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Valuing the attributes of renewable energy investments

Bergmann, A. and Hanley, N. and Wright, R.E. (2007) Valuing the attributes of renewable energy investments. Energy Policy, 34 (9). pp. 1004-1014. ISSN 0301-4215

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Abstract

Increasing the proportion of power derived from renewable energy sources is becoming an increasingly important part of many countries's strategies to achieve reductions in greenhouse gas emissions. However, renewable energy investments can often have external costs and benefits, which need to be taken into account if socially optimal investments are to be made. This paper attempts to estimate the magnitude of these external costs and benefits for the case of renewable technologies in Scotland, a country which has set particularly ambitious targets for expanding renewable energy. The external effects we consider are those on landscape quality, wildlife and air quality. We also consider the welfare implications of different investment strategies for employment and electricity prices. The methodology used to do this is the choice experiment technique. Renewable technologies considered include hydro, on-shore and off-shore wind power and biomass. Welfare changes for different combinations of impacts associated with different investment strategies are estimated. We also test for differences in preferences towards these impacts between urban and rural communities, and between high- and low-income households.

Item type: Article
ID code: 8738
Keywords: renewable energy, external costs, external benefits, choice experiments, economics, energy policy, Commerce, Economic Theory, Environmental technology. Sanitary engineering
Subjects: Social Sciences > Commerce
Social Sciences > Economic Theory
Technology > Environmental technology. Sanitary engineering
Department: Strathclyde Business School > Economics
Related URLs:
Depositing user: Strathprints Administrator
Date Deposited: 07 Sep 2009 11:49
Last modified: 12 Mar 2012 10:50
URI: http://strathprints.strath.ac.uk/id/eprint/8738

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