The Stability Reserve in EU Carbon Emission Trading: Does it Deliver What it Promises?
作者： E.J.L. Chappin , J.C. Richstein , L.J. De Vries
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摘要: In recent years the Europe Unions emission trading system (EU ETS) has experienced very low prices. This triggered a political discussion about stabilising EU ETS and improving incentives for investing in CO2 abatement. As result of this discussion, parliament accepted proposal commission on backloading allowances (EUA), where auctioning EUAs is postponed to future time periods. Secondly proposed market stability reserve (MSR), which quantity based stabilisation policy, by amount circulation. Both policy measures together mark significant change framework. Using an agent-based electricity simulation with endogenous investment (including banking), we analyse reform reserve. We find have short-term impact prices; however, without shows risk high prices volatility. The might act counter its objectives: found it create scarcity credits following price shocks because target corridor banking MSR set below hedging need power producers.
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