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OVERLAPPING REGULATION (3) answer(s).
 
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ID:   136203


Designing an EU energy and climate policy portfolio for 2030: implications of overlapping regulation under different levels of electricity demand / Flues, Florens; Loschel, Andreas; Lutz, Benjamin Johannes; Schenker, Oliver   Article
Loschel, Andreas Article
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Summary/Abstract The European Union׳s current climate and energy policy has to operate under an ex ante unforeseen economic crisis. As a consequence prices for carbon emission allowances in the EU Emissions Trading System collapsed. However, this price collapse may be amplified by the interaction of a carbon emission cap with supplementary policy targets such as minimum shares for renewables in the power sector. The static interaction between climate and renewable policies has been discussed extensively. This paper extends this debate by analysing the efficiency and effectiveness of a policy portfolio containing a cap and trade scheme and a target for a minimum renewable share in different states of aggregate electricity demand. Making use of a simple partial equilibrium model of the power sector we identify an asymmetric interaction of emissions trading and renewable quotas with respect to different states of aggregate electricity demand. The results imply that unintended consequences of the policy interaction may be particularly severe and costly when aggregate electricity demand is low and that carbon prices are more sensitive to changes in economic activity if they are applied in combination with renewable energy targets. Our analysis of the policy interaction focuses on the EU, yet the conclusions may also be of relevance for fast growing emerging economies like China.
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2
ID:   150627


Good things do not always come in threes: on the excess cost of overlapping regulation in EU climate policy / Bohringer, Christoph   Journal Article
Bohringer, Christoph Journal Article
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Summary/Abstract Since the mid-1990's the European Union (EU) aims at pushing global climate policy. The objective is to promote international cooperation by the adoption of substantial EU-wide greenhouse gas emission reduction targets and their least-cost implementation. Our quantitative impact assessment of the EU Climate and Energy Package shows that the myriad of instruments used in the EU to curb greenhouse gas emissions is doomed to generate substantial excess cost. We conclude that EU climate and energy policy should better disentangle its choices of objectives, targets, and policy instruments on rigorous economic grounds in order to improve the coherence and overall cost-effectiveness of policy initiatives.
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3
ID:   150618


Revisiting long-run relations in power markets with high RES penetration / Gianfreda, Angelica; Parisio, Lucia ; Pelagatti, Matteo   Journal Article
Parisio, Lucia Journal Article
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Summary/Abstract Electricity generation from renewable energy resources (RES) has become increasingly significant to reach EU and emissions reduction targets. At the same time, one of the main EU policy goals has been the creation of a common internal energy market for Europe. In this paper, we focus on these two issues previously studied separately, considering their possible interactions. We first analyze the long-run relationship between day-ahead electricity prices and fuel prices (natural gas and coal) looking at two samples of years characterized by low and high RES penetration, then we explore the integration of EU markets.
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