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Now assume the previous case is the U.S. energy market. Let federal policy be such that additional energysuppliersenterintothemarket(e.g.,additionalrenewableenergyresourceproducers). Thisresults in the energy's market supply curve (from SS) shift to the right (to SS'), as shown in Figure 4-3. Let all income effects, which result fi-omthe change in the price of energy, be allowed for in the price/quantity relationship for the commodity (i.e., the demand curve PD)? The new market clearing position with the additional energy suppliers is Q**, at a price ofP**'. P**dQ**O represents the told amount paid for the quantity Q**. The area adF'** describes the new consumer surplus. The new producer surplus is represented by the area dgP**'. If the welfare of a society includes both consumer and producer surplus, then the total additional consumer surplus captured by the consumer (indicated by P*bdP**) as a result of the lowering of the price of a commodity does not represent the net increase in welfare to society. P*bdP** does not represent a net increase in society's well-being because the area P%eP** was previously included in payments made to the suppliers. Thus, the part of this amount representing producer surplus (P*bhP**) was simply shifted from the surplus of producers in the society to the consumers. As such, it does not represent a total increase in well-being for the society but merely a reallocation of surplus. P P* PAJ 0 The change in welfare for the society that resulted fiom the lowering of the price of energy can be described as the area adg - abc = cbdg. These results provide some interesting insights into potential societalbenefitsfi-ompolicyactions. Forexample, If the price of a commodity or service is reduced as the result of RD&D investments, the investment cost can be compared to the additional consumer surplus (cbdg) produced (the supply curves are flat in this example so there is no producer surplus) to obtain the first order estimate of the benefit of the RD&D. If, for example, RD&D investment in efficient refrigerators lowered their price by $100 per unit, increasing sales fiom 100,000 per year to 150,000, the added consumer surplus would be $10million(cbeg)plus$2.5million(bde). (SeeFigure4-4.) Technically speaking, this is referred to as a constant real income demand curve (Leftwich and Eckert 1985). 2g QJc Q** Figure 4-3. Consumer and producer surplus with additional supply ss QPDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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