Towards a green energy economy? The EU Energy Union’s transition to a low-carbon zero subsidy electricity system – Lessons from the UK’s Electricity Market Reform
David M Newbery ()
Applied Energy, 2016, vol. 179, issue C, 1321-1330
The 2015 EU Energy Union Package proposes integrating renewables into the market, just as the UK has moved away from Premium Feed-in Tariffs (FiTs) for renewable electricity supply (RES-E) to something closer to the standard FiT, which, when auctioned, demonstrated a 3% real fall in the weighted average cost of capital (WACC). The UK, which has experimented with nearly all forms of RES-E support, offers the evidence base for designing the Energy Union’s RES-E support. Innovation needs a further redesign to deliver adequate funding, best done through country contributions to an EU-wide innovation competition.
Keywords: Renewable electricity; Support mechanisms; Auctions; Contract design; Innovation support (search for similar items in EconPapers)
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