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The impact of the European Union Emission Trading Scheme on electricity generation sectors

Auteur : KIRAT Djamel, AHAMADA Ibrahim
Année de Publication : 2009
Type : Etude
Thème : Energie et mines
Couverture : France

Résumé/Sommaire :

In order to comply with their commitments under the Kyoto Protocol, France and Germany participate

to the European Union Emission Trading Scheme (EU ETS) which concerns predominantly electricity gen-

eration sectors. In this paper we seek to know if the EU ETS gives appropriate economic incentives for an

e¢ cient and strong system in line with Kyoto commitments. Because if so electricity producers in these coun-

tries should include the price of carbon in their costs functions. After identifying the di¤erent sub periods of

the EU ETS during its pilot phase (2005-2007), we model the prices of various electricity contracts and look

at their volatilities around their fundamentals while evaluating the correlation between the electricity prices

in the two countries. We .nd that electricity producers in both countries were constrained to include the

carbon price in their cost functions during the .rst two years of operation of the EU ETS. During this period,

German electricity producers were more constrained than their French counterparts and the inclusion of the

carbon price in the cost function of electricity generation has been so much more stable in Germany than in

France. Furthermore, the European market for emission allowances has increased the market power of the

historical French electricity producer and has greatly contributed to the partial alignment of the wholesale

price of electricity in France with those of Germany.

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