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Reflections--The Economics of Renewable Energy in the United States

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  • Geoffrey Heal

Abstract

Greater use of renewable energy is seen as a key component of any move to combat climate change, and is being aggressively promoted as such by the new U.S. administration. Yet there has been little economic analysis of renewable energy. This article surveys the literature on the economics of renewable energy and adds to it. The conclusion is that the main renewables face a major problem because of their intermittency (the wind doesn't always blow nor does the sun always shine) and that this has not been adequately factored into discussions of their potential. Without new storage technologies that can overcome this intermittency problem, much of the decarbonization of the economy will have to come from nuclear, carbon capture and storage (CCS), and energy efficiency, with geothermal and biofuels making small contributions. Nuclear and CCS are not without their problems. New energy storage technologies could greatly increase the role of renewables, but none are currently in sight. Copyright 2010, Oxford University Press.

Suggested Citation

  • Geoffrey Heal, 2010. "Reflections--The Economics of Renewable Energy in the United States," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 4(1), pages 139-154, Winter.
    • Handle: RePEc:oup:renvpo:v:4:y:2010:i:1:p:139-154
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    Cited by:

    1. S. Niggol Seo, 2013. "Economics of global warming as a global public good: Private incentives and smart adaptations," Regional Science Policy & Practice, Wiley Blackwell, vol. 5(1), pages 83-95, March.
    2. Akan, Taner, 2023. "Can renewable energy mitigate the impacts of inflation and policy interest on climate change?," Renewable Energy, Elsevier, vol. 214(C), pages 255-289.
    3. S. Niggol Seo, 2017. "Beyond the Paris Agreement: Climate change policy negotiations and future directions," Regional Science Policy & Practice, Wiley Blackwell, vol. 9(2), pages 121-140, June.
    4. Yacoub Bahini & Cuong Le Van, 2015. "On the transition from nonrenewable energy to renewable energy," Post-Print halshs-01167042, HAL.
    5. Jouvet, Pierre-André & Schumacher, Ingmar, 2012. "Learning-by-doing and the costs of a backstop for energy transition and sustainability," Ecological Economics, Elsevier, vol. 73(C), pages 122-132.
    6. Kimberly Burnett & Lee Endress & Majah-Leah Ravago & James Roumasset & Christopher Wada, 2011. "Islands of Sustainability in Time and Space," Working Papers 201112, University of Hawaii at Manoa, Department of Economics.
    7. Moschini, GianCarlo & Cui, Jingbo & Lapan, Harvey E., 2012. "Economics of Biofuels: An Overview of Policies, Impacts and Prospects," Bio-based and Applied Economics Journal, Italian Association of Agricultural and Applied Economics (AIEAA), vol. 1(3), pages 1-28, December.
    8. Fanny Henriet & Katheline Schubert, 2019. "Is Shale Gas a Good Bridge to Renewables? An Application to Europe," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 72(3), pages 721-762, March.
    9. Laurini, Márcio Poletti, 2017. "The spatio-temporal dynamics of ethanol/gasoline price ratio in Brazil," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 1-12.
    10. Hoel, Michael & Jensen, Svenn, 2012. "Cutting costs of catching carbon—Intertemporal effects under imperfect climate policy," Resource and Energy Economics, Elsevier, vol. 34(4), pages 680-695.
    11. Nepal, Rabindra, 2011. "The roles and potentials of renewable energy in less-developed economies," MPRA Paper 31878, University Library of Munich, Germany, revised 29 Jun 2011.
    12. Jaeger, William K. & Egelkraut, Thorsten M., 2011. "Biofuel economics in a setting of multiple objectives and unintended consequences," Renewable and Sustainable Energy Reviews, Elsevier, vol. 15(9), pages 4320-4333.
    13. Thomas Sadler, 2013. "Carbon Capture and a Commercial Market for CO 2," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 19(2), pages 189-200, May.
    14. Cerdá, Emilio & del Río, Pablo, 2015. "Different interpretations of the cost-effectiveness of renewable electricity support: Some analytical results," Energy, Elsevier, vol. 90(P1), pages 286-298.
    15. Wolfgang Buchholz & Jonas Frank & Hans-Dieter Karl & Johannes Pfeiffer & Karen Pittel & Ursula Triebswetter & Jochen Habermann & Wolfgang Mauch & Thomas Staudacher, 2012. "Die Zukunft der Energiemärkte: Ökonomische Analyse und Bewertung von Potenzialen und Handlungsmöglichkeiten," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 57, September.
    16. Noel, Michael D. & Roach, Travis, 2017. "Marginal reductions in vehicle emissions under a dual-blend ethanol mandate: Evidence from a natural experiment," Energy Economics, Elsevier, vol. 64(C), pages 45-54.
    17. Gurung, Anup & Kumar Ghimeray, Amal & Hassan, Sedky H.A., 2012. "The prospects of renewable energy technologies for rural electrification: A review from Nepal," Energy Policy, Elsevier, vol. 40(C), pages 374-380.
    18. Nepal, Rabindra, 2012. "Roles and potentials of renewable energy in less-developed economies: The case of Nepal," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(4), pages 2200-2206.
    19. Zhang, Qianxiao & Shah, Syed Ale Raza & Yang, Ling, 2022. "Modeling the effect of disaggregated renewable energies on ecological footprint in E5 economies: Do economic growth and R&D matter?," Applied Energy, Elsevier, vol. 310(C).
    20. del Río, Pablo & Cerdá, Emilio, 2014. "The policy implications of the different interpretations of the cost-effectiveness of renewable electricity support," Energy Policy, Elsevier, vol. 64(C), pages 364-372.
    21. Davi-Arderius, Daniel & Trujillo-Baute, Elisa & del Río, Pablo, 2023. "Grid investment and subsidy tradeoffs in renewable electricity auctions," Utilities Policy, Elsevier, vol. 84(C).
    22. Masini, Andrea & Menichetti, Emanuela, 2013. "Investment decisions in the renewable energy sector: An analysis of non-financial drivers," Technological Forecasting and Social Change, Elsevier, vol. 80(3), pages 510-524.
    23. S. Niggol Seo, 2015. "Adaptation to Global Warming as an Optimal Transition Process to A Greenhouse World," Economic Affairs, Wiley Blackwell, vol. 35(2), pages 272-284, June.

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