Munich Personal RePEc Archive

Measuring resilience to energy shocks

Molyneaux, Lynette and Brown, Colin and Foster, John and Wagner, Liam (2015): Measuring resilience to energy shocks.

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Abstract

Measuring energy security or resilience in energy is, in the main, confined to indicators which are used for comparative purposes or to show trends rather than provide empirical evidence of resilience to unpredicted crises. In this paper, the electricity systems of the individual states within the United States of America are analysed for their response to the 1973-1982 and the 2003-2012 oil price shocks. Empirical evidence is sought for elements which are present in systems that experience reduced volatility from the energy shocks in the form of lower prices. Spare capacity is found to be a reliable indicator of reduced prices through both periods whilst renewable energy is found to be an indicator of reduced prices especially in 1973-1982.

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