Carbon cost pass-through rate in power system: evidence from Italy under the EU ETS
電力システムにおける炭素コストの転嫁率：EU ETS下のイタリアの証拠 (AI 翻訳)
Duttilo, Pierdomenico, Lisi, Francesco
🤖 gxceed AI 要約
日本語
本論文は、EU排出量取引制度（EU ETS）がイタリア電力市場に与える影響を炭素コスト転嫁率（CPTR）により分析。2016～2024年のデータを用い、回帰モデルで推定した結果、全国平均で約30％の不完全な転嫁が確認された。市場ゾーン別では北・中部で転嫁率が上昇、南・シチリアで低下するなど不均一性が明らかになった。
English
This paper investigates the carbon cost pass-through rate (CPTR) in the Italian electricity market under the EU ETS from 2016-2024. Using a regression model with autoregressive dynamics, it finds incomplete pass-through at around 30% nationally, with significant regional heterogeneity: pass-through increased in northern zones but decreased in southern zones, reflecting differences in generation mix and market conditions.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
EU ETSにおける炭素コスト転嫁の実証結果は、日本の排出量取引制度やカーボンプライシング設計に示唆を与える。特に市場ゾーンごとの転嫁率の違いは、日本の電力システム改革や地域間格差を考慮する上で参考になる。
In the global GX context
This paper provides robust empirical evidence on carbon pricing pass-through in a multi-zone electricity market, contributing to global understanding of ETS effectiveness. The findings on regional heterogeneity are critical for policymakers designing carbon pricing policies in interconnected power systems.
👥 読者別の含意
🔬研究者:Researchers can adopt the econometric framework to study carbon pass-through in other electricity markets.
🏢実務担当者:Corporate sustainability teams can use this analysis to anticipate carbon cost impacts on electricity procurement decisions.
🏛政策担当者:Policymakers designing carbon pricing systems can learn from the regional pass-through variations for market design.
📄 Abstract（原文）
This paper investigates the impact of carbon pricing under the EU Emissions Trading System (EU ETS) on the Italian electricity market, focusing on the carbon cost pass-through rate (CPTR) across market zones during Phases 3 and 4 (2016-2024). Using daily data, the study applies an econometric framework based on a linear regression model with autoregressive dynamics to estimate the extent to which carbon costs are reflected in wholesale electricity prices. It further incorporates robustness checks and quantile regression to assess how the CPTR varies across different fuel spread levels. The results show that carbon costs are positively and significantly transmitted to electricity prices, confirming the relevance of carbon pricing as a key market driver. However, pass-through is incomplete, with CPTR values consistently below 100%. At the national level, the CPTR remains relatively stable at around 30% across the two phases. Substantial heterogeneity emerges across market zones: pass-through increases in the North, Centre-North, and Sardinia during Phase 4, while it declines in the Centre-South and Sicily, reflecting differences in generation mix, carbon intensity, and market conditions. Overall, the findings highlight the importance of market zones factors in shaping the effectiveness of carbon pricing in electricity markets.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.48550/arxiv.2604.03076first seen 2026-05-14 21:15:48
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