Electricity, Renewables and Climate Change Draft Final Report
نویسندگان
چکیده
The electricity sector is a major source of carbon dioxide emissions that contribute to global climate change. Switching from fossil fuels to renewable fuels such as geothermal, biomass or wind would help to reduce carbon emissions from electricity generation. This research analyzes the costs and carbon emission consequences of three policies to promote the use of renewables to generate electricity: (1) a renewable portfolio standard (RPS) set at various levels between 5 and 20%, (2) a renewable energy production credit (REPC) in the form of a tax credit for wind and biomass and (3) a climate policy, which allocates carbon emission allowances to electricity generators, including renewables, on the basis of electricity generation. We find that the RPS raises electricity prices, lowers total generation, reduces gas-fired generation and lowers carbon emissions, with the size of these effects growing in the stringency of the portfolio standard. The regional effects of the RPS depend on the stringency of the policy. The REPC policy produces a large increase in renewables generation, but also produces a lower electricity price, which limits its effectiveness in reducing carbon emissions. The RPS policy appears to be more cost-effective than the REPC with respect to achieving both an increase in renewables generation and a drop in carbon emissions. However, depending on how emission allowances are allocated, a climate policy can be cost-effective at achieving reductions in carbon emissions and promoting renewables.
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