Pub Date : 2014-09-30DOI: 10.5547/2160-5890.3.2.MCHR
M. Chronopoulos, D. Bunn, A. Siddiqui
Conventional models to support policymaking for the energy sector have been largely based on deterministic or static settings that focus on planning welfare- maximising investment pathways. But, in a liberalised market, since investments are made by competitive, profit-maximising companies, the increased intervention of government policy in the trading arrangements creates uncertain responses to incentives. Industry may perceive policy risks to be high, and major companies may choose to act more cautiously than governments expect. This presents a modelling challenge, and we propose an extension to the use of real options in this context. We model several features of the low-carbon investment context, viz., irreversibility, delay, and competition, which impinge upon the radical policy imperatives for structural change in electricity markets to meet ambitious sustainability targets.
{"title":"Optionality and Policymaking in Re-Transforming the British Power Market","authors":"M. Chronopoulos, D. Bunn, A. Siddiqui","doi":"10.5547/2160-5890.3.2.MCHR","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.MCHR","url":null,"abstract":"Conventional models to support policymaking for the energy sector have been largely based on deterministic or static settings that focus on planning welfare- maximising investment pathways. But, in a liberalised market, since investments are made by competitive, profit-maximising companies, the increased intervention of government policy in the trading arrangements creates uncertain responses to incentives. Industry may perceive policy risks to be high, and major companies may choose to act more cautiously than governments expect. This presents a modelling challenge, and we propose an extension to the use of real options in this context. We model several features of the low-carbon investment context, viz., irreversibility, delay, and competition, which impinge upon the radical policy imperatives for structural change in electricity markets to meet ambitious sustainability targets.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130754395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.2.JEGE
Jonas Egerer, W. Schill
{"title":"Power System Transformation towardRenewables: Investment Scenarios forGermany","authors":"Jonas Egerer, W. Schill","doi":"10.5547/2160-5890.3.2.JEGE","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.JEGE","url":null,"abstract":"","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123319795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.2.FKUN
Friedrich Kunz and Hannes Weigt
In this paper we analyze the effects of the German nuclear phase out, focusing on the seven nuclear power plants affected by the March 2011 moratorium, and continuing through the final phase out of the last plant in 2022. We provide an ex-post assessment of model analyses on the impact of the nuclear moratorium presented by the modelling community, in 2011 or shortly after. These are then compared with the real-world developments over 2011-2013. Amongst others, modelers were right to forecast a modest effect on electricity prices, a reduction of the net export surplus, and a slight increase of fossil and renewable electricity generation. Overall, the impacts were modest, and the phase out has proceeded gently, without any major disturbance. We also provide recent modelling results on the final phase out of all German nuclear power plants by 2023. Given the expected conventional expansions and a continuous rise in renewable electricity generation, we expect the nuclear phase out to proceed smoothly, and no capacity shortages to occur.
{"title":"Germanys Nuclear Phase Out - A Survey of the Impact since 2011 and Outlook to 2023","authors":"Friedrich Kunz and Hannes Weigt","doi":"10.5547/2160-5890.3.2.FKUN","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.FKUN","url":null,"abstract":"In this paper we analyze the effects of the German nuclear phase out, focusing on the seven nuclear power plants affected by the March 2011 moratorium, and continuing through the final phase out of the last plant in 2022. We provide an ex-post assessment of model analyses on the impact of the nuclear moratorium presented by the modelling community, in 2011 or shortly after. These are then compared with the real-world developments over 2011-2013. Amongst others, modelers were right to forecast a modest effect on electricity prices, a reduction of the net export surplus, and a slight increase of fossil and renewable electricity generation. Overall, the impacts were modest, and the phase out has proceeded gently, without any major disturbance. We also provide recent modelling results on the final phase out of all German nuclear power plants by 2023. Given the expected conventional expansions and a continuous rise in renewable electricity generation, we expect the nuclear phase out to proceed smoothly, and no capacity shortages to occur.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124483340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.1.MFLO
M. Florio
To what extent have the European households benefited from the energy reforms of the last two decades in the EU? The core ingredients of change have been, in different proportions and timing across countries: privatization of formerly state-owned enterprises, unbundling of networks, market liberalization and regulation. This paper summarizes some empirical findings of a team of researchers at the University of Milan about the impact of the reforms on energy prices (1990-2007) for EU-15 households. Econometric testing of the impact of the reforms (measured by OECD/ECTR scores) on prices of electricity and gas finds that public ownership of the incumbents is correlated with lower prices for households; unbundling per se has no statistically significant effect; the evidence about liberalization is mixed. Price inertia, sources of primary energy in electricity, and oil price in gas are still the core price determinants. Customers' satisfaction with prices confirms these findings. There is some evidence that consumers are subjectively happy with the opportunity to switch their electricity supplier, even if the objective evidence about the actual benefit of doing this is limited.
{"title":"Energy Reforms and Consumer Prices in the EU over twenty Years","authors":"M. Florio","doi":"10.5547/2160-5890.3.1.MFLO","DOIUrl":"https://doi.org/10.5547/2160-5890.3.1.MFLO","url":null,"abstract":"To what extent have the European households benefited from the energy reforms of the last two decades in the EU? The core ingredients of change have been, in different proportions and timing across countries: privatization of formerly state-owned enterprises, unbundling of networks, market liberalization and regulation. This paper summarizes some empirical findings of a team of researchers at the University of Milan about the impact of the reforms on energy prices (1990-2007) for EU-15 households. Econometric testing of the impact of the reforms (measured by OECD/ECTR scores) on prices of electricity and gas finds that public ownership of the incumbents is correlated with lower prices for households; unbundling per se has no statistically significant effect; the evidence about liberalization is mixed. Price inertia, sources of primary energy in electricity, and oil price in gas are still the core price determinants. Customers' satisfaction with prices confirms these findings. There is some evidence that consumers are subjectively happy with the opportunity to switch their electricity supplier, even if the objective evidence about the actual benefit of doing this is limited.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132152597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.1.PGRO
Peter A. Groothuis, T. Mohr
In an effort to improve efficiency of electrical markets the U.S. government hopes to encourage changing household use patterns, such as dishwasher and clothes dryer use, to off-peak times. One strategy has been to subsidize the installation of smart meters. In addition the government has encouraged electrical energy conservation by providing incentives for energy saving technologies such as the purchase of energy star appliances or increased insulation in the home. Households have sometimes been slow to respond. Using a survey of public opinion, we explore which individuals are more likely to adopt energy saving technologies and smart meters. We also explore the incentives required to adopt smart meters in the home.
{"title":"Do Consumers Want Smart Meters? Incentives or Inertia: Evidence from North Carolina and Lessons for Policy","authors":"Peter A. Groothuis, T. Mohr","doi":"10.5547/2160-5890.3.1.PGRO","DOIUrl":"https://doi.org/10.5547/2160-5890.3.1.PGRO","url":null,"abstract":"In an effort to improve efficiency of electrical markets the U.S. government hopes to encourage changing household use patterns, such as dishwasher and clothes dryer use, to off-peak times. One strategy has been to subsidize the installation of smart meters. In addition the government has encouraged electrical energy conservation by providing incentives for energy saving technologies such as the purchase of energy star appliances or increased insulation in the home. Households have sometimes been slow to respond. Using a survey of public opinion, we explore which individuals are more likely to adopt energy saving technologies and smart meters. We also explore the incentives required to adopt smart meters in the home.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"52 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129015518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.2.CHIR
C. Hirschhausen
{"title":"The German “Energiewende”—AnIntroduction","authors":"C. Hirschhausen","doi":"10.5547/2160-5890.3.2.CHIR","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.CHIR","url":null,"abstract":"","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133044505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.2.CGER
Clemens Gerbaulet, Casimir Lorenz, Julia Rechlitz, Tim Hainbach
The energiewende ("Energy Turnaround") in Germany will occur within the context of setting up Europe's internal electricity market. An important initial step will be to intensify regional cooperation between neighboring countries. We assert that the full benefits of regional cooperation will be realized by integrating Europe's market segments, e.g., real-time, day ahead, reserve markets and backup capacities, and coordinating grid expansion. This paper examines three existing regional schemes, the Pentalateral Forum, the North Sea Countries Offshore Grid Initiative and the Baltic Energy Market Interconnection Plan. The results of two case studies of the Alpine Region comprising Austria, France, Germany, Italy and Switzerland indicate that cross-border cooperation is possible even when involving only the operation of existing assets, and that the necessary capital-intensive investments in generation, renewables and transmission will be major challenges, but also potentially benefit the participating countries. We conclude that expanded regional cooperation is an essential element of Europe's decarbonization initiative and Germany's energiewende.
{"title":"Regional Cooperation Potentials in the European Context: Survey and Case Study Evidence from the Alpine Region","authors":"Clemens Gerbaulet, Casimir Lorenz, Julia Rechlitz, Tim Hainbach","doi":"10.5547/2160-5890.3.2.CGER","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.CGER","url":null,"abstract":"The energiewende (\"Energy Turnaround\") in Germany will occur within the context of setting up Europe's internal electricity market. An important initial step will be to intensify regional cooperation between neighboring countries. We assert that the full benefits of regional cooperation will be realized by integrating Europe's market segments, e.g., real-time, day ahead, reserve markets and backup capacities, and coordinating grid expansion. This paper examines three existing regional schemes, the Pentalateral Forum, the North Sea Countries Offshore Grid Initiative and the Baltic Energy Market Interconnection Plan. The results of two case studies of the Alpine Region comprising Austria, France, Germany, Italy and Switzerland indicate that cross-border cooperation is possible even when involving only the operation of existing assets, and that the necessary capital-intensive investments in generation, renewables and transmission will be major challenges, but also potentially benefit the participating countries. We conclude that expanded regional cooperation is an essential element of Europe's decarbonization initiative and Germany's energiewende.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132028759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.2.JCUR
John Curtis, V. Cosmo, P. Deane
This paper examines the effect of the UK's unilateral policy to implement a carbon price floor in Great Britain for fossil-fuel based electricity generation on the adjoining electricity market in Ireland. We find that, subject to efficient use of interconnectors between the two markets and constant imports from France and the Netherlands, a carbon price floor will lead to carbon leakage, with associated emissions in the Republic of Ireland increasing by 8% and electricity prices increasing by 2.4%. However, across the combined Irish and British electricity markets total emissions decline: high carbon prices drive decarbonisation in electricity generation. The UK's now implemented policy, which is a mechanism to directly manage carbon prices, substantially differs with the yet to be agreed EU policy response to postpone auctions of Emissions Trading Scheme allowances with the intention of indirectly increasing the price of carbon. The analysis suggests that the EU proposal will have only negligible additional effect on emissions from the combined Irish and UK electricity sectors.
{"title":"Climate policy, interconnection and carbon leakage: The effect of unilateral UK policy on electricity and GHG emissions in Ireland","authors":"John Curtis, V. Cosmo, P. Deane","doi":"10.5547/2160-5890.3.2.JCUR","DOIUrl":"https://doi.org/10.5547/2160-5890.3.2.JCUR","url":null,"abstract":"This paper examines the effect of the UK's unilateral policy to implement a carbon price floor in Great Britain for fossil-fuel based electricity generation on the adjoining electricity market in Ireland. We find that, subject to efficient use of interconnectors between the two markets and constant imports from France and the Netherlands, a carbon price floor will lead to carbon leakage, with associated emissions in the Republic of Ireland increasing by 8% and electricity prices increasing by 2.4%. However, across the combined Irish and British electricity markets total emissions decline: high carbon prices drive decarbonisation in electricity generation. The UK's now implemented policy, which is a mechanism to directly manage carbon prices, substantially differs with the yet to be agreed EU policy response to postpone auctions of Emissions Trading Scheme allowances with the intention of indirectly increasing the price of carbon. The analysis suggests that the EU proposal will have only negligible additional effect on emissions from the combined Irish and UK electricity sectors.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125713174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.1.MHAR
Michelle Harding, Chiara Martini, Alastair Thomas
This article compares effective tax rates, in energy and carbon terms, on the full spectrum of energy use across the OECD, highlighting notable differences in the taxation of energy in OECD countries. The analysis strongly suggests that current taxes are not well geared towards attaining environmental, budgetary and distributional policy objectives. Incoherencies from an environmental policy perspective include the lower taxation of diesel relative to gasoline for road use and the low tax rates applied to many fuels employed for heating and process use, and particularly to coal, which has considerably higher emissions of carbon and air pollutants per unit of energy than other fuels.
{"title":"Taxing Energy Use in the OECD","authors":"Michelle Harding, Chiara Martini, Alastair Thomas","doi":"10.5547/2160-5890.3.1.MHAR","DOIUrl":"https://doi.org/10.5547/2160-5890.3.1.MHAR","url":null,"abstract":"This article compares effective tax rates, in energy and carbon terms, on the full spectrum of energy use across the OECD, highlighting notable differences in the taxation of energy in OECD countries. The analysis strongly suggests that current taxes are not well geared towards attaining environmental, budgetary and distributional policy objectives. Incoherencies from an environmental policy perspective include the lower taxation of diesel relative to gasoline for road use and the low tax rates applied to many fuels employed for heating and process use, and particularly to coal, which has considerably higher emissions of carbon and air pollutants per unit of energy than other fuels.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129045716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-01DOI: 10.5547/2160-5890.3.1.IPAR
I. Parry, D. Heine, Shanjun Li, E. Lis
This essay discusses (based on a recent IMF study) how developed and developing countries alike might put into practice the principle of 'getting prices right' to address the major externalities from energy. The efficient set of taxes includes charges on fuel use for carbon and local pollution (with credits for emissions capture during combustion) and additional charges on motor fuels for road congestion and accidents (though the latter should transition to distance-based charges). Techniques and data sources for measuring the externalities and corrective taxes by country are discussed. In general, heavy taxes on coal and motor fuels are warranted (though there is substantial cross-country variation in corrective tax rates). For most countries, tax reform could yield considerable fiscal, health, and carbon benefits.
{"title":"How Should Different Countries Tax Fuels to Correct Environmental Externalities","authors":"I. Parry, D. Heine, Shanjun Li, E. Lis","doi":"10.5547/2160-5890.3.1.IPAR","DOIUrl":"https://doi.org/10.5547/2160-5890.3.1.IPAR","url":null,"abstract":"This essay discusses (based on a recent IMF study) how developed and developing countries alike might put into practice the principle of 'getting prices right' to address the major externalities from energy. The efficient set of taxes includes charges on fuel use for carbon and local pollution (with credits for emissions capture during combustion) and additional charges on motor fuels for road congestion and accidents (though the latter should transition to distance-based charges). Techniques and data sources for measuring the externalities and corrective taxes by country are discussed. In general, heavy taxes on coal and motor fuels are warranted (though there is substantial cross-country variation in corrective tax rates). For most countries, tax reform could yield considerable fiscal, health, and carbon benefits.","PeriodicalId":385400,"journal":{"name":"Economics of Energy and Environmental Policy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128353891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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