出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：In recent years, many countries have implemented policies to incentivize renewable power generation. In this paper, we analyze the variance in pro ts of renewable-based electricity producers due to weather uncertainty under a `feed-in tari ' policy, a ` xed bonus' incentive and a `renewable quota' obligation. In a rst step, we discuss the price e ects of
uctuations in the feed-in from renewables and their impact on the risk for green electricity producers. In a second step, we numerically solve the problem by applying a spatial stochastic equilibrium model to the European electricity market. The simulation results allow us to discuss the variance in pro ts under the di erent renewable support mechanisms and how di erent technologies are a ected by weather uncertainty. The analysis suggests that wind producers bene t from market integration, whereas producers from biomass and solar plants face a larger variance in pro ts. Furthermore, the simulation indicates that highly volatile green certi cate prices occur when introducing a renewable quota obligation without the option of banking and borrowing. Thus, all renewable producers face a higher variance in pro ts, as the price e ect of weather uncertainty on green certi cates overcompensates the negatively correlated
uctuations in production and prices.
关键词：RES-E policy; nancial risk; mixed complementarity problem
