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Rôle du signal prix du carbone sur les décisions d'investissement des entreprises

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  • Hervé-Mignucci, Morgan
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    Abstract

    Cette thèse porte sur l’impact du système communautaire d’échange de quotas d’émission (SCEQE) sur les décisions d’investissement dans le secteur électrique européen. Après une description du SCEQE et autres développements majeurs, nous discutons des principaux moyens qu’ont les acteurs de conformité pour faire face à la contrainte du SCEQE : réductions d’émissions, acquisition d’actifs carbone et autres types de réactions. Nous présentons les résultats d’une revue empirique des investissements par les producteurs d’électricité européens les plus contraints par le SCEQE. Les décisions d’investissement ont été davantage motivées par des considérations stratégiques et économiques que par l’introduction d’un prix du CO2. Nous discutons des impacts de ces investissements sur la conformité carbone des producteurs d’électricité européens : tonnes de CO2 potentiellement fixées par les investissements, changements de périmètres de conformité, mais également les fuites de carbone et recours aux mécanismes de projets. Enfin, nous explorons l’impact de scénarios de prix pour les quotas sur les portefeuilles d’investissement en capacité de production électrique. Nous montrons que : le SCEQE a un rôle modeste mais central dans la réallocation des portefeuilles d’investissement ; toute indication sur la tendance de prix de long terme du carbone est très utile ; certains éléments du SCEQE n’ont qu’un effet faible sur les investissements ; les anticipations de prix du carbone influencent les décisions liées aux portefeuilles d’investissement ; si le SCEQE joue un rôle central, c’est la combinaison de politiques de réduction des émissions et autres politiques qui compte le plus.

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    Bibliographic Info

    Paper provided by Université Paris-Dauphine in its series Open Access publications from Université Paris-Dauphine with number urn:hdl:123456789/8200.

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    Length: 230
    Date of creation: Dec 2011
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    Publication status: Published
    Handle: RePEc:ner:dauphi:urn:hdl:123456789/8200

    Note: Dissertation
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    Web page: http://www.dauphine.fr/en/welcome.html

    Related research

    Keywords: carbon price; investment portfolios; power sector; European Union Emissions Trading Scheme; conformité carbone; portefeuilles d’investissement; industries électriques; système communautaire d’échange de quotas d’émission;

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