Evaluation of the economic impacts associated with the NIST power and energy calibration services

Technical Report · Sun Jan 01 04:00:00 EST 1995

OSTI ID:39590

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It is well established in the economics literature that investments in measurement-related technology research by Federal laboratories represents an important resource commitment to the innovation process, and that these investments have a significant impact on economic growth. The purpose of this study is to identify, and quantify where possible, the net economic benefits associated with the NIST Power and Energy Calibration Project. The NIST services from the project that are considered in this report are: (1) maintenance of the national standard for the watthour; (2) research to lower the level of uncertainty associated with watthour revenue meters; (3) general technical support to industry associated with measurement activities. For this particular study, the calculation of a benefit-to-cost ratio is believed to be the most reliable evaluation metric. This ratio is computed as the ratio of benefits (received by economic units directly dependent on the activities of the NIST power and energy calibration services) to the costs to society to generate those benefits, namely the cost to operate the Power and Energy Calibration Project. An alternative metric, an internal rate of return measure, is also presented in this report in order to facilitate a comparison of the benefit-to-cost result to the results from similar studies.

• Research Organization: National Inst. of Standards and Technology (EEEL), Gaithersburg, MD (United States). Electricity Div.
• OSTI ID: 39590
• Report Number(s): PB--95-188850/XAB; NISTIR--5565
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
CALIBRATION STANDARDS
COST BENEFIT ANALYSIS
ELECTRIC POWER
POWER METERS
RESOURCE ASSESSMENT