The Haber−Bosch process produces ammonia from hydrogen and nitrogen gases in a globally important energy-intensive process that uses coal or natural gas as a fuel and hydrogen source. Direct electrochemical ammonia synthesis from nitrogen and water using renewable energy sources presents an alternative to the Haber−Bosch process that would be more sustainable. Additionally, the different production structure of direct electrochemical nitrogen reduction technology suggests a supply chain alternative to the ammonia industry and a method for load leveling of the electrical grid. This alternative route to ammonia from dinitrogen would require smaller capital investments than the Haber−Bosch process and would not require a fossil fuel supply. The impact of dynamic electrical power pricing is analyzed for a system that could take advantage of pricing volatility. We show that, under certain scenarios, at achievable levels of energy efficiency with a future electrocatalyst, direct nitrogen reduction would be economically competitive or advantageous compared with Haber−Bosch-based ammonia production.

<div><div><div><p>The Haber-Bosch synthesis produces ammonia from hydrogen and nitrogen gases in a globally important energy-intensive process that uses coal or natural gas as a fuel and as a hydrogen source. Direct electrochemical ammonia synthesis from nitrogen and water using renewable energy sources presents an alternative to the Haber-Bosch process that would be sustainable and environmentally benign. Additionally, the different production structure of direct electrochemical nitrogen reduction technology suggests a supply chain alternative to the ammonia industry, and a method for load-leveling of the electrical grid. This alternative route to ammonia from dinitrogen would not require the same large capital investments as does the Haber-Bosch process, nor would it require access to a fossil fuel supply. We show that under certain scenarios, at feasibly achievable levels of energy efficiency with a future electrocatalyst, direct nitrogen reduction would be economically competitive or advantageous compared with Haber-Bosch-based ammonia production.</p></div></div></div>

We study Bitcoin (BTC) trading at the Chicago Mercantile Exchange (CME) and four settlement spot exchanges that transact $146 million per day in the BTC/USD pair. Spot market median trade sizes are under $1,300 but exceed $18,000 on the CME. Bid‐ask spreads average 0.0298%. Trade sizes of over $1 million move markets by less than 1%. 2.5% of trades and 15.5% of cancellations on Coinbase take place within 50 ms. Bid‐ask spreads exceed 0.8% for only 226 s. Most executions trade‐through better quotes, with estimated losses of $36 million. The CME leads price discovery. BTC leads Ethereum price adjustment.

In this article, we present a model of the electricity sector where generation technologies are intermittent. The economic value of an electricity generation technology is given by integrating its production profile with the market price of electricity. We use estimates of the consumer's intertemporal elasticity of substitution for electricity consumption while parameterizing the model empirically to numerically calculate the elasticity between renewables and fossil energy. We find that there is a non-constant elasticity of substitution between renewable and fossil energy that depends on prices and intermittency. This suggests that the efficacy and welfare effects of carbon taxes and renewable subsidies vary geographically. Subsidizing research into battery technology and tailoring policy for local energy markets can mitigate these distributional side effects while complementing traditional policies used to promote renewable energy.

<div><div><div><p>The Haber-Bosch synthesis produces ammonia from hydrogen and nitrogen gases in a globally important energy-intensive process that uses coal or natural gas as a fuel and as a hydrogen source. Direct electrochemical ammonia synthesis from nitrogen and water using renewable energy sources presents an alternative to the Haber-Bosch process that would be sustainable and environmentally benign. Additionally, the different production structure of direct electrochemical nitrogen reduction technology suggests a supply chain alternative to the ammonia industry, and a method for load-leveling of the electrical grid. This alternative route to ammonia from dinitrogen would not require the same large capital investments as does the Haber-Bosch process, nor would it require access to a fossil fuel supply. We show that under certain scenarios, at feasibly achievable levels of energy efficiency with a future electrocatalyst, direct nitrogen reduction would be economically competitive or advantageous compared with Haber-Bosch-based ammonia production.</p></div></div></div>