The Economics of Electricity Markets
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The Economics of Electricity Markets

Theory and Policy

Edited by Pippo Ranci and Guido Cervigni

The Economics of Electricity Markets provides a cutting-edge analysis of the critical issues involved in the design and operation of electricity markets, as well as an assessment of alternative institutional arrangements that have either been implemented or are under discussion in Europe and the US.
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Chapter 7: Climate change and the future of the liberalised electricity markets

Theory and Policy

Guido Cervigni


As noted in Chapter 1, Section 1.10, the main driver of the expected evolution of electricity systems in industrialised countries is the objective to reduce emissions of the main greenhouse gases responsible for the increase in global mean temperature (global warming). The Kyoto Protocol, an international agreement linked to the United Nations Framework Convention on Climate Change, sets binding targets for reducing greenhouse gas emissions for 37 industrialised countries and the European Community. The reductions amount to an average of 5 per cent over 1990 levels for the 2008–12 period. In Europe, the Climate and Energy Package passed at the end of 20081 set the 20–20–20 targets to be achieved by 2020: greenhouse gas emissions at least 20 per cent below 1990 levels, 20 per cent of energy consumption provided by renewable resources and a 20 per cent reduction of primary energy use against a baseline scenario.

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