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A Comparative Analysis of the Swedish and Greek Cases

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A Comparative Analysis of the Swedish and Greek Cases Energy policy and the development of Renewable Energy Sources for Electricity: A comparative analysis of the Swedish and Greek cases Iakovos-Marios Tsakiris Master of Science Thesis KTH School of Industrial Engineering and Management Energy Technology EGI-2011-117MSC Division of Energy and Climate Studies SE-100 44 STOCKHOLM -2- Master of Science Thesis EGI 2011:117MSC Energy Policy and the Development of Renewable Energy Sources for Electricity : A Comparative Study of the Swedish and Greek Cases Iakovo s-Marios Tsakiris Approved Examiner Supervisor 18th November 2011 Semida Silveira Semida Silveira Commissioner Contact person Abstract Before electricity liberalization was implemented in the EU, national utilities controlled energy planning and technology choices and were basically the only ones with access to energy infrastructure finance. Liberalization came to change that. One of the goals of EU policies today is to create a level playing field for power production based on new technologies and decentralized supply. However, institutional, structural and other barriers hinder further RES diffusion. Such barriers need to be alleviated to accelerate the diffusion of RES technologies. This study analyses the Swedish and Greek experiences and actions in the energy policy area between 2003 and 2008. I identify actions and evaluate their effects highlighting similarities and differences between the two cases, as well as remaining challenges. I find that EU policy was a decisive national policy driver in both cases. In Greece, feed-in-tariffs created a more secure investment environment and a more level playing field for producers and technologies. In Sweden, the green certificates served to promote RES but could not avoid market control by larger players. In both cases, rent extraction mechanisms hindering competition were found along administrative and network access barriers affecting mostly wind power. In Greece, adjustments are needed to further promote PV and better manage public funds and excess profits. Market liberalization is also necessary. In Sweden, the certificates market expansion created a more competitive environment but some technologies still need more support. At EU level, further harmonization of rules concerning unbundling and the setting of binding RES targets and infringement procedures should reduce national policy risks and contribute to reduce costs for new technologies. Plurality of markets and support schemes should be pursued in order to create a large base of technologies while international markets for more mature technologies should be established. A more transparent process in achieving and revising targets at national levels should also be established while measures to avoid lock-ins should be pursued. -3- Summary of the thesis Before electricity liberalization was implemented, national utilities controlled planning and technology choices along their preferred services and equipment suppliers as well as the access to finance. Liberalization came to change that. One of the goals of EU policy is to create a level playing field for power production based on new production technologies. Renewable Energy Source (RES) technologies have significant environmental benefits, but are not competitive enough since the economic benefits of the technologies have not yet been realized. Numerous barriers hinder the diffusion of RES technologies. Further coordination of energy policies is needed in order to alleviate market diffusion barriers, realizing the potential benefits from using RES and creating a level playing field for new technologies. In this study a comparative approach is used to identify actions towards creating a more level playing field for RES technologies for power production and alleviating barriers for their market diffusion. The study analyses the Swedish and the Greek case in relation to their actions in the energy policy area during the period 2003 to 2008. I identify actions towards creating a more level playing field for RES in the two countries and evaluate the effects in each case. Finally, I identify further challenges in the two cases. Energy policy formation in the EU is multi-level. Therefore, I first analyze the policy actions at EU, national and other governance levels in the fields of RES support and electricity liberalization. I look at how EU directives have been translated into policies at country level and how different actors and institutions have promoted RES technologies and influenced the formation of RES markets. I use relevant literature and reports as well as interviews with key actors. I especially focus on policies and regulations related to RES and electricity pricing. Policies aiming towards shifting administrative and property rights and alleviating structural and institutional barriers are also taken into account. In order to identify relevant actions, I analyze the policy targets, the licensing procedure concerning different technologies and the support mechanisms put in place for different RES technologies. As a next step, I analyze the effects of regulations and relevant actions on the RES market to understand the actors’ willingness to invest. I investigate the reasons for the current RES mix and the role of regulatory and policy actions in the development of the RES mix. The effects of other institutions are also taken into account. I evaluate actions and institutions in relation to alleviating barriers and creating a more level playing field in RES production and RES technologies. Finally, I identify key structural barriers on market accessibility for various RES technologies. Structural barriers that affected the market formation and that may have impact on the future RES market evolution are considered. Furthermore, similarities and differences between the two cases are especially highlighted. In the case of Greece, the EU targets for RES and CO 2 reductions were adopted unchanged and legitimacy for liberalization came through the EU. A main concern was to attract international and domestic private funding in order to support growth and security of supply. The stable feed-in-tariffs adopted along with EU investment grants provided the necessary security for investments. The prolongation of contracts, changes in the authorization procedure and the maturing of many investment efforts led to a wide expansion of wind power. Despite the fact that wind power can compete with conventional power in many cases, authorization procedures, local tensions, urban planning issues, the lack of forest registry and grid connection issues set barriers to its expansion. The programme for deployment of PVs, established in 2006 led to a small number of investments in the period studied. High feed-in-tariffs along with investment grants created expectations for large returns and led to high numbers of license applications. However, lack of appropriate regulatory provisions resulted in more license trading than direct infrastructure investments. This, along with the centralized application procedure led to a deadlock. Trading of licenses is also established for wind power and constitutes a mechanism of rent extraction well set in Greece that does not promote competition and needs to be addressed through appropriate regulatory actions. -4- Greece’s electricity system also includes a large number of non-interconnected islands. In these areas, there are many opportunities for RES investments due to expensive generation that have not taken place yet due to lack of grid and the current network regime. An interconnection plan for some of them is being carried at present. An important challenge for Greece is investment subsidies to realize complementarities with other industrial sectors. Adjustment of the feed-in-tariffs to promote PVs is needed, including geographical differentiation on investments due to the specific remote characteristics of some areas. In Greece, structural and regulatory barriers play a very important role in RES competitiveness and diffusion as well as their legitimacy. Further liberalization is of outmost importance. In Sweden, lower and conditional targets for RES shares have been set than the ones set by the EU. A certificates system was set along expectations of establishment of a certificate system at EU level. Long- term planning scenarios of alternative market structures did not materialize and investments took place in existing CHP plants due to a combination of structural, certificates’ system design and intra-market uncertainties. Technology choices were left in the hands of the same players that managed to extract rents from the market. The 2006 changes in the system alleviated some of the uncertainties. Further support for wind power led to additional new large scale investments in a constrained environment. Several barriers still exist for wind power related to the planning and authorization procedure, local tensions, grid bottlenecks and technological issues. Large purchasers of wind equipment should be able to affect technology development. A challenge is to materialize the vision of power exports along a high ambition level for CHP in an environment of trade-offs between prices, export increase rates and various possibilities of additional installed capacity. The effect of counter trading in the electricity system should also be studied. Sweden is a front runner in biofuels. The market needs further international expansion along identification of appropriate technology trajectories through cooperation while open access and competition in
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