The Economic and Policy Setting of Renewable Energy: Where Do Things Stand?
AbstractThis 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.
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Bibliographic InfoPaper provided by Resources For the Future in its series Discussion Papers with number dp-03-64.
Date of creation: 31 Dec 2003
Date of revision:
Renewable energy; electricity; windpower; externalities;
Find related papers by JEL classification:
- Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
- L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
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- Burtraw, Dallas & Palmer, Karen & Darmstadter, Joel & McVeigh, James, 1999. "Winner, Loser, or Innocent Victim? Has Renewable Energy Performed As Expected?," Discussion Papers dp-99-28, Resources For the Future.
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- 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.
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