Search NASA⌕ Search

SEARCH · Search NASA

Results for “economic performance”

Search indexed NASA NTRS and DOE OSTI research on propulsion, heat transfer, battery materials and energy systems. Follow report and document links to the original sources.

Quote a phrase for an exact phrase match. Source license links do not imply unrestricted reuse.

At least 91 records · Page 5

Optimal Sizing and Dispatch of Solar Power with Storage

Designers of utility-scale solar plants with storage, seeking to maximize some aspect of plant performance, face multiple challenges. In many geographic locations, there is significant penetration of photovoltaic generation, which depresses energy prices during the hours of solar availability. An energy storage system affords the opportunity to dispatch during higher-priced time periods, but complicates plant design and dispatch decisions. Solar resource variability compounds these challenges, because determining optimal system sizes requires simultaneously considering how the plant will be operated under the imposed market and weather conditions. We develop an approach to analyze the economic performance of hybrid and single-technology solar power plants, which incorporates optimal dispatch, and considers the expected electricity market and weather conditions. We utilize the System Advisor Model software package to simulate the operation of multiple renewable generation and energy storage technologies, in conjunction with hourly-fidelity generation decisions determined by a revenue-maximizing, mixed-integer linear program. We show that, under our assumed market and weather conditions, the lifetime benefit-to-cost ratio can be improved by 6 to 19 percent, relative to a baseline design without optimizing, and that a concentrating solar power with thermal energy storage design produces significantly more energy per year, but is less profitable under our cost assumptions.

black-box optimization↗

Environmental and economic analyses of chemical recycling via dissolution of waste polyethylene terephthalate

Globally, more than 1000 organizations and 175 nations are facing the plastic waste problem and have realized the need to transition from “linear-to-circular” economy of plastics. While the current mechanical recycling technologies for plastics are struggling to increase the U.S. plastic recycling rates beyond 9%, chemical recycling technologies become important complementary technologies to the predominant mechanical recycling that are needed to realize the circular economy in plastics supply chains. Dissolution is one such chemical recycling technology that can recycle waste plastic back into high-quality virgin grade plastic. However, the environmental and economic impacts of chemical recycling of waste polyethylene terephthalate (PET) via dissolution technology using a green solvent are unknown. Our study evaluated environmental metrics such as greenhouse gas (GHG) emissions and cumulative energy demand, and economic metrics such as net present value (NPV), minimum selling price, payback period, return on investment, and discounted internal rate of return for three dissolution processes with polymer recovery via anti-solvent, evaporation, and cooling precipitation techniques. The dissolution process with evaporation technique was the most economically favorable, whereas that with cooling technique was the most environmentally favorable. The anti-solvent approach had low economic performance and the highest environmental impacts. The NPV for all of these technologies ranged from $2.67 MM to $10.93 MM for a capacity of 8,400 MT/year and was found to be the highest for dissolution with evaporation approach and the least for anti-solvent approach. The cradle-to-gate GHG emissions and energy demand for PET dissolution processes ranged from 1.33-3.77 kg CO2-eq/kg of chemically recycled (CR) PET and18.9-56.1 MJ/kg of CR-PET, respectively. These economic and environmental metrics will be helpful in evaluating the sustainability of circular PET supply chains in the U.S.

09 BIOMASS FUELS↗

Oxygen Storage Incorporated Into Net Power and the Allam–Fetvedt Oxy-Fuel sCO2 Power Cycle—Techno-Economic Analysis

Abstract With the planned future reliance on variable renewable energy, the ability to store energy for prolonged time periods will be required to reduce the disruption of market fluctuations. This paper presents a method to analyze a hybrid liquid-oxygen (LOx) storage/direct-fired supercritical carbon dioxide (sCO2) power cycle and optimize the economic performance over a diverse range of scenarios. The system utilizes a modified version of the NET Power process to produce energy when energy demand exceeds the supply while displacing much of the cost of the air separation unit (ASU) energy requirements through cryogenic storage of oxygen. The model uses marginal cost of energy data to determine the optimal times to charge and discharge the system over a given scenario. The model then applies ramp rates and other time-dependent factors to generate an economic model for the system without storage considerations. The size of the storage system is then applied to create a realistic model of the plant operation. From the real plant operation model, the amount of energy charged and discharged, the capital expenditures (CAPEX) of each system, energy costs and revenue and other parameters can be calculated. The economic parameters are then combined to calculate the net present value (NPV) of the system for the given scenario. The model was then run through the SMPSO genetic algorithm in Python for a variety of geographic regions and large-scale scenarios (high solar penetration) to maximize the NPV based on multiple parameters for each subsystem. The LOx storage requirements will also be discussed.

Engineering↗

A dynamic price model based on supply and demand with application to techno-economic assessments of rare earth element recovery technologies

Rare Earth Elements (REEs) are essential for sustainable energy technologies. Techno-economic Assessments (TEAs) have been conducted to evaluate innovative approaches to recover REEs from waste streams. However, most TEA studies do not consider the price volatility of REEs, which raises concern over the reliability of the analysis in an unpredictable dynamic market. To address this shortcoming, a dynamic price model is proposed that adjusts REE price based upon supply-demand conditions. The dynamic market behavior is simulated and its effect on a TEA is examined via a case study. The results of the dynamic simulation indicate a growing trend of the market price for REE materials/products. Compared to a conventional TEA that does not consider price dynamics, a significant difference in economic performance metrics is identified from the dynamic TEA results. Finally, the proposed dynamic TEA method is not limited to a specific application and can provide insights for evaluating a broad range of technologies.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗

Stochastic Analysis for Long Term Capital Structures, Systems, and Components Refurbishment and Replacement

As commercial Nuclear Power Plants (NPPs) pursue extended plant operation in the form of Second License Renewal (SLR), opportunities exist for these plants to provide capital investments to ensure long-term safe and economic performance. At the current time, several utilities have announced an intention to pursue extended operation for one or more of their NPPs via SLR . The goal of this research is to develop a risk-informed approach to evaluate and prioritize plant capital investments made in preparation for, and during the period of, extended plant operations to support decisions for NPP operations. Since the capital investments are influenced by various factors, such as markets, safety and regulatory, the decision-making process of NPP operations should take into account relevant factors for balancing risks, costs and profits. The traditional method of capital budgeting is based on the priority list of candidate projects using economic measures such as benefit-investment ratio, net present value (NPV) and internal rate of return. In the literatures, the problem of capital budgeting or the variant can be represented by an appropriate knapsack problem. The knapsack approach to capital budgeting takes as input as investment, along with the cost and profit of each project. The objective of capital budgeting is to find the combination of the binary decisions for every investment such that the overall profit is as large as possible. The output is a collection of projects to be carried out, and we refer this selected collection of projects as a project portfolio. One limitation of traditional optimization models for capital budgeting is that they do not account for risk/uncertainty in profit and cost streams associated with individual projects, they do not account for risk in resource availability in future years [1,2,3]. Projects can incur cost over-runs, especially when projects are large, performed infrequently, and when there is risk regarding technical viability, external contractors, and/or suppliers of requisite parts and materials. Occasionally, projects are performed ahead of schedule and with cost savings. Planned budgets for capital improvements can be cut and key personnel may be lost. Or, there may be surprise windfalls in budgets for maintenance activities due to decreased costs for “unplanned” maintenance. In these cases, how should we resolve capital budgeting when we have risk forecasts for costs, profits and budgets? One approach we proposed in this summary is to re-solve the optimization models based on assumed statistical distributions of given parameters. If these distributions were not available, a two-stage stochastic optimization approach can be used to provide priority lists to decision-makers to support better risk-informed decisions [4, 5]. In this summary, we will only focus on the first approach.

42 ENGINEERING↗

Converter-Interfaced CHP Plant for Improved Grid-Integration, Flexibility and Resiliency

GE Research and its partner GE Renewables have proposed the use of an interface converter solution to increase the penetration of small to medium-sized CHP (1MWe to 20MWe) into distribution grids and improve their flexibility and grid support capability. Indeed, the proposed interface converter solution thanks to presence of the grid-ready inverter, allows to streamline the compliance to grid codes requirements, reduce the interconnection delays and costs and ultimately one of the main barriers for CHP adoption by commercial and industrial facilities. An additional benefit provided by the interface converter is the use of the grid-ready inverter for reactive power which eliminates the need of sizing the generator for that capability. These two benefits highly favor the economic feasibility of converter-interfaced CHP. Five user cases, each in one of the leading U.S states for CHP potential reported by the DOE in its estimation of the U.S Technical Potential of CHP, were selected to compare the economic performances of converter-interfaced CHP as compared with directly-coupled. They include a college campus in California, a hospital in New York, a water reclamation plant in Texas, a hotel in Minnesota, and a large office building in Pennsylvania. Results showed that, the presence of the interface converter allows to increase the return on investment (ROI) by 0.5 to 2 percentage points in most of the cases (4 of 5). Indeed, the interface converter by shortening the interconnection process allows to accelerate revenues while reducing interconnection costs. Added to the reduced cost of the required generator these savings trade favorably the capital cost of the converter. The analysis also showed that the profitability of the converter-interfaced CHP is highly sensitive to the energy price, interconnection delay, and converter cost. However, it appears that if the interface converter can shorten the interconnection process by at least 6 months, adopting this solution will be more economically viable than directly-coupled configuration in almost all the +23,000 sites of the U.S Technical Potential CHP. The evaluation of the benefits of a converter-interfaced CHP also showed that it enables higher ROI when coupled with other distributed energy resources (DER) such as battery energy systems (BESS) or solar photovoltaic (PV). Indeed, in those scenario, the grid-ready inverter included in the interface converter eliminates the need of separate inverters if DC-coupling is used. On the technical performance, it has been verified that the presence of the interface converter allows to reduce by 70% to 80% the CHP short-circuit contribution to grid faults. This not only reduces the mechanical and thermal stresses exposed to the CHP electrical components but also increases the grid hosting capacity which ultimately enables higher penetrations CHP. Another key benefit of the interface converter validated with hardware-in-the-loop simulations and testing is its superior capability for reactive power support. Indeed, using a power hardware testbed with two +700kW inverters configured in back-to-back, a microgrid controller and actual facilities loads it was demonstrated that the presence of the interface converter can help maintain a power factor near ~1 or regulate the voltage to ~1.0pu at the point of common coupling. This benefit can be highly valuable if in the future, due to higher penetration of renewable distributed energy resources (DER), utilities start billing demand charge based on kVA instead of kW as currently. It was also validated that converter-interfaced CHP can dispatch heat and power commands and seamlessly switch between the two modes while consistently controlling the power factor or voltage at PCC. Indeed, the power hardware testing showed that grid-connected converter-interfaced CHP can follow either the power or heat demand while maintaining a unity power factor at converter output. This research proved that the adoption of an interface converter as the solution for interconnection of CHP system into the distribution grid can greatly improve the economic feasibility of small to medium-sized CHP as well as the plant power quality, flexibility and resiliency. Additionally, it allows increased penetrations of CHP into the distribution grid, extends their grid support capability, and facilitates the integration of BESS and PV DER by streamlining their collocation within the same facilities. This ultimately provides an opportunity for commercial and small industrial facilities in the U.S to accelerate their energy transition thanks to the high energy efficiency of CHP systems and its reliable, flexible, and resilient microgrid operation when interconnected with an interface converter.

24 POWER TRANSMISSION AND DISTRIBUTION↗

Dataset For: A Guide to Residential Energy Storage and Rooftop Solar: State Net Metering Policies and Utility Rate Tariff Structures

Federal and state decarbonization goals have led to numerous financial incentives and policies designed to increase access and adoption of renewable energy systems. In combination with the declining cost of both solar photovoltaic and battery energy storage systems and rising electric utility rates, residential renewable adoption has become more favorable than ever. However, not all states provide the same opportunity for cost recovery, and the complicated and changing policy and utility landscape can make it difficult for households to make an informed decision on whether to install a renewable system. This paper is intended to provide a guide to households considering renewable adoption by introducing relevant factors that influence renewable system performance and payback, summarized in a state lookup table for quick reference. Five states are chosen as case studies to perform economic optimizations based on net metering policy, utility rate structure, and average electric utility price; these states are selected to be representative of the possible combinations of factors to aid in the decision-making process for customers in all states. The results of this analysis highlight the dual importance of both state support for renewables and price signals, as the benefits of residential renewable systems are best realized in states with net metering policies facing the challenge of above-average electric utility rates. This dataset is intended to allow readers to reproduce and customize the analysis performed in this work to their benefit. Suggested modifications include: location, household load profile, rate tariff structure, and renewable energy system design.

14 SOLAR ENERGY↗

WBS 2.2.1.402 - Wave-SPARC: Systematic Process & Analysis for Reaching Commercialization

Wave-SPARC is empowering the marine energy community with the tools necessary to achieve a significant improvement in techno-economic performance of wave generated grid power. A detailed systems engineering approach simultaneously balances around 100 cost and performance drivers (functional requirements and capabilities) of wave energy converters (WECs). Publicly accessible technology innovation and assessment methods and tools (new to the wave energy sector) have been delivered. They guide technology development trajectories to successful outcomes in less time, at less overall cost, and with less encountered risk. Through the use of these methods and tools along with proven structured inventive techniques the project continues to deliver high potential novel wave energy technology concepts for validation and subsequent development by industry. The intended outcomes are: (1) Invention, assessment, identification, verification and validation of novel and high techno-economic-potential WEC technology concepts to deliver high-confidence "seeds" for subsequent industrial development to full commercial application and economic viability (2) Development and delivery of WEC technology innovation and assessment methodologies and tools and provision of these as services and for free use by industry and the entire sector (3) International collaboration for global best practice alignment of assessment and innovation methods.

innovation↗

Comparison of Energy Storage and Arbitrage Options for Nuclear Power

Nuclear power is the most reliable source of clean energy and plays a crucial role in decarbonization efforts and national energy security. Achievement of Net-Zero targets depends on the deployment of new Nuclear Power Plants (NPPs) – both advanced reactors and large-scale Light-Water Reactors (LWRs) – as well as continuing operations at existing LWR plants. The Light-Water Reactor Sustainability (LWRS) program seeks to extend the lifetime of existing NPPs and improve their economic performance through research into plant modernization, Flexible Plant Operation and Generation (FPOG), risk-informed systems analysis, materials research, and physical security. The FPOG pathway investigates alternative revenue streams for LWRs. When electricity prices are driven low by an oversupply of renewable energy, steam and electricity from an NPP can be used to make value-added products while taking advantage of the low energy price; alternatively, this cheap energy can be stored chemically, electrically, or thermally, and used to regenerate-generate electricity at a later time when energy demand, and therefore the wholesale price of electricity, is higher in an economic concept called arbitrage. The purpose of this report is to investigate energy storage technologies that can store 500 MW of electricity from an LWR for a wide spectrum of durations.

13 HYDRO ENERGY↗

Exploring the benefits of utilizing small modular device for sustainable and flexible shale gas water management

Growing shale gas extraction in recent years has triggered wide discussions on the associated freshwater requirement and wastewater management. Many optimization approaches have been developed for shale gas water management; however, most of the studies assumed permanent utilization of wastewater treatment facilities with fixed capacities. Considering the rapidly declining characteristics of shale gas wastewater production, these treatment facilities could remain largely underutilized after the first few months/years of production, making them less economically attractive. To maximize the capacity utilization of treatment facilities and further improve the economic performance of shale gas development, this study develops a systematic optimization framework, where the capacity strategy of conventional treatment facilities and utilization of the recent concept of modular manufacturing are both considered for flexible shale gas water management. The proposed mixed-integer linear programming (MILP) model simultaneously optimizes the design and planning of integrated shale gas and water supply chain, with a focus on capacity planning for both large-scale conventional treatment facilities and small-scale modular devices. A series of Marcellus-based case studies are performed to illustrate the applicability of the proposed model and provide general insights into the trade-offs between the multiple types of treatment facilities. The optimization results reveal that the combinatorial utilization of conventional facilities and modular devices for wastewater treatment (66% by conventional facilities and 34% by modular devices) brings 9.3% more reused water for other well development and 6.2% savings in water-related costs, compared to flexible management of only conventional facilities. Furthermore, this work suggests that taking modular device as auxiliary equipment for shale gas water management is most beneficial to increase the capacity utilization of treatment facilities and achieve a more economic and sustainable shale gas production system.

04 OIL SHALES AND TAR SANDS↗

Techno-economic comparison of sCO 2 cycles for particle-based CSP at design-point conditions

In this work, we compare the techno-economic performance of supercritical carbon dioxide power cycles integrated in a particle CSP system. We model four core cycle configurations: simple (with optional bypass), recompression (with optional bypass), partial cooling, and turbine split flow, which each demonstrate different benefits in a CSP system, such as high efficiency, low cost, or large HTF temperature differences. We parametrically sweep cycle design variables for each configuration. The set of power cycle performance results are then combined with a design point particle CSP system model which calculates the system specific cost. The simple cycle and turbine split flow cycles have the best performance in the baseline results, with system specific costs of 5,912 and 5,899 $\$$/kWe respectively. In addition to the baseline set of results, we also vary key parameters and costs in a sensitivity study. The cycle designs with the best system performance limit their efficiency to ~45 %, despite demonstrating higher maximum efficiencies, due to the rapid increase in cost of recuperation as efficiencies rise. The simple cycle has strong performance in the analysis and is on average only 1.4 % worse than the optimal configuration. Lowered turbine inlet temperatures from the sensitivity study improve performance by reducing the PHX and turbine cost. Decreasing the inlet temperature from 700 to 625°C results in an >8 % decrease in system specific cost. Future work should expand sensitivity analyses to colder turbine inlet temperatures and calculate system performance by simulating annual performance with off-design solar and cycle component models.

14 SOLAR ENERGY↗

Self Configuring Digital Twin for Optimizing E-Waste Recycling

Electronic waste recycling industry needs a decision support tool for optimizing their processes to become cost competitive. We developed a software called CMAT, Comprehensive Manufacturing Assessment Tool. The aim of CMAT is to provide the e-waste recycling companies with a fully customizable decision support framework that analyzes the optimal supply chain configurations. The software optimizes the logistics operations, helps to identify the best recycling process configuration, and generates valuable insights regarding the economic performance of different categories of e-waste. The ultimate purpose of the tool is to assist the users developing a digital twin of their processes and to provide insights on questions pertinent to the e-waste recycling industry including how to increase efficiency and reduce costs, energy consumption, and greenhouse gas emissions.

32 ENERGY CONSERVATION, CONSUMPTION, AND UTILIZATI↗

A quality-agnostic combinatoric cost estimation model for large-format directed energy deposition metal additive manufacturing

Directed energy deposition (DED) additive manufacturing (AM) processes are amenable to synergistic combination into multi-process AM systems due to similar requirements for automation and energy sources. This work analyzes the economic performance of such DED AM systems from a quality-agnostic combinatoric standpoint with a model that calculates lowest-cost system combinations based on part geometry and process performance metrics. Common DED AM systems research focuses on a single process and does not consider the process, system, and application in the context of all possible system combinations (e.g., the combined set of process selection(s), motion system(s), and process hardware), leading to limited applicability of the resulting DED AM systems to cost-sensitive components such as those found in energy generation applications. The model developed herein incorporates the capital, material, and energy costs associated with DED AM system combinations into a predictive tool for estimating part and system cost, the output of which is intended to guide deployment of finite research and development resources towards DED AM system combinations with the lowest costs and greatest likelihood of economic impact. The DED AM systems identified by this framework may enable domestic production of the large conventionally cast and forged components necessary for energy generation.

Shanafield, Alexandra [ORNL]↗

BioSTEAMDevelopmentGroup/biosteam

BioSTEAM is a fast and flexible package for the design, simulation, and techno-economic analysis of biorefineries under uncertainty. BioSTEAM’s framework is built to streamline and automate early-stage technology evaluations and to enable rigorous sensitivity and uncertainty analyses. Complete biorefinery configurations are available at the Bioindustrial-Park GitHub repository, BioSTEAM’s premier repository for biorefinery models and results. The long-term growth and maintenance of BioSTEAM is supported through both community-led development and the research institutions invested in BioSTEAM. Through the open-source and community-lead platform, BioSTEAM aims to foster communication and transparency within the biorefinery research community for an integrated effort to expedite the evaluation of candidate biofuels and bioproducts. Additionally, an agile life cycle assessment (LCA) platform has been designed to interface with BioSTEAM, BioSTEAM-LCA. This open-source, installable package allows users to perform streamlined LCAs of biorefineries. The focus of BioSTEAM-LCA is to streamline and automate early-stage environmental impact analyses of processes and technologies, and to enable rigorous sensitivity and uncertainty analyses linking process design, performance, economics, and environmental impacts.

Cortes-Peña, Yoel↗

BioSTEAMDevelopmentGroup/thermosteam

BioSTEAM is a fast and flexible package for the design, simulation, and techno-economic analysis of biorefineries under uncertainty. BioSTEAM’s framework is built to streamline and automate early-stage technology evaluations and to enable rigorous sensitivity and uncertainty analyses. Complete biorefinery configurations are available at the Bioindustrial-Park GitHub repository, BioSTEAM’s premier repository for biorefinery models and results. The long-term growth and maintenance of BioSTEAM is supported through both community-led development and the research institutions invested in BioSTEAM. Through the open-source and community-lead platform, BioSTEAM aims to foster communication and transparency within the biorefinery research community for an integrated effort to expedite the evaluation of candidate biofuels and bioproducts. Additionally, an agile life cycle assessment (LCA) platform has been designed to interface with BioSTEAM, BioSTEAM-LCA. This open-source, installable package allows users to perform streamlined LCAs of biorefineries. The focus of BioSTEAM-LCA is to streamline and automate early-stage environmental impact analyses of processes and technologies, and to enable rigorous sensitivity and uncertainty analyses linking process design, performance, economics, and environmental impacts. ThermoSTEAM is a standalone thermodynamic engine capable of estimating mixture properties, solving thermodynamic phase equilibria, and modeling stoichiometric reactions. ThermoSTEAM builds upon chemicals, the chemical properties component of the Chemical Engineering Design Library, with a robust and flexible framework that facilitates the creation of property packages. The Biorefinery Simulation and Techno-Economic Analysis Modules (BioSTEAM) is dependent on ThermoSTEAM for the simulation of unit operations.

Cortes-Peña, Yoel↗

STOCHASTIC OPTIMIZATION FOR LONG TERM CAPITAL STRUCTURES, SYSTEMS, AND COMPONENTS REFURBISHMENT AND REPLACEMENT

As commercial nuclear power plants (NPPs) pursue extended plant operations in the form of Second License Renewals (SLRs), opportunities exist for these plants to provide capital investments to ensure long-term, safe, and economic performance. Several utilities have already announced their intention to pursue extended operations for one or more of their NPPs via SLR2. The goal of this research is to develop a riskinformed approach to evaluate and prioritize plant capital investments made in preparation for, and during the period of, extended plant operations to support decisions in NPP operations. In order to prioritize project selection via a riskinformed approach we developed a single decision-making tool that integrates safety/reliability, cost, and stochastic optimization models to provide users with data analysis capabilities to more cost effectively manage plant assets. Both stochastic analysis methods—such as Monte Carlo-based sampling strategies—and multi-stage stochastic optimization strategies are employed to provide priority lists to decisionmakers in support of risk-informed decisions. We applied the proposed method to a trial application of projected replacement/refurbishment expenditures for plant capital assets (i.e., Structures, Systems, and Components [SSCs]). The objective is to optimize the SSC replacement/refurbishment schedule in terms of economic constraints, data uncertainties, and SSC reliability data, as well to generate a priority list for maximizing returns on investment.

42 ENGINEERING↗

A Technical-Economic Assessment of Brackish Water Treatment for Fossil Power Plant Cooling with Reduced Environmental Impact

The power sector accounts for approximately 40% of freshwater use in the U.S. Reusing non-traditional water resources is critical for alleviating water stress in the western United States. The purpose of this study is to conduct a techno-economic system analysis to evaluate the potential of brackish water treatment for wet cooling towers at existing thermo-electric generating units (EGUs). It aims to address current knowledge gaps in support of non-traditional water resources planning and the electric power industry's water decision- and policy making. An engineering-economic model was developed and combined with DuPont's water application value engine (WAVE) v1.82 to evaluate the viability of retrofitting reverse osmosis-based brackish water treatment systems to individual existing EGUs and then aggregating the unit-level results to the fleet level. In the base case, brackish water treatment can reduce freshwater consumption of electric generation units by 94–100% while increasing the cost of electric generation by approximately 10% and have marginal impacts on the units' parasitic loads. When zero liquid discharge systems are applied to brackish water brine treatment, the cost of electric generation and freshwater consumption savings and energy penalty to the power plant significantly increase. These costs are even higher than dry cooling deployment in lieu of wet cooling towers. The choice of freshwater savings between brackish water desalination and dry cooling deployment depends greatly on how the concentrated brines are managed. Multiple factors must be considered when supporting decision-making in water management and planning in power sectors, which include non-traditional water quantity and quality as well as trade-offs among technical performance, economics, and environmental impacts.

Wu, Zitao↗

Sensitivity of the U.S. economy to oil prices controlling for domestic production and imports

This paper investigates the sensitivity of U.S. economic performance to oil price changes, accounting for changes in the domestic petroleum supply-demand balance over the last decade. Herein, a non-linear (asymmetric) autoregressive distributed lag (NARDL) model is used to estimate the U.S. GDP elasticity with respect to the oil price, controlling for oil production, consumption and imports, and macroeconomic variables. The positive and negative components of the oil price both have statistically significant long-run impacts on the real U.S. GDP. The parameter estimates imply that a 1% positive and permanent oil price shock, all else the same, would have a long-run impact of –0.045% on the U.S. economy (an elasticity of –0.045), but short-run parameters on the positive oil price terms are not significant at the 10% level. The long-run parameter on the negative oil price component term implies an elasticity of –0.034. Thus, controlling for domestic U.S. oil production and oil trade, the long-run oil price elasticity of the U.S. GDP remains within the range of estimates from previous studies. The results also show that domestic oil production and consumption have short-run impacts on the U.S. GDP. The potential extent of interactions among these variables, and implications for the net economic impacts, under an oil price shock are subjects of future research.

29 ENERGY PLANNING, POLICY, AND ECONOMY↗