Innovation Dynamics and Policy in the Energy Sector
Building Global Energy Markets, Institutions, Public Policy, Technology and Culture on the Texan Innovation Example
- 1st Edition - May 6, 2021
- Imprint: Academic Press
- Author: Milton L. Holloway
- Language: English
- Paperback ISBN:9 7 8 - 0 - 1 2 - 8 2 3 8 1 3 - 4
- eBook ISBN:9 7 8 - 0 - 1 2 - 8 2 4 1 9 2 - 9
Innovation Dynamics and Policy in the Energy Sector discusses the process and future of global innovation in the energy sector based on the innovation leadership example of Te… Read more
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Request a sales quoteInnovation Dynamics and Policy in the Energy Sector discusses the process and future of global innovation in the energy sector based on the innovation leadership example of Texas. The book proposes that the positive dynamics of Texas energy sector innovations arises from a confluence of factors, including supportive institutions, the management of technological change, competitive markets, astute public policy, intraindustrial collaboration, a cultural focus on change and risk-taking, and natural resource abundance. Heavily case-study focused chapters review the fundamental drivers of innovation, from key discoveries at Spindletop; the proliferation of oil production through major field development; through electric sector deregulation; and recent innovation in hydraulic fracking, renewable integration, and carbon capture. The work closes to argue that sustainable global innovation addressing the twin challenges of climate change and the energy transition must be driven by the promotion of competition and risk-taking which continually promotes the development of ideas, a process jointly funded by the public and private sectors and supported by collaborative and competitive institutions.
- Reviews the fundamental drivers of energy innovation and examines each driver through 10 key episodes in the Texas energy innovation experience, inclusive of guidance to the international research community based on their example.
- Establishes the critical impact of constructive energy policy, energy technology, and power markets in cultural settings that invite change and risk-taking and proposes them as key factors in building sustainable innovation.
- Consolidates current research and practice related to innovation from the perspectives of established (economics and engineering) and emergent (innovation economics and econometrics) disciplines.
Graduate students and early career researchers working in any aspect touching innovation economics and energy transition issues, including energy economics, environmental economics, behavioral economics and energy research in the social sciences. High relevance to policymakers and energy planners responsible for climate policy or sustainable development of energy markets. Energy consultants. Members / staff at energy associations – electric utilities, oil and gas, and solar and wind associations, environmental activist groups, engineering, public policy and economics associations.
- Cover image
- Title page
- Table of Contents
- Copyright
- List of figures
- List of tables
- About the author
- Preface
- Addendum
- Introduction
- The Polar Vortex and Arctic cold air outbreaks of February 2021
- Key grid events and ERCOT responses as the Big Freeze unfolded and subsided
- Economic and human misery impacts of the Big Freeze
- The ERCOT market structure essentials
- Current ideas for reforming the Texas electric grid in response to the Big Freeze
- Where do we go from here?
- The key drivers of innovation
- Texas new innovation direction projections resulting from the Big Freeze
- Chapter 1. The dynamics of innovation and technology in a market economy
- Abstract
- Table of Contents
- Introduction
- Innovation defined
- The rate of growth of technological change
- The dependence of economic growth on technological change
- Human capital and economic growth
- Treatment of time in economics and the law
- Property rights and innovation
- Government’s ability to advance innovation
- Economic models of innovation in the energy sector
- Overview of the Texas energy sector innovation experience
- Worked example
- Chapter 2. The common international energy innovation drivers
- Abstract
- Table of Contents
- Energy-intensive economies: Texas and US ranking among leading countries
- The international energy and associated organizations: vehicles for innovation
- World Coal Association
- World Petroleum Council
- International Renewable Energy Agency (IRENA)
- Global Wind Energy Council
- International Solar Energy Society
- International Atomic Energy Agency (IAEA)
- Other international organizations
- Current status of the global economy in the sixth Kondratieff cycle
- Governmental structure influence on energy sector innovation
- Measuring the common factors for driving change
- US companies with strong ties to Texas: spreading innovation throughout the globe
- Chapter 3. A game change at Spindletop
- Abstract
- Chapter outline
- The event
- The Spindletop innovations
- The early interplay of policy, markets, and technology
- Impacts of the Spindletop innovations
- Chapter 4. From chaos to order in the East Texas Field
- Abstract
- Table of Contents
- The event
- The East Texas Field induced innovations
- The interplay of policy, markets, and technology
- Impacts of the East Texas innovations
- Chapter 5. Concessions abroad and the disciplined rule of capture
- Abstract
- Table of Contents
- The event
- Innovation US stile and the follow up by OPEC
- The interplay of policy, markets, and technology
- Impacts of the institutional innovations
- Chapter 6. West Texas and the Permian Basin early innovations
- Abstract
- Table of Contents
- The event
- The Permian Basin innovations
- The interplay of policy, markets, and technology
- Impacts of the Permian Basin innovations
- Chapter 7. Panhandle Field and natural gas flaring
- Abstract
- Table of Contents
- The largest natural gas discovery in the United States
- Interstate pipelines
- The complexity of natural gas regulation
- Natural gas flaring
- Natural gas proration and ratable take
- Industrial marketing programs and deregulation
- The innovations in the Texas natural gas markets
- The interplay of policy, markets, and technology
- Impacts of the natural gas market and institutional innovations
- Chapter 8. Upheaval in the energy markets: the Arab Oil Embargo and the Iranian Crisis
- Abstract
- Table of Contents
- What happened
- The federal response
- The Texas response
- Interplay of policy, technology and markets following the energy crisis
- Measuring the impacts of entities created
- GEAC (1973 commission) input
- GEAC (1973 commission) output
- GEAC (1975 Texas state agency) input
- GEAC (1975 Texas state agency) output
- GEAC (1975 Texas state agency) impact
- Texas Energy Advisory Council (TEAC, 1977 Texas state agency) input
- Texas Energy Advisory Council (TEAC, 1977 Texas state agency) output
- Texas Energy Advisory Council (TEAC, 1977 Texas state agency) impact
- TENRAC (1979 Texas State Agency) input
- TENRAC (1979 Texas State Agency) output
- TENRAC impacts
- Chapter 9. Electric industry deregulation and competitive markets
- Abstract
- Table of Contents
- The context
- Texas restructuring
- The Texas market structure and operations
- Performance
- The interplay of policy, markets, and technology
- Impacts of the restructured electric market innovations
- Chapter 10. Hydraulic fracturing: the permian basin challenges organization of petroleum exporting countries leadership
- Abstract
- Table of Contents
- The beginning
- Natural gas from shale
- Crude oil from shale and tight sands
- Interplay of policy, technology, and markets
- Impacts of the fracking innovations
- Chapter 11. The oil and gas state adds renewable wind and solar
- Abstract
- Table of Contents
- Renewable energy definition
- Wind energy electric generation
- Solar energy
- Transmission capacity
- Reliability
- Interplay of policy, technology, and markets
- Impacts of renewables innovation
- Chapter 12. Capture and global warming: the technology and regulation debate
- Abstract
- Table of Contents
- Global warming and CO2 emissions
- Interplay of policy, technology, and markets
- Direct regulation of CO2 emissions from power plants
- Hope around short-term impacts
- Concerns about long-term impacts
- Chapter 13. The road ahead: ideas are key
- Abstract
- Table of Contents
- From then until now
- What comes next
- The future dynamics of policy, technology, and markets
- A recommendation
- Appendix A. The principle components of the energy system
- Appendix B. Overview of energy market and regulatory structures and US influence abroad
- Government agency regulatory system in the United States
- State government agency regulatory systems
- UK regulatory authorities
- Federal Network Agency
- Federal Maritime and Hydrographic Agency
- The Paris climate agreement—Germany support
- Russia
- Venezuela
- Saudi Arabia
- Appendix C. Recent developments in energy technology and markets
- Definitions
- References
- Further reading
- Index
- Edition: 1
- Published: May 6, 2021
- No. of pages (Paperback): 400
- No. of pages (eBook): 400
- Imprint: Academic Press
- Language: English
- Paperback ISBN: 9780128238134
- eBook ISBN: 9780128241929
MH
Milton L. Holloway
Milton Holloway holds a Bachelor of Science (1966) and Master of Science (1968) degrees in Applied and Resource Economics from Texas Tech University and a Ph.D. in Applied Economics from Oregon State University (1972). He is founder and President of Resource Economics, Inc., an economic consulting firm in Austin, Texas. His professional experience includes consulting, university teaching (in Texas and Mexico) and direction of Texas energy policy and R&D agencies. Holloway’s primary consulting, research and teaching interests have focused on applied economics and natural resource conservation in both public and private sector venues. During the decade following the Arab Oil Embargo of 1973 he directed Texas energy policy agencies focused on energy policy and new technology R&D. Under Holloway’s leadership (alongside others) Texas adopted the first ever comprehensive Texas energy policy, and recommended energy policy changes to the federal government. Following the deregulation of Texas electric utilities in 2005 Holloway helped organize, and then directed, a Texas non-profit organization - the Center for the Commercialization of Electric Technologies (CCET) whose purpose was to promote technological and institutional innovation in the Texas electric market. The state agency roles of the 1970s and early 1980s included Executive Director appointments by two Texas Governors with Senate confirmation. The CCET appointment as President and COO was made by the organization’s private sector Board of Directors.
Affiliations and expertise
Founder and President, Resource Economics, Inc., Austin, Texas, USARead Innovation Dynamics and Policy in the Energy Sector on ScienceDirect