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Environmental Externalities, Market Distortions and the Economics of Renewable Energy Technologies

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  • Anthony D. Owen
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    Abstract

    This paper reviews life cycle analyses of alternative energy technologies in terms of both their private and societal costs (that is, inclusive of externalities and net of taxes and subsidies). The economic viability of renewable energy technologies is shown to be heavily dependent upon the removal of market distortions. In other words, the removal of subsidies to fossil fuel-based technologies and the appropriate pricing of these fuels to reflect the environmental damage (local, regional, and global) created by their combustion are essential policy strategies for stimulating the development of renewable energy technologies in the stationary power sector. Policy options designed to internalize these externalities are briefly addressed.

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    Bibliographic Info

    Article provided by International Association for Energy Economics in its journal The Energy Journal.

    Volume (Year): Volume 25 (2004)
    Issue (Month): Number 3 ()
    Pages: 127-158

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    Handle: RePEc:aen:journl:2004v25-03-a07

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    Cited by:
    1. Heinzel, Christoph, 2008. "Implications of diverging social and private discount rates for investments in the German power industry: a new case for nuclear energy?," Dresden Discussion Paper Series in Economics 03/08, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
    2. Verduzco, Laura E. & Duffey, Michael R. & Deason, Jonathan P., 2007. "H2POWER: Development of a methodology to calculate life cycle cost of small and medium-scale hydrogen systems," Energy Policy, Elsevier, vol. 35(3), pages 1808-1818, March.
    3. Chien, Taichen & Hu, Jin-Li, 2007. "Renewable energy and macroeconomic efficiency of OECD and non-OECD economies," Energy Policy, Elsevier, vol. 35(7), pages 3606-3615, July.
    4. Timilsina, Govinda R. & Cornelis van Kooten, G. & Narbel, Patrick A., 2013. "Global wind power development: Economics and policies," Energy Policy, Elsevier, vol. 61(C), pages 642-652.
    5. Alves, Laura Araujo & Uturbey, Wadaed, 2010. "Environmental degradation costs in electricity generation: The case of the Brazilian electrical matrix," Energy Policy, Elsevier, vol. 38(10), pages 6204-6214, October.
    6. Verbruggen, Aviel, 2009. "Performance evaluation of renewable energy support policies, applied on Flanders' tradable certificates system," Energy Policy, Elsevier, vol. 37(4), pages 1385-1394, April.
    7. van Kooten, G. Cornelis & Timilsina, Govinda R., 2009. "Wind power development : economics and policies," Policy Research Working Paper Series 4868, The World Bank.
    8. Caroline Ignell & Peter Davies & Cecilia Lundholm, 2013. "Swedish Upper Secondary School Students’ Conceptions of Negative Environmental Impact and Pricing," Sustainability, MDPI, Open Access Journal, vol. 5(3), pages 982-996, March.
    9. McHenry, Mark, 2009. "Policy options when giving negative externalities market value: Clean energy policymaking and restructuring the Western Australian energy sector," Energy Policy, Elsevier, vol. 37(4), pages 1423-1431, April.

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