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  • Redesigning a 20th century regulatory framework to deliver 21st century energy technology

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    nelsonPUB3087.pdf (555.8Kb)
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    Accepted Manuscript (AM)
    Author(s)
    Nelson, T
    Griffith University Author(s)
    Nelson, Tim A.
    Year published
    2017
    Metadata
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    Abstract
    Electricity systems are shifting from a once highly centralised regulated model to become more renewable, distributed and consumer-centric. Australia has some of the highest installation rates of embedded renewable electricity generation in the developed world. This has been driven by increasing grid-supplied energy prices, policy incentives and declining technology costs. The emergence of cost-effective distributed battery storage and energy management systems is likely to fundamentally alter the electricity industry—which has been largely unchanged for decades. Evolutionary economics indicates that firms must adapt to new ...
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    Electricity systems are shifting from a once highly centralised regulated model to become more renewable, distributed and consumer-centric. Australia has some of the highest installation rates of embedded renewable electricity generation in the developed world. This has been driven by increasing grid-supplied energy prices, policy incentives and declining technology costs. The emergence of cost-effective distributed battery storage and energy management systems is likely to fundamentally alter the electricity industry—which has been largely unchanged for decades. Evolutionary economics indicates that firms must adapt to new technologies and market conditions or they will become extinct. Energy markets will only evolve, however, if regulatory frameworks continuously adapt to ensure that consumer preferences for reliability, control and environmental outcomes are able to be achieved at lowest cost. Most importantly, regulators will need to ensure that facilitating efficient consumer decision making is prioritised.
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    Journal Title
    Journal of Bioeconomics
    Volume
    19
    Issue
    1
    DOI
    https://doi.org/10.1007/s10818-016-9216-9
    Copyright Statement
    © 2017 Springer Netherlands. This is an electronic version of an article published in Journal of Bioeconomics, 19(1) 147-164 2017. Journal of Bioeconomics is available online at: http://link.springer.com/ with the open URL of your article.
    Subject
    Applied economics
    Applied economics not elsewhere classified
    Other economics
    Publication URI
    http://hdl.handle.net/10072/375312
    Collection
    • Journal articles

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