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Sheng Y.,Australian National University | Sheng Y.,Nankai University | Shi X.,Economic Research Institute for ASEAN and East Asia | Zhang D.,Peking University
Energy Strategy Reviews | Year: 2013

This paper uses a general method of moment regression technique to estimate an energy demand function with a dataset covering 71 countries between 1965 and 2010. The estimated results show that countries undergoing rapid economic growth may show relatively higher income and price elasticities in the long run. The higher income elasticities and lower price elasticity in the short run of rapid growing countries may impose pressure on energy demand in the domestic and international markets. Energy market integration can help to reduce such pressure by smoothing energy demand through lowering its income elasticity and creating a flexible energy market through increasing its price elasticity. These findings have important implications for forecasting energy demand and promoting international cooperation in East Asia. © 2012 Elsevier Ltd. Source


Chang Y.,Nanyang Technological University | Fang Z.,Nanyang Technological University | Fang Z.,SIM University | Li Y.,Economic Research Institute for ASEAN and East Asia
Energy Policy | Year: 2016

Many countries have implemented various policies for renewable energy development ranging from setting power purchase agreements and the legislation of renewable energy requirements to providing incentives and imposing carbon taxes. The evaluation of the effectiveness of such policies, however, is fragmented, which raises a need for a comprehensive analysis. This paper aims to assess whether and how policies promoting renewable energy investment have achieved the intended goals. It employs five broadly defined criteria - market, uncertainty, profitability, technology, and financial resources - to build an index to assess respectively if such policies have helped create a market for renewable energy, maximize potential profits, reduce risks relating to the investment, develop and adopt new technologies, and improve the access to financial resources. Each criterion is reflected by three indicators. Values of each indicator are converted into ordinal values for analysis. The index not only scans comprehensively all relevant renewable energy investment policies in the East Asia Summit countries, but also provides systematic and quantitative measures to compare the effectiveness of policies in these countries with respect to the creation of market, the degree of uncertainty, the potential of profitability, the development and adoption of technology and the accessibility of financial resources. © 2016 Elsevier Ltd Source


Li Y.,Economic Research Institute for ASEAN and East Asia | Chang Y.,Nanyang Technological University
Energy Economics | Year: 2015

This study establishes a systemic approach in assessing the feasibility of power infrastructure investment for GMS and APG in the ASEAN + 2 (ASEAN plus China and India) region. It aims to identify the financial and finance-related institutional barriers of implementing such a regional power interconnection. A whole-system simulation model is built to assess the financial viability as well as commercial viability, which imply bankability for financiers and profitability for investors respectively, of new transmission projects under the optimized pattern of power trade. It also determines the optimized planning of new transmission capacities. According to our results, the existing development plan of power transmission infrastructure in the region, so called APG +, appears to stand as a financially and commercially viable plan. However, there is room for improvement in the planning in terms of timing, routes and capacity of the cross-border transmission lines and the GMS-related projects should be prioritized. © 2015 Elsevier B.V. Source


Sheng Y.,Australian National University | Shi X.,Economic Research Institute for ASEAN and East Asia
Applied Energy | Year: 2013

Energy Market Integration (EMI) has been a goal for many regions, including the European Union and East Asia, for quite a long time. How it could play a role in facilitating equitable economic growth among a group of countries remains an empirical question that this paper will attempt to answer. The paper uses economic convergence analysis (including both the σ-convergence and β-convergence approaches) to examine the impact of EMI - measured by two newly constructed indexes (namely, the energy trade index and the energy market competition index) - at the country level on dynamic economic growth paths across countries. Its special interest lies in informing policy making related to promoting EMI. The results show that countries involved in a more integrated energy market are more likely to reduce their income disparity, suggesting that EMI may help the region to achieve equitable growth through the accelerated economic development of lagged economies. © 2012 Elsevier Ltd. Source


Chang Y.,Nanyang Technological University | Li Y.,Economic Research Institute for ASEAN and East Asia
Energy Policy | Year: 2015

Energy market integration (EMI) in the ASEAN region is a promising solution to relieve the current immobilization of its renewable energy resources and would serve the fast increasing demand for electricity in the region. EMI could be further extended with coordinated policies in carbon pricing, renewable energy portfolio standards (RPS), and feed-in-tariffs (FIT) in the ASEAN countries. Using a linear dynamic programming model, this study quantitatively assesses the impacts of EMI and the above-mentioned policies on the development of renewable energy in the power generation sector of the region, and the carbon emissions reduction achievable with these policies. According to our results, EMI is expected to significantly promote the adoption of renewable energy. Along with EMI, FIT appears to be more cost-effective than RPS and is recommended for the ASEAN region, albeit political barriers for policy coordination among the countries might be a practical concern. In addition, an RPS of 30% electricity from renewable sources by 2030, which is considered politically a "low-hanging fruit", would achieve moderate improvements in carbon emissions reductions and renewable energy development, while incurring negligible increases in the total cost of electricity. © 2015 Elsevier Ltd. Source

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