Shortlist Flashcards
(120 cards)
1
Q
Energy services
A
Energy services are the useful outcomes that energy provides, such as heating, lighting, transportation, and mechanical work. These are what people and businesses actually need from the energy system.
2
Q
Energy intensity
A
(E/GDP) Energy intensity measures how much energy is used to produce one unit of economic output. Lower energy intensity means a country or sector is using energy more efficiently.
3
Q
Energy productivity
A
(GDP/E) Energy productivity shows how much economic value is created for every unit of energy used. Higher energy productivity means more output is being generated with less energy.
4
Q
Positive analysis
A
Positive analysis describes how the energy system works using facts and data. It does not include opinions or judgments about what should happen.
5
Q
Normative analysis
A
Normative analysis focuses on what the energy system should do, based on goals like fairness, sustainability, or long-term outcomes. It includes value-based judgments.
6
Q
Innovation
A
Innovation refers to creating or improving energy technologies and systems. It helps reduce costs, improve performance, and support the transition to more sustainable energy sources.
7
Q
Depletion
A
Depletion is the gradual use of the easiest and cheapest energy resources first. Over time, this leads to higher costs and makes remaining resources harder to access.
8
Q
Stock or flow
A
Stocks are energy quantities (e.g., reserves) -> Stocks refer to the amount of energy or resource available at a given time, like fuel reserves. flows are usage rates (e.g., kWh/hour) –> Flows refer to how fast those resources are being used or produced, like energy consumption per hour.
9
Q
Feedback loop
A
A feedback loop happens when the output of a system influences its future input (cycle that includes stock, flow, and feedback that circulate). Some loops reinforce change, while others help the system stay balanced over time.
10
Q
Potential energy
A
Potential energy is stored energy that is not being used yet. It can be found in fuels, a raised weight, or water held behind a dam. This energy becomes useful when it is released and turned into motion or heat. e.g. gravity, nuclear, chemical
11
Q
Kinetic energy
A
Kinetic energy is the energy of motion. It includes things like moving water, wind, or flowing heat. It must be used when it is available, because it cannot be stored without converting it into another form.
12
Q
Primary energy sources
A
Primary energy sources come directly from nature. These include fossil fuels like coal and oil, as well as renewable sources like sunlight, wind, and geothermal heat. They are extracted or harvested but not manufactured.
13
Q
Secondary energy
A
Secondary energy is created by converting primary energy into a more usable form. Examples include electricity, gasoline, and hydrogen. These forms are easier to store, transport, and use in daily life.
14
Q
1st law of thermodynamics
A
The first law states that energy cannot be created or destroyed. It can only change form, so the total amount of energy always stays the same. What goes into a system must come out in another form.
15
Q
2nd law of thermodynamics
A
The second law explains that energy transformations are never 100 percent efficient. Some energy is always lost, usually as heat. This limits how much useful energy we can get from any process. Through entropy, this heat becomes more diffuse, disorganized, and difficult to recapture.
16
Q
Energy
A
E = P*t Energy is the ability to do work. It comes in different forms such as heat, motion, or stored chemical energy, and it can be converted from one form to another depending on what we need.
17
Q
Power
A
(P = E/t) Power is the rate at which energy is used or transferred. While energy is the total amount, power tells us how quickly it is being consumed or delivered.
18
Q
4 dimensions of transformation / fungibility framework
A
When energy is transformed, it usually changes in four ways: what kind of energy it is, where it is located, when it is available, and how reliably it can be used. These four dimensions affect how useful energy is in any system.
19
Q
Forms of capital
A
Physical, Financial, Political, Human, & Intellectual + NATURAL
Capital includes the resources we use to transform energy. These can be physical, like machines or land; natural, like sunlight or water; or financial, like money used to build infrastructure. Each form helps shape how energy systems work.
20
Q
Stock
A
A stock is the amount of something available at a specific moment in time. In energy systems, this could be fuel stored in a tank or electricity stored in a battery.
21
Q
Flow
A
A flow measures how fast something moves or changes over time. In energy, it could refer to the rate of electricity generation or fuel consumption. Flows can increase or reduce the size of a stock.
22
Q
Goal-seeking loop
A
This is a type of feedback loop that helps a system reach and stay near a target. A good example is a thermostat that adjusts heating to keep a room at a set temperature.
23
Q
Reinforcing / runaway loop
A
A reinforcing loop pushes a system further in the same direction. If something grows, it keeps growing faster. If it declines, it continues to shrink more quickly. These loops can create rapid change, either positive or negative.
24
Q
Market power
A
Market power happens when one company or a small group can influence prices or control supply in a market. This limits fair competition and can lead to higher prices and less efficiency for consumers.
25
Natural monopoly
A natural monopoly exists when it is cheaper and more efficient for only one provider to supply a service, like electricity transmission. However, that provider might overcharge or deliver poor service, so government regulation is often needed.
26
Crowding out
Crowding out occurs when public or donor-funded programs reduce demand for commercial energy solutions. For example, if solar products are distributed for free, local businesses may experience lower sales because consumers expect to receive similar products at no cost
27
Sovereign risk
Sovereign risk is the possibility that a government may default on payments or suddenly change laws and policies. This creates uncertainty for investors, especially in countries with unstable political or financial systems.
28
Cost of capital
The cost of capital is the amount a company must pay to raise money for a project, either through loans or investors. If the project is seen as risky, this cost becomes higher, which can affect whether the project moves forward.
29
Policy risk
Policy risk arises when government rules or policies change after an investment is made. For example, if a subsidy is removed or regulations shift, the project may no longer be profitable.
30
Locational Marginal Price (LMP)
This is the price of electricity at specific location on the grid. Even if everything else same, prices different in each place because cost to deliver electricity changes by distance and congestion.
31
Stranded costs
It's when a utility has already invested in something (like power plant) but can't use it anymore or earn money from it. The cost still need to be paid, and sometimes they try to get it back through special charges
32
Decoupling
This is a rule that let utilities earn same amount of money no matter how much electricity they sell. It's help them focus on energy efficiency, not just selling more power.
33
Hurdle rate
This is the minimum return an investor want before saying yes to a project. If expected return is lower than this, they usually won't do it.
34
Capacity factor
It's how much electricity a power plant actually produces compared to how much it could make if it ran full time and in full capacity. If it's used less often, capacity factor is lower.
35
Cost-of Service Recovery (COSR)
This is a pricing method where utilities get paid back for what they spend plus a fair return. It makes sure they don't lose money but also don't make too much. Regulator must check if cost is "prudent".
36
Weighted Average Cost of Capital (WACC)
This is the average cost of company pays to use money from both debt and equity. It shows how much return investors expect. It's used as a benchmark to judge if a project is worth it.
37
Levelized Cost of Electricity (LCOE)
The average cost to build and run generator, spread across all electricity it makes. It adds up capital, O&M, fuel, and uses discount rate to spread cost over lifetime. It helps compare different energy types, but only fair when their timing and use are same.
38
Feed-in tariffs
This is when government set a fixed price that renewable energy producer get for electricity. It help new techs grow by making their money more certain. But if price too high or low, it can mess with the market and need to be adjusted often
39
Overnight costs
These are all the cost to build a power plant as if built instantly in one night. It includes everything before plant starts working. It used to compare project costs fairly without worrying about how long construction take
40
Discount rate
This number help bring future costs and revenue into today's value. It shows how much investors care about money now vs later. Higher discount rate mean future earnings worth less today
41
Market clearing price
This is the price where electricity supply and demand meet. Grid operator take all generator bids, stack them from lowest to highest, and the last accepted bid set the clearing price paid to everyone who made it into the market
42
Merit order
It's the order in which generators are picked to supply electricity - cheapest ones first. As demand rise, more expensive plants join in. This affect price, since the last one needed sets the market clearing price
43
Completion risk
This is the risk that a project, once construction start, doesn't get finished on time, or cost more than expected. Sometimes the tech don't work like planned, or weather or legal issues delay the work. In worst case, the plant is half built but never run, so investor lose money
44
Demand response (DR)
This is when electricity customers reduce or shift their power use when the grid is stressed or price is high. It's not about using less energy overall, but more about helping during peak times. Customers can get paid for it, like a Òvirtual power plantÓ ----> DR is an active tool where customers are compensated or incentivized to shift or reduce usage during peak times, which can increase system efficiency and reduce need for new capacity
45
Decoupling
It means utility's profit is not tied to how much electricity they sell. This help them support energy efficiency or DR, since they won't lose money just because people use less power. So they can still recover their cost and earn return ---> Decoupling is a regulatory mechanism that allows utilities to recover revenues independently of energy sales, enabling them to support efficiency or DR without financial harm
46
Levelized Cost of Storage (LCOS)
LCOS is total storage cost divided by all energy it deliver over its life. It include capital, O&M, and input energy. But since storage provide many services, LCOS sometimes miss full value it give to grid.
(Cycles, Depth of Discharge, Roundtrip Efficiency used to calculate annual roundtrip losses)
47
Peak shaving
Peak shaving use storage to reduce electricity during highest demand times. It help avoid high demand charges, reduce stress on grid, and delay new power plants. Even small shave of peak can bring big savings and system benefit.
48
Disruptive technology
Tech that create new system, not just improve the old one. It usually start small and uncompetitive, but scale fast and lower cost until it beat existing tech. When that happen, the old system lose its value and structure change
49
Product innovation
It's when the energy tech itself improve like better efficiency or durability. It make each unit produce more or last longer, so total cost per energy unit go down
50
Grid defection
When customer stop using the grid and just use their own energy, like rooftop solar and batteries. It happen when own system cheaper or more reliable than staying on the grid
51
Process innovation
This improve how the tech is delivered not the tech itself. Like faster installation or better project finance. It help cut soft costs and make tech cheaper without changing product performance
52
Learning investment triangle
It's the extra money needed early on before new tech become cost competitive. Government or early adopters pay more first, so the tech scale and get cheaper for others later
53
Duck curve
Chart that show net demand drop in daytime from solar, then rise fast in evening. The shape look like a duck. It show the challenge of matching supply when solar stop but demand stay
54
Investment decisions
Investment happens when project owners expect a good return. These decisions depend on costs, revenues, and risks. They shape the future of the energy system by deciding what gets built, where, and how the system will operate over time
55
Wholesale electricity markets
These are organized markets where generators sell electricity through bids. The lowest-cost bids get selected first. Markets can be day-ahead or real-time, and help balance supply and demand efficiently while revealing the true cost of energy
56
Capacity markets
Capacity markets pay generators or demand response providers to be available when needed not just for the energy they produce. It ensures there's enough capacity on the system, even if it only runs occasionally during peak demand.
57
Dispatch decision
This is the process of selecting which power plants run and when. Grid operators choose the lowest-cost options first to meet demand, based on bids submitted in the market. It ensures electricity is delivered at the lowest total cost
58
Internal combustion engine (ICE)
ICE is a type of engine that burns fuel (like gasoline or diesel) inside a sealed chamber to make motion. It power most cars and trucks today because it use energy-dense fuels and has been cheaper and easy to refuel for a long time
59
Codependence
Codependence is when vehicles and infrastructure depend on each other. You can't just change one without the other. New vehicle tech need matching fueling stations or roads, and vice versa. If they not developed together, change is hard and may fail
60
Total Cost of Ownership (TCO)
TCO includes all costs of owning and using a vehicle over its lifetime. Purchase price (WACC, lifetime, scrap value), fuel (fuel economy/efficiency), maintenance (usage), insurance, and more. It gives a more accurate comparison between technologies by reflecting long-term financial impact, not just upfront cost
61
Fuel efficiency
Fuel efficiency measure how far a vehicle can go using a certain amount of fuel. It's usually shown in mpg or L/100km. Higher efficiency mean less fuel used for same distance, which cut cost and emissions
62
Design efficiency
Design efficiency is the built-in performance of a vehicle or device based on how it was engineered. Once it's made, design can't easily be changed. Good design make energy use lower without needing behavior changes
63
Rebound effect
When a tech becomes more efficient, it reduce cost, and people might use it more. So some of the energy savings are lost. Example: more fuel-efficient car might make people drive more, which lower total savings
64
Crude-oil
Crude oil is a naturally formed liquid made of hydrocarbons. It comes from ancient organic matter buried under heat and pressure over millions of years. It's the raw material refined into gasoline, diesel, jet fuel, and other products
65
Hydrocarbons
Hydrocarbons are molecules made of hydrogen and carbon. They're the main component of fossil fuels like oil and natural gas. Different types have different chain lengths and energy contents
66
Source rock
Source rock is the original rock where oil and gas are formed from buried organic material. Under the right temperature and pressure, this material transforms into hydrocarbons. Then, oil migrates out of the source rock into a reservoir if the geology allows it
67
Reservoir
A rock formation where oil and gas collect after leaving the source rock. It has enough pore space and permeability to hold hydrocarbons, usually trapped under a sealed rock layer that keeps the oil from rising to the surface
68
Associated gas
Natural gas found together with crude oil in the same reservoir. It's released during oil production and used to be flared off, but now it's often reinjected or captured to provide pressure or fuel.
69
Upstream
natural gas found together with crude oil in the same reservoir. It's released during oil production and used to be flared off, but now it's often reinjected or captured to provide pressure or fuel.
70
Resources
All the hydrocarbons estimated to exist in a field, including what might be possible to extract someday. It includes oil that is not yet technically or economically recoverable.
71
Reserves
Must be:
1. Technically recoverable w current technology
2. Commercially viable
3. Confirmed with testing
4. Not yet extracted
Reserves are the portion of resources that are already discovered and can be recovered using current technology and under current economic conditions. Reserves are what companies expect to produce and sell.
72
Proven reserves (1P/P90)
Reserves with a high certainty (at least 90% chance) of meeting their expected output under existing economic and technical conditions. They're also called 1P or P90 reserves, and they're the minimum reliable estimate used for planning and financing
73
Reserve-to-Production ratio
This ratio shows how many years proven reserves would last at current production rates. It's a simple way to estimate how long a country or field can keep producing oil before running out
74
Food vs Fuel debate
This debate asks whether it's better to use crops like corn or sugarcane to make fuel or to feed people. Making biofuels from food crops can raise food prices and create land-use pressure, but it may also benefit farmers and reduce oil dependence
75
Lifecycle analysis
Lifecycle analysis measures the total environmental impact of a fuel or technology from production, transport, and use, all the way to disposal. For biofuels, it helps compare emissions across different sources and shows whether a fuel is truly better than fossil fuels overall
76
Drop-in fuels
Advanced biofuels designed to be chemically the same as gasoline, diesel, or jet fuel. Because of that, they can be used in existing engines and infrastructure without any changes, solving compatibility issues found in other biofuels
77
Renewable Fuel Standards (RFS)
RFS is a U.S. policy that sets minimum volumes of renewable fuels (like ethanol or biodiesel) to be blended into transportation fuel. Companies must meet these targets or buy credits. This policy helps support demand for biofuels in the market
78
S-curve
The S-curve shows how technologies grow over timeÑslow at first, then quickly as adoption takes off, and slower again as the market fills up. It helps explain why new energy tech can take a while to grow, then suddenly become widespread
79
First-mover advantages
Companies that enter the market early can gain benefits like brand recognition, customer loyalty, or cost savings from learning. They may also protect ideas with patents. But being first can also be risky and expensive if the market doesn't grow as expected
80
Spillover effects
Spillover effects happen when one company's innovation benefits others tooÑlike when new biofuel tech helps the whole industry. This is good for society, but it makes it harder for the original innovator to earn back their investment, which can reduce private R&D
81
Plug-in hybrid (PHEV)
vehicle that combines a battery with an internal combustion engine. It can run in electric mode using the battery, then switch to fuel once the battery is low. It offers flexibility, especially when charging is uncertain or infrastructure is limited
82
Battery EV (BEV)
all-electric vehicles that run only on battery power, without a fuel engine. They're simpler to build, highly efficient, and have fewer moving parts. They require regular charging and rely on a strong charging network for longer trips
83
Battery swapping
A charging method where a depleted EV battery is quickly replaced with a charged one at a station. Though fast, it needs specialized vehicle design and expensive infrastructure. It's not widely adopted today due to low utilization and high upfront costs
84
Useful capacity
The portion of a battery that can safely be used. You can't fully charge or fully drain a battery without damaging it, so only part of its total energy is usable. This value determines the vehicle's real driving range
85
Cycle life
Cycle life is the number of charge-discharge cycles a battery can handle before its performance degrades too much. It reflects the battery's durability and affects both resale value and total cost over time
86
Total Addressable Market (TAM)
TAM is the full size of the market that could adopt a product, like EVs. It depends on price, performance, and customer needs. As EV tech improves, the TAM grows because more people can realistically consider switching
87
Range anxiety
Range anxiety is the worry that an EV will run out of battery before reaching a charger. It's one of the biggest barriers to EV adoption and depends on both battery range and the availability of charging stations
88
Lifecycle emissions
These are all emissions from a vehicleÑstarting from production, to use, and finally disposal. For EVs, emissions are lower during use but depend heavily on how electricity is made. Comparing lifecycle emissions shows the full environmental impact
89
Thermal energy system
This system delivers energy in the form of heat. It's used for space heating, hot water, cooking, and industrial processes. It's the largest global energy subsystem and relies heavily on fossil fuels like natural gas, oil, and coal, especially in industry and cold climates
90
Final energy use for heat (FEH)
FEH refers to how much delivered energy is ultimately used for heat in buildings and industry. It includes fuel burned directly for heating and excludes upstream losses. FEH accounts for about 47% of global energy use, making it one of the most important categories
91
Fuel switching
Fuel switching is when a heating or industrial system changes from one fuel to anotherÑlike from coal to gas, or gas to electricity. It helps reduce costs, emissions, or regulatory risk, but depends on local fuel access and long-term price outlooks
92
Heat pumps
Heat pumps move heat from one place to another using a refrigerant. They can provide both heating and cooling. Because they use outside air, ground, or water as the heat source, they can be much more efficient than traditional heating methods
93
Coefficient of performance (COP)
COP measures how much useful heat a system delivers for every unit of energy it consumes. A COP > 1 means the system moves more heat than the energy it usesÑtypical for heat pumps. Higher COP = better efficiency, but performance varies with climate
94
Combined heat and power
CHP, or cogeneration, produces both electricity and useful heat from the same fuel. It reduces energy waste by capturing heat that would otherwise be lost in power generation, making it much more efficient than separate systems
95
Passive design
This refers to building designs that reduce the need for active heating or cooling using insulation, shading, window placement, and ventilation. Passive design lowers energy use by improving the thermal performance of the building envelope
96
Repowering
Repowering means upgrading existing energy infrastructure like power plants or enginesÑto improve efficiency, output, or emissions. It can include replacing components, switching fuels, or adding technologies like CHP. It's a way to extend asset life without full replacement
97
Associated gas
This is natural gas found alongside crude oil in the same reservoir. It comes out during oil production and is either used, reinjected, or flared if no infrastructure is available
98
Flaring
Flaring is the process of burning excess natural gas at the well site. It's often done when the gas can't be captured or transported, but it wastes energy and releases emissions into the atmosphere
99
Unconventional gas
Unconventional gas is gas that trapped in rock formations like shale, coal seams, or tight sandstone. It can't be extracted with traditional methods and requires technologies like hydraulic fracturing and horizontal drilling
100
Gas initially in place (GIIP)
GIIP is the total amount of natural gas estimated to be in an underground reservoir. It includes both the recoverable and unrecoverable gas, based on geological data and modeling
101
Henry Hub (HH)
Henry Hub is a key natural gas trading point in Louisiana. It sets the benchmark price for natural gas in the U.S. and is widely used in contracts and futures markets
102
Working gas
Working gas is the portion of gas in storage that can be withdrawn and used to meet customer demand. It excludes the base gas that must stay in place for system pressure (It's different from base gas, which must stay in place to maintain pressure)
103
Base gas
Base gas is the volume of natural gas that must remain in storage to keep pressure and support withdrawals. It can't be removed under normal operations (t stays underground and isn't meant to be used)
104
Liquefied natural gas (LNG)
LNG is natural gas cooled to a liquid for easier storage and transport, especially over long distances or across oceans. It allows gas to be shipped where pipelines don't exist
105
Shale gas
Shale gas is natural gas found in shale rock layers. It became a major energy source thanks to hydraulic fracturing and horizontal drilling, especially in the U.S. shale boom
106
Scarcity
Scarcity means human wants are always greater than the resources available. In energy systems, scarcity forces trade-offs and choicesÑlike which fuels to use or how much to invest because inputs like oil, land, and capital are limited
107
Circular system
A circular system has no clear start or end. Elements interact with feedback loops that create balance. The economy is often modeled this way: money and energy flow in cycles, affecting and depending on one another continuously
108
Physical dependence
Physical dependence is when a society or sector needs specific types of energy to function. If that energy is disrupted, critical services like transport or industry could stop. It reflects how much activity would halt if supply were cut off
109
Economic dependence
Economic dependence happens when energy prices or supply changes hurt the economy, even if energy is still physically available. High energy costs can reduce business profits, increase living costs, or trigger recessions
110
Dutch disease
Dutch disease occurs when resource exports (like oil) boost a country's currency, making other exports like manufacturing more expensive and less competitive. It can cause long-term harm to the broader economy, even if the resource sector is booming
111
Leapfrogging
Leapfrogging is when developing countries skip older technologies and adopt modern energy solutions (like moving straight from kerosene to solar). It helps improve energy access without needing legacy infrastructure
112
Subsidy dependence
Subsidy dependence is when a country or energy sector relies on government support to stay affordable or competitive. Over time, this can make reform difficult and lead to economic or political risks if subsidies are reduced
113
Sources and sinks
Sources are places where pollution or greenhouse gases are released into the environment, like from burning fossil fuels. Sinks are natural systems like forests and oceans that absorb those emissions. The balance between sources and sinks affects climate and environmental health.
Sources are resources and Sinks are the unintended consequences of energy & economic transformation.
114
Environmental impact
Environmental impact refers to the damage or stress energy systems place on nature, such as air and water pollution, habitat loss, or climate change. These impacts vary depending on the energy source and how it is produced, used, and disposed.
115
Montreal protocol
The Montreal Protocol is a global agreement to phase out substances that damage the ozone layer, such as chlorofluorocarbons. It is widely seen as one of the most successful international environmental efforts and a model for global climate cooperation.
116
GHG emissions pathways
Greenhouse gas emissions pathways are projected future trends that show how much carbon or other gases may be released under different scenarios. These pathways help scientists and policymakers understand possible temperature outcomes and guide decisions about mitigation.
117
Carbon Dioxide Removal (CDR)
Carbon Dioxide Removal refers to methods that take carbon dioxide out of the atmosphere. These include natural solutions like planting trees and technological approaches like direct air capture. CDR is often considered essential for reaching net-zero goals.
118
Bradford Rule
Capital intensive industries are impacted primarily by changes in how capital flows into them.
The Bradford Rule says that climate solutions must deal with both the emissions from today's energy system and the systems being built for tomorrow. If future investments are not changed, long-term emissions will not change either.
119
Shadow carbon price
A shadow carbon price is a price companies or governments use internally to estimate the future cost of carbon emissions. Even if there is no official tax, this helps guide decisions and prepare for possible future regulations.
120
Scenario planning
Scenario planning is a tool for exploring different possible futures. In the energy system, it helps decision-makers think through how various trends, technologies, or policies could play out over time and affect outcomes like emissions or investment.
