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Market Power with Tradable Performance-Based CO2 Emission Standards in the Electricity Sector
Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutionen för data- och systemvetenskap. University College London, United Kingdom; HEC Montreal, Canada.
2018 (engelsk)Inngår i: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 39, nr 6, s. 121-145Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

The U.S. Clean Power Plan stipulates a state-specific performance-based CO2 emission standard, delegating states with considerable flexibility for using either a tradable performance-based or a mass-based permit program. This paper analyzes these two standards under imperfect competitive. We limit our attention to (1) short-run analyses and (2) a situation in which all states are subject to the same type of standard. We show that while the cross-subsidy inherent in the performance-based standard might effectively reduce power prices, it could also inflate energy consumption. A dominant firm with a relatively clean endowment under the performance-based standard would be able to manipulate the electricity market as well as to elevate permit prices, which might worsen market outcomes compared to its mass-based counterpart. On the other hand, the "cross-subsidy" could be the dominant force leading to a higher social welfare if the leader has a relatively dirty endowment.

sted, utgiver, år, opplag, sider
2018. Vol. 39, nr 6, s. 121-145
Emneord [en]
Climate policy, Electricity industry, Mathematical program with equilibrium constraints, Performance-based standards
HSV kategori
Forskningsprogram
data- och systemvetenskap
Identifikatorer
URN: urn:nbn:se:su:diva-161404DOI: 10.5547/01956574.39.6.ycheISI: 000447750400006OAI: oai:DiVA.org:su-161404DiVA, id: diva2:1258217
Tilgjengelig fra: 2018-10-24 Laget: 2018-10-24 Sist oppdatert: 2018-12-10bibliografisk kontrollert

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