Emissions Trading in Forward and Spot Markets for Electricity

被引：1

作者：

Tanaka, Makoto ^{[2
]}

Chen, Yihsu ^{[1
]}

机构：

[1] Univ Calif Merced, Sch Engn, Sch Social Sci Humanities & Arts, Merced, CA 95343 USA

[2] Natl Grad Inst Policy Studies GRIPS, Minato Ku, Tokyo 1068677, Japan

来源：

ENERGY JOURNAL | 2012年 / 33卷 / 02期

关键词：

Cap-and-Trade; Market Power; Forward Contract; POWER; COMPETITION; EQUILIBRIA; MODEL;

D O I：

10.5547/01956574.33.2.9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Tradable allowances have received considerable attention in recent years. One emerging issue is their interaction with electricity markets. This paper extends the model of Allaz and Vila (1993) by incorporating emissions trading with forward and spot markets for electricity. We focus on the effects of strategic forward position and initial allowances allocation on the equilibrium outcomes. We find that firms with a dirty portfolio would have stronger incentives to take a long position in the forward market to raise the electricity price. Increasing the amount of allowances assigned to clean firms leads to a reduction in electricity and allowance prices.

引用

页码：195 / 221

页数：27

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