Renewable Asset Price Volatility and Its Implications for Decarbonization

We find that the price volatility of renewable assets is significantly greater than that of brown assets. Our causal estimates leverage the response of electricity and credit markets to US state-level renewable portfolio standards that require some utilities to use renewables while exempting others.

我们的研究发现，可再生能源资产的价格波动率显著高于棕色资产（brown assets）。本研究的因果效应估计借助了电力与信贷市场对美国州级可再生能源配额制的响应——该政策要求部分公用事业公司使用可再生能源，同时豁免其余同类主体。