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Research Statement

Publications

Working Papers

We argue that private incentives are typically insufficient for an economy to be prepared for rare events with large negative impacts. Instead, it is preferable to put in place mechanisms that make sure that prevention, detection and mitigation measures are taken. The economics of electricity capacity mechanisms provides valuable lessons for the provision of essential goods in such events.

We examine the distributional impacts of RTP by leveraging on a country-wide field experiment which started in 2015, when RTP became the default option for most Spanish households. Our results suggest that the distributional impacts of RTP were quite small and, if anything, slightly progressive. We also find stronger differences in the impacts across regions than across income groups.

We estimate the impacts on employment of local firms and unemployment of local residents following investments in renewable energies. We exploit the variation in the timing and size of the investment projects across Spanish municipalities above 1,000 inhabitants, over a 17 years period. We find low multipliers for employment of local firms that are mainly concentrated during the construction of the plant. Benefits are even more limited if one analyzes the impact on unemployment of those residing in the municipality of investment. The relatively small magnitude of the local effects suggests the possibility to put in place compensation schemes at the local level in order to more evenly distribute the benefits of renewable investments.

Work in Progress

  • “On the Complementarity between Renewable Energy and Storage” (with  D. Andrés-Cerezo)

We model an electricity market in which renewable energy coexists with storage. We show that the value of additional storage capacity is greater (lower) in markets with more renewable energy if the correlation between renewable energy and the net load is negative (positive). Furthermore, this degree of complementarity is higher the more market power there is in generation. We illustrate the model predictions with simulations of the Spanish electricity market.

 

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