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monthly average electricity prices.30 By some measures, FITs have been the primary policy driver of renewable energy deployment in Germany, Spain, Portugal, and Denmark.31 Setting FITs at the right level is difficult.32 FITs aim to provide a steady revenue stream that stimulates long-term large-scale investment, but if they are set too high they will generate windfall profits for developers, leading to unnecessary public spending or customer dissatisfaction at overpriced electricity.33 In many cases, FITs are adjusted downwards after being established. Germany recently reduced its FIT by 15 percent for open-field solar installations and 16 percent for rooftop solar installations,34 while Italy reduced its solar FIT by 22–30 percent in 2011.35 In this way FITs can be victims of their success: they are reduced or eliminated when they drive growth faster than projected (see box 6.1). Renewable Portfolio Standards (RPSs) RPSs mandate specific amounts of renewable energy deployment, either in terms of absolute capacity or as a percentage of total electricity use. Unlike FITs, which support renewable energy generation at an established rate regardless of quantity, RPSs encourage generators to bid against each other to supply the targeted amount of electricity at the lowest cost.36 RPS targets are intended to be cost-effective and technically feasible, but the precise target tends to be arbitrary, as RPSs are typically established via political processes (for example, the mandatory RPS targets in 13 U.S. states are all multiples of 10). The design of each RPS specifies a target, an end date, an application process, eligibility requirements, and administration and enforcement details. In some cases there are annual targets set, with penalties for not reaching targets, though longer compliance periods help accommodate the fact that renewable energy development can be “lumpy” (involving large and irreversible up-front costs). Thirty U.S. states currently have mandatory RPSs (up from three in 1998). These exhibit a wide diversity in type (absolute capacity versus share in total electricity mix), as well as in target chosen, time frame, and coverage (for example, some states exempt or give lower targets to municipal utilities or rural electric cooperatives) (table 6.1). The stringency of state-level RPSs varies: in Texas, RPS policies were ambitious enough to have contributed to substantial growth in renewable energy use, while Maine’s RPS has largely endorsed existing levels of renewable energy generation.37 Some states have changed their targets over time. For example, California’s original RPS target called for 20 percent of statewide electricity to come from renewable sources by 2017; now it mandates 33 percent by 2020. While changing targets can create policy uncertainty, this tightening RPS program has helped build a mature renewable energy market in California. 30 About $45 to $125. Ragwitz et al., “Recent Developments of Feed-in Systems in the EU,” January 2012, 15. 31 Couture and Gagnon, “An Analysis of Feed-in Tariff Remuneration Models,” 2010. 32 Industry representatives, interview by USITC staff, Madrid, Spain, May 10, 2013. 33 Industry representatives, interview by USITC staff, San Francisco, California, November 1, 2012. 34 Stromsta, “German Politicians Stand Firm,” April 23, 2010. 35 CleanTechnica, “Italy to Levy Carbon Tax,” April 18, 2012. 36 Wiser et al., “Renewables Portfolio Standards,” April 2007, 2. 37 Ibid., 6. 6-6PDF Image | Renewable Energy and Related Services: Recent Developments
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