Journal
ENERGY ECONOMICS
Volume 27, Issue 6, Pages 873-894Publisher
ELSEVIER
DOI: 10.1016/j.eneco.2005.09.007
Keywords
renewable energy; electricity; renewable portfolio standard; carbon dioxide
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We analyze policies to promote renewable sources of electricity. A portfolio standard (RPS) raises electricity prices and primarily reduces gas-fired generation. A knee of the Cost Curve exists between 15% and 20% goals for 2020 in our central case, and higher natural gas prices lower the cost of greater reliance on renewables. A renewable energy production tax credit lowers electricity price at the expense of taxpayers, which limits its effectiveness in reducing carbon emissions, and it is less cost-effective at increasing renewables than a portfolio standard. Neither policy is as cost-effective as a cap-and-trade policy for achieving carbon emission reductions. (c) 2005 Elsevier B.V. All rights reserved.
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