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Contents

vii

Contents

Acknowledgments .........................................................................................................xi

List of Figures...............................................................................................................xiii

List of Tables.................................................................................................................xvi

1 Introduction .................................................................................................................1

2 Energy Lessons from the Past for the Future...........................................................9 Energy Geological History......................................................................................9 Energy’s Human History ......................................................................................16 Energy Forecasting ................................................................................................22 Summary ................................................................................................................36

3 Perfect Competition and the Coal Industry .................................................................39 Introduction ..................................................................................................................39 Coal Industry ................................................................................................................43 Energy Demand and Supply........................................................................................49 Demand and Supply Elasticities..................................................................................56 Energy Taxation ............................................................................................................65 Summary .......................................................................................................................77

4 Natural Monopoly and Electricity Generation.............................................................81 Introduction ..................................................................................................................81 Modeling Electricity Markets ......................................................................................85 Government Policy for a Natural Monopoly.............................................................97 Valuing Money across Time ......................................................................................100 Summary .....................................................................................................................108

5 Deregulation and Privatization of Electricity Generation .......................................111 Introduction ................................................................................................................111 Examples of Electricity Restructuring......................................................................114 Summary .....................................................................................................................131

6 Monopoly, Dominant Firm and OPEC .......................................................................135 Introduction ................................................................................................................135 Monopoly Model........................................................................................................137 Monopoly Compared to Competition.....................................................................141 Price Controls in a Monopoly Market .....................................................................142 Brief History of OPEC ...............................................................................................146 Multiplant Monopoly Model ....................................................................................152 Summary .....................................................................................................................166

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