Climate Change Policy and Its Effect on Market Power in the Gas Market
发现欧盟排放交易体系固定碳总量而非价格，显著降低了天然气需求的价格弹性，增强了天然气供应商的市场势力，并放大了气价上涨对电价的影响。基于英国数据的粗略估计显示，勒纳指数可能因此上升50%。
The European Emissions Trading Scheme (ETS) limits CO2 emissions from covered sectors, especially electricity (accounting for about 56%). At €44 billion per annum. the ETS is the largest emissions trading system ever, 40 times larger than US programmes. The article demonstrates that fixing the quantity rather than the price of carbon reduces the price elasticity of demand for gas appreciably, amplifying the market power of gas suppliers, and amplifying the impact of gas price increases on the electricity price. A rough estimate using British data suggests that this could increase the Lerner Index by 50%.