| Title | The diffusion of renewable energy production in European countries: the role of incentives |
|---|---|
| ID_Doc | 32850 |
| Authors | Abbruzzese, M; Infante, D; Smirnova, J |
| Title | The diffusion of renewable energy production in European countries: the role of incentives |
| Year | 2024 |
| Published | |
| Abstract | The green technologies studied in this work can be considered non-drastic innovations, the diffusion process for which is largely influenced by government sponsorship. The study analyses heterogeneous non-hydroelectric RES-E (solar, wind, biomass and geothermal) support scheme policies in European countries and evaluates their effects on promoting installed capacity and production of electricity in twenty-eight European countries for the years 1995-2015. By applying panel data analysis, we estimate the relative effectiveness of financial and quota system incentives, taking into account the timing of adoption of these policies. The results suggest that price-based incentives (FIP and FIT), compared to quantity-based incentives (RPS), are the most effective mechanisms for diffusing non-hydroelectric renewable energy technologies. A novelty of the research concerns the evidence of a strong incidence of feed-in premium (FIP) incentive. In countries adopting FIP incentives, the production of renewable electric energy registers a step ahead performance compared to those adopting FIT and RPS. The results are confirmed in the robustness check estimations when RES-E sources are unbundled. The paper concludes with a discussion of some policy implications of the results. |
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