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https://doi.org/10.21256/zhaw-29984| Publikationstyp: | Beitrag in wissenschaftlicher Zeitschrift |
| Art der Begutachtung: | Peer review (Publikation) |
| Titel: | Financial contracts for differences : the problems with conventional CfDs in electricity markets and how forward contracts can help solve them |
| Autor/-in: | Schlecht, Ingmar Maurer, Christoph Hirth, Lion |
| et. al: | No |
| DOI: | 10.1016/j.enpol.2024.113981 10.21256/zhaw-29984 |
| Erschienen in: | Energy Policy |
| Band(Heft): | 186 |
| Heft: | 113981 |
| Erscheinungsdatum: | 13-Jan-2024 |
| Verlag / Hrsg. Institution: | Elsevier |
| ISSN: | 0301-4215 1873-6777 |
| Sprache: | Englisch |
| Schlagwörter: | Contracts for differences; Electricity market; Renewables; Nuclear power; Investment financing; Support scheme |
| Fachgebiet (DDC): | 333.79: Energie |
| Zusammenfassung: | 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. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/29984 |
| Volltext Version: | Publizierte Version |
| Lizenz (gemäss Verlagsvertrag): | CC BY 4.0: Namensnennung 4.0 International |
| Departement: | School of Management and Law |
| Organisationseinheit: | Zentrum für Energie und Umwelt (CEE) |
| Enthalten in den Sammlungen: | Publikationen School of Management and Law |
Dateien zu dieser Ressource:
| Datei | Beschreibung | Größe | Format | |
|---|---|---|---|---|
| 2024_Schlecht-etal_Financial-contracts-for-differences_EnergyPolicy.pdf | 1.58 MB | Adobe PDF |  Öffnen/Anzeigen |
Zur Langanzeige
Schlecht, I., Maurer, C., & Hirth, L. (2024). Financial contracts for differences : the problems with conventional CfDs in electricity markets and how forward contracts can help solve them. Energy Policy, 186(113981). https://doi.org/10.1016/j.enpol.2024.113981
Schlecht, I., Maurer, C. and Hirth, L. (2024) ‘Financial contracts for differences : the problems with conventional CfDs in electricity markets and how forward contracts can help solve them’, Energy Policy, 186(113981). Available at: https://doi.org/10.1016/j.enpol.2024.113981.
I. Schlecht, C. Maurer, and L. Hirth, “Financial contracts for differences : the problems with conventional CfDs in electricity markets and how forward contracts can help solve them,” Energy Policy, vol. 186, no. 113981, Jan. 2024, doi: 10.1016/j.enpol.2024.113981.
SCHLECHT, Ingmar, Christoph MAURER und Lion HIRTH, 2024. Financial contracts for differences : the problems with conventional CfDs in electricity markets and how forward contracts can help solve them. Energy Policy. 13 Januar 2024. Bd. 186, Nr. 113981. DOI 10.1016/j.enpol.2024.113981
Schlecht, Ingmar, Christoph Maurer, and Lion Hirth. 2024. “Financial Contracts for Differences : The Problems with Conventional CfDs in Electricity Markets and How Forward Contracts Can Help Solve Them.” Energy Policy 186 (113981). https://doi.org/10.1016/j.enpol.2024.113981.
Schlecht, Ingmar, et al. “Financial Contracts for Differences : The Problems with Conventional CfDs in Electricity Markets and How Forward Contracts Can Help Solve Them.” Energy Policy, vol. 186, no. 113981, Jan. 2024, https://doi.org/10.1016/j.enpol.2024.113981.
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