Determinants of solar photovoltaic deployment in the electricity mix: Do oil prices really matter?

Escoffier, Margaux; Hache, Emmanuel; Mignon, Valérie; Paris, Anthony

doi:10.1016/j.eneco.2020.105024

Cited by 12 publications

(4 citation statements)

References 65 publications

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“…The positive impact of oil prices on REI in oil-importing countries can be explained well by the fact that higher oil prices increase the cost of fossil fuels and make renewable energy more economically competitive. This finding is in accord with the findings of extant studies showing a positive relationship between oil prices and the development of renewable energy e.g., [19,32,38]. In oil-importing countries, where the cost of fossil fuels can be a significant burden on the economy, higher oil prices can make renewable energy sources more competitive, driving investments in clean energy technologies.…”

Section: Discussionsupporting

confidence: 89%

The Differential Effects of Oil Prices on the Development of Renewable Energy in Oil-Importing and Oil-Exporting Countries in Africa

2023

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The shift to renewable sources of energy has become a critical economic priority in African countries due to energy challenges. However, investors in the development of renewable energy face problems with decision making due to the existence of multiple criteria, such as oil prices and the associated macroeconomic performance. This study aims to analyze the differential effects of international oil prices and other macroeconomic factors on the development of renewable energy in both oil-importing and oil-exporting countries in Africa. The study uses a panel vector error correction model (P-VECM) to analyze data from five net oil exporters (Algeria, Angola, Egypt, Libya and Nigeria) and five net oil importers (Kenya, Ethiopia, Congo, Mozambique and South Africa). The study finds that higher oil prices positively affect the development of renewable energy in oil-importing countries by making renewable energy more economically competitive. Economic growth is also identified as a major driver of the development of renewable energy. While high-interest rates negatively affect the development of renewable energy in oil-importing countries, it has positive effects in oil-exporting countries. Exchange rates play a crucial role in the development of renewable energy in both types of countries with a negative effect in oil-exporting countries and a positive effect in oil-importing countries. The findings of this study suggest that policymakers should take a holistic approach to the development of renewable energy that considers the complex interplay of factors, such as oil prices, economic growth, interest rates, and exchange rates.

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Section: Discussionsupporting

confidence: 89%

The Differential Effects of Oil Prices on the Development of Renewable Energy in Oil-Importing and Oil-Exporting Countries in Africa

2023

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“…In response to the consequences of climate warming [1,2], various countries around the world have begun to pay attention to ways of achieving sustainable energy [3]. As a result, the installed capacity of wind power, solar power and other energy systems has increased significantly in recent years [4,5]. The direction of energy generation and consumption system development is currently towards the building of a new, clean and renewable energy supply system [6][7][8].…”

Section: Introductionmentioning

confidence: 99%

A Power Evolution Game Model and Its Application Contained in Virtual Power Plants

2023

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Demand response is an effective way to alleviate the pressure on power systems and improve energy utilisation efficiency. This study constructs a tripartite evolutionary game model on government, power companies and virtual power plants (VPPs), and analyses the dynamic behavioural selection mechanism of the three parties under demand-response mode. The results show that: (1) government guidance and management are effective means to promote the stability and equilibrium of the power system; (2) an increase in government subsidy, a reduction in the demand-response cost and an increase in opportunity cost will increase the enthusiasm for changes in demand-response behaviour in power companies; (3) government subsidies will improve the demand-response behaviour of VPPs. This study effectively provides theoretical support for the demand response of power systems, and realises the goal of power energy saving through the optimal choice of behaviour strategies for all parties in the power system.

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“…As human-induced climate change is currently one of the greatest threats to our planet as we know it, it is no wonder that an increasing amount of research activity is devoted to deepening our scientific knowledge on it globally, while on the one hand, there are still ongoing debates about the nature and degree of its negative effects, and scientists-urged on by growing public interest-are making enormous efforts to gain more insight into these [1][2][3]. As an act of turning scientific theory into practical action and political will, the international community has set targets for itself to decrease greenhouse gas emissions considerably in order to keep the rise in global average temperatures below 2 • C [4][5][6].…”

Section: Introduction 1the Significance Of Photovoltaic Technology In...mentioning

confidence: 99%

Aspects of Determining the Energy Storage System Size Linked to Household-Sized Power Plants in Hungary in Accordance with the Regulatory Needs of the Electric Energy System

2022

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The global energy markets of the last decade have been characterized by an ever-increasing share of electric power, more than half of which is projected to come from renewable energy sources by the year 2030. Such a remarkable rise in the quantity of renewable energy, of course, will induce a series of related changes as, without the successful integration of all that unconventional type of energy into the existing energy systems, the sustainability and security of the electricity supply cannot be maintained. As a result, new legislation and energy policies are required all over the world to accommodate not only the latest technological solutions but also a variety of previously unknown market actors. In the institutions, businesses and households of Hungary, the notion of sustainability has been gaining more and more importance lately, which is manifest in the efforts to reduce the use of electricity from the public grid, which is generated by burning fossil fuel. This endeavor is facilitated by the installation of photovoltaic (PV) household-sized power plant (HMKE) systems. Currently, the Hungarian electric energy system does not possess sufficiently flexible capacities; moreover, even this capacity is expected to decrease considerably in the future due to the phasing out fossil fuel power plants. Furthermore, dynamically growing HMKE penetration means an increasing frequency of technical problems in the macroenergy system (e.g., reverse energy flow in the local grid). It is such challenges that energy storage technologies can provide a solution for. Presently, there is insufficient information available on the recommended energy storage size necessary for the efficient integration of Hungarian HMKE systems into the electric energy system and the related investment needs. The innovative novelty of this study is that it examines the quantity and power of Hungarian HMKEs in the districts of the various electric companies over time with a view of exploring a possible way of their efficient integration into the electric energy system by determining the nominal energy storage power and energy capacity of the proposed energy storage systems. In addition, the paper also presents the expected investment needs associated with these energy storage systems.

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Determinants of solar photovoltaic deployment in the electricity mix: Do oil prices really matter?

Cited by 12 publications

References 65 publications

The Differential Effects of Oil Prices on the Development of Renewable Energy in Oil-Importing and Oil-Exporting Countries in Africa

The Differential Effects of Oil Prices on the Development of Renewable Energy in Oil-Importing and Oil-Exporting Countries in Africa

A Power Evolution Game Model and Its Application Contained in Virtual Power Plants

Aspects of Determining the Energy Storage System Size Linked to Household-Sized Power Plants in Hungary in Accordance with the Regulatory Needs of the Electric Energy System

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