1,720,982 research outputs found
La governance europea dell'energia tra vecchi e nuovi paradigmi: cambiamenti climatici e sicurezza energetica
No full textCertificati bianchi : funzionamento e risultati del mercato nazionale
No full textNella Strategia Energetica Nazionale emerge il ruolo strategico dell’efficienza energetica per il suo effetto moltiplicatore nel favorire un simultaneo raggiungimento dei target al 2020 definiti con il «Pacchetto Clima-Energia». Diventa quindi opportuno definire degli strumenti adeguati a valorizzare nel nostro Paese le potenzialità di efficienza energetica. L’articolo descrive il
funzionamento del meccanismo nazionale dei certificati bianchi e analizza i risultati ottenuti a sette anni dal suo avvio, concentrandosi sull’andamento del mercato in termini di evoluzione dei prezzi, di risparmio energetico conseguito, della tipologia di interventi promossi, dei soggetti e dei settori coinvolti.The National Energy Strategy stresses the strategic role of energy efficiency in allowing a simultaneous achievement
of the 2020 targets defined with the European Climate and Energy Package. For this purpose it becomes important to design adequate market based instruments that would favour an exploitation of the energy efficiency opportunities. The article describes the functioning of the National White Certificates Scheme and it focuses on the results achieved seven years after its launching. The article analyses the market in terms of price trend, energy saving achieved, typology of measures
adopted, subjects and sectors
Grandfathering, auctioning and Carbon Leakage : assessing the inconsistencies of the new ETS Directive
No full textThe new ETS Directive defines three different allocation rules, granting exemption from auctioning to those sectors exposed to the risk of Carbon Leakage. This article analyses the inconsistencies that characterize this new allocation rule and it concludes that the methodology designed to assess the risk of Carbon Leakage is more politically driven than economically grounded. The results of the Carbon Leakage risk assessment reveal that grandfathering is going to be the dominant allocation rule during the third phase also. However, not only the exemption from auctioning is unlikely to mitigate Carbon Leakage, instead of improving the allocation transparency and granting harmonization of higher rules but also the new ETS allocation rule is likely to increase the distortions of competition, worsening rather than improving the harmonization within the ETS
The effectiveness of the EU Emissions Trading Scheme
No full textHow effective is the EU Emissions Trading Scheme (EU ETS) in promoting emissions reduction for compliance with the Kyoto Protocol commitment? A theoretical benchmark is determined in order to assess the stringency of the ETS cap and to evaluate whether emissions allowances have been over-allocated. This analysis clarifies how the emissions reduction effort has been divided between ETS and non-ETS sectors, highlighting the extent to which Member States effectively rely on the ETS to comply with their Kyoto commitments. Finally, inefficiencies relating to the over-allocation of allowances are analysed; namely cross-subsidization from non-ETS to ETS sectors, national subsidies to the ETS sectors, and distortion of competition
The dark side of the sun : how solar power production affects the market value of solar and gas sources
No full textUsing daily data for the Italian wholesale day-ahead power market over the period 2008-2013, we assess the impact of solar production on the market value of solar and gas sources, defined using the concepts of value factor and unit revenues. We find that, on average, solar generation negatively affects the solar source market value, causing a departure from the grid parity condition and mining their competitiveness once public incentives are removed. This negative relation is not constant over time and becomes stronger for increasing solar penetration in the energy mix. Interestingly, the opposite is found when looking at gas. While the relation between solar production and the gas market value is negative or not significant when the former is low, it turns positive for higher levels of solar production. This is the result of a change in gas producers' bidding strategies. Indeed, in the Italian power market the highest hourly price has shifted from the peak daytime, when solar production is concentrated, to the off-peak nighttime, when solar is absent from the market and gas can exploit temporary market power
Strumenti economici nel diritto ambientale europeo
No full textIl contributo sviluppa l'analisi dei principi economici alla base delle norme finalizzate a correggere le esternalità ambientali. Dopo avere analizzato gli strumenti tipici del diritto privato, fra i quali la tutela risarcitoria, vengono illustrati gli strumenti di diritto pubblico, soffermandosi su standard emissivi, tassazione ambientale e meccanismi di cap and trade. Si effettua infine un'analisi comparata fra i diversi strumenti, evidenziando vantaggi e limiti di ciascuno
Public enterprises in a global perspective in the last decade
Full text linkSi assiste recentemente ad una ripresa di interesse per le imprese pubbliche, soprattutto per quelle operanti su scala internazionale. Per valutare la loro performance, inizialmente adottiamo la definizione usata dall’OCSE, che si limita a considerare come pubbliche quelle imprese dove il controllo dell’azionista pubblico è superiore al 50% (Christianen 2011, Kowalski et al. 2013). A questo scopo esaminiamo circa mille imprese quotate (private e pubbliche) estratte dalla lista Forbes Global 2000 delle maggiori imprese del mondo. Consideriamo ROS, ROA, ROE e indicatori dimensionali, settoriali e geografici. Passiamo poi a studiare le operazioni di mergers e acquisitions (M&As). Come Musacchio e Lazzarini (2014), in questo caso, per allargare l’orizzonte consideriamo come pubblica ogni impresa in cui il principale azionista sia un’istituzione governativa. Combinando le informazioni riportate da Orbis e Zephyr (BVD) selezioniamo solo le transazioni per cui è possibile determinare nell’anno precedente la M&A sia la natura proprietaria dell’acquirente sia i relativi dati economici per l’acquirente e per l’impresa acquisita. Il nostro campione risulta così composto da 25.322 osservazioni, di cui 2.488 sono M&As effettuate da un acquirente pubblico. Sia l’analisi della performance delle grandi imprese su scala globale che l’analisi delle M&A suggeriscono che sono attualmente presenti sul mercato globale imprese pubbliche con performance comparabili con quelle private, e perfino superiori per alcuni settori. Le preoccupazioni di distorsione del mercato a riguardo appaiono al momento poco fondate sotto il profilo dell’evidenza empirica.The issue of public enterprises, especially those operating on an international scale, is gaining increasing attention. This paper evaluates the performance of contemporary public enterprises. We first identify public enterprises according the OECD approach, when the control of the public owner is greater than 50% (Christianen 2011, Kowalski et al. 2013), and we analyze about 1,000 listed companies (private and public) extracted from the Forbes Global 2000 - which lists the largest companies in the world - considering some performance indicators (ROS, ROA, ROE); size indicators, and their sector and country of origin. Next, we move to analyze the behavior of public and private enterprises which are active in the market for corporate control (mergers and acquisitions, M&As). In this second step, we adopt a more flexible definition of public enterprise, as we consider to be public every firm where the top shareholder is a public institution. According to Musacchio and Lazzarini (2014), this approach allows to take into account different types of contemporary public enterprises. By combining data and information reported by Orbis and Zephyr (BVD) we select only the M&As for which it is possible to determine the proprietary nature of the acquirer in the year before the deal, and where pre-deal economic data on firm performance are simultaneously available for both the acquirer and the acquired company. Our final sample is composed of 25,322 deals, of which 2,488 are performed by a public acquirer. Both the analysis of the performance of large companies on a global scale, and the analysis of M&A deals, confirm that public enterprises are currently active in the global market arena, and they show a comparable performance with private ones, and even higher in some specific sectors. The concerns about market distortions determined by contemporary public enterprises do not seem to be supported by the empirical evidence
L'impresa pubblica in prospettiva globale nell'ultimo decennio
No full textThe issue of public enterprises, especially those operating on an international scale, is gaining increasing attention. This paper evaluates the performance of contemporary public enterprises. We first identify public enterprises according the oecd approach, when the control of the public owner is greater than 50 percent (Christianen, 2011; Kowalski et al., 2013), and we analyze about 1,000 listed companies (private and public) extracted from the Forbes Global 2000 - which lists the largest companies in the world - considering some performance indicators (ros, roa, roe); size indicators, and their sector and country of origin. Next, we move to analyze the behavior of public and private enterprises which are active in the market for corporate control (mergers and acquisitions, m&as). In this second step, we adopt a more flexible definition of public enterprise, as we consider to be public every firm where the top shareholder is a public institution. According to Musacchio and Lazzarini (2014), this approach allows to take into account different types of contemporary public enterprises. By combining data and information reported by Orbis and Zephyr (bvd) we select only the m&as for which it is possible to determine the proprietary nature of the acquirer in the year before the deal, and where pre-deal economic data on firm performance are simultaneously available for both the acquirer and the acquired company. Our final sample is composed of 25,322 deals, of which 2,488 are performed by a public acquirer. Both the analysis of the performance of large companies on a global scale, and the analysis of m&a deals, confirm that public enterprises are currently active in the global market arena, and they show a comparable performance with private ones, and even higher in some specific sectors. The concerns about market distortions determined by contemporary public enterprises do not seem to be supported by the empirical evidence
The merit-order effect in the Italian power market : the impact of solar and wind generation on national wholesale electricity prices
No full textItaly promoted one of the most generous renewable support schemes worldwide which resulted in a high increase of solar power generation. We analyze the Italian day-ahead wholesale electricity market, finding empirical evidence of the merit-order effect. Over the period 2005-2013 an increase of 1. GWh in the hourly average of daily production from solar and wind sources has, on average, reduced wholesale electricity prices by respectively 2.3€/MWh and 4.2€/MWh and has amplified their volatility. The impact on prices has decreased over time in correspondence with the increase in solar and wind electricity production. We estimate that, over the period 2009-2013, solar production has generated higher monetary savings than wind production, mainly because the former is more prominent than the latter. However, in the solar case, monetary savings are not sufficient to compensate the cost of the related supporting schemes which are entirely internalized within end-user tariffs, causing a reduction of the consumer surplus, while the opposite occurs in the case of wind
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