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Economic valuation of an offshore wind farm in Greece: The role of individual’s base-state influences and beliefs in the value formation process

Lookup NU author(s): Dr Francisco ArealORCiD


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The increased concern for the impacts of climate change on the environment, along with the growing industry of renewable energy sources, and especially wind power, has made the valuation of environmental services and goods of great significance. Offshore wind energy is being exploited exponentially and its importance for renewable energy generation is increasing. We apply a double-bound dichotomous Contingent Valuation Method analysis in order to both (a) estimating the willingness to pay (WTP) of Greek residents for green electricity produced by offshore wind farm located between the islands of Tinos and Andros and (b) identifying factors behind respondents׳ WTP including individual׳s behaviour toward environment and individual׳s views on climate change and renewable energy. A total of 141 respondents participated in the questionnaire. Results show that the respondents are willing to pay on average 20€ every two months through their electricity bill in return for carbon-free electricity and water saving from the wind farm. Respondents׳ environmental consciousness and their perception towards climate change and renewable energy have a positive effect on their WTP

Publication metadata

Author(s): Georgiou I, Areal FJ

Publication type: Article

Publication status: Published

Journal: Renewable and Sustainable Energy Reviews

Year: 2015

Volume: 52

Pages: 717-724

Print publication date: 01/12/2015

Online publication date: 25/08/2015

Acceptance date: 29/07/2015

ISSN (print): 1364-0321

ISSN (electronic): 1879-0690

Publisher: Pergamon Press


DOI: 10.1016/j.rser.2015.07.178


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