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Global warming is one of the main threats to the future of humanity andextensive emissions of greenhouse gases are found to be the main cause ofglobal temperature rise as well as climate change. During the last decadesinternational attention has focused on this issue, as well as on searching forviable solutions to mitigate global warming. In this context, the pricing ofgreenhouse gas emissions turned out to be the most prominent mechanism: First,to lower the emissions, and second, to capture their external costs. By now,various carbon dioxide taxes have been adopted by several countries in Europeand around the world; moreover, the list of these countries is growing.However, there is no standardized approach and the price for carbon variessignificantly from one country to another. Regionally diversified carbon pricesin turn lead to carbon leakage, which will offset the climate protection goals.In this paper, a simplified European power system with flexible carbon pricesregarding the Gross Domestic Product (GDP) is investigated. A distributionparameter that quantifies carbon leakage is defined and varied together withthe base carbon price, where the combination of both parameters describes thespatially resolved price distribution, i.e. the effective carbon pricing amongthe European regions. It is shown that inhomogeneous carbon prices will indeedlead to significant carbon leakage across the continent, and that coal-firedelectricity generation will remain a cheap and therefore major source of powerin Eastern and South-Eastern Europe - representing a potential risk for thelong term decarbonization targets within the European Union.

Carbon Leakage in a European Power System with Inhomogeneous Carbon Prices