Question

Discuss the crucial role of electric power in the on-going energy transition.

c. Explain the economic logic underlying the claim that activist and aggressive policy choices may be necessary to reduce the consumption of fossil fuels and greenhouse gas emissions.

d. Discuss the economic logic underlying the link between contractual completeness and perfect competition.

Answer 1

1)

Electrification and renewables are the twin imperatives of a sustainable energy future.When the sun doesn’t shine or the wind doesn’t blow, power generation can come to a halt. This intermittency allows for coal to have a sustained role as a baseload source of power. While the government aims to achieve as much as 350 GW to 500 GW of renewable energy by 2030, coal will remain the major fuel source for electricity generation in India .India's electricity grid enables the resilience and flexibility that renewable energy will need. Moreover, making renewable penetration mainstream will also necessitate storage requirements (battery, pumped hydro, other alternative forms). The prices of battery storage, a vital lever in the energy transition are anticipated to decline. This builds a strong case to promote battery storage through a policy push. Along with exploring the potential of indigenous battery research and manufacturing, pumped hydro also presents an attractive avenue for future-ready energy systems.

To conclude, the energy transition today is poised to make electricity as the predominant fuel of the future. The pace at which innovation is coming to market is shortening and broad global trends are indicating that rapid electrification — driven by efficiency, cost, and climate considerations — is on its way.

2)

Greenhouse gases trap heat and make the planet warmer. Human activities are responsible for almost all of the increase in greenhouse gases in the atmosphere over the last 150 years. The largest source of greenhouse gas emissions from human consumption of fossil fuels.

Approximately 63 percent of our electricity comes from burning fossil fuels, mostly coal and natural gas

Greenhouse gas emissions from businesses and homes arise primarily from fossil fuels burned for heat, the use of certain products that contain greenhouse gases, and the handling of waste.

small countries that are heavily dependent on coastal activities or suffer major climate change may be severely affected. Studies suggest that significant parts of Bangladesh and the Maldives may be inundated. Particular concerns arise where activities cannot easily migrate in response to climate change. Such situations include natural reserves (like Bharatpur) or populations limited to small areas (like South Sea Islanders).

Developing countries are probably more vulnerable to greenhouse warming than are advanced countries, particularly those poor countries living on the ragged edge of subsistence with few resources to divert to dealing with climate change. However, most poor countries are heavily dependent upon agriculture, so the benefits of CO2 fertilization might offset the damages from climate change. Countries classified by the World Bank as "low-income economies" had 31 percent of GDP produced in the agricultural sector in 1987

So inorder to sustain the environment and make a healthy life,these activities has to be reduced.Activist you should strongly propose those ideas which support the limited consumption of fossil fuels.Though the fossil fuels in our country is limited ,the over usage of the same results in danger.This should be considered and have to be reported in the higher officials by activists.

Also certain laws should be implement to prevent the use of fossil fuels.People should made aware of the consecuences that can happen due to this.Awareness programs should be conducted in regular basis.This way only by adopting stronger measures and programs ,we can achieve our goal

3)

Perfect competion

the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.

contractual completeness

If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract.

However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of default rules, e.g. legal rules that will fill the gap in a contract in the absence of an agreed upon provision