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| 1 |
ID:
180858
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| Summary/Abstract |
Renewable portfolio standards (RPS) is an institutional change from Feed-in Tariff (FIT) to government policy and market mechanism. Is it conducive to improve China's social welfare? Given this problem, this paper constructs the social welfare function under the FIT policy and RPS system respectively based on consumer heterogeneity and simulates the social welfare of China under the two schemes on the basis of combining the real economic situation of China. The results show that: (1) Based on China's real economic situation, the implementation of RPS has achieved Pareto improvement and improves China's social welfare. (2) Under the RPS, compared with the actual situation of oligopoly in China's electricity market, competition can improve social welfare better. (3) The effective implementation of RPS depends on the quota level of the government's scientific design. As far as China's current real economic situation is concerned, when the quota is set in the interval (0,0.5], the social welfare under the RPS is always higher than that under the FIT. Therefore, to improve social welfare and promote low-carbon energy transition, China should effectively promote the implementation of RPS, a mandatory institutional change, and strengthen the system construction of RPS.
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| 2 |
ID:
176852
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| Summary/Abstract |
Renewable Portfolio Standards (RPS) is a mandatory institutional change to realize the low-carbon transformation of energy in China. The success of its implementation depends on the scientific system design. Based on the current situation of the green certificate transaction with the severe shortage of tradable green certificate (TGC) subscription on the demand side of RPS in China and the actual economic situation of the electricity market reform, this paper uses system dynamics to build the market transaction models of benchmark on-grid price and marketed on-grid price respectively, and analyze the incentive effect of the relevant system design of RPS on the demand side of TGC. The results show that: (1) Implementing the marketed on-grid price can effectively stimulate and induce coal power plants to conduct green certificate trading. Compared with benchmark on-grid price, under marketed on-grid price, coal power plants have higher demand for TGC, higher revenue and profit, and better incentive effect. (2)Setting a scientific and reasonable price cap of TGC can effectively stimulate coal power plants to increase the consumption demand of TGC. Therefore, scientific design of the demand-side incentive system of RPS and strengthening of the power market reform will help China to implement the RPS and promote the consumption and utilization of renewable energy.
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| 3 |
ID:
176780
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| Summary/Abstract |
Building upon the literatures of policy stringency, policy effectiveness and clean technological change, this paper explores the question of whether the renewable portfolio standard (RPS) serves as a floor or a cap on renewable electricity capacity deployment in the U.S. In particular, we examine the effect of RPS policy stringency on renewable electricity capacity additions beyond compliance. A panel dataset from 1998 to 2017 is constructed for 28 states that have adopted a mandatory RPS in this timeframe. Using hybrid random effects negative binomial regression models, we find that when constrained by renewable electricity potential capacity (potential capacity < 403.4 GW), more stringent RPSs are significantly associated with a lower level of non-RPS related renewable electricity capacity additions. This negative effect of the RPS on beyond RPS compliance renewable electricity development is weakened by the abundance of renewable energy resources. For states endowed with large renewable energy resources, a stringent RPS policy can motivate utilities and other energy producers to invest in renewable electricity capacity beyond the mandatory target. These findings contribute to the policy stringency and policy effectiveness literatures, and improve our understanding of the relationship between clean energy technology adoption and energy policy.
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| 4 |
ID:
094399
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2010.
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| Summary/Abstract |
Several US states have passed renewable portfolio standard (RPS) policies in order to encourage investment in renewable energy technologies. Existing research on their effectiveness has either employed a cross-sectional approach or has ignored heterogeneity among RPS policies. In this paper, we introduce a new measure for the stringency of an RPS that explicitly accounts for some RPS design features that may have a significant impact on the strength of an RPS. We also investigate the impacts of renewable portfolio standards on in-state renewable electricity development using panel data and our new measure of RPS stringency, and compare the results with those when alternative measures are used. Using our new measure, the results suggest that RPS policies have had a significant and positive effect on in-state renewable energy development, a finding which is masked when design differences among RPS policies are ignored. We also find that another important design feature - allowing "free trade" of REC's - can significantly weaken the impact of an RPS. These results should prove instructive to policy makers, whether considering the development of a federal-level RPS or the development or redesign of a state-level RPS.
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| 5 |
ID:
104948
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2011.
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| Summary/Abstract |
The electricity sector is the largest source of greenhouse gas emissions (GHGs) in the U.S. Many states have passed and Congress has considered Renewable Portfolio Standards (RPS), mandates that specific percentages of electricity be generated from renewable resources. We perform a technical and economic assessment and estimate the economic costs and net GHG reductions from a national 25 percent RPS by 2025 relative to coal-based electricity. This policy would reduce GHG emissions by about 670 million metric tons per year, 11 percent of 2008 U.S. emissions. The first 100 million metric tons could be abated for less than $36/metric ton. However, marginal costs climb to $50 for 300 million metric tons and to as much as $70/metric ton to fulfill the RPS. The total economic costs of such a policy are about $35 billion annually. We also examine the cost sensitivity to favorable and unfavorable technology development assumptions. We find that a 25 percent RPS would likely be an economically efficient method for utilities to substantially reduce GHG emissions only under the favorable scenario. These estimates can be compared with other approaches, including increased R&D funding for renewables or deployment of efficiency and/or other low-carbon generation technologies.
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| 6 |
ID:
177476
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| Summary/Abstract |
Renewable portfolio standards (RPS) and carbon tax policy, as efficient regulatory policy tools for realizing energy low-carbon transformation, can they achieve incentive regulation for power producers based on the decisive role of “visible hands” and “invisible hands” in the utilization and allocation of resources. It will become the critical scientific issue of China's power market reform. This paper constructs an equilibrium model of power market under the overlapping regulation of carbon tax policy and RPS, studies the influence of RPS and carbon tax policy on the power market, and analyzes whether they can help motivate green power producers to reduce production costs. The results show that the overlapping regulation can help to increase the proportion of renewable energy generation production in the power market and optimize the power supply structure. Still, it is difficult to form effective incentive regulation for power producers. On the premise of meeting the quota, the green power producers can increase the feed-in tariffs and achieve higher profits by colluding to realize cost padding. Therefore, the realization of incentive regulation is conducive to weaken information asymmetry to achieve the scientific regulation of power producers and effectively promote the process of China's power market reform.
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| 7 |
ID:
181774
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| Summary/Abstract |
China implements brand new renewable portfolio standards (RPS) since 2020. Based on the newly issued RPS policy, this paper constructs the system dynamics (SD) model of the multi-market coupling trading system involving the renewable electricity market, the consumption above quota market, and the tradable green certificate (TGC) market. The simulation experiments based on six scenarios are conducted to explore impacts of policy parameters such as RPS quota planning goals, unit penalties, and TGC price ceilings. The results show that: (1) Not only does the new RPS affect the price and transaction volume of the multi-market, but it also promotes renewable power generation in China. (2) The RPS quota planning goals display significant influences on the multi-market stability and renewable energy production growth, but it's not that the higher the quota planning goal, the better its effects. (3) An appropriately higher unit fine compared to the TGC price cap is conducive to moderate market volatility and stimulate market consumer demand. (4) According to the current development of renewable energy in China, the 15% quota planning goal cooperates with a unit fine and a TGC price cap with a proper gap is favorable to achieve market equilibrium and moderately promote renewable energy power generation.
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| 8 |
ID:
150718
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| Summary/Abstract |
Over the last decade there have been a growing number of federal and state regulations aimed at controlling air emissions at power plants and/or increasing the penetration of renewable resources in the grid. Environmental Protection Agency regulations will likely lead to the retrofit, retirement, or replacement of coal-fired power plants while the state Renewable Portfolio Standards will continue to drive large-scale deployment of renewable energy sources, primarily wind. Combined, these changes in the generation fleet could have profound implications for the operations of the power system. In this paper, we aim to better understand the interaction between coal plant retirements and increased levels of wind power. We extensively analyze the operations of the PJM electricity system under a broad set of scenarios that include varying levels of wind penetration and coal plant retirements. Not surprisingly, we find that without transmission upgrades, retirement of coal-fired power plants will likely result in considerable transmission congestion and higher energy prices. Increased wind penetration, with high geographic diversity, could mitigate some of the negative effects of coal plant retirement and lead to a significant reduction in air emissions, but wind forecast error might impose operational constraints on the system at times of peak load.
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| 9 |
ID:
150772
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| Summary/Abstract |
Feed-in tariffs and Renewable Portfolio Standards (RPS) are among the most prominent policies to address anthropogenic influence on climate change. Implementation of RPS favorably affects renewable energy supply and rural development while reducing the land available for meeting demand for food and feed resulting from global population growth. Even in the vast Great Plains of the United States, land requirements are primary considerations between increasing renewable energy capacity and food and feed production.
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| 10 |
ID:
111410
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| Publication |
2012.
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| Summary/Abstract |
Over half of U.S. states have renewable portfolio standards (RPSs) mandating that a minimum percentage of electricity sold derives from renewable sources. State RPSs vary widely in how they attempt to control or limit the costs of these RPSs. Approaches utilized include alternative compliance payments, direct rate caps, and cost caps on resource acquisitions, while some states employ no specific limitation at all. This paper describes how states attempt to control RPS costs and discusses the strengths and weaknesses of these various cost controls. There is no one best method; however the experience to date suggests that the most important factors in implementing an effective mechanism to curtail costs are clarity of the rule, consistency in application, and transparency for customers.
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| 11 |
ID:
176101
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| Summary/Abstract |
Renewable Portfolio Standards (RPS) accelerate renewables deployment but their impact on fuel-fired plants remains ambiguous. North American natural gas consumption has been growing due to its decreasing cost in North America, policy initiatives, and its relatively low CO2 emissions rate compared to coal. In this paper, we study the implications for the natural gas sector of more stringent RPS under different coordination schemes in an integrated North American natural gas market. The scenarios assume that Renewable Energy Certificates generated in each region are traded 1) among all countries, 2) only within each country, and 3) only within model regions. We implement the three policies in four different energy and electricity models to generate projections of future natural gas consumption. Subsequently, we feed regional or country-level consumption changes of each model in each scenario to the North American Natural Gas Model. We find that lower RPS coordination among regions results in increased U.S. natural gas exports to Canada, increased U.S. natural gas prices, and decreased net U.S. natural gas exports to Mexico in the long term. Moreover, international coordination of RPS in the electricity sector leads to smaller price discrepancies in the U.S. natural gas market when compared to the reference scenario.
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| 12 |
ID:
185699
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| Summary/Abstract |
Renewable portfolio standards have been found to be effective in promoting renewable energy developments; however, in China, the implementation of renewable portfolio standards is not yet fully developed. Based on policy acceptance, generation costs, and renewable power target perspectives, this paper proposes a multi-objective equilibrium model to develop an annual single province power plan. A case study from Guangdong province, China, is presented to demonstrate the practicality and efficiency of the presented model. Comparison analysis with current plans are made, three scenarios which consider the non-hydro renewable targets, market competition and a tougher environmental attitude are designed to adapted to the decision maker's preferences. It was found that: (1) the optimal model reallocated policy costs between power users, distributed the generation capacity between provinces, and could obtain 35.4% renewable electricity and 4.3% of non-hydro renewable electricity consumption in Guangdong; and (2) compared with the current plan, the optimal model effectively maintained power tariffs, decreased generation costs by 2.42%, and decreased Guangdong's electricity generation CO2 emissions by 8.21%. Policy suggestions for provincial governments to better implement provincial renewable portfolio standards are given.
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