The impact of energy prices on technology choice in the United States steel industry

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In the last thirty years US steel producers have replaced their aging open hearth steel furnaces with basic oxygen or large electric arc furnaces. This choice of technology leads to the opportunity to substitute electricity for fossil fuels as a heat source. We extend earlier research to investigate whether or not energy prices affect this type of technology adoption as predicted by economic theory. The econometric model uses the seemingly unrelated Tobit'' method to capture the effects of the industry's experience with both technologies, technical change, and potential cost reductions, as well as energy prices, on adoption. When we include ... continued below

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Pages: (12 p)

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Karlson, S.H. (Northern Illinois Univ., De Kalb, IL (United States). Dept. of Economics) & Boyd, G. (Argonne National Lab., IL (United States)) January 1, 1991.

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Description

In the last thirty years US steel producers have replaced their aging open hearth steel furnaces with basic oxygen or large electric arc furnaces. This choice of technology leads to the opportunity to substitute electricity for fossil fuels as a heat source. We extend earlier research to investigate whether or not energy prices affect this type of technology adoption as predicted by economic theory. The econometric model uses the seemingly unrelated Tobit'' method to capture the effects of the industry's experience with both technologies, technical change, and potential cost reductions, as well as energy prices, on adoption. When we include the prices of electricity and coking coal as explanatory variables, the four energy price coefficients have the signs predicted by the law of demand. The two price coefficients have a statistically significant effect on adoption of basic oxygen furnaces. The inclusion of energy prices leads to significantly more efficient estimates of other coefficients in the model. 19 refs., 3 tabs.

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Pages: (12 p)

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OSTI; NTIS; GPO Dep.

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  • 13. annual North American conference of the International Association for Energy Economics, Chicago, IL (United States), 18-20 Nov 1991

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  • Other: DE92001917
  • Report No.: ANL/CP-73363
  • Report No.: CONF-911184--2
  • Grant Number: W-31109-ENG-38
  • Office of Scientific & Technical Information Report Number: 5066447
  • Archival Resource Key: ark:/67531/metadc1052613

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Office of Scientific & Technical Information Technical Reports

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  • January 1, 1991

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  • Jan. 22, 2018, 7:23 a.m.

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  • Jan. 30, 2018, 1:09 p.m.

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Karlson, S.H. (Northern Illinois Univ., De Kalb, IL (United States). Dept. of Economics) & Boyd, G. (Argonne National Lab., IL (United States)). The impact of energy prices on technology choice in the United States steel industry, article, January 1, 1991; Illinois. (https://digital.library.unt.edu/ark:/67531/metadc1052613/: accessed March 23, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.