气候变化领域集成服务门户(CCPortal): How to design an auction: The impact of auction implementation elements on the financing costs of renewable electricity projects

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DOI	10.1016/j.enpol.2024.114069
	How to design an auction: The impact of auction implementation elements on the financing costs of renewable electricity projects
	Alexander-Haw, Abigail; Breitschopf, Barbara
发表日期	2024
ISSN	0301-4215
EISSN	1873-6777
起始页码	188
卷号	188
英文摘要	In the European Union (EU), the imperative to boost renewable electricity and its share in the energy mix is paramount due to both climate change urgency and heightened energy insecurity. Favourable financing is crucial for renewable electricity expansion. Various policies, such as support schemes and subsidies, increase the attractiveness of investments in renewable energy (RE). RE auctions are considered an efficient and effective way for allocating the level of support. While the influence of auctions on financing conditions has received some scholarly attention, exploration of their relationship to the cost of equity or debt -to -equity ratio has been relatively limited. We employ cross -classified multilevel and zero -inflated beta regressions within a Bayesian framework on data from eight EU countries. We found that frequent RE auctions may increase the debt -to -equity ratio, whereas larger auctions may increase the cost of equity and decrease the debt -to -equity ratio of RE projects. To the author's knowledge, this is the first time that the impact of frequency and size of auctions on cost of equity and debt -to -equity ratio has been quantitatively estimated. In addition, we were able to demonstrate how Bayesian modelling can be used in this field of research where data access often proves difficult.
英文关键词	Energy policy; Cost of equity; Debt -to -equity ratio; Auctions; Financing conditions; Renewable energy
语种	英语
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS类目	Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies
WOS记录号	WOS:001219105200001
来源期刊	ENERGY POLICY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/296385
作者单位	Fraunhofer Gesellschaft
推荐引用方式 GB/T 7714	Alexander-Haw, Abigail,Breitschopf, Barbara. How to design an auction: The impact of auction implementation elements on the financing costs of renewable electricity projects[J],2024,188.
APA	Alexander-Haw, Abigail,&Breitschopf, Barbara.(2024).How to design an auction: The impact of auction implementation elements on the financing costs of renewable electricity projects.ENERGY POLICY,188.
MLA	Alexander-Haw, Abigail,et al."How to design an auction: The impact of auction implementation elements on the financing costs of renewable electricity projects".ENERGY POLICY 188(2024).