The Inescapable Question of the Price of Energy
The Inescapable Question of the Price of Energy
To make the energy transition a success, prices must not only express the relative scarcity of different types of energy in conventional markets, but also the cost of their environmental and health hazards. For this shock to be beneficial to the economy, the rise in cost has to be absorbed by a pair of mechanisms: accelerating efficiency gains, thereby enabling the amount of primary energy consumed to be reduced, and a cumulative reduction in the cost of non-emitting sources. The winning economic equation of the transition is the one that reduces the bill for correctly priced energy through increased efficiency and the new competitiveness of non-fossil sources.
Keywords: price of energy, rebound effect, Sleipner gas platform, biomass energy, energy powerty
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