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German Energy Market Fallout from the Japanese Earthquake

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Author Info

  • Grossi, Luigi

    (Verona University)

  • Waterson, Michael

    (University of Warwick)

Abstract

The German response to the Fukushima nuclear power plant incident was possibly the most significant change of policy towards nuclear power outside Japan, leading to a sudden and very significant shift in the underlying power generation structure in Germany. This provides a very useful natural experiment on the impact of changing proportions of conventional fuel inputs to power production, helping us to see how changed proportions in future as a result of policy moves in favour of renewables are likely to impact. We find through exploration of a conventional demand- supply framework that despite the swift, significant change, the main impact was a relatively modest increase in prices occasioned by a shift of the supply curve; there were no appreciable quantity effects on the market, such as power outages, despite some views that the impacts would be significant.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/centres/cage/research/wpfeed/157-2013_grossi.pdf
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Bibliographic Info

Paper provided by Competitive Advantage in the Global Economy (CAGE) in its series CAGE Online Working Paper Series with number 157.

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Date of creation: 2013
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Handle: RePEc:cge:wacage:157

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Related research

Keywords: Atomausstieg; Demand-supply framework; German power market; nuclear power; renewables;

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References

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  1. André Betzer & Markus Doumet & Ulf Rinne, 2011. "How Policy Changes Affect Shareholder Wealth: The Case of the Fukushima Daiichi Nuclear Disaster," Schumpeter Discussion Papers sdp11011, Universitätsbibliothek Wuppertal, University Library.
  2. Janina Ketterer, 2012. "The Impact of Wind Power Generation on the Electricity Price in Germany," Ifo Working Paper Series Ifo Working Paper No. 143, Ifo Institute for Economic Research at the University of Munich.
  3. Fields, M. Andrew & Janjigian, Vahan, 1989. "The effect of Chernobyl on electric-utility stock prices," Journal of Business Research, Elsevier, vol. 18(1), pages 81-87, January.
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  6. Kawashima, Shingo & Takeda, Fumiko, 2012. "The effect of the Fukushima nuclear accident on stock prices of electric power utilities in Japan," Energy Economics, Elsevier, vol. 34(6), pages 2029-2038.
  7. Huenteler, Joern & Schmidt, Tobias S. & Kanie, Norichika, 2012. "Japan's post-Fukushima challenge – implications from the German experience on renewable energy policy," Energy Policy, Elsevier, vol. 45(C), pages 6-11.
  8. Barrett, W Brian & Heuson, Andrea J & Kolb, Robert W, 1986. " The Effect of Three Mile Island on Utility Bond Risk Premia: A Note," Journal of Finance, American Finance Association, vol. 41(1), pages 255-61, March.
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  10. Lee, Chien-Chiang & Chiu, Yi-Bin, 2011. "Electricity demand elasticities and temperature: Evidence from panel smooth transition regression with instrumental variable approach," Energy Economics, Elsevier, vol. 33(5), pages 896-902, September.
  11. : Enzo Fanone & Andrea Gamba & Marcel Prokopczuk, 2011. "The Case of Negative Day-Ahead Electricity Prices," Working Papers wpn11-01, Warwick Business School, Finance Group.
  12. Robert Ferstl & Sebastian Utz & Maximilian Wimmer, 2012. "The Effect of the Japan 2011 Disaster on Nuclear and Alternative Energy Stocks Worldwide: An Event Study," BuR - Business Research, German Academic Association for Business Research, vol. 5(1), pages 25-41, May.
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