Quality uncertainty and the market for renewable energy: Evidence from German consumers |
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| Affiliation: | 1. Leibniz Centre for Agricultural Landscape Research, Eberswalder Straße 84, 15374 Müncheberg, Germany;2. Institute for Ecological Economy Research and Humboldt-Universität zu Berlin, Germany;3. Universität Erfurt, Faculty of Law, Social Sciences and Economics, Germany;1. Centre for Energy Sciences, Department of Mechanical Engineering, Faculty of Engineering, 50603 Kuala Lumpur University of Malaya, Malaysia;2. Mechanical Engineering Department, Collage of Engineering, King Saud University, 11421 Riyadh, Saudi Arabia;3. Dept. of Mechanical Engineering, Dhaka University of Engineering and Technology, Gazipur, 1700, Bangladesh;1. Department of Chemical and Biomolecular Engineering, National University of Singapore, 4 Engineering Drive 4, Singapore 117585, Singapore;2. Water Desalination & Reuse (WDR) Center King Abdullah University of Science and Technology, Thuwal 23955-6900, Saudi Arabia;1. School of Mechanical and Energy Engineering, Tongji University, China;2. Green Energy and Environment Research Laboratories, Industrial Technology Research Institute, Taiwan;3. Key Laboratory of Gas Hydrate, Guangzhou Institute of Energy Conversion, China Academy of Sciences, China;1. Huadian Electric Power Research Institute, Hangzhou, Zhejiang 310030, China;2. Department of Energy Engineering, Zhejiang University, Hangzhou, Zhejiang 310027, China;3. Key Laboratory of Thermo-Fluid Science and Engineering, Ministry of Education, School of Energy and Power Engineering, Xi''an Jiaotong University, Xi''an 710049, China |
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| Abstract: | Consumers can choose from a wide range of electricity supply contracts, including green power options. Electricity produced from renewable energy involves information asymmetries. With a sample of more than 2,000 German electricity consumers, we tested the proposition of a “lemon market” for renewable energy in a discrete choice experiment. Specifically, we found that, compared to investor-owned firms, additional willingness-to-pay for renewable energy is approximately double when offered by cooperatives or municipally-owned electricity utilities. Consumers who are experienced with switching suppliers have an additional willingness-to-pay of one Eurocent per kilowatt hour for cooperatives and two Eurocents for public enterprises. The results demonstrate that organizational transformation in dynamically-changing electricity markets is not only driven by political initiatives but also by consumers' choices on the market. Public policy may reduce information asymmetries by promoting government labeling of green energy products. |
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| Keywords: | Cooperatives Discrete choice experiment Energy transition Germany Willingness-to-Pay |
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