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Capital-Energy Relationships: An Analysis when Disaggregating by Industry and Different Types of Capital

Miguel A. Tovar and Emma M. Iglesias

Year: 2013
Volume: Volume 34
Number: Number 4
DOI: 10.5547/01956574.34.4.7
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Abstract:
In this paper we analyze the relationship between capital and energy through cross price elasticities. First, we extend Thomsen's (2000) methodology in order to link the short and long run in a panel data setting, by including an equation for the motion of capital. Then, by using an expansive industry-level data set and two functional forms, we show clear evidence of long run complementarity in all the analyzed industries, and with respect to the different types of capital that we consider (buildings and machinery). We identify the industries with the greatest degree of dependence between energy and capital. These are therefore, the industries in which a policy of increasing energy prices via taxes to reduce energy consumption may have a serious effect, reducing their investment levels. Hence we recommend that a better governmental policy would be to encourage technological diffusion.



On the CO2 Emissions Determinants During the EU ETS Phases I and II: A Plant-level Analysis Merging the EUTL and Platts Power Data

Benoît Chèze, Julien Chevallier, Nicolas Berghmans, and Emilie Alberola

Year: 2020
Volume: Volume 41
Number: Number 4
DOI: 10.5547/01956574.41.4.bche
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Abstract:
This article studies ex-post the CO2 emissions determinants during 2005�2012 by resorting to an original database merging the European Union Transaction Log (EUTL) with the World Electric Power Plants (WEPP) database maintained by Platts. We estimate the main drivers of CO2 emissions for the 1,453 power plants included in the EU ETS using plant-level panel data. During phases I and II, there has been a debate about whether the economic crisis was ultimately the only factor behind the fall in CO2 emissions. We find that the EU ETS kept some degree of effectiveness but only during phase I (2005�07). During phase II (2008�12), its impact has been largely impeded by the deep economic recession in 2008�2009 which became the leading cause of the emissions reduction. We disentangle the analysis not only by periods but also for each type of power plants. We conclude that the EU Commission�s flagship climate policy could and should be enhanced by better coordination of overlapping climate policies.





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