Post on 27-Aug-2018
www. erranet.org
Regulating access to electricity grids:
connection, access pricing, expansion
planning and financing
Péter Kaderják
Director, REKK
26th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Lecture outline
• Network: an essential infrastructure
• Getting connected
• Pricing the use of existing electricity networks
• Reminder: fundamentals of network tariff design
• Congestion pricing
• Regulatory models of network upgrade and
expansion
2
36th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
The significance of networks 1 – network
externalities
• A new network user
increases consumer benefit
for those already using it
• The more people use the
network, the more valuable
the network service is
(mobile phones, Facebook)
• Positive social externalities of
electrification (economic
development, education…)
46th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
The significance of networks 2 – essential
facility for competitive models
• Essential facility: without access to
such a facility, it is impossible to serve
a given market (the only port on an
island; the single airport of a country;
the electricity network of a region…)
• Major characteristics:
– Access to it is critical to serve end
customers
– Traditionally it is owned by a
vertically integrated company
– Access can only be granted by the
vertically integrated company or
can be enforced by regulation
– Natural monopoly; it does not
worth to duplicate it
56th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Network operators (TSOs) are to ensure
system reliability
5
Take care over system security and balance, otherwise…
66th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
A few regulatory consequences
from network characteristics
• The benefit from new connection is not only enjoyed by
the new user but by the formers as well
– Public purpose line
– Part of connection cost is legitimate to ‚socialize’
• If competition is to be introduced on an electricity
market, essential facilities have to be identified
– E.g. electricity network
– In the case of non-natural monopolies, market analysis
might be needed (e.g. storage)
• Third party access should be granted to essential facilities
– Main rule: regulated access
– Negotiated access: can it be useful?
6
76th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Lecture outline
• Network: an essential infrastructure
• Getting connected
• Pricing the use of existing electricity networks
• Reminder: fundamentals of network tariff design
• Congestion pricing
• Regulatory models of network upgrade and
expansion
7
86th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Getting connected - questions
• Who can initiate a new connection?
• Benefits? Costs?
• Who should pay for the costs?
• Should the cost of connection depend on the location of the
connection point?
• Is there any reason to socialize (include into transmission tariff)
part or 100% of connection cost for some new market
participants?
• What to do with excess demand for connection at a
connection point (substation)?
• How to establish priorities for new connection?
• How to plan for the expansion of the grid?
• Regulator might be in charge to get involved in giving
answers!
8
96th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Connection cost allocation regimes - 1
Total cost of connection: direct cost of connection to a network
substation and the potential additional costs of network upgrade
and/or expansion that the new connection might make necessary
– Super shallow connection charge: developer/customer only pays for the
direct cost of connection to a substation
– Shallow connection charge: developer/customer has to pay for the direct
cost of connection and also for the necessary upgrade of the existing
grid
– Deep connection charge: developer/customer has to pay for the total cost
of connection
Advantages, disadvantages?
Who should establish the cost of connection?
Should the allocation of connection cost be regulated or left to the
parties?
9
106th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Connection cost allocation regimes - 2
Source: Swinder (2008)
10
116th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
KARADENİZ
AKDENİZ
EREĞLİ
AMBARLI
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G.ANTEP
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ELBİSTAN
KANGAL
YEŞİLHİSAR
KAYSERİ
ÇAYIRHAN
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KEBAN
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IRAK
HALEP
PS3
ZAKHO
KHOY
BAZARGAN
BABEK
KALKANDERE
KOCATEPE
TEİAŞ-APK 2010
220 kV EİH
154 kV EİH
HES (PLANLANAN)
HES (MEVCUT)
TS (MEVCUT)
TL (MEVCUT)
TL (PLANLANAN)
TS (PLANLANAN)
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ARKUN
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SİİRTÇETİN
MUSUL
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AHALTSIKHE
The 400 kV transmissin grid of Turkey11
126th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
12The spatial distribution of wind
connection applications, Turkey
136th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Exercise 1
• Country A is promoting RES-E generation
• Substation B of the country’s Transmission System Operator has a capacity
of 50 MW to connect weather dependent RES-E without further need to
upgrade the network
• With a further investment of $10 million the substation can connect 100MW of
weather dependent RES-E
• The Regulator runs a technology neutral RES-E tender for 300 MW of new RES-
E capacity
• Three projects compete for connection at Substation B of the TSO:
• 30 MW wind – 1 km
• 25 MW solar PV – 2 km
• 20 MW solar PV – 3 km
TASKS
• How would you structure the RES-E tender under the current power
market structure of your country? (VI / SB / competitive market )
• Develop the rule and cost allocation for connecting RES-E to substation B!
146th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Lecture outline
• Network: an essential infrastructure
• Getting connected
• Pricing the use of existing electricity networks
• Reminder: fundamentals of network tariff design
• Congestion pricing
• Regulatory models of network upgrade and
expansion
14
156th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
II. Distribution charges
Distribution
basic charge
Distribution
capacity
charge
Distribution
energy charge
Distribution
reactive power
charge
Distribution
loss charge
Distribution time
schedule balancing
feeHUF/connection
point/yearHUF/kW/year HUF/kWh HUF/kVArh HUF/kWh HUF/kWh
a.) High voltage connection 209 820 1 428 0,23 2,17 0,18 -
b.) High/medium voltage connection 104 904 4 176 0,91 2,62 0,28 -
c.) Medium voltage connection 104 904 7 860 1,70 2,62 0,95 -
d.) Medium/low voltage connection
I. profile based, all day3 3 492 - 5,86 3,63 1,82 0,36
II. profile based, controlled 1 152 - 1,74 - 1,40 0,24
III. not profile based4 34 968 7 704 2,62 3,63 1,82 -
e.) Low voltage connection
I. profile based, all day5, 6 1 446 - 8,43 3,63 2,79 0,36
II. profile based, controlled6 474 - 2,79 - 2,08 0,24
III. not profile based4 34 968 8 424 4,25 3,63 2,79 -
Public lighting distribution charge (beyond the above charges): 10,00 HUF/kWh
Remarks
2.: For countries not participating in the TSOs' contract for the fulfilment of the Decree 838/2010 EU.
3.: For public lighting consumption only.
4.: With contracted capacity exceeding 55,2 kW or 3x80 A
5.: With contracted capacity not exceeding 55,2 kW or 3x80 A.
6.: The residential customers supplied by the Universal Service Providers belong to those categories.
1.: Appendix 1 to the decree 4/2013. (X. 16.) MEKH (in Hungarian only).
To be paid to the distributor by those taking out from distribution network and in case of export from the distribution network
Tariff design example: electricity distribution
tariff structure, Hungary, January 2015
166th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
The allocation of costs to regulated activities and customer groups.
Forecasts of future activities. Setting variable and / or fixed tariffs
(2) Tariff Design
Cost and asset review. Which are the justified costs related to the regulated
activities?
(1) Establishing the Revenue Requirement
Three major steps to set network tariffs
How do tariffs adjusted over time? What kind of economic incentives
price regulation applies?
(3) Price Control Framework
176th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Revenue Requirement (RR) = Total justified costs
Price t*product (electricity/capacity) sold = Fixed Costs + Variable Costs (justified)
Price t = (FC + VC) / product sold ($/kWh, $/kW )
Price t+1 = Price t * ?
VARIATIONS
The basic theme of network tariff regulation
186th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Determination of justified costs of service
• Cost and asset review
• Justification of costs
18
196th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• The Regulator establishes the justified annual Revenue Requirement for the regulated monopoly:
RR = O&M + T + D + r*RB
where
• RR = justified annual Revenue Requirement
• O&M = operation and maintenance costs
• D = depreciation
• T = taxes (profit tax, local taxes, etc)
• r = justified rate of return
• RB = Regulatory Asset Base
Revenue Requirement
Capital costs
206th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• O&M (operation and maintenance): fuel cost, purchased energy (trading), maintenance (generation, network operation), direct wages, outsourced services –direct costs
• A&G (administrative and general): administration, common cost – indirect (overhead) costs
• Special cost components:
• Network losses (technical and commercial)
• Unpaid receivables
• Marketing
• Fixed and variable O&M components
O&M: operation and maintenance
Network loss (%): an important O&M item
21
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
real (average) network loss
justified network loss
Development of electricity network
loss of DSOs, Hungary (%)
Share of DSO network loss in total
justified cost of electricity distribution,
Hungary (2008-14)
Source: MEKH (2015)
226th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• Depreciation is a non-cash expense recorded in financial statements that reduces the value of a tangible (intangible) asset as a result of wear and obsolescence.
• Investment costs related to fixed assets are not deductible from the revenues. It is allocated through depreciation over the useful life of the asset.
• Yearly value of depreciation depends on company’s depreciation policy. Straight line or accelerated depreciation is also possible, and remaining value can be taken into consideration.
• Note: regulatory depreciation might differ from depreciation by the company!
D: Depreciation
236th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• D should not be taken twice in the RR formula!
• Among annual costs (D)
• When setting the Rate Base (RB) net asset value should be used (gross depreciation deducted from original asset book value)
Example:
Original book value = €10,000
Useful life of asset = 5 years
Remaining asset value = 10% or €1,000
Depreciation policy: linear for full useful lifetime
Depreciation rate = (1 – remaining value %) / useful lifetime = (1 – 0.1)/5 = 18%
D: Depreciation
246th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Asset typeUseful life of new
asset (year)
HV line (120 kV) 35
MV line (10-35 kV) 30
LV line 25
Transformer 25-30
Buildings 50
Trucks 8
Example: useful life assumptions for depreciation calculation
D: Depreciation
256th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• The Rate Base represents the value of investments on which utility can earn a reasonable rate of return
• Company- and asset valuation problems!
• The principal method for valuing assets is: original cost minus accumulated depreciation.
• Starting point is the gross value of fixed assets related to the regulated activity. Deducting accumulated depreciationof the assets we receive the net book value of the fixed assets.
• Working capital (current assets – current liabilities) can also be part of Rate Base.
RB: Regulatory Asset Base (Rate Base)
266th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Asset valuation
Book valuationMarket
valuation
Economic
valuation
Historic cost Current cost CurrentRevalued
initial
Net present
value
Indexed
historic cost
Like-for-like
replacement
Modern
Equivalent
Asset
Asset valuation options
276th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
27
27
r: justified rate of return (after tax)
DE
DTR
DE
ERWACC de
)1(
Where
WACC = weighted average cost of capital
Re = expected return on equity, after profit tax
Rd = average cost of debt before taxation
D = market value of debt
E = market value of equity
T = effective corporate profit tax rate
286th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Cost of equity
• Capital asset pricing model (CAPM)
Where
Re = expected return on equity, after profit tax
Rf = risk free rate of return
Rm = market rate of risk
= share price volatility compared to market
296th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Source: CEER 2017
306th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Beta: an example
Number of
companies Beta
Corporate
tax rate
Water distribution utilities 17 0,66 16%
Railways 6 0,67 16%
Oil and gas extraction 96 1,20 20%
Oil and gas distribution 23 0,97 20%
Transport 39 0,62 16%
Power sector 94 0,72 16%
Car manufacturing 39 1,09 16%
Steel industry 37 1,26 20%
Banking and financing 93 1,08 25%
316th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary 31
• Nominal risk free rate of return: rf = 2.5%
• Risk premium on equity: rp = 4%
– CAP model
• Expected return on equity: re = rf + rp = 6.5%
• Interest on debt (short and long): rd = 5%
• Corporate profit tax rate: T = 25%
• Equity - Debt ratio: 45 – 55 –%
• WACC:
0.45 × re + 0.55 × (1 – T) × rd = 4.9875%
Example: calculation of after-tax justified
rate of return
326th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Component Options Note
Asset valuation (RB) Book value (historic)
Replacement value
Privatization value
Significance of inflation
Investment incentives
Rate of return (r) Risk free rate + premium
Capital Asset Pricing Model
(CAPM)
CAPM requires a
developed financial market
environment
O&M Actual historic costs
Benchmarking
Benchmarking might
improve cost efficiency
Depreciation (D) Linear
Fast
Fast depreciation might
increase tariffs in the short
run
Handling of
investments
(construction work in
progress)
Ex-post
Ex-ante
Risk of ex ante in reducing
the efficiency of investment
Problem issues related to RR components
336th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Tariff design – next steps
• After the RR is determined, some further tasks to be completed:
– Demand forecast (denominator)
– Definition of customer groups and allocation of RR (justified cost) among those customer groups
– Decision about tariff model• Uniform (only variable component) or multi-component (fix and
variable) tariffs?
• Multi-component tariffs: variable part covering variable cost, fixed component covering fixed costs?
346th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Tariff design questions -
incentives
• Network access tariff is location-dependent (nodal) or ‚post
stamp’ kind?
• If post stamp: country-wide uniform or regionally differentiated?
• The role of capacity and electricity based tariff components in
network tariffs
• Who should pay the network tariffs: load (L), generation (G) or
both?
• Network tariff as a mean to collect revenue for special purposes
(e.g. subsidy for the poor, feed-in tariff budget)
• Network investment CAPEX to become part of RAB ex ante or ex
post?
• Major considerations: location of load / generation; stability and
predictability of network service remuneration; fairness in cost
allocation
34
356th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
‘Post stamp’ tariffs
• Does not recognize that users cause different costs to the network
operator
• AC-pricing in general
– it means uniform pricing, but can be differentiated by time use.
– inefficient in itself, but can be combined with non-linear schemes to
increase efficiency
• Cost of congestion management (redispatch) distributed evenly
among system users
• Creates incentives to „free-ride” on the system
• Not necessarily bad, if
– congestion is a rare problem in the network
– cost differences in service provision are small
• Cross-subsidization is present
366th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Nodal pricing
• Network access charges are calculated for each node of injection and/or load separately
• These charges reflect the marginal cost of using a specific network node (Locational Marginal Pricing)
• Differences in nodal charges are related to network losses and congestion at the nodes
• Advantages:
– Price signal for future network users where to connect to the grid
– Helps to manage network congestion by affecting future choices for new connections/developments
• Not simple, but implementable: applied in New Zealand, PJM, New York…
The share of capacity and energy related tariff components in European transmission tariffs
37Source: ENTSO-E 2016
386th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Components in European transmission
tariffs 1
38
Source: ENTSO-E 2016
396th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Components in European transmission
tariffs 2
39Source: ENTSO-E 2016
406th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Comparison of the structure of EU
electricity transmission tariffs, Euro/MWh
40
Source: ENTSO-E 2016
416th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Network price regulation choices
• Classic cost of service, regulated rate of
return – focus is to keep rate of return under
control
• Incentive regulation: price / revenue cap –
focus is to encourage cost efficiency
• How to encourage innovative network
investments? - RIIO
426th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Lecture outline
• Network: an essential infrastructure
• Getting connected
• Pricing the use of existing electricity networks
• Reminder: fundamentals of network tariff design
• Congestion pricing
• Regulatory models of network upgrade and
expansion
42
436th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Congestion management and pricing
• Who has access to line capacity
when the demand for
transmission exceeds physical
transmission capacity?
• Often in the context of cross
border transactions
• Various transmission capacity
allocation methods: first-come-
first-served; proportional to
demand; auction
• EU choice:
• (implicit) auction
• Auction revenue (price
difference) shared with
customer
446th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Exercise: Pricing of cross border capacity in a
given hour
• Country A demand: 100 MW
• Country A generation: 300 MW at $1/MW, 400 MW at 20$/MW, 400
MW at 45 $/MW
• Country B demand: 600 MW
• Country B generation: 400 MW at $3/MW, 250 MW at 22$/MW, 450
MW at 40 $/MW
• Countries A & B decide to build an interconnector of 100 MW Total
Transfer Capacity to link the two systems.
Tasks:
• Will there be a demand for the capacity of the interconnector?
• If yes, what will be the likely trading pattern on it?
• How much revenue could be collected from the use of the
interconnector?
• What allocation rule for interconnection capacity you, as a regulator
would establish for the interconnector?
456th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Lecture outline
• Network: an essential infrastructure
• Getting connected
• Pricing the use of existing electricity networks
• Reminder: fundamentals of network tariff design
• Congestion pricing
• Regulatory models of network upgrade and
expansion
45
466th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Network expansion planning
• The importance of planning
for the expansion of
transmission and distribution
– TSO, DSO
• Load and generation
forecasts, details of
technology, geology, market
and load-flow modelling…
• But: how to finance
identified priority projects?
476th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Network upgrade financing models 1
– Merchant or private lines
• Exclusive use of capacity by developers
• No (or negotiated) third party access - no regulated
access tariff
• Line pays back from the price difference between
the markets it connects
Estlink
486th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
• Kazakhstan – China gas pipeline
• Sufficient government funding
needed
48Network upgrade financing models 2 –
Government financed investments
496th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Network upgrade financing models 3
– Public purpose lines
• Main rule: regulated third party access (rTPA)
• Line pays back from regulated tariff set by national
regulator(s)
• In case of new major infrastructure development:
Commission / ACER might provide exemption from
rTPA
North Sea
offshore grid
49
506th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
EU infrastructure regulation – building
missing infrastructure of common interest
• Problem: missing infrastructure to support full EU
internal electricity market integration
• EU response:
• TYNDP by ENTSO-E
• Regulation 347/2013 on developing trans-European energy
infrastructure development
• Connecting Europe Facility (5 Mrd Euro)
• Main measures:
• Projects of Common Interest (PCI) selection process
• Decision supported by system-wide Cost Benefit Analysis
• Cost sharing: Cross Border Cost Allocation based on benefit
distribution
50
516th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
EU Energy corridor development priorities51
526th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Criteria for electricity PCIs
• General
• necessary for at least one of the energy infrastructure
priority corridors
• potential overall benefits outweight costs
• significant cross border impact
• Specific for electricity projects: significantly
contribute to
• market integration (lifting isolation, reducing congestion,
improving competition)
• sustainability (RES-E integration)
• security of supply
52
536th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
PCI lists and CEF decisions to date
• First PCI list published in 2013; updated bi-
annually
• 195 PCIs on the 2015 list
• CEF funding: ~ 100 projects to date
• 2014: EUR 647m, 34 proposals. Addressing security
issues in Baltics
• 2015: EUR 366m, 35 PCIs (15 electricity). Bulk of support
for CSEE
• 2016: EUR 707m, 27 PCIs (11 electricity).
53
546th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Economic and financial assessment
Two types of assessment carried out:
• Economy wide assessment (CBA). Ministries and regulators
are the main interested parties here:
– Main questions:
• Is it beneficial for the country/region to build up the new line?
• Who are the winners and losers in the new situation?
• TSO focused assessment (project valuation): covering costs
and benefits related to the TSO only. Interested parties:
– TSO, Financing institutions (e.g. EBRD), Regulator
– Main questions:
• Is the TSO able to finance the project?
• How much consumers have to pay more for this line?
• How much tariffs will increase due to the new line?
556th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
CBA: principal idea
Monetary assessment
of project impacts…
55
…over a pre-defined project timeline…
…and compared to a pre-defined reference…
…and discounted to present by a „social discount rate”
Alternative decision criteria:
Social NPV (> 0)
B/C ratio (> 1)
Infrastructure project benefit and cost categories of the ENTSO-E Guideline
56
Benefit and cost categoryof ENTSO-E guideline
Measurement Effect on TSO level
Overall economic effect
B1. improved security of supply
E.g. ENS, OM costs reduced outages
Yes, partiallye.g. OM cost
included
B2. Socio-economic welfare SEW
Producer, consumer welfare, rent change
Only Rent change
Included (economic model)
B3. RES integration RES connectivity No direct impact
Included if RES impact exist
B4. Variation in losses In MWh Indirectly only Included (network model)
B5. Variation in CO2 emissions
In t/CO2 Not included Included (economic model)
B6. Technical resilience Reduced Indirectly - Qualitatively
B7. Flexibility Increased technical capabilities
Indirectly - Qualitatively
C1. Investment costs In Euro terms Yes Yes
C2. O&M costs Euro (could also means savings)
Yes Yes
576th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Proposed Projects of Energy
Community Interest (2016)
57
586th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
E-highway 2050
58
596th ERRA Training: Principles of Electricity Markets
May 7-11,2018 Budapest, Hungary
Exercise
Compare the development models with regard
to their investment incentives!
59