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Economic and energy impacts from participation in the regional greenhouse gas initiative: A case study of the State of Maryland

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Author Info

  • Ruth, Matthias
  • Gabriel, Steven A.
  • Palmer, Karen L.
  • Burtraw, Dallas
  • Paul, Anthony
  • Chen, Yihsu
  • Hobbs, Benjamin F.
  • Irani, Daraius
  • Michael, Jeffrey
  • Ross, Kim M.
  • Conklin, Russell
  • Miller, Julia

Abstract

Tradable emissions allowance systems to reduce carbon emissions are increasingly promoted as means to mitigate climate change. This paper briefly reviews the application of such systems at the global, regional, and corporate scales. Given the recent expansion of cap-and-trade systems at the regional level, the paper concentrates on energy and economic implications at that level, using the decision of the State of Maryland, USA, to join the Regional Greenhouse Gas Initiative as an illustration. The paper presents the results of an analysis of the implications for technology choice, generation capacity, energy reliability, and cost to ratepayers of that decision, combining a national electricity market model with a regional model that includes market power and an economic impact model. The results suggest several issues that will be key to the acceptability and effectiveness of cap-and-trade systems for regional climate change mitigation policy, including rules for distribution of allowances and subsidies for energy efficiency programs.

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Bibliographic Info

Article provided by Elsevier in its journal Energy Policy.

Volume (Year): 36 (2008)
Issue (Month): 6 (June)
Pages: 2279-2289

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Handle: RePEc:eee:enepol:v:36:y:2008:i:6:p:2279-2289

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Web page: http://www.elsevier.com/locate/enpol

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References

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  1. Sijm, J. & Neuhoff, K. & Chen, Y., 2006. "CO2 cost pass through and windfall profits in the power sector," Cambridge Working Papers in Economics 0639, Faculty of Economics, University of Cambridge.
  2. Victor, David G. & House, Joshua C., 2006. "BP's emissions trading system," Energy Policy, Elsevier, vol. 34(15), pages 2100-2112, October.
  3. Ruth, Matthias, 2006. "A quest for the economics of sustainability and the sustainability of economics," Ecological Economics, Elsevier, vol. 56(3), pages 332-342, March.
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Cited by:
  1. Burtraw, Dallas & Evans, David A., 2009. "Tradable rights to emit air pollution," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(1), March.
  2. Burtraw, Dallas & Evans, David A., 2008. "Tradable Rights to Emit Air Pollution," Discussion Papers dp-08-08, Resources For the Future.
  3. Chen, Yihsu, 2009. "Does a regional greenhouse gas policy make sense? A case study of carbon leakage and emissions spillover," Energy Economics, Elsevier, vol. 31(5), pages 667-675, September.
  4. Paul, Anthony & Burtraw, Dallas & Palmer, Karen, 2008. "Compensation for Electricity Consumers Under a U.S. CO2 Emissions Cap," Discussion Papers dp-08-25, Resources For the Future.
  5. Burtraw, Dallas & Sweeney, Richard & Walls, Margaret, 2008. "The Incidence of U.S. Climate Policy: Where You Stand Depends on Where You Sit," Discussion Papers dp-08-28, Resources For the Future.
  6. Paul, Anthony & Palmer, Karen & Ruth, Matthias & Hobbs, Benjamin F. & Irani, Daraius & Michael, Jeffrey & Chen, Yihsu & Ross, Kimberly & Myers, Erica, 2010. "The role of energy efficiency spending in Maryland's implementation of the Regional Greenhouse Gas Initiative," Energy Policy, Elsevier, vol. 38(11), pages 6820-6829, November.
  7. Last Name, First Name, 2009. "Distributional Impacts of Carbon Pricing Policies in the Electricity Sector," Discussion Papers dp-09-43, Resources For the Future.
  8. Palmer, Karen & Burtraw, Dallas & Paul, Anthony, 2009. "Allowance Allocation in a CO2 Emissions Cap-and-Trade Program for the Electricity Sector in California," Discussion Papers dp-09-41, Resources For the Future.
  9. Dormady, Noah C., 2013. "Market power in cap-and-trade auctions: A Monte Carlo approach," Energy Policy, Elsevier, vol. 62(C), pages 788-797.

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