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Climate Policy & Corporate Behavior

Nicola Commins, Seán Lyons, Marc Schiffbauer, and Richard S.J. Tol

Year: 2011
Volume: Volume 32
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol32-No4-4
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Abstract:
In this paper, we study the impact of energy taxes and the EU ETS on a large number of firms in Europe between 1996 and 2007. Using company level micro-data, we examine how firms in different sectors were affected by environmental policies. Aspects of behavior and performance studied include total factor productivity, employment levels, investment behavior and profitability. On the whole, energy taxes increased total factor productivity and returns to capital but decreased employment, with a mixed effect on investment, for the sectors included in our analysis. However, large sectoral variation is observed, with some industries losing out in terms of productivity and profitability when faced with increased energy taxes, while others benefitted.



Estimating the Impact of Time-of-Use Pricing on Irish Electricity Demand

Valeria Di Cosmo, Sean Lyons, and Anne Nolan

Year: 2014
Volume: Volume 35
Number: Number 2
DOI: 10.5547/01956574.35.2.6
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Abstract:
Smart meters, in conjunction with time-of-use (TOU) pricing, can facilitate an improvement in energy efficiency by providing consumers with enhanced information about electricity consumption and costs, and thereby encourage a shift away from consumption during peak hours. In 2009-10, the Irish Commission for Energy Regulation co-ordinated a randomised controlled trial in the Irish residential electricity market. Smart meters were introduced in approximately 5,000 households, divided into control and treatment groups, with treatment groups exposed to a variety of TOU tariffs and information stimuli. This paper analyses the response of Irish households at different times of the day to the introduction of TOU tariffs and information stimuli. We find that these measures have a significant effect in reducing electricity consumption in Ireland, particularly during peak hours. However, while households reduce peak demand significantly after the introduction of TOU tariffs and associated information, there is little incremental response to increasing differentials between peak and off-peak prices. Keywords: Household electricity demand, Electricity pricing, Smart metering



Specifying An Efficient Renewable Energy Feed-in Tariff

Niall Farrell, Mel T. Devine, William T. Lee, James P. Gleeson, and Sean Lyons

Year: 2017
Volume: Volume 38
Number: Number 2
DOI: 10.5547/01956574.38.2.nfar
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Abstract:
Commonly-employed Feed-in Tariff (FiT) structures result in either investors or policymakers incurring all market price risk. This paper derives efficient pricing formulae for FiT designs that divide market price risk amongst investors and policymakers. With increasing deployment and renewable energy policy costs, a means to precisely apportion this risk becomes of greater importance. Option pricing theory is used to calculate efficient FiT prices and expected policy cost when investors are exposed to elements of market price risk. Expected remuneration and policy cost is equal for all FiTs while policymaker and investor exposure to uncertain market prices differs. Partial derivatives characterise sensitivity to unexpected deviations in market conditions. This sensitivity differs by FiT type. The magnitudes of these effects are quantified using numerical examples for a stylised Irish case study. Based on these relationships, we discuss the conditions under which each policy choice may be preferred.





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