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The Economic and Policy Setting of Renewable Energy: Where Do Things Stand?

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  • Darmstadter, Joel

Abstract

This paper looks at the status and prospects of renewables-with particular emphasis on windpower-in the electric power sector. Although renewables account for a steadily rising share of electricity generation in various countries, their role remains small in absolute terms. In part, this is because of technological progress of and successful competition from fossil-fueled generation-notably, combined cycle gas turbines. While diminishing, subsidies continue to be indispensable to the use of renewables in most places. Viability of renewables-based electricity is undermined by the cost of externalities for which fossil energy combustion is only partially charged. A number of countries (and states in the U.S.) have launched obligatory requirements for renewables-based electricity in the years ahead. This so-called "renewable portfolio standard," while technology-forcing, offers an opportunity for an economically efficient way of promoting greater market penetration of renewables.

Suggested Citation

  • Darmstadter, Joel, 2003. "The Economic and Policy Setting of Renewable Energy: Where Do Things Stand?," Discussion Papers 10777, Resources for the Future.
    • Handle: RePEc:ags:rffdps:10777
    DOI: 10.22004/ag.econ.10777
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    File URL: https://ageconsearch.umn.edu/record/10777/files/dp030064.pdf
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    References listed on IDEAS

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    1. Austin, David & Macauley, Molly & Darmstadter, Joel & Shih, Jhih-Shyang & Aronow, Emily & Bath, Tom, 2002. "Measuring the Contribution to the Economy of Investments in Renewable Energy: Estimates of Future Consumer Gains," RFF Working Paper Series dp-02-05-, Resources for the Future.
    2. McVeigh, James & Burtraw, Dallas & Darmstadter, Joel & Palmer, Karen L., 1999. "Winner, Loser, or Innocent Victim? Has Renewable Energy Performed As Expected?," Discussion Papers 10627, Resources for the Future.
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    Cited by:

    1. Mark Huntley & Donald Redalje, 2007. "CO 2 Mitigation and Renewable Oil from Photosynthetic Microbes: A New Appraisal," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 12(4), pages 573-608, May.
    2. Jonathan A. Cook and C.-Y. Cynthia Lin Lawell, 2020. "Wind Turbine Shutdowns and Upgrades in Denmark: Timing Decisions and the Impact of Government Policy," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 81-118.
    3. Palmer, Karen & Burtraw, Dallas, 2005. "Cost-effectiveness of renewable electricity policies," Energy Economics, Elsevier, vol. 27(6), pages 873-894, November.

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