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A Model for Solar Renewable Energy Certificates: Shining some light on price dynamics and optimal market design

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A Model for Solar Renewable Energy Certificates: Shining some light on price dynamics and optimal market design
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  A Model for Solar RenewableEnergy Certificates: Shining some light on price dynamicsand optimal market design Michael Coulon (work with Javad Khazaei & Warren Powell) January 15th, 2014Essen, Germany M.Coulon@sussex.ac.uk University of Sussex Essen, Jan 15th 2014 – p.1/38  Carbon Market Outlook Outlook for EU market bleak recently...  (Apr 2013 Economist article) !"#$ &'() !"# %&'()*# +, *#%,*- .)*,/#01 2&*3,4 -&*5#+ 6'(( *#7#*3#*&+# *,)48 +"# 6,*(8 !"# %&'( %&)* + ,#-. '(/ "#01' /20'0-1   On the other hand, other regions are developing (eg, California, China). Essen, Jan 15th 2014 – p.2/38  RenewableEnergyCertificates(RECs) In the US, about 30 states recently introduced a Renewable Portfolio Standard(RPS). About 10 have set up markets for tradeable certificates called SRECs(or more generally RECs) to achieve these RPS targets. (map taken from: US DoE-NREL report by Bird, Heeter, Kreycik, 2011) Essen, Jan 15th 2014 – p.3/38  RenewableEnergyCertificates(RECs) While cap-and-trade markets have struggled in recently (low prices, politicalstalemates, etc.), a new environmental market is growing. How does it work? Essen, Jan 15th 2014 – p.4/38  RenewableEnergyCertificates(RECs) While cap-and-trade markets have struggled in recently (low prices, politicalstalemates, etc.), a new environmental market is growing. How does it work? •  Government sets increasing requirements on % solar power in thegeneration mix each future year. (ie, set  R (1) ,R (2) ,...  for yrs 1, 2,..) Essen, Jan 15th 2014 – p.4/38
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