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Carbon Content of Electricity Futures in Phase II of the EU ETS
Open accessAbstract
We estimate the relationship between electricity, fuel and carbon prices in Germany, France, the Netherlands, the Nord Pool market and Spain, using one-year futures for base and peakload prices for the years 2008-2011, corresponding to physical settlement during the second market phase of the EU ETS. We employ a series of estimation methods that allow for an increasing interaction between electricity and input prices on the one hand, and between electricity markets on the other. The results vary by country due to different generation portfolios. Overall, we find that (a) carbon costs are passed through fully in most countries; (b) under some model specifications, cost pass-through is higher during peakload than during baseload for France, Germany and the Netherlands; and (c) the results are sensitive to the degree of cross-commodity and cross-market interaction allowed.
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“In the meantime the carbon cost is passed through to output prices in particular in the electricity sector which faces little international competition (Fabra and Reguant, 2014; Sijm et al., 2008; Fell et al., 2015; Hintermann, 2016).”
From The joint impact of the European Union emissions trading system on carbon emissions and economic performance (2023) · cites this paper as Fell et al., 2015
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References 14 · Cited by 44
Research works printed but not linked: 16
- 10.1002/jae.1095 · DOI
- 10.3386/w7654 · DOI
- 10.5547/ISSN0195-6574-EJ-Vol31-No2-1 · DOI
- 10.21314/JEM.2009.034 · DOI
- 10.1007/s10640-010-9435-9 · DOI
- Hintermann Beat, Peterson Sonja, Rickels Wilfried (2014). “Price and Market Behavior in Phase II of the EU ETS.” Review of Environmental Economics and Policy (forthcoming).
- Hintermann Beat (2014). “Pass-through of CO2 emission costs to hourly electricity prices in Germany.” CESifo Working Paper No. 4964. · DOI
- 10.1093/0198774508.001.0001 · DOI
- 10.1007/s10640-010-9362-9 · DOI
- Energy Economics, 36, 312, 10.1016/j.eneco.2012.08.028 · DOI
- 10.1007/978-3-540-27752-1 · DOI
- 10.1016/S0165-1765(97)00214-0 · DOI
- Pouret Laurent, 2009, Nuclear Future, 5, 333
- 10.1080/14693062.2006.9685588 · DOI · Paper page
- 10.1080/14693062.2006.9685587 · DOI · Paper page
- 10.1016/j.econlet.2007.09.024 · DOI
Metadata
- Authors
- Fell, H., Hintermann, B., & Vollebergh, H.
- Affiliations
- Colorado School of Mines (US)
- University of Basel (CH)
- Netherlands Environmental Assessment Agency (NL)
- Corresponding author
- Hintermann, Beat
- Venue
- The Energy Journal
- Publisher
- SAGE Publications
- Published
- 2015-10
- Volume
- 36
- Issue
- 4
- Pages
- 61-84
- ISSN
- 0195-6574 (ISSN-L)
- 1944-9089
- OpenAlex
- W3121374126
- Cited by
- 44
- References
- 14
- Citations by year
- 2026: 2 · 2025: 3 · 2024: 2 · 2023: 2 · 2022: 4 · 2021: 3 · 2020: 1 · 2019: 6 · 2018: 3 · 2017: 2 · 2016: 4 · 2015: 5
- FWCI
- 10.96
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- The Energy Journal (publishedVersion)
- SSRN Electronic Journal (publishedVersion)
- Research portal (Tilburg University) (publishedVersion)
- edoc (University of Basel) (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Data Archiving and Networked Services (DANS) (submittedVersion)
- Econstor (Econstor) (submittedVersion)
- edoc (University of Basel)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Climate Change Policy and Economics
- Physical Sciences › Energy › Renewable Energy, Sustainability and the Environment › Renewable energy and sustainable power systems
- Physical Sciences › Engineering › Electrical and Electronic Engineering › Electric Power System Optimization
- Keywords
- electricity futures, electricity prices, fuel prices, baseload power, generation portfolio, Nord Pool
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- Fell, H., Hintermann, B., & Vollebergh, H. (2015). Carbon Content of Electricity Futures in Phase II of the EU ETS. The Energy Journal. https://doi.org/10.5547/01956574.36.4.hfel
