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ID:
149922
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| Summary/Abstract |
Over the last 50 years, German energy policy has ranged from strong enthusiasm for both coal and nuclear energy to deep skepticism. The most dramatic changes with respect to energy policies have occurred as a response to nuclear accidents, yet the accidental and unintended effects of coal policies are also important in influencing the trajectory. The newly emerging climate debate prevented the coal industry from acting as a substitute for the diminishing share of nuclear power. In 2011 the conservative government announced the Energiewende (‘energy transformation’) and decided to reduce the amount of fossil fuels from 80% of the energy supply to 20% by 2050. However, while the verdict on nuclear was unequivocal with a final phase-out date of 2022, the share of coal in the electricity market did not decrease and the amount of carbon dioxide released into the air slightly increased from 2011 to 2013. There are growing conflicts over the immediate costs and practicalities of coal replacement. Consequently, the future of coal in Germany is still relatively open and contested.
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| 2 |
ID:
149865
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| Summary/Abstract |
Based on a dynamic model for the high/low range of electricity prices, this article analyses the effects of Germany's green energy policy on the volatility of the electricity market. Using European Energy Exchange data from 2000 to 2015, we find rather high volatility in the years 2000–2009 but also that the weekly price range has significantly declined in the period following the year 2009. This period is characterised by active regulation under the Energy Industry Law (EnWG), the EU Emissions Trading Directive (ETD) and the Renewable Energy Law (EEG). In contrast to the preceding period, price jumps are smaller and less frequent (especially for day-time hours), implying that current policy measures are effective in promoting renewable energies while simultaneously upholding electricity market stability. This is because the regulations strive towards a more and more flexible and market-oriented structure which allows better integration of renewable energies and supports an efficient alignment of renewable electricity supply with demand.
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