Publication

Energy and Carbon Markets: Empirical Law and Economics Studies

Jong, T., 2018, [Groningen]: University of Groningen. 194 p.

Research output: ThesisThesis fully internal (DIV)Academic

APA

Jong, T. (2018). Energy and Carbon Markets: Empirical Law and Economics Studies. [Groningen]: University of Groningen.

Author

Jong, Thijs. / Energy and Carbon Markets : Empirical Law and Economics Studies. [Groningen] : University of Groningen, 2018. 194 p.

Harvard

Jong, T 2018, 'Energy and Carbon Markets: Empirical Law and Economics Studies', Doctor of Philosophy, University of Groningen, [Groningen].

Standard

Energy and Carbon Markets : Empirical Law and Economics Studies. / Jong, Thijs.

[Groningen] : University of Groningen, 2018. 194 p.

Research output: ThesisThesis fully internal (DIV)Academic

Vancouver

Jong T. Energy and Carbon Markets: Empirical Law and Economics Studies. [Groningen]: University of Groningen, 2018. 194 p.


BibTeX

@phdthesis{d0d8d94b8b734b00b62f3dc15e8d821b,
title = "Energy and Carbon Markets: Empirical Law and Economics Studies",
abstract = "This Ph.D. research focuses on the economic effects of energy and carbon market regulations in the EU. Hypotheses derived from Law and Economics, in particular property rights theory, are tested via three EU-wide empirical studies. The overall results are the following:1) The EU Emissions Trading Scheme (EU ETS) is valued by investors as restricting pollution. Recommended is that the carbon market should more often receive signals on the scarcity in the EU ETS. This can be realized by having more moments during the year when firms need to surrender their emission allowances. 2) While large firms should be better able to optimize their usage of emission allowances within firm boundaries, they actually made more use of the carbon market than smaller firms do. This finding affirms that the EU ETS leads to cost savings for these firms.3) The legal competences of National Regulatory Authorities are not aligned to the realizations of energy policy objectives in the energy markets they supervise. Recommended is a readjustment of these competences towards the policy objectives, in addition to a readjustment of the intrusiveness of these competences.The EU ETS registry is also discussed, which is, in fact, the key data source for the first two empirical studies. The elements which can render the registry data incomplete and unequivocal are highlighted, and those which hindered an effective identification of the firms owning the EU allowances. Suggestions are provided for improvements of this registry structure.",
author = "Thijs Jong",
year = "2018",
language = "English",
isbn = "978-94-034-0381-6",
publisher = "University of Groningen",
school = "University of Groningen",

}

RIS

TY - THES

T1 - Energy and Carbon Markets

T2 - Empirical Law and Economics Studies

AU - Jong, Thijs

PY - 2018

Y1 - 2018

N2 - This Ph.D. research focuses on the economic effects of energy and carbon market regulations in the EU. Hypotheses derived from Law and Economics, in particular property rights theory, are tested via three EU-wide empirical studies. The overall results are the following:1) The EU Emissions Trading Scheme (EU ETS) is valued by investors as restricting pollution. Recommended is that the carbon market should more often receive signals on the scarcity in the EU ETS. This can be realized by having more moments during the year when firms need to surrender their emission allowances. 2) While large firms should be better able to optimize their usage of emission allowances within firm boundaries, they actually made more use of the carbon market than smaller firms do. This finding affirms that the EU ETS leads to cost savings for these firms.3) The legal competences of National Regulatory Authorities are not aligned to the realizations of energy policy objectives in the energy markets they supervise. Recommended is a readjustment of these competences towards the policy objectives, in addition to a readjustment of the intrusiveness of these competences.The EU ETS registry is also discussed, which is, in fact, the key data source for the first two empirical studies. The elements which can render the registry data incomplete and unequivocal are highlighted, and those which hindered an effective identification of the firms owning the EU allowances. Suggestions are provided for improvements of this registry structure.

AB - This Ph.D. research focuses on the economic effects of energy and carbon market regulations in the EU. Hypotheses derived from Law and Economics, in particular property rights theory, are tested via three EU-wide empirical studies. The overall results are the following:1) The EU Emissions Trading Scheme (EU ETS) is valued by investors as restricting pollution. Recommended is that the carbon market should more often receive signals on the scarcity in the EU ETS. This can be realized by having more moments during the year when firms need to surrender their emission allowances. 2) While large firms should be better able to optimize their usage of emission allowances within firm boundaries, they actually made more use of the carbon market than smaller firms do. This finding affirms that the EU ETS leads to cost savings for these firms.3) The legal competences of National Regulatory Authorities are not aligned to the realizations of energy policy objectives in the energy markets they supervise. Recommended is a readjustment of these competences towards the policy objectives, in addition to a readjustment of the intrusiveness of these competences.The EU ETS registry is also discussed, which is, in fact, the key data source for the first two empirical studies. The elements which can render the registry data incomplete and unequivocal are highlighted, and those which hindered an effective identification of the firms owning the EU allowances. Suggestions are provided for improvements of this registry structure.

M3 - Thesis fully internal (DIV)

SN - 978-94-034-0381-6

PB - University of Groningen

CY - [Groningen]

ER -

ID: 53210538