DOI: 10.1016/j.enpol.2021.112197
论文题名: The impact of auctions on financing conditions and cost of capital for wind energy projects
作者: Đukan M. ; Kitzing L.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 152 语种: 英语
中文关键词: Auctions design
; Cost of capital
; Financing conditions
; Investor risk
; Renewable energy auctions
英文关键词: Commerce
; Energy policy
; Investments
; Offshore oil well production
; Wind power
; Competitive bidding
; Competitive environment
; Competitive pressure
; Offshore wind projects
; Project development
; Remuneration schemes
; Renewable energy projects
; Wind energy projects
; Costs
; alternative energy
; auction
; cost analysis
; investment
; risk assessment
; wind power
; Europe
英文摘要: The recent rise of auctions to allocate support payments for renewable energy projects creates new uncertainties during project development and causes a decrease in support levels. We investigate the effects of the shift to auctioning on costs of capital (CoC) and financing conditions through semi-structured and focus group interviews with 40 experts in onshore and offshore wind project development and financing in Europe. We find that auctions create a competitive environment that pressures the industry into accepting higher risks and lower returns. Banks have reduced debt margins, while large investors decreased hurdle rates and equity returns, despite additional risks from auctions, such as uncertainty about future award prices, allocation and qualification risks. The risk of being awarded support and incurring sunk costs makes smaller bidders averse to participating in auctions. Competitive bidding may also decrease secured revenues and increase offtaker risks, especially when combined with sliding premiums. Despite increased price risk, the competitive pressure driven by project sponsors, seems to lower financing costs and hurdle rates, thus decreasing CoC for offshore projects. To reduce negative impacts on CoC and financing, policymakers can minimise additional risks, by adopting remuneration schemes that stabilise revenues, and supporting smaller actors through removing participation hurdles. © 2021 The Authors Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167757
Appears in Collections: 气候变化与战略
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作者单位: Energy Economics and System Analysis (EESA) Section, Sustainability Division, Department of Technology, Management and Economics & Society, Market & Policy (SMP) Section, DTU Wind Energy, Technical University of Denmark, Lyngby, Roskilde, Denmark; Society, Market & Policy (SMP) Section, DTU Wind Energy, Technical University of Denmark, Roskilde, Denmark
Recommended Citation:
Đukan M.,Kitzing L.. The impact of auctions on financing conditions and cost of capital for wind energy projects[J]. Energy Policy,2021-01-01,152