Wilson Rickerson | Feed-in Tariffs in North America
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Transcript of Wilson Rickerson | Feed-in Tariffs in North America
Feed-in Tariffs in North America
Solar Energy: A Solution to Environmental Problems?
George Washington University Institute for Analysis of Solar Energy
Wilson RickersonApril 24th, 2009
Feed-in Tariffs Worldwide
National Feed-in TariffsRegional Feed-in Tariffs
Source: REN21. (2009). Renewables Global Status Report: 2008.
Federal Feed-in Tariff (Inslee, D-WA)
The FIT Landscape
14 States with legislation
8 states with Gubernatorial or regulatory initiatives
$0.0000 $0.0002 $0.0004 $0.0006 $0.0008 $0.0010 $0.0012 $0.0014 $0.0016 $0.0018
Rebate/SREC
SREC Only
Underwriter Model 15y
Commodity Market Model
Auction Model
15 Yr Tariff Model
Hybrid-Tariff Model
$/kWh
Ratepayer ImpactsWgt. Avg. by Project Type
FITs and RECs
Source: Summit Blue (2008)
The banking crisis
…creates new uncertainty
(end 2007)
Feed-in
ROCs / RPS
PTC
Leverage (debt, %)
>90%
70-80%
60-80%
50-70%
75%
???
Maturity (after completion)
15-18y
13-15y
13-15y
Mini-perms
12y
???
Margins
60-100pb
170-200bp
90-120pb
200-250bp
100-125pb
???
The impact will differ by regulatory mechanism
So what could FITs be used for?
•Transmission expansion
•Smart grid-ready generation
•Distributed generation
•Community ownership
Interaction with the Federal Power Act
“The Commission lacks wholesale price-setting authority, as the Congress and the Federal Energy Regulatory Commission…have preempted the State from asserting such authority…”
- Southern California Edison in CPUC FIT proceeding