Wind,hydro or mixed renewable energy source: Preference for electricity products when the share of renewable energy increases |
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| Affiliation: | 1. Department of Environmental and Business Economics, University of Southern Denmark, Niels Bohrs Vej 9, DK-6700 Esbjerg, Denmark;2. School of Resource and Environmental Management, Simon Fraser University, 8888 University Drive, Burnaby, British Columbia, Canada;1. RWTH Aachen University, Germany;2. Daimler AG & Institute of Industrial Production, Karlsruhe Institute of Technology (KIT), Hertzstr. 16, 70187 Karlsruhe, Germany;3. Institute for Future Energy Consumer Needs and Behavior (FCN), School of Business and Economics / E.ON Energy Research Center, RWTH Aachen University, Mathieustrasse 10, 52074 Aachen, Germany;4. Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology (NTNU), 7491 Trondheim, Norway;1. Department of Sociology, Environmental and Business Economics, University of Southern Denmark, Niels Bohrs Vej 9, DK-6700 Esbjerg, Denmark;2. Department of Industrial and System Engineering, The Hong Kong Polytechnic University, Hong Kong, China;1. Institute of Social Medicine and Health Systems Research, Otto von Guericke University Magdeburg, Germany;2. Department of Empirical Economics, Otto von Guericke University Magdeburg, Germany;1. Department of Engineering and Technology Management, Graduate School of Technology Management, University of Pretoria, Lynnwood Road, Pretoria 0002, South Africa;2. Department of Organisation Studies and Center for Innovation Research, Tilburg University, 2 Warandelaan, 5037 AB Tilburg, The Netherlands;3. University of Stellenbosch Business School, Carl Cronjé Drive, Bellville, Cape Town 7530, South Africa |
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| Abstract: | While the share of renewable energy, especially wind power, increases in the energy mix, the risk of temporary energy shortage increases as well. Thus, it is important to understand consumers' preference for the renewable energy towards the continuous growing renewable energy society. We use a discrete choice experiment to infer consumers' preferences when the share of renewable energy increases. The study results indicate that consumers are generally willing to pay extra for an increasing share of renewable energy, but the renewable energy should come from a mixture of renewable energy sources. We also found that consumers prefer to trade with their current supplier rather than another well-known supplier. This study contributes to the energy portfolio theories and the theory of energy diversification in a consumer perspective. The managerial implications of this study are also discussed. |
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| Keywords: | Renewable energy expansion Energy portfolio Energy mix diversification Residential energy market Preference Denmark |
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