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Buying Renewable Energy in Taiwan

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Buying Renewable Energy in Taiwan Buying Renewable Energy in Taiwan Corporate Renewable Energy and Low Carbon Supply Chain Series The Taiwan electricity market has evolved significantly in Taiwan recent years as increasing numbers of large corporations Population Average Electricity Price (est) and their suppliers have pushed for new options for 23.82 million $.08 - .12/kWh Renewable procuring renewable energy. In addition, the government has implemented a requirement for large electricity users to Current Renewable Energy Mix PPA Cost (est) Energy At procure a minimum of 10% renewable energy. Whether for 6% $.11 - .18/kWh voluntary or compliance purposes, companies can now choose between onsite, bundled and attribute-only Renewable Energy Goal Estimated Unbundled EAC Price A Glance renewable energy products. While there are currently 20% by 2025 $28 - 50/MWh limitations in terms of cost and availability, the Taiwan renewable energy market is poised for robust growth in the Grid Emissions Factor coming years. 0.4 kg CO2e/kWh Renewable Energy Procurement Options RE100/CDP Procurement Option Availability Key Considerations Eligibility Process Limited Generation, Contact Local Solar Onsite Renewables Capital Requirements Providers Limited Oerings Contract with TaiPower Retail Renewable Energy (Including TaiPower Oerings) Available, Current or Retail Renewable Price Premiums Energy Provider Unbundled T-RECs (EAC only) Current Price Procure Using T-REC Premiums Transaction Platform Corporate Power Purchase Limited Availability, Contract Directly with Agreement (CPPA) Current Price Premiums Project Developer Virtual Power Purchase Agreement (VPPA) Unavailable Unavailable Attractive Returns, Connect with Local Direct Investment Capital Requirements, RE Claims Not Available Project Developers Market Overview Taiwan liberalized its electricity market in 2017 through an As FIT Subsidies Decrease, Corporate PPAs amendment to Taiwan’s Electricity Act, enabling the creation of Will Become Increasingly Cost Competitive renewable energy retailers and allowing renewable energy generators to sell directly to end users. 0.30 In addition, Taiwan created the Taiwan Renewable Energy Certificate (T-REC) as an instrument for transferring the rights to renewable energy attributes. Similar to other 0.25 EACs, T-RECs represent 1MWh of certified renewable energy from wind, solar, 0.25 0.22 hydroelectric, biomass, and geothermal. T-RECs can either be purchased unbundled 0.21 0.21 0.21 0.20 0.20 0.21 or used as part of a bundled renewable energy transaction and are formally 0.18 recognized by the U.S. EPA, CDP, and RE100. In addition, the globally recognized 0.18 0.18 0.17 0.16 Green-e® certification program announced the availability of its Taiwan Standard in 0.15 0.15 0.14 0.14 January 2021. 0.11 0.10 0.10 0.10 0.10 0.10 0.09 0.09 0.09 0.10 For corporate customers, there are now multiple renewable energy product types, 0.10 USD $ KWH 0.09 0.09 0.09 0.09 0.09 0.09 0.09 including retail renewable energy and corporate power purchase agreements (CPPAs), and unbundled T-RECs. Each of these options typically trade at a significant premium 0.05 to average electricity rates. For retail oerings and CPPAs, this is largely due to the fact that renewable energy project developers in Taiwan benefit from reliable 0.00 subsidies in the form of feed-in taris (FITs), which provide a favorable guaranteed rate 2012 2013 2014 2015 2016 2017 2018 2019 2020 for 20 years. For renewable energy generators that receive the FIT, they are ineligible YEARS from also selling a T-REC from the same MWh of electricity generated. Renewable generators can forego the FIT and instead sign a contract directly with corporate customers. In such a case, the generator would be eligible to sell its electricity and the Onshore Wind FIT Oshore Wind FIT Avg Electricity Price Solar FIT associated T-RECs to a designated customer. While possible, renewable energy generators are currently hesitant to sign contracts directly with corporations, unless those corporations are willing to pay a rate at or above the existing FIT subsidy. As FIT *Solar FIT is average of 500kW+ roof and ground devices subsidies decrease, it is projected that corporate PPA rates will become increasingly attractive. Market Size and Activity Taiwan is home to major industries, including: electronics, IT, agriculture, steel, Key Policies chemicals, and heavy manufacturing. Over 85 RE100 member companies have Greenhouse Gas (GHG) Reduction and Management Act (2015) electricity footprints in the market, including Apple, Amazon, Google, Microsoft, and Requires Taiwan’s to cut 2005 GHG levels by 50% by 2050. Patagonia. In addition, at least 10 Taiwan supply chain partners to global brands, Amendment to Taiwan’s Electricity Act, (2017) representing over $53 billion in corporate revenues, have initiated renewable energy Allows renewable electricity generators to sell directly to electricity users. Requires Taipower to prioritize the dispatch and connection of renewable energy. commitments, including: TSMC, Foxconn, Primax, Catcher, Compal, Pegatron, Wistron, Renewable Energy Development Act (2009/2019) Quanta Computer, LeaLea Technology, and Advanced Group. Introduced Feed-in tari in 2009. 2019 Amendment sets 20% renewable energy target by 2025. Allows energy suppliers to alternate between Feed-in Taris (FIT) and the free market (e.g. corporate PPA). In 2020, the largest global corporate power purchase agreement (CPPA) was signed, Large Users Act (2021) with TSMC becoming the sole otaker for a 920MW oshore wind farm that will begin Requires energy users over 5MW capacity to procure 10% renewable energy by 2025. construction in 2025. As of November 2020, over 209,796 T-RECs were purchased through its National T-REC platform. Key Taiwan Market Stakeholders Ministry of Economic Aairs (MOEA) Ministry responsible for formulating policy and laws. Overseas BOE, BSMI, and Taipower. Bureau of Energy (BOE) AUGUST JULY JANUARY Responsible for energy policies, regulations, planning and permitting. Bureau of Standards, Metrology and Inspection (BSMI) 2019 2020 2021 Overseas the National Renewable Energy Certification Center (T-REC Center) Taiwan Power Company (TaiPower) Unbundled T-RECs Corporate PPA Retail renewable State-owned electric power utility. Responsible for administering FIT subsidy. Taiwan Environmental Protection Agency (EPA) Apple announced TSMC signed a 920 MW energy (PPA) Responsible for environmental policies and regulations. Overseas GHG reporting for industry. procurement of Taiwan corporate power purchase Wiwynn Works partnered Renewable Energy agreement (CPPA) with with Mr. Watt, the first Taiwan Taiwan Association of Green Energy Transactions (TAGET) Certificates (T-RECs) from Ørsted for the Greater renewable retail electricity Market-supporting membership organization, comprised of buyers, project developers, and market experts. the 1MW solar facility atop the Changhua 2b & 4 oshore supplier, on its first retail Wan Ja Shan Brewery Co. wind farm. This fixed-price renewable power purchase contract, in which TSMC will agreement PPA, sourcing be the sole otaker, was at solar energy generated at the time of signing, the Tainan Girl’s Senior High Additional Market Information largest-ever corporate PPA. School. For more information on Taiwan renewable energy procurement options, The project is expected to community impact projects, or investment opportunities, contact Apala commence commercial operation in 2025/2026. Group at [email protected] or visit www.apalagroup.com..
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