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| 1 |
ID:
109336
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| Publication |
2011.
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| Summary/Abstract |
A transition to a renewable energy system is high on the policy agenda in many countries. A promising energy source for a low-carbon energy future is wind. Policy-makers can attract wind energy development by providing attractive policy frameworks. This paper argues that apart from the level of financial support, both the risks stemming from the regulatory environment (legal security, administrative process and grid access) and the ability to finance projects play a critical role in determining the attractiveness of the development environment. It sheds light on how project developers trade off these different aspects and to what extent the attractiveness of a certain policy framework increases with the introduction of specific measures. Conjoint analysis is employed to provide empirical evidence on the preference of wind energy developers in the EU and the US. The analysis shows that developers' preferences are very similar across the studied regions and for different types of developers. Which policy measures could be most valuable depends on the specific existing environment. In some southeastern European countries, a reduction of administrative process duration may yield the highest utility gains, whereas, in the US, improvements in grid access regulation and an increase in remuneration levels may be more effective.
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| 2 |
ID:
113420
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2012.
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| Summary/Abstract |
Offshore wind power is regarded as a crucial renewable energy technology to achieve the ambitious CO2 reduction targets of the EU. However, offshore wind power is not yet competitive with traditional electricity generation technologies, so its sustained development depends on national support policies.
Employing a DCF model, this paper scrutinizes how national regulations and geographic conditions of designated national offshore wind development areas affect profitability. The focus of the analysis is on a set of hypothetical offshore wind park scenarios from five countries (Belgium, Denmark, Germany, France, and the UK). The inclusion of geographic conditions is significant, since water depth and distance to shore influence costs and because available wind resources determine the amount of electricity produced.
The paper's findings are threefold: Firstly, profitability results indicate that currently relevant scenarios in the UK and Germany are most attractive, but that the upcoming UK Round III projects have low attractiveness. Belgium, France, and Denmark follow in the rankings successively. Secondly, there is high variation among scenarios with respect to capital costs-differences amount up to +61%. Lastly, a future scenario assuming technology improvements and learning effects suggests that remuneration levels could be lowered by ~25% by 2020.
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