Decarbonizing Electricity Generation with Intermittent Sources of Energy
研究了用风能和太阳能等间歇性可再生能源替代化石燃料发电的政策工具，发现无碳税时需将上网电价和可再生能源配额标准与价格上限和容量支付结合才能实现社会最优能源结构。
We examine policy instruments that aim to decarbonize electricity production by replacing fossil fuel energy with intermittent renewable sources, namely, wind and solar power. We consider a model of investment, production, and storage with two sources of energy: one is clean but intermittent (wind or solar), whereas the other one is reliable but polluting (thermal power). We first determine the first-best energy mix depending on the social cost of polluting emissions. We then show that, to implement the socially efficient energy mix without a carbon tax, feed-in tariffs and renewable portfolio standards must be complemented with a price cap and volume-limited capacity payments.