| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30016 |
| 来源ID | Working Paper 30016 |
| The Dynamic Impact of Market Integration: Evidence from Renewable Energy Expansion in Chile | |
| Luis E. Gonzales; Koichiro Ito; Mar Reguant | |
| 发表日期 | 2022-05-09 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Effective and economical expansion of renewable energy is one of the most urgent and important challenges of addressing climate change. However, many countries are facing a problem because existing network infrastructures (i.e., transmission networks) were not originally built to accommodate renewables, which creates disconnections between demand centers and renewable supply. In this paper, we study the static and dynamic impacts of market integration on renewable energy expansion. Our theory highlights that statically, market integration improves allocative efficiency by gains from trade, and dynamically, it incentivizes new entry of renewable power plants. Using two recent grid expansions in the Chilean electricity market, we empirically test our theoretical predictions and show that commonly-used event study estimation underestimates the dynamic benefits if renewable investments occur in anticipation of market integration. We build a structural model of power plant entry and show how to correct for such bias. We find that market integration resulted in price convergence across regions, increases in renewable generation, and decreases in generation cost and pollution emissions. Furthermore, a substantial amount of renewable entry would not have occurred in the absence of market integration. We show that ignoring this dynamic effect would substantially understate the benefits of transmission investments. |
| 主题 | Industrial Organization ; Industry Studies ; Environmental and Resource Economics ; Energy ; Environment |
| URL | https://www.nber.org/papers/w30016 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587689 |
| 推荐引用方式 GB/T 7714 | Luis E. Gonzales,Koichiro Ito,Mar Reguant. The Dynamic Impact of Market Integration: Evidence from Renewable Energy Expansion in Chile. 2022. |
| 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 | ||
| w30016.pdf（1168KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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