Interactions and distortions of different support policies for green hydrogen

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-11-16 DOI:10.1016/j.eneco.2024.108042

Alexander Hoogsteyn , Jelle Meus , Kenneth Bruninx , Erik Delarue

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引用次数: 0

Abstract

This paper explores various policies to support climate-neutral hydrogen production, focusing on their interaction with energy markets and cap-and-trade systems such as the EU emission trading scheme. We develop and deploy a state-of-the-art equilibrium model to examine the effect of hydrogen support policies on the interactions between hydrogen, electricity and emission markets. Our analysis shows that mechanisms remunerating hydrogen production can distort spot prices of electricity and hydrogen more strongly than mechanisms that remunerate hydrogen production capacity. Hydrogen support mechanisms furthermore promote renewable electricity production and deter investment in conventional generation assets. The associated decrease in emissions in the power sector leads to an increase of emissions in the industrial and hydrogen sector due to the waterbed effect in the EU emission trading scheme. Our case study on an emission-capped area inspired by the EU shows that the operational distortions that production-based mechanisms exhibit, typically increase costs more than the investment distortions that capacity-based mechanisms entail.

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绿色氢不同支持政策的相互作用与扭曲

本文探讨了支持气候中性氢生产的各种政策，重点关注它们与能源市场和欧盟排放交易计划等限额与交易系统的相互作用。我们开发并部署了一个最先进的平衡模型，以检验氢支持政策对氢、电和排放市场之间相互作用的影响。我们的分析表明，补偿制氢的机制比补偿制氢能力的机制更能扭曲电力和氢的现货价格。氢支持机制进一步促进了可再生电力的生产，并阻止了对传统发电资产的投资。由于欧盟排放交易计划中的水床效应，电力部门相关排放量的减少导致工业和氢部门排放量的增加。我们在欧盟的启发下对排放上限地区进行了案例研究，结果表明，基于生产的机制所表现出的运营扭曲，通常比基于能力的机制所带来的投资扭曲更能增加成本。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.