Who invests in renewable electricity production?: Empirical evidence and suggestions for further research
2013 (English)In: Energy Policy, ISSN 0301-4215, Vol. 56, 568-581 p.Article in journal (Refereed) Published
Transforming energy systems to fulfill the needs of a low-carbon economy requires large investments in renewable electricity production (RES-E). Recent literature underlines the need to take a closer look at the composition of the RES-E investor group in order to understand the motives and investment processes of different types of investors. However, existing energy policies generally consider RES-E investments made on a regional or national level, and target investors who evaluate their RES-E investments according to least-cost high-profit criteria. We present empirical evidence to show that RES-E investments are made by a heterogeneous group of investors, that a variety of investors exist and that their formation varies among the different types of renewable sources. This has direct implications for our understanding of the investment process in RES-E and for the study of motives and driving forces of RES-E investors. We introduce a multi-dimensional framework for analyzing differences between categories of investors, which not only considers to the standard economic dimension which is predominant in the contemporary energy literature, but also considers the entrepreneurship, innovation-adoption and institutional dimensions. The framework emphasizes the influence of four main investor-related factors on the investment process which should be studied in future research: motives, background, resources and personal characteristics.
Place, publisher, year, edition, pages
Elsevier, 2013. Vol. 56, 568-581 p.
Energy policy, Renewable electricity production, Tradable Green Certificate, Investor types, Investments, RES-E
Economics and Business
IdentifiersURN: urn:nbn:se:liu:diva-89587DOI: 10.1016/j.enpol.2013.01.038ISI: 000317158400054OAI: oai:DiVA.org:liu-89587DiVA: diva2:608373
ProjectsNYEL - Nya investerare i förnybar elproduktion
FunderSwedish Energy Agency
► The RES-E investor group is heterogeneous. ► Investors with no traditional background within electricity production make the majority of RES-E investments in Sweden. ► Different types of RES-E investors invest in different renewables. ► A standard economic perspective is not sufficient to understand emerging RES-E investors. ► Motives, background, resources and personal characteristics of RES-E investors matter.2013-02-272013-02-272016-09-06Bibliographically approved