Defaulting to Decarbonization? Financial Insolvency and the Energy Transition in India’s States
脱炭素化へのデフォルト？ インド各州の財政破綻とエネルギー移行 (AI 翻訳)
Johnathan Guy
🤖 gxceed AI 要約
日本語
インドの州政府が電力公社（DISCOM）の財政難に直面する中、短期的には再生可能エネルギーの調達が相対的に増加し、化石燃料の調達が減少することを実証。これは「マストラン」規制により再生可能エネルギーが優先されるため。長期的には、財政難が再生可能エネルギー投資や送電網拡大を遅らせる証拠は弱い。電力公社の財政難がエネルギー移行の制約になるという通説に疑問を投げかける。
English
This paper examines how financial distress of electricity distribution utilities (DISCOMs) in India affects the energy transition. Using original data, it finds that in the short run, distressed DISCOMs procure relatively more renewable energy and less fossil fuels, due to 'must-run' regulations protecting renewables. Long-run effects on renewable investment and transmission expansion are weak. The findings challenge the conventional wisdom that utility insolvency is a binding constraint on decarbonization.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の電力自由化や再生可能エネルギー導入政策にも示唆。特に、電力会社の財務状況が再エネ調達に与える影響は、日本でも送配電部門の制度改革や再エネ導入拡大の議論に参考になる。
In the global GX context
This paper contributes to global debates on energy transition finance and policy, particularly in developing countries. It highlights the role of institutional design (e.g., must-run regulations) in shaping the impact of financial constraints on renewable energy adoption, relevant for countries with similar subnational electricity governance.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the relationship between utility financial distress and renewable energy procurement, with implications for energy transition theory.
🏢実務担当者:For utilities and energy companies, insights into how financial stress can affect procurement decisions and the importance of regulatory protections for renewables.
🏛政策担当者:Highlights that financial insolvency may not necessarily hinder short-term renewable adoption, but long-term investment needs attention; relevant for designing energy policies.
📄 Abstract（原文）
How do financial constraints shape the energy transition in developing countries? I study this question in India, where electricity procurement is governed at the subnational level. Electoral politics motivates state governments to subsidize electricity consumption, resulting in financial stress for electricity distribution utilities (DISCOMs). Using multiple sources of original data on utility and plant operations, I investigate the relationship between financial distress and decarbonization. I theorize that the effect of utility insolvency depends on the margin considered—dispatch vs. capacity investment—and on institutions. Counterintuitively, but consistent with my theory, I find that financial stress is associated in the short run with greater relative procurement of renewable energy and less procurement of fossil fuels. Mechanism tests suggest that coal dispatch is more sensitive to liquidity constraints, as distressed DISCOMs cut back on coal deliveries while renewable energy remains protected by “must-run” dispatch regulations. In contrast, I find at most weak evidence that insolvency raises challenges for decarbonizing electricity in the long run: insolvency shows no relationship with renewable-energy tendering, only suggestive evidence that it slows renewable capacity investment, and similarly weak evidence that it curtails expansion of transmission lines that renewables need to scale. The results qualify the conventional wisdom that electricity utilityinsolvency is a binding constraint on the energy transition.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.31235/osf.io/8m47e_v1first seen 2026-08-30 05:49:11
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。