International Workshop in Energy and Resource Economics and Policy
DTU (Climate and Energy Policy Division, Department of Technology, Management and Economics) and the University of Copenhagen (Department of Food and Resource Economics) will hold their International Workshop in Energy and Resource Economics and Policy on Thursday and Friday, May 30-31, in Copenhagen.
The workshop will convene a selected group of international experts to examine recent economics and finance research on the energy transition, with a special focus on the oil and gas industry’s behavior in the face of climate policies and international sanctions. There will be two parts, welcoming respectively academic researchers and a broader audience.
The International Workshop in Energy and Resource Economics and Policy is part of the research project “The oil and gas industry’s behavior in front of climate policy,” sponsored by the Swiss National Science Foundation (Grant 192578). We thank the University of Geneva for its administrative support.
Workshop venue:
Ceremonial Auditorium, University of Copenhagen, Bülowsvej 17, 1870 Frederiksberg C
Bo Lidegaard is a Danish historian and public intellectual. He was editor-in-chief at Politiken, the leading Danish daily newspaper from 2011 to 2016. Bo Lidegaard worked in the Ministry of Foreign Affairs (1984-2005), was Ministerial Counselor and Ambassador in the Prime Minister's Office (2005-2011). He is currently co-founder and Partner at Kaya Advisory, an advisory firm specialized in climate and green transition policies and politics. Bo Lidegaard has conducted academic research on contemporary history. He has published several rewarded books on contemporary history and international affairs, establishing him as one of the most read Danish historians. His major works focus on the Danish response to totalitarian ideologies in the 20th century and on the interrelationship between internal welfare and external security.
Catherine Wolfram is the William F. Pounds Professor of Energy Economics and a Professor of Applied Economics at the MIT Sloan School of Management. She previously served as the Cora Jane Flood Professor of Business Administration at the Haas School of Business at UC Berkeley. From March 2021 to October 2022, she served as the Deputy Assistant Secretary for Climate and Energy Economics at the US Treasury, while on leave from UC Berkeley. Before leaving for government service, she was the Program Director of the National Bureau of Economic Research's Environment and Energy Economics Program and a research affiliate at the Energy Institute at Haas. Before joining the faculty at UC Berkeley, she was an Assistant Professor of Economics at Harvard. Catherine has published extensively on the economics of energy markets. Her work has analyzed rural electrification programs in the developing world, energy efficiency programs in the US, the effects of environmental regulation on energy markets and the impact of privatization and restructuring in the US and UK. She is currently working on several projects at the intersection of climate and trade. She received a PhD in Economics from MIT in 1996 and an AB from Harvard in 1989.
Daniel Spiro is an Associate Professor at the department of Economics at Uppsala University in Sweden. He earned his PhD in 2012 and prior to that worked in industry for several years. Daniel has a broad research portfolio but is mainly focused on energy and climate and how they relate to conflict, political processes, and strategic interaction. He is also very active in policy discussions and public outreach in relation to these topics. In the last two years he has devoted much of his time analyzing the energy-economic warfare between Russia and the West. He has several research papers and has participated in numerous policy forums on this topic.
Dzhamilya Nigmatulina is an economist interested in Trade, Development, and Urban Economics. Dzhamilya completed her PhD at the LSE and joined HEC Lausanne as an Assistant Professor of Economics in 2022-23.
Elena Pachkova serves as the Centre Director at DTU Offshore – Danish Offshore Technology Centre, a dynamic public-private partnership that fosters collaboration to advance innovation and technology within the offshore energy sector. In her role, Elena actively explores how technology can contribute to the ongoing energy transition. This includes considering societal, economic, and environmental aspects of the transition. Elena’s academic background includes a Ph.D. degree in applied mathematics and economics from Copenhagen University, complemented by an Executive MBA from Copenhagen Business School. Prior to leading DTU Offshore, Elena held leadership positions across various companies and institutions, where her expertise spanned financial management, strategy, and organizational development.
Erik Katovich is a Postdoctoral Scholar in the Institute of Economics and Econometrics at the University of Geneva. He received his PhD in Agricultural and Applied Economics from the University of Wisconsin-Madison, and his BS in Economics from the University of Minnesota. He was previously a Fulbright Research Scholar at the University of Campinas (Unicamp) in Brazil. Erik’s research focuses on environmental and resource economics, development economics, and political economy. He uses econometric and geospatial tools to study natural resource governance and the effects of resource booms and energy transitions on governments, firms, workers, and the environment. His work has explored the effects of oil discoveries on local governments, the politics of deforestation and land-use in the Amazon, and the distributional consequences of oil volatility for workers’ labor market outcomes.
Fanny Henriet is a CNRS research director at Aix-Marseille School of Economics. She is also a member of the French Economic Council and a lecturer at the École Polytechnique. An alumnus of the École Polytechnique and the London School of Economics, she holds a doctorate in economics from Paris School of Economics, for which she received the 2012 thesis prize of the French Economic Association. After completing her doctorate, she worked at ETH Zürich and the Centre d'économie de la Sorbonne before joining the Paris School of Economics in 2016, where she was a professor until 2023. Her research focuses on environmental economics, natural resource economics and energy transition. Her work has been published in the Journal of the Association of Environmental and Resource Economists, the European Economic Review, the Journal of Environmental Economics and Management, among other peer-reviewed academic journals. She received the CNRS bronze medal in 2023.
Ivar Ekeland is a mathematician, specializing in economics and finance. His recent work focuses on climate change and biodiversity loss. He has notably been interested in the exploitation of natural resources, both renewable (such as fisheries) and non-renewable (such as oil), as well as financing the green transition and intergenerational equity. He has served as president of the University of Paris-Dauphine, director of the Pacific Institute of Mathematical Sciences, and is a member of the Academia Europaea and the Royal Society of Canada. He has authored over one hundred fifty scientific articles and a dozen books, as well as created a course on "The Ecological Crises of the 21st Century."
Jacob Ladenburg is an environmental and resource economist educated at the University of Copenhagen. He is a full professor in applied economics at the Department of Technology, Management and Economics at the Technical University of Denmark. His research focuses on the spatial acceptance of and preferences for renewable energy technologies and environmental changes. Prof. Ladenburg’s work explicitly addresses how different experiences, information and information sources and spatial landscape elements impact acceptance and preferences, showcasing the dynamic characteristics of acceptance and preference formation. The cornerstone research technology area is wind power, but recently, PV and carbon capture utilization and storage (CCUS) have been added. Prof. Jacob thus runs four different research projects related to public perception and preferences for CCUS.
Johannes Poeschl is a Senior Economist in the Research Unit of the Danish Central Bank. His research interests are at the intersection of macroeconomics and finance, particularly in how the financial distress of households, firms, and banks affects economic outcomes. His research has been published in the European Economic Review, the Journal of Money, Credit and Banking and the B.E. Journal of Macroeconomics. He holds a PhD in Economics from the University of Mannheim, Germany.
Julien Daubanes is an Associate Professor at DTU, the Technical University of Denmark (Department of Technology, Management and Economics). He is also an External Researcher at MIT (CEEPR), and a CESifo Research Fellow. He received both his M.Sc. in Economic Theory and Econometrics in 2004 and his Ph.D. in Economics in 2008 from the Toulouse School of Economics, and the 2008 thesis prize of the French Economic Association. His research focuses on environmental economics, studying how energy markets respond to climate policy, as well as corporate voluntary actions, including green finance. His work has been published in the American Economic Journal: Economic Policy, the Journal of Public Economics, the Journal of the Association of Environmental and Resource Economists, and Energy Economics, among other peer-reviewed academic journals.
Lassi Ahlvik works as an associate professor specializing in environmental economics at the University of Helsinki and holds a position as an adjunct associate professor at the University of Stavanger. His research uses both theoretical and empirical approaches, and it primarily studies the distributional effects of climate policy. Lassi, who earned his PhD from Aalto University in Helsinki, has previously been affiliated with the Norwegian School of Economics in Bergen.
Naël Shehadeh is an economist and senior program manager for the Bilateral Assistance and Capacity Building for Central Banks Program. Naël has worked for the past years advising and cooperating with different central banks on issues ranging from sustainable finance and research design. Prior to joining the program, he has worked as an economist and strategist in the private sector and has also worked in Macroeconometric modelling at the United Nations Conference on Trade and Development (UNCTAD). He has a PhD in Economics from the Aix Marseille School of Economics and is an affiliated researcher with the Centre for Finance and Development at the Geneva Graduate Institute. His research interests are in sustainable banking and applied econometrics.
Stephen Salant (BA, Columbia, 1967; PhD, University of Pennsylvania, 1973) is an applied microtheorist specializing in natural resource economics and industrial organization. In the 1970s, he worked at the Bureau of Labor Statistics, Federal Reserve Board, and Federal Trade Commission before joining the University of Michigan as a full professor (1986-2015). In his natural resources research, Steve initiated the generalization of the Hotelling model to take account of oligopolistic extraction industries and, subsequently, to permit arbitrary spatial configurations of extractors and their customers. He also reformulated Hotelling’s model of mining to take account of drilling oil wells under pressure. Steve was also the first to identify circumstances when soft price ceilings can lead to sudden speculative attacks, an insight quickly adapted by others to explain attacks in foreign exchange markets. Recently, he has extended his analysis of ceilings and floors to emissions permit markets. In his industrial organization research, Steve initiated the literature on the profitability of horizontal mergers and on volume-restricting organizations such as cartels and fishery management councils that select quotas by majority rule. He was the first co-editor of the leading IO journal, The Rand Journal of Economics.
Thomas-Olivier Léautier currently holds the position of Chief Economist at TotalEnergies, after serving as Chief Economist and Director of Corporate University for Management at EDF. He is also a research director at the Toulouse School of Economics. He has published numerous scientific articles on the design of electricity markets, and a textbook: “Imperfect markets and imperfect regulation: an introduction to the microeconomics and political economy of power markets” (MIT Press, 2019). Thomas-Olivier holds a PhD in Economics and a Master in Transportation from the Massachusetts Institute of Technology in Cambridge, US, a Master of Science from Ecole Nationale des Ponts et Chaussées in Paris, France, and a Bachelor in Science from Ecole Polytechnique in Paris, France.
Program: Thursday May 30
9:00 – 9:45: Registration
9:45 am – 10:00 am: Opening addresses by Signe Krarup (DTU Management, Head of the Climate and Energy Policy Division)
10:00 am – 12:00 pm: Academic session 1 [Supply-side policies]
Chair: Saraly Andrade de Sa (University of Copenhagen)
Fanny Henriet (Aix-Marseille School of Economics, CNRS), “Bad Oil, Worse Oil and Carbon Misallocation,” joint with Renaud Coulomb (Aix-Marseille School of Economics) and Léo Reitzmann (Paris School of Economics)
Lassi Ahlvik (University of Helsinki), “Quantifying Supply-Side Climate Policies,” joint with Torfinn Harding (University of Stavanger, Norwegian School of Economics), Jonas Hveding Hamang (University of Stavanger) and Jørgen Juel Andersen (BI – Norwegian Business School)
Erik Katovich (University of Geneva), “Oil Production under Subsidies: Evidence from the US Royalty Relief Program,” joint with Diego S. Cardoso (Purdue University), Julien Daubanes (DTU), Pritam Saha (University of Geneva)
12:00 pm – 1:00 pm: Lunch
1:00 pm – 3:00 pm: Academic session 2 [Transition risks]
Chair: Ugur Soytas (DTU)
Johannes Pöschl Ketelsen (Danish Central Bank), “How Firms Coped with the Gas Price Shock?” joint with Niels Framroze Møller (Danish Central Bank)
Naël Shehadeh (Geneva Graduate Institute), “Climate Transition Risks and Bank Lending: Evidence from Colombia,” joint with Camilo Bohorquez-Penuela (Central Bank of Columbia) and Joëlle Noailly (Geneva Graduate Institute, VU Amsterdam)
Julien Daubanes (DTU), “Do Markets Price the Sensitivity of Economic Oil Reserves?” joint with Saraly Andrade de Sá (IFRO – KU) and Diego S. Cardoso (Purdue University)
3:00 pm – 3:30 pm: Coffee break
3:30 pm – 5:00 pm: Panel discussion [Research perspectives on the transition of the oil and gas sector]
The discussion will be held under the Chatham House Rule: attendees are free to use the information received at the workshop but agree not to attribute or cite the information to any speaker or participant.
Chair: Ivar Ekeland (University of Paris-Dauphine)
Panelists:
Elena Pachkova (DTU Offshore)
Fanny Henriet (Paris School of Economics)
Jacob Ladenburg (DTU Management)
Thomas-Olivier Léautier (Chief-Economist at Total Energies)
6:00 pm: Official dinner (by invitation only)
Program: Friday May 31
10:40 am – 12:00 pm: Academic session 3A [International sanctions]
Chair: Tooraj Jamasb (CBS)
Erik Katovich (University of Geneva), “How Do Multinational Firms Adapt to Sanctions? Field-Level Evidence from the Oil Industry”
Dzhamilya Nigmatulina (HEC Lausanne), “Military Conflicts, Sanctions, and International Trade. Evidence from Russia”
12:00 pm – 1:00 pm: Lunch
1:00 pm – 2:20 pm: Academic session 3B [Price cap on Russian oil exports]
Chair: Frikk Nesje (University of Copenhagen)
Daniel Spiro (Uppsala University), “The Price Cap on Russian Oil: A Theoretical and Quantitative Analysis,” joint with Henrik Wachtmeister (Uppsala University) and Johan Gars (Beijer Institute)
Stephen Salant (University of Michigan), “The Dynamics of Evasion: The Price Cap on Russian Crude Exports and the Amassing of the Shadow Fleet,” joint with Diego S. Cardoso (Purdue University) and Julien Daubanes (DTU)
2:20 pm – 2:45 pm: Coffee break
2:45 pm – 3:45 pm: Public lecture
Chair: Bo Lidegaard
Catherine Wolfram (MIT), “Sanctions on Russian Oil and Why So Many Oil Market Watchers Started Talking about the Danish Straits”
3:45 pm – 4:15 pm: Public discussion
Moderator: Bo Lidegaard
4:30 pm – 6:00 pm: Cocktail reception
Reception venue:
Department of Food and Resource Economics, University of Copenhagen, Rolighedsvej 23 (Back building), 1958 Frederiksberg C