Abstract
Topics such as energy demand, energy security and greenhouse emissions have made countries around the world turn to more environmentally friendly resources to produce electricity. Due to their stochastic behaviour (particularly wind energy and solar photovoltaics (PV)), the energy producers that are renewable energy driven need concrete financial mechanisms in order to sell their generated electricity under uncertainty in a highly competitive environment. In this work, the application of the Feed-in Premium (FiP) policy in the Greek wholesale liberalised electricity market is compared against a multiple revenue stream tactic. The investigation of the financial performance is conducted in terms of Net Present Value and Complete Payback Period of a 10 MW wind park and a 2 MW solar PV park and is questioned under a multiple revenue stream approach. It was found for projects that offer at least 75% of their electricity production to the market, if their operation licence is extended for five more years, incentivising them to participate in the FiP scheme, instead of the Feed-in-Tariff one, this will increase their profitability in most cases, for both wind and PV projects.
Highlights
The liberalisation of electricity markets in Greece has not been accompanied by the appropriate development of competition in the generation and procurement, as in other European countries
These higher payments can distort the fair competition in the market as they can skyrocket the profits of renewable energy sources project owners [13,14]
capacity factors (CFs) became viable at different wind farm with a became profitable at assumption was that the investor managed to sell 100% of the generated electricity to the spot market
Summary
The liberalisation of electricity markets in Greece has not been accompanied by the appropriate development of competition in the generation and procurement, as in other European countries. The new markets introduced, according to the new Code Management System and Power Exchange, having set new rules for the operation of the deregulated electricity market, aim to ensure the quality and reliability of supply to consumers and long-term power adequacy. This new framework has only lately started to contribute to the development of competition in the previously, in reality, intensely monopolistic electricity market in Greece
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