Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Renewable Energy Policy and Economic Effects Location: B002 Session Chair: Antonio Bento, University of Southern California | |
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The Effects of Marginal Clean Electricity Subsidies on Electricity Capacity and Emissions Yale University, United States of America In 2023, the US introduced a marginal subsidy for utility-scale clean electricity called the Energy Community Bonus, affecting about half of US counties. I use this spatial variation in subsidy levels to estimate how subsidies affect new clean electricity capacity. Over the past three years, the Energy Community Bonus increased clean electricity capacity additions in subsidized areas by about 72 percent. In the longer run, based on outcomes for proposed clean electricity projects, the policy more than doubles capacity additions. I calculate a marginal value of public funds of about 9 for solar and wind subsidies, and about 3 for battery subsidies. Finally, I ask how the cost-effectiveness of emissions abatement for the Energy Community Bonus compares to a revenue-neutral, spatially constant subsidy. This place-based subsidy yields more cost-effective carbon abatement in the case of wind and solar subsidies, with a global welfare gain of about $1.5 billion per year of long-run subsidy effect. However, the place-based subsidy is less cost-effective for battery storage, with a welfare loss of about $1.6 billion per year. | |