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Oil Prices, Exchange Rates and Asset Prices

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil prices since the early 2000s. Moreover, both oil prices and the US dollar are significantly affected by changes ...

Financing the Energy Transition in Times of Financial Market Instability

One of the most pressing public priorities in Germany at present is how to organize the energy transition. However, the cost of stabilizing the financial sector as well as the fiscal pact and the debt brake mean that the government has limited financial resources. Consequently, the availability of private capital, whether in the form of equity or debt, is becoming a decisive factor in the success of ...

Spreading the Risk: Nine Questions to Claudia Kemfert and Dorothea Schäfer

Price Determinants of the European Carbon Market and Interactions with Energy Markets: Environmental Research of the German Federal Ministry of the Environment, Nature Conservation and Nuclear Safety ; Project-No. (FKZ) 3709 41 503, Report-No. (UBA-FB) 001626/E

This report explores the determinants of short run price movements in the carbon market and their interaction with energy markets, in particular with the electricity market. Focusing on Phase 2 of the EU ETS we conduct econometric time series analysis based on continental EU and UK market data. Our findings suggest that market fundamentals have a dominant effect on the EUA price, but that non-fundamental ...

Finanzierung der Energiewende in Zeiten großer Finanzmarktinstabilität

Die Organisation der Energiewende gehört momentan zu den dringlichsten öffentlichen Aufgaben. Wegen der Ausgaben für die Stabilisierung des Finanzsektors und durch Fiskalpakt beziehungsweise Schuldenbremse ist der Staat allerdings tendenziell finanzierungsbeschränkt. Damit wird die ausreichende Bereitstellung von privatem Kapital, sei es in Form von Eigen- oder Fremdkapital, zu einem entscheidenden ...

Comparison of Feed-in Tariffs and Tenders to Remunerate Solar Power Generation

This paper analyzes the trade-offs for using feed-in tariffs or tenders to remunerate different scales of solar photovoltaics (PV) projects. In recent years, European countries increasingly combined feed-in tariffs for small renewables systems with tenders for large installations. This study develops an analytic framework to quantify deployment effectiveness of responsive feed-in tariff adjustment ...

A Post-2020 EU Energy Technology Policy: Revisiting the Strategic Energy Technology Plan

With the European Strategic Energy Technology Plan (SET Plan) expiring in 2020, the EU needs to revisit its energy technology policy for the post-2020 horizon and to establish a policy framework that fosters the achievement of ambitious EU commitments for decarbonization by 2050. We discuss options for a post-2020 EU energy technology policy, taking account of uncertain technology developments, uncertain ...

Future Power Market Platform

The Future Power Market Platform brings together consists of experts and decision-makers from both public and private sector across Europe who are prioritizing market design and regulatory mechanism development in their working agendas. It was initiated in 2013 and funded in the period from April 2013 till April 2016 by the Federal Ministry for Environment, Nature Conservation and Nuclear Safety...

Future Power Market Platform

The Future Power Market Platform brings together consists of experts and decision-makers from both public and private sector across Europe who are prioritizing market design and regulatory mechanism development in their working agendas. It was initiated in 2013 and funded in the period from April 2013 till April 2016 by the Federal Ministry for Environment, Nature Conservation and Nuclear Safety...

Anreizregulierung mittels stochastischer Frontier Analyse: Potenzial für Fehleinschätzungen in Millardenhöhe