Wikipedia says" ...Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. "
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, products 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, automatic operation.
Energy resources - e.g., crude oil, natural gas, coal, biomass, hydro, uranium, wind, sunlight, alternatively, geothermal deposits – can be harvested to produce energy commodities. Energy economics studies forces that lead economic agents – firms, individuals, governments – to supply energy resources, to convert those resources into other useful energy forms, to transport them to the users, to use them, and to dispose of the residuals. It studies roles of alternative market and regulatory structures on these activities, distributional economic impacts, and environmental consequences. It investigates economically efficient provision and use of energy commodities and resources and factors that lead away from economic efficiency.
Energy economics recognizes the fundamental physical realities that 1) no energy is created or destroyed but that energy can be converted among its various forms, and 2) power comes from the physical environment and ultimately is released back into the physical environment.
Thus, energy economics is the study of human activities using energy resources from naturally available forms, though often complex conversion processes, to forms providing energy services.
The role of energy in economic activity is to study in details modern methods of assessing energy technologies, projects, and policies, and debates concerning alternative future energy scenarios. It also analyses both fossil fuels, renewable and nuclear energy sources as well as energy efficiency and conservation. Additional topics include the environmental impacts of energy use including climate change and the role of power in economic development.
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Sources:
1- Energy economics - Wikipedia. https://en.wikipedia.org/wiki/Energy_and_the_Macroeconomy
2- Economics of Energy - Stanford University. https://goo.gl/LvhJ5u
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