全球智库信息集成服务系统(G2TT): Evaluating the Impacts of the EU-ETS on Prices, Investments and Profits of the Italian Electricity Market

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Evaluating the Impacts of the EU-ETS on Prices, Investments and Profits of the Italian Electricity Market
	Francesca Bonenti; Giorgia Oggioni; Elisabetta Allevi; Giacomo Marangoni
发表日期	2011
出处	Energy: Resources and Markets
出版年	2011
语种	英语
摘要	In this paper we investigate the economic impacts of the European Emission Trading Scheme (EU-ETS) on the Italian electricity market by a power generation expansion model. In particular, we assume that generators make their capacity expansion decisions in a Cournot or in a perfect competition manner. This model is used to measure the effects of the EU-ETS Directives on electricity prices and demand, investments and generators' profits both in an oligopolistic and in a perfectly competitive organization of the power market. We adopt a technological representation of the energy market which is discretized into six geographical zones (North, Center-North, Center-South, South, Sicily, Sardinia) and five virtual poles (Monfalcone, Foggia, Brindisi, Rossano, Priolo) with limited production for a total of eleven zones. We assume that generators operate in different zones connected by interconnections with limited capacity and produce energy by running existing or new plants in which they directly invest. We consider several investment scenarios under the CO2 regulation with and without incentives to renewables. The scenarios also include simulations on future effects of the third EU-ETS phase on the system. Our analysis shows that perfect competition induces generators to invest more than in an oligopolistic framework, but in both market configurations, investments are mainly concentrated in fossil-red plants (CCGT and coal), leaving a small proportion to new wind plants. This happens also in presence of incentives given to renewable technologies. We can thus conclude that investments in a secure and efficient technology like CCGT are preferable compared to those in renewables that cannot be used with continuity. This investment policy affects electricity prices that significantly increase in 2020 compared to their 2009 levels. The raise of electricity prices in 2020 is particularly favorable for generators operating as Cournot players which are able to increase their profits compared to 2009, despite the full auctioning system foreseen for the allocation of CO2 allowance to the power sector in the third EU-ETS phase. The solution of the overall system is found by exploiting the mixed complementarity theoretical framework and solution algorithms. The developed model is implemented as complementarity problems and solved in GAMS using the PATH solver.
特色分类	Q4;Q48
关键词	Complementarity Conditions General Equilibrium Models EU-ETS Italian Electricity Market
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/evaluating-the-impacts-of-the-eu-ets-on-prices-investments-and-profits-of-the-italian-electricity-market/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118008
推荐引用方式 GB/T 7714	Francesca Bonenti,Giorgia Oggioni,Elisabetta Allevi,et al. Evaluating the Impacts of the EU-ETS on Prices, Investments and Profits of the Italian Electricity Market. 2011.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
2012117934461Nota_di（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
2012131933354NDL2011（830KB）	智库出版物		限制开放	CC BY-NC-SA	浏览