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PRISM 2.0: Estimating Energy Substitution Parameters for the U.S. Regional Economy, Greenhouse Gas, and Energy (US-REGEN) Model

Under the PRISM 2.0 Project, the Electric Power Research Institute (EPRI) developed the U.S. Regional Economy, Greenhouse Gas, and Energy (US-REGEN) model that can assess the impact of various climate, energy, and environmental policies on the electric power sector, the energy system, and the overall U.S. economy. This model represents energy efficiency potential through elasticities of substitution between energy and capital. EPRI has contracted with M. K. Jaccard and Associates Inc. to determine the value of the elasticities of substitution between capital and energy and between different fuels and the capital-value shares by end-use, using their technologically detailed end-use model of the United States known as CIMS-US.
This report details the process used to choose the parameters and determines the extent to which US-REGEN, using CIMS-US derived parameters, can replicate CIMS-US results for end-use demand and efficiency.

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