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Pricing Energy Resources Under Transition to Alternative Energy

In: Natural Resource Pricing and Rents

Author

Listed:
  • Andrey Vavilov

    (Institute for Financial Studies)

  • Georgy Trofimov

    (Institute for Financial Studies)

Abstract

Resource pricing has specific features in the presence of alternative technologies providing substitutes for conventional non-renewable resources. The sources of alternative energy for fossil fuels include wind, solar and biofuel energy. In this chapter, we consider a model of gradual energy transition for an energy-supplying industry. Exhaustion of a conventional non-renewable resource in this model causes a decline of the relative price of alternative energy. The market share of this energy in the energy mix of consumers is increasing as a result of gradual substitution of renewables for conventional resources. An important property demonstrated below is the Green Paradox: a higher consumer preference for alternative energy implies a higher intensity of the conventional resource extraction in the near term.

Suggested Citation

  • Andrey Vavilov & Georgy Trofimov, 2021. "Pricing Energy Resources Under Transition to Alternative Energy," Contributions to Economics, in: Natural Resource Pricing and Rents, chapter 0, pages 77-106, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-76753-2_4
    DOI: 10.1007/978-3-030-76753-2_4
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