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White certificates in Italy:
will it overcome the huge
challenges it has been
facing in the last three
years?
Dario Di San...
www.fire-italia.org
The Italian Federation for the Rational use
of Energy is a no-profit association founded
in 1987 that ...
FIRE: the association for energy efficiency
Around 400 members, almost equally
divided between organisations and
professio...
4
Besides being involved in many European
projects, listed next, FIRE implement surveys
and market studies on energy relat...
The scheme basics: EEO + WhC trade
5
Demand
WhC is an EEO
DSOs have to meet
energy saving
targets
Certificates can be
trad...
WhC phase I - 2005-2007
Main rules:
Savings assessed as standard projects SPs (no meters),
simplified monitoring projects ...
WhC phase I - 2005-2007
7
0
20
40
60
80
100
120
M
ar2006Apr2006
M
ay2006Jun
2006Jul2006
Aug
2006Sep
2006Oct2006
Nov2006Dec...
WhC phase II - 2008-2012
Main news (part A - 2008-2011):
Increase of the targets and extension to 2009.
Addition of end-us...
WhC phase II - 2008-2012
9
Over the years there has been an increase of uncovered targets, leading to higher updated
targe...
WhC phase III - 2013-2016
Main news:
New targets till 2016, expressed as white certificates to
take into account the tau c...
WhC phase III - 2013-2016
11
The tau coefficient initially allowed for a recover of the supply/demand ratio. However,
sinc...
WhC phase I - 2005-2007
Main news:
Reduced 2017-2020 targets were set.
Elimination of the tau coefficient and differentiat...
WhC phase IV and V - from 2017 on
13
The effect of the targets cut was wasted due to the established and suspected frauds ...
WhC market and economics
14
Comments:
The WhC market requires an
adequate supply elasticity to
work.
Equilibrium between d...
News introduced by D.M. 10 maggio 2018
Some of the main news:
No more additionality integrated in the scheme for
projects ...
Final comments
D.M. 10 maggio 2018 introduced measures that
deal both with demand and supply.
Presently the scheme faces a...
Thank you!
www.facebook.com/FIREenergy.manager
www.linkedin.com/company/fire-federazione-
italiana-per-l'uso-razionale-del...
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White certificates in Italy: will it overcome the huge challenges it has been facing in the last three years?

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The presentation used to summarise my paper presented at 2019 ECEEE summer study. The presentation goes through the whole life of the scheme, highlighting pros and cons of each phase, and shows the last modification of the rules of the scheme.

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White certificates in Italy: will it overcome the huge challenges it has been facing in the last three years?

  1. 1. White certificates in Italy: will it overcome the huge challenges it has been facing in the last three years? Dario Di Santo, FIRE ECEEE, 6 June 2019
  2. 2. www.fire-italia.org The Italian Federation for the Rational use of Energy is a no-profit association founded in 1987 that promotes energy efficiency, supporting energy manager, ESCOs and other companies dealing with energy. Besides the activities directed to its members, FIRE operates under an implementing agreement with the Ministry of Economic Development to manage the Italian energy manager network since 1992. In order to promote energy efficiency FIRE cooperates and deals with public authorities, energy technology and service companies, consultants, medium and large consumers, universities and associations to promote best practices and improve the legislation. FIRE manages SECEM - an accredited body under ISO 17024 - to certify Energy management experts (EGE - UNI CEI 11339). FIRE: the association for energy efficiency 2
  3. 3. FIRE: the association for energy efficiency Around 400 members, almost equally divided between organisations and professional, including including both supply and demand side (medium and large end-users). 3 FIRE can be a partner for many activities: carrying out surveys among energy managers, ESCO, EGE, companies with ISO 50001, etc .; implementation of market and sectoral studies; evaluation and support on incentive tools and policies; information campaigns and behavioural change; dissemination campaigns; energy audits and feasibility studies; training courses on energy management and its tools, policies and incentives, solutions for energy efficiency, cogeneration, IPMVP, etc.; European projects, international cooperation, and much more… Get in touch! segreteria@fire-italia.org
  4. 4. 4 Besides being involved in many European projects, listed next, FIRE implement surveys and market studies on energy related topics, information and dissemination campaigns, and advanced training. Some of FIRE clients over the years: Ministero dell’Ambiente, ENEA, GSE, RSE, Regione Piemonte, Provincia di Torino, Comune di Vignola, EASME, Ecofys, ENEL, Engie, Estra, Ferrovie dello Stato, FCA, Galbani, Gruppo HERA, Hitachi, Leonardo, Poste Italiane, Schneider Electric, TIM, Unioncamere, Vigili del Fuoco, Wind Tre, universities, associations, energy agencies and exhibition organizers. FIRE: the association for energy efficiency www.fire-italia.org Cooperates with: Policy Management and good practices Financing of projects EPC and standardization On-going and just completed EU projects:
  5. 5. The scheme basics: EEO + WhC trade 5 Demand WhC is an EEO DSOs have to meet energy saving targets Certificates can be traded on the market Voluntary parties (small DSOs, ESCOs and companies with energy management expert or EnMS) can also obtain certificates Supply WhC is partly an incentive 1 WhC = 1 addi*onal toe All sectors are virtually eligible. Source: FIRE. The Italian scheme is an EEO scheme with WhC market. It has been working since 2005 and has so far delivered more than 27 Mtoe of additional energy savings.
  6. 6. WhC phase I - 2005-2007 Main rules: Savings assessed as standard projects SPs (no meters), simplified monitoring projects SMPs (meters required, but with standardised approach for consumption baseline and correcting factors), monitoring plan projects MPPs (real energy savings). Additionality defined based on mandatory requirements (all sectors) and taking into account the average installed park (industry). WhC lifetime 5 years (8 for building envelope projects). Possibility to present proposals after the start up of energy efficiency projects (even years) for all energy saving evaluation approaches (because WhC scheme should have started in 2002). Differentiated value of savings between electricity (lower), gas (higher), and other fuels (none). Tariff reimbursement fixed at 100 euros. Target flexibility at 50% of DSO’s targets to be recovered in 2 years. 6
  7. 7. WhC phase I - 2005-2007 7 0 20 40 60 80 100 120 M ar2006Apr2006 M ay2006Jun 2006Jul2006 Aug 2006Sep 2006Oct2006 Nov2006Dec2006Jan 2007Feb 2007 M ar2007Apr2007 M ay2007Jun 2007Jul2007 Aug 2007Sep 2007Oct2007 Nov2007Dec2007 WhC spot market prices (€/certificate) Electricity savings price per session Tariff Reimbursement Gas savings price per session FIRE on GME data. 0,0 0,5 1,0 2005 2006 2007 White certificates targets and achievements Original targets (million WhC) Updated targets (million WhC) Issued WhC 31/5-1/6 (million WhC) Savings (Mtoe) FIRE on GSE and GME data. This phase was characterised by an excess of supply (thanks to CFLs and other simple solutions) that led to a decrease of WhC price for electricity savings (DSOs were obliged to present at least 50% of projects dealing with their distributed energy carrier. Updated targets were lower due to their calculation for each DSO.
  8. 8. WhC phase II - 2008-2012 Main news (part A - 2008-2011): Increase of the targets and extension to 2009. Addition of end-users to the eligible parties. Unified value of energy savings. Tariff reimbursement linked to a fuel mix (ranging within 89-104 euros over time). Target flexibility at 60% of DSO’s targets to be recovered in 1 year. Introduction of a clause to automatically increment the targets in case of ever supply higher than 5%. Progressive reduction and then elimination from 2011 of CFLs and other easy solutions (change of additionality). Main news (part B - 2011-2012): Introduction of the tau multiplier to take into account the technical life of energy efficiency projects. 8
  9. 9. WhC phase II - 2008-2012 9 Over the years there has been an increase of uncovered targets, leading to higher updated targets. This produced a continuous rise of the WhC price till the end of 2011, when the tau coefficient was introduced, improving the economic attractiveness of the scheme. Progressive growth of MPPs and industrial projects. Decoupling between WhC and targets. 0 20 40 60 80 100 120 Jan 2008Apr2008Jul2008Oct2008Jan 2009Apr2009Jul2009Oct2009Jan 2010Apr2010Jul2010Oct2010Jan 2011Apr2011Jul2011Oct2011Jan 2012Apr2012Jul2012Oct2012 WhC spot market prices (€/certificate) Weighted average price per session Tariff Reimbursement FIRE on GME data. 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 2008 2009 2010 2011 2012 White certificates targets and achievements Original targets (million WhC) Updated targets (million WhC) Issued WhC 31/5-1/6 (million WhC) Savings (Mtoe) FIRE on GSE and GME data.
  10. 10. WhC phase III - 2013-2016 Main news: New targets till 2016, expressed as white certificates to take into account the tau coefficient. Decision to stop by the end of 2012 the possibility to present MPP projects after their implementation (SPs and SMPs have to be presented within 6 months from reaching the minimum project size). GSE took over the role of managing agency in place of ARERA that maintained the role of determining the tariff reimbursement and applying fines to defaulting DSOs. Flexibility clause extended again to two years and increased to 50% of the target for 2013-2014; Introduction of new SPs and SMPs files, covering also the transport sector. From 2014 the tariff reimbursement has been linked to the weighted average market price. More or less from the same period additionality started to take into account the pay-back time of projects, cutting off the most convenient. 10
  11. 11. WhC phase III - 2013-2016 11 The tau coefficient initially allowed for a recover of the supply/demand ratio. However, since 2015 the issue started rising again, both due to the new rules on presentation timeline and “pay-back time” additionality. In the second half of 2016 the growing shortage was coupled by the draft of the new guidelines, considered a worsening by WhC operators, with a strong impact on WhC prices. 0 50 100 150 200 250 300 Jan 2013Apr2013Jul2013Oct2013Jan 2014Apr2014Jul2014Oct2014Jan 2015Apr2015Jul2015Oct2015Jan 2016Apr2016Jul2016Oct2016 WhC spot market prices (€/certificate) Weighted average price per session Tariff Reimbursement FIRE on GME data. 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 11,0 12,0 13,0 14,0 2013 2014 2015 2016 White certificates targets and achievements Original targets (million WhC) Updated targets (million WhC) Issued WhC 31/5-1/6 (million WhC) Savings (Mtoe) FIRE on GSE and GME data.
  12. 12. WhC phase I - 2005-2007 Main news: Reduced 2017-2020 targets were set. Elimination of the tau coefficient and differentiation of WhC lifetime. Additionality defined based on mandatory requirements and performance of supply market (i.e. it is the present performance to be considered, not the installed park). New standard projects with sample measure (SPSMs metered on a sample). Elimination of SPs and SMPs. Hourly metering required for all projects. New stricter timeline to present projects, made difficult in conjunction with the metering requirements. Projects implemented among different clients can be collected in one proposal only if the ESCO finances them. 60% target flexibility to be recovered in one year. 12
  13. 13. WhC phase IV and V - from 2017 on 13 The effect of the targets cut was wasted due to the established and suspected frauds (more than 1.3 million WhC per year lost). New additionality caused a drop of WhC per proposal for new projects and no more SPs to use hindered the supply recover. These facts pushed WhC price to 480 euros, when the Ministry decided to introduce a cap on the tariff reimbursement for DSOs. 0 100 200 300 400 500 600 Jan 2017 Feb 2017 M ar2017 Apr2017 M ay2017 Jun 2017 Jul2017 Aug 2017 Sep 2017 Oct2017 Nov2017 Dec2017 Jan 2018 Feb 2018 M ar2018 Apr2018 M ay2018 Jun 2018 Jul2018 Aug 2018 Sep 2018 Oct2018 Nov2018 Dec2018 Jan 2019 Feb 2019 M ar2019 Apr2019 M ay2019 WhC spot market prices (€/certificate) Weighted average price per session Tariff Reimbursement FIRE on GME data. 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 11,0 12,0 2017 2018 White certificates targets and achievements Original targets (million WhC) Updated targets (million WhC) Issued WhC 31/5-1/6 (million WhC) Savings (Mtoe) FIRE on GSE and GME data. (partial data)
  14. 14. WhC market and economics 14 Comments: The WhC market requires an adequate supply elasticity to work. Equilibrium between demand and supply is impossible to obtain by setting targets in the long run. An unstable market makes the s c h e m e u n r e l i a b l e o r speculative. If WhC are obtained over a certain lifetime, the effects on the scheme cost can be huge. WhC lifetime Additio- nality Certificates issued per year per saved toe Discounted value of certificates at 100 euro/ certificate Discounted value of certificates at 250 euro/ certificate Value of avoided gas imports D.M. 28/12/2012 5 50% 1.68 727 1,818 1,232 D.M. 11/01/2017 10 10% 0.10 77 193 246 D.M. 10/05/2018 7 100% 1.00 579 1,447 2,463 0 50 100 150 200 250 300 350 400 450 500 07/03/06 16/05/06 25/07/06 24/10/06 16/01/07 27/03/07 05/06/07 28/08/07 06/11/07 29/01/08 08/04/08 17/06/08 09/09/08 18/11/08 17/02/09 28/04/09 01/07/09 22/09/09 01/12/09 02/03/10 11/05/10 20/07/10 19/10/10 11/01/11 22/03/11 31/05/11 30/08/11 15/11/11 07/02/12 17/04/12 31/05/12 07/08/12 06/11/12 05/02/13 16/04/13 25/06/13 17/09/13 03/12/13 04/03/14 13/05/14 22/07/14 14/10/14 13/01/15 24/03/15 29/05/15 04/08/15 27/10/15 26/01/16 05/04/16 31/05/16 30/08/16 08/11/16 31/01/17 11/04/17 13/06/17 12/09/17 21/11/17 13/02/18 02/10/18 11/12/18 05/03/19 14/05/19 PrezzoTEE€ Data sessione Andamento mercato GME TEE prezzi Sessione 31/5 Contributo tariffario Tipo III Tipo II Tipo I Elaborazioni FIRE su dati GME
  15. 15. News introduced by D.M. 10 maggio 2018 Some of the main news: No more additionality integrated in the scheme for projects linked to improvements of existing facilities. WhC lifetime reduction (from 10 to 7 years and from 7 to 5). New eligible projects and introduction of eight SMSPs files (led for internal and public lighting, electric motors, compressed air generation, smart bill, naval propulsion systems, hybrid and electric vehicles fleets). Improved flexibility for DSOs (two years to recover the 60% target flexibility instead of one). 250 euro DSOs’ reimbursement cap. Possibility to issue temporary non-energy saving related certificates by GSE in case of lack of certificates to cover the minimum target. Another important news was the change of the top management at GSE, with the goal of re-launching the scheme, by improving the support and communication activities, and reducing the legal dispute. 15
  16. 16. Final comments D.M. 10 maggio 2018 introduced measures that deal both with demand and supply. Presently the scheme faces a strong undersupply of certificates. However, a large number of certificates are presently suspended under administrative court trial. If unlocked, the situation should improve in the next two years. To improve the situation, GSE new management started a new approach from end 2018 to reinforce dialog, improve support to stakeholders, and clarify rules, while continuing to ensure a strict evaluation and verification approach. In the coming months WhC operators will face good and stable WhC prices and clearer rules and this could facilitate an increase in supply. Simplified procedures, like standard projects, are anyway required to accelerate the recover and really involve the transport and building sectors (i.e. the priorities under 2030 framework). Market schemes require a good evaluation in place and continuous management. 16 Source: FIRE.
  17. 17. Thank you! www.facebook.com/FIREenergy.manager www.linkedin.com/company/fire-federazione- italiana-per-l'uso-razionale-dell'energia www.twitter.com/FIRE_ita For more information about our activities visit our web site! www.dariodisanto.com

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