Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2017.07.059 |
Does California's CO2 price affect wholesale electricity prices in the Western USA? | |
Woo, C. K.1; Olson, A.2; Chen, Y.3; Moore, J.2; Schlag, N.2; Ong, A.2; Ho, T.4 | |
2017-11-01 | |
发表期刊 | ENERGY POLICY
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ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2017 |
卷号 | 110页码:43727 |
文章类型 | Article |
语种 | 英语 |
国家 | Peoples R China; USA |
英文摘要 | Using a sample of daily market data, we quantify the effect of California's CO2 cap-and-trade program on the wholesale electricity prices of four interconnected market hubs in the Western U.S.A.: North of Path 15 (NP15) and South of Path 15 (SP15) in California, Mid-Columbia (Mid-C) in the Pacific Northwest, and Palo Verde (PV) in the Desert Southwest. A $1/metric ton increase in California's CO2 price is estimated to have increased the electricity prices by $0.41/MWh (p-value < 0.0001) for NP15, $0.59/MWh (p-value < 0.0001) for SP15, $0.41/MWh (p-value = 0.0056) for Mid-C, and $0.15/MWh (p-value = 0.0925) for PV. These estimates reflect: (a) the NP15 and SP15 sellers' pricing behavior of fully including the CO2 price in their intra-state transactions; (b) the Mid-C price's 100% pass-through of the CO2 price in the Pacific Northwest's hydro export to California; and (c) the statutory obligation of paying the CO2 emissions cost by California's buyers of the electricity imported from the Desert Southwest. The policy implication is that internalization of CO2's externality in the Western U.S.A. requires a cap-and-trade program with a regional scope that encompasses all four hubs, thereby remedying the California program's limited geographic coverage which introduces distortions in neighboring markets. |
英文关键词 | Cap-and-trade program CO2 price Wholesale electricity prices California Western USA |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000417660800002 |
WOS关键词 | COST PASS-THROUGH ; RENEWABLE ENERGY ; EMISSIONS ; PHASE |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/19258 |
专题 | 气候变化 |
作者单位 | 1.Educ Univ Hong Kong, Dept Asian & Policy Studies, 10 Lo Ping Rd, Tai Po, Hong Kong, Peoples R China; 2.Energy & Environm Econ Inc E3, 101 Montgomery St,Suite 1600, San Francisco, CA 94104 USA; 3.UC Santa Cruz, Jack Baskin Sch Engn, Dept Technol Management, Santa Cruz, CA 95064 USA; 4.Wing Fai Ctr, Flat H,16-F,Block 3, Fanling, Hong Kong, Peoples R China |
推荐引用方式 GB/T 7714 | Woo, C. K.,Olson, A.,Chen, Y.,et al. Does California's CO2 price affect wholesale electricity prices in the Western USA?[J]. ENERGY POLICY,2017,110:43727. |
APA | Woo, C. K..,Olson, A..,Chen, Y..,Moore, J..,Schlag, N..,...&Ho, T..(2017).Does California's CO2 price affect wholesale electricity prices in the Western USA?.ENERGY POLICY,110,43727. |
MLA | Woo, C. K.,et al."Does California's CO2 price affect wholesale electricity prices in the Western USA?".ENERGY POLICY 110(2017):43727. |
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