Administrative problems and compliance planning opportunities are the focus of this overview of the windfall profit tax on crude oil, which is actually an excise tax of a portion of domestic crude oil revenues that is tied to the removal of existing price controls on domestic crude oil. The retroactive effective date of the statute meant that the Internal Revenue Service had to draft and issue interim rules in haste, and now has to mesh the interim and final regulations with the petroleum industry's regular business practices. Producers, purchasers, and other who are affected by the tax should be alert to potential problems as well as planning opportunities that may develop during this process. The author provides a roadmap through the existing interim regulations to help interpret new changes. 204 references.
Performance-based regulation (PBR) enables regulators to reform hundred-year-old regulatory structures to unleash innovations within 21st century power systems. An old regulatory paradigm built to ensure safe and reliable electricity at reasonable prices from capital-intensive electricity monopolies is now adjusting to a new century of disruptive technological advances that change the way utilities make money and what value customers expect from their own electricity company. Advanced technologies are driving change in power sectors around the globe. Innovative technologies are transforming the way electricity is generated, delivered, and consumed. These emerging technology drivers include renewable generation, distributed energy resources such as distributed generation and energy storage, demand-side management measures such as demand-response, electric vehicles, and smart grid technologies and energy efficiency (EE). PBR enables regulators to recognize the value that electric utilities bring to customers by enabling these advanced technologies and integrating smart solutions into the utility grid and utility operations. These changes in the electric energy system and customer capacities means that there is an increasing interest in motivating regulated entities in other areas beyond traditional cost-of-service performance regulation. This report addresses best practices gleaned from more than two decades of PBR in practice, and analyzes how those best practices and lessons can be used to design innovative PBR programs. Readers looking for an introduction to PBR may want to focus on Chapters 1-5. Chapters 6 and 7 contain more detail for those interested in the intricate workings of PBR or particularly innovative PBR.
The Space Shuttle Orbiter has performed exceptionally well over its 30 years of flight experience. Among the many factors behind this success were robust, yet carefully monitored, structural and mechanical systems. From highlighting key aspects of the design to illustrating lessons learned from the operation of this complex system, this paper will attempt to educate the reader on why some subsystems operated flawlessly and why specific vulnerabilities were exposed in others. Specific areas to be covered will be the following: high level configuration overview, primary and secondary structure, mechanical systems ranging from landing gear to the docking system, and windows.
Performance-based regulations (PBRs) provide a regulatory framework to connect goals, targets, and measures to utility performance or executive compensation. Well-designed PBRs provide incentives for utility performance, benefiting consumers and utility owners alike. This report considers the role of both PBRs and more discrete performance incentive mechanisms (PIMs) in 21st century power sector transformation. Innovative technologies are transforming the way electricity is generated, delivered, and consumed. PBRs have the potential to realign utility, investor, and consumer incentives and mitigate emerging challenges to the utility business model, renewable integration, and even cyber security.The goals of PBRs in the form of multi-year rate plans are in many respects the same in terms of providing reasonably priced and reliable service to customers. However, today's technologies have changed, and there is more emphasis on clean energy. Thus, the pathways and the potential outcomes are different than they were in the 20th century when centralized generator stations and large infrastructure additions dominated the utility landscape. Given unprecedented changes underway in the electricity sector, PBRs - by specifying expectations of utility performance and outcomes for consumers, while staying agnostic to the exact means of delivery - constitute a form of prescient regulation that harnesses disruption. PBRs are one tool in a broader toolbox in the transition toward flexible regulatory and market structures that rewards utilities that adapt or evolve in reaction to market and technology change. PBRs and PIMs have great value for the electric industry when designed well and can be applied to many different situations. How exactly PBR mechanisms are most effectively enacted will vary based on the utility ownership model, institutional arrangements, and a variety of other local factors. PBRs should be tailored to the needs and goals of each jurisdiction, and perhaps each utility, to most effectively achieve the needs of a 21st century power grid in that jurisdiction. Presented in three volumes, this report highlights the lessons learned from their evolving history, explores essential elements of their design and implementation as well as considerations for how they may be best applied, and examines leading examples of PBRs from the United Kingdom, New York, Denmark, Mexico, and South Africa. The full report, 'Next-Generation Performance Based Regulation - Emphasizing Utility Performance to Unleash Power Sector Innovation,' published in September 2017, can be accessed at https://www.nrel.gov/docs/fy17osti/68512.pdf.
The Joint Institute for Strategic Energy Analysis (JISEA) designed this study to address four related key questions, which are a subset of the wider dialogue on natural gas: 1. What are the life cycle greenhouse gas (GHG) emissions associated with shale gas compared to conventional natural gas and other fuels used to generate electricity?; 2. What are the existing legal and regulatory frameworksgoverning unconventional gas development at federal, state, and local levels, and how are they changing in response to the rapid industry growth and public concerns?; 3. How are natural gas production companies changing their water-related practices?; and 4. How might demand for natural gas in the electric sector respond to a variety of policy and technology developments over the next 20 to 40years?
