Greenhouse Gas and Electricity Trading Simulation GETS John SCOWCROFT The Union of the Electricity Industry - EURELECTRIC
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1 Vienna, 3 July 2000 Greenhouse Gas and Electricity Trading Simulation GETS John SCOWCROFT The Union of the Electricity Industry - EURELECTRIC
2 The Kyoto Protocol and the Electricity Sector - Key points The electricity sector is responsible for roughly 30% of CO2 emissions in EU European electricity companies already exchange electricity within EU and it is recognized that these exchanges can lead to lower CO2 emissions level It was natural for EURELECTRIC to investigate how emissions trading would impact on the European Electricity Industry
3 A bridge between theory and real world : the GETS experiment In their work related to the Kyoto mechanisms, European EI decided to launch, the GETS experiment : GETS (Greenhouse Gases and Electricity Trading Simulation)
4 GETS - Phase 1 objectives Explore the advantages of electricity and CO2 emissions trading Learning by doing : how trading can be integrated in companies activities Contribute to the design of emissions trading under the Kyoto Protocol
5 GETS - Design of phase 1 19 power companies in 14 European countries leading to the creation of 16 «virtual» companies 8 trading sessions over 2 months simulating 2001 to 2012 (CO2 and electricity traded) Design of a set of rules specifying inter alia commitment periods and reporting requirements
6 Results 14 companies met CO2 objectives (4 through permit acquisition and 10 internally) 2 failed to comply Changes in primary energies and in the use of the installed power capacity Relation between CO2 prices and electricity prices on the marginal electricity market
7 Investments evolution 4000 Additions to generating capacity Coal Coal to gas Co-gen gas CCGT Biomass Wind MW
8 CO2 price evolution CO2 Trading Activity (1000 tco2) (Euro / tco2) Grace period Grace period-2 0
9 Electricity price evolution Electricity trading MWh Euro/MWh
10 CO2 and Electricity Virtual Companies in Compliance (14) 1,3 1,2 1,1 Indices (1=2000) 1 0,9 0,8 0,7 CO2 Electricity CO2/Electricity 0,
11 Changes in installed capacity ( ) Peat Coal Oil Gas Biomass Hydro Nuclear Wind (in MW)
12 Changes in plant use ( ) Hours (8765 hours in a year) Peat Solid Oil Gas Biomass Hydro Nuclear Wind
13 Main Lessons Most companies traded CO2 actively and learnt quickly to include the price signal in their strategies. Trading helps the companies to achieve objectives and to implement technology changes Trading «per se» is not a problem. Companies used the market facility efficiently for energy exchange as well as for TEPS. Investment, not trading, delivers compliance at the end; emissions trading helps to lower the costs of compliance
14 Limits and further perspectives Simulation limited to one sector No electricity transport constraints Energy prices remained constant No penalty fund and no use of the flexibility mechanisms The results of the first simulation suggested that it would be worthwhile to undertake a second phase with other industrial sectors exploring various alternative approaches
15 GETS 2 - What are the differences? Initial Allocation experimenting with benchmarking & auctioning Penalties for non-delivery of electricity as well as CO2 no grace period
16 GETS 2 - What are the differences? Coverage all six gasses traded Commitment period 3 commitment periods ( ) may try annual commitments
17 GETS2 - Who is participating? (Game-master-PWC, Trading Platform-ParisBourse ParisBourse) GETS 2.1 (February-March) 32 companies, of which 21 electricity companies (including district heating) 5 multi-energy companies (electricity, oil, gas) 6 energy consuming companies (steel, chemical, cement, paper & pulp) GETS 2.2 (April -May) GETS 2.1 participants - plus 4 new participants - plus traders GETS 2.3 (June)
18 How is the simulation organised? The use of virtual companies (and/or sectors) is an important feature of the simulations (as it was in GETS1) Each sector (and/or companies) can to choose between two kinds of commitment : absolute emissions target specific emissions target With gateway
19 Conclusions Experiments made to date show that «emissions trading» mechanism is a useful tool that acts as an incentive to undertake GHG emission reductions The two markets (electricity and CO2 emissions) organized in GETS-1 worked according expectations The new experiments may help to formulate guidelines for the design of a trading system
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