renewable energy investment and job creation a cross sectoral assessment for the czech republic with reference to eu benchmarks the development of renewable energy sources has been primarily justified on the ground of environmental policies and energy security but new jobs opportunities and establishment of new economy sectors may be equally important co benefits from investments in this sector the main goal of this paper is to assess the employment benefits of investments in renewable energy in the czech republic we examine the level and rate of the development of the renewable energy sector in the czech republic in terms of green job creation for the period 2008 2013 in comparison to data from other eu countries including germany as a leading early investor in renewables whilst the deployment of renewable energy in the czech republic has succeeded to create a significant number of jobs more than 20 000 employees in 2010 our analysis illustrates a strong dependency of job creation on the continuation of financial incentives we also find that biomass and waste energy processing offer the highest employment per mwh which benefits employment in economically fragile rural areas we discuss the question of competitiveness of a country that was not amongst the early adopters of renewables arguing that the technical skills of the labour force in the czech republic provide a potential for more sustained investments in the sector

assessing the performance of renewable electricity support instruments abstract the performance of feed in tariffs and tradable certificates is assessed on criteria of efficacy efficiency equity and institutional feasibility in the early stage of transition to an energy system based entirely on renewable energy supplies renewable electricity can only thrive if support takes into account the specific technical economic and political problems which result from embedding this electricity in conventional power systems whose technology organizational structure environmental responsibility and general mission differ profoundly from the emerging renewable based system support schemes need to capture the diversity of power supplies the variable nature of some renewable supplies and their different attributes for the purposes of public policy they must take into account the variety of generators including small decentralized generation emerging in a renewable based system and the new relationships between generators and customers renewable energy policies need a clear point of reference because the incumbent power systems are not sustainable they must adapt to the requirements of the renewable ones not the other way round incumbent systems carry the responsibility of paying the transition something that corresponds best with the polluter pays principle

distributional effects of a carbon tax on car fuels in france this paper analyses the distributional effects of alternative scenarios of carbon taxes on car fuels using disaggregated french panel data from 2003 to 2006 it incorporates household price responsiveness that differs across income groups into a consumer surplus measure of tax burden carbon taxation is regressive before revenue recycling however taking into account the benefits from congestion reduction induced by the tax mitigates regressivity we show also that recycling additional revenues from the carbon tax either in equal amounts to each household or according to household size makes poorest households better off

investment risks in power generation a comparison of fossil fuel and renewable energy dominated markets abstract due to their high capital intensity weather dependent renewable energies res such as solar and wind face considerable investment risks in power markets in addition their uncertain production volumes also affect the investment risks of other plant types through the impact on power prices and residual demand increasing res shares thus potentially increase overall investment risks in power markets which many analysts consider to be a potential problem against this background this paper compares investment risks of different technologies in markets with increasing shares of variable res it further analyses how generation mixes are affected by these investment risks if the risks are evaluated on a stand alone basis or in a plant portfolio context of a private firm for this purpose a stylized investment and dispatch model is used to conduct monte carlo simulations from which risk measures are derived the results show that capital intensive res face the highest stand alone risks since their profits are most affected by the power price risk however the results further indicate that the stand alone risks of variable res decrease with their share in the market because of a negative correlation of output and price risk in addition res have a risk benefit in firm plant portfolios in terms of constituting a hedge against losses of fossil fuel plants this positive portfolio effect however rapidly decreases and becomes negative with increasing res shares in the market

towards a sustainable electrification in ghana a review of renewable energy deployment policies abstract ghana has been facing perennial power rationing over the years due to fuel supply challenges the country s energy system is likely to suffer additional strain from rising energy demand fueled by population growth rapid urbanization and economic development fortunately there are enormous renewable energy resources which can provide sustainable electrification as backbone to socioeconomic development while curbing global warming ghana s energy strategy targets 100 access to electricity and 10 share of sustainable power in national generation mix by 2020 despite the existence of numerous policies and a renewable energy act current contribution of non conventional renewable energy to electricity generation is less than 1 the right mix of policies to address the unique domestic conditions and achieve its specific development goals remains insufficient this study reviews the regulatory framework financing incentives and other provisions of ghana s renewable energy act it critically examines the policy s strengths weaknesses opportunities and treats based on comparative analysis and lessons drawn from failed and successful implementation of similar policies around the world the study also assesses the impact of policy on project development it was found that the performance of ghana s renewable energy policy on grid connected electricity has been poor compared to its target the fundamental reasons for this unsatisfactory performance may be attributed to partial implementation of policies lack of market driven support schemes lack of pricing policy framework weak grid network limited access to funds and inconsistencies in renewable energy development strategies this study proposes the following countermeasures i ghana should comprehensively harmonize renewable energy regulatory and fiscal policies with domestic electricity pricing regime ii market driven support schemes should be prioritized for cost effectiveness and minimum governmental influence these reforms can help eliminate some of the major barriers to sustainable electrification in ghana while the lessons provide a learning curve for other african countries

exchange rate management intertemporal tradeoffs exchange rate management is possible only if the government pursues consistent monetary and fiscal policies the authors constructa model in which the real consequences of exchange rate management depend on the precise time pattern of these policies the authors study the constraints on feasible policies and the comparative dynamics of disinflation by means of exchange rate targeting theoretical results are consistent with exchange rate managed disinflation attempts in argentina chile and israel copyright 1987 by american economic association

stabilization with liberalization an evaluation of ten years of chile s experience with free market policies 1973 1983 the recent post 1973 economic experience of chile has attracted considerable attention both from professional economists and from the media most observers have been particularly impressed by the sharp contrasts observed in chile in such a short period of time for example in 1973 chile had one of the highest rates of inflation in the world over 600 whereas in 1981 it experienced one of the lowest rates of inflation 9 5 also in 1975 real gnp declined by 12 9 but during 1977 80 real gnp grew at an average rate of 8 5 per annum in 1982 however the country faced a new recession with real gnp dropping by 14 5 in 1983 the gnp was reduced further by 2 3 the fact that these episodes developed while the military government was actively pursuing free market oriented policies that greatly liberalized the economy adds considerable interest to the chilean case 2 the year 1973 marked an important turning point in chile s economic and political history in september of that year the military took over the government from president salvador allende and a period of dramatic economic changes began chile was transformed from an economy isolated from the rest of the world with strong government intervention into a liberalized world integrated economy where market forces were left free to guide most of the economy s decisions the period 1973 81 was characterized by important achievements inflation was greatly reduced the government deficit was virtually eliminated the economy went through a dramatic liberalization of its foreign sector tariffs were reduced to a uniform 10 level and prices including interest rates were full liberalized probably one of the most interesting aspects of the chilean economy during this period is that major

the challenges of determining the employment effects of renewable energy abstract the benefits of promoting renewable energy are regularly claimed to be energy security climate change mitigation and job creation while the first two benefits are generally accepted the impact of renewable energy on employment is still disputed this paper presents a discussion of the various factors that influence the analysis of renewable energy and its impact on employment the advantages and disadvantages of input output methods and analysis methods are discussed as well as the issues surrounding the measurement of job creation a critical evaluation of the literature reveals factors that should be considered when completing a study about renewable energy and employment labour intensity of renewables cost increases and availability of investments counting job losses job quality and skills model assumptions and sources of information analytical studies using extensive surveys were found to be more appropriate for regional studies while input output methods were better suited to national and international studies

energy efficiency and economic growth a retrospective cge analysis for canada from 2002 to 2012 abstract the efficiency with which energy is used by firms and households has widespread impacts on economic activity which in turn has implications for environmental quality and energy security using a novel method that could be used for other jurisdictions we estimate the impact of energy efficiency improvements on canadian gdp employment economic structure and welfare from 2002 to 2012 we use a counterfactual back casting method with a sectorally and regionally disaggregated dynamic recursive computable general equilibrium model in effect reverse calibrating the model from observed data to isolate the effects of energy efficiency we estimate that total energy efficiency improvements in canada during this period increased gdp by 2 0 0 19 yr employment by 2 5 0 24 yr and household welfare by about 1 5 0 15 yr additionally energy efficiency improvements reoriented economic structure from capital intense energy supply sectors to relatively labour intense manufacturing and services we find evidence of widespread rebound on an energy expenditure basis across most sectors and backfire where energy efficiency leads to absolute energy use increases in oil sands in situ extraction bitumen upgrading shale gas extraction lime production pulp paper and metal smelting but overall energy use is reduced by energy efficiency improvements over this period

the terms of trade and the current account the harberger laursen metzler effect the paper examines the effect of terms of trade changes on a small country s spending and current account assuming optimizing behavior in an intertemporal framework with perfect international capital mobility a temporary future terms of trade deterioration implies a deterioration improvement of the trade balance whereas a permanent terms of trade deterioration has an ambiguous effect depending on the rate of time preference nominal and real variables are considered via exact price indexes two periods and an infinite horizon are examined

impact of renewables on electricity markets do support schemes matter abstract rising renewable shares influence electricity markets in several ways among others average market prices are reduced and price volatility increases therefore the missing money problem in energy only electricity markets is more likely to occur in systems with high renewable shares nevertheless renewables are supported in many countries due to their expected benefits the kind of support instrument can however influence the degree to which renewables influence the market while fixed feed in tariffs lead to higher market impacts more market oriented support schemes such as market premiums quota systems and capacity based payments decrease the extent to which markets are affected this paper analyzes the market impacts of different support schemes for this purpose a new module is added to an existing bottom up simulation model of the electricity market in addition different degrees of flexibility in the electricity system are considered a case study for germany is used to derive policy recommendations regarding the choice of support scheme

domestic prices of importable goods in chile and the law of one price 1975 1982 abstract this paper tries to explain observed deviations from the law of one price in chile during the 1975 1982 period in order to do this we develop a microeconomic model where typical final goods are non tradeable and are produced by combining tradeable importable goods and commercial or intermediation services the empirical results reported later in the paper tend to support our model and are consistent with the hypothesis that an important proportion of variations in retail and wholesale prices of selected imported goods is explained by changes in the cost of domestic distribution a very important implication of our findings is that it would not make sense to invoke disaggregated perfect commodity arbitrage to support the assumption of purchasing power parity at the macro level

a critical evaluation of exchange rate policy in turkey abstract this paper reviews and critically evaluates the exchange rate policy followed in turkey in the post 1980 period during which a far reaching program of liberalization has been launched we conclude that the new exchange rate policy has been essential for turkey s regaining its creditworthiness furthermore it has positively contributed to growth of output and exports and to expansion of tradables production relative to nontradables persistence of inflation and weakness of private investment in tradables overshadow the successes recorded in other areas and cast doubt over the sustainability of turkey s outward orientation we argue that the root cause of these problems has been inconsistencies between overall economic policies rather than the exchange rate policy itself we compare the period of real appreciations since late 1998 with the earlier period of real depreciations and draw policy implications

commercial policy the terms of trade and the real exchange rate revisited abstract we estimate the effects of commercial policy and changes in the external terms of trade on the real exchange rate for four latin american economies using data on internal relative prices we find that the greater the elasticity of the non traded price level with respect to the price of importables the larger is the real exchange rate effect of import restrictions but the smaller is the real exchange rate effect of changes in the external terms of trade

optimal over installation of wind generation facilities abstract this paper evaluates the economic benefits to over installing turbines on capacity constrained wind farm sites in order to capture more energy at low wind speeds although this implies curtailment at high wind speeds we show that over installing generation facilities can increase returns to investors and reduce system costs a detailed model based analysis is developed using british data with variations in the range of over installation the renewable policy support systems fixed feed in tariffs or green certificate premia to wholesale energy prices and the extent of replacement of fossil generation in the technology mix with wind in the cases of premia to market prices we use agent based computational learning and risk simulation to model market prices not only is over installation beneficial under fixed feed in tariffs but is more so under premia to market prices and increasingly so as wind replaces fossil generation

distributional employment impacts of renewable and new energy a case study of china abstract the main goal of this paper is to argue for the necessity and significance of studying the distributional employment impacts of renewable and new energy development rne based on the comprehensive review of the methodology and conclusions of existing literatures this paper builds up an extended input output model to study rne s distributional employment impacts on gender and personnel structure the case study of china s power sector in this paper affirmed earlier doubts that rne development will indeed aggravate the gender inequality problem and add to the level of mismatch between the structure of labor demand and supply causing structural unemployment problems the quantitative analysis in this paper outlined here implies that from 2011 to 2020 the development of rne will bring about 7 million employment gains but only 81 8 of which can be realized due to the mismatch problem the study of china may alert other countries to be less optimistic about rne s employment impacts and reaffirm the need to carry out the distributional employment impacts analysis this paper concludes with policy suggestions such as providing suitable training and equal promotion opportunities for women offering courses and vocational trainings to rne related majors in order to reduce the structural unemployment problem and further speed up the development of rne

an historical decomposition of the great depression to determine the role of money abstract the innovation accounting technique of historical decomposition seems ideally suited as a vehicle for a re examination of money s role during the depression its application using u s monthly data for 1919 to 1941 reveals that innovations in money exerted a considerable influence on prices and output after october 1929 although the depth of the depression and the extent of the subsequent recovery cannot be attributed solely to monetary factors an important albeit occasionally diminished monetary effect is also identified even when a passive contemporaneous response by money to price and output fluctuations is assumed not to contribute to the effect

the progressive inefficiency of replacing renewable obligation certificates with contracts for differences in the uk electricity market abstract this paper looks at the emerging risk return profile for new renewable assets as a conventional wholesale electricity market progressively decarbonises using a detailed fundamental model of price formation risks under increasing replacement of fossil fuel facilities with onshore and offshore wind we show that the risk return profile becomes less attractive over time and may therefore need sustained and possibly increasing policy support furthermore we show that green certificate trading may become progressively more attractive as a supplementary support to wholesale prices compared to fixed feed in tariffs this is because the increasingly negative correlation between renewable output and wholesale prices reduces its revenue risk compared to fixed feed in tariffs if other factors remain constant and thereby improves conventional financial performance risk metrics in particular this suggests that the recent energy policy change in britain to move away from green certificates and into contracts for differences may have been ill founded

distributional impacts of carbon pricing a general equilibrium approach with micro data for households article i nfo many policies to limit greenhouse gas emissions have at their core efforts to put a price on carbon emissions carbon pricing impacts households both by raising the cost of carbon intensive products and by changing factor prices a complete analysis requires taking both effects into account the impact of carbon pricing is determined by heterogeneity in household spending patterns across income groups as well as heterogeneity in factor income patterns across income groups it is also affected by precise formulation of the policy how is the revenue from carbon pricing distributed as well as the treatment of other government policies e g the treatment of transfer payments what is often neglected in analyses of policy is the heterogeneity of impacts across households even within income or regional groups in this paper we incorporate 15 588 households from the u s consumer and expenditure survey data as individual agents in a comparative static general equilibrium framework these households are represented within the mit usrep model a detailed general equilibrium model of the u s economy in particular we categorize households by full household income factor income as well as transfer income and apply various measures of lifetime income to distinguish households that are temporarily low income e g retired households drawing down their financial assets from permanently low income households we also provide detailed within group distributional measures of burden impacts from various policy scenarios

exchange rate based disinflation wage rigidity and capital inflows real exchange rate appreciation usually accompanies stabilization programs based on the exchange rate one thing that causes the real exchange rate to appreciate is the capital inflows that follow liberalization of the capital account and the financial market capital inflows cause the exchange rate to appreciate in part because of the resulting increase in expenditures this appreciation is exacerbated if there is some price rigidity and if control of the money supply is only partial all these conditions existed during chile s experiment with exchange rate based disinflation between 1978 and 1981 simulating what might have been the authors study how exchange rate based disinflation affects expenditures switching and reduction when wages are partially indexed in some segments of the labor market the paper also shows the extent to which a more flexible rule on wage indexing would have offset the adverse impact of lower capital flows on protected sector employment

domestic currency appreciation and foreign capital inflows what comes first chile 1977 1982 abstract the purpose of this paper is to find granger causality relations between the real exchange rate the inflow of foreign capital interest rate arbitrage and the terms of trade in a representative indebted developing country chile this is done for a time period in which chile went from an unprecedented expansion 1977 1981 to a severe recession 1982 the paper confronts two competing hypotheses that purport to explain such behavior hypothesis one claims that causality went from the real exchange rate affected by nominal exchange rate policy to capital inflows in what could be termed a current account deficit induced demand for foreign funds hypothesis two posits a causality that ran the other way from capital inflows to the real exchange rate in which case the exogenous inflows of foreign money implied a current account deficit special attention is paid to the role played by two other related factors interest rate arbitrage and terms of trade variations by applying innovation accounting techniques based on estimated vector autoregressions support is found for the second of these hypotheses thus the real issue in chile and in many other currently indebted latin american countries should be the timing and extent of the capital account liberalization process carried out during the period

the merit order effect a detailed analysis of the price effect of renewable electricity generation on spot market prices in germany the german feed in support of electricity generation from renewable energy sources has led to high growth rates of the supported technologies critics state that the costs for consumers are too high an important aspect to be considered in the discussion is the price effect created by renewable electricity generation this paper seeks to analyse the impact of privileged renewable electricity generation on the electricity market in germany the central aspect to be analysed is the impact of renewable electricity generation on spot market prices the results generated by an agent based simulation platform indicate that the financial volume of the price reduction is considerable in the short run this gives rise to a distributional effect which creates savings for the demand side by reducing generator profits in the case of the year 2006 the volume of the merit order effect exceeds the volume of the net support payments for renewable electricity generation which have to be paid by consumers

historic paths and future expectations the macroeconomic impacts of the offshore wind technologies in the uk abstract offshore wind power osw plays a key role within the uk strategy for a transition towards a low carbon economy offering vast potential for establishing a high tech manufacturing industry previous experiences in the onshore sector owp suggest the uk might fail in fully capturing these macroeconomic benefits in this work we investigate the history of uk renewable policies comparing its national strategy to those of other major osw export countries through the use of a numerical general equilibrium model we quantify the macroeconomic impacts under three scenarios a baseline which relies on previous estimates and foresee limited local content a contamination scenario where the uk content reaches the same levels of owp and a non myopic scenario where investors expect governmental support to decrease or disappear replicating a common path of past renewable policies we identify the uk as a fdi oriented country our results suggest that increasing the share of locally sourced capital goods in osp to owp level could generate larger income and employment effects in the uk economy we find that under forward looking investors the economic benefits are significantly lower than the case of myopic agents our results show an inherent conflict with stated purposes of uk policy for osw

revisiting the role of tourism and globalization in environmental degradation in china fresh insights from the quantile ardl approach abstract ascertaining sustainable development is a major issue across the globe and the economic growth pattern achieved is a predominant reason behind this the globalization led economic growth achieved by the emerging economies might not be ecologically sustainable as globalization might not have been utilized as a policy tool moreover a sound policy calls for considering the entire data spectrum for the analysis which is largely ignored in the literature this research contributes to the literature by proffering a policy framework for the emerging economies by analyzing the impact of globalization and tourism on environmental degradation by considering the chinese context as a sample following the quantile autoregressive distributed lag model the impact of economic growth globalization and tourism on greenhouse gas emissions carbon dioxide emissions and the ecological footprint in china over 1978q1 2017q4 are analyzed the results demonstrate that economic growth stimulates environmental degradation while the presence of environmental kuznets curve is also validated moreover tourism has been found to exert positive environmental externalities while globalization exerts negative environmental externalities based on the outcomes of the research a comprehensive policy framework has been suggested following which the chinese economy might be able to attain the objectives of sustainable development goals 7 8 and 13

stabilization policies in developing countries what have we learned abstract the paper reviews the recent experience with stabilization programmes in latin america in the light of traditional and monetarist models of inflation and the exchange rate the traditional model links both inflation and payments problems to budget deficits the monetarist model too believes that inflation is caused by fiscal deficits but it takes a more optimistic view of stabilization full purchasing power parity and perfect capital mobility make stabilization just a question of the appropriate exchange rate policy and the proper rate of domestic credit creation the traditional view is substantially right as a long run model but it fails in the dynamics the monetarist model is as we know now fundamentally wrong as a short run description of the possibilities of inflation control there is need and room for a paradigm that places emphasis on the debt money mix in financing the budget on the stickiness of inflation rates and on the place of short run real exchange rate and real interest rate variations that these are key features of the transition phase is amply borne out by the devasting and unsuccessful experiences with monetarist stabilization in argentina chile and brazil

international prices wages and inflation in the open economy a chilean model this paper presents a macroeconomic model to explain the dynamics of chilean inflation during 1976 82 the model extends the australian and scandinavian open economy models by making a finer distinction between tradables and nontradables and by introducing more elaborate expectations formation results of the model supplied to quarterly chilean data over the period reject the homogeneity of the system indicating that a devaluation does indeed affect the relative price between tradables and nontradables in the chilean context the results cast doubt on the stabilization policies pursued during the period 1979 82 which implicitly relied upon a model in which full homogeneity obtains

learning from experience the development of the renewables obligation in england and wales 2002 2010 abstract the uk has enviable renewable resources both onshore wind and offshore wind wave and tidal the offshore valuation group 2010 the government has had policy mechanisms in place since 1990 to encourage these resources to be developed the current mechanism the renewables obligation ro was specifically designed to emphasise competition and therefore to fit in with the uk s overall strategic approach to energy policy however as yet it has not delivered the capacity that it was designed to do and as a result the uk faces a difficult challenge in attempting to meet european wide renewable energy targets for 2020 as well as longer term decarbonisation targets this paper explores some of the major reasons why the ro has performed so poorly to date and considers the prospects for improvement up to 2020 it concludes that the strategic emphasis on competition in the support mechanisms has played a key role in limiting renewables development but that the mechanism has changed significantly since it was introduced however these changes together with proposals for electricity market reform still do not address important elements of risk in comparison with a standard feed in tariff

the economic impact of china s indc distinguishing the roles of the renewable energy quota and the carbon market abstract this study contributes to the existing literature on economic impacts assessment of china s intended nationally determined contributions indc by 2030 a dynamic computable general equilibrium cge model of china that incorporates the technological details of the electricity sector is used in this study two main policy choices including the renewable quota and the carbon market are modeled to distinguish different pathways to indc targets results show several important findings first the total economic cost required to achieve china s indc targets ranges from 0 11 to 0 43 of gdp by 2030 second energy sectors such as the coal mining and electric power sectors are the most affected by china s indc in terms of both sectoral production and price this study further indicates that the implementation of a national carbon market is efficient in reducing the compliance costs of indc targets while the deployment of renewable power helps to create employment opportunities and reduce permit prices in the carbon market in addition the results of a cost benefit analysis suggest that the hidden health benefits of china s indc can offset approximately 42 1 162 3 of the compliance costs even based on the most conservative estimates

what will china s carbon emission trading market affect with only electricity sector involvement a cge based study abstract on december 29 2017 china s carbon trading scheme ets was officially launched and it may be the largest emission trading platform in the world this paper establishes 5 counter measured scenarios based on the recently launched china s national ets market and constructs a dynamic recursive computable general equilibrium model to study the impact of national ets on the economy energy and environment we find that the national ets will have a negative impact on gdp by 0 19 1 44 the national ets can significantly increase the price of electricity however the increase in the prices of other commodities will be much lower than that of electricity as long as the mechanism of the ets market remains unchanged emission reduction per year will increase linearly economic output and co2 emission are sensitive to annual decline factor adf this paper argues that china s national ets market is an effective tool to reduce co2 emission and we suggest that adf could be 0 5 when allocating carbon allowance for the electricity sector this could balance economic output and co2 reduction also it is easy to achieve the goal of double control total amount and intensity in china

determining commercially viable two way and one way contract for difference strike prices and revenue receipts abstract in this article we investigate the role that a contract for difference cfd might play in increasing investment in renewable energy in australia two cfd schemes are investigated two way and one way cfd a financial model is developed that determines commercially viable cfd strike prices account is taken of revenue from wholesale electricity market and renewable energy certificate sales capital and operational costs of the project including distribution of funds to holders of equity and debt are also included findings based on analysis of the solar array located at the university of queensland gatton campus in australia is presented employing a typical meteorological year framework the major finding was that government will prefer a two way cfd scheme and single axis tracking solar pv array technology in contrast project proponents will strongly prefer a one way cfd design

policy interactions risk and price formation in carbon markets carbon pricing is an important mechanism for providing companies with incentives to invest in carbon abatement price formation in carbon markets involves a complex interplay between policy targets dynamic technology costs and market rules carbon pricing may under deliver investment due to r d externalities requiring additional policies which themselves affect market prices also abatement costs depend on the extent of technology deployment due to learning by doing this paper introduces an analytical framework based on marginal abatement cost mac curves with the aim of providing an intuitive understanding of the key dynamics and risk factors in carbon markets the framework extends the usual static mac representation of the market to incorporate policy interactions and some technology cost dynamics the analysis indicates that supporting large scale deployment of mature abatement technologies suppresses the marginal cost of abatement sometimes to zero whilst increasing total abatement costs however support for early stage r d may reduce both total abatement cost and carbon price risk an important aspect of the analysis is in elevating risk management considerations into energy policy formation as the results of the stochastic modelling indicate wide distributions for the emergence of carbon prices and public costs around the policy expectations

the monetarist experiment in chile a critical survey abstract chile constitutes the most outstanding case of implementation of an extreme market economy model during nine years between 1973 and 1982 a model was implemented that for its pureness deepness and extension induced a drastic transformation of the chilean economy the main features of the model are examined focusing on the anti inflationary policy the reform of the financial system and the external opening then the global results concerning output income distribution and saving investment are studied the paper shows that the balance of the results was clearly negative during the 1973 1981 period output stagnated the concentration of wealth was spectacular and saving and investment rates fell significantly the characteristics themselves of the model and the weakening of the productive apparatus that they originated additionally explain that the international recession was multiplied during 1982 within the domestic economy the paper concludes with an attempt to interpret the main causes of the failure of this experiment

quantification and monetization of employment benefits associated with renewable energy technologies in greece abstract this paper formulates and implements an integrated approach for estimating the employment benefits associated with the exploitation of renewable energy sources res in the power sector it builds up on well known techniques and makes all the necessary modifications in order to take into account the specific conditions of the res market more specific the proposed approach exploits the input output methodology for estimating the direct indirect and induced employment effects associated with the energy technologies in question and the opportunity cost of labour approach for expressing these effects in monetary terms this framework has been implemented to estimate the employment benefits resulting from the development of different res technologies in greece taking into account both the construction and operation phases of the relative projects the results of the analysis clearly show that the exploitation of res in the greek power sector presents significant employment benefits which are at the same order of magnitude or in several cases even higher compared to the corresponding benefits attributed to the operation of fossil fueled power plants e g lignite and natural gas therefore the fulfillment of the national target for increasing the penetration of res into the greek power sector from approximately 12 today to 40 in 2020 will contribute apart from the significant environmental improvements to the overall economic development and the increase of the employment

supporting the externality of intermittency in policies for renewable energy abstract we analyse the joint problem of supporting renewables and resource adequacy in a liberalised electricity market and present a detailed model based comparison of two alternative policies we undertake this in the context of the british market we show how ceteris paribus the progressive replacement of coal with wind imposes extra costs of reserve and evaluate alternative way to meet this whether through capacity payments funded by customers or a reliability requirement on wind generators with capital cost or energy feed in subsidies we consider the reality of market concentration and the extent to which pragmatic regulation could allow prices to rise above marginal cost to reduce the extent of direct subsidies and complex market designs we also evaluate the implied cost of carbon reduction in a progressive replacement of coal with wind when the security is maintained by extra peaking gas we find that support through capital allowances rather than the energy market is more efficient