Total effect

Scale effect

Composition effect

Technique effect

Two control zones

ΔCO₂

−6.9308*

−4.1531

2.4712***

−5.2489**

(3.7876)

(4.0269)

(0.7716)

(2.1842)

ΔSO₂

−7.0052***

−6.9702***

1.0736**

−1.1086

(2.0317)

(2.1601)

(0.4139)

(1.1716)

ΔElectricity price

−0.0754

−0.1357**

−0.0090

0.0693**

(0.0505)

(0.0536)

(0.0103)

(0.0291)

Non-control zone

ΔCO₂

−3.1841***

−3.5355***

0.6832***

−0.3319

(1.0471)

(0.7673)

(0.2487)

(0.7343)

ΔSO₂

1.3161

−4.5976***

0.6319**

5.2819***

(1.0719)

(0.7854)

(0.2546)

(0.7516)

ΔElectricity price

−0.0344

−0.0032

−0.0094

−0.0219

(0.0242)

(0.0177)

(0.0057)

(0.0169)