December 13, 2022

Economic Impacts - Energy Supply and Demand for Deep Decarbonization

November 18, 2022

Economic Impacts - Energy Supply and Demand for Deep Decarbonization


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This presentation examined the technical challenges and one possible technological pathway toward significantly decarbonizing the U.S. economy by 2050. As researched by MIT and modeled by FTI Consulting and its economic impacts group, the study finds there would be profound regional differences in the impacts on the energy sector and the economy no matter the specific technological pathway taken.


Scott Nystrom
FTI Consulting

Scott Nystrom is an expert in macroeconomic, regional, and energy system modeling and applying them to policy analysis and economic impacts and other types of modeling and economic analysis. As the co-lead of the firm’s North American economic impacts group, he uses models such as REMI, IMPLAN, and GTAP daily to model the impacts of legislation, litigation, regulation, and policy on the economy, as measured by metrics like job growth, GDP, and tax collections. His work on economic impact analysis has covered every sector of the economy, including agriculture, natural resources, construction, utilities, manufacturers, logistics, healthcare, and services. 

For the past 11 years, Mr. Nystrom has conducted studies related to climate policy, demographics, economic development, energy, fiscal policy, healthcare, international trade, labor, scope emissions, and transportation policy. Clients have included federal and state government agencies, non-profits and foundations, trade associations, utilities, corporations, and law firms. He was the technical expert on a multibillion-dollar dispute involving default on sovereign debt and the accuracy of the statistics produced by a national statistics office. Since early 2017, Mr. Nystrom has been the de facto chief macroeconomist and policy analyst for the state of North Dakota, which has involved assessing the economic impacts of tax credits, tax reforms, and large private investments. 

Mr. Nystrom’s experience leads him to regularly present to federal and state policymakers. Highlights include presenting his findings to members of Congress on the economic contribution of electric cooperatives; Capitol Hill briefings on federal climate policy; and the impacts of tax incentives and economic development grants to budget committees. These include the legislatures of Arkansas, Massachusetts, North Carolina, North Dakota, Rhode Island, and Vermont. 

Prior to FTI Consulting, Mr. Nystrom worked at Regional Economic Models, Inc. (“REMI”), a firm that specializes in building models of state and regional economies. While at REMI, he was the head of consulting engagements, client training and support, and the Washington, DC office. He has extensive experience with impact models as well as energy system models such as CTAM and the Power System Optimizer (“PSO”) and using them in concert and parallel with one another.