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Wilson Rickerson | Feed-in Tariffs in North America

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Wilson Rickerson | Feed-in Tariffs in North America

  1. 1. Feed-in Tariffs in North America Solar Energy: A Solution to Environmental Problems? George Washington University Institute for Analysis of Solar Energy Wilson Rickerson April 24th, 2009
  2. 2. Feed-in Tariffs Worldwide National Feed-in Tariffs Source: REN21. (2009). Renewables Global Status Regional Feed-in Tariffs Report: 2008.
  3. 3. Federal Feed-in Tariff (Inslee, D-WA)
  4. 4. The FIT Landscape 14 States with legislation 8 states with Gubernatorial or regulatory initiatives
  5. 5. FITs and RECs Ratepayer Impacts Wgt. Avg. by Project Type Rebate/SREC SREC Only Underwriter Model 15y Commodity Market Model Auction Model 15 Yr Tariff Model Hybrid-Tariff Model $0.0000 $0.0002 $0.0004 $0.0006 $0.0008 $0.0010 $0.0012 $0.0014 $0.0016 $0.0018 $/kWh Source: Summit Blue (2008)
  6. 6. So what could FITscrisis for? The banking be used …creates new uncertainty The impact will differ by regulatory mechanism •Transmission expansion (end 2007) Feed-in ROCs / RPS PTC •Smart grid-ready generation >90% 60-80% 75% Leverage (debt, %) 70-80% 50-70% ??? 15-18y 13-15y 12y Maturity (after completion) •Distributed generation 13-15y Mini-perms ??? 60-100pb 90-120pb 100-125pb Margins 170-200bp 200-250bp ??? •Community ownership
  7. 7. Interaction with the Federal Power Act “The Commission lacks wholesale price-setting authority, as the Congress and the Federal Energy Regulatory Commission…have preempted the State from asserting such authority…” - Southern California Edison in CPUC FIT proceeding

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