Michael Roberts
Not All Regions Are Alike: Evaluating the Effect of Oil Price Shocks on Local and Aggregate Economies
Using a sample of 48 contiguous U.S. states for the period 1973-2013, we study how oil price shocks influence state-level economic growth. The analysis incorporates (1) a structural decomposition of the supply and demand factors that drive the real price of crude oil; (2) heterogeneity of states in terms of their production and consumption of […]
Read MoreA Pocket Full of PIMs
By Michael Roberts In the arcane parlance of utility regulation, PIMs are “Performance Incentive Mechanisms.” This is where we’re headed because, slightly against my expectation, Governor Ige recently signed SB 2939, a bill unanimously passed by the legislature that requires that the Public Utilities Commission: “…establish performance incentives and penalty mechanisms that directly tie an […]
Read MoreVariable Pricing and the Cost of Renewable Energy
On a levelized-cost basis, solar and wind power generation are now competitive with fossil fuels, and still falling. But supply of these renewable resources is variable and intermittent, unlike traditional power plants. As a result, the cost of using flat retail pricing instead of dynamic, marginal-cost pricing–long supported by economists–will grow. We evaluate the potential […]
Read MoreShould regulators fear bond-rating agencies?
By Michael Roberts It seems that our political and administrative leaders worry about the bond rating agencies. Their fear is understandable. The cost of capital looms large in all manner of infrastructure projects, and the cost of that capital depends on how risky investors perceive repayment to be. The cost of capital also looms large […]
Read MoreMichael Roberts Receives Agricultural & Applied Economics Association’s Quality of Research Discovery Award
UHERO congratulates Michael Roberts, recipient of the Agricultural & Applied Economics Association’s Quality of Research Discovery Award for his article, “Who Really Benefits from Agricultural Subsidies? Evidence from Field-level Data.” Michael will be recognized during the AAEA 2017 Annual Meeting this summer in Chicago. Michael Roberts is a UHERO Research Fellow, Professor of Economics and co-founder of […]
Read MoreWhat a Difference a Rate Makes
By Michael Roberts UHERO’s Energy Planning and Policy Group has been writing about how variable pricing of electricity, both wholesale and retail, can lower the cost of intermittent renewables. Get the rates right, and facilitate easy open-access to the grid for both buyers and sellers, and amazing things can happen. The idea is that variable […]
Read MoreIncentives for the Utility
By Michael Roberts *This post follows up on two previous installments in the Sustainable Energy Blog Series: Embrace Policy Experiments for Demand Response and Four Years to Improve Renewable Energy. Perhaps the greatest obstacle to a renewable-energy future is that our utility, Hawaiian Electric Industries (HEI), has little or no incentive to transform its operation into a […]
Read MoreEmbrace Policy Experiments for Demand Response
By Michael Roberts *This post follows up on the previous post in the Sustainable Energy Blog Series: Four Years to Improve Renewable Energy. HECO has recently proposed new time-of-use rates and is developing pricing for various kinds of demand response programs. The proposed programs are a long ways from the open-access, marginal-cost pricing, but they […]
Read MoreFour Years to Improve Renewable Energy
By Michael Roberts Without the debt-ceiling hijinks of earlier years, the federal budget bill passed at the end of last year with a lot less drama and press coverage. But little news turned out to be good news, at least for Hawai`i and renewable energy interests. The spending bill included an extension of the 30% […]
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