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dc.contributor.authorWerner, Lone
dc.contributor.authorScholtens, Lambertus Johannes Regnerus
dc.identifier.citationWerner , L & Scholtens , L J R 2017 , ' Firm type, feed-in tariff, and wind energy investment in Germany : An investigation of decision making factors of energy producers regarding investing in wind energy capacity ' , Journal of Industrial Ecology , vol. 21 , no. 2 , pp. 402-411 .
dc.identifier.otherPURE: 248065152
dc.identifier.otherPURE UUID: 0b3cde66-4214-4c42-ac0e-9c46225432b2
dc.identifier.otherScopus: 84978712148
dc.identifier.otherORCID: /0000-0001-5774-5191/work/69835033
dc.description.abstractThe development of renewable and sustainable energy is advanced by public financial support. Particularly so in the German Energiewende, which seeks to replace nuclear and fossil electricity generation with wind, sun, and biomass. We study the impact of the (changes in the) feed-in tariff policy on the investment in wind electricity generation capacity in Germany in the period 2000-2014. We estimate a generic investment model which includes this support mechanism, the cost of capital, investment risks like wind and price volatility, and manufacturing costs. We discuss specific features for different types of wind energy investors, such as the incumbents, small private investors, diversified companies, and independent power producers. We find that a change in the feed-in tariff has a negative impact on investment capacity regarding the generation of wind energy: a one monetary unit increase in the variation of the tariff is to be associated with a decrease by 0.17 MW wind capacity installed. We argue it is policy uncertainty that makes investors shy away from making real investments. We also argue that the drivers for wind energy investment can differ along different types of firms. For the traditional power producers, especially electricity price volatility, construction costs, and carbon prices seem to matter. But for the other investor types, the feed-in tariff is crucial indeed.
dc.relation.ispartofJournal of Industrial Ecologyen
dc.rightsCopyright © 2016, by Yale University. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at
dc.subjectFeed-in tariffen
dc.subjectFirm typeen
dc.subjectIndustrial ecologyen
dc.subjectWind energyen
dc.subjectHD Industries. Land use. Laboren
dc.subjectHG Financeen
dc.subjectSDG 7 - Affordable and Clean Energyen
dc.subjectSDG 15 - Life on Landen
dc.titleFirm type, feed-in tariff, and wind energy investment in Germany : An investigation of decision making factors of energy producers regarding investing in wind energy capacityen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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