Johannes Mauritzen's research while affiliated with BI Norwegian Business School and other places

Publications (16)

Article
Full-text available
I investigate how the Covid-19 epidemic affected consumption and prices in a part of the Nordic electricity market that has a high penetration of intermittent renewable energy: Denmark and the southernmost part of Sweden. In sharp contrast to studies of other regions, I find no overall drop in consumption in this region. However, the distribution o...
Article
Full-text available
An important and poorly understood question when communities consider wind power investments is whether the local population will benefit financially. I examine the effect of wind power investment on wages in rural counties in the US. I combine quarterly panel data on wages with data on all wind power plant investments larger than 1 megawatt (MW)....
Article
Solar panels should not be considered commodities. Considerable quality differences, as measured directly by degradation of production over time, are found between manufacturers. I test two implications from the theory of asymmetric information of quality and find: (1) Solar power systems with high-information third-party owners display higher qual...
Article
This paper develops a theoretical framework to analyze the link between real‐time and day‐ahead competition in a hydro‐based wholesale electricity market. Predictions of the model are tested on a detailed data set of trades and prices from the Nordic power exchange, Nord Pool. We study market performance before and after a reform that increased the...
Article
I use detailed field-level data on Norwegian offshore oil production and a semi-parametric additive model to control for the production profile of fields to estimate the effect of oil prices on production. I find no significant evidence of a concurrent reaction of field production to oil prices, though a modest lagged effect is found of the magnitu...
Article
We analyse in a theoretical framework the link between real-time and day-ahead market performance in a hydro-based and imperfectly competitive wholesale electricity market. Theoretical predictions of the model are tested on data from the Nordic power exchange, Nord Pool Spot (NPS). We reject the hypothesis that prices at NPS were at their competiti...
Article
It is well established within both the economics and power system engineering literature that hydropower can act as a complement to large amounts of intermittent energy. In particular hydropower can act as a "battery" where large amounts of wind power are installed. In this paper I use simple distributed lag models with data from Denmark and Norway...
Article
The most common reason for scrapping a wind turbine in Denmark is to make room for a newer turbine. The decision to scrap a wind turbine is then highly dependent on an opportunity cost that comes from the interaction of scarce land resources, technological change and changes in subsidy policy. Using a Cox regression model I show that turbines that...
Article
It is well established within both the economics and power system engineering literature that hydro power can act as a complement to large amounts of intermittent energy. In particular, hydro power can act as a "battery" where large amounts of wind power are installed. This paper attempts to extend that literature by describing the effects of cross...
Article
This paper attempts to empirically identify the key factors involved in the decision to scrap a wind turbine using data from Denmark. The importance of the opportunity cost of operating an older wind turbine is shown to be a prominent factor in the decision to scrap. I show the strong effect that renewable energy policy plays in the decision to scr...
Article
This paper attempts to empirically test the effect that wind power production in Denmark has on volatility of the nordpool wholesale electricity prices. The main result is that wind power tends to significantly reduce intraday volatility but increases volatility over larger time windows. The negative elasticity for intraday volatility is likely due...

Citations

... The results of the analysis of electricity consumption in Nordic countries differs. According to the Mauritzen [107], there was no decrease in energy consumption in Denmark and Sweden, although the peak hours changed. Significant reductions in energy prices have also been observed, but they started even before the COVID-19 restrictions were implemented. ...
... Wind energy resource assessment is an essential part of the feasibility analysis of wind farm projects. Whether the assessment is reasonable directly impacts the cost of power generation and economic benefits (Mauritzen, 2020). The wind speed distribution at a specific location determines the available wind energy and the performance of the energy conversion system. ...
... Bayesian hierarchical models have been one of the main tools in statistical decision theory (Berger, 1985) and this form of modeling is increasingly common in operations research, management science (Mauritzen, 2020), and agricultural research (Li et al., 2022). Given that aquaculture data have a natural hierarchical structure (cultivation cycles, pond and farm levels), the manager can benefit by capturing the overall characteristics of all tanks on the farm and also allowing individual differences of each cycle productions (Gelman et al., 2013;Murphy, 2012). ...
... In general, the sustainable energy transition with greater reliance on variable renewable energy sources will provide more leverage to firms that have flexible production, viz., gas-fired plants, hydro reservoirs, and storage units, in their portfolios (Tangerås and Mauritzen, 2018). In the case of SEE-REM, a dominant firm with such a portfolio could manipulate both electricity and permit prices to its advantage, thereby possibly weakening the intent of carbon policy. ...
... In the U.S, legislation for a national portfolio standard has been considered in Congress on multiple occasions since 1997 [11]. A total of 29 U S. states and the District of Columbia have in place mandatory Renewable Portfolio Standards (RPS), which require that a certain minimum amount of energy comes from renewable resources [12]. In the United States, investment is encouraged in renewable energy generation through primary state-level policy instruments like RPS. ...
... High risk exploration drilling tends to attractive to investors when price of crude oil is high and consequently results in finding new oil fields that ultimately impact total oil supply (Mauritzen, 2016). ...
... Allcott und Greenstone (2013) Verkaufszahlen von "energy star"-Geräten in den USA. Auch Mauritzen (2015) untersucht, wie ...
... 6 Lundin and Tangerås [2020] empirically reject the hypothesis of perfect competition on Nord Pool, the day-ahead market of the Nordic power exchange, during the period 2011-2013. Tangerås and Mauritzen [2018] test the hypothesis of perfect competition in some areas in Sweden in the period 2010-2013 and reject this hypothesis. Fleten and Lie [2013] conclude that Norway's largest hydro power producer has an incentive to reduce thermal production in order to increase the market spot price. ...
... Wind turbines, on the other hand, tend to have a mechanical life of over 20 years. More so, older wind power sites tend to get re-powered -that is the turbines get replaced by newer, more efficient turbinesas the wind resources and transmission infrastructure make such sites ideal for continued investment (Mauritzen, 2014). Thus, even though we might hypothesize that the local economic effects of wind power are less than that of exploiting oil and gas deposits, there is good reason to believe that the effects may be more permanent in nature. ...
... Furthermore, it seems that the merit-order effect increases when fuel prices are high and that RES feed-in can even lead to negative prices when demand is low and the feed-in high (Paraschiv, Erni, and Pietsch 2014;Gürtler and Paulsen 2018). Cross-border effects of German wind power feed-in on Dutch electricity prices have also been found and the same goes for Danish wind power feed-in and Norwegian spot prices (Mauritzen 2013;Mulder and Scholtens 2013). More recent studies on Spain with data up to 2013 find that a 1%-increase in the share of RES decreases spot prices by 0.5€/MWh and that a 1%-increase in hydro power feed-in reduces baseload spot prices by 0.3% while a 1%-increase in wind power feed-in reduces baseload prices by 0.25% (Ballester and Furió 2015;Freitas and Silva 2015). ...