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| 1 |
ID:
094936
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2010.
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| Summary/Abstract |
Climate change affects the need for heating and cooling. This paper examines the impact of gradually warming climate on the need for heating and cooling with an econometric multivariate regression model for five countries in Europe along the south-north line. The predicted changes in electricity demand are then used to analyze how climate change impacts the cost of electricity use, including carbon costs. Our main findings are, that in Central and North Europe, the decrease in heating due to climate warming, dominates and thus costs will decrease for both users of electricity and in carbon markets. In Southern Europe climate warming, and the consequential increase in cooling and electricity demand, overcomes the decreased need for heating. Therefore costs also increase. The main contributors are the role of electricity in heating and cooling, and the climatic zone.
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| 2 |
ID:
125636
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2013.
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| Summary/Abstract |
We study the impact of the carbon price on the integrating electricity market in the EU. Our theoretical framework suggests that the price of carbon has a positive but uneven impact on electricity prices depending on the marginal production plant. The carbon price may increase price differences in the short run. We apply time series analysis on daily forward data from 2003 to 2011 and investigate whether we can find empirical evidence for our analytical findings. Our results support the hypotheses that integration in electricity prices has increased over time and that the carbon price has a positive but uneven impact on the integration of prices.
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| 3 |
ID:
094285
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| Publication |
2010.
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| Summary/Abstract |
This paper studies the optimal fuel-mix of a CHP producer under emission permit price risk. The producer's multi-fuel plant uses two CO2-intensive fuels and one clean fuel. Using a mean-variance framework we develop three models. The models are divided into spot-models (risk neutral and risk averse cases) and a forward-model (risk averse case). We derive the effects of price risk on optimal fuel use. An increase in price risk can in fact increase the use of CO2-intensive fuel in the spot-model. In the forward-model, the production and financial decisions are separate. We also evaluate the risk-bearing behavior of seven Finnish CHP producers. We found that risk-neutrality describes behavior better than risk-aversion.
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| 4 |
ID:
125824
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| Publication |
2013.
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| Summary/Abstract |
Use of renewable energy sources is one solution to decrease green house gas emissions and the use of polluting fossil fuels. Renewables differ in their environmental and societal impacts, and to design sound renewable energy policy, societies need to assess the trade-offs between alternative sources. To enable the evaluation and comparison of renewable energy production alternatives in Finland, this paper applies the choice experiment to elicit the monetary information on people's preferences for four renewable energy sources: wind power, hydro power and energy from crops and wood, and considers four impacts of energy production: effects on biodiversity, local jobs, carbon emissions and household's electricity bill. The nested logit analysis reveals that higher income, male gender, young age, and pro-environmental attitude increase the probability to choose renewable energy instead of the current energy mix. Wind power is, on average, the most popular renewable energy technology, but regional differences exist. Biodiversity deterioration should be avoided. The national aggregate willingness to pay, based on stated preferences rather than preferences revealed by actual market behavior, for a combination of renewable energy technologies that corresponds to Finland's climate change and energy policy is over 500 million Euros.
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