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The public promotion of wind energy in Spain from the transaction costs perspective 1986-2007

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  • Perez, Yannick
  • Ramos-Real, Francisco Javier

Abstract

This paper analyzes the success of wind energy in Spain from 1986 to 2007. Certain special characteristics have emerged in Spain that provide credibility to the feed-in tariff (FIT) device to promote this energy source. To explain this success, the analysis will focus on the intrinsic characteristics of FIT using the concepts of the transaction cost theory (TCE). Nevertheless, in this framework, special attention is placed on the role that specific political and institutional factors have played in providing stability to this instrument. Thanks to an early start and an on-going and generous FIT device, wind energy promotion for electricity has become a political success story in Spain. The main implication of this analysis is that this success is mainly due to the trade-off between stability and flexibility in the use of Spanish FIT.

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Bibliographic Info

Article provided by Elsevier in its journal Renewable and Sustainable Energy Reviews.

Volume (Year): 13 (2009)
Issue (Month): 5 (June)
Pages: 1058-1066

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Handle: RePEc:eee:rensus:v:13:y:2009:i:5:p:1058-1066

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Keywords: Transaction cost Feed-in tariff Energy policy Renewable energy;

References

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  1. Weingast, Barry R, 1995. "The Economic Role of Political Institutions: Market-Preserving Federalism and Economic Development," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(1), pages 1-31, April.
  2. del Rio, Pablo & Gual, Miguel A., 2007. "An integrated assessment of the feed-in tariff system in Spain," Energy Policy, Elsevier, vol. 35(2), pages 994-1012, February.
  3. Wiser, Ryan & Bachrach, Devra & Bolinger, Mark & Golove, William, 2004. "Comparing the risk profiles of renewable and natural gas-fired electricity contracts," Renewable and Sustainable Energy Reviews, Elsevier, vol. 8(4), pages 335-363, August.
  4. Yannick Perez, 2005. "'Credibility as a trade off' in electricity industries, a first evaluation," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 7(2/3), pages 278-291.
  5. Pablo T. Spiller & Ingo Vogelsang, 1997. "The Institutional Foundations of Regulatory Commitment in the UK: The Case of Telecommunications," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(4), pages 607-, December.
  6. Blok, Kornelis, 2006. "Renewable energy policies in the European Union," Energy Policy, Elsevier, vol. 34(3), pages 251-255, February.
  7. Dinica, Valentina, 2006. "Support systems for the diffusion of renewable energy technologies--an investor perspective," Energy Policy, Elsevier, vol. 34(4), pages 461-480, March.
  8. Agnolucci, Paolo, 2008. "Factors influencing the likelihood of regulatory changes in renewable electricity policies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 12(1), pages 141-161, January.
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Citations

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Cited by:
  1. Gustavo A. Marrero & Francisco Javier Ramos-Real, 2010. "Electricity generation cost in isolated system: the complementarities of natural gas and renewables in the Canary Islands," Working Papers 2010-17, FEDEA.
  2. Walters, Ryan & Walsh, Philip R., 2011. "Examining the financial performance of micro-generation wind projects and the subsidy effect of feed-in tariffs for urban locations in the United Kingdom," Energy Policy, Elsevier, vol. 39(9), pages 5167-5181, September.
  3. Zafirakis, D. & Chalvatzis, K. & Kaldellis, J.K., 2013. "“Socially just” support mechanisms for the promotion of renewable energy sources in Greece," Renewable and Sustainable Energy Reviews, Elsevier, vol. 21(C), pages 478-493.
  4. Zafirakis, Dimitrios & Chalvatzis, Konstantinos J. & Baiocchi, Giovanni & Daskalakis, George, 2013. "Modeling of financial incentives for investments in energy storage systems that promote the large-scale integration of wind energy," Applied Energy, Elsevier, vol. 105(C), pages 138-154.
  5. Mundaca, Luis & Mansoz, Mathilde & Neij, Lena & Timilsina, Govinda R, 2013. "Transaction costs of low-carbon technologies and policies : the diverging literature," Policy Research Working Paper Series 6565, The World Bank.

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