【Marco/ Empirical Seminar】Are Carbon Markets Reshaping the U.S. Electricity Industry?
2024/07/09
研討會日期 : 2024-07-09
時間 : 14:30
主講人 : Professor Matthew Zaragoza-Watkins
地點 : B110會議室
主持人 : Professor Wen-Jen Tsay
演講者簡介 : Professor Matthew Zaragoza-Watkins received his PhD from UC Berkeley in 2014. He is an Adjunct Professor at the University of California at Davis. His research expertise includes industrial organization, environmental economics, and applied econometrics
演講摘要 : To reduce global greenhouse gas emissions, many governments are experimenting with market-based policies that aim to regulate a mixture of local sources and emissions-intensive imports. This study evaluates the effects of California’s cap-and-trade policy, which includes imported electricity, on emissions and output from fossil-fired power plants connected to the western electricity grid. It uses a novel machine learning approach to compare outcomes at fossil-fired power plants in the western US with similar plants in other regions. We find that California’s policy did not change the total quantity of fossil-fired (or non-fossil) electricity supplied to the grid, but it did shift generation from more to less emissions-intensive power plants. We also find evidence of some leakage driven by adverse selection. We estimate that the policy caused 123 million metric tonnes (MMT) of real emissions reductions, but also 160 MMT of reshuffling, which reduced the abatement required from other capped sources.
