The reduction of infra-marginal rents for utilities resulting from the merit-order effect raises issues relating to future investments in new capacities, as well as research relating to the appropriate calculations of true benefits and costs of renewables in complex electric systems. The true cost of the deployment policy for ratepayers is not the simple sum of the incentives, but rather much less, as renewables progressively reduce the market costs of electricity through the merit-order effect. Finally, how C02 prices and RE deployment interact in wealth transfers between various stakeholders, notably electricity customers and utilities, deserves further scrutiny.