Article
Thermodynamics
Xianyu Yu, Shengxian Ge, Dequn Zhou, Qunwei Wang, Ching-Ter Chang, Xiuzhi Sang
Summary: This paper analyzes the impact of photovoltaic policies on the government and photovoltaic firms through an evolutionary game model and a system dynamics model. The renewable portfolio standards policy has advantages over the feed-in tariff policy, but its incentive measures need improvement. Stakeholders' willingness and subsidy price significantly affect the trading volume of tradable green certificates, while the social welfare of photovoltaic firms is mainly related to the subsidy price. The total amount of government cash subsidy is smaller than the social effect, emphasizing the need for appropriate renewable energy support policies for promoting photovoltaic development and economic growth.
Article
Energy & Fuels
Changgui Dong, Runmin Zhou, Jiaying Li
Summary: Governments offer subsidies to clean technologies, with the impact on technology deployment being difficult to gauge. The case study of China's solar photovoltaic market shows that increasing PV subsidies significantly boosts the development of the national PV market.
Article
Thermodynamics
Dequn Zhou, Zhuojia Dong, Xiuzhi Sang, Qunwei Wang, Xianyu Yu
Summary: This study examines the impact of China's feed-in tariff reduction and tradable green certificate market policies on provincial green total factor productivity (GTFP). The results show that the feed-in tariff reduction policy has a positive effect on GTFP, while the green certificate trading practices have a negative effect. Additionally, the joint implementation of feed-in tariff reduction and tradable green certificate market policies has a positive effect on GTFP.
Article
Energy & Fuels
Chun-Nan Chen, Chun-Ting Yang
Summary: The Taiwanese government aims for 20% renewable energy supply by 2025, with a focus on 20 GW PV capacity. A study shows that investing in small PV systems will be more attractive in the next decade.
Article
Business, Finance
Hanyu Zhang, Martina Assereto, Julie Byrne
Summary: This study evaluates the investment in a large-scale solar power plant using the real-options approach. Incorporating the time-varying volatility of electricity prices and bounded SREC prices, the study finds that deferring the investment generates significant value for the project, which is neglected by the traditional discount cash flow approach. The study also highlights the importance of debt financing for renewable energy investments.
GLOBAL FINANCE JOURNAL
(2023)
Article
Green & Sustainable Science & Technology
Ke Shi, Chuangyi Li, Choongwan Koo
Summary: This study investigated the techno-economic feasibility of mono-Si and poly-Si PV systems in the rooftop area of a commercial building in Hong Kong under the feed-in tariff scheme. The analysis showed that the module energy yield from mono-Si PV system was slightly lower than that of poly-Si system, and the payback periods for the two systems were 8.67 and 8.31 years respectively. The feasibility study aims to provide facility managers with guidance on implementing PV systems in buildings under the feed-in tariff scheme.
Article
Green & Sustainable Science & Technology
Quinny Soares Rocha, Rafaele Almeida Munis, Richardson Barbosa Gomes da Silva, Eli Wilfredo Zavaleta Aguilar, Danilo Simoes
Summary: With the increasing demand for renewable energy investment projects, it is crucial to consider the uncertainties of these projects in economic feasibility analysis and make more accurate investment decisions. This study analyzes the economic viability of investing in photovoltaic panels to generate electricity in a forest nursery through real options analysis. The analysis incorporates managerial flexibilities such as deferral, expansion of energy production capacity, and project abandonment into a binomial decision tree model. The expanded net present value of the project is 79.2% higher than the traditional net present value, capturing the value of flexibilities for managers. The deferral option has the most significant impact on the expanded net present value. Investment projects in photovoltaic panels for electricity production in a forest nursery are economically viable when analyzed through real options.
Article
Business, Finance
Rilwan Sakariyahu, Rodiat Lawal, Nana Abena Kwansa, Ammar Ahmed, Gbenga Adamolekun
Summary: This study examines the impact of participating in an emissions trading scheme (ETS) on firms' future cash holdings using global firm-level data. The findings suggest that ETS membership has a significant influence on cash holdings, with bankruptcy risk, firm growth potential, corporation tax, and financial constraints mitigating this impact. Additionally, the country of operations, continent, and legal origin of the firm also affect the association between ETS and cash holdings. The results are robust across different econometric specifications.
FINANCE RESEARCH LETTERS
(2023)
Article
Economics
Hong Xian Li, Yitao Zhang, Yan Li, Jiaxin Huang, Glenn Costin, Peng Zhang
Summary: Solar energy applications play a crucial role in urban sustainable development and energy investment. This study proposes a Feed-in Tariff determination mechanism based on payback years to incentivize the adoption of residential photovoltaic systems. The results suggest an optimal Feed-in Tariff range for individual energy investors, serving as a reference point for policymakers in adjusting incentive policies.
Article
Energy & Fuels
Dong-xiao Yang, Ya-qiang Jing, Chan Wang, Pu-yan Nie, Peng Sun
Summary: This paper examines the effects of uncertainty on renewable energy production and policies, revealing that feed-in tariff (FIT) has a better incentive effect, while renewable portfolio standard (RPS) offers higher production and profit stability. It is observed that at low cost stages, the intensity of both policies is directly proportional to renewable energy output.
ENERGY STRATEGY REVIEWS
(2021)
Article
Environmental Sciences
Qian Ma, Guang Yan, Xiaohang Ren, Xiaosong Ren
Summary: The emissions trading scheme (ETS) in China has been effective in achieving a double dividend by reducing CO2 emissions and improving economic performance of enterprises. The policy primarily achieves emission reduction through adjusting energy structure and local government regulations at a macro level, and influences economic performance of enterprises through cash flow and technological innovation at a micro level. Overall, the ETS shows potential in contributing to a low-carbon future in China.
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
(2022)
Article
Environmental Studies
Jingyu Qu, Wooyoung Jeon
Summary: Renewable generation sources, especially in Korea, have not yet proven to be economically viable without subsidies. The Renewable Portfolio Standard (RPS) was introduced to transition to a more market-oriented mechanism, but high volatilities in electricity prices and subsidies under the RPS scheme have weakened investment incentives. An analysis on the impact of multiple price volatilities on energy storage projects under the RPS scheme revealed that the optimal trigger price for investment is significantly higher when facing greater price fluctuations, indicating a greater risk for investors. A proposed auction scheme aims to minimize financial burden and ensure a stable investment environment for renewable energy projects.
ENERGY & ENVIRONMENT
(2022)
Article
Environmental Studies
Yuanqi Zhou, Jinqiang Yang, Zhijie Jia
Summary: This study proposes a combination of carbon pricing and tax cuts as a policy mix to encourage firms to invest in energy-efficient technology during economic downturns and periods of low carbon prices. Utilizing a real options model, the optimal timing for companies to make investments in energy efficiency technology is determined, taking into account economic changes, carbon prices, and tax cuts. The case study in China demonstrates the effectiveness of implementing tax cuts within the emissions trading system to incentivize investments in energy efficiency technology by steel firms, particularly during challenging economic situations.
Article
Environmental Studies
Chiara D'Alpaos, Michele Moretto, Paolo Rosato
Summary: Agricultural land and forests have multiple uses and generate multiple sources of utility. In Italy, mushroom picking is allowed on privately owned agricultural land and in forests, which leads to conflicts between landowners and users. These conflicts, along with pressure from users, pose risks to biodiversity in areas already heavily affected by modern agriculture.
Article
Business
Rongting Sun, Kaiqi Wang, Xiangjin Wang, Jie Zhang
Summary: The study found that emissions trading scheme has a significant impact on the corporate performance of high-energy-consuming firms, with a stronger effect in the initial years and a decline by 2016. In regions with high governmental intervention and an underdeveloped legal system, the impact of emissions trading scheme on high-energy-consuming firms is more pronounced.
EMERGING MARKETS FINANCE AND TRADE
(2022)
Article
Management
H. Wang, P. Zhou, Bai-Chen Xie, N. Zhang
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
(2019)
Article
Management
Huayi Chen, P. Zhou
OMEGA-INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE
(2019)
Article
Thermodynamics
Jingliang Jin, Peng Zhou, Chenyu Li, Xiaojun Guo, Mingming Zhang
Review
Management
P. Zhou, Wen Wen
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
(2020)
Article
Management
H. Wang, Chen Pan, Qunwei Wang, P. Zhou
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
(2020)
Article
Economics
Junfei Hu, Huanyue Chen, Peng Zhou, Peng Guo
Summary: This study proposes a real option model to evaluate the value of flexibility and applies it to a waste-to-energy project in Shaanxi, China. The results demonstrate the importance of considering flexibility in subsidy design, with feed-in tariff being the key factor affecting investment subsidy.
Article
Economics
Xiao-Jing Che, P. Zhou, Kah-Hin Chai
Summary: Photovoltaic technology innovation is an important way to achieve energy transition in China. Policy support is necessary for PV technology innovation, and regions should be given more attention. The study found that city-level PV incentive policies have a significant impact on PV technology innovation, but applying too many policies is not always preferable. City-level demand, supply, and environment policies play important roles in urban PV technology innovation.
Article
Thermodynamics
J. Sun, W. Wen, M. Wang, P. Zhou
Summary: Renewable portfolio standards (RPS) is an effective policy tool for energy transition. The Chinese government has released an RPS target allocation scheme to promote renewable electricity consumption. This paper proposes using data envelopment analysis (DEA) to optimize provincial RPS targets in China for efficiency and equity.
Article
Green & Sustainable Science & Technology
Hongyan Zhang, Shuaizhi Gao, Peng Zhou
Summary: The rapid development of digital technologies has had a profound impact on the energy sector, particularly in the field of energy storage. Digitalization has facilitated innovation in energy storage technology, particularly with the help of digitization and Internet of Things strategies. Through coordination between digitalization and energy storage, the development of cross-regional energy systems can be achieved, promoting sustainability and smartness in society.
RENEWABLE & SUSTAINABLE ENERGY REVIEWS
(2023)
Article
Economics
Shuaizhi Gao, Peng Zhou, Hongyan Zhang
Summary: This study examines the impact of the pace of energy transition on urban-rural income gap in China by analyzing empirical data from 30 provinces. The results show an upward trend in China's energy transition performance and highlight the positive role of energy transition in narrowing the income gap. The study also evaluates the moderating effects of various transition policies and environmental factors, providing practical insights for a global just energy transition.
Article
Management
F. Wu, S. Y. Wang, P. Zhou
Summary: Reducing carbon dioxide (CO2) emissions comes with costs, and estimating the marginal abatement cost of CO2 emissions (MCAC) is crucial for decision-making. This study contributes by considering different abatement options and revealing that the MCAC can be negative if switching to lower carbon fuel generates profit. They develop a new approach for estimating the MCAC, considering six alternative abatement options. A case study on China's thermal power industry shows that the least-cost abatement option varies across provinces and years, with switching to cleaner energy being a cost-effective option in most cases.
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
(2023)
Article
Thermodynamics
Qi Wei, Peng Zhou, Xunpeng Shi
Summary: This study uses a natural gas market equilibrium model to analyze the utilization rate and congestion cost of China's long-distance pipelines. The results show that although the total utilization rate of these pipelines is 87%, many segments are congested, indicating the potential for optimization. Introducing congestion fees could help identify the pipelines that need structural improvement and capacity expansion, and the study suggests prioritizing optimization of existing networks, deepening market liberalization, and developing functional storage facilities in China's gas market development.
Article
Economics
Ye Yao, Huibin Du, Hongyang Zou, Peng Zhou, Carlos Henggeler Antunes, Anne Neumann, Sonia Yeh
Summary: This paper provides a retrospective overview of the journal Energy Policy during the period 1973-2022 using bibliometric data. The results show that Energy Policy has a high annual publication volume and citation rate, covering a wide range of topics. The United States and its institutions are the major contributors to the journal.
Article
Urban Studies
Bismark Appiah Addae, Ling Zhang, Peng Zhou, Fandi Wang
Article
Economics
Wen Wen, P. Zhou, Fuqiang Zhang
Article
Economics
Marie-Louise Arlt, David Chassin, Claudio Rivetta, James Sweeney
Summary: This paper examines the impact of real-time pricing and load automation on residential distribution systems. The study finds that implementing real-time pricing can result in an aggregate welfare gain of 39 USD per customer and year. However, it also notes that RTP and load automation may significantly increase peak system load. Introducing a market-based demand management system can further enhance welfare gains and reduce grid investment.
Article
Economics
Javier Jorquera-Copier, Alvaro Lorca, Enzo Sauma, Stefan Lorenczik, Matias Negrete-Pincetic
Summary: As countries update their climate ambitions, low-carbon hydrogen production and use present opportunities for emissions reductions and economic development. A case study for Chile shows that integrating hydrogen and electricity networks can lower system costs and enhance renewable integration, but policy support is needed to address concerns related to water and land use.
Article
Economics
Dawit Guta, Hisham Zerriffi, Jill Baumgartner, Abhishek Jain, Sunil Mani, Darby Jack, Ellison Carter, Guofeng Shen, Jennifer Orgill-Meyer, Joshua Rosenthal, Katherine Dickinson, Rob Bailis, Yuta Masuda
Summary: Household solid fuel use is detrimental to health and the environment. The Indian government's PMUY subsidy has successfully promoted the adoption of LPG by millions of households. However, there is limited understanding of the decision-making process to reduce solid fuel use after transitioning to cleaner fuels. This study found that factors such as household wealth, social status, education level, and the prevalence of LPG use in the village are positively associated with LPG consumption and the discontinuation of solid fuel use. On the other hand, factors such as distance to LPG refill delivery, household size, and the PMUY subsidy are negatively associated with the share of LPG use.
Article
Economics
Nicolas Morell-Dameto, Jose Pablo Chaves-Avila, Tomas Gomez San Roman, Pablo Duenas-Martinez, Tim Schittekatte
Summary: This paper assesses the performance of differently implemented forward-looking network tariff designs and proposes an innovative coordination mechanism to increase predictability in a future with many flexible customers. The study reveals that if large shares of customers synchronize their responses to highly time-varying and locational-specific network charges, it can lead to unexpected reinforcements.
Article
Economics
Alexandra Gritz, Guntram Wolff
Summary: Russia's weaponization of gas supplies shook the energy security of Central and Eastern Europe in 2022. The region responded by increasing alternative energy supplies and developing new gas supply routes. Renewable energy, nuclear energy, and hydrogen play important roles in the long-term. Mitigating the impact of this shock requires the EU to prioritize the integrity of its energy market.
Article
Economics
Jaroslaw Kantorowicz, Marion Collewet, Matthew DiGiuseppe, Hendrik Vrijburg
Summary: Economic costs are a major political obstacle to investing in climate change mitigation and adaptation measures. The method of financing plays a crucial role in determining public opposition to government green investments, with debt financing being less opposed than broad-based taxes. This study suggests that credit market tools, such as green bonds and debt for climate swaps, can be politically efficient in increasing support for green financing. Carbon taxes and wealth taxes are found to be the most preferred options.
Article
Economics
Kun Guo, Liyuan Luan, Xiaoli Cai, Dayong Zhang, Qiang Ji
Summary: This paper investigates China's energy trade stability using a survival analysis approach. It finds that the energy trade linkages between China and 153 other countries are complex and unstable, with short periods of trade with many countries. Geopolitically risky regions, such as the Middle East and Africa, have the lowest trade stability. Climate risks have significant effects on energy trade stability. The paper proposes several policy options to improve energy trade stability in China, with special attention to increasing global climate risks.
Article
Economics
Simona Bigerna, Piyush Choudhary, Nikunj Kumar Jain, Silvia Micheli, Paolo Polinori
Summary: This study estimates the willingness to pay of Indian urban consumers for a continuous supply of electricity using contingent valuation method. The findings show that the amount consumers are willing to pay depends on the duration of power outages, with households preferring shorter outages. Income and environmental attitude also positively influence higher willingness to pay. These insights can inform policymakers in designing more reliable and customer-centric energy generation and distribution models.
Article
Economics
Temilade Sesan, Unico Uduka, Lucy Baker, Okechukwu Ugwu, Ewah Eleri, Subhes Bhattacharyya
Summary: This study examines the impact of the regulatory framework on rural electrification and universal energy access goals in Nigeria's mini-grid sector. The findings suggest that while the current framework has fostered sector growth, additional measures are necessary to ensure equitable distribution of access among rural populations.
Article
Economics
Rui Shan, Noah Kittner
Summary: Energy storage is a cornerstone in decarbonization planning as it reduces operational costs and greenhouse gas emissions, while enhancing resilience and renewables integration. However, storage developers in different regions have varying economic and environmental considerations, thereby requiring policy intervention to achieve long-term emission reductions.
Article
Economics
Tung Durmaz, Sevil Acar, Simay Kizilkaya
Summary: This study investigates the phenomenon of strategic capacity withholding in the Turkish electricity market and its relationship with the capacity remuneration mechanism. The empirical results provide strong evidence of strategic capacity withholding and show that the capacity mechanism contributes to the duration of failures. The study offers important insights for policymakers, including the implementation of a random verification mechanism and restructuring of the capacity mechanism in Turkey.
Article
Economics
Tii N. Nchofoung
Summary: The study finds that oil price shocks have a negative impact on Africa's energy transition, particularly in rural areas and net crude oil exporting countries. However, oil price shocks cannot explain the urban-rural differences in clean energy access. Therefore, increasing investment in clean energy and technologies in rural areas is necessary to enhance the resilience of the energy sector to oil price shocks.
Article
Economics
Najia Saqib, Muhammad Usman, Ilhan Ozturk, Arshian Sharif
Summary: This study examines the impact of environmental technologies, financial growth, and energy use on ecological footprint and green growth. Environmental innovation and renewable energy deployment contribute to green growth, while financial expansion and non-renewable energy use have negative effects on the environment. The study also identifies causal relationships between different factors.
Article
Economics
Yessica C. Y. Chung, Noxolo Kunene, Hung-Hao Chang
Summary: The Renewable Energy Certificate (REC) is considered an innovative technology for building a green society. This study investigates the impact of REC purchases on stock return and volume in Taiwan between 2017 and 2021. The findings suggest that REC purchases have a positive effect on stock returns of manufacturing firms but not service firms. The frequency of REC purchases is also an important factor in the relationship between REC purchase and firm value. Additionally, the study reveals that public attention to environmental pollution plays a crucial role in positive stock returns and volume, while ESG disclosure is negatively associated with returns and volume.
Article
Economics
Seife Ayele, Wei Shen, Yacob Mulugetta, Tadesse Kuma Worako
Summary: This paper addresses the challenges of governing energy procurement from a mix of non-hydropower renewable energy sources supplied by independent producers. Building on political economy analysis and five case studies of independent producer projects from Ethiopia, it seeks to understand the root causes of the protracted delays and limited extent of procurement by independent producers. The key contestations lie in managing long term contracts, risk, uncertainty and in developing the institutional and human capacity to transition.
