Bondarev, Anton and Weigt, Hannes. (2018) Sensitivity of energy system investments to policy regulation changes: too many, too fast? Energy policy, 119. pp. 196-205.
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Official URL: https://edoc.unibas.ch/67972/
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Abstract
In this paper we argue, that the interaction of energy policy regulations in the European electricity sector may be described by the slow-fast class of dynamical systems. Such systems may exhibit drastic changes in their dynamics known as bifurcations; one important being the so called blue sky catastrophe. Once reaching such a state, the slow system becomes unresponsive to the changes in the fast system. For the energy-policy nexus this translates into the energy system becoming unresponsive to policy interventions leading to a freeze in the system dynamics. Application of this result allows us to argue that caution is needed when updating economic policies to achieve a faster transition towards a low carbon energy supply structure. To avoid this risk the policy design should be aimed at long term incentive structures with less frequent but more consistent interventions.
Faculties and Departments: | 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Energieökonomik (Weigt) 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Umweltökonomie (Krysiak) |
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UniBasel Contributors: | Bondarev, Anton A. and Weigt, Hannes |
Item Type: | Article, refereed |
Article Subtype: | Research Article |
Publisher: | Elsevier |
ISSN: | 0301-4215 |
Note: | Publication type according to Uni Basel Research Database: Journal article |
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Identification Number: | |
Last Modified: | 09 Jan 2019 14:14 |
Deposited On: | 09 Jan 2019 14:14 |
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