@misc{HoffmannByrukuriGangadharMuesgens, author = {Hoffmann, Christin and Byrukuri Gangadhar, Shanmukha Srinivas and M{\"u}sgens, Felix}, title = {Smells Like Green Energy - Quasi-Experimental Evidence on the Impact of Bioenergy Production on Residential Property Values}, series = {SSRN eLibrary}, journal = {SSRN eLibrary}, issn = {1556-5068}, doi = {10.2139/ssrn.4760312}, pages = {1 -- 26}, abstract = {Residents' acceptance of bioenergy is a prerequisite for its fast and efficient development but is ambiguously discussed in practice and research. We interpret a causal impact of bioenergy plant commissioning on housing prices in their vicinity as the average net external effects for residents. We utilize bioenergy plant construction data in Germany between 2007 and 2022 as a quasi-experiment with naturally occurring control groups in their vicinity and apply recently improved difference-in-difference estimation procedures to analyze instantaneous and heterogeneous treatment effects. We find a significant and negative impact on housing prices if plants use gaseous biofuel, generate electricity on-site, and are medium-sized. The magnitude of the effect is comparable to those for solar fields. In contrast, we find no impact for small and large bioenergy plants and those that use solid or liquid biofuels.}, language = {en} } @misc{HoffmannZiemannPenskeetal., author = {Hoffmann, Christin and Ziemann, Niklas and Penske, Franziska and M{\"u}sgens, Felix}, title = {The value of secure electricity supply for increasing acceptance of green hydrogen - First experimental evidence from the virtual reality lab}, series = {19th International Conference on the European Energy Market (EEM), 06-08 June 2023, Lappeenranta, Finland}, journal = {19th International Conference on the European Energy Market (EEM), 06-08 June 2023, Lappeenranta, Finland}, isbn = {979-8-3503-1258-4}, issn = {2165-4093}, doi = {10.1109/EEM58374.2023.10161844}, pages = {9}, abstract = {To unlock the high potential of green hydrogen in reaching the ambitious 1.5 °C goal declared by the Paris Agreement, enormous (public) investments are needed. Social acceptance of these investments is required in order to implement hydrogen technologies as fast and efficiently as possible. This study investigates which benefits associated with green hydrogen foster its social acceptance. Using a between-subject design, we implement two different treatments. Both treatments have in common that the participants experience the transformation into a hydrogen economy in a virtual reality scenario. In "Info Security of Supply", we provide the participants information about the benefits of green hydrogen regarding the security of energy supply and climate protection. In Control, we inform them only about the benefits of climate protection. Subsequently, the participants decide about the financial support of a hydrogen project. Our preliminary results show a higher support if the focus is solely on the positive impact of green hydrogen for climate protection.}, language = {en} } @misc{HoffmannByrukuriGangadharMuesgens, author = {Hoffmann, Christin and Byrukuri Gangadhar, Shanmukha Srinivas and M{\"u}sgens, Felix}, title = {Smells like green energy the impact of bioenergy production on residential property values in Germany}, series = {Science Direkt}, volume = {145}, journal = {Science Direkt}, publisher = {Elsevier B.V.}, address = {Amsterdam}, doi = {10.1016/j.eneco.2025.108404}, pages = {1 -- 16}, abstract = {One requirement for the fast and efficient development of bioenergy is a clear understanding of the negative externalities bioenergy facilities cause. At this point, discussions in practice and research as to which externalities have an impact and how strong this potential impact actually is remain inconclusive. We utilize bioenergy plant construction data from Germany between 2007 and 2022 and match it with information about real estate in the plants' vicinity. Applying improved difference-in-difference estimation procedures to analyze heterogeneous treatment effects, we interpret a causal impact of bioenergy plant commissioning on housing prices in the vicinity in terms of the average net external effects affecting the vicinity. Overall, we find a minor negative impact of -0,5 \% on home prices within 1 km of bioenergy plants but no statistically significant effect beyond this distance. This suggests that visual pollution has a limited role as an externality of bioenergy plants. However, if we restrict the sample to homes downwind of bioenergy plants, we find a significant yet small negative impact on home prices, ranging from -1,0 \% to - 1,3 \%. Additionally, homes near bioenergy plants that use gaseous inputs - which emit stronger odors - experience price reductions between -0,4 \% to -0,7 \%. This lets us conclude that, besides visual pollution, odor emission may play a more significant role in affecting nearby home prices.}, language = {en} } @misc{HoffmannJalboutVillanuevaetal., author = {Hoffmann, Christin and Jalbout, Eddy and Villanueva, Monica and Batz Li{\~n}eiro, Taimyra and M{\"u}sgens, Felix}, title = {Positive and Negative Externalities from Renewable and Conventional Power Plants in the Backyard: The Value of Participation}, series = {SSRN eLibrary}, journal = {SSRN eLibrary}, issn = {1556-5068}, doi = {10.2139/ssrn.4203184}, pages = {1 -- 33}, abstract = {We quantify the net external effects of conventional and renewable electricity generators by analyzing housing prices in their vicinity. Using a Differences-in-Differences approach, we find that (1) wind turbines reduce prices significantly, (2) solar fields have no significant impact, and (3) conventional plants over 1 km away show positive net effects. We set out to explain this result by disentangling the positive local external effects of energy generation, which we measure in terms of local purchasing power and tax revenues. Our results show that the commissioning of conventional power stations results in a significant increase in both purchasing power and business tax income in the vicinity. We thus conclude that significant financial participation of the local public in the development of renewable energy projects, especially wind turbines, could be key to increasing their acceptance and accelerating their expansion.}, language = {en} } @misc{MuhammadHoffmannMuesgens, author = {Muhammad, Sulaman and Hoffmann, Christin and M{\"u}sgens, Felix}, title = {Assessing energy security risks : implications for household electricity prices in the EU}, series = {Energy}, volume = {327}, journal = {Energy}, publisher = {Elsevier BV}, address = {Amsterdam}, issn = {1873-6785}, doi = {10.1016/j.energy.2025.136201}, pages = {1 -- 11}, abstract = {Energy security has emerged as a critical issue, especially for Europe, driven by escalating geopolitical tensions and the transition toward sustainable energy sources. Beyond affecting national energy supply, energy security also significantly influences the affordability of electricity for consumers. We examine the impact of energy security on household electricity prices, focusing on three key indicators: energy dependency, energy diversity, and geopolitical risk. Using panel data of 27 EU countries from 2007 to 2022, the analysis reveals that both energy diversity and dependency contribute to lowering electricity prices, while geopolitical risk shows no significant direct effect. However, the interaction between energy dependency and geopolitical risk reveals that during times of heightened geopolitical risks, a heavy reliance on foreign energy can lead to significantly higher electricity prices. Further 2SLS estimation and additional analysis with extended controls confirm the robustness of these findings. These findings offer valuable insights for policymakers focused on enhancing energy security.}, language = {en} }