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University of Pittsburgh School of Law 2013 Energy Law & Policy Institute David Spence August 1, 2013

University of Pittsburgh School of Law 2013 Energy Law & Policy Institute David Spence August 1, 2013. U.S. Energy Policy in 2013 Policy problems (environment/energy nexus, promoting efficient energy markets, etc.)

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University of Pittsburgh School of Law 2013 Energy Law & Policy Institute David Spence August 1, 2013

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  1. University of Pittsburgh School of Law 2013 Energy Law & Policy Institute David Spence August 1, 2013

  2. U.S. Energy Policy in 2013 • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.) • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation • If not “rational middle,” then more of a middle

  3. U.S. Energy Flows

  4. U.S. Energy Policy in 2013 • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.) • GHG regulation • MATS, CSAPR, once-through cooling, etc. • RPS battles in states • Shale gas production/fracking • “Can energy markets be trusted?”  from CA energy crisis to Barclays/JP Morgan • Capacity markets vs. pure energy markets vs regulation (Texas)

  5. U.S. Energy Policy in 2013 • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.) • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation • In theory: who do you trust? • Theory vs. reality • Centrifugal forces – cognitive biases and cultural cognition of risk

  6. Electricity Markets • “Can energy markets be trusted?”  from CA energy crisis to Barclays/JP Morgan • Capacity markets vs. pure energy markets vs regulation (Texas) • MMUs in organized markets • Mandatory features of organized markets • Capacity markets vs. pure energy markets– is price a sufficient signal? • Would consumers prefer security?

  7. Shale Gas vs. Coal Share of Electricity Production for Coal, Natural Gas, and Non-Hydro Renewables, 1949-2012 2005: Nat. Gas Wellhead Price = $7.33/mcf Wider use of mountaintop removal reduces costs of coal mining 2012: Nat. Gas Wellhead Price = $2.66/mcf 56% First horizontal wells fracked in the Barnett Shale 37% 30% 9% Arab Oil Embargo: reduced use of oil and gas for electricity generation 5% New generation of EPA rules developed a Data source, US EIA

  8. U.S. Energy Policy in 2013 • Policy problems (environment/energy nexus, promoting efficient energy markets, etc.) • Ideology  regulation vs. markets is really naïve markets vs. naïve regulation • If not “rational middle,” then more of a middle

  9. Thank you

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