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Energy economics is a broad scientific
Science

In its broadest sense, science refers to any systematic knowledge or practice. In its more usual restricted sense, science refers to a system of acquiring knowledge based on scientific method, as well as to the organized body of knowledge gained through such research....
 subject area which includes topics related to supply
Energy supply

Energy supply is the delivery of fuels or transformed fuels to point of consumption. It potentially encompasses the extraction, transmission, generation, distribution and storage of fuels....
 and use of energy
Energy

In physics, energy is a scalar physical quantity that describes the amount of Work_ that can be performed by a force. Energy is an attribute of objects and systems that is subject to a conservation law....
 in societies
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic discipline, but it is an applied subdiscipline of economics. From the list of main topics of economics, some relate strongly to energy economics: Energy economics also draws heavily on results of energy engineering
Engineering

Engineering is the discipline and profession of applying Technology and science knowledge and utilizing natural laws and physical resources in order to design and implement materials, structures, machines, devices, systems, and process that safely realize a desired objective and meet specified criteria....
, geology
Geology

Geology is the science and study of the solid and liquid matter that constitute the Earth. The field of geology encompasses the study of the composition, structural geology, physical properties, dynamics, and History of the Earth of Earth materials, and the processes by which they are formed, moved, and changed....
, political sciences, ecology
Ecology

Ecology is the science study of the distribution and Abundance of life and the interactions between organisms and their nature environment ....
 etc.






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Energy economics is a broad scientific
Science

In its broadest sense, science refers to any systematic knowledge or practice. In its more usual restricted sense, science refers to a system of acquiring knowledge based on scientific method, as well as to the organized body of knowledge gained through such research....
 subject area which includes topics related to supply
Energy supply

Energy supply is the delivery of fuels or transformed fuels to point of consumption. It potentially encompasses the extraction, transmission, generation, distribution and storage of fuels....
 and use of energy
Energy

In physics, energy is a scalar physical quantity that describes the amount of Work_ that can be performed by a force. Energy is an attribute of objects and systems that is subject to a conservation law....
 in societies
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic discipline, but it is an applied subdiscipline of economics. From the list of main topics of economics, some relate strongly to energy economics:
  • Econometrics
    Econometrics

    Econometrics is concerned with the tasks of developing and applying quantitative or statistical methods to the study and elucidation of economic principles....
  • Environmental economics
    Environmental economics

    Environmental economics is a subfield of economics concerned with environmental issues. Quoting from the National Bureau of Economic Research Environmental Economics program:...
  • Finance
    Finance

    The field of finance refers to the concepts of time, money and risk and how they are interrelated. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important....
  • Industrial organization
    Industrial organization

    Industrial organization is a field of economics that studies the strategic behavior of firms, the structure of markets and their interactions. The study of industrial organization adds to the perfectly competitive model real-world frictions such as limited information, transaction cost, cost of adjusting prices, government actions, and barrie...
  • Microeconomics
    Microeconomics

    Microeconomics is a branch of economics that studies how individuals, households and firms and some states make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold....
  • Macroeconomics
    Macroeconomics

    Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole....
  • Resource economics
Energy economics also draws heavily on results of energy engineering
Engineering

Engineering is the discipline and profession of applying Technology and science knowledge and utilizing natural laws and physical resources in order to design and implement materials, structures, machines, devices, systems, and process that safely realize a desired objective and meet specified criteria....
, geology
Geology

Geology is the science and study of the solid and liquid matter that constitute the Earth. The field of geology encompasses the study of the composition, structural geology, physical properties, dynamics, and History of the Earth of Earth materials, and the processes by which they are formed, moved, and changed....
, political sciences, ecology
Ecology

Ecology is the science study of the distribution and Abundance of life and the interactions between organisms and their nature environment ....
 etc. Recent focus of energy economics includes the following issues:
  • Climate change
    Climate change

    Climate change is any long-term significant change in the expected patterns of average weather of a specific region over an appropriately significant period of time....
     and climate policy
  • Risk analysis
    Risk analysis

    Risk Analysis can refer to:*Risk analysis **Probabilistic risk assessment, an engineering safety analysis*Risk analysis * Certified Risk Analyst...
     and security of supply
  • Sustainability
    Sustainability

    Sustainability, in a broad sense, is the ability to maintain a certain process or state. It is now most frequently used in connection with biological and human systems....
  • Energy market
    Energy market

    Energy markets are those commodities markets that deal specifically with the trade and supply of Energy . Energy market may refer to an electricity market, but can also refer to other sources of energy....
    s and electricity market
    Electricity market

    In economic terms, electricity is a commodity capable of being bought and sold. An electricity market is a system for effecting the purchase and sale of electricity, using supply and demand to set the price....
    s - liberalisation, (de- or re-) regulation
    Regulation

    Regulation refers to "controlling human or societal behaviour by rules or restrictions." Regulation can take many forms: law restrictions promulgated by a government authority, self-regulation, social regulation , co-regulation and market regulation....
  • Demand response
    Demand response

    In electricity grids, demand response is similar to Dynamic demand mechanisms to manage customer consumption of electricity in response to supply conditions, for example, having electricity customers reduce their consumption at critical times or in response to market prices....
  • Energy and economic growth
    Economic growth

    Economic growth is the increase in the amount of the goods and services produced by an economics over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP....
  • Economics of energy infrastructure
  • Environmental policy
    Environmental policy

    Environmental policy is any action deliberately taken to manage human activities with a view to prevent, reduce or mitigate harmful effects on nature and natural resources, and ensuring that man-made changes to the environment do not have harmful effects on humans....
  • Energy policy
    Energy policy

    Energy policy is the manner in which a given entity has decided to address issues of energy development including energy production, Resource distribution and Consumption ....
  • Energy derivative
    Energy derivative

    Also known as energy trade, oil trade, gas trade, power trade. Major players include major trading houses, oil companies, utilities, financial institutions....
    s
  • Forecasting energy demand
    Energy consumption

    Energy consumption is the consumption of energy or Power . It is covered in the following articles and categories:* World energy resources and consumption...
  • Elasticity
    Elasticity (economics)

    In economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable. It is a tool for measuring the responsiveness of a function to changes in parameters in a relative way....
     of supply and demand in energy market
    Energy market

    Energy markets are those commodities markets that deal specifically with the trade and supply of Energy . Energy market may refer to an electricity market, but can also refer to other sources of energy....
  • Energy elasticity
    Energy elasticity

    Energy elasticity is a term used with reference to the energy intensity of Gross Domestic Product. It is "the percentage change in energy consumption to achieve one per cent change in national GDP"....
     measuring energy required to achieve GDP


Some institutions of higher education (universities) recognise energy economics as a viable career opportunity, offering this as a curriculum
Curriculum

In formal education, a curriculum is the set of courses, and their content, offered at a school or university. As an idea, curriculum stems from the Latin word for race course, referring to the course of wiktionary:deed and experiences through which children grow and mature in becoming adults....
. There are numerous research departments, companies and professionals offering energy economics studies and consultations.

History

Energy related issues have been actively present in economic literature since the 1973 oil crisis
1973 oil crisis

The 1973 oil crisis started on October 15, 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo "in response to the U.S....
. But when extended to include the ecological point of view the economics of energy resources have their roots much further back in the history. As early as 1865 W.S. Jevons
William Stanley Jevons

William Stanley Jevons , England economist and logician, was born in Liverpool. He expounded in his book The Theory of Political Economy the "final" utility theory of value....
 expressed his concern about the eventual depletion of coal resources in his book The Coal Question. One of the best known early attempts to work on the economics of exhaustible resources was made by H. Hotelling
Harold Hotelling

Harold Hotelling was a mathematical statistician and an influential economic theorist. His name is known to all statisticians because of Hotelling's T-square distribution and its use in statistical hypothesis testing and confidence regions....
, who derived a price path for non-renewable resources
Non-renewable resources

A non-renewable resource is a natural resource that cannot be produced, re-grown, regenerated, or reused on a scale which can sustainable its consumption rate....
, known as Hotelling's rule
Hotelling's rule

Hotelling's rule is defining the net price path as a function of time while maximising rent in the time of fully extracting a nonrenewable resource....
.

Aspects of energy economics

Analysis of a nation's or a world energy economy can be started from the corresponding energy balance
Energy balance

Energy balance has the following meanings in several fields:* In physics, energy balance is a systematic presentation of energy flows and transformations in a system....
, allowing one to visualise the flows of energy resources and their utilisation on a periodical (usually annual) basis.

This level of analysis stresses the economic aspect of the energy problem, since all sources and uses of energy are expressed in physical units (usually quadrillion BTU's
British thermal unit

The British thermal unit is a unit of energy used in the power, steam generation, heating and air conditioning industries. In scientific contexts the BTU has largely been replaced by the SI unit of energy, the joule , though it may be used as a measure of agricultural energy production ....
). The costs and the efficiency of various energy sources can be accounted for separately according to the mainstream view of energy economics. Biophysical economics however stresses the thermodynamic aspects of this subject.

Since energy policy
Energy policy

Energy policy is the manner in which a given entity has decided to address issues of energy development including energy production, Resource distribution and Consumption ....
 planning and analysis is a long-term business, some kind of insight into the sustainability
Sustainability

Sustainability, in a broad sense, is the ability to maintain a certain process or state. It is now most frequently used in connection with biological and human systems....
 of different policy options is preferable. This implies forecasting of main energy and economic variables along several scenarios and establishing a consistent criterion for comparison among them.

See also

  • Energy Accounting
    Energy accounting

    Energy accounting can refer to:* Energy Accounting, an economic system proposed by Technocracy Incorporated* Monetization of energy, an economic system in which energy is used as the economic unit...
  • Energy and Environment
    Energy and Environment

    Energy and Environment describes itself as "an interdisciplinary journal aimed at natural scientists, technologists and the international social science and policy communities covering the direct and indirect environmental impacts of energy acquisition, transport, production and use." The journal's publisher is Multi-Science and its edit...
  • Thermoeconomics
    Thermoeconomics

    Thermoeconomics is the name given to a type of heterodox economics economic theory that attempts to explicitly apply the laws of thermodynamicss of thermodynamics to economics....
  • Industrial ecology
    Industrial ecology

    Industrial Ecology is an interdisciplinary field that focuses on the sustainable combination of natural environment, economy and technology. The central idea is the analogy between natural and socio-technical systems....
  • EROEI
    EROEI

    In physics, energy economics and energetics, EROEI , ERoEI, EROI or less frequently, eMergy, is the ratio of the amount of usable energy acquired from a particular energy resource to the amount of energy expended to obtain that energy resource....
  • Wealth, Virtual Wealth and Debt
    Wealth, Virtual Wealth and Debt

    Wealth, Virtual Wealth and Debt is a book by the Nobel prize-winning chemist Frederick Soddy on monetary policy and society and the role of energy in economic systems....
  • Energy quality
    Energy quality

    Energy quality the contrast between different Energy forms, the different trophic levels in ecology systems and the propensity of energy to convert from one form to another....
  • International Energy Agency
    International Energy Agency

    The International Energy Agency is a Paris-based intergovernmental organization founded by the Organisation for Economic Co-operation and Development in 1974 in the wake of the 1973 oil crisis....
  • List of energy topics
    List of energy topics

    This is a list of energy topics which identifies articles and categories that relate to energy in general. Energy refers to "the ability to do work"....
  • Energy and Environment
    Energy and Environment

    Energy and Environment describes itself as "an interdisciplinary journal aimed at natural scientists, technologists and the international social science and policy communities covering the direct and indirect environmental impacts of energy acquisition, transport, production and use." The journal's publisher is Multi-Science and its edit...
  • Ecological economics
    Ecological economics

    Ecological economics is a transdisciplinary field of academic research that aims to address the interdependence of human economies and natural ecosystems....


Sources, links and portals

There are three journals of energy economics:
  • Energy Economics
    Energy Economics (journal)

    Energy Economics is a scientific journal published by Elsevier. The journal publishes research papers concerned with the economic and econometric modelling and analysis of energy systems and issues....


There are several other journals that regularly publish papers in energy economics:


There is also a in three volumes.

Much progress in energy economics has been made through the model comparison exercises of the (Stanford) Energy Modeling Forum
Energy Modeling Forum

The Energy Modeling Forum is a structured forum for discussing important issue in energy and the environment. The EMF was established in 1976 at Stanford University....
 and the meetings of the .

IDEAS/RePEc has a , a , and a collection of recent .