Investment in Renewables under Uncertainty: Fitting a Feed-in Scheme into ETS
研究了上网电价机制与碳减排政策重叠时对可再生能源投资激励的影响，发现政策类型不同结果迥异，并指出欧盟市场稳定储备（MSR）实施后，德国和意大利的混合电价机制可能更适配，而法国和英国需调整。
We analyze incentives to invest in renewable energy technologies induced by the overlap of two types of policies: feed-in schemes and carbon mitigation instruments. We find that results differ markedly depending on the specific types of policies in place, reflecting different impacts of uncertainty. As a result, the recent reform to the EU-ETS system that has established the Market Stability Reserve (MSR), effective in 2019, requires to appropriately fine-tune the direct RES-E support schemes. We show that this may involve moving away from feed-in tariffs towards feed-in premia. Our results suggest that the schemes currently adopted in Germany and in Italy, broadly based on feed-in premia for large generators and on feed-in tariffs for the small ones, could well fit also the post-MSR EU carbon mitigation policy. To the contrary, other countries (e.g. France and the U.K.) may have to modify their support schemes as the MSR will become operational.