Differential Environmental Regulation: Effects on Electric Utility Capital Turnover and Emissions

Randy Nelson, Tom Tietenberg and Michael R Donihue

The Review of Economics and Statistics, 1993, vol. 75, issue 2, 368-73

Abstract: This paper tests the hypothesis that differential regulations reduced the rate of capital turnover in the electric utility industry, resulting in increased emissions of sulfur dioxide. Based on a sample of forty-four privately owned electric utilities operating over the period 1969-83, the authors' results indicate that (1) regulation increased the age of capital by an average of 3.29 years (24.6 percent); (2) increases in the age of capital have no statistically significant impact on emissions; and (3) in the absence of regulation, emissions would have increased by 3.79 tons per million kWhs (34.6 percent). Copyright 1993 by MIT Press.

Date: 1993
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