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Climate Policy Department Publications

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437 results, from 201
  • Diskussionspapiere 1494 / 2015

    Flexible Short-Term Power Trading: Gathering Experience in EU Countries

    Abstract EU power market design has been focused on facilitating trading between countries and for this has defined interfaces for market participants and TSOs between countries. The operation of power systems and markets within countries was not the focus of these developments. This may have contributed to difficulties of defining or implementing a common perspective in particular on intraday and ...

    2015| Karsten Neuhoff, Carlos Batlle, Gert Brunekreeft, Christos Vasilakos Konstantinidis, Christian Nabe, Giorgia Oggioni, Pablo Rodilla, Sebastian Schwenen, Tomasz Siewierski, Goran Strbac
  • Diskussionspapiere 1485 / 2015

    The Impact of Wind Power Support Schemes on Technology Choices

    Germany changed renewable remuneration for wind power from a fixed Feed-In Tariff (FIT) to a floating Market Premium Scheme (MPS) in 2012. One aim of this adjustment was to better align the supply of generated wind electricity with the demand for it, e.g. through more system-friendly wind turbine technology choices. In energy systems with a high share of variable renewable energies, such turbines produce ...

    2015| Nils May
  • Diskussionspapiere 1483 / 2015

    Modelling a Market Stability Reserve in Carbon Markets

    We examine under which conditions a cap-and-trade mechanism can deliver a dynamically efficient abatement pathway and contribute to a robust investment framework. For this we develop a numerical dynamic partial-equilibrium model that includes differentiated objective functions of different market participants for holding emission allowances based on their banking strategy. If the surplus of allowances ...

    2015| Anne Schopp, William Acworth, Daniel Huppmann, Karsten Neuhoff
  • Diskussionspapiere 1456 / 2015

    Power Market Design beyond 2020: Time to Revisit Key Elements?

    We revisit key elements of European power market design with respect to both short term operation and longer-term investment and re-investment choices. For short term markets, the European policy debate focuses on the definition of common interfaces, like for example gate closure time. We argue that that this is insufficient if the market design is to accommodate for the different needs of renewable ...

    2015| Karsten Neuhoff, Sophia Rüster, Sebastian Schwenen
  • Diskussionspapiere 1441 / 2015

    Financing LNG Projects and the Role of Long-Term Sales-and-Purchase Agreements

    The financing of infrastructures is a major topic in recent energy policy debates. Project finance, as a specialized form of debt finance, thereby has become a well-established financing tool. This paper contributes a qualitative and quantitative analysis of the determinants of the debt ratio in project finance, using data on 26 liquefied natural gas (LNG) export and import projects. We argue that ...

    2015| Sophia Rüster
  • Diskussionspapiere 1418 / 2014

    FTR Allocations to Ease Transition to Nodal Pricing: An Application to the German Power System

    A shift from zonal pricing to smaller zones and nodal pricing improves efficiency and security of system operation. Resulting price changes do however also shift profits and surplus between and across generation and load. As individual actorscan lose, they might oppose any reform. We explore how free allocation of financial transmission rights to generation and load can be used to mitigate the distributional ...

    2014| Friedrich Kunz, Karsten Neuhoff, Juan Rosellón
  • Diskussionspapiere 1387 / 2014

    Impact of Renewable Energy Act Reform on Wind Project Finance

    The 2014 reform of the German Renewable Energy Act introduces a mandatory shift from a fixed feed-in tariff to a floating premium system. This is envisaged to create additional incentives for project developers, but also impacts revenues and costs for new investments in wind generation. Thus uncertainties for example about balancing costs and the impact of the location specific generation profile on ...

    2014| Matthew Tisdale, Thilo Grau, Karsten Neuhoff
  • Diskussionspapiere 1363 / 2014

    Comparison of Feed-in Tariffs and Tenders to Remunerate Solar Power Generation

    This paper analyzes the trade-offs for using feed-in tariffs or tenders to remunerate different scales of solar photovoltaics (PV) projects. In recent years, European countries increasingly combined feed-in tariffs for small renewables systems with tenders for large installations. This study develops an analytic framework to quantify deployment effectiveness of responsive feed-in tariff adjustment ...

    2014| Thilo Grau
  • Diskussionspapiere 1271 / 2013

    The Role of Hedging in Carbon Markets

    In the European Emissions Trading System, power generators hold CO2 allowances to hedge for future power sales. First, we model their aggregate hedging demand in response to changes in expectations of future fuel, carbon and power prices from forward prices. This partial equilibrium analysis is then integrated into a two period model of the supply and demand of CO2 allowances considering also emissions ...

    2013| Anne Schopp, Karsten Neuhoff
  • Diskussionspapiere 1196 / 2012

    Banking of Surplus Emissions Allowances: Does the Volume Matter?

    In the European Emission Trading scheme the supply of allowances exceeds emissions - cumulating, according to our estimates, in a surplus of 2.7 billion tonnes by 2013/2014. We find that initially the surplus was acquired by power companies so as to hedge future carbon costs. As the surplus exceeds this hedging demand, additional allowances need to be acquired as speculative investment. This requires ...

    2012| Karsten Neuhoff, Anne Schopp, Rodney Boyd, Kateryna Stelmakh, Alexander Vasa
437 results, from 201
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