Pub Date : 2026-01-29DOI: 10.1016/j.eneco.2026.109172
Mercè Amich, Manuel Tomás, Petr Mariel, Iñaki Arto
{"title":"Clean vehicle ownership: Implications for effective policy interventions","authors":"Mercè Amich, Manuel Tomás, Petr Mariel, Iñaki Arto","doi":"10.1016/j.eneco.2026.109172","DOIUrl":"https://doi.org/10.1016/j.eneco.2026.109172","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"188 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2026-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146072170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-28DOI: 10.1016/j.eneco.2026.109165
Irena Milstein, Asher Tishler, Chi-Keung Woo
{"title":"The effect of demand uncertainty on the optimal capacity mix of a wholesale electricity market","authors":"Irena Milstein, Asher Tishler, Chi-Keung Woo","doi":"10.1016/j.eneco.2026.109165","DOIUrl":"https://doi.org/10.1016/j.eneco.2026.109165","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"74 1","pages":"109165"},"PeriodicalIF":12.8,"publicationDate":"2026-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146072171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-27DOI: 10.1016/j.eneco.2026.109169
Shamim Homaei , Simon Roussanaly , Asgeir Tomasgard
This paper examines the roles of long-run and short-run marginal costs (LRMC and SRMC) in shaping electricity prices and ensuring investment cost recovery, particularly when generation capacity is used across multiple long-term periods. Using a stylized capacity expansion model with two generators and two periods, we developed a five-step methodology to characterize all possible LRMC pricing profiles and prove cost recovery under each case. We showed how shared capacity affects intertemporal cost allocation, revealing that even when cheaper technologies are marginal, more expensive shared capacity can still recover its cost through distribution across periods. On the SRMC side, we identified a form of degeneracy caused by fixed invested capacities, leading to multiple valid marginal prices. To resolve price degeneracy, we add a small demand elasticity centered on the LRMC reference point. This yields a unique SRMC price that coincides with LRMC and guarantees cost recovery under energy-only pricing. Extensions to the model, such as increasing temporal resolution, adding storage, or including more generators, demonstrated the robustness of our findings.
{"title":"Analysis of short-run and long-run marginal costs of electricity generation in the power market","authors":"Shamim Homaei , Simon Roussanaly , Asgeir Tomasgard","doi":"10.1016/j.eneco.2026.109169","DOIUrl":"10.1016/j.eneco.2026.109169","url":null,"abstract":"<div><div>This paper examines the roles of long-run and short-run marginal costs (LRMC and SRMC) in shaping electricity prices and ensuring investment cost recovery, particularly when generation capacity is used across multiple long-term periods. Using a stylized capacity expansion model with two generators and two periods, we developed a five-step methodology to characterize all possible LRMC pricing profiles and prove cost recovery under each case. We showed how shared capacity affects intertemporal cost allocation, revealing that even when cheaper technologies are marginal, more expensive shared capacity can still recover its cost through distribution across periods. On the SRMC side, we identified a form of degeneracy caused by fixed invested capacities, leading to multiple valid marginal prices. To resolve price degeneracy, we add a small demand elasticity centered on the LRMC reference point. This yields a unique SRMC price that coincides with LRMC and guarantees cost recovery under energy-only pricing. Extensions to the model, such as increasing temporal resolution, adding storage, or including more generators, demonstrated the robustness of our findings.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109169"},"PeriodicalIF":14.2,"publicationDate":"2026-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146072174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-23DOI: 10.1016/j.eneco.2026.109164
Ronghui Zhu , Tieju Ma , Jingbing Feng
Promoting the adoption of electric vehicles (EVs) is important for the decarbonisation of the transportation sector. Existing research indicates that the diffusion of new technologies tends to be highly spatially correlated. This study explores whether a region's adoption of EVs is positively related with the availability of charging facilities and government demonstrations promoting EVs in peer regions. This study develops a dynamic spatial panel data model based on the Spatial Dubin Model to explore this question using panel data from 28 provinces in China from 2013 to 2020. The main findings of this study include the following: 1) Not surprisingly, the high availability of charging facilities in a region and its local government's demonstration effort contribute to the adoption of EVs in the region; 2) the adoption of EVs in one region can contribute to EV adoption in its peer regions – so-called spillover effect; in particular, the government's demonstration effort contributes significantly to this effect, but the high availability of charging facilities does not; and 3) such spillover effects are more significant in regions with higher economic levels or regions with warm temperatures. Our study provides implications for EV makers to identify further potential markets for EVs.
{"title":"Diffusion of electric vehicles – The spillover effect of charging facilities and government demonstrations for neighbouring and peer regions","authors":"Ronghui Zhu , Tieju Ma , Jingbing Feng","doi":"10.1016/j.eneco.2026.109164","DOIUrl":"10.1016/j.eneco.2026.109164","url":null,"abstract":"<div><div>Promoting the adoption of electric vehicles (EVs) is important for the decarbonisation of the transportation sector. Existing research indicates that the diffusion of new technologies tends to be highly spatially correlated. This study explores whether a region's adoption of EVs is positively related with the availability of charging facilities and government demonstrations promoting EVs in peer regions. This study develops a dynamic spatial panel data model based on the Spatial Dubin Model to explore this question using panel data from 28 provinces in China from 2013 to 2020. The main findings of this study include the following: 1) Not surprisingly, the high availability of charging facilities in a region and its local government's demonstration effort contribute to the adoption of EVs in the region; 2) the adoption of EVs in one region can contribute to EV adoption in its peer regions – so-called spillover effect; in particular, the government's demonstration effort contributes significantly to this effect, but the high availability of charging facilities does not; and 3) such spillover effects are more significant in regions with higher economic levels or regions with warm temperatures. Our study provides implications for EV makers to identify further potential markets for EVs.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109164"},"PeriodicalIF":14.2,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-23DOI: 10.1016/j.eneco.2026.109157
Xiaoyang Lei, Donghui Yang
Although firms have increasingly applied blockchain technology to facilitate consumers realizing the green investments of their products, the related literature is still rare. We investigate the blockchain adoption strategies of duopolistic firms that both exert green investments before engaging in Cournot competition or Bertrand competition. The findings are summarized as follows. First, when neither firm adopts blockchain technology under both competition models, the firms increase green investments with consumer green perception, which, however, does not inevitably lead to an increase in their profits. Second, the blockchain adoption strategies for both Cournot firms and Bertrand firms are closely correlated with the intensity of market competition and the unit cost of blockchain operation. For weak market competition, both firms (neither firm) will adopt blockchain technology when this unit cost remains rather low (high). Interestingly, one firm applies blockchain technology while the other abandons when the unit cost of blockchain operation is moderate even though these firms are symmetric. However, this asymmetric blockchain adoption strategy disappears for the fierce market competition. Finally, we reveal that Cournot firms are more (less) likely to adopt blockchain technology for the weak (fierce) market competition. These findings provide fresh managerial implications on blockchain adoption strategies for competitive firms under different competition models.
{"title":"The adoption of blockchain technology by green duopolistic firms: From Cournot to Bertrand competition","authors":"Xiaoyang Lei, Donghui Yang","doi":"10.1016/j.eneco.2026.109157","DOIUrl":"10.1016/j.eneco.2026.109157","url":null,"abstract":"<div><div>Although firms have increasingly applied blockchain technology to facilitate consumers realizing the green investments of their products, the related literature is still rare. We investigate the blockchain adoption strategies of duopolistic firms that both exert green investments before engaging in Cournot competition or Bertrand competition. The findings are summarized as follows. First, when neither firm adopts blockchain technology under both competition models, the firms increase green investments with consumer green perception, which, however, does not inevitably lead to an increase in their profits. Second, the blockchain adoption strategies for both Cournot firms and Bertrand firms are closely correlated with the intensity of market competition and the unit cost of blockchain operation. For weak market competition, both firms (neither firm) will adopt blockchain technology when this unit cost remains rather low (high). Interestingly, one firm applies blockchain technology while the other abandons when the unit cost of blockchain operation is moderate even though these firms are symmetric. However, this asymmetric blockchain adoption strategy disappears for the fierce market competition. Finally, we reveal that Cournot firms are more (less) likely to adopt blockchain technology for the weak (fierce) market competition. These findings provide fresh managerial implications on blockchain adoption strategies for competitive firms under different competition models.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109157"},"PeriodicalIF":14.2,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-23DOI: 10.1016/j.eneco.2026.109158
Min Wang , Chunhai Jiang
The large-scale development and utilization of green electricity, particularly photovoltaic (PV) and wind power, is a key pathway for China's energy system to achieve low-carbon transition. However, the inherent intermittency and instability of PV and wind power pose significant challenges to the stable operation of the power system. Coal-fired utilization hours decreased from 5876 h in 2005 to 4476 h in 2023(−23.8%). This study designs a quasi-natural experiment based on China's policies for integrating PV and wind power into the grid. Using intensity-based DID methods at both the provincial coal-fired power macro level and the coal-fired power enterprise micro level, we examine the impact of PV and wind power integration on the utilization efficiency of coal-fired power equipment. The results indicate that the integration of PV and wind power significantly reduces the utilization levels of coal-fired power units. Mechanism analysis reveals that PV and wind power substantially substitute for coal-fired power while also exhibiting complementary effects. Heterogeneity analysis shows that the negative impact of PV and wind power integration on coal-fired power is stronger in provinces/regions with higher wind power potential relative to total PV and wind power potential, higher electricity supply rates, slower progress in the transformation and upgrading of coal-fired power, and lower levels of economic development. Further analysis indicates that large-scale coal-fired power enterprises, leveraging cost synergies, are more actively participating in the integration of PV and wind power. Finally, this study develops an optimization model for coal-fired power capacity tariffs based on the coefficient of variation method, enabling province- and region-level differentiation in the adjustment of current capacity tariffs. This study provides empirical evidence and reference solutions to alleviate green electricity integration pressures and accelerate the construction of a new energy system.
{"title":"Coal-fired peak regulation for integrating photovoltaic and wind power: Impact analysis and optimization of capacity tariff","authors":"Min Wang , Chunhai Jiang","doi":"10.1016/j.eneco.2026.109158","DOIUrl":"10.1016/j.eneco.2026.109158","url":null,"abstract":"<div><div>The large-scale development and utilization of green electricity, particularly photovoltaic (PV) and wind power, is a key pathway for China's energy system to achieve low-carbon transition. However, the inherent intermittency and instability of PV and wind power pose significant challenges to the stable operation of the power system. Coal-fired utilization hours decreased from 5876 h in 2005 to 4476 h in 2023(−23.8%). This study designs a quasi-natural experiment based on China's policies for integrating PV and wind power into the grid. Using intensity-based DID methods at both the provincial coal-fired power macro level and the coal-fired power enterprise micro level, we examine the impact of PV and wind power integration on the utilization efficiency of coal-fired power equipment. The results indicate that the integration of PV and wind power significantly reduces the utilization levels of coal-fired power units. Mechanism analysis reveals that PV and wind power substantially substitute for coal-fired power while also exhibiting complementary effects. Heterogeneity analysis shows that the negative impact of PV and wind power integration on coal-fired power is stronger in provinces/regions with higher wind power potential relative to total PV and wind power potential, higher electricity supply rates, slower progress in the transformation and upgrading of coal-fired power, and lower levels of economic development. Further analysis indicates that large-scale coal-fired power enterprises, leveraging cost synergies, are more actively participating in the integration of PV and wind power. Finally, this study develops an optimization model for coal-fired power capacity tariffs based on the coefficient of variation method, enabling province- and region-level differentiation in the adjustment of current capacity tariffs. This study provides empirical evidence and reference solutions to alleviate green electricity integration pressures and accelerate the construction of a new energy system.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109158"},"PeriodicalIF":14.2,"publicationDate":"2026-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-22DOI: 10.1016/j.eneco.2026.109163
Yin-Hua Yeh , Chen-Chieh Liao
This paper examines how ESG performance moderates the impact of ESG-negative events on stock prices, using Taiwanese listed companies as the sample due to investors' easy access to ESG scores and a comprehensive database on event severity. The study contrasts two competing perspectives: the insurance-like effect and the greenwashing effect. The results indicate that the insurance-like effect diminishes when firms face severe ESG-negative events or financial constraints, with the effect being most pronounced in firms with high information asymmetry. Furthermore, the cost of equity capital serves as a transmission channel for this effect. Conversely, firms with high ESG exposure risks and elevated ESG scores experience more severe stock price declines following ESG-negative events, confirming the greenwashing effect. Notably, the insurance-like effect is observed only in companies with low ESG exposure risks. These findings highlight the dual role of ESG performance: acting both as a protective mechanism and as a source of heightened scrutiny in stock markets.
{"title":"Does ESG performance mitigate ESG-negative events? Examining the insurance-like vs. greenwashing effect","authors":"Yin-Hua Yeh , Chen-Chieh Liao","doi":"10.1016/j.eneco.2026.109163","DOIUrl":"10.1016/j.eneco.2026.109163","url":null,"abstract":"<div><div>This paper examines how ESG performance moderates the impact of ESG-negative events on stock prices, using Taiwanese listed companies as the sample due to investors' easy access to ESG scores and a comprehensive database on event severity. The study contrasts two competing perspectives: the insurance-like effect and the greenwashing effect. The results indicate that the insurance-like effect diminishes when firms face severe ESG-negative events or financial constraints, with the effect being most pronounced in firms with high information asymmetry. Furthermore, the cost of equity capital serves as a transmission channel for this effect. Conversely, firms with high ESG exposure risks and elevated ESG scores experience more severe stock price declines following ESG-negative events, confirming the greenwashing effect. Notably, the insurance-like effect is observed only in companies with low ESG exposure risks. These findings highlight the dual role of ESG performance: acting both as a protective mechanism and as a source of heightened scrutiny in stock markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109163"},"PeriodicalIF":14.2,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-22DOI: 10.1016/j.eneco.2026.109161
Shuo Yang, Wen Wen, Peng Zhou
{"title":"Impacts of market shocks and policy interventions on electric vehicle diffusion: An agent-based model","authors":"Shuo Yang, Wen Wen, Peng Zhou","doi":"10.1016/j.eneco.2026.109161","DOIUrl":"https://doi.org/10.1016/j.eneco.2026.109161","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"55 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146033951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-22DOI: 10.1016/j.eneco.2026.109152
Aoi Tsukioka
This study identifies cost-emission hotspots where rising imported energy costs and CO₂ emissions driven by final demand are most concentrated. To address these dual pressures, an integrated assessment framework was developed that combines the energy cost-push structure (forward-type unit structure) and CO₂ emission demand–pull structure (backward-type unit structure). A composite index was also introduced to evaluate the impact of energy costs and CO₂ emissions on industries, and a supply chain cluster analysis was used to identify industries that were closely interrelated within a cost-emission hotspot. The study reveals that (1) Japan’s industrial structure is strongly shaped by its dependence on imported crude oil, coal, and natural gas, as well as by final demand from retail trade, food services, and motor vehicles; (2) approximately 4% of all commodity transactions are subject to substantial combined impacts of both energy costs and CO₂ emissions and should therefore be prioritized in policy design; and (3) cost-emission hotspots are concentrated in clusters that are highly interconnected through electricity supply and iron and steel manufacturing, indicating the need for coordinated energy efficiency improvements within these clusters. Policymakers should prioritize decarbonization efforts within cost-emission hotspots to alleviate energy cost pressures while advancing sustainability.
{"title":"Supply chain hotspot analysis of the Nexus between energy costs and CO2 emissions: Evidence from Japan","authors":"Aoi Tsukioka","doi":"10.1016/j.eneco.2026.109152","DOIUrl":"10.1016/j.eneco.2026.109152","url":null,"abstract":"<div><div>This study identifies cost-emission hotspots where rising imported energy costs and CO₂ emissions driven by final demand are most concentrated. To address these dual pressures, an integrated assessment framework was developed that combines the energy cost-push structure (forward-type unit structure) and CO₂ emission demand–pull structure (backward-type unit structure). A composite index was also introduced to evaluate the impact of energy costs and CO₂ emissions on industries, and a supply chain cluster analysis was used to identify industries that were closely interrelated within a cost-emission hotspot. The study reveals that (1) Japan’s industrial structure is strongly shaped by its dependence on imported crude oil, coal, and natural gas, as well as by final demand from retail trade, food services, and motor vehicles; (2) approximately 4% of all commodity transactions are subject to substantial combined impacts of both energy costs and CO₂ emissions and should therefore be prioritized in policy design; and (3) cost-emission hotspots are concentrated in clusters that are highly interconnected through electricity supply and iron and steel manufacturing, indicating the need for coordinated energy efficiency improvements within these clusters. Policymakers should prioritize decarbonization efforts within cost-emission hotspots to alleviate energy cost pressures while advancing sustainability.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"154 ","pages":"Article 109152"},"PeriodicalIF":14.2,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-22DOI: 10.1016/j.eneco.2026.109156
Cong Liu , Xiqiang Xia , Yarong Hou
Under carbon trading policies, research and development (R&D) in carbon emission reduction (CER) technologies has become a key strategy for manufacturing industries to mitigate carbon compliance costs. However, limited attention has been given to how specific carbon allowance allocation methods interact with capital constraints in supply chains. To address this gap, this paper develops a carbon-emission-dependent supply chain model that incorporates two allocation mechanisms, namely the grandfathering system and the benchmarking system, involving a capital-constrained manufacturer and a retailer. Based on the manufacturer's initial capital and carbon allowance endowment, three financing scenarios are examined: no financing, pure carbon asset pledge financing (PCAPF), and hybrid carbon asset pledge financing (HCAPF). The results show that: 1) The threshold for adopting the no-financing strategy is lower under the grandfathering system, while the PCAPF thresholds in both systems depend on the total carbon allowance. 2) From a profitability perspective, the retailer's profit is higher under the benchmarking system, whereas the manufacturer achieves higher profit under the grandfathering system when the total allowance is relatively abundant. 3) From an environmental perspective, the benchmarking system imposes stricter constraints and induces higher CER efforts, but when the R&D cost coefficient exceeds a certain threshold, the environmental impact under benchmarking surpasses that under grandfathering. 4) Under both systems, the no-financing scenario achieves the highest CER efforts, product output, and retailer's profit, while excessive reliance on HCAPF weakens all three.
{"title":"Carbon asset pledge financing under allowance allocation mechanisms: Strategies for capital-constrained manufacturers","authors":"Cong Liu , Xiqiang Xia , Yarong Hou","doi":"10.1016/j.eneco.2026.109156","DOIUrl":"10.1016/j.eneco.2026.109156","url":null,"abstract":"<div><div>Under carbon trading policies, research and development (R&D) in carbon emission reduction (CER) technologies has become a key strategy for manufacturing industries to mitigate carbon compliance costs. However, limited attention has been given to how specific carbon allowance allocation methods interact with capital constraints in supply chains. To address this gap, this paper develops a carbon-emission-dependent supply chain model that incorporates two allocation mechanisms, namely the grandfathering system and the benchmarking system, involving a capital-constrained manufacturer and a retailer. Based on the manufacturer's initial capital and carbon allowance endowment, three financing scenarios are examined: no financing, pure carbon asset pledge financing (PCAPF), and hybrid carbon asset pledge financing (HCAPF). The results show that: 1) The threshold for adopting the no-financing strategy is lower under the grandfathering system, while the PCAPF thresholds in both systems depend on the total carbon allowance. 2) From a profitability perspective, the retailer's profit is higher under the benchmarking system, whereas the manufacturer achieves higher profit under the grandfathering system when the total allowance is relatively abundant. 3) From an environmental perspective, the benchmarking system imposes stricter constraints and induces higher CER efforts, but when the R&D cost coefficient exceeds a certain threshold, the environmental impact under benchmarking surpasses that under grandfathering. 4) Under both systems, the no-financing scenario achieves the highest CER efforts, product output, and retailer's profit, while excessive reliance on HCAPF weakens all three.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109156"},"PeriodicalIF":14.2,"publicationDate":"2026-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146033953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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