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and optimize energy flows through space (by incentivizing grid extension and integration) and time (by incentivizing storage).22 Feed-in Tariffs Feed-in tariffs (FITs) are contracts that guarantee a payment rate (e.g., dollars per kWh) to renewable energy producers for a period of time, often 15 to 20 years. These policies encourage investment in renewable energy generation by providing a certain degree of price certainty: the greater security of future cash flows lowers the risk of investing in renewable energy ventures, which are often capital-intensive projects with high up-front costs and high ratios of fixed to variable costs.23 FITs can be either fixed-price, in which the tariff is absolute, or premium-price, in which the FIT provides a premium payment above spot-market prices, and is therefore tied to changes in market prices for electricity.24 FITs often impose few eligibility restrictions, so both small and large renewable energy generators can participate. FITs can be designed in elaborate ways. They can include regular degression (in which reimbursements are lowered over time),25 growth caps (in which reimbursements are lowered once annual installed capacity exceeds a target), stepped tariffs (in which tariffs are set relative to the expected power output of individual plants so that locations with especially good wind or sun resources do not benefit disproportionately), and net metering (in which reimbursement depends on the grid load so that providing excess electricity is not compensated).26 Some fixed-price FITs have full or partial inflation adjustment; for example, Ontario, Canada, offers inflation adjustment on 20 percent of the base price of electricity for wind, biomass, and hydroelectric sources over the course of a 20-year contract.27 On average, premium-price FITs are more costly than fixed-price FITs, and result in more uncertainty, without eliminating the danger that energy producers will be overcompensated. But relying on markets allows a more efficient assignment of grid costs: when supply is scarce and demand is high, prices rise, which induces suppliers to provide more electricity at peak usage times.28 For that reason, premium-price FITs are especially attractive in regions with large gaps between peak and off-peak demand. FITs are widely used, particularly in Europe: they are the main support instrument for renewable energy in 20 EU countries and are used as secondary instruments in another 4 EU countries.29 In the EU, total remuneration of onshore wind power generation in 2012 ranged from €36.6 per megawatt-hour (MWh) in Denmark, which used a fixed-price FIT system, to €101.3 per MWh in Germany, which used a sliding FIT system based on 22 Industry representatives, interview by USITC staff, Hamburg, Germany, May 15, 2013. 23 Couture and Gagnon, “An Analysis of Feed-in Tariff Remuneration Models,” 2010. 24 Cory et al., “Feed-in Tariff Policy,” March 2009, 4. 25 For example, Minnesota offers higher tariffs for the first 10 years of contract terms, while in Slovenia premiums drop by 5 percent after the first 5 years of the project’s life and 10 percent after 10 years. Couture and Gagnon, “An Analysis of Feed-in Tariff Remuneration Models,” 2010. 26 Ragwitz et al., “Recent Developments of Feed-in Systems in the EU,” January 2012, 11. Under net metering schemes, producers can reduce their electricity bills by providing electricity to the grid. The value of that electricity (and therefore the compensation provided to producers) varies depending on overall supply and demand. 27 Couture and Gagnon, “An Analysis of Feed-in Tariff Remuneration Models,” 2010. 28 Ibid. 29 Ragwitz et al., “Recent Developments of Feed-in Systems in the EU,” January 2012, 4. 6-5PDF Image | Renewable Energy and Related Services: Recent Developments
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