TY - JOUR A1 - Melliger, Marc André A1 - Lilliestam, Johan T1 - Effects of coordinating support policy changes on renewable power investor choices in Europe JF - Energy policy : the international journal of the political, economic, planning, environmental and social aspects of energy N2 - The economic context for renewable power in Europe is shifting: feed-in tariffs are replaced by auctioned premiums as the main support schemes. As renewables approach competitiveness, political pressure mounts to phase out support, whereas some other actors perceive a need for continued fixed-price support. We investigate how the phase-out of support or the reintroduction of feed-in tariffs would affect investors' choices for renewables through a conjoint analysis. In particular, we analyse the impact of coordination - the simultaneousness - of policy changes across countries and technologies. We find that investment choices are not strongly affected if policy changes are coordinated and returns unaffected. However, if policy changes are uncoordinated, investments shift to still supported - less mature and costlier - technologies or countries where support remains or is reintroduced. This shift is particularly strong for large investors and could potentially skew the European power mix towards an over-reliance on a single, less mature technology or specific generation region, resulting in a more expensive power system. If European countries want to change their renewable power support policies, and especially if they phase out support and expose renewables to market competition, it is important that they coordinate their actions. KW - Policy change KW - Policy coordination KW - Renewable energy KW - Investment KW - decision KW - Choice experiment KW - Adaptive conjoint analysis Y1 - 2021 U6 - https://doi.org/10.1016/j.enpol.2020.111993 SN - 0301-4215 VL - 148 PB - Elsevier CY - Oxford ER - TY - JOUR A1 - Neumann, Anne A1 - Rosellon, Juan A1 - Weigt, Hannes T1 - Removing Cross-Border Capacity Bottlenecks in the European Natural Gas Market-A Proposed Merchant-Regulatory Mechanism JF - Networks and spatial economics : a journal of infrastructure modeling and computation N2 - We propose a merchant-regulatory framework to promote investment in the European natural gas network infrastructure based on a price cap over two-part tariffs. As suggested by Vogelsang (J Regul Econ 20:141-165, 2001) and Hogan et al. (J Regul Econ 38:113-143, 2010), a profit maximizing network operator facing this regulatory constraint will intertemporally rebalance the variable and fixed part of its two-part tariff so as to expand the congested pipelines, and converge to the Ramsey-Boiteaux equilibrium. We confirm this with actual data from the European natural gas market by comparing the bi-level price-cap model with different reference cases. We analyze the performance of the regulatory approach under different market scenarios, and identify relevant aspects that need to be addressed if the approach were to be implemented. KW - Regulation KW - Natural gas network KW - Investment KW - Europe Y1 - 2015 U6 - https://doi.org/10.1007/s11067-014-9273-3 SN - 1566-113X SN - 1572-9427 VL - 15 IS - 1 SP - 149 EP - 181 PB - Springer CY - Dordrecht ER - TY - BOOK A1 - Nastansky, Andreas A1 - Strohe, Hans Gerhard T1 - The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany N2 - This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB. T3 - Statistische Diskussionsbeiträge - 38 KW - Stock Prices KW - Property Prices KW - Consumption KW - Investment KW - Central Banking Policy Y1 - 2010 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-43762 ER -