FG Energiewirtschaft
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We investigate differences in bribing decisions among two generations from East and West Germany in a bribery game conducted as an online study (N=168). This way, we aim to explore moral considerations of individuals influenced by two formerly different institutional systems. We find a higher propensity to bribe among young Germans compared to the older generation. Young East Germans even reveal a slightly greater inclination to bribe than their West German counterparts. We conclude that preferences for personal favors may be induced among young East Germans given the tense relationship between market opportunities and conveyed cultural traits of a socialist imprint.
One requirement for the fast and efficient development of bioenergy is a clear understanding of the negative externalities bioenergy facilities cause. At this point, discussions in practice and research as to which externalities have an impact and how strong this potential impact actually is remain inconclusive. We utilize bioenergy plant construction data from Germany between 2007 and 2022 and match it with information about real estate in the plants’ vicinity. Applying improved difference-in-difference estimation procedures to analyze heterogeneous treatment effects, we interpret a causal impact of bioenergy plant commissioning on housing prices in the vicinity in terms of the average net external effects affecting the vicinity. Overall, we find a minor negative impact of -0,5 % on home prices within 1 km of bioenergy plants but no statistically significant effect beyond this distance. This suggests that visual pollution has a limited role as an externality of bioenergy plants. However, if we restrict the sample to homes downwind of bioenergy plants, we find a significant yet small negative impact on home prices, ranging from -1,0 % to - 1,3 %. Additionally, homes near bioenergy plants that use gaseous inputs - which emit stronger odors - experience price reductions between -0,4 % to -0,7 %. This lets us conclude that, besides visual pollution, odor emission may play a more significant role in affecting nearby home prices.
Über das Scientific Advisory & Project Board
Die vorliegende Kurzstudie wurde von einem Konsortium entwickelt, das sich aus Mitgliedern des 50Hertz Scientific Advisory and Project Boards (SAPB) zusammensetzt. Das SAPB ist ein Kreis von Professorinnen und Professoren, die 50Hertz darin unterstützen, neue Denk- und Lösungsansätze zu entwickeln und Erkenntnisse aus der Forschung – wo angemessen – in die Praxis von 50Hertz zu übernehmen.
Disclaimer Im Kontext der durch 50Hertz beauftragten SAPB-Studien forschen die beteiligten Wissenschaftlerinnen und Wissenschaftler frei und ergebnisoffen. Alle durch das Konsortium entwickelten Handlungsempfehlungen werden von 50Hertz eingehend geprüft und diskutiert, letztendlich entsprechen aber nicht alle Positionen denen von 50Hertz.
We study the effect of an employer’s communication concerning energy-efficient behavior on a firm’s employees’ behavioral responses. The management aims to enhance energy-efficient behavior performance by irregularly sending online messages to remote employees. We break down each message, analyzing the positive or negative emotions conveyed, collective or individual orientation, and ease of language. Comparing employees’ daily energy efficiency after receiving a message to their daily performance without a previous message, we find that messages generally result in an immediate increase in efficiency. Messages conveying negative emotions and those making a distinction between the manager and the employees have a smaller effect than messages conveying positive emotions and emphasizing a collective orientation that includes both the management and employees. Additionally, shorter messages are more likely to induce improved efficiency. Sending messages significantly impacts driver performance for up to six days after the message, resulting in economically relevant cost reductions.
This book offers important insights into the intricacies of energy trading and risk management to students and professionals in the liberalized electricity and natural gas markets. In its opening chapter, the book delves into fundamental concepts, including price formation on wholesale markets. The various market places and trading products are presented, and the distinguishing characteristics of electricity and natural gas compared to other commodities are emphasised.
Moving forward, the next chapter concentrates on portfolio management, offering insights into the trading process through the perspectives of various agents. It begins with proprietary traders and progresses to encompass the portfolio management activities of integrated companies responsible for both generation assets and a retail client base.
The book then looks at risk management, explaining the diverse risks that impact the value of energy portfolios inthe market. It places emphasis on credit risk, price risk, quantity risk, and product liquidity risk as the most influential factors and presents effective practices for their management. Furthermore, readers will gain a comprehensive understanding of how to manage quantity risk and its interconnectedness with price risk. Additionally, the book addresses the measurement of product liquidity and its disparities across different energy market products.
The book then looks at risk management, explaining the diverse risks that impact the value of energy portfolios inthe market. It places emphasis on credit risk, price risk, quantity risk, and product liquidity risk as the most influential factors and presents effective practices for their management. Furthermore, readers will gain a comprehensive understanding of how to manage quantity risk and its interconnectedness with price risk. Additionally, the book addresses the measurement of product liquidity and its disparities across different energy market products.
In summary, this book is an accessible introduction and a concise reference for students and professionals across all fields of energy.
Our paper introduces a dynamic meta-forecasting approach that optimizes the weights of several available forecasts using a swarm intelligence algorithm, named Particle Swarm Optimization. This algorithm was chosen for its efficiency and convergence performance in solving optimization problems. We apply the methodology to solar photovoltaic day-ahead forecasts utilizing regional data from Germany. Our sample covers the period between 2019 and 2022 at a quarter-hourly frequency. We provide day-ahead forecasts using a rolling estimation window. Alongside benchmark models, Particle Swarm Optimization predictive accuracy is comparable to state-of-the-art models, particularly a dynamic elastic net benchmark model. However, there are slight differences. The investor can choose between Particle Swarm Optimization for its simple implementation and computational efficiency, or dynamic elastic net models for its parameters explainability.
The European energy transition requires the expansion of renewable generators and consequently, the expansion of grid infrastructure and flexibility options. When modelling complex energy systems, the application of decomposition techniques is reasonable to keep models computationally tractable. Our paper focuses on the efficient optimization of energy systems covering large geographic areas. To accelerate the solving process, we apply a variant of Benders decomposition, which does not only apply temporal but also spatial decomposition. We show that by applying our decomposition approach, the solving time decreases up to 75% compared to the runtime of the equivalent monolithic model solved by a commercial solver and the barrier algorithm. Furthermore, we show that additionally applying spatial decomposition results in time savings compared to an only temporally decomposed approach.
What happens to the merit order of electricity markets when all electricity is supplied by intermittent renewable energy sources coupled with large-scale electricity storage? With near-zero marginal cost of production, will there still be a role for an energy-only electricity market? We answer these questions both analytically and empirically for electricity markets in Texas and Germany. What emerges in market equilibrium is the ‘new merit order’. Our work demonstrates that as long as free entry and competition ensure effective price setting, an efficient new merit order emerges in electricity markets even when the grid is completely powered by intermittent sources with near-zero marginal costs. We find that energy only markets remain viable and functional.
Germany is a global leader in environmental protection and has embraced a fast-track transition towards renewable energy adaptation. To support the continuous energy transition, an approximate sum of EUR 3000 billion needs to be mobilized by 2050, making it an exemplary case for examining the influence of green finance on renewable energy consumption and technological innovation. The objective of this study is to investigate the impact of green finance and technological innovation on renewable energy consumption across 16 federal German states, utilizing panel data from 2008 to 2021. Two novel financial proxies, green investment and environmental protection-related sales, are introduced to capture the financial mechanisms underpinning the energy transition. MMQ (method of moments quantile) regression is employed to explore the short and long-run relationship among variables. The results reveal that while environmental protection-related sales consistently increase renewable energy consumption, the positive effects of green investment manifest only in the long term. Furthermore, the results indicate that solely increasing R&D funds does not necessarily boost renewable energy consumption. However, the positive interplay between R&D and patent applications significantly increases electricity generation from renewable sources. Indicating that integrated financial and technological strategies are essential for advancing Germany's renewable energy goals.