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Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency / YUNFEI WANG

Swansea University Author: YUNFEI WANG

  • E-Thesis – open access under embargo until: 8th May 2029

DOI (Published version): 10.23889/SUthesis.66481

Abstract

Since 2002, the UK has implemented several schemes to support renewable electricity, including the Renewables Obligation scheme from 2002 and the Contract for Difference scheme from 2014. These support schemes promoted the development of renewable electricity to meet the UK renewable electricity tar...

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Published: Swansea, Wales, UK 2024
Institution: Swansea University
Degree level: Doctoral
Degree name: Ph.D
Supervisor: Li, Jinke ; O'leary, Nigel ; Shao, Jing
URI: https://cronfa.swan.ac.uk/Record/cronfa66481
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spelling v2 66481 2024-05-20 Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency fc0d80c3bb5c3ab8ebaa0e543f19c456 YUNFEI WANG YUNFEI WANG true false 2024-05-20 Since 2002, the UK has implemented several schemes to support renewable electricity, including the Renewables Obligation scheme from 2002 and the Contract for Difference scheme from 2014. These support schemes promoted the development of renewable electricity to meet the UK renewable electricity target which required 30% of electricity from renewable sources in 2020. Although the UK achieved its renewable electricity targets ahead of schedule in 2018, the effectiveness of these support schemes requires detailed analysis. This PhD thesis is focused on the impacts of policies which provide subsidies to renewable electricity in the UK and explores the following three topics. The first chapter examines the impact of specific designs (the headroom and the recycling mechanism) of the Renewable Obligation scheme on the installed capacity. Findings suggest that excess demand in the Renewable Obligation scheme caused by headroom implies that the sales of certificates are more guaranteed than in the excess supply certificate market. Further, the recycling mechanism pushes up the price under the Renewable Obligation scheme. The second chapter explores the impact of the banding level in the Renewable Obligation scheme on the installation of less-developed renewable technologies. The analysis shows that, if banding was not introduced, the offshore wind would remain silent for extended periods, then the UK might have difficulty in achieving its target for renewable generation. However, the bioenergy installation is affected by the co-firing cap, not the banding mechanism. The third chapter examines the substitution effect of wind on coal-fired and gas-fired generation and the efficiency of the Renewable Obligation scheme and the Contract for Difference scheme in supporting renewable electricity. The counterfactual analysis discerns that under both schemes, with the subsidy increases, wind generation’s substitution effect for coal-fired generation and its emission reduction efficiency are both declining. E-Thesis Swansea, Wales, UK Energy economics, Renewable energy, Renewable policy, RO scheme, Renewable certificate, Market supply and demand, Subsidy efficiency 8 5 2024 2024-05-08 10.23889/SUthesis.66481 COLLEGE NANME COLLEGE CODE Swansea University Li, Jinke ; O'leary, Nigel ; Shao, Jing Doctoral Ph.D 2024-05-20T16:03:37.9803616 2024-05-20T15:50:29.0906296 Faculty of Humanities and Social Sciences School of Social Sciences - Economics YUNFEI WANG 1 Under embargo Under embargo 2024-05-20T16:02:43.1664335 Output 3286346 application/pdf E-Thesis – open access true 2029-05-08T00:00:00.0000000 Copyright: The Author, Yunfei Wang, 2024. Licensed under the terms of a Creative Commons Attribution-Non-Commercial No–Derivatives (CC-BY-NC-ND) license. Third party content is excluded for use under the license terms. true eng https://creativecommons.org/licenses/by-nc-nd/4.0/
title Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
spellingShingle Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
YUNFEI WANG
title_short Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
title_full Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
title_fullStr Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
title_full_unstemmed Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
title_sort Essays on Subsidy Policies Supporting Renewable Electricity in the UK: Certificate Markets, Banding Mechanisms and Declining Efficiency
author_id_str_mv fc0d80c3bb5c3ab8ebaa0e543f19c456
author_id_fullname_str_mv fc0d80c3bb5c3ab8ebaa0e543f19c456_***_YUNFEI WANG
author YUNFEI WANG
author2 YUNFEI WANG
format E-Thesis
publishDate 2024
institution Swansea University
doi_str_mv 10.23889/SUthesis.66481
college_str Faculty of Humanities and Social Sciences
hierarchytype
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 0
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description Since 2002, the UK has implemented several schemes to support renewable electricity, including the Renewables Obligation scheme from 2002 and the Contract for Difference scheme from 2014. These support schemes promoted the development of renewable electricity to meet the UK renewable electricity target which required 30% of electricity from renewable sources in 2020. Although the UK achieved its renewable electricity targets ahead of schedule in 2018, the effectiveness of these support schemes requires detailed analysis. This PhD thesis is focused on the impacts of policies which provide subsidies to renewable electricity in the UK and explores the following three topics. The first chapter examines the impact of specific designs (the headroom and the recycling mechanism) of the Renewable Obligation scheme on the installed capacity. Findings suggest that excess demand in the Renewable Obligation scheme caused by headroom implies that the sales of certificates are more guaranteed than in the excess supply certificate market. Further, the recycling mechanism pushes up the price under the Renewable Obligation scheme. The second chapter explores the impact of the banding level in the Renewable Obligation scheme on the installation of less-developed renewable technologies. The analysis shows that, if banding was not introduced, the offshore wind would remain silent for extended periods, then the UK might have difficulty in achieving its target for renewable generation. However, the bioenergy installation is affected by the co-firing cap, not the banding mechanism. The third chapter examines the substitution effect of wind on coal-fired and gas-fired generation and the efficiency of the Renewable Obligation scheme and the Contract for Difference scheme in supporting renewable electricity. The counterfactual analysis discerns that under both schemes, with the subsidy increases, wind generation’s substitution effect for coal-fired generation and its emission reduction efficiency are both declining.
published_date 2024-05-08T16:03:36Z
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score 11.013148

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