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ID:
099266
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2010.
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| Summary/Abstract |
Plug-in hybrid electric vehicles (PHEVs) have been promoted as a potential technology that can reduce vehicles' fuel consumption, decreasing transportation-related emissions and dependence on imported oil. The net emission and cost impacts of PHEV use are intimately connected with the electricity generator mix used for PHEV charging, which will in turn depend on when during the day PHEVs are recharged. This paper analyzes the effects of a PHEV fleet in the state of Ohio. The analysis considers two different charging scenarios-a controlled and an uncontrolled scenario-which offer the grid operator different levels of control over the timing of PHEV charging. The analysis shows that PHEV use could result in major reductions in gasoline consumption of close to 70% per vehicle compared to a conventional vehicle (CV) under both charging scenarios. Moreover, despite the high penetrations of coal in the Ohio power system, net CO2 emissions from a PHEV could be up to 24% lower than that of a CV in the uncontrolled case, however, CO2 and NOx emissions would increase in both scenarios.
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| 2 |
ID:
119840
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2013.
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| Summary/Abstract |
The introduction of renewable energy sources in the electricity generation mix has the potential to reduce power sector's emissions and countries' dependence on imported oil. Climate change concerns and highly volatile oil prices have attracted governments' interest and support to sustain investments in renewable energy capacity, and different support policies have been implemented in many countries around the world. This paper analyzes the effects of investors' risk aversion on the performance of support schemes. The analysis compares two policy options, a feed-in tariff mechanism with a certificate market system. Results show that while a tariff mechanism could obtain better results than a certificate market, its performance is strictly dependent on regulator choices. A certificate market instead, permits to obtain the desired level of renewable energy market share with good cost-efficiency as long as investors' risk aversion is moderate. Moreover, discounting future cash flows with higher social discount rates further benefits a certificate system making it preferable to feed-in tariffs.
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| 3 |
ID:
127290
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2014.
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| Summary/Abstract |
Price volatility in green certificate markets reflects uncertainty over future prices, representing a major source of risk for renewable energy generators. Price risk is considered the principal deficiency of this market-based policy since it causes investors to require higher returns. Moreover, investors are exposed to regulatory risk; namely, the risk that a change in the regulation will materially impact the certificate price. Regulatory uncertainty is reflected in market volatility exacerbating certificate price risk. Using an econometric approach, we investigate the role of regulatory changes on price volatility in the Swedish certificate market. The results of our analysis indicate that regulatory changes strongly affect certificate markets, resulting in periods of higher volatility. Moreover, we analyze whether certificate price volatility has changed after creating a joint Swedish/Norwegian market. Results indicate that the ambivalence surrounding the creation of this bigger market led to a period of increased price volatility between 2010 and 2011. Overall, this article brings a better understanding of the role of regulatory uncertainty on certificate markets, and gives evidence for its negative impact in terms of increased price volatility.
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