The social efficiency of instruments of promotion of renewable energies: A transaction-cost perspective

Finon, Dominique; Pérez, Yannick

doi:10.1016/j.ecolecon.2006.05.011

Cited by 106 publications

(86 citation statements)

References 25 publications

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“…fossil price volatility and price of national economic exposure, and the modularity and reversibility of many renewable energy technologies are taken into consideration (Awerbuch, 2000(Awerbuch, , 2003Bhattacharya and Kojima, 2012). However, uncertainties about policies, prices and regulations can also raise the risk level associated with RES-E investments, thereby making them less attractive than fossil energy sources (Finon and Perez, 2007;Söderholm et al, 2007). Several authors also stress the need to analyze energy portfolios rather than stand-alone projects (cf.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Who invests in renewable electricity production? Empirical evidence and suggestions for further research

Bergek¹,

Mignon²,

Sundberg³

2013

Energy Policy

135

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Tranforming energy systems to fulfill the needs of a low-carbon economy requires large investments in renewable electricity production (RES-E). Recent literature underlines the need to take a closer look at the composition of the RES-E investor group in order to understand the motives and investment processes of different types of investors. However, existing energy policies generally consider RES-E investments made on a regional or national level, and target investors who evaluate their RES-E investments according to least-cost high-profit criteria. We present empirical evidence to show that RES-E investments are made by a heterogeneous group of investors, that a variety of investors exist and that their formation varies among the different types of renewable sources. This has direct implications for our understanding of the investment process in RES-E and for the study of motives and driving forces of RES-E investors. We introduce a multi-dimensional framework for analyzing differences between categories of investors, which not only considers to the standard economic dimension which is predominant in the contemporary energy literature, but also considers the entrepreneurship, innovation-adoption and institutional dimensions. The framework emphasizes the influence of four main investor-related factors on the investment process which should be studied in future research: motives, background, resources and personal characteristics.

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Section: Introductionmentioning

confidence: 99%

“…Awerbuch, 2003;Bode and Michaelowa, 2003;Carlson, 2002;Huang and Wu, 2008;Kahn, 1996;Söderholm et al, 2007), whereas others compare different renewable energy technologies with each other (e.g. Delmas and Montes-Sancho, 2011;Finon and Perez, 2007;Fleten et al, 2007;Muñoz et al, 2009). …”

Section: Introductionmentioning

confidence: 99%

Who invests in renewable electricity production? Empirical evidence and suggestions for further research

Bergek¹,

Mignon²,

Sundberg³

2013

Energy Policy

135

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“…Neuhoff et al 2008, Söderholm andKlaassen 2007), and aim at maximizing their profit (e.g. Donovan andNuñez 2012, Finon andPerez 2007).…”

Section: Background and Problemmentioning

confidence: 99%

Entering renewable electricity production : An actor perspective

Mignon¹

2014

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Although energy transition is considered one of the main challenges of our time, little attention has traditionally been paid to the actors participating in this transition, such as the producers of renewable electricity. Previous energy policy literature and policy- makers have assumed that these producers are incumbent actors of the current energy system, that is to say, large utilities producing both renewable and fossil-fueled electricity. In reality, new types of producers are entering the renewable electricity production market, without much (if any) previous experience in that industry. This Licentiate thesis studies the new entrants of renewable electricity production in order to identify their motives, their responses to policies, and their ways of implementing their projects. This is conducted through the analysis of 37 cases of new entrants in Sweden. A theoretical background, a complete description of the methods, and an overall presentation of the findings are presented in the first part of the thesis, and in the second part of the thesis, four scientific papers studying the new entrants of renewable electricity production from complementary theoretical approaches are presented. Results show that the new entrant group is heterogeneous in several ways. They have different motives, they are affected by different drivers and pressures, and they are faced with different challenges during their entry processes. Despite that, their share of investments represents the majority of those currently being made in renewable electricity production in Sweden. Based on these results, policy implications are drawn and, in particular, the need for policy-makers and energy policy literature to acknowledge the particularities of the new entrants is highlighted

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“…From a TC perspective, if an instrument parallel to investment risk raises TCs, supplier's profits must be higher than the cost of the equipment for an investment to be financially attractive. In this way, certificates (if linked to the bidding system with a tight cost cap) are quite unfavorable to the realization of plants because of insufficient payments or high volatility (Finon and Perez 2007), as opposed to the case of feed-in tariffs for the case of RE.…”

Section: Transaction Costsmentioning

confidence: 99%

Tradable white certificate schemes: what can we learn from tradable green certificate schemes?

Oikonomou

Mundaca

2008

Energy Efficiency

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In this paper, we analyze the experiences gained from tradable green certificate (TGC) schemes and extract some policy lessons that can lead to a successful design of a market-based approach for energy efficiency improvement, alias tradable white certificate schemes. We use tradable green certificate schemes existing in the Netherlands and Sweden as case studies. Departing from an assessment of both TGC schemes, we identify several institutional and market aspects that have affected their performance. We conduct the analysis by addressing key evaluation criteria (i.e., cost and energy effectiveness, administrative burden, technological innovation, political feasibility, and transaction costs). It is not our intention to demonstrate to the reader a normative aspect of designing tradable white certificate schemes. Rather, we identify some key policy lessons which can be summarized as: a binding long-term target must be clearly expressed in terms of policy time frame and certainty, a proper liquid market must be ensured for tradability of certificates, the scheme should be technology neutral, transaction costs should be kept low, and the energy efficiency target should not only address 'low hanging fruits' but also promote innovation.

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The social efficiency of instruments of promotion of renewable energies: A transaction-cost perspective

Cited by 106 publications

References 25 publications

Who invests in renewable electricity production? Empirical evidence and suggestions for further research

Who invests in renewable electricity production? Empirical evidence and suggestions for further research

Entering renewable electricity production : An actor perspective

Tradable white certificate schemes: what can we learn from tradable green certificate schemes?

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