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  1. Impacts of the Clean Air Act on the power sector from 1938-1994: anticipation and adaptation
    Autor*in: Clay, Karen; Jha, Akshaya; Lewis, Joshua; Severnini, Edson R.
    Erschienen: June 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    The passage of landmark government regulation is often the culmination of evolving social pressure and incremental policy change. During this process, firms may preemptively adjust behavior in anticipation of impending regulation, making it difficult... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 4
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    The passage of landmark government regulation is often the culmination of evolving social pressure and incremental policy change. During this process, firms may preemptively adjust behavior in anticipation of impending regulation, making it difficult to quantify the overall economic impact of the legislation. This study leverages newly digitized data on the operation of virtually every fossil-fuel power plant in the United States from 1938-1994 to examine the economic impacts of the 1970 Clean Air Act (CAA) on the power sector. This unique long panel provides us an extended pre-regulation benchmark, allowing us to account for both anticipatory behavior by electric utilities in the years leading up to the Act's passage and reallocative effects of the CAA across plant vintages. We find that the CAA led to large and persistent decreases in output and productivity, but only for plants that opened before 1963. The timing aligns with the passage of the original 1963 CAA, which provided the federal government with the authority to "control" air pollution, sending a strong signal to firms of impending federal regulation. We provide historical evidence of anticipatory responses by utilities in the design and siting of plants that opened after 1963. We also find that the aggregate productivity losses of the CAA borne by the power sector were substantially mitigated by the reallocation of output from older less efficient power plants to newer plants.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/245545
    Schriftenreihe: Discussion paper series / IZA ; no. 14494
    Schlagworte: power plants; electricity generation; total factor productivity; clean air act; air quality regulations; NAAQS
    Umfang: 1 Online-Ressource (circa 96 Seiten), Illustrationen
  2. The Shifting Finance of Electricity Generation
    Autor*in: Andonov, Aleksandar; Rauh, Joshua
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    We collect ownership data of U.S. power plants accounting for 99% of U.S. electricity generation over the 2008-2020 period. Domestic listed corporations have reduced their ownership from 69% to 54% of total generation, while private equity,... mehr

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    We collect ownership data of U.S. power plants accounting for 99% of U.S. electricity generation over the 2008-2020 period. Domestic listed corporations have reduced their ownership from 69% to 54% of total generation, while private equity, institutional investors, and foreign corporations have increased their ownership from 8% to 24%. These new entrants have increased their share largely through the adoption of innovative technologies and creation of new natural gas, solar, and wind power plants, rather than acquisitions of existing plants. We find only limited support for the leakage hypothesis that incumbent domestic corporations, which are subject to more disclosure requirements and scrutiny, sell older fossil-fuel power plants to the new ownership types in order to keep them alive. Market deregulation is the main economic factor explaining the heterogeneity in ownership structure in the electricity sector, while climate concerns and renewable policy measures have a limited effect. The changing ownership structure has implications for electricity markets as private equity operates power plants at lower capacity factors and sells electricity for $1.87 higher average price per MWh. Private equity owners sell electricity under contracts with shorter duration, shorter increment pricing, and more peak-term periods, especially when selling electricity generated from fossil fuels

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Stanford University Graduate School of Business Research Paper ; No. 4287123
    Schlagworte: energy; innovation; private equity; institutional investors; power plants; utilities; electricity
    Weitere Schlagworte: Array; Array
    Umfang: 1 Online-Ressource (69 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 2022 erstellt
  3. Still your grandfather's boiler
    estimating the effects of the Clean Air Act's grandfathering provisions
    Autor*in: Bialek, Sylwia; Gregory, Jack; Revesz, Richard L.
    Erschienen: [2022]
    Verlag:  German Council of Economic Experts, [Wiesbaden]

    While vintage differentiation is a highly prominent feature of various regulations, it can induce significant biases. We study these biases in the context of New Source Review-a program within the US Clean Air Act imposing costly sulfur dioxide (SO2)... mehr

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    While vintage differentiation is a highly prominent feature of various regulations, it can induce significant biases. We study these biases in the context of New Source Review-a program within the US Clean Air Act imposing costly sulfur dioxide (SO2) abatement requirements on new boilers but not existing ones. In particular, we empirically investigate how the differential treatment of coal boil- ers shaped the generation landscape by affecting unit utilization, retirement, and emissions. Leveraging a novel dataset covering state-level sulfur dioxide regula- tions for power plants, we show that the differentiation continued to have a strong effect even 30 years after its passage, raising the probability of surviving another year by 1.5 percentage points for grandfathered boilers and increasing their op- erations by around 800 hours annually. We estimate exempted units would have emitted a third fewer emissions per year, had they been subject to NSR. We run back-of-the-envelope calculations to assess the societal damages associated with the delayed retirements, higher utilization and higher emission rates of the grand- fathered boilers. Focusing solely on the additional SO2 emissions, we estimate annual costs of up to $ 65 billion associated with the vintage differentiation in New Source Review.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10419/267732
    Schriftenreihe: Working paper / German Council of Economic Experts ; 2022, 05 (December 2022)
    Schlagworte: grandfathering; regulation design; Clean Air Act; power plants; coal
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Climate change, demand uncertainty, and firms' investments
    evidence from planned power plants
    Autor*in: Chen, Lin; Schmid, Thomas; Weisbach, Michael S.
    Erschienen: [2023]
    Verlag:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Dice Center WP ; 2023, 23
    Fisher College of Business working paper series ; WP 2023-03, 23
    Schlagworte: Climate change; demand uncertainty; firm investment; production flexibility; operating leverage; power plants
    Umfang: 1 Online-Ressource (circa 84 Seiten), Illustrationen