Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Economics

No 5-2022: The New Energy State: A Review of Offshore Governance Regimes for Renewables as Natural Resources

Tooraj Jamasb () and Anupama Sen ()
Additional contact information
Tooraj Jamasb: Department of Economics, Copenhagen Business School, Postal: Copenhagen Business School, Department of Economics, Porcelaenshaven 16 A. 1. floor, DK-2000 Frederiksberg, Denmark

Abstract: As renewable energy technologies mature, new industry configurations are also emerging with offshore wind and energy islands as notable examples. However, a clear conceptualisation of the role of the state and governance framework is lacking, alongside growing pressure for the state to define the path forward. This paper reviews recent developments in emerging EU offshore renewable energy regimes, highlighting three implications that show the need for new governance frameworks. First, there is a reconfiguration of energy industry structures around changing economics and policies, in a repeat of historical trends. Second, energy islands will increasingly represent features of a natural resource in fixed supply, with the economic nature of offshore energy gradually transiting from the sub-domain of renewable energy economics towards natural resource economics. Third, to realise their economic value, frameworks are needed to enable these resources to harmonise with other resources in fixed supply, such as the land on which they are sited, which is constitutionally under the stewardship of the state. Finally, the paper draws out a set of criteria for governance of emerging offshore renewables, to underpin the changing industry landscape and role of the new ‘energy state’ within

Keywords: Offshore energy; Governance; Fiscal regime; Energy; Natural resources; Power

JEL-codes: L22; L24; L51; Q20; Q24; Q28; Q32; Q38; Q48

Language: English

24 pages, March 1, 2022

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