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Modeling energy efficiency insurances and energy performance contracts for a quantitative comparison of risk mitigation potential

Title data

Töppel, Jannick ; Tränkler, Timm:
Modeling energy efficiency insurances and energy performance contracts for a quantitative comparison of risk mitigation potential.
In: Energy Economics. Vol. 80 (May 2019) . - pp. 842-859.
ISSN 0140-9883
DOI: https://doi.org/10.1016/j.eneco.2019.01.033

Official URL: Volltext

Project information

Project title:
Project's official titleProject's id
Projektgruppe WI Energie und kritische InfrastrukturenNo information

Abstract in another language

Financial risk mitigation via Energy Performance Contracting or Energy Efficiency Insurances may overcome individual barriers for energy efficiency investments. However, while the financial industry, and especially insurance companies, may have compelling reasons to get involved in energy efficiency investments, the research on and real-world applications of risk transfer contracts for private decision-makers are scarce. Thus, this study quantitatively compares the risk mitigation potential of risk transfer contracts based on a comprehensive energy bill savings forecast model comprising stochastic processes for weather, commodity prices, and technological energy efficiency performance. The model is fitted with a unique dataset for German residential buildings. Our findings indicate that risk transfer contracts positively affect individual decision-makers' willingness to invest in energy efficiency. Generally, we find Energy Performance Contracts to be superior in most scenarios when transaction costs are not considered. However, insurance companies may benefit from diversification effects and by ceding risks to global capital markets and reinsurance companies.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Energy efficiency investment; Energy performance contract; Energy efficiency insurance; Financial risk mitigation; Energy efficiency risk management
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > Fraunhofer Project Group Business and Information Systems Engineering
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Faculties
Faculties > Faculty of Law, Business and Economics
Result of work at the UBT: No
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 17 Apr 2020 06:23
Last Modified: 29 Jul 2020 08:24
URI: https://eref.uni-bayreuth.de/id/eprint/54959