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Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia

Yunfei Wang, Jinke Li, Nigel O'Leary Orcid Logo, Jing Shao Orcid Logo

Utilities Policy, Volume: 86, Start page: 101705

Swansea University Authors: Yunfei Wang, Jinke Li, Nigel O'Leary Orcid Logo, Jing Shao Orcid Logo

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DOI (Published version): 10.1016/j.jup.2023.101705

Abstract

Comparing the United Kingdom's Renewables Obligation and Australia's Renewable Energy Target, this paper reconstructs the market for green certificates in which penalties are imposed on missed certificates. Our analysis shows that excess demand in the Renewables Obligation makes the penalt...

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Published in: Utilities Policy
ISSN: 0957-1787
Published: Elsevier BV 2024
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URI: https://cronfa.swan.ac.uk/Record/cronfa65379
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spelling v2 65379 2023-12-24 Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia 76496d923dbc66a5a320fa5de9c2a86c Yunfei Wang Yunfei Wang true false 1d12dcf12aad73117a2a5f43cf233aae Jinke Li Jinke Li true false fb1a5569008b44e42a4c63a3f971bd29 0000-0002-5971-9306 Nigel O'Leary Nigel O'Leary true false 4957a0af8a9dd429738c64c124c3f8e8 0000-0003-0587-317X Jing Shao Jing Shao true false 2023-12-24 Comparing the United Kingdom's Renewables Obligation and Australia's Renewable Energy Target, this paper reconstructs the market for green certificates in which penalties are imposed on missed certificates. Our analysis shows that excess demand in the Renewables Obligation makes the penalty the minimum certificate price, but excess supply in the Renewable Energy Target makes the penalty the maximum certificate price. Further, excess supply also implies that the sales of certificates are not guaranteed in the Renewable Energy Target. Therefore, compared to the Renewables Obligation, generators face greater risk under the Renewable Energy Target as there is more uncertainty about the price of certificates and the possibility of sales. Journal Article Utilities Policy 86 101705 Elsevier BV 0957-1787 Tradable green certificates, Renewables obligation, Renewable energy target 1 2 2024 2024-02-01 10.1016/j.jup.2023.101705 COLLEGE NANME COLLEGE CODE Swansea University SU Library paid the OA fee (TA Institutional Deal) Swansea University 2024-05-31T13:11:28.6401821 2023-12-24T19:49:47.7868248 Faculty of Humanities and Social Sciences School of Social Sciences - Economics Yunfei Wang 1 Jinke Li 2 Nigel O'Leary 0000-0002-5971-9306 3 Jing Shao 0000-0003-0587-317X 4 65379__29805__d17d3690fae54159bed7c6e8521f6699.pdf 65379.VOR.pdf 2024-03-22T15:45:57.7545537 Output 1142023 application/pdf Version of Record true This is an open access article under the Attribution CC BY license. true eng http://creativecommons.org/licenses/by/4.0/ 225
title Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
spellingShingle Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
Yunfei Wang
Jinke Li
Nigel O'Leary
Jing Shao
title_short Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
title_full Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
title_fullStr Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
title_full_unstemmed Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
title_sort Excess demand or excess supply? A comparison of renewable energy certificate markets in the United Kingdom and Australia
author_id_str_mv 76496d923dbc66a5a320fa5de9c2a86c
1d12dcf12aad73117a2a5f43cf233aae
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author_id_fullname_str_mv 76496d923dbc66a5a320fa5de9c2a86c_***_Yunfei Wang
1d12dcf12aad73117a2a5f43cf233aae_***_Jinke Li
fb1a5569008b44e42a4c63a3f971bd29_***_Nigel O'Leary
4957a0af8a9dd429738c64c124c3f8e8_***_Jing Shao
author Yunfei Wang
Jinke Li
Nigel O'Leary
Jing Shao
author2 Yunfei Wang
Jinke Li
Nigel O'Leary
Jing Shao
format Journal article
container_title Utilities Policy
container_volume 86
container_start_page 101705
publishDate 2024
institution Swansea University
issn 0957-1787
doi_str_mv 10.1016/j.jup.2023.101705
publisher Elsevier BV
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Social Sciences - Economics{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Social Sciences - Economics
document_store_str 1
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description Comparing the United Kingdom's Renewables Obligation and Australia's Renewable Energy Target, this paper reconstructs the market for green certificates in which penalties are imposed on missed certificates. Our analysis shows that excess demand in the Renewables Obligation makes the penalty the minimum certificate price, but excess supply in the Renewable Energy Target makes the penalty the maximum certificate price. Further, excess supply also implies that the sales of certificates are not guaranteed in the Renewable Energy Target. Therefore, compared to the Renewables Obligation, generators face greater risk under the Renewable Energy Target as there is more uncertainty about the price of certificates and the possibility of sales.
published_date 2024-02-01T13:11:27Z
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