RENEWABLE ELECTRICTY SUPPORT IN THE EU WHAT LESSONS CAN BE LEARNED?
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1 RENEWABLE ELECTRICTY SUPPORT IN THE EU WHAT LESSONS CAN BE LEARNED? 16 th Global Conference on Environmental Taxation University of Technology Sydney, 24 th September 2015 Claudia Kettner & Daniela Kletzan-Slamanig
2 Outline 1. Economic Theory on RES(-E) Support Schemes 2. RES-E Support Schemes in the EU Renewable Energy Directive Overview of RES-E Support Schemes in EU MS Development of RES-E Generation 3. Conclusions Kettner 16 th GCET, 24 th September 2015, Sydney 1
3 Motivation for RES-(E) Support Schemes According to economic theory, markets generally deliver efficient outcomes Interventions are only needed in case of market failure In the are of RES deployment, a number of market failures prevail Environmental externalities (e.g. negative environmental effects of the combustion of fossil fuels are not priced in) Energy security externalities R&D externalities Information market failures Kettner 16 th GCET, 24 th September 2015, Sydney 2
4 Objectives of RES Support Schemes and Evaluation Criteria Objective: Compensation of the higher cost of electricity production from renewable energy sources and achievement of a predefined level of RES-E generation Relevant criteria for the choice of instruments: Ecological effectiveness - Contribution to the achievement of objectives Economic efficiency - Lowest cost (static) and promotion of technological progress (dynamic) Transaction costs Political and administrative feasibility Kettner 16 th GCET, 24 th September 2015, Sydney 3
5 RES-E Support Instruments Overview Instruments for RES-E support feed-in tariffs feed-in premia quota system Price based instruments Quantity based instrument tendering schemes fiscal measures and other forms of support (investment subsidies, tax exemptions, low-interest loans etc.) In addition to financial incentives, administrative measures are relevant, e.g. approval procedures the regulation of network access purchase commitments Kettner 16 th GCET, 24 th September 2015, Sydney 4
6 Price Based on de Jager & Rathmann, 2008, Bode & Groscurth, 2008 RES-E Support Instruments Principles Tradable certificates Feed-in - premia Feed-in - tariff / Tender RES-E Premium Market price Time Compensation = Market price of electricity + Price of certificates Both components are variable, i.e. they are determined on the market. Compensation = Market price of electricity + Fixed bonus to compensate for higher costs Market risks are partially removed (Combination of variable and fixed compensation) Compensation = fixed ( degressive ) feed - in tariff Market risks are largely removed (Total compensation is fixed) Kettner 16 th GCET, 24 th September 2015, Sydney 5
7 RES-E Support Schemes Comparison Instrument Criteria Financing Producer suplus Market risk Innovation incentives Feed-in tariff Consumers low* low high Quota system Consumers medium - high** high low Tendering scheme Public low high low Fiscal support, Investment subsidies Public low - medium** medium medium * provided differentiation ** w/o technological differentiation Kettner 16 th GCET, 24 th September 2015, Sydney 6
8 RES Support in the EU Renewable Energy Directive 2009/28/EC Common guidelines for RES-E support since 2001 (Directive 2001/77/EC) Directive 2009/28/EC establishes an overall policy for the production and promotion of energy from renewables Stipulated targets 20% of the EU s gross final energy consumption shall be met by RES in 2020 MS targets range between 11% and 49% MS can make use of national instruments or cooperation mechanisms (statistical transfers, joint RES projects, joint RES support schemes) to achieve the respective targets For biofuels sustainability criteria have been defined Kettner 16 th GCET, 24 th September 2015, Sydney 7
9 Austria Belgium Bulgaria Cyprus Croatia Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia* Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain* Sweden UK Based on Overview of RES-E Support Schemes in EU Member States (I) 2014 Feed-in tariff x x x x x x x x x x (x) x x x x x x (x) x Feed-in premium x x x x x x x x x (x) Quota obligation x x x x x Inv estment grants x x x x x x x x x x x x x x x x Tax exemptions x x x x x x x x x x x Fiscal incentiv es (loans) x x x x x x x x x Tendering schemes x x * currently suspended Kettner 16 th GCET, 24 th September 2015, Sydney 8
10 Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia* Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain* Sweden Based on & Kettner etal. (2009) UK Overview of RES-E Support Schemes in EU Member States (II) Changes Feed-in tariff Feed-in premium Quota obligation Investment grants Tax exemptions Fiscal incentives Tendering schemes no changes between 2009 and instrument added since instrument removed since 2009 * currently suspended Kettner 16 th GCET, 24 th September 2015, Sydney 9
11 EJ Based on Eurostat Development of RES-E Generation at EU level Geothermal energy Biomass and ren. waste %-change p.a. ( ) 2.0 Tide Photovoltaic Wind power Hydro power Kettner 16 th GCET, 24 th September 2015, Sydney 10
12 Based on Eurostat Development of RES-E Generation by Member State RES Share in Electricity Generation in % %-Growth of RES-E Generation p.a. ( ) EU 28 Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom EU 28 Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom Kettner 16 th GCET, 24 th September 2015, Sydney 11
13 Based on Eurostat and Schreyer (2008) Development of Wind Energy by Member State Exploited Wind Energy Potential in % EU Austria Belgium Bulgaria Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom Kettner 16 th GCET, 24 th September 2015, Sydney 12
14 Effectiveness of RES-E Schemes More pronounced growth of RES-E generation in MS using price-based instruments Countries with price-based instruments also exhibit the highest increases vis-à-vis the respective RES-E potentials (e.g. Ragwitz et al. 2006, 2008) Effectiveness in countries that mainly use quota systems (e.g. GB, Sweden, Belgium) is comparatively low This might be partly due to inadequate instrument design and strategic behavior Kettner 16 th GCET, 24 th September 2015, Sydney 13
15 Steinhilber et al. (2011) Efficiency of RES-E Schemes Example: Onshore wind Larger producer surpluses in MS with quota systems Reduction of administrative burden significantly reduces costs Kettner 16 th GCET, 24 th September 2015, Sydney 14
16 Conclusions (I) The risk perception of investors determines the success of RES-E support schemes - their effectiveness depends on the credibility of the system A stable regulatory environment increases planning and investment security and leads to lower economic costs Administrative barriers (grid integration, licensing procedures) can reduce the effectiveness of the instruments significantly Evidence from EU Member States shows that feed-in tariffs tend to have a high level of effectiveness and are economically efficient Less experience with quota systems - generally more complex in design Kettner 16 th GCET, UTS, 24 th September
17 Conclusions (II) Effective RES-E support schemes should generally comply with the following criteria: Long-term, ambitious objectives Stability of regulation - no abrupt change of system Restriction to newly installed capacity Removal of non-economic barriers Guaranteed temporary financial support (> marginal generation costs) Feed-in Tariffs: Technology-specific and degressive tariffs Quota systems: Sufficient market size and definition of sufficiently high penalties required, differentiation of technologies Kettner 16 th GCET, 24 th September 2015, Sydney 16
18 THANK YOU! Kettner 16 th GCET, UTS, 24 th September
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