Harnessing Renewable Energy in Electric Power Systems

Reflecting its reliance on fossil fuels, the electric power industry produces the majority of the world's greenhouse gas emissions. The need for a revolution in the industry becomes further apparent given that 'decarbonization' means an increasing electrification of other sectors of the economy in particular, through a switch from gasoline to electric vehicles. Of the options for producing electric power without significant greenhouse gas emissions, renewable energy is most attractive to policymakers, as it promises increased national self-reliance on energy supplies and the creation of new industries and jobs, without the safety and political concerns of nuclear power or the unproven technology of carbon capture and storage. Drawing on both economic theory and the experiences of the United States and EU member states, Harnessing Renewable Energy addresses the key questions surrounding renewable energy policies. How appropriate is the focus on renewable power as a primary tool for reducing greenhouse gas emissions? If renewable energy is given specific support, what form should that support take? What are the implications for power markets if renewable generation is widely adopted? Thorough and well-evidenced, this book will be of interest to a broad range of policymakers, the electric power industry, and economists who study energy and environmental issues.

Boaz Moselle is a director and Jorge Padilla a managing director at LECG, an international consulting group focusing on 'economic and financial analyses to provide objective opinions and advice regarding complex disputes and inform legislative, judicial, regulatory, and business decision makers.' Richard Schmalensee is Dean Emeritus and professor of economics and management at MIT's Sloan School of Management, and director of the MIT Center for Energy and Environmental Policy Research.

Chapter 1: Toward a Low-Carbon Future Part I: Technology Chapter 2: Renewable Technology Part II: Renewables, Climate Change and Energy Policy Chapter 3: Climate Change: Where are we and where are we heading? Chapter 4: Renewables and Security of Supply, a European Perspective Chapter 5: Market Failure and the Structure of Externalities Chapter 6: Renewable Energy, Emissions Trading and Energy Efficiency Part III: Renewables and Electric Power Markets Chapter 7: Electricity Wholesale Market Design in a Low Carbon Future Chapter 8: Electricity and Gas Regulation in a Low Carbon World Chapter 9: Investment Incentives In Renewable and Non- Renewable Technologies Chapter 10: Designing a Super Grid Part IV: National Experiences Chapter 11: USA Chapter 12: The European Union Chapter 13: United Kingdom Chapter 14: Germany Chapter 15: Spanish Renewable Strategy. Past Experience, Current Challenges and Future Opportunities Chapter 16: Conclusion