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The Role of Hedging in Carbon Markets

In the European Emissions Trading System, power generators hold CO2 allowances to hedge for future power sales. First, we model their aggregate hedging demand in response to changes in expectations of future fuel, carbon and power prices from forward prices. This partial equilibrium analysis is then integrated into a two period model of the supply and demand of CO2 allowances considering also emissions ...

Europäischer Emissionshandel: durch Backloading Zeit für Strukturreform gewinnen

Der europäische Emissionshandel soll den Ausstoß klimaschädlicher Treibausgase begrenzen und Anreize für Investitionen in emissionsarme Technologien geben. In den letzten Jahren hat sich jedoch ein großer Überschuss an Emissionszertifikaten angesammelt. Gründe hierfür sind vor allem unerwartete Emissionsminderungen aufgrund der Wirtschaftskrise und ein starker Zustrom an internationalen Emissionsgutschriften. ...

Überschuss an Zertifikaten führt zu dringendem Handlungsbedarf: Sechs Fragen an Karsten Neuhoff

Estimating Alternative Technology Sets in Nonparametric Efficiency Analysis: Restriction Tests for Panel and Clustered Data

Nonparametric efficiency analysis has become a widely applied technique to support industrial benchmarking as well as a variety of incentive- based regulation policies. In practice such exercises are often plagued by incomplete knowledge about the correct specifications of inputs and outputs. Simar and Wilson (2001) and Schubert and Simar (2011) propose restriction tests to support such specification ...

EU Emissions Trading: The Need for Cap Adjustment in Response to External Shocks and Unexpected Developments? Environmental Research of the German Federal Ministry of the Environment, Nature Conservation and Nuclear Safety ; Project-No. (FKZ) 3711 41 504

The effectiveness of an emissions trading system in terms of reducing greenhouse gas emissions is mainly due to the magnitude of the specified emission cap. Assuming sufficient control, a quantitative emission target defined in such a way is quasi automatically achieved by the limited allocation of emission allowances. In functioning markets, this coincides with a somewhat higher allowance price as ...

Development Scenarios for the North and Baltic Sea Grid: A Welfare Economic Analysis

The North and Baltic Sea Grid is one of the largest pan-European infrastructure projects raising high hopes regarding the potential of harnessing large amounts of renewable electricity, but also concerns about the implementation in largely nationally dominated regulatory regimes. The paper develops three idealtype development scenarios and quantifies the technical-economic effects: i) the Status quo ...

Econometric Analyses of Carbon Resource Markets: Dissertation

Carbon resources, mainly the fossil fuels coal, crude oil and natural gas, have been key drivers of global economic development since the industrial revolution, constituting important inputs in the production processes of several sectors, such as power generation, transportation and industry. However, the use of carbon resources has also been a cause of man-made global warming, which is projected to ...

EU-Emissionshandel: Anpassungsbedarf des Caps als Reaktion auf externe Schocks und unerwartete Entwicklungen? Im Auftrag des Umweltbundesamtes ; Umweltforschungsplan des Bundesministeriums für Umwelt, Naturschutz und Reaktorsicherheit, Forschungskennzahl 3711 41 504

Der EU-Emissionshandel ist ein mengensteuerndes Instrument: Indem das Emissionsbudget (Cap) vor jeder Handelsperiode festgelegt wird, ist das Emissionsminderungsziel eindeutig definiert. Der Zertifikatspreis spiegelt die Knappheit im Markt wieder und setzt Anreize für emissionsarme Investitionen und Innovationen. Wenn sich jedoch Rahmenbedingungen stark und dauerhaft ändern, wie der unerwartet große ...

Renewable Electric Energy Integration: Quantifying the Value of Design of Markets for International Transmission Capacity

Integrating large quantities of supply-driven renewable electricity generation remains a political and operational challenge. One of the main obstacles in Europe to installing at least 200 GWs of power from variable renewable sources is how to deal with the insufficient network capacity and the congestion that will result from new flow patterns. We model the current methodology for controlling congestion ...

Electric Vehicles in Imperfect Electricity Markets: The Case of Germany

We use a game-theoretic model to analyze the impacts of a hypothetical fleet of plug-in electric vehicles on the imperfectly competitive German electricity market. Electric vehicles bring both additional demand and additional storage capacity to the market. We determine the effects on prices, welfare, and electricity generation for various cases with different players in charge of vehicle operations. ...