Renewable Electricity Policies
Tradable Green Certificates
Première édition
La recherche s’inscrit dans un vaste courant de pensée économique qui porte sur le corporate governance. Elle a pour objectif de présenter les introductions en bourse sur l’Euro.NM et les compare à des opérations similaires réalisées sur le NASDAQ. Elle analyse aussi leurs coûts qui peuvent être divisés en coûts explicites et en coûts implicites. Les coûts explicites concernent la rémunération des intermédiaires financiers, les campagnes de communication, etc. ; ils représentent, en règle générale, moins de 1% de la capitalisation boursière des sociétés étudiées. La recherche s’intéresse particulièrement aux coûts implicites qui sont liés à la sous-évaluation des titres à l’introduction, c’est-à-dire la différence entre le cours d’équilibre et le prix payé par les investisseurs lors de l’introduction. Les modèles théoriques n’expliquent que très partiellement l’existence d’une telle sous-évaluation. La thèse aborde successivement quatre thématiques : (i) la sous-évaluation initiale des introductions en bourse ; (ii) la structure de propriété ; (iii) la liquidité de ces opérations et (iv) la performance boursière à long terme (à trois ans) après l’introduction en bourse.
Nos résultats empiriques confirment et prolongent les résultats obtenus sur les marchés anglo-saxons. Ils peuvent se résumer à six points principaux : (1) la sous-évaluation des introductions en bourse sur l’Euro.NM est en moyenne plus forte que celle des opérations équivalentes réalisées sur le NASDAQ ; (2) les actionnaires d’origine des sociétés de l’Euro.NM jouent un rôle plus important dans l’introduction en bourse en proposant plus de titres que ceux du NASDAQ ; (3) les marchés financiers ajustent les erreurs d’évaluation dès le premier jour de cotation ; (4) la sous-évaluation initiale d’une offre d’introduction peut aider à stabiliser la structure de propriété après l’introduction : cela signifie que les gros investisseurs sont discriminés dans le processus d’allocation du capital ; (5) une dégradation est observée dans la performance des entreprises étudiées du NASDAQ tandis que, sur notre échantillon Euro.NM, on note une performance boursière à long terme significativement positive ; finalement, (6) il ressort que les entreprises dont «la part détenue» par les actionnaires d’origine dans le capital est la plus importante semblent ne pas présenter de meilleures performances à long terme par rapport aux autres.
Pour plus d'informations à propos de la TVA et d'autres moyens de paiement, consultez la rubrique "Paiement & TVA".
Spécifications
- Éditeur
- Presses universitaires de Louvain
- Auteur
- Isabelle de Lovinfosse, Frédéric Varone,
- Collection
- Hors collection (Presses universitaires de Louvain)
- Langue
- anglais
- Site web ressource
- Publisher’s website for a specified work
- Catégorie (éditeur)
- Sciences appliquées > Électricité
- Catégorie (éditeur)
- Sciences économiques et sociales > Sciences politiques et sociales
- BISAC Subject Heading
- POL000000 POLITICAL SCIENCE > BUS094000 BUSINESS & ECONOMICS / Green Business > POL068000 POLITICAL SCIENCE / Public Policy / Energy Policy
- Code publique Onix
- 06 Professionnel et académique
- CLIL (Version 2013-2019 )
- 3283 SCIENCES POLITIQUES > 3069 TECHNIQUES ET SCIENCES APPLIQUEES > 3192 Développement durable, écologie
- Date de première publication du titre
- 2003
- Type d'ouvrage
- Monographie
- Langue originale
- anglais
Livre broché
- Date de publication
- 01 janvier 2004
- ISBN-13
- 9782930344560
- Ampleur
- Nombre de pages de contenu principal : 392
- Code interne
- 70590
- Format
- 16 x 24 x 2,2 cm
- Poids
- 626 grammes
- Prix
- 27,00 €
- ONIX XML
- Version 2.1, Version 3
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Sommaire
I. EXPLAINING RENEWABLE ELECTRICITY POLICIES IN EUROPE: A THEORETICAL FRAMEWORK....................................19
Frédéric VARONE and Isabelle DE LOVINFOSSE
1 INTRODUCTION ............................................................................................19
2 ELEMENTS OF A PUBLIC POLICY...................................................................20
2.1 Public policy: a general definition ................................................21
2.2 Policy objectives............................................................................22
2.3 Policy instruments .........................................................................22
2.4 Institutional arrangement for policy implementation....................23
2.5 Target groups of policy instruments ..............................................24
2.6 Policy outputs and outcomes .........................................................25
3 DEPENDENT VARIABLE: TYPES OF POLICY CHANGE......................................26
4 INDEPENDENT VARIABLES AND RESEARCH HYPOTHESES .............................27
4.1 Market liberalization and renewable energy policy:.........................
Does Europeanization matter?......................................................28
4.2 Politics: Do political parties matter? ............................................32
4.3 Path dependency: Does the legacy of the past matter? .................33
4.4 Policy transfer: Do lesson-drawing and international emulation matter?...............................................34
4.5 Broader context: Do problem-framing and inter-policies coordination matter? ............................................36
5 THEORETICAL FRAMEWORK AND STRUCTURE OF THE CASE STUDIES ...........38
6 REFERENCES................................................................................................40
II. EU POLICIES: MARKET LIBERALISATION, RENEWABLE ELECTRICITY AND TGC ..............................45
Isabelle DE LOVINFOSSE and Frédéric VARONE
1 INTRODUCTION ............................................................................................45
2 LIBERALISATION OF THE EUROPEAN ELECTRICITY MARKET ........................46
2.1 The EU directives for the internal electricity market ....................46
2.2 State aid for environmental protection ..........................................52
2.3 The PreussenElektra against Schleswag case ...............................53
3 EUROPEAN RENEWABLE ELECTRICITY POLICY .............................................53
4 TRADABLE GREEN CERTIFICATES SYSTEM ...................................................58
4.1 The tradable green certificates market..........................................59
4.2 Settings of a TGC system...............................................................61
4.3 Opportunities and threats of a TGC system...................................63
5 CONCLUSION ...............................................................................................68
6 REFERENCES................................................................................................68
III. FROM PRIVATE SELF-REGULATION TO PUBLIC RENEWABLE ELECTRICITY POLICY: A PARADIGMATIC CHANGE IN BELGIUM...............73
Isabelle DE LOVINFOSSE and Frédéric VARONE
1 INTRODUCTION ............................................................................................73
2 OVERVIEW OF THE ELECTRICITY SECTOR.....................................................75
2.1 Electricity generation ....................................................................75
2.2 Renewable electricity generation by fuel.......................................77
2.3 Electricity import-export ...............................................................78
2.4 Electricity prices............................................................................79
3 RENEWABLE ELECTRICITY POLICY BEFORE ELECTRICITY MARKET LIBERALISATION .........81
3.1 Overview of the electricity policy in Belgium (1970-1999) ...........81
3.2 Key actors in the electricity sector before liberalisation...............91
4 LIBERALISATION OF THE ELECTRICITY SECTOR............................................95
4.1 Reform of the electricity sector......................................................95
4.2 Legal market opening ....................................................................99
4.3 Market competition......................................................................100
5 RENEWABLE ELECTRICITY POLICY CHANGES AT THE END OF THE 90S .......102
5.1 The renewable electricity policies ...............................................102
5.2 Key actors in the electricity sector ..............................................110
5.3 Policy network changes...............................................................113
6 CONCLUSION .............................................................................................114
7 REFERENCES..............................................................................................116
8 LIST OF ABBREVIATIONS............................................................................118
IV. SUCCESS THROUGH CONTINUITY: RENEWABLE ELECTRICITY POLICIES IN GERMANY ...............121
Volkmar LAUBER and Dieter PESENDORFER
1 INTRODUCTION ..........................................................................................121
2 OVERVIEW OF THE ELECTRICITY SECTOR...................................................123
2.1 Electricity generation ..................................................................123
2.2 Renewable electricity generation ................................................125
2.3 Electricity imports and exports....................................................127
2.4 Electricity tariffs and prices ........................................................128
3 ELECTRICITY AND RENEWABLE ELECTRICITY POLICY BEFORE ELECTRICITY MARKET LIBERALISATION .........129
3.1 Electricity policy in general (1935-1998)....................................129
3.2 Policy towards RES-E from the 1970s until liberalisation..........133
3.3 Characteristics of the main programmes ....................................138
4 LIBERALISATION........................................................................................147
4.1 The reform of the electricity sector..............................................147
4.2 Legal market opening ..................................................................148
4.3 Market competition......................................................................150
5 POLICY AFTER LIBERALISATION.................................................................155
5.1 Overview......................................................................................155
5.2 RES-E programmes in detail .......................................................157
5.3 Characteristics of main programmes ..........................................164
5.4 Actor network ..............................................................................165
6 CONCLUSION .............................................................................................171
7 REFERENCES..............................................................................................175
8 LIST OF ABBREVIATIONS............................................................................180
V. DENMARK: EARLY PROMOTER OF RENEWABLE ENERGY..183
Kenji ASANO
1 INTRODUCTION: COUNTRY OVERVIEW.......................................................183
2 STATISTICS FOR THE ELECTRICITY SECTOR (1970-2001)............................186
2.1 The increase in coal and natural gas as a substantial replacement of oil ...........186
2.2 The stable increase of Combined Heat and Power (CHP) .....................................187
2.3 The fluctuation of electricity production due to the international electricity trade.............188
2.4 The development of wind power ..................................................189
2.5 Electricity consumption by sector................................................191
2.6 Electricity prices..........................................................................191
3 RENEWABLE ELECTRICITY POLICY BEFORE THE ELECTRICITY MARKET LIBERALIZATION (1970-1998)..........193
3.1 Overview of the electricity policy in Denmark (1970-1998)........193
3.2 Key actors in the electricity sector before liberalization.............209
4 LIBERALIZATION OF THE DANISH ELECTRICITY SECTOR ............................213
4.1 The Danish framework of electricity reform in 1999...................213
4.2 Reform of the electricity sector....................................................214
4.3 Legal market opening ..................................................................220
4.4 Market competition......................................................................221
5 RENEWABLE ELECTRICITY POLICY CHANGES AT THE END OF 1990S ..........222
5.1 The Danish Green Certificate......................................................222
5.2 The other renewable electricity programs...................................231
5.3 Key actors in the electricity sector and policy network changes...............................232
6 CONCLUSION .............................................................................................235
7 ACKNOWLEDGEMENTS ..............................................................................237
8 REFERENCES..............................................................................................238
VI. RENEWABLE ELECTRICITY IN THE UNITED KINGDOM: DEVELOPING POLICY IN AN EVOLVING ELECTRICITY MARKET......243
Peter CONNOR
1 INTRODUCTION ..........................................................................................243
2 STATISTICS FOR THE ELECTRICITY SECTOR (1970-2002)............................246
2.1 Electricity generation ..................................................................246
2.2 Renewable electricity generation by fuel.....................................247
2.3 International trading of electricity ..............................................249
2.4 Electricity prices..........................................................................250
3 ELECTRICITY AND RENEWABLE ELECTRICITY POLICY BEFORE ELECTRICITY MARKET PRIVATISATION......................251
3.1 The basis for UK renewable energy policy..................................254
3.2 Overview of the electricity sector before the liberalisation process.....................256
3.3 The position of Scotland and Northern Ireland ...........................256
4 ELECTRICITY PRIVATISATION IN ENGLAND AND WALES ...........................258
4.1 Trading of electricity following the initial privatisation..............263
4.2 Governance of electricity regulation ...........................................264
5 THE ADOPTION OF RE POLICY AS PART OF THE PRIVATISATION PROCESS............................267
5.1 The Non-Fossil Fuel Obligation (NFFO)....................................267
5.2 The NFFO in operation ...............................................................269
6 RENEWABLE ENERGY POLICY CHANGES RESULTING FROM DEVELOPMENT AND CHANGE WITHIN THE LIBERALISED INDUSTRY..............274
6.1 The basis for change in UK electricity trading............................274
6.2 The renewables obligation...........................................................275
6.3 Additional support mechanisms...................................................284
6.4 Policy relating to planning issues................................................286
6.5 Problems for renewables arising from current regulation of the UK ESI...............287
7 CONCLUSION .............................................................................................292
7.1 The need for change within current renewable energy policy.....294
7.2 The impact of previous RE policy on post-2000 RE policy .........295
8 REFERENCES..............................................................................................296
VII. BETWEEN SUCCESS AND FAILURE: RENEWABLE ELECTRICITY POLICIES IN THE NETHERLANDS.....................301
ISABELLE DE LOVINFOSSE and VALENTINA DINICA
1 INTRODUCTION ..........................................................................................301
2 OVERVIEW OF THE ELECTRICITY SECTOR...................................................305
2.1 Electricity generation ..................................................................305
2.2 Renewable electricity generation by fuel.....................................307
2.3 Electricity import-export .............................................................309
2.4 Electricity prices..........................................................................310
3 RENEWABLE ELECTRICITY POLICY BEFORE THE ELECTRICITY MARKET LIBERALISATION .....................311
3.1 Overview of the renewable electricity policy (1974-1998)..........311
3.2 Key actors in the renewable electricity sector before liberalisation ........................................................................323
4 LIBERALISATION OF THE ELECTRICITY SECTOR..........................................330
4.1 Reform of the electricity sector....................................................330
4.2 Legal market opening ..................................................................334
4.3 Market competition......................................................................336
5 RENEWABLE ELECTRICITY POLICY CHANGES AFTER LIBERALISATION .......337
5.1 The renewable electricity policies ...............................................337
5.2 Key actors in the renewable electricity sector in 2003................352
6 CONCLUSION .............................................................................................355
7 REFERENCES..............................................................................................357
VIII. RENEWABLE ELECTRICITY POLICIES IN EUROPE: A TENTATIVE COMPARISON................359
Frédéric VARONE, Isabelle DE LOVINFOSSE and Volkmar LAUBER
1 INTRODUCTION ..........................................................................................359
2 RES-E POLICY CHANGES ...........................................................................360
3 MARKET LIBERALISATION AND RENEWABLE ENERGIES POLICY:
DOES EUROPEANIZATION MATTER? .........................365
4 POLITICS: DO POLITICAL PARTIES MATTER?...............................................370
5 PATH DEPENDENCY: DOES THE LEGACY OF THE PAST MATTER? ................374
6 POLICY TRANSFER: DO LESSON-DRAWING AND INTERNATIONAL EMULATION MATTER?.............378
7 BROADER CONTEXT: DO PROBLEM-FRAMING AND INTER-POLICIES COORDINATION MATTER? .......382
8 CONCLUSION .............................................................................................386
9 REFERENCES..............................................................................................390