Investment in renewable energy considering game theory and wind-hydro diversification

Mazo, Claudia Mariá Garciá; Morales, Yris Olaya; Botero, Sergio Botero

doi:10.1016/j.esr.2020.100447

Cited by 18 publications

(11 citation statements)

References 43 publications

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“…According to the expected durations, a “downward” (“upward”) regime is the dominant or typical state of the US p&p the NAST. Consequently, mitigates the volatility of fuel prices, contributes to the fuel price stability, and hence develops the US ES in terms of risk and resilience (Kosai and Unesaki 2020a , b ; García Mazo et al 2020 ; Liu et al 2020a , b ; Sun et al 2020 ; Groissböck and Gusmão 2020 ; Francés et al 2013 ; Roques et al 2008 ) 18 . In respect of diagnostic tests, the findings of Durbin-Watson (DW) statistics pre- (2.03) and post- (2.07) the NAST show that no autocorrelation problem in the residuals is assessed in both sub-samples.…”

Section: Resultsmentioning

confidence: 99%

“…Consequently, the interconnection of uncertainty, speed- and expected duration of specified switching regimes of lead to a combination of fewer risks and higher resilience of the US ES, in response to the NAST. Specifically, the NAST causes resource availability, and a negative correlation among energy prices that facilitates the replacement of coal, oil, and green energy sources (e.g., nuclear power and renewable energy resources) by natural gas in the energy mix that supports the physical availability, price affordability and accessibility dimensions of the US ES, and therefore, increases the US (Kosai and Unesaki 2020a , b ; García Mazo et al 2020 ; Hasanov et al 2020 ; Liu et al 2020a , b ; Sun et al 2020 ; Acemoglu et al 2019 ; Francés et al 2013 ).…”

Section: Resultsmentioning

confidence: 99%

“…The second group of articles investigates determining the risks around ES, e.g., environment, technology, energy supply, geopolitics, and economic factors of individual economies and regions (Kosai and Unesaki 2020a ; García Mazo et al 2020 ; Hasanov et al 2020 ; Karatayev and Hall 2020 ; Lin and Raza 2020 ; San-Akca et al 2020 ; Liu et al 2020a , b ; Sun et al 2020 ; Groissböck and Gusmão 2020 ; Zeng et al 2017 ; Kiriyama and Kajikawa 2014 ; Francés et al 2013 ; Roques et al 2008 ) and finds that , renewables development, citizen commitment, the mobilization of technological and economic resources, and finally, a model of generation, efficiency, and distribution as well as the preventive- and optimizing control models have constructive roles in optimization of the security status and therefore, ES enhancement.…”

Section: Literature and Theorymentioning

confidence: 99%

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Energy security: the role of shale technology

Shirazi

2023

Environ Sci Pollut Res

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Sustainable energy systems are sensitive to the countries’ energy portfolio decisions, shaping geopolitics and contributing to the global energy security (ES). Accordingly, this paper applies the “Markov regime-switching” method to explore the impact of “the North American shale technology” (NAST) on behavioral regimes of the US energy security measurements (ESM), e.g., diversity of primary energy demand ($${\mathrm{ESI}}_{\mathrm{I}}$$ ESI I ), net energy import dependence ($${\mathrm{ESI}}_{\mathrm{II}}$$ ESI II ), non-fossil fuel resource portfolio ($${\mathrm{ESI}}_{\mathrm{III}}$$ ESI III ), and crude oil import dependency ($${\mathrm{ESI}}_{\mathrm{IV}}$$ ESI IV ). The findings confirm time-varying and asymmetric behavior of the US ESM before and after the NAST. Specifically, the overall interaction of substitution effect and scale effect of NAST strengthens the US energy systems through $${\mathrm{ESI}}_{\mathrm{I}}$$ ESI I , $${\mathrm{ESI}}_{\mathrm{III}}$$ ESI III , and $${\mathrm{ESI}}_{\mathrm{IV}}$$ ESI IV , while $${\mathrm{ESI}}_{\mathrm{II}}$$ ESI II leads to higher risks of the US energy supply security. Consequently, the shale reserves development, diversification of primary energy demand and import supply, and advanced energy transport and trading policies, are suggested to overcome the barriers in achieving (i) availability, (ii) accessibility, (iii) affordability, and (iv) acceptability aspects of ES and vulnerability reduction of the US energy systems in respect of risk and resilience.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Literature and Theorymentioning

confidence: 99%

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Energy security: the role of shale technology

Shirazi

2023

Environ Sci Pollut Res

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“…Furthermore, it is tested whether an acyclical, procyclical, or countercyclical behavior regarding the

STF

SED

in reaction to

ET

policies is formed under different regimes. This interaction may help to reduce risk and promote resilience across the LECE's energy systems, and hence, availability, accessibility, affordability, and acceptability of primary energy resources can be facilitated (Francés et al, 2013; García Mazo et al, 2020; Groissböck & Gusmão, 2020; Kosai & Unesaki, 2020; Liu, Wang, et al, 2020; Shirazi, 2022; Sun et al, 2020). This interaction may mitigate potential inappropriate effects concerning

SED

.H2 The impact of

ET

dimensions on

GPRI

is complex.…”

Section: Literature Review Theoretical Background and Research Hypoth...mentioning

confidence: 99%

Sustainable economic development and geopolitics: The role of energy trilemma policies

Shirazi

Fuinhas

Silva

2023

Sustainable Development

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This study reveals and supports the existence of a three-way connection between sustainable economic development (SED), geopolitical risks (GPRI), and the energy trilemma (ET). The impacts of ET on SED, and GPRI were analyzed using a regimeswitching vector autoregressive model. Results reveal mostly a positive impact of ET on SED. Consequently, decision-makers should design policies that promote ET to enhance economic growth and sustainability. However, decision-makers should acknowledge that uncertainty regarding the impact of these policies on SED and the time lag until their effects are felt in economies varies widely across regimes. Geopolitical risk reveals a slightly positive short-term reaction to ET under the slightly downward regime and a durable cyclical pattern in the sharply upward one. The cyclical impact of energy equity and security on GPRI is positive, while environmental sustainability reduces geopolitical risk. This fluctuating pattern of the response of GPRI to ET policies is compatible with prior research that shows these policies may either foster or mitigate geopolitical risk. Detailed knowledge of the differing impacts of ET-related policies on geopolitical risk is fundamental for decision-makers if they want the counteract some of their adverse effects and enhance geopolitical stability.

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“…Research on the application of evolutionary game theory involves cost-benefit-subsidy of the asymmetric games to the environmental issue. Chengrong Pan and Young Long 55) established the game model between the microgrid and conventional grid, concluding that the probability of their positive choice correlates with direct and indirect benefits, government subsidies but reciprocal with costs based on evolutionary game theory. The application of game theory studied in the hybrid energy system between PV and wind 56) .…”

Section: Introductionmentioning

confidence: 99%

Evolutionary Game Analysis For Sustainable Environment Under Two Power Generation Systems

Habib¹,

Kabir²,

Tanimoto³

2022

Evergreen

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With the rapid prosperity of the global economy and industry, as the energy demand, many factors influence power-producing sectors, including government incentives, customer demand, production cost, eco-friendly, and investors investment. To analyze the cost-benefit-subsidy in power generator system under the evolutionary game setting, we considered two asymmetric game structures by coupling the photovoltaic (PV) power system and coal-fired (CF) power system. To model the asymmetric games for PV and CF, Game-1 considers respective cost and benefit, whereas, Game-2 deliberates cost, benefit, and government subsidy. We present both analytical and numerical approaches within this framework.

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Investment in renewable energy considering game theory and wind-hydro diversification

Cited by 18 publications

References 43 publications

Energy security: the role of shale technology

Energy security: the role of shale technology

Sustainable economic development and geopolitics: The role of energy trilemma policies

Evolutionary Game Analysis For Sustainable Environment Under Two Power Generation Systems

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