ChemRN: Energy Law (Topic)最新文献

A Comparison of the Risk Quantification in Traditional and Renewable Energy Markets 传统与可再生能源市场风险量化比较

ChemRN: Energy Law (Topic) Pub Date : 2020-03-05 DOI: 10.2139/ssrn.3549547

Daniel Velásquez-Gaviria, Andrés Mora-Valencia, Javier Perote

{"title":"A Comparison of the Risk Quantification in Traditional and Renewable Energy Markets","authors":"Daniel Velásquez-Gaviria, Andrés Mora-Valencia, Javier Perote","doi":"10.2139/ssrn.3549547","DOIUrl":"https://doi.org/10.2139/ssrn.3549547","url":null,"abstract":"The transition from traditional energy to cleaner energy sources has raised concerns from companies and investors regarding, among other things, the impact on financial downside risk. This article implements backtesting techniques to estimate and validate the value-at-risk (VaR) and expected shortfall (ES) in order to compare their performance among four renewable energy stocks and four traditional energy stocks from the WilderHill New Energy Global Innovation and the Bloomberg World Energy for the period 2005-2016. The models used to estimate VaR and ES are AR(1)-GARCH(1,1), AR(1)-EGARCH(1,1), and AR(1)-APARCH(1,1), all of them under either normal, skew-normal, Student’s t, skewed-t, Generalized Error or Skew-Generalized Error distributed innovations. Backtesting performance is tested through traditional Kupiec and Christoffersen tests for VaR, but also through recent backtesting ES techniques. The paper extends these tests to the skewed-t, skew-normal and Skew-Generalized Error distributions and applies it for the first time in traditional and renewable energy markets showing that the skewed-t and the Generalized Error distribution are an accurate tool for risk management in those markets. Our findings have important implications for portfolio managers and regulators in terms of capital allocation in renewable and traditional energy stocks, mainly to reduce the impact of possible extreme loss events.","PeriodicalId":118979,"journal":{"name":"ChemRN: Energy Law (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115088766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

The Need for the Enforcement of Environmental Standards in the Iranian Oil and Gas Industry: Narrowing the Accountability Gap 伊朗石油和天然气行业执行环境标准的必要性:缩小问责制差距

ChemRN: Energy Law (Topic) Pub Date : 2018-06-07 DOI: 10.14324/111.2052-1871.095

N. Masumy

{"title":"The Need for the Enforcement of Environmental Standards in the Iranian Oil and Gas Industry: Narrowing the Accountability Gap","authors":"N. Masumy","doi":"10.14324/111.2052-1871.095","DOIUrl":"https://doi.org/10.14324/111.2052-1871.095","url":null,"abstract":"Although the oil and gas industry has boosted Iran’s economic development, it has adversely affected the ecosystems of certain regions. The government has failed to establish appropriate environmental regulations to prevent industry from engaging in environmentally damaging projects. Indigenous peopleliving in naturally oil- and gas-rich areas already experience conditions of severe social disadvantage,and are additionally subject to suffering the consequences of an unregulated oil and gas industry. Major shortcomings in national environmental law and the lack of effective compliance mechanisms have left indigenous people without recourse to legal action. This paper critiques the existing legal frameworks and identifies the deficiencies in their accountability mechanisms, that is, the methods by which affected groups may hold companies responsible for environmental harms in the context of oil and gas exploration projects. It also scrutinises the non-compulsory nature of current international standards. This paper contends that, at present, companies are not obligated to adhere to these standards, which renders them ineffective. It argues for an alternative legal framework that can facilitate accountability in the Iranian environmental regulation system. For full text, please click here","PeriodicalId":118979,"journal":{"name":"ChemRN: Energy Law (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124856580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An Open Access Distribution Tariff: Removing Barriers to Innovation on the Smart Grid 开放接入分配关税:消除智能电网创新的障碍

ChemRN: Energy Law (Topic) Pub Date : 2014-07-28 DOI: 10.31228/osf.io/nuje2

J. B. Eisen

{"title":"An Open Access Distribution Tariff: Removing Barriers to Innovation on the Smart Grid","authors":"J. B. Eisen","doi":"10.31228/osf.io/nuje2","DOIUrl":"https://doi.org/10.31228/osf.io/nuje2","url":null,"abstract":"This Article proposes that the Federal Energy Regulatory Commission (FERC) consider promulgating an Open Access Distribution Tariff (OADT) to open the nation’s electric grid to new products and services at the consumer (distribution) level. Design of the OADT would be comparable to the Open Access Transmission Tariff that the FERC has used previously to open the nation’s transmission wires. This Article argues that an OADT is necessary to create a smart electricity network that would be national, multimodal, and interactive. There is no smart electricity network at present, and there are numerous barriers to the development of open networking, such as obstacles to open access, lack of consumer demand for such a network and its products, resistance of incumbent utilities, and a variety of other factors. An open access principle will likely be necessary, but the timing of such regulation is of critical importance. This Article argues that regulatory establishment of an open access principle will eventually be necessary — and to assess when open access might be desirable, this Article examines the revolutionary transformations that took place in three regulated industries: telecommunications, electricity restructuring, and finance.This Article examines key near-term and long-term questions involving an OADT’s timing and development by analyzing these regulated industries using three criteria: (1) signifiers of when a transition would be necessary and conditions that might make open access more desirable to industry actors, (2) regulatory prerequisites necessary in the near term, and (3) risks involved in drawing lessons from the specific regulatory transformation (including federalism concerns). This Article concludes that rather than waiting for an organic transformation of the electric grid and evolution of open networking, a deliberate path of preparatory work will best set the foundation for open access.","PeriodicalId":118979,"journal":{"name":"ChemRN: Energy Law (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124564097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Petroleum Tax Policy in Russia 俄罗斯的石油税收政策

ChemRN: Energy Law (Topic) Pub Date : 2012-10-27 DOI: 10.2139/ssrn.2169918

Yuri Bobylev

引用次数: 0