of renewables, stock-dependent oil extraction costs and convex climate damages. Weconcentrate on economies with an … plus scarcity rent and social cost of carbon) below thatof renewables. There are then two regimes. If the oil stock is … small, the social optimum path consists of aninitial oil-only phase followed by a renewables-only phase. With a lower cost …

second stage, regulators need to adapt support policies for renewables to challenges arising along the transition pathway. We …

renewables would change dramatically if all costs are taken into account. …

The emerging literature on power markets with high shares of fluctuating renewables suggests that more frequent start … fluctuating renewables quadruples between 2010 and 2030. We find that the overall number of start-ups decreases by a third, while … slightly and remains below 1%. Several overlapping effects drive these results. The expansion of fluctuating renewables alone …