Show simple item record

dc.contributor.authorNelson, Tim
dc.contributor.authorReid, Cameron
dc.contributor.authorMcNeill, Judith
dc.date.accessioned2019-03-17T22:54:59Z
dc.date.available2019-03-17T22:54:59Z
dc.date.issued2015
dc.identifier.issn0313-5926
dc.identifier.doi10.1016/j.eap.2015.04.001
dc.identifier.urihttp://hdl.handle.net/10072/100652
dc.description.abstractAustralia’s 20% Renewable Energy Target (RET) was designed and implemented against a backdrop of several decades of continuous growth in electricity demand. Since the introduction of the policy in 2009 electricity demand has declined continuously. In this article, we analyse how Australia’s National Electricity Market (NEM) has responded to falling demand and significant additional installed capacity as a result of climate change-related policies. We conclude that an energy-only market design, barriers to exit for incumbent plants, and time inconsistency of policy has resulted in investment in new renewable energy projects becoming largely intractable. In our opinion, changing the RET fixed GWh target will not alter this fact. To overcome barriers to exit, we examine three options for complementary public policy in the short-term: direct government intervention; a market-based solution; or regulation. In the long-term, a redesign of the energy-only NEM market seems inevitable.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofpagefrom25
dc.relation.ispartofpageto42
dc.relation.ispartofjournalEconomic Analysis and Policy
dc.relation.ispartofvolume46
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchOther economics not elsewhere classified
dc.subject.fieldofresearchcode38
dc.subject.fieldofresearchcode389999
dc.titleEnergy-only markets and renewable energy targets: Complementary policy or policy collision?
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
dc.description.versionAccepted Manuscript (AM)
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.rights.copyright© 2015 Economic Society of Australia, Queensland. Published by Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
gro.hasfulltextFull Text
gro.griffith.authorNelson, Tim A.


Files in this item

This item appears in the following Collection(s)

  • Journal articles
    Contains articles published by Griffith authors in scholarly journals.

Show simple item record