This paper estimates the welfare-optimal market share of wind and solar power, explicitly taking into account their output variability. We present a theoretical valuation framework that consistently accounts for output variability over time, forecast errors, and the location of generators in the...

Exposing wind and solar power to the market price signal allows for cost-efficient investment decisions, as it incentivizes investors to account for the marginal value (MV el) of renewable energy technologies. As shown by Lamont (2008), the MV el of wind and solar power units depends on their...

Government support for renewable power in Spain has varied over time. After fostering a boom in the first decade of the 2000s, public support dried up in the early 2010s before making a reappearance in the last several years. This paper details and explains the fluctuating political fortunes of...