Welcome to the latest edition of the United States Association for Energy Economics quarterly newsletter! Each quarter, we will bring you engaging articles, expert opinions, member perspectives, and updates that reflect the dynamic landscape affecting the economics of the energy industry. Your feedback is invaluable to us, so please reach out to share your thoughts, article ideas, and questions at usaee@usaee.org.
A Message from the President
BY R. DEAN FOREMAN | PRESIDENT, USAEE
I’m excited to invite you to join us in Fort Worth for USAEE’s 42nd Annual North American Conference, November 16–19, 2025.
The U.S. Association for Energy Economics’ 2025 Annual Conference will bring together leaders and experts from across industry, government, and academia for three days of essential discussion, data-driven insight, and high-impact networking. This year’s program tackles the most pressing and timely challenges facing the energy sector—making it a must-attend event for anyone serious about staying ahead in their field.
We’ve heard your feedback. This year’s agenda emphasizes a strong cross-industry, macroeconomic orientation and features top-tier voices on organizational leadership, career growth, AI, and critical trade issues—without losing USAEE’s tradition of rigorous analysis and robust student engagement.
Register for November's USAEE/IAEE North American Conference by the early bird deadline—this Thursday, August 28—to take advantage of the special early registration rate and save as much as $150 or more! Once you've registered for the conference, don't forget to book your room at The Worthington Renaissance Fort Worth Hotel at USAEE's discounted group rate.
Mine K. Yücel
This is the first article in a series featuring distinguished USAEE members reflecting on their careers and their involvement in the USAEE community.
Being a part of the USAEE community has been very rewarding for me, both professionally and personally. Having first started in academia at the beginning of my career, the USAEE enhanced my understanding of the real world of energy economics. It was also where I learned from the best minds in the energy field and made life-long friends.
My journey with the USAEE actually started with the IAEE in 1985, when the USAEE was not yet a separate entity. I remember my first meeting in Philadelphia in December of 1985 very well. Oil prices had fallen 30 percent since 1980 and were around $26 per barrel at the time of the conference. There was much debate about whether oil prices would continue to fall or stabilize. The gathering was a who’s who in energy economics at the time, with energy economists from academia like Morris Adelman, business economists like Jack Wilkinson from The Sun Company (who was head of the Philadelphia chapter and conference chair) and high-level government energy economists from the Department of Energy and the Canadian Energy Ministry, among many others. This is where I first saw the richness of discussion of real-life issues, blending academics, business and government, something the USAEE continues to do extremely well.
With the 2025 USAEE North American Conference now is the perfect time to join us as a conference or association sponsor! Provide vital support for USAEE's mission and enjoy a range of benefits that enhance visibility and impact both at the conference and year-round!
Issue 1: Why Community Matters
We’re excited to introduce a new feature in our newsletter: Community Current. This section will spotlight the moments that define what it means to be part of the USAEE network—how we connect, collaborate, and grow together. From local chapters to mentorship stories to shared initiatives, this space will celebrate the relationships and interactions that power our community.
“I first joined USAEE in 2008, two years after starting my career in the energy industry. While my roles and employers have changed over the years, USAEE has remained a constant source of professional community.
One of the most meaningful experiences I’ve had was meeting Marie Fagan early on. She invited me to join the Business Committee, and over several years, we worked together on creative ideas for the association. Marie has been both a mentor and a friend, and her support has been instrumental in my professional development.
That kind of connection—the mix of professional insight and personal encouragement—is what makes USAEE so special.”
— Ning Lin, Member since 2008
In Memory of John Felmy —
A Leader, Mentor, and Voice for Energy Economics
Dr. John Felmy
1954-2025
The energy community recently lost one of its most respected voices with the passing of Dr. John Felmy.
John’s distinguished career included senior roles with the American Petroleum Institute, ICF Consulting, and DRI/McGraw-Hill. As Chief Economist at API, he became known for his thoughtful, data-driven insights on national and global energy markets -- always delivered with clarity, balance, and grace. His work helped shape how policymakers, industry leaders, and the public understood complex energy issues.
Academic Focus: Akshaya Jha
Akshaya Jha is an associate professor of economics and public policy at the Heinz College at Carnegie Mellon University. Jha’s research lies at the intersection of energy and environmental economics and industrial organization. He combines economic modeling with causal inference to quantify the economic and environmental impacts of policies affecting wholesale electricity supply. Recent papers examine financial trading in California’s wholesale electricity market, the phase-out of nuclear power in Germany, the rapid growth of rooftop solar in Western Australia, and the link between wholesale procurement costs and electricity blackouts in India.
In work in progress, Jha and coauthors study the factors driving where large-scale batteries are built in Texas’s wholesale electricity market. Early battery projects mainly earned money by providing frequency regulation, voltage control, and other ancillary services. In recent years, however, these ancillary services markets have become more competitive, and batteries are increasingly earning revenue from the intertemporal arbitrage of energy prices. This shift—along with the expected surge in electricity demand from data centers and other large new users—has implications for where battery storage will be most profitable and for the transmission upgrades needed to support wind, solar, and growing demand.
S&P Global Market Intelligence:
Copper Tariffs Easier to Deal with Tactically Than Strategically
This article was originally published in the S&P Global Market Intelligence blog, "News & Insights"
The US administration's proposed 50% tariffs on copper imports are not yet fully detailed, but they pose significant risks of increased costs across various sectors, including automotive, electronics, utilities, and data centers. Near-term, inventories and reduced scrap exports may mitigate duties, but localizing sourcing could take more than five years.
Copper prices, inventories react to surprisingly high copper tariffs
On July 8, 2025, President Donald J. Trump stated on social media that the Section 232 review of copper materials and products will lead to tariffs of 50% from August 1. Despite being widely expected, the scale and speed of implementation were surprising. Prices reflected the change immediately. The COMEX copper price jumped 13%, while copper on the LME fell 1.5%. This saw the disparity between some contracts on the two exchanges exceed 25%. Details remain scant and so understanding what will be implemented on August 1 is uncertain, but the negative implications for US copper buyers are already evident and expected to worsen.
