| White certificates schemes mandate competing energy companies to promote energy efficiency with flexibility mechanisms, including the trading of energy savings. So far, stylized facts are lacking and outcomes are mainly country‐specific. By comparing results of British, Italian and French experiences, we attempt to identify the core determinants of their performances. We show that (i) white certificates schemes are depicted in theoretical works as mandatory subsidies on energy efficiency goods recovered by an end‐use energy tax, whereby white certificates exchanges are not a central feature; (ii) at current stages, existing schemes are cost‐effective and economically efficient, with large discrepancies though; (iii) the hybrid subsidy‐tax mechanism seems... |
