Energy

This image is having trouble loading!FSI researchers examine the role of energy sources from regulatory, economic and societal angles. The Program on Energy and Sustainable Development (PESD) investigates how the production and consumption of energy affect human welfare and environmental quality. Professors assess natural gas and coal markets, as well as the smart energy grid and how to create effective climate policy in an imperfect world. This includes how state-owned enterprises – like oil companies – affect energy markets around the world. Regulatory barriers are examined for understanding obstacles to lowering carbon in energy services. Realistic cap and trade policies in California are studied, as is the creation of a giant coal market in China.

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George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
Director of the Corporations and Society Initiative, Stanford Graduate School of Business
Director of the Program on Capitalism and Democracy, Center on Democracy, Development and the Rule of Law
Senior Fellow, Stanford Institute for Economic Policy Research
Senior Fellow (by courtesy), Freeman Spogli Institute for International Studies
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Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business (GSB), a Faculty Director of the GSB Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance and banking. Admati’s current research, teaching and advocacy focus on the complex interactions between business, law, and policy with focus on governance and accountability.

Since 2010, Admati has been active in the policy debate on financial regulations. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (Princeton University Press, 2013; bankersnewclothes.com). In 2014, she was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.

Admati holds BSc from the Hebrew University, MA, MPhil and PhD from Yale University, and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a member of the FDIC’s Systemic Resolution Advisory Committee, a former member of the CFTC’s Market Risk Advisory Committee, and a former visiting scholar at the International Monetary Fund.

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On the quiet Friday afternoon of March 11, 2011, Natsuo* was working in Fukushima, the capital city of Fukushima prefecture. At 2:46 p.m., a devastating earthquake of 9.0 magnitude hit the Pacific coast of Japan, where the prefecture of Fukushima is situated. Natsuo recalled to me the sheer power of this earthquake: “The whole office shook like hell, everything began to fall from the walls. I thought to myself ‘That’s it … I’m going to die!’”

Natsuo quickly returned to her hometown of Koriyama City, unaware that the earthquake had triggered a massive tsunami, which inundated an important part of the prefectural shoreline and ultimately claimed the lives of nearly 20,000 people. On top of the initial devastation, the tsunami severely damaged the Fukushima Dai’ichi Nuclear Power Plant, in Ōkuma, Fukushima, located on the east coast of Fukushima prefecture. She later learned on TV that something “seemed wrong” with the nuclear power plant. “During that time,” she said, “I tried to get as much information as I could, but the media weren’t being clear on the situation.”

Read the rest at Sapiens

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An anthropologist explores the network of citizen monitoring capabilities that developed after the Fukushima nuclear disaster in Japan in 2011 for what they might teach all of us about such strategies for the covonavirus pandemic.

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towards cyber peace

Please join the Cyber Policy Center for Towards Cyber Peace, Closing the Accountability Gap, hosted by Cyber Policy Center's Marietje Schaake, along with guests Stéphane Duguin, CEO of the Cyber Peace Institute and Camille François, CIO of Graphika and Mozilla Fellow. The discussion will focus on the challenges to cyber peace, and the work being done to chart a path forward. The session is open to the public, but registration is required. 

Marietje Schaake is the international policy director at Stanford University’s Cyber Policy Center and international policy fellow at Stanford’s Institute for Human-Centered Artificial Intelligence. She was named President of the Cyber Peace Institute. Between 2009 and 2019, Marietje served as a Member of European Parliament for the Dutch liberal democratic party where she focused on trade, foreign affairs and technology policies. Marietje is affiliated with a number of non-profits including the European Council on Foreign Relations and the Observer Research Foundation in India and writes a monthly column for the Financial Times and a bi-monthly column for the Dutch NRC newspaper. 

Camille François works on cyber conflict and digital rights online. She is the Chief Innovation Officer at Graphika, where she leads the company’s work to detect and mitigate disinformation, media manipulation and harassment. Camille was previously the Principal Researcher at Jigsaw, an innovation unit at Google that builds technology to address global security challenges and protect vulnerable users. Camille has advised governments and parliamentary committees on both sides of the Atlantic on policy issues related to cybersecurity and digital rights. She served as a special advisor to the Chief Technology Officer of France in the Prime Minister’s office, working on France’s first Open Government roadmap. Camille is a Mozilla Fellow, a Berkman-Klein Center affiliate, and a Fulbright scholar. She holds a masters degree in human rights from the French Institute of Political Sciences (Sciences-Po) and a masters degree in international security from the School of International and Public Affairs (SIPA) at Columbia University. François’ work has been featured in various publications, including the New York Times, WIRED, Washington Post, Bloomberg Businessweek, Globo and Le Monde.

Stéphane Duguin is the Chief Executive Officer of the CyberPeace Institute. His mission is to coordinate a collective response to decrease the frequency, impact, and scale of cyberattacks by sophisticated actors. Building on his hands-on experience in countering and analyzing cyber operations and information operations which impact civilians and civilian infrastructure, he leads the Institute with the aim of holding malicious actors to account for the harms they cause. Prior to this position, Stéphane Duguin was a senior manager and innovation coordinator at Europol. He led key operational projects to counter both cybercrime and online terrorism, such as the setup of the European Cybercrime Centre (EC3), the Europol Innovation Lab, and the European Internet Referral Unit (EU IRU). A leader in digital transformation, his work focused on the implementation of innovative responses to a large-scale abuse of the cyberspace, notably on the convergence of disruptive technologies and public-private partnerships.

 

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On June 3, Program on Energy and Sustainable Development (PESD) Director Frank Wolak participated as one of three energy experts in a virtual panel discussion evaluating the pros and cons of proposed “reach codes”  banning natural gas in the city of Los Altos, California.  The panel discussion - "Mandating All Electric:  Is Banning Natural Gas Really The Answer?" - was organized by a group of Los Altos residents who believe city residents’ voices need to be considered in government decisions. 

Reach codes are being considered for all new residential and commercial building construction, and all “scrape” remodels in the city.  A reach code is a local building energy code that reaches beyond the state minimum requirements for energy and its use in building design and construction. These codes facilitate local government’s efforts focused on clean air, climate solutions, and renewable energy economics.

Recorded discussion

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We report on an economic experiment that compares outcomes in electricity markets subject to carbon-tax and cap-and-trade policies. Under conditions of uncertainty, price-based and quantity-based policy instruments cannot be truly equivalent, so we compared three matched carbon-tax/cap-and-trade pairs with equivalent emissions targets, mean emissions, and mean carbon prices, respectively. Across these matched pairs, the cap-and-trade mechanism produced much higher wholesale electricity prices (38.5% to 52.6% higher) and lower total electricity production (2.5% to 4.0% lower) than the \equivalent" carbon tax, without any lower carbon emissions. Market participants who forecast a lower price of carbon in the cap-and-trade games ran their units more than those who forecast a higher price of carbon, which caused emissions from the dirtiest generating units (Coal and Gas Peakers) to be signicantly higher (15.2% to 33.0%) than in the carbon tax games. These merit order \mistakes" in the cap-and-trade games suggest an important advantage of the carbon tax as policy: namely, that the cost of carbon can treated by rms as a known input to production.

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Program on Energy and Sustainable Development
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Trevor L. Davis
Trevor L. Davis
Mark C. Thurber
Mark C. Thurber
Frank Wolak
Frank Wolak
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Any mention of climate policy was noticeably missing from President Obama's recent state of the union address. This is unfortunate because every day of inaction on climate policy by the United States government is another day that American consumers must pay substantially higher prices for products derived from crude oil, such as gasoline and diesel fuel. Moreover, a substantial fraction of the revenues from these higher prices goes to governments of countries that the US would prefer not to support.

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The Guardian
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Frank Wolak
Frank Wolak
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The price of a barrel of oil has more than doubled in the past year and a half, from $60 in early 2007 to a high of $142 earlier this summer. This has led to a search for someone to blame for this price increase and for government policies to reduce oil prices.

The actions of energy traders, more pejoratively known as speculators, are being targeted by Ralph Nader, the chief executives of the major domestic airlines and many members of Congress as a major cause of this price increase. However, data from world oil market demonstrates that it is unlikely that speculators have had a noticeable impact on world oil prices.

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San Jose Mercury News
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Frank Wolak
Frank Wolak
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Due to the COVID-19 pandemic, global demand for coal has experienced a significant drop - and air quality has improved accordingly. In a virtual seminar moderated by Program on Energy and Sustainable Development (PESD) Director Frank Wolak, PESD Associate Director Mark Thurber offered his assessment on whether the reduced role of coal and other fossil fuels is likely to be permanent, or whether they will emerge stronger than ever when the pandemic is over. Recorded talk

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To maximize environmental benefits from the rollout of its cap-and-trade program for greenhouse gas emissions, California should focus on achieving a positive demonstration effect from the program by doing as little as possible to harm the state's economy, as transparently as possible and as fast as possible.

 

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Commentary
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Sacramento Bee
Authors
Frank Wolak
Frank Wolak
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