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A vision of the European energy future? : the impact of the German response to the Fukushima earthquake
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Grossi, Luigi, Heim, Sven and Waterson, Michael (2014) A vision of the European energy future? : the impact of the German response to the Fukushima earthquake. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (TWERPS), Volume 2014 (Number 1047). (Unpublished)
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Abstract
The German response to the Fukushima nuclear power plant incident was possibly the most significant change of policy towards nuclear power outside Japan, leading to a sudden and very significant shift in the underlying power generation structure in Germany. This provides a very useful natural experiment on the impact of increasing proportions of renewable compared to conventional fuel inputs into power production, helping us to see how changed proportions in future as a result of policy moves in favour of renewables are likely to impact. We find through quasi-experimental exploration of a modified demand-supply framework that despite the swift, unpredicted change, the main impact was a significant increase in prices, partly caused by more frequent situations with unilateral market power. The price impact was also most significant in off-peak hours leading to changed investment incentives. There were no appreciable quantity effects on the market, such as power outages, contrary to some views that the impacts would be significant. Furthermore, we find the sudden and unilateral phase-out decision by the German government has significantly affected electricity prices and thus competitiveness in neighbouring countries.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Alternative Title: | |||||
Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Fukushima Nuclear Disaster, Japan, 2011, Renewable energy sources -- Germany, Nuclear industry -- Germany, Energy industries, Electric utilities -- Prices | ||||
Series Name: | Warwick economics research papers series (TWERPS) | ||||
Publisher: | University of Warwick. Department of Economics | ||||
Place of Publication: | Coventry | ||||
Official Date: | May 2014 | ||||
Dates: |
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Volume: | Volume 2014 | ||||
Number: | Number 1047 | ||||
Number of Pages: | 43 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 28 July 2016 | ||||
Date of first compliant Open Access: | 28 July 2016 | ||||
Funder: | Italy. Ministero dell'istruzione, dell'università e della ricerca (MIUR), Helmholtz Allianz Energy-Trans, Engineering and Physical Sciences Research Council (EPSRC) | ||||
Version or Related Resource: | Also in the CAGE working paper series. University of Warwick. Department of Economics, Number 2014/191 |
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