The Experts below are selected from a list of 6543 Experts worldwide ranked by ideXlab platform
Warren B Powell - One of the best experts on this subject based on the ideXlab platform.
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adapt a price stabilizing compliance policy for renewable Energy Certificates the case of srec markets
Operations Research, 2017Co-Authors: Javad Khazaei, Michael Coulon, Warren B PowellAbstract:Currently, most Renewable Energy Certificate (REC) markets are defined based on targets that create an artificial step demand function resembling a cliff. This target policy produces volatile prices that can make investing in renewables a risky proposition. In this paper, we propose an alternative policy called Adjustable Dynamic Assignment of Penalties and Targets (ADAPT) that uses a sloped compliance penalty and a self-regulating requirement schedule, both designed to stabilize REC prices, helping to alleviate a common weakness of environmental markets. To capture market behavior, we model the market as a stochastic dynamic programming problem to understand how the market might balance the decision to use a REC now versus holding it for future periods (in the face of uncertain new supply). Then, we present and prove some of the properties of this market, and finally we show that this mechanism reduces the volatility of REC prices, which should stabilize the market and encourage long-term investment in r...
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smart srec a stochastic model of the new jersey solar renewable Energy Certificate market
Social Science Research Network, 2015Co-Authors: Michael Coulon, Javad Khazaei, Warren B PowellAbstract:Markets for solar renewable Energy Certificates (SRECs) are gaining in prominence in many states, stimulating growth of the U.S. solar industry. However, SREC market prices have been extremely volatile, causing high risk to participants and potentially less investment in solar power generation. Such concerns necessitate the development of realistic, flexible and tractable models of SREC prices that capture the behavior of participants given the rules that govern the market. We propose an original stochastic model called SMART-SREC to fill this role, building on established ideas from the carbon pricing literature, and including a feedback mechanism for generation response to prices. We calibrate the model to the New Jersey market and backtest it, analyzing parameter sensitivity and demonstrating its ability to reproduce historical dynamics. Finally, we run simulations to investigate the role and impact of regulatory parameters, thus providing insight into the crucial role played by market design.
Martina Ventura - One of the best experts on this subject based on the ideXlab platform.
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on the use of an Energy certification database to create indicators for Energy planning purposes application in northern italy
Energy Policy, 2015Co-Authors: Giuliano Dallo, Luca Sarto, Nicola Sanna, Valeria Tonetti, Martina VenturaAbstract:Energy certification of buildings, mandatory under the European Directive EPBD provides interesting data on the thermo-physical properties and geometry of existing buildings. Although the Energy Certificate is intended to provide the characteristics of individual buildings, so stimulating the real estate market toward ever better Energy performance, data management of the Certificates issued over time, using a national or regional Energy cadastre, makes available a data base which is useful for Energy planning in the building sector.
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on the use of an Energy certification database to create indicators for Energy planning purposes application in northern italy
Energy Policy, 2015Co-Authors: Giuliano Dallo, Luca Sarto, Nicola Sanna, Valeria Tonetti, Martina VenturaAbstract:Abstract Energy certification of buildings, mandatory under the European Directive EPBD provides interesting data on the thermo-physical properties and geometry of existing buildings. Although the Energy Certificate is intended to provide the characteristics of individual buildings, so stimulating the real estate market toward ever better Energy performance, data management of the Certificates issued over time, using a national or regional Energy cadastre, makes available a data base which is useful for Energy planning in the building sector. This paper provides the needed results of a benchmarking study on data from the Energy cadastre of the Lombardy Region, northern Italy. By integrating data from the Energy cadastre (175.778 Energy Certificates) with the statistical data obtained from the national census, indicators were obtained on the Energy performance of existing buildings. The Energy indicators obtained, characterised by building type and construction period, normalised as a function of Degree-Days, become an effective tool for Energy planning at local and regional scales. In the specific case, the Energy indicators have been used to estimate the potential for Energy retrofit of existing buildings in the Lombardy Region. The same indicators can also be used by municipalities for Energy planning at the municipal or district level.
Qi Zhang - One of the best experts on this subject based on the ideXlab platform.
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corrective regulations on renewable Energy Certificates trading pursuing an equity efficiency trade off
Energy Economics, 2019Co-Authors: Ge Wang, Qi Zhang, Benjamin Mclellan, Xunzhang PanAbstract:As a common policy tool for reducing the cost of achieving the Renewable Portfolio Standard (RPS) targets, Renewable Energy Certificate (REC) trade can also exacerbate distributional inequity in provincial renewable electricity consumption. In this study, two types of corrective regulations –taxation and quotas on REC importing were proposed to pursue the equity-efficient trade-off. The Energy, economic, and equity impacts of these corrective regulations were analyzed by applying a multi-region multi-market equilibrium model to China as a case study. The results verified that a free trade REC market can increase distributional inequity, while both import taxation and import quotas can reduce inequity. Compared to the electricity price premium for renewable Energy and voluntary green Certificate prices, the social cost of implementing these corrective regulations are within the public's willingness-to-pay. Moreover, the cost curve of increasing equity using the two corrective regulations on REC trade were obtained. Import taxation is found to be more cost-efficient, and therefore it should be the prior policy choice for China's central government comparing with import quotas in designing REC trade mechanisms.
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substitution effect of renewable portfolio standards and renewable Energy Certificate trading for feed in tariff
Applied Energy, 2017Co-Authors: Qi Zhang, Ge Wang, Benjamin C Mclellan, Siyuan ChenAbstract:Abstract The Feed-in Tariff (FIT) has been successfully used to promote the development of renewable Energy; nevertheless, it may cause financial burden on the governments at the same time. Compared with FIT, Renewable Portfolio Standards (RPS) and the Renewable Energy Certificate (REC) trading have been considered to reduce the government’s expenditure caused by the subsidization. To examine the effectiveness of RPS and REC trading, the development of renewable Energy and the environmental and economic benefits under different policies have been quantitatively investigated by using a multi-region power market model and China has been chosen as a case study. The obtained results show that: (i) REC trading can efficiently reduce the government’s expenditure on subsidies for the development of renewable Energy; (ii) Compared to FIT, RPS and REC trading will reduce the power sectors’ profit; and (iii) RPS and REC trading may not be enough to achieve the target on renewable Energy especially when the capital cost is high, therefore, RPS, REC trade and FIT subsidy should be implemented as complementary policies, not independent.
Ge Wang - One of the best experts on this subject based on the ideXlab platform.
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corrective regulations on renewable Energy Certificates trading pursuing an equity efficiency trade off
Energy Economics, 2019Co-Authors: Ge Wang, Qi Zhang, Benjamin Mclellan, Xunzhang PanAbstract:As a common policy tool for reducing the cost of achieving the Renewable Portfolio Standard (RPS) targets, Renewable Energy Certificate (REC) trade can also exacerbate distributional inequity in provincial renewable electricity consumption. In this study, two types of corrective regulations –taxation and quotas on REC importing were proposed to pursue the equity-efficient trade-off. The Energy, economic, and equity impacts of these corrective regulations were analyzed by applying a multi-region multi-market equilibrium model to China as a case study. The results verified that a free trade REC market can increase distributional inequity, while both import taxation and import quotas can reduce inequity. Compared to the electricity price premium for renewable Energy and voluntary green Certificate prices, the social cost of implementing these corrective regulations are within the public's willingness-to-pay. Moreover, the cost curve of increasing equity using the two corrective regulations on REC trade were obtained. Import taxation is found to be more cost-efficient, and therefore it should be the prior policy choice for China's central government comparing with import quotas in designing REC trade mechanisms.
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substitution effect of renewable portfolio standards and renewable Energy Certificate trading for feed in tariff
Applied Energy, 2017Co-Authors: Qi Zhang, Ge Wang, Benjamin C Mclellan, Siyuan ChenAbstract:Abstract The Feed-in Tariff (FIT) has been successfully used to promote the development of renewable Energy; nevertheless, it may cause financial burden on the governments at the same time. Compared with FIT, Renewable Portfolio Standards (RPS) and the Renewable Energy Certificate (REC) trading have been considered to reduce the government’s expenditure caused by the subsidization. To examine the effectiveness of RPS and REC trading, the development of renewable Energy and the environmental and economic benefits under different policies have been quantitatively investigated by using a multi-region power market model and China has been chosen as a case study. The obtained results show that: (i) REC trading can efficiently reduce the government’s expenditure on subsidies for the development of renewable Energy; (ii) Compared to FIT, RPS and REC trading will reduce the power sectors’ profit; and (iii) RPS and REC trading may not be enough to achieve the target on renewable Energy especially when the capital cost is high, therefore, RPS, REC trade and FIT subsidy should be implemented as complementary policies, not independent.
Siyuan Chen - One of the best experts on this subject based on the ideXlab platform.
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substitution effect of renewable portfolio standards and renewable Energy Certificate trading for feed in tariff
Applied Energy, 2017Co-Authors: Qi Zhang, Ge Wang, Benjamin C Mclellan, Siyuan ChenAbstract:Abstract The Feed-in Tariff (FIT) has been successfully used to promote the development of renewable Energy; nevertheless, it may cause financial burden on the governments at the same time. Compared with FIT, Renewable Portfolio Standards (RPS) and the Renewable Energy Certificate (REC) trading have been considered to reduce the government’s expenditure caused by the subsidization. To examine the effectiveness of RPS and REC trading, the development of renewable Energy and the environmental and economic benefits under different policies have been quantitatively investigated by using a multi-region power market model and China has been chosen as a case study. The obtained results show that: (i) REC trading can efficiently reduce the government’s expenditure on subsidies for the development of renewable Energy; (ii) Compared to FIT, RPS and REC trading will reduce the power sectors’ profit; and (iii) RPS and REC trading may not be enough to achieve the target on renewable Energy especially when the capital cost is high, therefore, RPS, REC trade and FIT subsidy should be implemented as complementary policies, not independent.