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| The energy crisis is coming to a head. Increased energy and food prices, as well as concerns about a gas shortage and further rising inflation, are affecting all areas of our society. Against this background, evidence-based recommendations for possible actions and ways out of the crisis are essential – the ZEW Monthly November edition 2022 provides an insight into our work on the topic of the "Energy Crisis". |
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RESEARCH ON THE ENERGY CRISIS
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ECONOMISTS CALL FOR REGULATIONS IN CASE OF GAS MARKET COLLAPSE
| Although hopes are high that the gas supply will be secured by measures taken by the federal government, we must still be prepared for the worst-case scenario. In the current situation, it cannot be ruled out that trading on the gas market will collapse. And regardless of an actual market collapse taking place, the possibility of such a collapse is already likely to have an impact on the current gas market, warn Axel Ockenfels from the University of Cologne and ZEW President Achim Wambach. Both economists therefore not only call for stronger incentives to shift away from gas, but also outline what a suitable economic regulatory framework might look like if trading in the gas market collapses.
↗ More about the ZEW policy brief
| PLAN MAY IMPAIR COMPETITION IN RETAIL MARKET FOR NATURAL GAS
| Against the backdrop of skyrocketing gas prices, an expert commission appointed by the federal government proposed a two-stage relief plan in October 2022: The plan aims to keep natural gas affordable while also preventing supply shortages. The main element is a direct subsidy for gas-consuming households. In a ZEW policy brief, ZEW economists warn that price subsidies in the retail market for natural gas could impair competition between providers by reducing incentives for customers to search for cheaper service plans.
↗ More about the ZEW policy brief |
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↗ GAS PRICE CAP: BUSINESSES SHOULD NOT BE TREATED LIKE HOUSEHODLS
| | The German expert commission on gas and heating prices (“Gas und Wärme”) presented its recommendations on the design of the relief programmes for households and businesses. While the redistribution effect of the gas price cap is currently a highly debated issue, the proposed relief for businesses has received significantly less attention. Yet some fundamental and conceptual issues need to be addressed in this context. |
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AT A GLANCE
| ↗ Lack of Funding Slows Down Chemical Start-Ups
| | Chemical start-ups can make substantial contributions to the ecological transition of the economy. They develop processes to make industrial production more sustainable and find climate-friendly methods for generating energy. Still, chemical start-ups cannot grow to reach their full potential as they lack sufficient funding. The ZEW study indicates that about two-thirds of chemical start-ups lack funding. In the chemical industry, start-ups often require highly qualified staff and expensive equipment to be able to produce prototypes or laboratory applications on a large scale. Another problem are the strict regulatory requirements that have to be met in order to obtain the necessary permits for production and the construction of plants. |
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CURRENT ZEW RESEARCH
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| ↗ INVENTORS EMIGRATE DUE TO POLITICAL UNCERTAINTY
Since the late 1990s, both political uncertainty and migration among inventors have increased. An analysis on European countries by researchers at ZEW Mannheim and KU Leuven shows that this parallel development is no coincidence. On the contrary, political uncertainties have prompted more inventors to leave their home countries and move abroad. In the years following emigration, this country loses billions of dollars in patents.
↗ WHICH FACTORS INFLUENCE THE DECISION FOR A COVID BOOSTERS JAB
Which factors influence the decision for a COVID booster jab? A study from ZEW together with Cornell University and Indiana University has shown, the efficacy of the booster and the producer of the vaccine, as well as potential financial incentives are pivotal in the decision. The willingness to get a booster is highest for the Pfizer/Biontech vaccine, followed by the Moderna vaccine. Enthusiasm for the Johnson & Johnson vaccine lagged significantly behind. |
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EVENTS
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↗ First-Hand Information on Economic Policy with Lufthansa CEO Carsten Spohr
| | Lufthansa is facing challenging times. The COVID-19 pandemic brought international air traffic close to a standstill. The government had to step in to save Lufthansa from bankruptcy. A key issue in the industry is the transition to climate-neutral aviation. But how can Lufthansa successfully manage this transition in the face of stricter regulations for European air traffic, while its international competitors can continue to emit CO2 without being restricted by emissions trading? ZEW President Achim Wambach discussed these and other questions with Lufthansa CEO Carsten Spohr on 7 November 2022. |
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→ CONTACT FOR QUESTIONS OR SUGGESTIONS ON THE CONTENT
| | Dr. Frank Herkenhoff | frank.herkenhoff@zew.de |
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