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Re-assessing no-regret potentials. The example of high efficiency electric motors

 
: Ostertag, K.

:
Fulltext urn:nbn:de:0011-n-97979 (1.3 MByte PDF)
MD5 Fingerprint: d363dd1270c3dc18262c81e944ad097b
Created on: 17.1.2013


European Council for an Energy-Efficient Economy -ECEEE-, Paris:
ECEEE Summer Study 2001. Proceedings : Further than ever from Kyoto? Rethinking Energy Efficiency can get us there
Paris: ECEEE, 2001
ISBN: 2-86817-608-9
pp.304-317
European Council for an Energy-Efficient Economy (Summer Study) <2001, Mandelieu>
English
Conference Paper, Electronic Publication
Fraunhofer ISI ()

Abstract
Energy conservation proponents, often with an engineering background, claim that a range of measures exists which allow to save energy and CO2 at negative net costs, but that these so-called no-regret measures are not being realised autonomously by market actors. This view is being challenged by traditional economic analysis, which argues that no-regret advocates neglect transaction costs and do not apply appropriate investment appraisal methods. Furthermore, the no-regret advocates' explanations for the non-exploitation of no-regret measures are often criticised as unsubstantiated or as inconsistent with the observation of profitability, e. g. when they refer to high information costs. This paper re-assesses the no-regret potential of high efficiency electric motors (HEM). It draws on a theoretical framework which defines criteria for identifying phenomena and causes for no-regret potentials and for distinguishing between "true" and "false" no-regret potentials. The framework combines investment theory (including real option theory), transactions cost economics, market failure theory and the theory of diffusion. The re-assessment procedure is illustrated using the example of HEM. A microeconomic re-revaluation of the profitability of HEM investments delivers the first component for determining a phenomenon of no-regret. It is followed by a discussion of causes, why HEM remain underrepresented despite their economic advantage. The existence of a no-regret potential related to HEM is confirmed, but its size in energetic and financial terms is modified. In the conclusions some implications for policy intervention are indicated.

: http://publica.fraunhofer.de/documents/N-9797.html