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Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
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Jing Shao
Utilities Policy, Volume: 86, Start page: 101705
Swansea University Authors:
Yunfei Wang, Jinke Li, Nigel O'Leary , Jing Shao
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DOI (Published version): 10.1016/j.jup.2023.101705
Abstract
Comparing the United Kingdom's Renewables Obligation and Australia's Renewable Energy Target, this paper reconstructs the market for green certificates in which penalties are imposed on missed certificates. Our analysis shows that excess demand in the Renewables Obligation makes the penalt...
| Published in: | Utilities Policy |
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| ISSN: | 0957-1787 |
| Published: |
Elsevier BV
2024
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| Online Access: |
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa65379 |
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| Abstract: |
Comparing the United Kingdom's Renewables Obligation and Australia's Renewable Energy Target, this paper reconstructs the market for green certificates in which penalties are imposed on missed certificates. Our analysis shows that excess demand in the Renewables Obligation makes the penalty the minimum certificate price, but excess supply in the Renewable Energy Target makes the penalty the maximum certificate price. Further, excess supply also implies that the sales of certificates are not guaranteed in the Renewable Energy Target. Therefore, compared to the Renewables Obligation, generators face greater risk under the Renewable Energy Target as there is more uncertainty about the price of certificates and the possibility of sales. |
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| Keywords: |
Tradable green certificates, Renewables obligation, Renewable energy target |
| College: |
Faculty of Humanities and Social Sciences |
| Funders: |
Swansea University |
| Start Page: |
101705 |