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The White Certificates system in Italy: results and perspectives

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Presentation during the seminar "Policies for energy efficiency in buildings", Energy Delta Convention 2008, Groningen, NL

Presentation during the seminar "Policies for energy efficiency in buildings", Energy Delta Convention 2008, Groningen, NL

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  • 1. The White Certificates system in Italy: results and perspectives Daniele RUSSOLILLO Fondazione per l’Ambiente
  • 2. FA | www.fondazioneambiente.org
  • 3. Summary | the topics covered…
    • Some short notes about the Italian system (Ref. M.Pavan, 2008, Tradable energy efficiency certificates: the Italian experience, Energy Efficiency DOI10.1007/s12053-008-9022-x)
    • Quantitative data related to the implementation
    • Policy issues at stake
    • WhC, Fiscal policy and EPDB-like actions
  • 4. THE ITALIAN SYSTEM | Key elements 1/2 Before Dec. 2007 After Dec. 2007 2005-2009 2005-20 12 Regulatory period: 2.9 Mtoe/y in 2009 3.2 Mtoe/y in 2009 Savings total national target Gas (#21) & Elt (#10) Distributors serving at least 100k customers at the end of 2001 Gas ( #62 ) and Elt( #14 ) Distributors serving at least 50k customers at the year t-2 Obliged parties a) ALL distributors b) Companies controlled by Distributors c) ESPs ans ESCOs a), b), c) + d) industrial & non industrial customers that have to appoint an energy manager Who can be granted WhC Type I(elt),II(gas),III(else) issued by GME (E.M.O.) upon AEEG verification (ex-post, 5 yrs lifetime ) No changes applied Certificates (1WhC, 1 toe)
  • 5. THE ITALIAN SYSTEM | Key elements 2/2 Before Dec. 2007 After Dec. 2007 Spot market + OTC; ( unrestricted banking between 2005-2009 ) Spot market + OTC; (unrestricted banking extended to 2010-2012 ) Trading Financial penalty, but not defined in units (i.e. €/toe); No changes applied Penalty Eligibility: Distributors Responsible: AEEG Level: 100€/toe (can be updated) Ceiling: up to the target No changes applied Cost-recovery a) Deemed savings b) Partial ex-post eng. Methods c) Full monitoring plan (has to be approved by AEEG) No changes applied Monitoring&Verification
  • 6. THE ITALIAN SYSTEM | Targets (Elt Sector) Source: Italian Regulatory Authority for Electricity and Gas (AEEG)
  • 7. Source: Elaboration from AEEG (Decision EEN 1-08) THE ITALIAN SYSTEM | 2008 Targets (Elt Sector)
  • 8. Source: Italian Regulatory Authority for Electricity and Gas (AEEG) THE ITALIAN SYSTEM | Targets (Gas Sector)
  • 9. Source: Elaboration from AEEG (Decision EEN 8-08) THE ITALIAN SYSTEM | 2008 Targets (Gas Sector)
  • 10. RESULTS | 2005-2008 Supply and Demand Source: Elaboration from GME Data
  • 11. RESULTS | 2005-2007 Results Source: AEEG (M. Pavan, October 2008)
    • 2 million toe saved against a target of 1,1 million toe
      • 78% electricity savings ; 18% natural gas savings; 4% other fuels savings
      • 90% of savings delivered via projects for which simplified M&V methodologies exists ( mostly deemed savings )
      • 75% of savings delivered by ESPs (including ESCOs)
      • significant trading, mostly OTC
  • 12. RESULTS | 2005-2007 Results: projects structure Source: AEEG (M. Pavan, October 2008)
  • 13. RESULTS | Prices (Spot and OTC) March06 – Oct08 Source: AEEG
  • 14. RESULTS | WhC Trading in 2008 (SPOT ~ 36%OTC) If we do not consider bilateral contracts between companies belonging to the same industrial group, the percentage rises to 63% (GME, S.Alaimo) Source: GME
  • 15. RESULTS | OTC Trades (April – September 2008) Source: GME (S. Alaimo)
  • 16. POLICY ISSUES AT STAKE | Scarcity from 2010++ ? Source: Elaboration from the consultation paper DCO 32-08 (AEEG)
  • 17. POLICY ISSUES AT STAKE | Key elements
    • OTC and Spot Market (E.g. distributors are offered cost-recovery-linked proposals for forward contracts by some broker: what about the nature of the measures ?)
    • Risk of windfall profits…
    • Is there a need for a price corridor (cap&floor) in order to maintain the stability of the mechanism?
    • Continuous research of a balance between economic efficiency/simplicity/low transaction costs/robust methodology (E.g. CFLs lesson… learned? )
    • Strong need of policy coordination in all institutional levels and of information campaigns ( citizenship, local policy makers, administrators of large public facilities… )
  • 18. POLICY ISSUES AT STAKE | Coming soon…
    • Third AEEG annual report on WhCs to be published in few weeks (December 2008, www.autorita.energia.it)
    • Consultation on the update of the cost recovery level calculation to be closed on the first of December 2008
  • 19. WhC & EPBD | In Italy… Source: Elaboration from the consultation paper DCO 32-08 (AEEG)
    • Deep difference between the general awareness about WhCs vs. fiscal discounts (36% for retrofitting and 55% for En. Eff. Measures in buildings, for projects up to 2010; more than 60.000 projects have been communicated to ENEA from Jan 2007 to Jan 2008 just for the 55% mechanism!). Citizens aren’t aware of the WhC system
    • More research and policy coordination actions are needed to link WhCs and EPBD, especially for the recent re-cast (ref. MEMO/08/693, November 2008) of the directive. …fingers crossed for BuildWhite IEE submission
  • 20. For more information, please contact: Daniele RUSSOLILLO [email_address] Fondazione per l’Ambiente Via Pomba 23, I-10123, Torino, Italy Tel +39 011 571 47 50 Fax +39 011 571 47 51 www.fondazioneambiente.org Thank you for your kind attention | Contacts

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