“…The economics literature suggests that on the margin, low natural gas prices reduce coal‐fired generation, but it does not provide direct evidence for the aggregate effects of natural gas prices and other market forces and does not identify the causes of the retirements. Several recent articles examine the statistical relationships among natural gas prices, wind generation, fossil fuel‐fired generation, and emissions (e.g., Cullen and Mansur, ; Holladay and LaRiviere, ; Fell and Kaffine, ; Linn and Muehlenbachs, ; Johnsen, LaRiviere, and Wolff, forthcoming). However, because of their reduced‐form approach, these articles focus only on the short‐run and marginal effects of natural gas prices and wind generation; long‐run responses may differ.…”