Matteo Di Castelnuovo - Consorzio Camerale per il Credito e la

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Energia e sostegno finanziario agli investimenti
- Il caso del Regno Unito -
Matteo Di Castelnuovo
Camera di Commercio Milano
Milano, 8 Aprile 2011
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Finance and Investment (2010)
Italy
UK
$13.9 billion
$3.3 billion
4 (from 8 in 2009)
13 (from 3 in 2009)
Percentage of G-20 Total
7%
1.6%
5-Year Growth Rate
71%
49%
Total investment
G-20 Investment Rank
Source: PEW 2011
Renewable investments
Italy vs. UK (1)
Installed Clean Energy (2010)
Italy
UK
16.7 GW
7.5 GW
Percentage of G-20 Total
4%
2%
5-Year Growth Rate
45%
21%
Wind
5,890 MW
5200 MW
Solar
6,520 MW
45 MW
Total Renewable Energy Capacity
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Renewable investments
Italy vs. UK (2)
Source: PEW 2011
DISTRIBUTION OF INVESTMENT BY SECTOR (2005-10)
ITALY
UK
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UK household
electricity bill (1)
Source: OFGEM 2011
A net margin of ₤50 per customer for the year from March 2011
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Source: OFGEM 2011
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UK household
electricity bill (2)
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Renewables
Obligation (RO) (1)
•Why: The RO is currently the main mechanism for
supporting large-scale generation of renewable
electricity in the UK
•How:
•Renewable generators are issued with Renewables
Obligation Certificates (ROCs), which can be traded
separately from energy.
•Electricity suppliers have an obligation to source a specified
and annually increasing proportion (11% from 2010/11) of
their electricity sales from renewable sources, or pay a
penalty (£36.99/ROC in 2010/11).
•When: from April 2002 until 2037; key changes
introduced in April 2009, including technology banding
(e.g. 1 ROC/MWh for on-shore wind and 2 ROC/MWh for FV and
off-shore wind)
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Renewables
Obligation (RO) (2)
The level of renewable electricity in the UK was 6.64% in June 2010 and
is currently worth around £1.42 billion/year in support
ROCS issued by generation technology in 2009/10
Source: OFGEM 2011
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Feed-In-Tariffs
(FIT) (1)
•Why: promote widespread uptake of a range of smallscale (<5MW) renewable and low-carbon electricity
technologies
•PV, Wind, MicroCHP (<2kW), hydro and biogas
•How: electricity suppliers pay a generation tariff and an
export tariff (3p/kWh) to small-scale generators
•Suppliers (together with Ofgem) administer the FIT
scheme (e.g. register installations)
•Earlier installations can switch from green certificate
scheme to FIT
•When: from April 2010
•The government is currently reviewing the incentives
for larger FV (e.g. reduce by 75% for >250kW)
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Source: OFGEM 2010
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Feed-In-Tariffs
(FIT) (2)
Feed-In-Tariffs
(FIT) (3)
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Situation as of 5 April 2011 (from 4MW in 2009)
Domestic
Installations
Installed
Capacity
(MW)
Commercial
Installations
Installed
Capacity
(MW)
Industrial
Installations
Installed
Capacity
(MW)
Community
Installations
Installed
Capacity
(MW)
Total
Installations
Total
Installed
Capacity
(MW)
Anaerobic digestion
0.000
0.666
0.000
0.000
2
0.666
Hydro
2.934
8.914
0.052
0.265
206
12.164
Micro CHP
0.101
0.000
0.000
0.000
101
0.101
Photovoltaic
74.100
2.346
0.321
2.079
28943
78.846
Wind
8.877
7.726
1.136
2.728
1352
20.467
Total Installed Capacity (MW)
86.011
19.651
1.508
5.072
Total Installations
29661
491
46
406
Technology
Source: OFGEM 2011
112.243
30604
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Renewable Heat
Incentives (RHI)
•95% of heat in the UK is currently generated from
fossil fuels
•RHI is a world first, which aims to offer incentives for
renewable heat generation via:
•Renewable heat pumps, biomass boilers and solar
thermal panels
•Buildings and community projects (households from
2012) will be able to apply for a share of ₤860m of
government funding
•E.g. Solar thermal panels will receive ₤85/MWh for
20 years
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Electricity Market
Reform (1)
•EMR is the Government’s consultation on a complete
revamp on the UK energy market
•The aim is to examine the reforms necessary to
achieve the Government’s objectives
•Decarbonisation
•Renewables energy
•Security of supply
•Affordability
•Launched last December, it closed last March
•The White Paper and legislative proposals to
implement the new electricity market arrangements,
will be launched in late Spring 2011
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Electricity Market
Reform (2)
Carbon price
•EMR is (CPS)
support
• A floor price for CO2 emissions ONLY in
the UK. If ETS price<CPS, companies
pay the difference to the Government
Emission
performance
standards
• Limits to CO2 emissions from power
plants (=> discourage new coal without
CCS)
Contract-forprice guarantees for
difference feed- • Long-term
investments in low-carbon generation
in-tariff (CfD-FIT)
Targeted
capacity
mechanism
• A compensation paid to “flexible (coal
and gas”) power plants to ensure
security of supply => the lights stay on
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Electricity Market
Reform (3)
•The EMR has been widely criticised by most
stakeholders (except nuclear developers), especially
by economists
•It has been suggested that the main reason behind
the EMR is to build more nuclear plants
•But, what happens now, after Fukushima?
•The EMR mostly abandons markets in favour of
centrally planned investment
•Governance arrangements and price transparency in
wholesale markets have received insufficient attention
•CPS, being UK based, may encourage “leakage
•Energy demand is completely missing from the EMR
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2011 Treasury
Budget
•Carbon price floor for electricity generation will be
introduced from 1 April 2013
•£16/t and follow a linear path to £30/t in 2020
•The climate change levy discount on electricity for
energy intensive businesses will be increased from 65
to 80/% from April 2013.
•Four Carbon Capture and Storage (CCS) will be
funded through general taxation
•A Green Investment Bank is set up to fund clean
energy and low-carbon projects.
•Initial capitalisation of £3 billion
•Begins operations 2012-13
•Borrowing powers from 2015-16 and once the target for debt
to be falling as a percentage of GDP has been met.
Grazie per l’attenzione!
Matteo Di Castelnuovo, PhD
IEFE – Università Bocconi