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Department of Economics, Norwegian School of Economics (NHH) Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)

No 11/2016:
From Fossil Fuels to Renewables: The Role of Electricity Storage.

Itziar Lazkano, Linda Nøstbakken () and Martino Pelli ()

Abstract: We analyze the role of electricity storage for technological innovations in electricity generation. We propose a directed technological change model of the electricity sector, where innovative rms develop better electricity storage solutions, which a ect not only the relative competitiveness between renewable and nonrenewable electricity Sources but also the ease with which they can be substituted. Using a global rm-level data set of electricity patents from 1963 to 2011, we empirically analyze the determinants of innovation in electricity generation, and the role of storage in directing innovation. Our results show that electricity storage increases innovation not only in renewables but also in conventional technologies. This implies that efforts to increase innovation in storage can benefit conventional, fossil fuel- red electricity plants as well as increasing the use of renewable electricity.

Keywords: Innovation; Directed technical change; Electricity storage; Electricity markets; Power generation; (follow links to similar papers)

JEL-Codes: O30; O40; O50; Q20; Q30; Q40; Q50; (follow links to similar papers)

62 pages, May 31, 2016

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