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A vision of the European energy future? : the impact of the German response to the Fukushima earthquake
Grossi, Luigi
;
Heim, Sven
;
Waterson, Michael
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URL:
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https://ub-madoc.bib.uni-mannheim.de/36977
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URN:
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urn:nbn:de:bsz:180-madoc-369777
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2014
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Titel einer Zeitschrift oder einer Reihe:
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ZEW Discussion Papers
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Band/Volume:
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14-051
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Ort der Veröffentlichung:
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Mannheim
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
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MADOC-Schriftenreihe:
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Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
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Fachgebiet:
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330 Wirtschaft
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Fachklassifikation:
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JEL:
L51 , L94 , Q41 , Q48 , Q54,
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Freie Schlagwörter (Englisch):
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Electricity markets , Atomausstieg , German power market , nuclear outages , renewables
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Abstract:
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The German response to the Fukushima nuclear power plant incident was possibly the most
significant change of policy towards nuclear power outside Japan, leading to a sudden and very
significant shift in the underlying power generation structure in Germany. This provides a very useful
natural experiment on the impact of increasing proportions of renewable compared to conventional
fuel inputs into power production, helping us to see how changed proportions in future as a result
of policy moves in favour of renewables are likely to impact. We find through quasi-experimental
exploration of a modified demand-supply framework that despite the swift, unpredicted change, the
main impact was a significant increase in prices, partly caused by more frequent situations with
unilateral market power. The price impact was also most significant in off-peak hours, leading to
changed investment incentives. There were no appreciable quantity effects on the market, such as
power outages, contrary to some views that the impacts would be significant. Furthermore, we find
the sudden and unilateral phase-out decision by the German government has significantly affected
electricity prices and thus competitiveness in neighbouring countries.
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