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04POlICy lanDSCaPe Sidebar 6. whaT IS a feeD-In TaRIff? two remuneration components exist instead of one: a reduced FIT payment, plus the hourly market price for electricity. To ensure that the combination of the two does not pay producers either too little or too much, the Spanish version uses a lower floor and upper cap. A basic feed-in tariff (FIT) is a renewables promotion policy that pays a guaranteed price for power gener- ated from a renewable energy source, most commonly for each unit of electricity fed into the grid by a producer, and usually over a fixed long-term period (typically 20 years). A FIT also can be developed for units of heat supplied from biomass, solar thermal, or geothermal energy sources. The policy community broadly agrees that a “true” FIT includes three key provisions: 1) guaranteed grid access, 2) long-term contracts for the electricity (or heat) produced, and 3) prices based on the cost of generation plus a reasonable rate of return. However, formulating a definition that is broad enough to encompass all of the instruments claimed to be FITs by their legislative creators is difficult. The range of policies and their provisions vary widely year-by-year. Moreover, experts may disagree about whether or not a given policy should be called a "true" FIT, based on price levels, capacity limits, administrative provisions, or other factors. The FIT payment is usually administered by the utility company or grid operator and is derived from an addi- tional per-kWh charge for electricity (or other energy source, such as heat) that is imposed on national or regional customers, often spread equally to minimize the costs to individuals. Tariffs may be differentiated by technology type, size, and location, and they usually decline over time. The basic FIT has been popularized in its “modern” form by Germany, which serves as a reference point for all similar policies. It could be called a “market-independent” mechanism. For the purposes of this report, policies are classified as FITs if they are defined as such by the jurisdictions enacting them, rather than relying on an absolute set of criteria that would be difficult to apply in practice. Another variation of a FIT policy is a “premium FIT,” a market-dependent mechanism developed principally by Spain and emulated elsewhere. Here, 56 to 10 MW. 64 Quota/RPS policies are also known as “renewable electricity standards,” “renewable obligations,” and “mandated market shares,” depending on the jurisdic- tion. Quota/RPS policies can be linked with certificate schemes to add flexibility by enabling mandated entities (utilities) to meet their obligations through trading. By early 2011, quota/RPS policies existed in 10 countries at the national level and in at least 50 other jurisdictions at the state, provincial, or regional level. (See Table R11.) Elsewhere, quota/RPS policies continued to emerge and evolve in 2010. In South Korea, the government announced that by 2012 the existing FITs for wind and solar PV will be replaced with a quota system. The quota will mandate that 14 utilities generate 4% of electricity from renewables in 2015, increasing to 10% by 2020.65 The new policy mandates 350 MW per year of additional renewable capacity up to 2016, and thereafter 700 MW per year through 2022.66 As part of the policy, renewable energy projects will receive a 5% tax credit and local governments will receive capital subsidies up to 60% and low-interest loans. And in Canada, British Columbia’s clean energy requirement of 93%, enacted in 2007, was legislated under the Clean Energy Act of 2010.67 In the United States, 30 states (plus Washington, D.C.) have RPS policies, and six more have non-binding policy goals.56 U.S. RPS policies continue to evolve and expand actively each year. For example, in early 2010, the New York Public Service Commission expanded the state‘s RPS requirement for investor-owned utilities from 24% by 2013 to 29% by 2015.57 In California, utilities will probably reach their 20% RPS target in 2012, four years early. After some years of debate, California enacted Developing countries are a growing part of the policy landscape for policies beyond FITs and quota/RPS policies. In recent years, many developing countries have established comprehensive national laws and frame- works for renewable energy, as noted in past editions a new RPS target in early 2011 for 33% of electricity by 2020.58 The California Public Utilities Commission (CPUC) also authorized the use of tradable renewable energy credits (TRECs) for RPS compliance.59 Delaware amended its RPS in 2010 to require municipal utilities within the state, as well as the major investor-owned utility, the Delaware Electric Cooperative, to purchase a 25% share by 2026 from in-state sources, including 3.5% from solar PV systems.63 And Iowa adopted new inter- connection rules that mandate that renewable energy standards apply to distributed generation facilities of up of this Renewables Global Status Report. In 2010, Jordan became one of the recent entries in this category when it established a renewable energy support fund and passed a new law to accelerate the development of both renew- able energies and energy efficiency and to allow inves- tors to present unsolicited proposals for grid-connected renewable energy investments.68 In Malaysia, targets were adopted for solar PV and biomass, while Zambia relaxed tax policies in mining areas to stimulate invest- ment in power capacity, with a preference for renewable energy technologies including hydro and solar.69 TrinidadPDF Image | GLOBAL STATUS REPORT Renewables 2011
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