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Cheaper, greener and more efficient : rationalising UK carbon prices

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Advani, Arun and Stoye, George (2017) Cheaper, greener and more efficient : rationalising UK carbon prices. Fiscal Studies, 38 (2). pp. 269-299. doi:10.1111/1475-5890.12097 ISSN 0143-5671.

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Official URL: http://dx.doi.org/10.1111/1475-5890.12097

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Abstract

Current UK energy use policies, which primarily aim to reduce carbon emissions, provide abatement incentives that vary by user and fuel, creating inefficiency. Distributional concerns are often given as a justification for the lower carbon price faced by households, but there is little rationale for carbon prices associated with the use of gas to be lower than those for electricity. We consider reforms that raise carbon prices faced by households and reduce the variation in carbon prices across gas and electricity use, improving the efficiency of emissions reduction. We show that the revenue raised from these reforms can be recycled in a way that ameliorates some of the distributional concerns. Whilst such recycling is not able to protect all poorer households, existing policy also makes distributional trade-offs, but does so in an opaque and inefficient way.

Item Type: Journal Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Gas companies -- Rates -- Great Britain, Electric utilities -- Rates -- Great Britain, Energy consumption, Greenhouse gas mitigation -- Great Britain
Journal or Publication Title: Fiscal Studies
Publisher: Wiley-Blackwell Publishing, Inc
ISSN: 0143-5671
Official Date: 9 June 2017
Dates:
DateEvent
9 June 2017Published
24 May 2017Available
19 January 2016Accepted
Volume: 38
Number: 2
Page Range: pp. 269-299
DOI: 10.1111/1475-5890.12097
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access (Creative Commons)
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
11-2886Esmée Fairbairn Foundationhttp://dx.doi.org/10.13039/501100000353
RES-544-28-0001Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269

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