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The impact of carbon policy news on the national energy industry
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Orientador(es)
Resumo(s)
This paper explores the impact of unexpected changes in European carbon policy on
Portugal’s energy sector, focusing on effects on sales, output prices, and labor market
dynamics. Using a structural vector autoregression (SVAR) model, the study finds
that news of tighter carbon regulations leads to a significant short-term increase in
domestic sales. Output prices rise in both home and foreign markets, with a larger
increase observed in the latter. The labor market responds positively, as evidenced
by higher wages and hours worked. The study also reveals that these carbon policy
changes have played a significant role in historical fluctuations within the energy sector, especially during the Great Financial Crisis and key policy changes. The findings
highlight the importance of judicious policymaking concerning carbon regulations, as
the escalation in energy prices wields significant economic effects, though not all of
these effects are bad from the energy industry standpoint
Descrição
Palavras-chave
climate policy carbon credits emissions trading cap and trade Euro Area SVAR
Contexto Educativo
Citação
Morão, Hugo (2024). "The impact of carbon policy news on the national energy industry". REM Working paper series, nº 0321/2024
Editora
ISEG – REM (Research in Economics and Mathematics)