Fundamental Energy Concepts

A comprehensive set of flashcards covering key concepts in energy economics from the lecture notes.

Energy

The ability to do work or produce heat.

Potential Energy

The capacity to do work, often represented by stored energy (e.g., water in a dam).

Renewable Energy

Energy obtained from sources that are naturally replenished, such as solar or wind.

Non-Renewable Energy

Energy derived from finite resources, meaning their consumption depletes the available supply.

Carbon Tax

A financial charge on companies for emitting carbon dioxide, aimed at reducing greenhouse gas emissions.

Emissions Trading System

A market-based approach to controlling pollution by providing economic incentives for reducing emissions.

Energy Balance Sheet

A comprehensive accounting of energy production, transformation, and consumption in a specific period.

Energy Indicators

Metrics or data points used to measure energy consumption and efficiency.

Electricity Generation

The process of producing electrical energy from various sources including fossil fuels, nuclear, and renewables.

Geothermal Energy

Energy derived from the heat within the Earth.

Solar Energy

Energy from the sun, harnessed through technology such as solar panels.

Biomass

Organic materials, including wood and agricultural residues, used as a fuel source.

Industrial Revolution

The period of major industrialization from the late 18th to the early 19th century that drastically changed energy consumption.

Internal Combustion Engine

An engine that generates power by burning fuel and drawing on air, widely used in transportation.

Net Energy Ratio

The ratio of energy output to energy consumed in producing that energy.

Energy Return on Investment (EROI)

A measure of the amount of usable energy delivered from a resource relative to the energy required to obtain it.

Electricity Grid

A network for delivering electricity from producers to consumers.

Energy Intensity

The ratio of energy consumption to GDP, reflecting how efficiently energy is used in the economy.

Energy Efficiency

Using less energy to achieve the same level of energy service.

Fossil Fuels

Natural substances like coal, oil, and natural gas that are used for energy production.

Hydropower

Electric power generated using the energy of moving water.

Coal

A combustible black or brownish-black sedimentary rock, a major energy source historically.

Natural Gas

A fossil fuel composed mainly of methane, used for heating and electricity generation.

Nuclear Energy

Energy released during nuclear fission or fusion, harnessed for power generation.

Carbon Credits

Permits that allow the holder to emit a certain amount of carbon dioxide, tradable in carbon markets.

Sustainable Energy

Energy that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Energy Storage

Technologies or strategies for storing energy for later use, essential for balancing supply and demand.

Photovoltaics

Technology that converts sunlight directly into electricity.

Wind Energy

Energy harnessed from wind using turbines.

Energy Policy

A course of action to manage energy production, distribution, and consumption.

Decarbonization

The process of reducing carbon dioxide emissions associated with energy consumption.

Energy Sector

The domain encompassing all activities related to energy production, supply, and consumption.

Energy Audit

An assessment of how energy is being used in a building, aimed at improving efficiency.

Environmental Kuznets Curve

A hypothesized relationship between environmental degradation and economic development.

Climate Change

Long-term alterations in temperature, precipitation, wind patterns, and other elements of the Earth's climate system.

Energy Crisis

A situation in which the availability of energy resources falls below demand.

Energy Subsidies

Financial assistance from the government to promote energy production or consumption.

Renewables Portfolio Standard (RPS)

Legislation that requires increased production of energy from renewable sources.

Carbon Neutrality

Achieving net zero carbon emissions by balancing emitted and removed carbon dioxide.

Smart Grid

An electricity supply network that uses digital technology to monitor and manage transport of electricity from all generation sources.

Life Cycle Assessment (LCA)

A technique to assess environmental impacts associated with all the stages of a product's life.

Energy Transformation

The process of changing energy from one form to another, for example, from chemical energy in fossil fuels to thermal energy.

Usage Patterns

The trends and habits in how energy is used by consumers.

Energy Diversity

The variety of energy sources used in a given region to enhance security and sustainability.

Energy Geopolitics

The study of how energy resources affect global political relations.

Carbon Offset

A reduction in emissions of carbon dioxide or greenhouse gases made in order to compensate for emissions produced elsewhere.

Transition to Renewable Energy

The shift from fossil fuel-based energy systems to systems reliant on renewable sources.

Energy Literacy

Understanding the impacts of energy use and the choices available for energy consumption.

Energy Innovation

The introduction of new ideas, products, or methods in energy systems.

Environmental Impact

The effect that the production, use, and disposal of energy has on the environment.

Energy Trade

The exchange of energy resources across borders.

Carbon Footprint

The total amount of greenhouse gases emitted directly or indirectly by an individual or organization.

Electrification of Transportation

The process of replacing gasoline and diesel-powered vehicles with electric ones.

Distributed Energy Resources (DER)

Small-scale energy generation and storage technologies that provide energy where it is used.

Energy Consumption Patterns

How energy is consumed in various sectors, including residential, commercial, and industrial.

Greenhouse Gases

Gases that trap heat in the atmosphere, contributing to global warming.

Hydrogen Fuel Cells

Devices that convert hydrogen gas into electricity through a chemical reaction.

Energy Supply Chain

The sequence of processes involved in producing and delivering energy.

Power Purchase Agreement (PPA)

A contract between an energy supplier and a buyer for the purchase of energy.

Energy Resilience

The capability of an energy system to withstand and recover from disruptions.

Smart Metering

Advanced technology that records energy use and communicates the information to both consumers and utilities.

Rural Electrification

Efforts to provide electricity to rural and remote areas.

Energy Market

The economic marketplace for buying and selling energy.

Electric Vehicle (EV)

A vehicle that is powered by electricity instead of gasoline or diesel.

Feed-in Tariff

A policy mechanism that encourages the adoption of renewable energy technologies by providing them with a fixed payment.

Marketplace for Energy Efficiency Audits

A platform for businesses and consumers to obtain services aimed at reducing energy costs.

Demand Response Programs

Strategies used by utilities to encourage consumers to reduce or shift their electricity usage during peak periods.

Building Energy Codes

Regulations that set minimum energy efficiency standards for buildings.

Energy Performance Contracting

An agreement where energy savings from improvements are used to pay for the measures over time.

Geopolitical Risk

The risk associated with living in or doing business in a politically unstable region affecting energy security.

Stranded Assets

Investments that have already been made into fossil fuel projects that have lost future economic value.

Decentralization of Energy Systems

The process of distributing energy production across a wide array of smaller sites rather than a few centralized sources.

Energy Dependency

Reliance on external sources for energy supply.

Energy Security

The association between national security and the availability of natural resources for energy production.

Thermal Energy

Energy that comes from heat.

Biodiversity and Energy Production

The relationship and impact that energy production (especially fossil fuels) has on biodiversity.

Petroleum Industry

An industry involved in the exploration, extraction, refining, transporting, and marketing of oil and gas.

Underutilization of Renewable Resources

When potential renewable energy is not fully harnessed or developed.

Energy Saving Technologies

Technologies designed to reduce the amount of energy required to provide products and services.

Lifecycle Cost Analysis (LCA)

A method for determining the total costs associated with the lifecycle of an energy system.

Unconventional Energy Sources

Energy sources that are not typically extracted or produced using traditional methods (e.g., fracking for natural gas).

Energy Cooperative

A cooperative business that allows members to share the costs and benefits of local energy production.

Energy Procurement

The process of acquiring energy supplies, often undertaken by organizations to optimize costs.

Electricity Market Design

The rules and structures that define how electricity systems operate and compete.