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Effects of renewable energy use in the energy mix on social welfare

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  • Ahn, Kwangwon
  • Chu, Zhuang
  • Lee, Daeyong

Abstract

This article examines the effects of energy policy on social welfare under the pseudo-social planner's problem. To assess the social welfare effects, we focus on the energy mix as a policy tool and incorporate two factors into the model: cost-efficiency and climate damage. For model calibration, we use U.S. data of levelized cost of energy, carbon dioxide emission intensity, and carbon dioxide concentration in the atmosphere; thus, the analysis is within the scope of the U.S. energy policy. The results show that a 10% increase in the proportion of renewable energy in the energy mix decreases social welfare by 0.753% in the long run. This negative welfare effect of the increase in renewable energy use occurs because the negative effect of reduced cost-efficiency outweighs the positive effect of less climate damage on social welfare. We also find that increased energy policy uncertainty further reduces social welfare. This is because a higher degree of energy policy uncertainty leads to a greater uncertainty in return on capital, which makes rational agents postpone their investment.

Suggested Citation

  • Ahn, Kwangwon & Chu, Zhuang & Lee, Daeyong, 2021. "Effects of renewable energy use in the energy mix on social welfare," Energy Economics, Elsevier, vol. 96(C).
  • Handle: RePEc:eee:eneeco:v:96:y:2021:i:c:s0140988321000797
    DOI: 10.1016/j.eneco.2021.105174
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    More about this item

    Keywords

    Renewable energy; Energy mix; Social welfare; Cost-efficiency; Climate damage;
    All these keywords.

    JEL classification:

    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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