Energy technology perspectives 2015 mainstreaming renewables into electricity markets paolo frankl
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Energy technology perspectives 2015 mainstreaming renewables into electricity markets paolo frankl
- 1. © OECD/IEA 2015 Mainstreaming Renewables into Electricity Markets Innovation at System Level Dr. Paolo Frankl Head, Renewable Energy Division International Energy Agency ETP Presentation, GSE, Rome 23 June 2015
- 2. © OECD/IEA 2015 • Combination of technology cost reduction, better resources, appropriate regulatory framework attracting financing • Long-term PPAs and price competition effective drivers for reducing costs Recent progress in RE electricity generation costs © OECD/IEA 2015 2 Utility PV Recent long-term remuneration contract prices (e.g. auctions and FITs) STE India 88 $/MWh Chile 87 $/MWh USA 75 $/MWh South Africa 65 $/MWh Brazil 81 $/MWh Dubai 60 $/MWh Morocco 160 $/MWh South Africa Base 124 $/MWh Peak 335 $/MWh South Africa 51 $/MWh USA 48 $/MWh China 80 - 100 $/MWh Brazil 54 $/MWh Turkey 73 $/MWh Germany 67-100 $/MWh Ireland 69 $/MWh Australia 65 $/MWh Egypt 41 $/MWh Germany 96 – 106 $/MWh Wind onshore
- 3. © OECD/IEA 2015 Policy implications: Enabling environment is crucial Providing financial support Cost reduction through • Technology development • Scale up • Learning before 2013 Enabling policy and market framework which allows low cost financing and generation • Competition • Predictable long-term income stream • Short-term market value signals • Portfolio development • System Integration Cost reduction through • Technology development • Financial innovation • New markets with best resources 2014-2020 Main Policy Key Characteristics Cost reduction
- 4. © OECD/IEA 2015 High Capex: WACC matters Market and regulatory risks can increase weighted average cost of capital and undermine competitiveness of PV and Wind power Impact of weighted average cost of capital on the levelised cost of solar PV
- 5. © OECD/IEA 2014 2. Make better use of what you have Operations 1. Let wind and solar play their part 3. Take a system wide-strategic approach to investments! System friendly VRE Technology spread Geographic spread Design of power plants Three pillars of system transformation © OECD/IEA 2014 7 Investments More flexible systems increase both diversification and resilience increase energy security
- 6. © OECD/IEA 2015 Points for discussion What balance between long- and short-term price signals? What role for locational signals? How to attract investment in flexibility resources? E.g. Demand-side response, storage What risks and values for energy security How to foster distributed generation while ensuring fair recovery of fixed network costs?