Pahle, Michael; Fan, Lin; Schill, Wolf-Peter - 2011
new coal power plants being added to its power mix. There are several possible drivers for this "dash for coal", but it is … to invest in hard coal plants compared to natural gas at the time of the ETS onset. Expected windfall profits compensated … more than half the total capital costs of a hard coal plant. Moreover, a shorter period of free allocations would not have …