shows that Morocco and Jordan are those that perform better in terms of political stability score and rule of law score according to the World Bank. The institutional and political endowment in MENA countries appear to be inappropriate to secure the level of infrastructural investment in the energy sector, in particular when dominated by long lead times and irreversibility. In this context, renewable energy sources investment offer a valid alternative, when the necessary pre-conditions are put in place and when the regulatory design is able to offset, at least partially, the higher country risk that investor are likely to face. Keywords: Public Private Partnership, Investment, Middle East and North Africa, Energy Transition, Institutional Endowment, Renewable Energy Sources Investment JEL Classifications: D02, L43, O13

Description: Elizabeth Haub Prize - Marc Pallemaerts Honoured 16 IUCN World Parks Congress 2014 - Safeguarding the Planet's Natural Assets "Defining the Agenda" (Eustathia Laina and Elsa Tsioumani) 19 Content Type Journal Article Pages 16-22 Journal Environmental Policy and Law Online ISSN 1878-5395 Print ISSN 0378-777X Journal Volume Volume 45 Journal Issue Volume 45, Number 1 / 2015

Description: UNGA-69 - Resolutions on Environmental Policy and Law 2 UN Post-2015 Development Agenda - Final Round of Discussions 6 CMS/CoP-11 - A Watershed for the Conservation of Migratory Species "Bradnee Chambers" 7 UNFCCC/CoP-20 - A Draft Negotiating Text Emerges "Annalisa Savaresi" 10 IPBES - Key Policies and Issues Addressed "Elsa Tsioumani" 13 Content Type Journal Article Pages 2-15 Journal Environmental Policy and Law Online ISSN 1878-5395 Print ISSN 0378-777X Journal Volume Volume 45 Journal Issue Volume 45, Number 1 / 2015

Description: Water quality has degraded dramatically in the Krishna River (India) due to point and non-point sources. Present investigation aims to assess temporal variations of physical and chemical parameters of the river. Environmental data from rural and urban areas for the period 2007–2012 were compared. A statistical analysis was carried out with six environmental variables considering a multivariate system, analysis of variance and principal component analysis. Statistical analysis divided the river into two zones with different degrees of contamination. The most polluted zone is due to pollution inputs of municipal and industrial origin; this region showed a remarkable deterioration in water quality, mainly due to wastewater discharges. Content Type Journal Article Pages 73-80 Authors Prakash Kengnal, Department of Statistics, Karnatak Arts College, Dharwad, India M.N. Megeri, Department of Statistics, Karnatak Arts College, Dharwad, India B.S. Giriyappanavar, Department of Botany, Karnatak Science College, Dharwad, India Rahul R. Patil, Department of Botany, Karnatak Science College, Dharwad, India Journal Asian Journal of Water, Environment and Pollution Online ISSN 1875-8568 Print ISSN 0972-9860 Journal Volume Volume 12 Journal Issue Volume 12, Number 2 / 2015

Description: Content Type Journal Article Pages 107-110 Journal Asian Journal of Water, Environment and Pollution Online ISSN 1875-8568 Print ISSN 0972-9860 Journal Volume Volume 12 Journal Issue Volume 12, Number 2 / 2015

Description: The hydrogeochemical study of surface and sub-surface water resources of Deogarh district of Jharkhand state was undertaken to assess major ion chemistry and water quality in relation to domestic and irrigation uses. Analytical results show mildly acidic to alkaline nature of water and dominance of Ca^{2+} and Na^+ in cationic and HCO_3^- and Cl^- in anionic abundance. In general, alkaline earth elements (Ca^{2+}+Mg^{2+}) exceed alkalies (Na^++K^+) and weak acids dominate (HCO_3^-) over strong acids (SO_4^{2-}+Cl^-) in majority of water samples. Ca-Mg-HCO_3 is the dominant hydrochemical facies both in surface and groundwater of the area. Weathering of rock forming minerals and ion exchange processes mainly controlled solute chemistry with secondary contribution from anthropogenic sources. Assessments of water quality for drinking purposes pointed that majority of water samples are suitable for drinking. Concentration of TDS, TH, F^-, Cl^- and NO_3^- are exceeding desirable levels prescribed for drinking water at some sites. However, these parameters are well within the maximum permissible limit except for some cases. SAR, RSC, %Na, MH and PI values suggest that both surface and groundwater are good for irrigation uses except at some sites, where salinity, MH and PI values are higher than the prescribed levels. Content Type Journal Article Pages 43-58 Authors Abhay Kumar Singh, Central Institute of Mining and Fuel Research (Council of Scientific & Industrial Research) Barwa Road, Dhanbad – 826 015, India G.C. Mondal, Central Institute of Mining and Fuel Research (Council of Scientific & Industrial Research) Barwa Road, Dhanbad – 826 015, India Mukesh Kumar Mahato, Central Institute of Mining and Fuel Research (Council of Scientific & Industrial Research) Barwa Road, Dhanbad – 826 015, India T.B. Singh, Central Institute of Mining and Fuel Research (Council of Scientific & Industrial Research) Barwa Road, Dhanbad – 826 015, India Journal Asian Journal of Water, Environment and Pollution Online ISSN 1875-8568 Print ISSN 0972-9860 Journal Volume Volume 12 Journal Issue Volume 12, Number 2 / 2015

Description: This investigation quantified spatial variability of heavy metals and followed methods of the U.S. Environmental Protection Agency (EPA) to estimate the hazard indices as well as cancer risks associated with consuming fish caught in the waters of the Langat river basin area, Malaysia. The calculation of metal pollution index (MPI) was carried out to classify the study area according to the level of contamination and the order of stations from highest to lowest MPI values was Langat river 〉 Cempaka lake 〉 Engineering pond 〉 Pond B 〉 Pond A 〉 Jugra 〉 Bandar. The level of exposure due to the consumption of each chemical in Tilapia fish tissue was estimated in an average daily dose equation. The calculated HI ranging from 0.24 to 1.88 indicated 71% stations were in the risk level. Potential carcinogenic risks associated with the ingestion of heavy metals in Tilapia fish were evaluated probabilistically by performing 10,000 trials for Monte Carlo simulation. Cancer risk calculations exceeding the U.S. EPA's acceptable risk level of 1 in 1,000,000 (or 10^{-6}) included Ni (7.3 ×10^{-4}) and Cd (2.1 ×10^{-6}). However, the average carcinogenic risk (2.4 × 10^{-4}) exceeded the accepted risk level to a great extent. The recommended daily ingestion rate of Tilapia for Malaysian people inhabiting Langat river basin area was calculated considering 95th percentile TR value of 10^{-6} as an acceptable risk where it is revealed that consumption of Tilapia should be reduced about 67% from the current level to have an acceptable risk of cancer. Content Type Journal Article Pages 21-30 Authors Lubna Alam, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Mazlin Bin Mokhtar, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Md. Mahmudul Alam, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Md. Azizul Bari, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Nicholas Kathijotes, Department of Civil Engineering & Geomatics, Cyprus University of Technology, Cyprus Goh Choo Ta, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Lee Khai Ern, Institute for Environment and Development (LESTARI) Universiti Kebangsaan Malaysia (UKM), Bangi, 43600, Selangor DE, Malaysia Journal Asian Journal of Water, Environment and Pollution Online ISSN 1875-8568 Print ISSN 0972-9860 Journal Volume Volume 12 Journal Issue Volume 12, Number 2 / 2015

Description: Traffic police in metropolitan cities are exposed to higher level of air pollution and are suffering from respiratory symptoms. Conventional symptomatic treatment is effective to give temporary relief but the lung capacity of the subjects reduces progressively. Present study was aimed to evaluate effect of Hingu-Pippali yoga, a herbal formulation in respiratory disorders caused due to air pollution in traffic police. With a prior institutional ethical permission an open, randomised clinical study was carried out. Informed consent was taken from every subject enrolled in trial. An authenticated and standardised test drug was administered twice a day in dose of 250 mg for 28 days with honey and sugar to trial group. Lung function test with spirometer and Haemogram before starting the treatment and at the end of study was done to evaluate the results. The subjective parameters viz. cough, rhinitis and dyspnoea showed significant reduction (p 〈 0.001) in trial group. Pulmonary Function Tests-FVC, FEV1, MVV and FEF (p 〈 0.001)-showed significant results indicating the increase in lung capacity in trial group. There was significant reduction seen in eosinophil count and ESR. Hingu-pippali yoga is effective to reduce the respiratory disorders caused due to air pollution and enhances the lung capacity of subjects. Content Type Journal Article Category Short Note Pages 99-106 Authors Shilpa Bhosale, Dept. of Agadtantra and Vidhivaidyak, Bharati Vidyapeeth Deemed University College of Ayurved, Pune-Satara Road, Pune – 411043, India Sarita Kapgate, Dept. of Agadtantra and Vidhivaidyak, Bharati Vidyapeeth Deemed University College of Ayurved, Pune-Satara Road, Pune – 411043, India Journal Asian Journal of Water, Environment and Pollution Online ISSN 1875-8568 Print ISSN 0972-9860 Journal Volume Volume 12 Journal Issue Volume 12, Number 2 / 2015

Description: This paper aims to analyze drivers of energy consumption in EU in recent period and identify the role of energy efficiency in it. We analyzed energy consumption using LMDI decomposition technique on three different levels of data aggregation for EU 28 countries in pre-crisis period (2004-2008) and crisis period (2008-2012). Our paper challenged the view that recent decline in energy consumption is caused by economic slowdown as improvements in energy intensity EU countries seems to be slowing down. We conclude that intensity effect was the major factor influencing energy consumption, while the contribution of activity effect representing the performance of economy was of less importance. The impact of structural effect was only of minor magnitude but interestingly has larger influence during the period of oil prices surge than in period of high oil prices. Our evidence also suggests that structural changes of economies towards service sector will likely lead to lower improvements in energy efficiencies. Keywords: Energy efficiency; energy consumption, EU; energy intensity JEL Classifications: O13; Q2; Q 3, Q 4

Description: Sustainable Development enhances the human life, with good eco facilities. The way to move toward the sustainable development is by giving best solutions to the issues of unbalanced ecological, environmental and economic development. This paper investigates the relationship between the environmental performance and the profitability variables such as ROA, ROE, ROCE, and ROS of the sample firms in India. Granger Causality Test was used to examine bidirectional causality running from Energy Intensity to Profitability of the Firm. The study identified causal relationship that existed among the environmental performance and profitability of the firm. Further, it is found that there was an inverse relationship between ROCE and energy intensity of the firm while direct relationship existed among ROA, ROE, ROS and Energy Intensity. It is suggested that the practitioners, policy makers etc. may adopt the environment friendly technologies and encourage the Indian firms to use more energy efficient technology. Keywords: Environmental Performance; Firms’ Profitability; Energy Intensity; Causal Effect JEL Classifications: L25; M14; Q51; Q01; Q4

Description: Biomethane is an interesting source for sustainable energy systems, featuring great flexibility that translates into multiple possible applications (vehicle fuel, combined production of thermal and electrical energy, injection in the gas grid). Compared to biogas, biomethane permits greater efficiency. Its use is not limited to the immediate area of the plant and purification of the raw methane means greater lifespans for the equipment. This paper analyses its use in the transport sector in light of recent statutory changes that introduce incentives. Net Present Value (NPV) and Discounted Payback Time (DPBT) are applied for the evaluation of profitability of biomethane plants, and are calculated in function of the feedstocks used, the plant dimensions and the firm configuration (producer and distributor combined; separate firms). Environmental considerations and a high number of natural gas vehicles (NGVs) define its strategic role in the Italian transport sector. Keywords : biomethane; economic development; sustainability JEL Classifications : 018; Q2

Description: Thailand, as the largest electricity market for Laos, has imported significant amounts of electricity from Laos since the operation of first hydropower plant in Laos. However, currently there have been a number of new power particularly nuclear power plants in Thailand being studied implying the possibility of reduction in Thailand’s electricity import from Laos. Since Thailand is the largest market of Laos’ electricity, the change in demand for electricity from Thailand has substantial impact on the Lao economy. The first simulation conducted in this paper shows that Thailand reduces the import of electricity from Laos shows that it statistically has a large impact on Laos’ electricity export sector, due to the reduction of income from electricity export. However, the feasibility of nuclear power projects in Thailand became unclear since the incident of damages of nuclear power plants in Japan on 11 March 2011. Therefore, there may be a possibility that Thailand may abolish the nuclear power projects. Consequently, Thailand may increase the import of electricity from Laos. The second case of simulation shows that the increase of Thailand’s electricity import from Laos has positive effect on Lao economy through the significant increase in income from electricity export. The increase in Thailand’s electricity import from Laos, not only has positive effect on Thai economy in terms of increasing consumption of electricity stimulating economic activities in Thailand, but it also has positive effect on Lao economy in terms of increasing income from electricity export. Keywords: Electricity Export; Laos; Simultaneous effects; Thailand JEL Classifications: C5; Q43

Description: Reciprocal application of sanctions due to geopolitical instability in Ukraine, led to the rupture of economic ties and investment cooperation between the Russian Federation and the European Union. Further escalation of the confl ict can lead to the formation of a new cold war and the reorientation of the world economy. In connection with this assessment of the risks and challenges of mutual economic development in the Eurasian continent becomes particularly relevant theme. The study reviews the current economic partnership between the Russian Federation and the European Union. Actualized data on the implementation of joint investment projects. In conclusion reveals the degree of mutual economic risks in case of continuing the policy of restrictive measures. Keywords: Sanctions, Restrictive Measures, Energy Dependence, The Reorientation of Markets JEL Classifications: F63; O52; P17; P27

Description: Considerable changes have taken place in power production investments in Turkey within the last decade. As a result, an increasing number of investments in this sector have been terminated or cancelled and still continue to do so. When these investments are analyzed, significant issues attributed to misconceptions on cash flow estimations, local community objections, changes in the Environmental Impact Assessment Regulation interpretations, diminished trust in the conducted project evaluations and the associated reduction of capital and funds have been observed. Thus, the main contributors and their underlying reasons for these issues are examined in this study. In order to determine the associated key aspects and parameters, a survey has been developed and distributed to companies working on the renewable energy sector with questions regarding the number and the size of the licenses they have, the percentage of them turning into investments, the major methods of financial evaluation they use in the decision making process, their ability to calculate the cash flows during project evaluation process and the modelling of associated risk factors in the renewable energy sector. Keywords: Project evaluation methods; power production; license termination; Turkey JEL Classifications: O220; O250; Q280     

Description: Numerous studies have investigated the dynamic interrelationship between carbon emission trading market and energy markets. Previous studies focused on the European Union Emissions Trading Scheme ascertain that carbon market and energy markets are closely attached, and find that electricity market is the main driver of the system. Our research on U.S. Regional Greenhouse Gas Initiative (RGGI) using Lag Augmented Vector Autoregression reveals that the RGGI market and electricity market in the region are tied but not strongly, unlike the EU-ETS. This loose relationship between the two markets might be explained by the recent weak carbon credit demand stemming from fuel switching and low electricity demand. Another finding is that natural gas is the main driver of the RGGI system, which is possibly due to from the recent shale gas boom. Keywords : Carbon emission trading; Lag Augmented Vector Autoregression; Regional Greenhouse Gas Initiative  JEL Classifications : C32; Q52; Q53

Description: This study examines the Turkish crude oil import demand for the period of 1970-2013. Unlike earlier studies on Turkey, we tested the income and price elasticities of crude oil demand with structual breaks. In emprical analysis, the income and the price of crude oil used as a function of crude oil import demand. We employed Carrion-i-Silvestre et al. (2009) test for testing unit root, Maki (2012) cointegration test employed for testing for the existence of relationships. DOLS estimation employed for the estimating the long-run income and price elasticities. The empirical results show that the partial elasticities of crude oil import demand; income is (0.18) and crude oil is (-0.25). In the light of these results, it is said that income and price elasticities of demand for crude oil import in the long-run are inelastic. Furthermore, we used dummy varibale for testing internal and external crisses affetct. We conlcuded that the external crises had major impact on import oil demand on the contrary to internal crises in the long run. Keywords: Income elasticity; Price elasticicy; Structual Breaks JEL Classifications: C22; F10; F14

Description: This paper examines the effect of oil price on coal sector stock returns. A multifactor market model is used to estimate the expected excess returns to the coal sector. A 1% increase in oil price return has a statistically significant positive impact on coal sector returns of between 0.06% and 0.20%. A 1% increase in coal price raises the return of coal sector returns by between 0.22% and 0.30%. Increased volatility in oil price return significantly reduces coal sector return. Participants in energy markets may perceive oil price as being determined globally and as providing information on demand for energy overall. Understanding the variables that affect the behaviour of the stock prices in the coal is of importance to market participants and policy makers, and is helpful in developing efficient hedging policies to deal with changes in energy prices Keywords : coal sector return; oil price; coal price  JEL Classifications : G15; O13; Q4

Description: The main objective of this study is to directly examine the relation between real oil price and real effective exchange rate in Thailand during July 1997 to December 2013. Under the floating exchange rate regime, bilateral exchange rates are expected to fluctuate more than under the fixed exchange rate regime. The monthly data of real effective exchange rate index and real oil price are used. The results from this study reveal that there is no cointegration and causality in levels of the two series. However, an increase in oil price volatility causes real exchange rate volatility to increase. This main finding gives some policy implications to policy makers. Keywords : Oil price; real exchange rate; bivariate GARCH; volatility spillover. JEL Classifications: C22; G40

Description: This article investigates the relationship between economic growth, renewable energy consumption, gross fixed capital and total number of labor for 1980-2012 in selected OECD countries in terms of sustainability. Four OECD countries are included in our model in order to differentiate the relationship between nuclear energy consumption and economic growth in more developed OECD countries such as the U.S. and Germany with less developed OECD countries such as Turkey and Italy. According to the results of ARDL approach, the effect of renewable energy consumption on GDP is positive in both U.S. and Germany whereas renewable energy consumption has negatively correlated with GDP in Italy and Turkey. It can be concluded that renewable energy consumption has positive effect on economic growth only in more developed countries. Keywords: Economic Growth; Sustainable Development; Renewable Energy; ARDL Bound Test. JEL Classifications: F43; Q01; Q43; Q56

Description: This study aims to examine the dynamics of the relationship between world crude oil prices and Indonesian stock market within the period of January 1 st , 2004 to December 31 st , 2013. The world crude oil prices referred to the price of West Texas Intermediate crude oil (WTI), whereas the composite indexes at the Indonesian Stock Exchange were used as indicators of the stock market in Indonesia. Daily data were analyzed by employing the LVAR causal model. The test results showed that there was a significant dynamical relationship between world crude oil prices and Indonesian composite index, both in the long-term and in the short-term. The dynamics of this relationship is positive, meaning that if the world crude oil price rises (falls), then the composite index also rises (falls). This finding is in the need for Indonesian government to be considered in their economic policy, as well as for investors to manage their investment portfolio. Keywords : World crude oil price; Stock price; LVAR analysis JEL Classifications : C51; C58; G12; Q41; Q43

Description: The study examines the existence of a long run effect of fuel subsidy reform on environmental quality in Nigeria for the period of 1970-2012 using the Johansen and the Engle-Granger two step co-integration procedure techniques. The study developed a three case scenarios including i ) a case of subsidy payment, ii ) a case of effective subsidy and, iii ) a case of no subsidy payment. Findings from the study supported evidence of a long run sustainable equilibrium model. Also, our estimation results showed that the first and the last case scenario do not significantly influence environmental quality. This implies that subsidy payment in Nigeria does not enhance access and consumption of liquid fuel. On the other hand, the interaction of sound regulatory framework with subsidy payment (the case of effective subsidy) significantly exerts a responsive influence on environmental quality. Keywords: Subsidy Reform; Environmental Quality; Climate Change; Johansen Cointegration JEL Classifications: H23; Q51; Q54

Description: This paper investigates the factors that influences the change in CO 2 emissions from electricity generation in Nigeria. The Logarithmic Mean Divisia Index (LMDI) method of decomposition that was used. The main result shows that: (1) CO 2 emission from electricity generation decreased by 0.59 Mt. (2) Electricity efficiency decreased CO 2 emission by 2.33 Mt. (3) Electricity intensity decreased CO 2 emission by 21.85 Mt (4) Economic activity increased CO 2 emission by 28.27 Mt. The result from the analysis shows that CO 2 emission increased in Nigeria. Electricity efficiency and intensity contributed to the reduction of CO 2 emission while economic activity has contributed to the increase in CO 2 emission in Nigeria. Since economic activities can not be reduced without affecting the economic performance of Nigeria, energy efficiency improvement would be an important option to reduce CO 2 emissions. Keywords: Nigeria, decomposition analysis, CO 2 emission from electricity generation, electricity efficiency, electricity intensity JEL Classifications: C01; Q41; Q43

Description: In the energy-growth nexus, due to structural change that cannot be accounted for in the linear model this study considers the possibility of the nonlinear model. Using dataset for fifteen countries in Africa for the period 1980 to 2010, we found that linear model has misspecification error, thus, lending support for the nonlinear model. We provide evidence of inverted “U” shape in Benin, Cote d’Ivoire, Egypt, Togo and Tunisia. This also confirms EKC hypothesis. The low regime of energy consumption retards growth in Sudan and South Africa, while high regime of energy consumption enhances growth in Algeria, Morocco and Senegal. We also find evidence of neutrality hypothesis in Cameroon and Zambia. Keywords: Energy consumption; Economic Growth; Threshold regression model; Africa JEL Classifications: C22; O40; Q53; Q56

Description: This paper investigates the impact of historical crude oil-price fluctuation on diverse economies. It employs the use of Structural Vector Autoregressive (SVAR) and Panel Vector Autoregressive (PVAR) methodologies as innovative paths of investigating oil-shock association. While evidence of linear and non-linear shock specifications hold for developed economies within the SVAR specification, growth patterns for emerging counterpart are only defined by the linear shock. The asymmetric behaviour of growth response along shock specifications and development is predisposed to two main channels: First is the differential systemic and institutional framework in place across economies, making shock vulnerabilities differ. Secondly, identification restrictions imposed within SVAR methodology is perceived to have overruled conditions consistent with the non-linear shock model. Positive oil-price shocks benefits accrue to the global community through investment while negative oil-price shocks are transmitted through interest rate triggered trade cut-backs. Keywords: Oil-price Volatility; Asymmetric Growth; Structural Vector Autoregressive (SVAR); Panel VAR Methodology; Trade; Investment JEL Classifications: C01; O47; Q32; Q40

Description: Parks and urban green spaces can play an effective role in developing and reinforcing citizens’ place attachment because of long time usage and wide spectrum of environmental users. Bagh Mohtasham of Rasht can be indicated as one of the prominent examples of urban parks in Gilan province. Bagh Mohtasham is the oldest park in Rasht and is counted as the main choices for Rasht citizens in order to spend their leisure time. In this regard current study intends to assess the impact of Bagh Mohtasham of Rasht on the people’s place attachment to determine the solutions for increasing the place

Description: This study aimed to identify and select areas suitable for ecotourism. In this research, to assess the potential of ecotourism of Masal district, Fuzzy Analytical Hierarchy Process (FAHP) and GIS were used. For this purpose, appropriate evaluation criteria and sub-criteria were identified for determining recreational potential. Then, using AHP fuzzy, criteria and sub-criteria to determine the importance of assessing the potential recreational area prepared questionnaires and, were distributed among clinicians. Weighted criteria and sub-criteria in each questionnaire were calculated and by averaging the weights, final weight was calculated using the model. The required maps for evaluating of the recreational potential

Description: Air pollution due to the presence of particulate matter (PM) in the ambient air is assumed to be the leading cause of many diseases in different metropolitan and industrial regions throughout the world. Based on WHO’s report on the classification of different cities of the world in terms of the amount of fine particles in the air, Ahvaz is one of the most polluted cities among a sample of more than 1100 cities around the world. Heavy metals attached to the inhalable particulate matters having a size of less than 10 microns can penetrate more deeply into the lungs, form

Description: To remove chlorine from zinc electrolysis solutions, the electrochemical method was carried out in this research. Copper electrodes with a purity of 99.99% were employed as the anode and cathode. In addition, the effect of applied potential, agitation rate, and reaction temperature on the efficiency of chlorine removal was investigated and dechlorination mechanism was explored. Scanning electron microscopy (SEM) was used to observe the evolution of the chlorine species on the anode surface. Based on the obtained results, the efficiency of dechlorination from electrolysis solution with a Cl− concentration of 295 mg.L−1 in constant values of pH =

Description: The rapid growth of urbanization has put heavy pressure on the land and its surrounding resources, reduction of vegetation cover, open spaces and serious social and environmental problems. Therefore, a basic step for managing and planning urban growth, as well as evaluating its cumulative effects, is to study and simulate the physical growth of the city. The purpose of this study is to understand the factors that influence the physical growth in Tehran on the basis of sustainable urban development in terms of environmental dimension and the preservation of environmental conditions in the next two decades. For this, using Landsat

Description: It is difficult to demonstrate air pollution spatial distribution as it is related to weather conditions, location, topography, and the area. Air pollution is studied by remote sensing techniques less than other techniques due to lack of sensors capable of detecting emissions, and hence, Aerosol Optical Depth (AOD) method is used for investigation. Aerosol optical depth is a measure of the extinction of the solar beam by dust and haze. In this study, the linear regression analysis was used to develop a relationship between AOD measures by MODIS and daily air pollution (CO, O3 , NO2 , SO2 and

Description: Detection of hazardous and radioactive (HR) elements in dust is very important for environment and human health. About 70 percent of Iran’s climate is arid and semi-arid, and one of the environmental challenges that it faces includes approaching dust storms from the southern and the western countries that neighbour Iran. Therefore, to solve this problem, it seems necessary to make a portable device to detect the HR elements of dust to eliminate social anxiety. In the present study, an isotopic X-ray fluorescence (IXRF) device was optimized to identify HR elements in dust, which arrive as environmental pollutants from neighbouring countries

Description: Caspian basin is one of the main six basins of the country which is influenced by Caspian region in the north of Iran. Because of the growth of human activities and following the changes in land using over the past years, land-cover has changed greatly in this area. The purpose of the article is to study the impact of land-cover changes on the surface of runoff and the quality of water resources in years of 2001-2012, in the Caspian basin. MODIS of terra satellite images have been used to do this action. The results showed that impenetrable surfaces that

Description: Recognizing aspects involved in tourism are necessary in order to plan and manage successful tourism in a region. What that provides the possibility of comprehensive analysis of the region to the planners is taking into account all positive and negative points but sometimes keeping in mind negative and positive points cause the researchers enlarge the obstacles and barriers unintentionally and be pessimistic in providing the strategies. In the present study, attempts have been done to study the positive aspects of a tourism planning with the introduction and use of positive approach “SOAR” and to provide appropriate strategies for tourism development

Description: Land stripping due to mining activity affects the river quality located in Pomalaa. An objective in this study is to analyze a change in water quality of rivers around Pomalaa nickel mining during and post-mining activity. The water samples were taken periodically from the rivers and developed data time series. The instrument to analyze Total Suspended Solid (TSS) was gravimeter. Meanwhile, the iron (Fe) parameter was analyzed by using spectrophotometric and Cr, Cr6+ , Cd, Zn, Cu, Ni, Co and Pb analyzed via atomic absorption spectroscopy (AAS) method. The pH determination was based on SNI 06-6989.11-2004 for evaluating water quality

Description: Increasing the efficiency of the electric power industry is extremely important, leading to lower costs, higher profitability, possibility of proper output, efficient use of resources, reduction of pollutants and, ultimately, environmental protection. In this regard, identification of effective indicators for the sustainable operation of thermal power plants is essential, which has the largest share in the country’s electricity production and one of the most important air pollutant industries. Using the Sustainable Balanced Score Card (SBSC) technique is a powerful way to design indicators for assessing the organization’s sustainability performance (efficiency). The purpose of this research is to identify the effective

Description: Investigating geological structures plays a major role in economy of engineering projects such as petroleum and mining industries. Therefore, it is pivotal to study geological features. The study area is located in northwest of Qazvin Province and Tarom mountains. Tarom Mountains are located in Western Alborz as referred to in Iranian geological units which has a northwest-southeast trend and is located on the Upper Cretaceous-Cenozoic Magmatic belt. This volcanic-plutonic belt has a northwest to southeast trend. The volcanic and intrusive units of the region that belong to Karaj Formation is composed of two members called Amand and KordKand that are

Description: Study on maximal aerobic capacity is important to make physiological adaptation between worker and work. This study aims to investigate maximal aerobic capacity and physical work capacity of male farmers in Sistan region and determining affective factors of that on workers. In this descriptive cross-sectional study, 400 male farmers of Sistan region were randomly selected and participated in this research. A questionnaire comprising two parts is used as data collection tool. The first part deals with demographic features and is completed by interview and in the second part of questionnaire parameters including age, height, weight, waist-hip ratio, BMI and number

Description: Small islands around the world encounter special challenges due to vulnerability to acute climates, human-induced activities and pollution. The challenges even become more intricate where the island is located in environmentally sensitive regions. In order to address the problems in coastal areas, Integrated Coastal Zone Management (ICZM) whose concept was born in 1992 during the Earth Summit of Rio de Janeiro, has been recommended by United Nations. This paper focuses on challenges ahead of ICZM in environmentally sensitive islands through Interaction-Stakeholder and Option Matrices. Kish Island is a beautiful small island located in Persian Gulf. With regard to environmental sensitivities

Description: Qazvin plain in Iran is one of the most fertile regions for crop production, but it has been suffering from severe crises in water resources, inefficient water allocation, and improper cropping pattern due to low tariffs in recent years. One influential policy in the context of sustainable water resource management is suitable pricing. Given the legal potentials and technical conditions for the adoption of various pricing policies, the present paper addresses the effect of area, volumetric or two-part tariff pricing policies with the scenarios of pricing by water supply cost, economic value, or residual value of water on economic variables

Description: The purpose of this research is to provide ecological and chemical characterization of lakes located in the Muraviovka Park, where more than 300 species of birds nest, rest and winter. High concentration of dissolved oxygen in the water of lakes that comes with as high biochemical oxygen demand (BOD5 ) indicates that reservoirs experience eutrophication. Concentration of biogenic organic substances is caused to fluctuate by seasonal changes in water temperature. The fires make the hydro-chemical indicators of wetlands change. Lead concentration in the water is high because it enters the water, moving from the surface layers of soil when natural

Description: Among the chemical pollutants, lead is one of great importance ecologically and hygienically, because it threatens the health of the communities by penetrating into the food cycle. Phytoremediation is required along with modifying chelates to improve the efficiency of metal remediation. The aim of this study was to investigate the effect of vermicompost and EDTA on the absorption of various Pb concentrations from the soil and determine their accumulation level in the roots and shoots of Ocimum basilicum in the form of pot experiment in a completely randomized design with three replications. We applied vermicompost 3 mg/kg soil, EDTA

Description: It is well known that mangrove forests are enriched with a source of livelihood for coastal communities in developing countries which enhance coastal waters, yield commercial forest products, protect coastlines, and support coastal fisheries. Local communities in the coastal areas of Chittagong highly depends on fisheries and coastal resources for their livings. This study was conducted in three coastal villages, Bagachattar, Ichakhali and Kattoli, at Sitakunda-Mirsarai coast of Chittagong using Participatory rapid appraisal (PRA) tools. Participatory rapid appraisal was utilized to elucidate the mangrove related livelihood activities in the coastal communities. A total of 23,838 ha has plantation and exist

Description: Treatment of hazardous phenolic substances that are discharged to environment has a significant interest since decades. Biological treatment using freely suspended sludge is the most economical treatment method, but, is considered inactive for treatment of phenolic substances due to the complexity in their chemical structure. The degradation of phenol was experimentally investigated using separate and coupled biological and photo-catalytic processes. The degradation was carried out at different concentrations of phenol from 10 to 100 ppm. The results showed no degradation of phenol using biological treatment, and as expected, the bacterial colony growth was reduced by 50 percent due to lack

Description: Cirata is one of the three reservoirs of Citarum where its function has developed from hydroelectric power generator to aquaculture and tourism in recent times. A number of floating net cage keeps increasing and they have reached 53,031 cages, which have actually exceeded the maximum amount under local government regulation. This condition has triggered eutrophication in the form of ammonium deposited in aquatic sediments. A study with a 30-day treatment of oxidation catalysis of inorganic and organic matter by bacteria called Microbial Fuel Cell (MFC) technology had been conducted to reduce contamination of ammonium in the water. Various treatments were

Description: Land use/land cover change dealing with the alteration of the land surface and its biotic cover is an important aspect of human-induced global environmental change. The purpose of this study is to monitor long-term changes in LU/LC in Odisha with special emphasis to the forest cover change. LU/LC maps prepared through visual interpretation, indicated a decreasing pattern in percentage forest cover area (40.0%-1996, 39.0%-2006, 37.7%-2016). Conversely, significant increase in built-up area (0.3% in 1996, 0.5% in 2006 and 0.6% in 2016) have been observed. Forest cover maps derived through NDVI thresholding revealed a fluctuating trend of change in dense forest

Description: Discharge of untreated or insufficient treated wastewater may result in water borne Cystoisospora belli outbreaks. Influent and effluent wastewater samples from two different wastewater treatment plants (WWTPs) were collected monthly for the detection of Cystoisospora belli using centrifugal concentration and purification by zinc sulphate floatation, followed by molecular detection using real-time PCR. Results showed that the prevalence rates of Cystoisospora belli in influents and effluents of WWTPs were 14.5% and 6.2%, respectively. The removal rates of Cystoisospora belli oocysts in WWTP (A) utilizing activated sludge and WWTP (B) using trickling filter were 66.7% and 50%, respectively.

Description: In rivers, reaeration is an important process that occurs at the air-water interface to restore dissolved oxygen (DO) equilibrium and this process is characterised by its reaeration coefficient. Existing empirical equations to predict reaeration coefficient is merely based on natural reaeration (Ku ), which refers to the oxygen transfer across the natural free surfaces while reaeration coefficient concerned with artificial reaeration caused by turbulence due to intense boat traffic (Kb ) has not been explored previously. This study investigated the influence of boating activities on DO and its associated reaeration coefficient, Kb , along the Brunei River.

Description: The purpose of this work is to determine the effect of brown bear population growth on the population of wild ungulates by the example of Amur Region and the Republic of Buryatia. Studies were conducted in spring, summer, autumn and winter by routing bear trails and natural habitat areas and collecting animal activity observations. The sizes of individual species’ habitats were determined as well as predator’s influence on wild ungulates, living on the same territories, was studied. During research studies, conducted over a period of 10 years, a direct relation between bear population growth and wild ungulates’ population decrease on

Description: Tunnel boring machines (TBMs) are designed to excavate underground spaces and widely used in tunneling, civil and mining projects. TBM performance prediction substantially deals with the evaluation of machine’s penetration rate and the number of consumed disc cutters. There are various methods and equations to predict the TBMs performance in the literature. In this paper, we predicted the penetration rate and number of consumed disc cutters in Beheshtabad water conveyance tunneling project, one of the major water conveyance tunneling projects in Iran, using Artificial Neural Network (ANN) and Support Vector Machine (SVM) methods. Results showed that both approaches are very

Description: Three air pollution models, namely the ‘California Line Source’ (CALINE4) model, the ‘Unique Dispersion Model’ (UDM) and the ‘Simplified Type Dispersion Model’ (STM) have been analyzed for assessing the air pollutant concentration at one of the most congested traffic road in the city of New Delhi. The latter two models have been developed using the most influential input parameters of CALINE4 namely traffic flow and wind-speed observed by both sensitivity analysis and regression analysis studies. The model performance have been estimated and compared statistically with the traffic emitted airborne carbon monoxide (CO), the prevalent meteorology and the temporal distribution of

Description:             The article studies of asymmetric price transmission of gasoline price and diesel price and their causes in Thailand.  The study employs the monthly data of West Texas Instrument crude oil price, unleaded gasoline price and high speed diesel price, the oil fund, the stock of unleaded gasoline and high speed diesel inventories.  The results show that asymmetric price transmission exists for unleaded gasoline but not for high speed diesel.  The oil fund does not influence on the price asymmetry.  Whether the oil fund is levied, the price asymmetry always presents for unleaded gasoline but not for high speed diesel.  Moreover, the marketing margins or firms’ profits do not cause the asymmetric price for both.  However, the oil fund and the marketing margins could make unleaded gasoline prices adjust more quickly but high speed diesel more slowly.  The government is successful to use the oil fund directly to regulate the market gasoline and diesel price.  The firms’ monopoly power could also indirectly maintain those prices stable and make unleaded gasoline price adjust more slowly and high speed diesel more quickly.  Finally, the stocks of unleaded gasoline and high speed diesel do not have the effects on the price asymmetry.  The asymmetry is influenced mainly by the oil fund and the marketing margins.  Firms do not need to adjust their price and their quantity.  Keywords: asymmetric price transmission, oil fund, marketing margins, and stock of inventories. JEL Classifications: C32; Q41; Q48

Description: This paper seeks to explain the persistence of a business model that was instrumental in creating pan-European natural gas markets but refused to retire when the markets outgrew it. Long-term oil-indexed agreements enabled the emergence of international gas markets in Europe since the early 1960s and they still govern gas imports to the EU. Yet, they failed to evolve with the changing business environment, resulting in the strategic costs for the companies. A politicized topic, research has thus far focused on national and regional levels, largely ignoring company level processes. This article contributes to the understanding of European gas markets by introducing a company level behavioral explanation of the endurance of an institutionalized but seemingly outdated business model. Path dependence is found to be a major contributing factor of the behavior of agents. Business leaders and governments alike will benefit from learning to identify and avoid path dependent behavior that leads to potentially sub-optimal outcomes. Keywords: Gas trade; Gazprom; Path dependence JEL classifications: F; M; Q

Description: The goal of this paper is to examine the empirical dynamic relationship among the electrical consumption and economic growth (proxies by GDP per capita), export, and financial development (domestic credit to the private sector as a percentage of GDP) in Jordan over the 1976-2011 period. Annual time series data and the Autoregressive distributed lag (ARDL) model are used. The ADF, F-bound testing, Granger causality, GIRF, and CUSUM, CUSUMQ tests were applied to test the stationary, co-integration, causality and stability, respectively, among the variables. There is evidence of a long-term equilibrium relationship between electricity consumption and the economic growth, and a unidirectional relationship runs from real GDP to electrical consumption (ELC). This is indicating that per capita increase in economic growth may cause a perpetual rise in the ELC in Jordan. Keywords:   Electricity Consumption; Economic Growth; Co-integration; ARDL; Causality; Jordan. JEL Classifications: C32; O13; O20; Q43

Description: This study has applied a recursive dynamic CGE model to examine the economic impact of investment on infrastructure for electricity using an updated 2009/10 Social Accounting Matrix. Three simulations (foreign saving, domestic household and enterprises saving and mix of foreign and domestic saving to finance the investment) in combination with TFP of industrial and service sectors are used. The findings of the study have shown the improvement of the real GDP, output of industrial and service sectors in all simulations. Nonetheless, mixed effects have found on household consumption and trade balance. The highest growth of real GDP is registered when the investment on electricity is fully financed by domestic household and enterprise saving. However, household consumption expenditure has grown at negative rate worsening the welfare of households. Investment on electricity fully financed by foreign saving is resulted in lower growth rate of real GDP due to worsening of net export. In addition, it has benefits for households as it increases their welfare. But it is to be repaid in the future that would increase indebtedness of the country. So, financing the investment partly by domestic household saving and foreign saving would be worthwhile. Keywords: Electricity Infrastructure, Economy, Recursive Dynamic CGE Model JEL Classifications: C6; Q4; Q43

Description: Power industry like other network industries, due to economies of scale, has monopolistic operation for many years. Over the last three decades, electricity sectors in most countries have experienced major structural changes including entry of private capital and competition increase. Although the effects of such reforms in developed economies are now well documented, in developing countries, a few studies have examined the effects of these changes due to a variety of reasons. In Iran, structural problem is one of the main problems in the energy sector, which has had an important role in low efficiency of this sector. To solve this problem, in two past decades, restructuring and promoting competition have been in the forefront of government policy and programs in the energy sector. So that substantial reforms occurred in electricity industry structure after establishing power market in 2003. After a decade of reforms in power market, it is necessary to investigate the effects of these reforms on electricity supplier performance, since it will be helpful for progress of electricity industry restructuring and implementing similar reforms in other network industries. The aim of this study, given its real importance in the issue, is examining the effects of market restructuring on technical efficiency in thermal power plants of Iran. For this purpose, technical efficiency of 35 thermal power plants has been calculated in the period 1999 to 2011 using DEA method, then the impact of market restructuring on technical efficiency has been estimated by applying Panel Data Tobit model. The results indicated that market restructuring has had positive effects on technical efficiency of power plants. Keywords: Electricity Industry; Market Restructuring; Technical Efficiency; Thermal power plants; Panel Data Tobit. JEL Classifications: C14; C51; C61; D24; L33; L51; L94       

Description: This study aims to explore both the long-run and causal relationships between electricity consumption per capita, real GDP per capita, trade openness and foreign direct investment inflows per capita in Turkey during the time period 1974–2013. The study employs the ARDL model and the Augmented Granger causality model. The bounds F–test for cointegration test yields evidence of a long-run relationship between variables. The overall results from the three error-correction based Granger causality models show that there is an evidence of unidirectional short-run, long-run and strong causalities running from the electricity consumption per capita to real GDP per capita.  But, there is no causal evidence from the real GDP per capita to electricity consumption per capita. This result also support that, “Growth hypothesis” is confirmed in Turkey. As a policy implication, the energy growth policies regarding electricity consumption should be adapted in such a way that the development of this sector stimulates economic growth. Keywords: Electricity consumption; Economic growth; Causality JEL Classifications : C32; C52; Q43

Description: This paper assesses empirically the asymmetric effects of real oil price shocks on the industrial production, real exchange rate and inflation in Kazakhstan for the monthly period 2000-2013 by using a Structural VAR model. Structural VAR analysis is carried out using the scaled model. The empirical findings show that the negative oil price shocks have a larger impact on Kazakhstan economic performance. Keywords: Oil price shocks, structural VAR, asymmetric effects, Kazakhstan. JEL classification : C22; C32; Q43 

Description: This study examines the causal relationships between economic growth, carbon dioxide emission and foreign direct investment and evaluates the Environmental Kuznets Curve (EKC) hypothesis for Turkey in 1974-2011. Firstly, the causality relationships investigated by using the Johansen Cointegration Test, The Granger Causality Test, Impulse-Response and Variance Decomposition Analysis of Vector Autoregression Model (VAR) model. The causality relationships display that foreign direct investment (LFDI) and economic growth (LGDP) have a significant effect on carbon dioxide emissions (LCO2). Moreover, impulse-response functions and variance-decompositions of VAR model support these relationships among LGDP, LCO2 and LFDI. Secondly, the study investigates the validity of the EKC hypothesis in Turkey for the period 1974-2011 by using Regression Model approach for the various EKC model forms such as linear, quadratic, and cubic. Consequently, economic growth leads to degradation of environment and depletion of natural resources. It must be the major aim to obtain a sustainable economic growth by less CO2 emissions and consuming less energy. Moreover, the policy makers may take account exogenous impacts such as foreign investments to plan energy policies, and to maintain economic growth against global climate warming. Keyword: EKC Hypothesis; CO2 Emission, Economic Growth; Granger Causality; Johansen Cointeration; Impulse-Response. JEL Classifications: C58; C51; Q43; Q56

Description: This paper investigates effects of shocks in the share of renewable electricity in total electricity generation on real output growth and CO 2 emissions in China, Japan and India from 1970 to 2011 using Structural Vector AutoRegression analysis. These economies are assumed to face exogenous correlated random shocks in the share of renewable electricity in total electricity generation (RT). The substantiality of the shocks’ impact on real output growth and CO 2 emissions were examined using impulse responses and variance decompositions. The impulse responses show that positive shock in RT positively affects real output growth and reduces CO 2 emissions. Shocks in RT have long-lived impacts, but all countries show stability signs and absorb RT shocks with some delays. Variance decompositions analysis corroborates the findings of impulse responses. These research findings support governmental initiatives that reduce CO 2 emissions through renewable power generation and ensure sustained economic growth. Keywords: Renewable Electricity; CO 2 Emissions; Economic Growth JEL Classification: 013; Q5; Q42; Q43; Q56

Description: Our objective in this paper is to contribute to the discussion and identify, in the short-run, the effects of basic financial indicators (Equity, Bonds, Exchange Rates, Baltic Exchange Dry Index) and widely traded commodities (Gold, Wheat) on the crude oil market. A GARCH model is employed to test the above hypothesis for the period of almost ten years using daily data from June 1st, 2004 to May 30th, 2014. The results coming out of our investigation suggest that wheat and bonds markets have negative impact to the oil market. Also, the results indicate that the volatility of U.S. $/Yen exchange rate and the volatility of Baltic Exchange Dry Index influence significantly negatively the oil market. Lastly, our findings indicate that both, gold market as well as stock market, positively influence the oil market, confirming the relevant literature which was reviewed and summarized. Keywords : GJR-GARCH model, Crude oil WTI, Gold, Equity market, Exchange rates, Bonds market, Commodities, Baltic Exchange Index. JEL Classifications: G10; Q40

Description: In this study we review literature related to short-term forecasting of spot electricity prices using Artificial Neural Networks in deregulated competitive power markets. With accurate price forecasts, power market participants can maximize their profits and meet their power commitments using a proper combination of power purchase agreements, bilateral trade and buying/selling electricity through power exchanges in a judicious, efficient and effective manner. Artificial Neural Network models may truly be an answer to short-term electricity spot price forecasting viz-a-viz time-series econometric models. Keywords: Artificial Neural Networks, Spot Electricity, Short term, Forecasting, Power Exchange, Review JEL Classifications : C01; C22; C53

Description: This study analyzes residential electricity demand in the state of Arkansas using an error-correction approach that examines both long-run and short-run dynamics. As in prior studies, results indicate that higher electricity prices reduce consumption in the long-run, but not in the short-run. With respect to variations in household income, residential electricity is treated as a normal good.  The long-run income elasticity estimate is about twice as large as the short-run estimate. It is suggested that the muted short-run responses to price and income variables may reflect limited capacity to adjust the stock of electricity-consuming household devices over the short-term.  More surprisingly, households are found to treat electricity as a normal good in the short-run, but have an upward sloping demand curve associated with it. The overall results suggest that increasing generating capacity in Arkansas will be feasible using the standard approach of incremental rate increases. Keywords : Residential Electricity Consumption; Regional Economics; Business Economics JEL Classifications : M21; Q4; R15 

Description: This paper examined the oil futures and the carbon emissions futures volatility comovements and spillovers for crude oil, gasoline and heat oil as well as carbon emissions. The data used in this study was the daily data from 2009 to 2014. The three multivariate GARCH models, namely the vector autoregression model (VAR) (3)-diagonal VECH, the VAR (3)-diagonal Baba, Engle, Kraft and Kroner (BEKK) and the VAR (3)- constant conditional correlations (CCC), were employed. The empirical results showed that the estimates of the VAR (3)-diagonal VECH and the VAR (3)-CCC parameters were statistically significant in a case involving oil except in the case of carbon emissions. This indicates that the short run persistence of shocks on the dynamic conditional correlations was greatest for RGASOLINE with RHEATOIL, while the largest long run persistence of shocks to the conditional correlations for RCRUDE with RGASOLINE. At the same time the VAR (3)-diagonal BEKK parameters were statistically significant in all cases. This indicates that the short run persistence of shocks on the dynamic conditional correlations is greatest for RHEATOIL with RCO2, while the largest long run persistence of shocks to the conditional correlations for RCRUDE with RCO2 and RHEATOIL with RCO2. Finally, we would choose the best model next by considering the value of log-likelihood, Akaike information criterion, Schwarz information criterion and Hannan-Quinn information criterion. The value of these figures, it could be concluded that we should choose the VAR (3)-diagonal BEKK model in volatility analysis of the oil futures and the carbon emissions futures returns. In addition, we could conclude that oil futures volatility having an impact on carbon emissions futures volatility. Keywords: The Oil Futures and the Carbon Emissions Futures Volatility; Comovements and Spillovers; Multivariate GARCH Models JEL Classifications: C13; C32; G13

Description: In this article, we set ourselves a task of determining a potential of using credit for improving energy efficiency in the economy of rent seeking. Based on cross-country analysis and using channels’ approach to estimation of institutions’ and market’s efficiency we come to conclusion that persistently low energy efficiency in East European countries may be a result of low quality market institutions. Testing a hypothesis of credit being the source of improving energy efficiency (e.g., through introduction and granting energy efficient loans) showed that the effect of credit channel is negative in case of low quality institutions in the economy and low elasticity of national markets. On opposite, credit is capable of breaking the energy curse, when successful institutional infrastructure is functioning, and competitive environment takes its place when geographical and spatial features are taken into account. Keywords: energy efficiency; rent seeking; credit market. JEL Classifications: E02; G21; O13; Q43

Description: The Indian Electricity Act 2003 defines power trading as "The Purchase of electricity for resale thereof". In this study, we review various facets of power trading, Indian electricity market, power exchanges and the day-ahead spot electricity market of India. The power exchanges are attributed with inherent features like being nationwide, ensuring anonymity, offering transparency, being automated and enabling efficient price-discovery, we believe that, power trading in India is all set to undergo a paradigm shift in terms of volume of transaction through power exchanges, price discovery, number of participants and will eventually ensure in playing a major role in addressing the biggest concern of supply-demand mismatch of electricity in India. Keywords: Power Trading; Energy Exchanges; Indian Electricity Market JEL Classifications : C01; C22; C53

Description: As rice husk is abundantly natural resource in Thailand, it has been used as the biomass energy resource in the stream turbine power plants, in particular to Very Small Power Producers (VSPPs). The VSPPs’ plants produced by rice husk is generally found in many regions of Thailand, however its performance efficiency and optimization has never been assessed at any level. This study aimed to fulfill this gap by adopting the method of Data Envelopment Analysis (DEA) to relatively measure the performance efficiency of the decision making units (DMUs), as well as to adjust input surpluses found in order to maximize the overall efficiency scores. The secondary data recorded in 2012 were collected from the power policy bureau of Thailand and Energy for Environment Foundation, totally 47 rice husk steam turbine power plants. The empirical results showed that a CRS-DEA and VRS-DEA model performed efficiency scores at 0.874 and 0.882, respectively. The input surpluses of capacity and purchasing cost of rice husk were emphasized to increase its unit efficiency. Achieving the Thai government’s aim of sustainable, renewable energy would boost up many utility plants to use rice husk for electricity generation in the nearer future. Keywords: Biomass; Data Envelopment Analysis; Stream Turbine JEL Classifications: Q420; M110