governmental intervention approaches to promote renewable energies special emphasis on japanese feed in tariff abstract almost all countries have issued laws and regulations to promote renewable energy re however the applications and motivations of such laws as well as achievements have been different currently the japanese government has announced its targets to expand the electricity feed in tariff scheme for solar power along with other energy sources within two years to meet the goal set by the japanese prime minister who in the 15th united nations climate change conference cop15 held in september 2009 proclaimed to cut 25 of greenhouse gas ghg emissions from the 1990 levels by 2020 in this paper the current japanese energy policies and measures for promoting re in comparison to popular methods followed worldwide are explored furthermore a least cost feed in tariff lcfit simulation model for japanese case was developed to calculate the optimal mix of technologies to reach certain targets the lcfit also calculates the tariff that should be proposed for each technology and the total cost for the program with and without a carbon tax and estimates the premium added to the bill of the customer every month

an analysis of feed in tariff remuneration models implications for renewable energy investment recent experience from around the world suggests that feed in tariffs fits are the most effective policy to encourage the rapid and sustained deployment of renewable energy there are several different ways to structure a fit policy each with its own strengths and weaknesses this paper presents an overview of seven different ways to structure the remuneration of a fit policy divided into two broad categories those in which remuneration is dependent on the electricity price and those that remain independent from it this paper examines the advantages and disadvantages of these different fit models and concludes with an analysis of these design options with a focus on their implications both for investors and for society

effects of a cut off in feed in tariffs on photovoltaic capacity evidence fromgermany abstract we analyze the effects of feed in tariff fit adjustments on installed photovoltaic capacity in germany we find that the current system temporarily accelerates installments and does not countervail over investment therefore we design three alternative fit regimes i constant fits ii linearly decreasing fits and iii fit adjustments related to the changes of photovoltaic panel prices simulations of installed capacities indicate that alternative adjustment mechanisms could be more appropriate to meet the government s installation target moreover we calculate the consumers burden induced by the fits and find that it might be reduced by alternative mechanisms

support systems for the diffusion of renewable energy technologies an investor perspective concern over climate change impacts and the projected depletion of fossil fuels has urged more governments to adopt policies that stimulate the diffusion of renewable energy technologies ret with an increasingly diverse suite of support instruments the question emerges as to which instruments or combinations are able to achieve faster more substantial diffusion results although various support instruments were extensively addressed in policy studies there is still no consensus this is partly because many policy studies take a policy maker approach in comparing support instruments leaving relationships between policy design and policy results as a black box this paper proposes an investor oriented perspective to analyze the diffusion potential of support systems for ret the main argument is that it is not the type of support instrument but rather its risk profitability characteristics that influence investor behavior and the rate of diffusion the two instruments most frequently discussed and compared are the feed in tariff and the quota model the analysis in this paper concludes that policy design is crucial while often feed in tariffs are applauded and quota system feared feed in tariffs may also bring about disappointing diffusion results when poorly designed while quota systems may be also conceived as attractive instruments for independent power producers

feed in tariffs for promotion of energy storage technologies faster market integration of new energy technologies can be achieved by use of proper support mechanisms that will create favourable market conditions for such technologies the best examples of support mechanisms presented in the last two decades have been the various schemes for the promotion of renewable energy sources res in the eu the most successful supporting schemes are feed in tariffs which have significantly increased utilisation of renewable energy sources in germany spain portugal denmark and many other eu countries despite the successful feed in tariffs for res promotion in many cases res penetration is limited by power system requirements linked to the intermittency of res sources and technical capabilities of grids these problems can be solved by implementation of energy storage technologies like reversible or pumped hydro hydrogen batteries or any other technology that can be used for balancing or dump load in this paper feed in tariffs for various energy storage technologies are discussed along with a proposal for their application in more appropriate regions after successful application on islands and outermost regions energy storage tariffs should be also applied in mainland power systems increased use of energy storage could optimise existing assets on the market

feed in tariff contract schemes and regulatory uncertainty abstract this paper presents a novel analysis of two feed in tariffs fit under market and regulatory uncertainty namely a sliding premium with cap and floor and a minimum price guarantee regulatory uncertainty is modeled with a poisson process whereby a jump event may reduce the tariff before the signature of the contract using a semi analytical real options framework we derive the project value the optimal investment threshold and the value of the investment opportunity for these schemes taking into consideration the optimal investment threshold we also compare the two aforementioned fits with the fixed price fit and the fixed premium fit which are policy schemes that have been extensively studied in the literature our results show that increasing the likelihood of a jump event lowers the investment threshold for all the schemes moreover the investment threshold also decreases when the tariff reduction increases we also compare the four schemes in terms of the corresponding optimal investment thresholds for example we find that the investment threshold of the sliding premium is lower than the minimum price guarantee this result suggests that the first regime is a better policy than the latter because it accelerates the investment while avoiding excessive earnings for producers or excessive payments for consumers

assessing the performance of renewable electricity support instruments abstract the performance of feed in tariffs and tradable certificates is assessed on criteria of efficacy efficiency equity and institutional feasibility in the early stage of transition to an energy system based entirely on renewable energy supplies renewable electricity can only thrive if support takes into account the specific technical economic and political problems which result from embedding this electricity in conventional power systems whose technology organizational structure environmental responsibility and general mission differ profoundly from the emerging renewable based system support schemes need to capture the diversity of power supplies the variable nature of some renewable supplies and their different attributes for the purposes of public policy they must take into account the variety of generators including small decentralized generation emerging in a renewable based system and the new relationships between generators and customers renewable energy policies need a clear point of reference because the incumbent power systems are not sustainable they must adapt to the requirements of the renewable ones not the other way round incumbent systems carry the responsibility of paying the transition something that corresponds best with the polluter pays principle

renewable energy for continuous energy sustainability in malaysia abstract demographic change dramatic population increase and rapid industrial growth are major trends emerging in malaysia climate change and depletion of fossil fuel along with the rise in petroleum prices have forced the malaysian government to rethink strategies to be more in line with other developed countries including the decision to embark on renewable energy re resources as a better source of energy amongst the global energy mix the malaysian government is making frantic efforts to make policies re programmes and incentives more effective so as to promote and develop the use of re malaysia is rich with fossil fuel but these are fast depleting although re is necessary current re resources are still not enough therefore exploration into other resources must be considered in order to meet future energy demands the objective of this paper is to identify the potential of available renewable energy resources in malaysia as well as the country s current implementation strategies this paper also discusses the different re policies in malaysia in order to determine the potential of re various sources and published materials in conferences international journals and information released by relevant government bodies and miscellaneous resources are used this research has revealed that among all the renewable energy sources that are present in malaysia biomass and solar energy are the most prospective ones plus renewable energy re sources are quite advantageous as they are free from greenhouse gas ghg emissions and related global warming effects they can also be applied in off grid electricity generation for rural communities

evaluation and optimization of feed in tariffs abstract feed in tariff program is an incentive plan that provides investors with a set payment for electricity generated from renewable energy sources that is fed into the power grid as of today fit is being used by over 75 jurisdictions around the world and offers a number of design options to achieve policy goals the objective of this paper is to propose a quantitative model by which a specific fit program can be evaluated and hence optimized we focus on payoff structure which has a direct impact on the net present value of the investment and other parameters relevant to investor reaction and electricity prices we combine cost modeling option valuation and consumer choice so as to simulate the performance of a fit program of interest in various scenarios the model is used to define an optimization problem from a policy maker s perspective who wants to increase the contribution of renewable energy to the overall energy supply while keeping the total burden on ratepayers under control numerical studies shed light on the interactions among design options program parameters and the performance of a fit program

financial incentives to mobilise local citizens as investors in low carbon technologies a systematic literature review abstract mobilising greater levels of private finance through local citizen investment in low carbon technologies can help bridge the capital shortfall to meeting climate objectives while also building societal support for the low carbon transition within this context we undertake a systematic review of literature assessing the impact of technology specific economic and financial incentives promoting greater levels of investment in low carbon technologies from local citizen investors both individuals and community groups we focus in particular on the impact of feed in tariffs compared to quota schemes grants tax incentives and soft loans the analysis suggests that local citizen investors do not necessarily act in an economically rational manner in response to these incentives it underscores the importance of understanding the preferences of target demographics the local context as well as the characteristics of the technologies in question and suggests interventions should be considered as part of wider policy packages while identifying challenges to be overcome through instrument design we find that feed in tariffs grants and tax incentives can be successful in mobilising greater levels of investment from local citizen investors but that soft loans tend to be less effective as a stand alone instrument the review identifies areas meriting further exploration in this emerging field of research

feed in tariffs with minimum price guarantees and regulatory uncertainty abstract the feed in tariff fit program is a popular policy for incentivizing new renewable energy projects because it establishes a long term contract with renewable energy investors this paper presents a novel model to analyze a fit contract with a minimum price guarantee i e a price floor regime from an investor s perspective the results show that a perpetual guarantee only induces investment for prices below the price floor when offering a risk free investment opportunity in contrast the finite guarantee may induce investment even when the revenue from the guarantee is lower than the investment cost when an investor faces a scenario with regulatory uncertainty a higher and more likely reduction in the price floor induces earlier investment for all cases investors postpone an investment decision when market conditions present a higher price volatility

reallocating risks and returns to scale up adoption of distributed electricity resources abstract deployment of distributed electricity resources requires bringing together assets that belong to diverse and geographically diffuse owners using the example of distributed solar pv we analyze the schemes used to encourage induce owners of distributed assets to make them available for electricity generation the dominant model in the u s is long term power purchase agreements ppa offered to owners consumers by solar developers we show that these agreements mis allocate the electricity price risk to owners consumers and impose limitations on the scale up of distributed solar by proper use of financial markets it is possible to shift the electricity price risk from owners consumers to parties that are better positioned to manage it the proposed contracts simplify the adoption decision for owners consumers and can lead to a wider adoption removing barriers to scale up requires i eliminating the tight coupling between consumers and owners and ii rewarding the owners unambiguously for the assets they provide these necessitate the transformation of the current intermediary firms into full fledged distributed generators we discuss the implications of such a transformation and argue that the broad outline of our analysis can be used to assess scale up schemes in other domains of distributed electricity resources as well

supplementing an emissions tax by a feed in tariff for renewable electricity to address learning spillovers abstract in the presence of learning spillovers related to renewable energy technologies an optimal strategy to mitigate climate change should complement an emissions tax by a subsidy for renewables this article addresses the question how such subsidy should be designed it is shown that the widely used approach of a revenue neutral fixed feed in tariff can yield an optimal outcome under restrictive conditions only it has to be adapted continuously as the electricity price changes moreover funding the tariff by a surcharge on the electricity price has important implications for the design of the emission tax the optimal tax rate has to be below the pigovian level differentiated across fossil fuels and adapted over time as the patterns of technological development change these requirements may pose a formidable challenge for practical decision making however it is important to point out that the eventual choices made with respect to the design and funding of a feed in tariff have to be based on a careful and more comprehensive policy assessment including inter alia economic effects beyond the electricity sector and existing institutional constraints

solar feed in tariffs examining fair and reasonable retail rates using cost avoidance estimates abstract growing solar photovoltaic pv electricity systems in geographically diverse regions presents a complex policy problem for governments during 2013 16 the queensland government in australia examined establishing a fair and reasonable retail feed in tariff fit policy noting it regulates state retail electricity consumption prices a combined cost avoidance and stakeholder analysis was applied to show that determination of a fair and reasonable fit for all stakeholders while aspirational is difficult to achieve typically agreement on a fair tariff rate will depend on stakeholders relative position in energy supply chains service providers retailers suppliers customers advocates and interpretations of fairness that can be shaped by competition in the supply area also increases in financial benefits to pv customers might be considered unreasonable by non pv customers and retailers that experience increases in electricity prices and operating costs importantly the application of a retail fit in regional and isolated areas requires careful energy policy design taking account of network losses remote and isolated customer metering cost effective network control technologies and diesel generator operating limits the study also observed that shifting funding of fit schemes from electricity distributors to competitive retailers will likely have negative consequences for retail fit offerings and pv customer servicing

analysis of renewable energy incentives in the latin america and caribbean region the feed in tariff case abstract renewable energy is becoming a priority for latin america and caribbean lac countries because of energy challenges such as demand growth high dependence on imported fossil fuels and climate change as of 2010 12 lac countries have implemented formal targets for renewable energy deployment some of the lac countries namely argentina dominican republic ecuador honduras and nicaragua are using feed in tariffs fits to promote renewables fits are long term guaranteed purchase agreements for green electricity at a price that can provide project developers a reasonable return on investment fits are increasingly popular because if designed well they can mitigate investor risk in renewables this article presents a low risk fit design and then uses this design to benchmark the existing lac region fits

agriculture s contribution to the renewable energy sector policy and economics do they add up abstract this paper reviews on farm renewable energy re production and the associated feed in tariff fit policies in germany usa canada denmark and the netherlands and the impact these policies have on renewable energy implementation with particular focus on agricultural lands a recent fit policy implemented in nova scotia is examined and used as a case study to assess the potential affect these policies might be expected to have on re implementation within the province several scenarios are developed based on the existing policy structure to provide a critical review of the policy and to identify potential modifications that might provide an increase in the implementation of re

structural breaks in renewable energy in south africa a bai perron break test application abstract in order to remedy the continuous problem of sustainable energy supply the south african government committed itself to pursuing renewable energies re as a viable alternative to traditional sources such as fossil fuels the aim of this study is to understand whether the policies pursued by the south african government in the period 1990 2010 have had any effect on the consumers and producers of re to do so the bai perron 1998 2003 break test methodology is employed to examine the evolution of re production and consumption deviations from the base case are then explained in the south african economic and policy context

fixed feed in tariff versus premium a review of the current spanish system a b s t r a c t since 1998 the spanish government established a feed in system where res e generators could choose between two alternatives fixed feed in tariff and premium nowadays all res e 1 can be sold in the electricity market getting an additional premium except for solar photovoltaic one important novelty established in 2007 is a cap and floor system for facilities under the premium option the aim of this paper is to analyze and compare these two alternative options fixed fit and premiums which coexist at the same time in spain describe the evolution of both systems and evaluate its performance the introduction of this support system in spain led to very good results in terms of res e deployment the main advantage of the premium option is that it is a scheme integrated in the electricity market one disadvantage is that it can occasionally lead to overcompensation one way to try to avoid it is to set a cap value in order to evaluate the performance of this dual support system not only res e deployment has been assessed but also the policy stability the adequacy of res e production to the electricity demand pattern and the changes in the investors behaviour

competitive auction mechanisms for the promotion renewable energy technologies the case of the 50 mw photovoltaics projects in cyprus abstract there are a range of policy frameworks and support mechanisms to promote the penetration of renewable energy technologies into the energy mix assembled by the governments and regulatory bodies around the world the three dominant and most common support schemes that have also been implemented within the eu and proven successful in the past include the competitive auctions the feed in tariff scheme fit and tradable green certificates tgcs this study reviews the use of the competitive auction mechanism for the promotion of power generation from renewable energy technologies the process of the specific policy instrument as well as its pros and cons are introduced successful and failed case studies from countries that have already incorporated this mechanism into their renewable energy technologies development policies are also presented among these cases is the cyprus auction procurement for the licensing of 50 mw of photovoltaic power plants conducted in january 2013 which is thoroughly elaborated in this paper the timeline of the bids is presented and the auction winner strategy is tracked and examined a discussion is also presented on the feasibility of the awarded projects eventually the entire auction procurement procedure is evaluated to expose the defects of the mechanism and to offer some recommendations for the viability of the process

nonconventional renewable energy governance in brazil lessons to learn from the german experience abstract this paper presents a comparative analysis of energy governance regarding nonconventional renewable energy sources ncres in brazil and germany brazil is a world leader in the use of conventional renewable energy sources such as hydro power while germany has been achieving outstanding results in fostering ncres the focus is on two critical issues the legal and regulatory framework and the institutions created to support the ncres market development the comparison shows that despite the very different energy situations and policy drivers valuables lessons can be extracted from the german experience the main lesson for brazil is to think ncres as a strategic opportunity to rely less on fossil fuel and large hydroelectric power plants to decentralize the electric power sector to use the huge solar biomass and wind power potential available in the country and to create a environment friendly ncres industry to this end three critical points were identified 1 the legal and regulatory framework should be improved 2 long term energy planning taking into account social economic and climate issues and 3 the current institutions supporting ncres in brazil should be upgraded and or new ones such as more specific energy agencies should be created

solar pv where the sun doesn t shine estimating the economic impacts of support schemes for residential pv with detailed net demand profiling abstract countries with low irradiation and solar pv adoption rates are increasingly considering policy support for solar pv although consumer electricity demand and solar generation profiles are often mismatched this paper presents a methodology for policymakers in such conditions to examine more precisely the financial performance of residential solar pv from the consumer perspective as part of an ex ante policy assessment we model a range of prospective policy scenarios and compare policy mechanisms that compensate homeowners for generation those that reduce their upfront costs and those that assist with financing using ireland as a case study the results confirm the intuitive notion that more generous financial remuneration schemes provide quicker payback however we observe that in low irradiance regions there is little difference between upfront grants and feed in tariffs to accelerate payback timeframes we also show the importance of retail tariff structure in consumer payback for solar pv systems with one part tariffs generating shorter paybacks than two part tariff structures although the latter is more likely to secure revenue for electricity infrastructure investment drawing from this analysis the paper proposes some options for the design of policy supports and tariff structures to deliver a sustainable residential renewable electricity system in low irradiance regions

impact of renewables on electricity markets do support schemes matter abstract rising renewable shares influence electricity markets in several ways among others average market prices are reduced and price volatility increases therefore the missing money problem in energy only electricity markets is more likely to occur in systems with high renewable shares nevertheless renewables are supported in many countries due to their expected benefits the kind of support instrument can however influence the degree to which renewables influence the market while fixed feed in tariffs lead to higher market impacts more market oriented support schemes such as market premiums quota systems and capacity based payments decrease the extent to which markets are affected this paper analyzes the market impacts of different support schemes for this purpose a new module is added to an existing bottom up simulation model of the electricity market in addition different degrees of flexibility in the electricity system are considered a case study for germany is used to derive policy recommendations regarding the choice of support scheme

modeling decision making as a support tool for policy making on renewable energy development abstract this paper presents the findings of a study on decision making models for the analysis of capital risk investors preferences on biomass power plants projects the aim of the work is to improve the support tools for policy makers in the field of renewable energy development analytic network process anp helps to better understand capital risk investors preferences towards different kinds of biomass fueled power plants the results of the research allow public administration to better foresee the investors reaction to the incentive system or to modify the incentive system to better drive investors decisions changing the incentive system is seen as major risk by investors therefore public administration must design better and longer term incentive systems forecasting market reactions for that two scenarios have been designed one showing a typical decision making process and another proposing an improved decision making scenario a case study conducted in italy has revealed that anp allows understanding how capital risk investors interpret the situation and make decisions when investing on biomass power plants the differences between the interests of public administrations s and promoters how decision making could be influenced by adding new decision criteria and which case would be ranked best according to the decision models

inequality of renewable energy generation across oecd countries a note abstract this study recommends the use of theil s second measure to investigate international renewable energy generation disparities this index permits disparities to be broken down within and between groups of countries in a reliable style an analysis of oecd countries for 1980 2011 shows some basic points first drop in renewable energy generation disparities is attributable both to within group and between group inequality components second between group inequalities are presently the key contributor to the inequality and further investigation on within group inequalities divulges the significant explanatory role played by north american european and asian and oceanian countries

learning about new technologies through social networks experimental evidence on nontraditional stoves in bangladesh there are few marketing studies of social learning about new technologies in low income countries this paper examines how learning through opinion leaders and social networks influences demand for nontraditional cookstoves a technology with important health and environmental consequences for developing country populations we conduct marketing interventions in rural bangladesh to assess how stove adoption decisions respond to a learning the adoption choices of locally identified opinion leaders and b learning about stove attributes and performance through social networks we find that households generally draw negative inferences about stoves through social learning and that social learning is more important for stoves with less evident benefits in an institutional environment where consumers are distrustful of new products and brands consumers appear to rely on their networks more to learn about negative product attributes overall our findings imply that external information and marketing campaigns can induce initial adoption and experiential learning about unfamiliar technologies but sustained use ultimately requires that new technologies match local preferences

is renewable energy a cost effective mitigation resource an application to the spanish electricity market abstract this paper evaluates the net effect of renewable energy policy in spain from 2002 to 2017 and calculates its cost effectiveness in terms of co2 emission reductions in the production of electricity our conclusions indicate that although the phasing out of feed in tariffs reduced the regulatory costs it also limited renewable participation in the electricity market leading to an increased electricity price and higher emissions according to our results the joint effect of i the value of avoided emissions due to renewable energy participation and ii the merit order effect was able to compensate for the regulatory costs subsidies up until 2010 while the sign of the net effect was reversed from 2011 to 2017 finally we find that the economic implications of emission reductions are highly dependent on how the social cost of carbon is measured

minimum prices and social interactions evidence from the german renewable energy program minimum prices above the competitive level can lead to allocative inefficiencies we investigate whether this effect is more pronounced when decision makers are influenced by their social environment using data of minimum prices for renewable energy production in germany we test if individual decisions to install photovoltaic systems are affected by the investment decisions of others in the area we implement a propensity score matching routine on municipality level and estimate that existing panels in the municipality increase the probability and number of further installations considerably even in areas with minimal solar radiation thus social interaction can add secondary inefficiencies to the known allocative problems of minimum prices the social interaction effect is stronger in areas with more solar radiation and less unemployment a larger number of existing systems and more concentrated installations increase the social effect further

assessing policy strategies for the promotion of environmental technologies a review of india s national solar mission abstract there is widespread consensus that no individual policy instrument but rather a policy mix is needed to effectively drive the development and diffusion of environmental technologies however what exactly constitutes such a policy mix remains largely undefined this paper takes this discussion a step further by developing a comprehensive framework for assessing and comparing policy approaches for the promotion of environmental technologies it begins with a critical review of existing policy mix concepts pointing out key shortcomings to address the identified challenges it proposes the concept of a policy strategy as an alternative framework for policy assessment and comparison this serves as the basis for integrating findings from the literature on environmental innovation and technological change in a comprehensive framework for assessing policy strategies for the promotion of environmental technologies the framework is then applied for the assessment of india s national solar mission the country s strategy for promoting solar energy technologies based on the resulting findings the potential and limitations of the proposed framework are discussed

design of an economically efficient feed in tariff structure for renewable energy development abstract evidence suggests albeit tentatively that feed in tariffs fits are more effective than alternative support schemes in promoting renewable energy technologies rets fits provide long term financial stability for investors in rets which at the prevailing market price of electricity are not currently cost efficient enough to compete with traditional fossil fuel technologies on the other hand if not properly designed fits can be economically inefficient as is widely regarded to have been the case under the public utility regulatory policies act of 1978 purpa under purpa too high a guaranteed price led to the creation of so called purpa machines poorly performing generating units that could survive financially only because of heavy subsidies that came at the expense of retail customers similarly because of their adverse impacts on retail electricity rates german fits have been subject to increasing political pressure from utilities and customers in this paper we propose an innovative two part fit consisting of both a capacity payment and a market based energy payment which can be used to meet the renewables policy goals of regulators our two part tariff design draws on the strengths of traditional fits relies on market mechanisms is easy to implement and avoids the problems caused by distorting wholesale energy markets through above market energy payments the approach is modeled on forward capacity market designs that have been recently implemented by several regional transmission organizations in the usa to address needs for new generating capacity to ensure system reliability

an overview of incentive policies for the expansion of renewable energy generation in electricity power systems and the brazilian experience abstract energy production from renewable sources is already a reality in many countries and with that different strategies for incentivizing investments in renewable energy generation have been proposed and used over the years in this study long term policies that have been applied in several countries such as feed in tariffs shares with commercialization of certificates auctions and net metering are overviewed and discussed the main advantages and disadvantages of these incentive strategies are emphasized focusing on applications some of these strategies that have already been applied in brazil are analyzed in greater depth emphasizing the potentialities and fragilities of these mechanisms observed within the country even though it is a country that stands out in relation to other latin american countries regarding electricity generation from non hydro renewable sources brazil still faces barriers that prevent a utilization compatible with its potential moreover the trend for renewable sources such as wind and solar power is to represent an energy capacity reserve to cover hydrological risks and also to contribute to a distributed generation spread through electricity distribution networks

responsive feed in tariff adjustment to dynamic technology development abstract this paper reviews the adjustments of the feed in tariffs for new solar photovoltaic pv installations in germany as pv system prices declined rapidly since 2009 the german government implemented automatic mechanisms to adjust the remuneration level for new installations in response to deployment volumes this paper develops an analytic model to simulate weekly installations of pv systems of up to 30 kw based on project profitability and project duration the model accurately replicates observed market developments and is used to assess different adjustment mechanisms against multiple scenarios for pv system price developments the analysis shows that responsive feed in tariff schemes with frequent tariff adjustments and short qualifying periods reach deployment targets most effectively

lessons learned in france and quebec regarding financial and legal mechanisms to develop renewable energy a hybrid model as an acceptable solution for onshore wind abstract this article shows that the unfavorable context of emergence as well as neo corporatism limited the weight of wind energy in france and quebec and delayed the project development and the wind industry as a whole indeed the level of political will to wind energy development in both jurisdictions is fluctuating and characterized by a lack of continuity in policy or regulatory instruments the efficiency of the pricing mechanisms depends on its political design while the french feed in tariff is inefficient in terms of installed capacity and is deemed too expensive by opponents the first two calls for tenders in quebec fare quite well on that front however they are perceived as unacceptable due to the multinational companies involved and the implantation of large scale wind farms in inhabited areas the third community call for tender while generally better accepted locally is poorly regarded among the cooperative movement and at the national level because of the competition with the municipal sector and higher costs to society in both cases a hybrid pricing model would achieve a better balance between costs to society and local development thus promoting social acceptance through a greater diversity in ownership types and wind farms size

a multi criteria evaluation of policy instruments for climate change mitigation in the power generation sector of trinidad and tobago even as small island developing states sids like trinidad and tobago t t increase industrialization and grapple with the challenges of increased pollution few studies provide guidance to policy makers of such countries on appropriate policy measures and instruments that can be implemented to mitigate greenhouse gas emissions here we apply a multi criteria evaluation methodology to ascertain preferences for policy measures and instruments in the power generation sector four broad policy measures and twelve policy instruments are assessed on criteria of environmental performance feasibility of implementation and political acceptability this method proves useful in t t since typical to many sids the intensive data required by other policy assessment methods is unavailable results indicate little difference in preference among the four policy measures thereby indicating that a multi pronged approach on several policy fronts is required the most preferred policy instruments to operationalize measures included provision of subsidies for energy saving technologies creating an industry wide carbon trading scheme and implementing a feed in tariff to increase the use of renewable energy sources this study therefore provides specific insights for policy makers in trinidad and tobago while also providing power generation sector specific guidance to other rapidly industrializing small island developing states

subsidies for residential solar photovoltaic energy systems in western australia distributional procedural and outcome justice governments seek to increase renewable energy capacity by providing subsidies to householders opting to install residential solar energy photovoltaic systems the funds used to pay for these subsidies are sourced from tax revenue or electricity tariffs paid by all community members including those on a low income this sees a redistribution of funds from all community members to installers of residential solar energy systems this research compared community attitudes towards distributional justice or the fairness of this redistribution of funds with outcome justice associated with the environmental benefits of renewable energy a randomised survey distributed in four metropolitan and two regional communities in western australian resulted in 295 responses a response rate of 22 33 of community members prioritised distributional justice 30 prioritised outcome justice and 37 indicated that they were unsure about their preference however support for renewable energy was found with 80 of respondents supportive of renewable energy subsidies and 68 supportive of renewable energy taxation including in electricity tariffs qualitative comments indicate that in spite of the preoccupation with distributional justice in the residential solar energy literature community members are concerned with procedural justice issues in this case procedural justice can be interpreted as government commitment to existing policy the expanded scope of renewable energy policy and enhanced regulations

what do we know about the study of distributed generation policies and regulations in the americas a systematic review of literature abstract policy makers are increasingly in search for evidence based solutions for meeting contemporary challenges of energy services that are both low carbon and sustainable one of the emerging trends are policies and regulations that incent distributed electricity generation dg the question that this article addresses is what is the current state of the study of these policies or regulations in the americas the focus on the americas was chosen because the article is part of a larger research project that explores regulations for dg in brazil and canada this article uses a non traditional means for synthesizing academic work systematic literature review to explore the current state of peer reviewed publications on the subject it is a means of transparently locating evaluating and synthesizing information to avoid bias in data collection in total 87 articles were included in the review climate change is the main driving force for dg as identified in the articles job creation or the green economy was cited as a motivating factor more strongly in north america while in the southern countries the issue of diversifying the energy mix and avoiding infrastructure costs was more pronounced many articles dealt with the issue of mechanisms for incenting dg and over half of these focused on aspects of feed in tariffs incentive mechanisms vary depending on policy goals of the jurisdictions with renewable portfolio standards being more popular in the u s the review showed that there is little emphasis on the social impacts and benefits of the regulations or policies and that specific urban challenges and local governance is not widely investigated pointing to a need for future study in these areas

renewable energy policies in europe converging or diverging abstract nations today are urgently challenged with achieving a significant increase in the deployment of renewable energies in europe that need has given rise to a debate about the most effective and efficient support strategy whilst the different interests debate whether full european harmonisation or strengthening of national support policies for electricity from renewable energy sources res e is the best way forward individual national support schemes are rapidly evolving this study investigates how the eu member states have applied support policy types over the last decade by identifying predominant developments in the application of feed in tariffs premiums tradeable green certificates tax incentives investment grants and financing support for specific technologies wind biomass pv this study shows that europe is currently experiencing certain tendencies towards a bottom up convergence of how national policy makers design res e policy supports while some outliers remain the policy supports of most countries become more similar in the policy types applied dominance of feed in tariffs and in their scope of implementation differentiation for installation sizes and stacking of multiple instruments these trends in national decision making which show tendencies of convergence could make an eu driven top down harmonisation of support either dispensable or at least depending on the agreement less controversial

integration of renewable energy sources in southeast europe a review of incentive mechanisms and feasibility of investments abstract incentivizing development and deployment of renewable energy sources res but also other low carbon technologies lct has been a successful way of promoting new technologies by creating a feasible investment case and making them competitive with traditional energy sources although different incentive mechanisms exist feed in tariffs have shown to be the best model for accelerating lct development guaranteeing producers preferential prices for the produced electricity over a period of time and enabling them access to the power network to sell inject produced electricity due to these benefits feed in tariff models are the most common model for stimulating res integration in southeast europe the paper reviews the current state of preferential tariffs for res in countries of southeast europe while some countries already have significant installed res capacity others are still in the planning stage the review shows that the amount of installed capacity of a specific technology has a strong impact on the support for the future projects for same technology this comprehensive review of legislative development supporting res as well as technologies preferred in different countries of the region is supported with feasibility assessment of investing in res using the example of two different technology projects wind and photovoltaic analysing the impact of the current tariffs on the return on investment for each country of the region

assessing the strength and effectiveness of renewable electricity feed in tariffs in european union countries in the last two decades feed in tariffs fit have emerged as one of the most popular policies for supporting renewable electricity res e generation a few studies have assessed the effectiveness of res e policies but most ignore policy design features and market characteristics e g electricity price and production cost that influence policy strength we employ 1992 2008 panel data to conduct the first econometric analysis of the effectiveness of fit policies in promoting solar photovoltaic pv and onshore wind power development in 26 european union countries we develop a new indicator for fit strength that captures variability in tariff size contract duration digression rate and electricity price and production cost to estimate the resulting return on investment we regress this indicator on added res e capacity using a fixed effects specification and find that fit policies have driven solar pv development in the eu however this effect is overstated without controlling for country characteristics and is concealed without accounting for policy design we do not find robust evidence that fit policies have driven wind power development overall we show that the interaction of policy design electricity price and electricity production cost is a more important determinant of res e development than policy enactment alone

variable renewable energy technologies in the turkish electricity market quantile regression analysis of the merit order effect abstract the share of variable renewable energy sources in power supply has increased significantly in many countries however this increase has also created problems in electricity markets while the average day ahead market price has declined in several markets the merit order effect the remuneration mechanisms in some countries have to be revised due to the surge in financial costs yet further research is needed to understand the implications of the merit order effect for remuneration mechanisms thoroughly accordingly this study aims to contribute to the literature through employing a quantile regression model to analyze the merit order effect and discuss its implications for the remuneration mechanism in turkish electricity market model results show significant negative merit order effect for both wind and run of river hydro technologies however this effect varies with respect to demand price level and technology moreover the contribution of these technologies to the total welfare in the turkish electricity market does not favor fixed price payments in conclusion it is recommended that the remuneration mechanism is revised to include the temporal value of variable renewable energy sources and electricity market design should reflect the locational value of variable renewable energy sources in turkey

the design of renewable support schemes and co2 emissions in china abstract the renewable energy targets put forward by the chinese government need comprehensive incentive schemes this paper uses a multi regional cge model to evaluate two types of renewable support schemes a subsidy scheme like a feed in tariff fit with a direct price impact for final consumers and a subsidy scheme without any price impact we assess the co 2 consequences of both approaches as well as their impact on economic activity in terms of gdp industrial structure electricity generation structure and regional final demand elasticities of electricity we find that a support scheme with price impact is much more effective in reducing co 2 emissions while the difference in gdp between the two policies is small we estimate that the price implications of the support scheme allow for an additional emissions reduction of 113 mt co 2 or 0 07 of total emissions in china during 2020 2035 the support scheme with a price impact does not lead to a negative impact on the chinese economy although there are significant differences among regions in addition while the whole country faces an approximately unitary electricity elasticity demand we find significant differences in electricity demand elasticities among chinese regions

factor substitution and labor market friction in the united states 1948 2010 we re estimate the capital labor elasticity of substitution and the biased factor augmenting technological progress using a system approach for the aggregate u s economy from 1948 to 2010 due to

an empirical analysis of the fiscal incidence of renewable energy support in the european union abstract in liberalised energy markets electricity from renewable energy re using solar pv and wind turbines requires financial support because the expected number of generation hours is insufficient to induce private investment such support has a direct cost from the additional expenditure over what would have been incurred had fossil fuel generation been used and indirect costs arising from the random and distributed nature of the re output comparing european union countries between 2007 and 2017 we find the pricing structure of retail electricity is regressive and correlated to reliance upon re although initially the direct and indirect costs of re affects integrated utilities and aggregators the ultimate burden largely falls upon lower income cohorts given policy objectives for re these finding are worrisome though as a society we may benefit from reducing dependence upon fossil fuels the burden of this transition falls upon those with the lowest income raising questions over fairness explaining the reasons for fiscal regressiveness leads to suggestions on how it may be redressed

a two part feed in tariff for intermittent electricity generation abstract as electricity generation from intermittent energy sources wind sun tides is gaining momentum it becomes increasingly important to price these electricity sources efficiently conventional flat feed in tariffs ignore the heterogeneity of these sources taking into account the degree of substitutability or complementarity of these sources with respect to each other and with respect to stochastic demand variations this paper derives optimal pricing instruments composed of a feed in tariff fit and a capacity augmentation tariff cat an empirical analysis looks at wind and solar farms operating in ontario in order to determine the optimal use of fit cat pricing the magnitude of optimal price differentiation turns out to be economically significant furthermore the emergence of grid scale electricity storage underscores the need to price energy and capacity separately

economic welfare and environmental impact of feed in tariff policy a case study in iran following a particular attention given to environmental issues over the last few decades establishing proper developmental policies to increase electricity production from renewable energy re has not only been an important issue but also a challenge for many countries feed in tariff fit policy is one of the tools that is being used to facilitate the development of re this research evaluated the economic welfare and environmental impact of this policy on iran s economy therefore after developing an economic energy environmental e3 type of hybrid general equilibrium model the effect of fit policy was examined under different scenarios in order to find an optimal condition in which 10 of electrical energy could be produced from renewable resources the comparison between the results showed that the application of subsidies to re and the way the government finances these subsidies can affect the results of fit policy meanwhile regardless of the role considered for the impact of environmental factors our policies under the scenario of technology neutral is the most efficient as it has less impact on the decline of gdp of different sectors and also has less financial cost for government

lessons from wind policy in portugal abstract wind capacity and generation grew rapidly in several european countries such as portugal wind power adoption in portugal began in the early 2000s incentivized by a continuous feed in tariff policy mechanism coupled with public tenders for connection licenses in 2001 2002 and 2005 these policies led to an enormous success in terms of having a large share of renewables providing electricity services wind alone accounts today for 23 5 of electricity demand in portugal we explain the reasons wind power became a key part of portugal s strategy to comply with european commission climate and energy goals and provide a detailed review of the wind feed in tariff mechanism we describe the actors involved in wind power production growth we estimate the environmental and energy dependency gains achieved through wind power generation and highlight the correlation between wind electricity generation and electricity exports finally we compare the portuguese wind policies with others countries policy designs and discuss the relevance of a feed in tariff reform for subsequent wind power additions

determining commercially viable two way and one way contract for difference strike prices and revenue receipts abstract in this article we investigate the role that a contract for difference cfd might play in increasing investment in renewable energy in australia two cfd schemes are investigated two way and one way cfd a financial model is developed that determines commercially viable cfd strike prices account is taken of revenue from wholesale electricity market and renewable energy certificate sales capital and operational costs of the project including distribution of funds to holders of equity and debt are also included findings based on analysis of the solar array located at the university of queensland gatton campus in australia is presented employing a typical meteorological year framework the major finding was that government will prefer a two way cfd scheme and single axis tracking solar pv array technology in contrast project proponents will strongly prefer a one way cfd design

towards understanding the benefits and challenges of smart micro grid for electricity supply system in nigeria the poor state of electricity supply system in nigeria is threatening the welfare and security of life and properties of millions of individuals with adverse economic consequences for the country the inadequacy of the national grid especially the inability of the electricity generation capacity to match increasing demand in the country has led to increasing agitation for increased penetration of renewable energy sources ress into the electricity supply mix while great attention has been focused on the potential of ress for electricity generation in the country little or no attention has been given to the application of smart micro grid sm g technologies to the ageing nigeria grid infrastructures and electrification of the rural areas the aim of this paper is to bring into focus the benefits and challenges of enabling sm g in the electricity supply system in nigeria sm g will bring benefits to the electricity stakeholders in form of improvements in reliability efficiency economics environment security and safety the paper gives an overview and reviews the current state of the electricity supply system in the country it discusses the sm g concepts and associated technologies and highlights how they can help address the electricity problems in the country the challenges of applying these concepts in nigeria context are also discussed enabling sm g in the country will not only lead to improvement in the quality efficiency and reliability of the electricity grid but also promote the provision of electricity supply to the remote rural areas using ress

demand pull instruments and the development of wind power in europe a counterfactual analysis renewable energy technologies are called to play a crucial role in the reduction of greenhouse gas emissions since most of these technologies did not yet reach grid parity public policies have been implemented in order to foster their deployment the approach that has been privileged in europe is the demand pull approach that aims at creating a demand for these new technologies and at stimulating their diffusion this paper examines the effect of demand pull policies on the diffusion of onshore wind power technology in six european countries denmark france germany italy portugal and spain in a first step a micro founded model of diffusion is calibrated in order to replicate the observed diffusion of wind power in these six countries in a second step a counterfactual analysis is conducted by investigating several scenarios by taking into account the complex self sustained dynamics of diffusion and the learning spillovers that operate in the wind power sector we can derive several insights about demand pull policies first the impact of a demand pull policy on the diffusion of wind power is determined by the stage at which it comes to support it the effect seems to be stronger at the beginning of the diffusion second international spillovers do operate in the wind power sector these international spillovers however are not strong enough to foster the diffusion of wind power in a country having no demand pull support we can derive from these two statements that a strategy consisting in not implementing any demand pull policy with the expectation that international spillovers will reduce the cost of wind power and foster the diffusion of the technology that then shall become competitive is not a good option for a country targeting a high share of wind power in its energy mix

economic overview of the use and production of photovoltaic solar energy in brazil abstract the technology of photovoltaic power generation has been increasingly regarded in many countries as an alternative to reduce the environmental impacts associated with climate changes and dependence on fossil fuels countries such as germany and other european countries have been developed specific regulatory mechanisms to encourage its use either by government programs or by financial and or tax incentives in brazil despite the large existing solar potential the encouragement to technology is still incipient this paper aims to demonstrate the key aspects of the evolution of regulatory incentives to use photovoltaic solar energy in brazil and present the technologies and characteristics of photovoltaic power generation

public policy influence on renewable energy investments a panel data study across oecd countries this paper examines the impact of public policy measures on renewable energy re investments in electricity generating capacity made by institutional investors using a novel combination of datasets and a longitudinal research design we investigate the influence of different policy measures in a sample of oecd countries to suggest an effective policy mix which could tackle failures in the market for clean energy the results call for technology specific policies which take into account actual market conditions and technology maturity to improve the conditions for institutional investments advisable policy instruments include economic and fiscal incentives such as feed in tariffs fit especially for less mature technologies additionally market based instruments such as greenhouse gas ghg emission trading systems for mature technologies should be included these policy measures directly impact the risk and return structure of re projects supplementing these with regulatory measures such as codes and standards e g rps and long term strategic planning could further strengthen the context for re investments

optimal feed in tariff for solar photovoltaic power generation in china a real options analysis abstract the feed in tariff policy is widely used to promote the development of renewable energy china also adopts feed in tariff policy to attract greater investment in solar photovoltaic power generation this study employs real options method to assess the optimal levels of feed in tariffs in 30 provinces of china the uncertainties in co 2 price and investment cost are considered a method that integrates the backward dynamic programming algorithm and least squares monte carlo method is used to solve the model the results demonstrate that the feed in tariffs of 30 provinces range from 0 68 rmb kwh to 1 71 rmb kwh and the average level is 1 01 rmb kwh on this basis we find that the levels of sub regional feed in tariff announced in 2013 are no longer appropriate and should be adjusted as soon as possible we have also identified the implications of technological progress and carbon emission trading schemes as well as the importance of strengthening electricity transmission it has been suggested that the chinese government takes diverse measures including increasing research and development investment establishing and improving a nationwide carbon emission trading scheme and accelerating the construction of electricity transmission infrastructure to reduce the required feed in tariff and promote the development of solar photovoltaic power generation

evaluating the effect of technology transformation on the electricity utility industry abstract the technology shift from fossil fuelled systems to renewable energies has been promoted by governments with the purpose of decarbonising the power industry however rapid technology progress has prompted disruptive changes that transformed market structures incumbent electricity utilities particularly those based on fossil fuel plant are shifting from their stable and predictable situation to confront challenges from those that offer alternative energy services in this new environment the industry will benefit from mid to long term sector foresight the paper studies the potential impact of renewable energy sources res on electricity systems specifically on the generation and distribution businesses for this purpose a fairly detailed and integrated supply and demand based system dynamics model has been built to quantify the extent of their potential impact the model disaggregates the household sector which may generate a significant part of its electricity using rooftop solar energy this is illustrated by examining a utility engaged in the generation and distribution businesses in the colombian electricity market through simulation runs this paper concludes that subject to policy and all other things remaining equal solar rooftop generation is a major threat for utilities while the generation business is most affected in the short term the distribution business is the one most impacted in the long term and jointly they may induce the utility death spiral

promoting the market and system integration of renewable energies through premium schemes a case study of the german market premium abstract with the share of renewable energies within the electricity sector rising improving their market and system integration is of increasing importance by offering plant operators a premium on top of the electricity market price premium schemes represent an option to increase the alignment of renewable electricity production with market signals and have been implemented by several eu member states this paper examines the case study of the german market premium scheme adopted in 2012 building on an evaluation of early experiences we discuss whether the market premium contributes to the aims of market and or system integration effectiveness and what potential efficiency gains and additional costs of administering integration are associated with it efficiency while exposing renewables to price risks is not the scheme s purpose it has successfully increased participation in direct marketing however risks of overcompensating producers for marketing and balancing costs are high and the benefits of gradually leading plant operators towards the market are questionable incentives for demand oriented production are established but they seem insufficient particularly in the case of intermittent renewable energy sources to conclude we provide an outlook on alternative designs of premium schemes and discuss whether they seem better suited for addressing the challenges ahead

examining the financial performance of micro generation wind projects and the subsidy effect of feed in tariffs for urban locations in the united kingdom abstract this paper seeks to evaluate the effect of the upcoming 2010 uk feed in tariff uk fit on decentralised small wind energy installations at the household and building level in urban locations it is projected that the uk fit will stimulate an unprecedented surge in building mounted turbine installation the tariff amount must stimulate incentive but mitigate the likelihood of distortions in the competitive electricity market to analyse these issues measured energy output from sites in the warwick wind trials project wwtp is converted into revenue in a net present value npv framework for assessing commercial purchases of small wind systems variances in project variables are examined through npv simulations using monte carlo analysis to capture permutations of small wind project performance in the uk with and without the uk fit our research concludes that the proposed tariff amount of 30 5 p kwh will not significantly boost the economic attractiveness of mildly selective wwtp based sites in the uk furthermore the fixed tariff rate kwh generated could cause inefficiencies applied across uneven wind resource distribution the results of this study suggest further examination of policy related to micro generation in particular decentralised small wind projects

renewable generation expansion under different support schemes a stochastic equilibrium approach abstract following the deregulation of electricity markets a current challenge of policy makers is to facilitate the transition to a sustainable power system at the highest welfare for society in this paper we investigate the efficiency of different support schemes such as a feed in tariff a feed in premium and tradable green certificates with respect to incentivizing the required investments in renewable generation we consider a number of generation expansion problems and formulate stochastic equilibrium models that account for uncertainty in demand and renewable supply the risk aversion of investors and the competitiveness of the market the problem of the policy maker is formulated as a mathematical program with equilibrium constraints mpec and as a non linear complementarity problem ncp for the feed in schemes and the certificate market respectively our models are solved for a small illustrative example and a larger case study based on the danish power system the results confirm that the main driver for the optimal choice of renewable support scheme is the aversion of power producers towards price and volume risk while the competitiveness of the market rarely affects such choice

investment decisions with finite lived collars abstract the duration of most collar arrangements provided by governments to encourage early investment in infrastructure renewable energy facilities or other projects with social objectives are finite not perpetual we extend the previous literature on collar style arrangements by providing an analytical solution for the idle and active values as well as the investment triggers for projects where collars are either finite lived or retractable what is the difference between these types of arrangements with their perpetual counterpart lots including different vega signs and substantially different values for different current price levels often finite and retractable collars justify earlier investment timing than perpetual collars in general we demonstrate that the finite lived and retractable versions have a significant impact on optimal behavior relative to the perpetual case an important consideration when negotiating the floors ceilings and duration or signalling the expected duration of a finite or a retractable collar is the current price level of the output and its expected volatility over the life of the contract

economic analysis of pv systems on buildings in sicilian farms abstract the photovoltaic sector in italy in recent years has experienced a rapid growth also in the primary sector thanks to substantial incentives guaranteed by energy policies simultaneous reduction of investment costs and tax benefits in order to better understand the growth of the pv industry in italian primary sector the aim of this paper has been to evaluate the economic convenience of four pv systems on farm buildings located in four different farms of the north western coast of sicily and realized during the second and fourth italian feed in schemes for each feed in scheme it has been considered a pv plant that sells the electricity to the grid and another in which the energy generated is consumed entirely by the farm the results show a clear convenience to the realization of investments both with the current market conditions and at the variation of the feed in tariff or the investment costs

revisiting feed in tariffs in australia a review globally solar photovoltaic pv is rapidly becoming a key source of energy incentivised through the use of feed in tariffs fits solar pv is enjoying a similarly swift adoption in australia encouraged through fits this review builds on earlier work compiling and comparing fits in australia across its states and territories for residential small scale photovoltaic installations the purpose of this review is three fold 1 to synthesise a set of data on fit policy which can be used to inform future australia wide policy analysis 2 to understand the coevolution of policies to subsidise solar panel installation installation costs and installation numbers and 3 to employ this set of data on fit policy to examine whether fit policy corresponds with unintended adverse energy justice outcomes i e electricity disconnections from the grid the analysis presented in this review indicates that fit policies correspond to a greater number of electricity disconnections from the grid these findings are discussed in the context of broader debates

decision making governance for purchases of solar photovoltaic systems in japan in this study we analyze the factors that affecting purchasing decision time for solar photovoltaic pv s in japan based on our survey consumers spend about 4 months to make purchase decision also our estimation results show that information and knowledge that consumers obtained from the neighborhood and elsewhere make consumers more careful in their decision making and extend the purchase decision on the other hand experts on the advantages and disadvantages of installation shortened the decision time the situation and environment of each household in terms of income family size and the way of purchase of new homes have influenced on the decision to purchase a pv system in addition the availability of feed in tariffs was highly correlated with purchasing motivation but unexpectedly the capital subsidy programs have either little impacts or even delayed impacts on the purchasing timing

who invests in renewable electricity production empirical evidence and suggestions for further research transforming energy systems to fulfill the needs of a low carbon economy requires large investments in renewable electricity production res e recent literature underlines the need to take a closer look at the composition of the res e investor group in order to understand the motives and investment processes of different types of investors however existing energy policies generally consider res e investments made on a regional or national level and target investors who evaluate their res e investments according to least cost high profit criteria we present empirical evidence to show that res e investments are made by a heterogeneous group of investors that a variety of investors exist and that their formation varies among the different types of renewable sources this has direct implications for our understanding of the investment process in res e and for the study of motives and driving forces of res e investors we introduce a multi dimensional framework for analyzing differences between categories of investors which not only considers to the standard economic dimension which is predominant in the contemporary energy literature but also considers the entrepreneurship innovation adoption and institutional dimensions the framework emphasizes the influence of four main investor related factors on the investment process which should be studied in future research motives background resources and personal characteristics