reference to the case of Germany. We look at the value of the flexibility gained by trading compared to fixed quotas. The … regional emissions trading scheme, then Germany, Great Britain, and Czech Republic are the main sellers of emissions permits … Germany and other regions. When we take into account the economy-wide and terms of trade effects of emissions trading, however …

renewable energy in Germany into two effects: a substitution effect triggered by the displacement of conventional sources and a … Germany are reduced by 32 Mt CO2, but are hardly altered if we consider the European electricity sector in total. Finally, the …