摘要：Climate change has been at the center of economic and social discussion for some years. The passage
of time has intensified this debate and reflection. A well-known relevant event in this domain
was the signature of the Paris Agreement in 2014, and its subsequent enforcement by European
Union (EU) member countries.
This study examines if the climate change measures adopted by the Agreement had an impact
on the electricity sector outside the EU28, seeking to assess whether there is international diversity
in these markets or if they work uniformly at global level.
The goal of this work is to study the behavior of spot electricity prices before and after the Agreement
was signed by EU members, analyze its effect in terms of spot prices, and determine the
conditions that lead to stability and non-stability. We examine the behavior of spot electricity prices
in two different electricity markets: the US and Brazil.
The study applies both qualitative methodologies, namely fsQCA, and quantitative methodology,
in order to identify changes in the pattern of electricity price behavior with the advent of the
Agreement.
Arguably, regulatory theory still incorporates the effects of the emergence of global dynamics
in the regulation process. However, what this article suggests is that changes in regulatory frameworks
with global impact, even if exogenous to a specific market, can profoundly alter the dynamics
of that market.
关键词：electricity markets; spot price; Paris Agreement; fsQCA
