Ex-post Analysis of the EU Emission Trading in Year 2013 in the Czech Republic
The main goal of the paper is to provide the first ex-post analysis of the EU ETS in year 2013 in the Czech Republic, based on the analysis of the key EU ETS sector - combustion processes. Regarding the methodology, the empirical research was used as a one part, as a second part the Mamdani fuzzy rule-based system. Since the EUA market price was low in year 2013, the Czech companies within the combustion processes group had weak motivation to trade with the EUAs. However, the revenues obtained from the EUA auctions in year 2013 were higher than revenues obtained from the environmental taxes. Moreover, auctioned EUAs had the similar characteristics as the environmental taxes. We can say that the EUA behaved as an additional carbon tax - in case that the company exceeded the level of emission limit represented by free emission allowances. (original abstract)
- Aatola, P., Ollikainen, M., Toppinen, A. (2013), Price determination in the EU ETS market: Theory and econometric analysis with market fundamentals, Energy Economics, 36, March 2013, pp. 380-395.
- Belâs, J., Machâcek, J., Bartos, P., Hlawiczka, R., Hudâkovâ, M. (2014), Business Risks and the Level of Entrepreneurial Optimism among SME in the Czech and Slovak Republic, Journal of Competitiveness, 6 (2), pp. 30-41, DOI: 10.7441/joc.2014.02.03.
- Benz, E., Truck, S. (2009), Modeling the Price Dynamics of CO2 Emission Allowances, Energy Economics, 31 (1), pp. 44-15.
- Bork, C. (2006), Distributional Effects of the Ecological Tax Reform in Germany: an Evaluation with a Microsimulation Model, in: Serret, Y., Johnstone, N. The Distributional Effects of Environmental Policy, 1 st edition, Cheltenham, UK: Edward Elgar, 2006, pp. 139-170. OECD. ISBN 978-1-84542-3.
- Cermak, P., Pokorny, M. (2001), An Improvement of Non-Linear Neuro-Fuzzy Model Properties, in: Neural Network World, ICS AV CR, Prague, CZ, 11 (5), 2001, pp. 503523.
- Cermak, P., Zimmermannova, J., Lavrincik, J., Pokorny, M., Martinu, J. (2015), The Broker Simulation Model in the Emission Allowances Trading Area, International Journal of Energy Economics and Policy, 2015, 5(1), pp. 80-95.
- Chernyavska, L., Gulli, F. (2008), Marginal CO2 cost pass-through under imperfect competition in power markets, Ecological Economics, 68, December 2008, pp. 408-421.
- CHMI (2015), Emissions of Greenhouse Gases, [online]. [cit. 2015-07-14]. WWW: < http://portal.chmi.cz/files/portal/docs/uoco/isko/grafroc/13groc/gr13cz/tab/tabX3_CZ.ht ml >.
- Conrad, C., Rittler, D, RotfuB, W. (2012), Modeling and explaining the dynamics of European Union Allowance prices at high-frequency, Energy Economics, 2012, 34, January 2012, pp. 316-326.
- EEX (2015), EU Emission Allowances - Prices and Trading Volumes, [online]. [cit. 2015-0714]. WWW: <https://www.eex.com/en/Market%20Data/Trading%20Data/Emission%20Rights>.
- Ekins, P. (2007), The Effects of ETR on Competitiveness: Modelling with E3ME, COMETR WP 4 Policy Brief Final COMETR Workshop, 21.3.2007, Bruxelles.
- European Commission (2013), The EU Emissions Trading System (EU ETS), European Union, October 2013. [online]. [cit. 2015-03-10]. WWW: < http://ec.europa.eu/clima/publications/docs/factsheet_ets_en.pdf>.
- Falbo, P., Felletti, D., Stefani, S. (2013), Free EUAs and fuel switching, Energy Economics, 2013, 35, January 2013, pp. 14-21.
- Feng, Z. H., Wei, Y. M., Wang, K. (2012), Estimating risk for the carbon market via extreme value theory: An empirical analysis of the EU ETS, Applied Energy, 2014, 99, pp. 97108.
- Garcia-Martos, C., Rodriguez, J., Sanchez, M. J. (2013), Modelling and Forecasting Fossil Fuels, CO2 and Electricity Prices and their Volatilities, Applied Energy, 101, January 2013, pp. 363-375.
- Goulder, L. H. (2013), Climate change policy's interactions with the tax system, Energy Economics, 2013, 40, pp. 3-11.
- Grainger, C. A., Kolstad, C. D. (2010), Who Pays a Price on Carbon? Environmental and Resource Economics, 46 (3), pp. 359-376.
- Lecuyer, O., Quirion, P. (2013), Can Uncertainty Justify Overlapping Policy Instruments to Mitigate Emissions? Ecological Economics, 93, September 2013, pp. 177-191.
- Li, M. W., Li, Y. P., Huang, G. H. (2011), An Interval-Fuzzy Two-Stage Stochastic Programming Model for Planning Carbon Dioxide Trading under Uncertainty, Energy, 2011, 36 (9), pp. 5677-5689.
- Lofgren, A., Wrake, M., Hagberg, T., Roth, S. (2014), Why the EU ETS needs reforming: an empirical analysis of the impact on company investments, Climate Policy, 2014, 14 (5), pp. 537-558.
- Lovell, H., Bebbington, J., Larrinaga, C., De Aguiar, T.R.S. (2013), Putting carbon markets into practice: a case study of financial accounting in Europe, Environment and Planning C-Government and Policy, 31(4), pp. 741-757.
- Lund, P. (2007), Impacts of EU carbon emission trade directive on energy-intensive industries - Indicative micro-economic analyses, Ecological Economics, 63, September 2007, pp. 799-806.
- Lutz, B. J., Pigorsch, U., RotfuB, W. (2013), Nonlinearity in cap-and-trade systems: The EUA price and its fundamentals, Energy Economics, 40, November 2013, pp. 222-232.
- Mansur, E. T. (2013), Prices versus quantities: environmental regulation and imperfect competition, Journal of Regulatory Economics, 2013, 44 (1), pp. 80-102.
- Martin, R., Muuls, M., De Preux, L. B., Wagner, U. J. (2014), On the empirical content of carbon leakage criteria in the EU Emissions Trading Scheme, Ecological Economics, 2014, 105, pp. 78-88.
- Ministry of Finance of the Czech Republic (MoF) (2014), Monitor. [online]. [cit. 2014-0930]. WWW: <http://monitor.statnipokladna.cz/en/2013/>.
- Ministry of the Environment of the Czech Republic (MoE) (2014), Internal material, Department of Energy and Climate Protection.
- Nordhaus, W. D. (2005), Life after Kyoto: Alternative Approaches to Global Warming Policies, National Bureau of Economic Research. Working paper 11889.
- Nordhaus, W. D. (2011), The Architecture of Climate Economics: Designing a Global Agreement on Global Warming, Bulletin of the Atomic Scientists, 2011, 67 (1), pp. 9-18.
- Novak, P., Popesko, B. (2014), Cost Variability and Cost Behaviour in Manufacturing Enterprises, Economics and Sociology, 7 (4), pp. 89-103.
- Pavel, J., Vitek, L. (2012), Transaction costs of environmental taxation: the administrative burden, in: Milne, J. E., Andersen, M. S. (eds.) Handbook of Research on Environmental Taxation, Edward Elgar Pub, 2012, pp. 273-282. ISBN 978-1-84844997-8.
- Pawliczek, A., Piszczur, R. (2013), Effect of Management Systems ISO 9000 and ISO 14000 on Enterprises' Awareness of Sustainability Priorities, E+M Economics and Management, 2013, 16 (2), pp. 66-79.
- Pokorny, M. (2015), Complex Systems Modelling Using Extended Fuzzy Non-Linear Regression Analysis, EMI (Economics Management Innovation), 7 (1), 2015, pp. 13-21.
- Popesko, B. (2013), Costing Methods Utilization in Czech Enterprises, International Journal of Entrepreneurial Knowledge, 2013, 1(1), pp. 38-45.
- Rentizelas, A. A., Tolis, A. I., Tatsiopoulos, I. P. (2012), Investment planning in electricity production under CO2 price uncertainty, International Journal of Production Economics, 140(2), pp. 622-629.
- Rogge, K. S., Schneider, M., Hoffmann, V. H. (2011), The innovation impact of the EU Emission Trading System - Findings of company case studies in the German power sector, Ecological Economics, 70, January 2011, pp. 513-523.
- Solilova, V., Nerudova, D. (2015), Evaluation of Greenhouse Gas Emissions and Related Aspects: Case of the Czech Republic, Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(1), pp. 281-292.
- Speck, S. (1999), Energy and Carbon Taxes and Their Distributional Implications, Energy policy, 1999, 27, pp. 659-667.
- Vicha, O. (2011), The Polluter-Pays Principle in the OECD Recommendations and its Aplication in the International and EC/EU Law, Czech Yearbook of Public & Private International Law, Prague: Czech Society of International Law, 2011, 2, pp. 57-67.
- Wettestad, J., Eikeland, P. O., Nilsson, M. (2012), EU Climate and Energy Policy: A Hesitant Supranational Turn? Global Environmental Politics, 2012, 12 (2), pp. 65-84.
- Zimmermannova, J., Cermak, P. (2015), Emission allowances trading vs. environmental taxation: the case study of Czech Republic, Actual Problems of Economics, 163 (1), pp. 328-337.
- Zimmermannova, J., Mensik, M. (2013), Ex-Post Analysis of Solid Fuels, Natural Gas and Electricity Taxation Introduction, Politicka ekonomie, 2013, 61 (1), pp. 46-66.