The interplay of carbon offset, renewable energy certificate and electricity markets in Australia
研究了澳大利亚碳抵消（ACCU）、可再生能源证书（REC）与电力市场在2018年5月至2023年6月间的价格关联性，发现ACCU和REC市场间关联不显著，可作为投资组合分散风险的工具，而国家电力市场是风险净接收方，主要受南澳大利亚市场影响，且对冲该风险成本高昂。
Having the world's first national renewable energy certificate (REC) market and a large and diverse (by project types) government-backed carbon offsets (ACCUs) market, Australia provides an interesting context to study the interplay of the offset, REC, and electricity market. We investigate the existence, extent, and direction of the connectedness in prices among these three markets in Australia during May 2018–June 2023 and back-test the implications of the results using a portfolio approach. Our results highlight: 1) an insignificant connectedness between the ACCU and REC markets, implying that the landfill gas offset projects, as a potential linking channel, do not appear to distort either pricing mechanism and that ACCU's and REC's are viable portfolio diversification assets; 2) that the national electricity market (NEM) is a net risk receiver from the ACCU and the REC markets, largely due to the regional electricity market (REM) in South Australia (SA); and 3) that the cost to effectively hedge the risk channeled from the SA market is very expensive, likely reflecting the high penetration of ‘new’ (wind and solar) renewable electricity in SA. • The national electricity market is a net risk receiver from REC and ACCU markets. • South Australia (SA) market is the main net risk channel to the national market. • It is very expensive to hedge the risk from the SA electricity market. • ACCU and REC are viable portfolio diversification assets.