Energy is critically important to the modern global economy. New sources of energy supplies are essential to tackle global warming, keep the lights on and enable production. The price of energy impacts on domestic competitiveness, on living standards, and on fuel poverty, while new technologies can be a major driver of sustainable development.
Energy economics or more precisely economics of energy is a branch of applied economics where economic principles and tools are applied to "ask the right questions" (Stevens 2000) and to analyze them logically and systematically to develop a well-informed understanding of the issues.
Energy accounting is a system used to measure, analyze and report the energy consumption of different activities on a regular basis.This is done to improve energy efficiency, and to monitor the environmental impact of energy consumption.
Energy economics is the field that studies the human utilization of energy resources and energy commodities and the consequences of that utilization. In physical science terminology, “energy” is the capacity for doing work, e.g., lifting, accelerating, or heating material. In economic terminology, “energy” includes all energy commodities and energy resources, commodities or resources that embody significant amounts of physical energy and thus offer the ability to perform work. Energy commodities - e.g., gasoline, diesel fuel, natural gas, propane, coal, or electricity – can be used to provide energy services for human activities, such as lighting, space heating, water heating, cooking, motive power, electronic activity. Energy resources - e.g., crude oil, natural gas, coal, biomass, hydro, uranium, wind, sunlight, or geothermal deposits – can be harvested to produce energy commodities.
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