Energy security, energy modelling and uncertainty

Anil Markandya and Malcolm Pemberton

Energy Policy, 2010, vol. 38, issue 4, 1609-1613

Abstract: The paper develops a framework to analyze energy security in an expected utility framework, where there is a risk of disruption of imported energy. The analysis shows the importance of an energy tax as a tool in maximizing expected utility, and how the level of that tax varies according to the key parameters of the system: risk aversion, probability of disruption, demand elasticity and cost of disruption.

Date: 2010
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