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Energy Efficiency Resource Standards: Economics and Policy

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  • Brennan, Timothy J.

    () (Resources for the Future)

  • Palmer, Karen

    () (Resources for the Future)

Abstract

Twenty states in the United States have adopted energy efficiency resource standards (EERS) that specify absolute or per¬centage reductions in energy use relative to business as usual. We examine how an EERS compares to policies oriented to meeting objectives, such as reducing greenhouse gas emissions, cor¬recting for consumer error in energy efficiency investment, or reducing peak de¬mand absent real-time prices. If reducing energy use is a policy goal, one could use energy taxes or cap-and-trade systems rather than an EERS. An EERS can be optimal under special conditions, but to achieve optimal goals following energy efficiency investments, the marginal external harm must fall with greater energy use. This could happen if inframarginal energy has greater negative externalities, particularly regarding emissions, than energy employed at the margin.

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Bibliographic Info

Paper provided by Resources For the Future in its series Discussion Papers with number dp-12-10.

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Date of creation: 27 Feb 2012
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Handle: RePEc:rff:dpaper:dp-12-10

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Keywords: energy efficiency resource standards; energy efficiency; electricity; conservation;

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  1. M. L. Weitzman, 1973. "Prices vs. Quantities," Working papers 106, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Kenneth Gillingham & Richard G. Newell & Karen Palmer, 2009. "Energy Efficiency Economics and Policy," NBER Working Papers 15031, National Bureau of Economic Research, Inc.
  3. Brennan, Timothy J., 2011. "Energy efficiency and renewables policies: Promoting efficiency or facilitating monopsony?," Energy Policy, Elsevier, vol. 39(7), pages 3954-3965, July.
  4. Timothy Brennan, 2010. "Decoupling in electric utilities," Journal of Regulatory Economics, Springer, vol. 38(1), pages 49-69, August.
  5. Brennan, Timothy J., 2006. ""Green" preferences as regulatory policy instrument," Ecological Economics, Elsevier, vol. 56(1), pages 144-154, January.
  6. Ian W.H. Parry & Wallace E. Oates, 2000. "Policy analysis in the presence of distorting taxes," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 19(4), pages 603-613.
  7. Brown, Stephen P.A. & Huntington, Hillard G., 2010. "Reassessing the Oil Security Premium," Discussion Papers dp-10-05, Resources For the Future.
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Cited by:
  1. Palmer, Karen & Grausz, Samuel & Beasley, Blair & Brennan, Tim, 2012. "Putting a Floor on Energy Savings: Comparing State Energy Efficiency Resource Standards," Discussion Papers dp-12-11, Resources For the Future.

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