Financial contracts for differences: The problems with conventional CfDs in electricity markets and how forward contracts can help solve them

被引：12

作者：

Schlecht, Ingmar ^{[1
,2
,5
]}

Maurer, Christoph ^{[3
]}

Hirth, Lion ^{[2
,4
]}

机构：

[1] Sch Management & Law, ZHAW Winterthur, Winterthur, Switzerland

[2] Neon Neue Energieokonom GmbH, Berlin, Germany

[3] Consentec GmbH, Aachen, Germany

[4] Hertie Sch, Berlin, Germany

[5] ZHAW Ctr Energy & Environm, Gertrudstr 8, CH-8400 Winterthur, Switzerland

来源：

ENERGY POLICY | 2024年 / 186卷

关键词：

Contracts for differences; Electricity markets; Renewables; Nuclear power; Investment financing; Support schemes; FEED-IN TARIFFS;

D O I：

10.1016/j.enpol.2024.113981

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Contracts for differences are widely seen as a cornerstone of Europe's future electricity market design. This paper is about designing such contracts. We identify the dispatch and investment distortions that conventional CfDs cause, the patches used to overcome these shortcomings, and the problems these fixes introduce. We then propose an alternative contract we call "financial" CfD. This hybrid between conventional CfDs and forward contracts mitigates revenue risk to a substantial degree while providing undistorted incentives. Like conventional CfDs, it is long-term and tailored to technology-specific (wind, solar, nuclear) generation patterns but, like forwards, decouples payments from actual generation. The proposed contract mitigates volume risk and avoids margin calls by accepting physical assets as collateral.

引用

页数：9