學術產出-Theses
Article View/Open
Publication Export
-
題名 臺灣再生能源憑證於自願性市場之流動性分析
Liquidity in Voluntary Market of Taiwan Renewable Energy Certificate作者 劉偉宏
Liu, Wei-Hung貢獻者 高永光
Kao, Yuang-Kuang
劉偉宏
Liu, Wei-Hung關鍵詞 能源屬性證書
再生能源憑證
躉購費率制
再生能源配額制
流動性分析
Energy Attribute Certificate
Renewable Energy Certificate
Feed-in Tariff
Renewable Portfolio Standard
Liquidity analysis日期 2020 上傳時間 1-Jul-2020 13:56:41 (UTC+8) 摘要 本研究以臺灣再生能源憑證(T-REC)機制為主軸，去探討政府自2017年推行T-REC後，其市場流動性及績效表現。依據市場價格及各國採用的能源政策工具對各類能源屬性證書(EAC)自願性交易市場做統計分析，以了解T-REC市場的流動性及其績效表現在國際市場上的位置。本研究目的為提高T-REC市場流動性，對再生能源業者而言，這將有利於業者提升T-REC收益並發展再生能源，再生能源業者投資的意願也會增加；對政府而言，因T-REC與躉購費率制度有替代效果，提高T-REC自願性市場流動性，可減緩政府支出於躉購費率制度的補貼，將有助於國家能源轉型。本研究以次級資料分析，研究對象包含亞洲、歐洲和國際再生能源憑證(I-REC)市場，資料以Shapiro-Wilk做常態性檢定後，以Mann–Whitney U檢定做市場流動性及績效表現的差異性檢測。本研究發現東亞市場(中、日、臺)與歐洲及印度市場相比時，在太陽能跟風力甚至是總體的EAC自願性市場表現上，市場間具有顯著性差異，東亞市場的認購率明顯較差；但在生質能類的EAC認購率則無統計上的顯著性差異。另外，躉購費率/溢價補貼制度確實會排擠EAC自願性市場的發展，且EAC市場價格確實與認購量具有顯著負相關。相信未來「用電大戶」條款的施行、躉購費率的調降及提升全民參與的能源轉型運動，對T-REC自願性市場流動性的改善都會有所幫助。
This study based on Taiwan Renewable Energy Certificate (T-REC) mechanism to evaluate the performance and liquidity in voluntary market of the T-REC since the government implemented it in 2017. Through market prices and the energy policy tools adopted by various countries to make statistical analysis of various energy attribute certificates (EAC) voluntary trading markets for understanding the liquidity of the T-REC market and its performance in the international market. The purpose of this study was to improve the liquidity of the T-REC market. For renewable energy suppliers, improving the liquidity of the T-REC market will help them increase T-REC income as well as the willingness-to-invest for developing renewable energy. For the government, increasing T-REC`s voluntary market liquidity can reduce government spending on subsidies for feed-in tariff (FIT) mechanism because T-REC and FIT have an alternative effect. Taiwan`s energy transition will also benefit from improving the liquidity of the T-REC market. This study was based on secondary data analysis. The research objects included Asia, Europe and International Renewable Energy Certificate (I-REC) market.Normality of data was assessed through Shapiro-Wilk Test, which showed that data were not normally distributed. Therefore, Mann–Whitney U test was applied to test significance of difference in market liquidity and performance. This study found that when the East Asian market (China, Japan, Taiwan) was compared with the European and Indian markets, there were statistically significant difference in the churn rate of wind energy, solar photovoltaic (PV) energy and the overall EAC. The churn rate in the East Asian market was significantly worse than European and Indian markets. Nevertheless, there was no statistically significant difference in the churn rate of biomass energy between two EAC markets. Second, the FIT/FIP mechanism would indeed squeeze the development of the EAC voluntary market. Third, the EAC market price had a significant negative correlation with the EAC trading volume. This study recommended that the implementation of the Renewable Energy Development Act for "large electricity consumer", decline of the FIT rate, and citizen participation in the energy transition would help improve the liquidity of the T-REC voluntary market in the future.參考文獻 CRS (2019)。促進企業在中國參與可再生能源活動。Center for Resource Solutions。2019 年 11 月。中國國家能源局 (2017)。試行可再生能源綠色電力證書核發及自願認購交易制度的通知-發改能源[2017]132號。2020年5月2日，取自: http://extwprlegs1.fao.org/docs/pdf/chn163084.pdf.吳禹澔、陳秉奇、黃詩文(2017)。日本再生能源憑證制度介紹。台灣經濟研究月刊，40(5)，頁78-85。林俊成、徐中芃(2016)。日本減量額度制度現況與森林碳匯運作。台灣林業，(8)，頁38-42。林晉勗、葉承洋、張桂鳳、林師模(2019)。再生能源消費與所得成長：附加價值貿易觀點。臺灣能源期刊，6(4)，頁389-409。郭彥廉、蔡群立、郭哲銘(2019)。高所得經濟體提高電力中再生能源比例對經濟成長與碳排放之影響研究。臺灣能源期刊，6(4)，頁411-424。陳彥豪、黃德惠、葉錫勳、張晏綾、鄧穎璠、陳彥霖(2019)。台灣再生能源憑證追蹤系統與國家溫室氣體登錄平台連結做法介紹。台灣經濟研究月刊，42(2)，頁118。陳靜萱、陳彥霖(2018)。美國再生能源憑證環境效益宣告準則與綠色電力夥伴計畫介紹。台灣經濟研究月刊，41(4)，頁25-33。黃詩文、吳禹澔、陳彥豪(2017)。台灣再生能源憑證推動做法研究。台灣經濟研究月刊，40(5)，頁102-112。楊惟任(2017)。從國際氣候政治看川普退出巴黎氣候協定。國會季刊，45(4)，頁58-76。經濟部標準檢驗局(2019年)。國內再生能源憑證市場交易輔導示範計畫。2020年5月2日，取自: https://www.trec.org.tw/%E6%9C%80%E6%96%B0%E6%B6%88%E6%81%AF/%E5%9C%8B%E5%85%A7%E5%86%8D%E7%94%9F%E8%83%BD%E6%BA%90%E6%86%91%E8%AD%89%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E8%BC%94%E5%B0%8E%E7%A4%BA%E7%AF%84%E8%A8%88%E7%95%AB/get/ihaafctY2VrrbwCdZKEL董福貴、時磊(2019)。可再生能源配額制及綠色證書交易機制設計及模擬。電力系統自動化，43(12)，頁113-122。ACER/CEER. (2018). Annual Report on the Results of Monitoring the Internal Electricity and Natural Gas Markets in 2017. Electricity Wholesale Markets Volume. Published: Agency for the Cooperation of Energy Regulators (ACER) and the Council of European Energy Regulators (CEER).Amundsen, E. E., Baldursson, F. M., & Mortensen J. B. (2006). Price volatility and banking in green certificate markets. Environmental and Resource Economics, 35, 259–287. DOI：10.1007/s10640-006-9015-1Anbumozhi, V., Bowen, A., & Jose, P. D. (2015). Market-Based Mechanisms to Promote Renewable Energy in Asia. Economic Research Institute for ASEAN and East Asia (ERIA). From ：https://www.eria.org/research/market-based-mechanisms-to-promote-renewable-energy-in-asia/Avril, S., Mansilla, C., Busson, M., & Lemaire, T. (2012). Photovoltaic energy policy: financial estimation and performance comparison of the public support in five representative countries. Energy Policy, 51, 244-258. DOI: 10.1016/j.enpol.2012.07.050Barbose, G. (2019). U.S. Renewables Portfolio Standards 2019 Annual Status Update. Berkeley, CA: Lawrence Berkeley National Laboratory. July 2019. https://eta-publications.lbl.gov/sites/default/files/rps_annual_status_update-2019_edition.pdfBaur and Uriona. (2018). Diffusion of Photovoltaic Technology in Germany: A Sustainable Success or an Illusion Driven by Guaranteed Feed-in Tariffs? Energy, 150, 289-298. DOI: 10.1016/j.energy.2018.02.104.Bento, A. M., Garg, T., & Kaffine, D. (2018). Emissions reductions or green booms? General equilibrium effects of a renewable portfolio standard. Journal of Environmental Economics and Management. 90, 78–100. DOI:10.1016/j.jeem.2018.05.006Bergek, A., & Jacobsson, S. (2010). Are tradable green certificates a cost-efficient policy driving technical change or a rent-generating machine? Lessons from Sweden 2003–2008. Energy Policy, 38, 1255–1271. DOI:10.1016/j.enpol.2009.11.001Brunnermeier, M. K., & Pedersen, L. H. (2007). Market liquidity and funding liquidity. NATIONAL BUREAU OF ECONOMIC RESEARCH, Working Paper 12939, Cambridge, MA. DOI: 10.3386/w12939Chang, Ming-Chung. (2019). The Effects of the Feed-In-Tariff System and the Renewable Energy Development Fund on Taiwan’s Power Market. Journal of Taiwan Energy. 6(4), 353-367.Choi, G., Huh, S. Y., Heo, E. & Lee, C. Y. (2018). Prices versus Quantities: Comparing Economic Efficiency of Feed-in Tariff and Renewable Portfolio Standard in Promoting Renewable Electricity Generation. Energy Policy, 113, 239-248. DOI：10.1016/j.enpol.2017.11.008Chuang, J., Lien, H-L., Roche, A. K., & Liao, P-H. (2019). Consolidated Climate Markets Mechanism Analysis—Case Studies of China, Japan, and Taiwan. Sustainability, 11(22), 6478. DOI：10.3390/su11226478Cochran, J., Bird, L., Heeter, J., & Arent, D. J. (2012). Integrating Variable Renewable Energy in Electric Power Markets: Best Practices from International Experience, Summary for Policymakers. National Renewable Energy Laboratory. NREL/TP-6A00-53730. https://www.nrel.gov/docs/fy12osti/53730.pdf.Conover, W. J. (1999). Practical Nonparametric Statistics (3rd Ed). New York：John Wiley and Sons.Cox, S., & Esterly, S. (2016). Renewable Electricity Standards: Good Practices and Design Considerations. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-65507.Cox, S., Walters, T., Esterly, S., & Booth, S. (2015). Solar Power: Policy Overview and Good Practices. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-64178.Demsetz, H. (1968). The Cost of Transacting. Quarterly Journal of Economics, 82(1), 33-53. DOI：10.2307/1882244.Doukas, H., Flamos, A., & Lieu, J. (2019). Understanding Risks and Uncertainties in Energy and Climate Policy - Multidisciplinary Methods and Tools for a Low Carbon Society. Cham, Switzerland：Springer Open. DOI：10.1007/978-3-030-03152-7Felix, B., Woll, O., & Weber, C. (2009). Gas Storage Valuation Under Limited Market Liquidity: An Application In Germany. EWL Working Papers 0903, University of Duisburg-Essen, Chair for Management Science and Energy Economics, revised Oct 2009.Frei, F., Loder, A., & Bening, C. R. (2018). Liquidity in green power markets – An international review. Renewable and Sustainable Energy Reviews. 93, 674–690. DOI：10.1016/j.rser.2018.05.034Gkarakis, K., & Dagoumas, A. (2016). Assessment of the implementation of Guarantees of Origin (GO) in Europe. Engineering and Industry Series Volume Power Systems, Energy Markets and Renewable Energy Sources in South-Eastern Europe. DOI: 10.22618/TP.EI.20163.389011Guimarães, Lucas Noura. (2020). The Regulation and Policy of Latin American Energy Transitions. US：Elsevier Science.Heather, P. (2015). The evolution of European traded gas hubs. UK：Oxford Institute for Energy Studies.Heeter, J., Speer, B., & Glick, M. B. (2019). International Best Practices for Implementing and Designing Renewable Portfolio Standard (RPS) Policies. Golden, CO: National Renewable Energy Laboratory. NREL/TP-6A20-72798.Hiroux and Saguan. (2010). Large-scale wind power in European electricity markets: Time for revisiting support schemes and market designs? Energy Policy, 38(7), 3135-3145. DOI：10.1016/j.enpol.2009.07.030Hoppmann, J., Huenteler, J., & Girod, B. (2014). Compulsive policy-making-the evolution of the German feed-in tariff system for solar photovoltaic power. Research Policy, 43(8), 1422-41. DOI：10.1016/j.respol.2014.01.014Hulshof, D., Jepma, C., & Mulder, M. (2019). Performance of markets for European renewable energy certificates. Energy Policy. 128, 697–710. DOI：10.1016/j.enpol.2019.01.051IEA. (2019). RENEWABLES INFORMATION: OVERVIEW (2019 edition). Published: 12 August 2019. Available from: https://webstore.iea.org/renewables-information-2019-overview.IRENA. (2019). Renewable Capacity Statistics 2019. International Renewable Energy Agency (IRENA), Abu Dhabi.Kamerschen, D., and Porter, D. (2004). The demand for residential, industrial and total electricity, 1973–1998. Energy Economics. 26 (1), 87–100. 2004. DOI：10.1016/S0140-9883(03)00033-1Kim, Jeayoon. (2018). Green certificate price uncertainty and renewable energy investment: Evidence from an integration between solar and non-solar renewable energy certificate (REC) markets in Korea. Korea Advanced Institute of Science and Technology (KAIST) Hoegiro, Seoul 02455, Republic of Korea.Kreycik, C. E., Couture, T. D., & Cory, K. S. (2011). Procurement Options for New Renewable Electricity Supply. Golden, CO: National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-52983.Kumar, R., & Agarwala, A. (2013). Renewable Energy Certificate and Perform, Achieve, Trade mechanisms to enhance the energy security for India. Energy Policy, 55, 669–676. DOI：10.1016/j.enpol.2012.12.072Lauber, V. (2004). REFIT and RPS: Options for a Harmonised Community Framework. Energy Policy, 32(12), 1405-1414. DOI：10.1016/S0301-4215(03)00108-3Lemming, J. (2003). Financial risks for green electricity investors and producers in a tradable green certificate market. Energy Policy. 31(1), 21-32. DOI：10.1016/S0301-4215(02)00114-3Li, W., Lu, C., & Zhang, Y. (2019). Prospective exploration of future renewable portfolio standard schemes in China via a multi-sector CGE model. Energy Policy, 128, 45–56. DOI：10.1016/j.enpol.2018.12.054Lise, W., Timpe, C., Jansen, J., Ten Donkelaar, M. (2007). Tracking electricity generation attributes in Europe. Energy Policy, 35(11), 5855–5864. DOI：10.1016/j.enpol.2007.07.006Mahenc, P. (2017). Honest versus misleading certification. Journal of Economics & Management Strategy, 26(2), 454–483. DOI: 10.1111/jems.12195Mankiw, N. G., & Taylor, M. P. (2006). Economics. London: Cengage Learning EMEA.Menanteau, P., Finon, D., & Lamy, M-L. (2003). Prices versus quantities: choosing policies for promoting the development of renewable energy. Energy Policy, 31(8), 799–812. DOI：10.1016/S0301-4215(02)00133-7Mendonça, M. (2007). Feed-in Tariffs: Accelerating the Deployment of Renewable Energy. London: EarthScan.OFGEM. (2019). Guidance for generators that receive or would like to receive support under the Renewables Obligation (RO) scheme. Page 6. Available from: https://www.ofgem.gov.uk/system/files/docs/2019/04/ro_generator_guidance_apr19.pdfOikonomou, V., & Mundaca, L. (2008). Tradable white certificate schemes: what can we learn from tradable green certificate schemes? Energy Efficiency, 1, 211–232. DOI： 10.1007/s12053-008-9017-7O`Shaughnessy, E., Heeter, J., Cook, J., & Volpi, C. (2017). Status and Trends in the U.S. Voluntary Green Power Market (2016 Data). Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-70174.Perez, A. P., Sauwa, E. E., Munoz, F. D., & Hobbs, B. F. (2016). The Economic Effects on Interregional Trading of Renewable energy Certificates in the U.S. WECC. The Energy Journal, 37(4), 267-295. DOI: 10.5547/01956574.37.4.aper.Rattani, V. (2018). Coping with Climate Change: An Analysis of India’s National Action Plan on Climate Change. New Delhi：Centre for Science and Environment.RECS International. (2019). 2018 Annual Report-Markets continue to drive growth in renewables. Published on: 10 JULY 2019. Available from: https://www.recs.org/documents/annual-report-2018.REN21. (2019). RENEWABLES 2019 GLOBAL STATUS REPORT. France：REN21. Online report. Available from: https://www.ren21.net/wp-content/uploads/2019/05/gsr_2019_full_report_en.pdf.Sarr, A., & Lybek, T. (2002). Measuring liquidity in financial markets. US：IMF working paper (WP/02/232).Schallenberg-Rodriguez, J., and Haas, R. (2012). Fixed feed-in tariff versus premium: A review of the current Spanish system. Renewable and Sustainable Energy Reviews, 16(I), 293-305. DOI：10.1016/j.rser.2011.07.155Shrimaili, G., Tirumalachetty, S., & Nelson, D. (2012). Falling Short: An Evaluation of the Indian Renewable Certificate Market. Indian School of Business, Climate Policy Initiative. Hyderabad: CPI-ISB.Sotos, M. (2015). Greenhouse Gas Protocol Scope 2 Guidance. USA：World Resources Institute.Tian, T., Liu, C., O’Shaughnessy, E., Mathur, Shivani., Holm, Alison., Miller, J. (2016). Midmarket Solar Policies in the United States: A Guide for Midsized Solar Customers. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-66905. Page.6.http://www.nrel.gov/docs/fy16osti/66905.pdf.UNEP. (2016). UNEP Guide for Energy Efficiency and Renewable Energy Laws. Kenya：United Nations Environment Programme (UN Environment). Page.128.Weber, C. (2010). Adequate intraday market design to enable the integration of wind energy into the European power systems. Energy Policy, 38(7), 3155–3163. DOI：10.1016/j.enpol.2009.07.040Winther, T., & Ericson, T. (2013). Matching policy and people? Household responses to the promotion of renewable electricity. Energy Efficiency, 6(2), 369–385. DOI: 10.1007/s12053-012-9170-x. 描述 碩士
國立政治大學
行政管理碩士學程
103921003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103921003 資料類型 thesis dc.contributor.advisor 高永光 zh_TW dc.contributor.advisor Kao, Yuang-Kuang en_US dc.contributor.author (Authors) 劉偉宏 zh_TW dc.contributor.author (Authors) Liu, Wei-Hung en_US dc.creator (作者) 劉偉宏 zh_TW dc.creator (作者) Liu, Wei-Hung en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-Jul-2020 13:56:41 (UTC+8) - dc.date.available 1-Jul-2020 13:56:41 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2020 13:56:41 (UTC+8) - dc.identifier (Other Identifiers) G0103921003 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130621 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 行政管理碩士學程 zh_TW dc.description (描述) 103921003 zh_TW dc.description.abstract (摘要) 本研究以臺灣再生能源憑證(T-REC)機制為主軸，去探討政府自2017年推行T-REC後，其市場流動性及績效表現。依據市場價格及各國採用的能源政策工具對各類能源屬性證書(EAC)自願性交易市場做統計分析，以了解T-REC市場的流動性及其績效表現在國際市場上的位置。本研究目的為提高T-REC市場流動性，對再生能源業者而言，這將有利於業者提升T-REC收益並發展再生能源，再生能源業者投資的意願也會增加；對政府而言，因T-REC與躉購費率制度有替代效果，提高T-REC自願性市場流動性，可減緩政府支出於躉購費率制度的補貼，將有助於國家能源轉型。本研究以次級資料分析，研究對象包含亞洲、歐洲和國際再生能源憑證(I-REC)市場，資料以Shapiro-Wilk做常態性檢定後，以Mann–Whitney U檢定做市場流動性及績效表現的差異性檢測。本研究發現東亞市場(中、日、臺)與歐洲及印度市場相比時，在太陽能跟風力甚至是總體的EAC自願性市場表現上，市場間具有顯著性差異，東亞市場的認購率明顯較差；但在生質能類的EAC認購率則無統計上的顯著性差異。另外，躉購費率/溢價補貼制度確實會排擠EAC自願性市場的發展，且EAC市場價格確實與認購量具有顯著負相關。相信未來「用電大戶」條款的施行、躉購費率的調降及提升全民參與的能源轉型運動，對T-REC自願性市場流動性的改善都會有所幫助。 zh_TW dc.description.abstract (摘要) This study based on Taiwan Renewable Energy Certificate (T-REC) mechanism to evaluate the performance and liquidity in voluntary market of the T-REC since the government implemented it in 2017. Through market prices and the energy policy tools adopted by various countries to make statistical analysis of various energy attribute certificates (EAC) voluntary trading markets for understanding the liquidity of the T-REC market and its performance in the international market. The purpose of this study was to improve the liquidity of the T-REC market. For renewable energy suppliers, improving the liquidity of the T-REC market will help them increase T-REC income as well as the willingness-to-invest for developing renewable energy. For the government, increasing T-REC`s voluntary market liquidity can reduce government spending on subsidies for feed-in tariff (FIT) mechanism because T-REC and FIT have an alternative effect. Taiwan`s energy transition will also benefit from improving the liquidity of the T-REC market. This study was based on secondary data analysis. The research objects included Asia, Europe and International Renewable Energy Certificate (I-REC) market.Normality of data was assessed through Shapiro-Wilk Test, which showed that data were not normally distributed. Therefore, Mann–Whitney U test was applied to test significance of difference in market liquidity and performance. This study found that when the East Asian market (China, Japan, Taiwan) was compared with the European and Indian markets, there were statistically significant difference in the churn rate of wind energy, solar photovoltaic (PV) energy and the overall EAC. The churn rate in the East Asian market was significantly worse than European and Indian markets. Nevertheless, there was no statistically significant difference in the churn rate of biomass energy between two EAC markets. Second, the FIT/FIP mechanism would indeed squeeze the development of the EAC voluntary market. Third, the EAC market price had a significant negative correlation with the EAC trading volume. This study recommended that the implementation of the Renewable Energy Development Act for "large electricity consumer", decline of the FIT rate, and citizen participation in the energy transition would help improve the liquidity of the T-REC voluntary market in the future. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景 1第二節 研究動機與目的 3第三節 研究問題及方向 4第四節 名詞定義 5第貳章 文獻探討 7第一節 再生能源與綠色電力 7第二節 發展再生能源的政策工具 9第三節 能源屬性證書 21第四節 EAC交易市場流動性 29第五節 小結 32第參章 研究設計 35第一節 研究方法 35第二節 研究架構 38第三節 研究對象 38第四節 資料來源與說明 39第肆章 各國能源屬性證書制度的發展 43第一節 臺灣 43第二節 中國 52第三節 日本 61第四節 印度 71第五節 歐洲 79第六節 I-REC 89第七節 小結 94第伍章 EAC於自願性市場之流動性分析 99第一節 各國總體EAC於自願性市場表現 99第二節 不同能源別之EAC於自願性市場表現 106第三節 政策工具對EAC自願性市場之影響 118第四節 市場價格對EAC自願性市場之影響 122第五節 研究發現 125第陸章 結論與建議 127第一節 市場失靈與政策失靈 127第二節 研究限制 129第三節 未來研究方向 130參考文獻 131 zh_TW dc.format.extent 11508577 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103921003 en_US dc.subject (關鍵詞) 能源屬性證書 zh_TW dc.subject (關鍵詞) 再生能源憑證 zh_TW dc.subject (關鍵詞) 躉購費率制 zh_TW dc.subject (關鍵詞) 再生能源配額制 zh_TW dc.subject (關鍵詞) 流動性分析 zh_TW dc.subject (關鍵詞) Energy Attribute Certificate en_US dc.subject (關鍵詞) Renewable Energy Certificate en_US dc.subject (關鍵詞) Feed-in Tariff en_US dc.subject (關鍵詞) Renewable Portfolio Standard en_US dc.subject (關鍵詞) Liquidity analysis en_US dc.title (題名) 臺灣再生能源憑證於自願性市場之流動性分析 zh_TW dc.title (題名) Liquidity in Voluntary Market of Taiwan Renewable Energy Certificate en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) CRS (2019)。促進企業在中國參與可再生能源活動。Center for Resource Solutions。2019 年 11 月。中國國家能源局 (2017)。試行可再生能源綠色電力證書核發及自願認購交易制度的通知-發改能源[2017]132號。2020年5月2日，取自: http://extwprlegs1.fao.org/docs/pdf/chn163084.pdf.吳禹澔、陳秉奇、黃詩文(2017)。日本再生能源憑證制度介紹。台灣經濟研究月刊，40(5)，頁78-85。林俊成、徐中芃(2016)。日本減量額度制度現況與森林碳匯運作。台灣林業，(8)，頁38-42。林晉勗、葉承洋、張桂鳳、林師模(2019)。再生能源消費與所得成長：附加價值貿易觀點。臺灣能源期刊，6(4)，頁389-409。郭彥廉、蔡群立、郭哲銘(2019)。高所得經濟體提高電力中再生能源比例對經濟成長與碳排放之影響研究。臺灣能源期刊，6(4)，頁411-424。陳彥豪、黃德惠、葉錫勳、張晏綾、鄧穎璠、陳彥霖(2019)。台灣再生能源憑證追蹤系統與國家溫室氣體登錄平台連結做法介紹。台灣經濟研究月刊，42(2)，頁118。陳靜萱、陳彥霖(2018)。美國再生能源憑證環境效益宣告準則與綠色電力夥伴計畫介紹。台灣經濟研究月刊，41(4)，頁25-33。黃詩文、吳禹澔、陳彥豪(2017)。台灣再生能源憑證推動做法研究。台灣經濟研究月刊，40(5)，頁102-112。楊惟任(2017)。從國際氣候政治看川普退出巴黎氣候協定。國會季刊，45(4)，頁58-76。經濟部標準檢驗局(2019年)。國內再生能源憑證市場交易輔導示範計畫。2020年5月2日，取自: https://www.trec.org.tw/%E6%9C%80%E6%96%B0%E6%B6%88%E6%81%AF/%E5%9C%8B%E5%85%A7%E5%86%8D%E7%94%9F%E8%83%BD%E6%BA%90%E6%86%91%E8%AD%89%E5%B8%82%E5%A0%B4%E4%BA%A4%E6%98%93%E8%BC%94%E5%B0%8E%E7%A4%BA%E7%AF%84%E8%A8%88%E7%95%AB/get/ihaafctY2VrrbwCdZKEL董福貴、時磊(2019)。可再生能源配額制及綠色證書交易機制設計及模擬。電力系統自動化，43(12)，頁113-122。ACER/CEER. (2018). Annual Report on the Results of Monitoring the Internal Electricity and Natural Gas Markets in 2017. Electricity Wholesale Markets Volume. Published: Agency for the Cooperation of Energy Regulators (ACER) and the Council of European Energy Regulators (CEER).Amundsen, E. E., Baldursson, F. M., & Mortensen J. B. (2006). Price volatility and banking in green certificate markets. Environmental and Resource Economics, 35, 259–287. DOI：10.1007/s10640-006-9015-1Anbumozhi, V., Bowen, A., & Jose, P. D. (2015). Market-Based Mechanisms to Promote Renewable Energy in Asia. Economic Research Institute for ASEAN and East Asia (ERIA). From ：https://www.eria.org/research/market-based-mechanisms-to-promote-renewable-energy-in-asia/Avril, S., Mansilla, C., Busson, M., & Lemaire, T. (2012). Photovoltaic energy policy: financial estimation and performance comparison of the public support in five representative countries. Energy Policy, 51, 244-258. DOI: 10.1016/j.enpol.2012.07.050Barbose, G. (2019). U.S. Renewables Portfolio Standards 2019 Annual Status Update. Berkeley, CA: Lawrence Berkeley National Laboratory. July 2019. https://eta-publications.lbl.gov/sites/default/files/rps_annual_status_update-2019_edition.pdfBaur and Uriona. (2018). Diffusion of Photovoltaic Technology in Germany: A Sustainable Success or an Illusion Driven by Guaranteed Feed-in Tariffs? Energy, 150, 289-298. DOI: 10.1016/j.energy.2018.02.104.Bento, A. M., Garg, T., & Kaffine, D. (2018). Emissions reductions or green booms? General equilibrium effects of a renewable portfolio standard. Journal of Environmental Economics and Management. 90, 78–100. DOI:10.1016/j.jeem.2018.05.006Bergek, A., & Jacobsson, S. (2010). Are tradable green certificates a cost-efficient policy driving technical change or a rent-generating machine? Lessons from Sweden 2003–2008. Energy Policy, 38, 1255–1271. DOI:10.1016/j.enpol.2009.11.001Brunnermeier, M. K., & Pedersen, L. H. (2007). Market liquidity and funding liquidity. NATIONAL BUREAU OF ECONOMIC RESEARCH, Working Paper 12939, Cambridge, MA. DOI: 10.3386/w12939Chang, Ming-Chung. (2019). The Effects of the Feed-In-Tariff System and the Renewable Energy Development Fund on Taiwan’s Power Market. Journal of Taiwan Energy. 6(4), 353-367.Choi, G., Huh, S. Y., Heo, E. & Lee, C. Y. (2018). Prices versus Quantities: Comparing Economic Efficiency of Feed-in Tariff and Renewable Portfolio Standard in Promoting Renewable Electricity Generation. Energy Policy, 113, 239-248. DOI：10.1016/j.enpol.2017.11.008Chuang, J., Lien, H-L., Roche, A. K., & Liao, P-H. (2019). Consolidated Climate Markets Mechanism Analysis—Case Studies of China, Japan, and Taiwan. Sustainability, 11(22), 6478. DOI：10.3390/su11226478Cochran, J., Bird, L., Heeter, J., & Arent, D. J. (2012). Integrating Variable Renewable Energy in Electric Power Markets: Best Practices from International Experience, Summary for Policymakers. National Renewable Energy Laboratory. NREL/TP-6A00-53730. https://www.nrel.gov/docs/fy12osti/53730.pdf.Conover, W. J. (1999). Practical Nonparametric Statistics (3rd Ed). New York：John Wiley and Sons.Cox, S., & Esterly, S. (2016). Renewable Electricity Standards: Good Practices and Design Considerations. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-65507.Cox, S., Walters, T., Esterly, S., & Booth, S. (2015). Solar Power: Policy Overview and Good Practices. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-64178.Demsetz, H. (1968). The Cost of Transacting. Quarterly Journal of Economics, 82(1), 33-53. DOI：10.2307/1882244.Doukas, H., Flamos, A., & Lieu, J. (2019). Understanding Risks and Uncertainties in Energy and Climate Policy - Multidisciplinary Methods and Tools for a Low Carbon Society. Cham, Switzerland：Springer Open. DOI：10.1007/978-3-030-03152-7Felix, B., Woll, O., & Weber, C. (2009). Gas Storage Valuation Under Limited Market Liquidity: An Application In Germany. EWL Working Papers 0903, University of Duisburg-Essen, Chair for Management Science and Energy Economics, revised Oct 2009.Frei, F., Loder, A., & Bening, C. R. (2018). Liquidity in green power markets – An international review. Renewable and Sustainable Energy Reviews. 93, 674–690. DOI：10.1016/j.rser.2018.05.034Gkarakis, K., & Dagoumas, A. (2016). Assessment of the implementation of Guarantees of Origin (GO) in Europe. Engineering and Industry Series Volume Power Systems, Energy Markets and Renewable Energy Sources in South-Eastern Europe. DOI: 10.22618/TP.EI.20163.389011Guimarães, Lucas Noura. (2020). The Regulation and Policy of Latin American Energy Transitions. US：Elsevier Science.Heather, P. (2015). The evolution of European traded gas hubs. UK：Oxford Institute for Energy Studies.Heeter, J., Speer, B., & Glick, M. B. (2019). International Best Practices for Implementing and Designing Renewable Portfolio Standard (RPS) Policies. Golden, CO: National Renewable Energy Laboratory. NREL/TP-6A20-72798.Hiroux and Saguan. (2010). Large-scale wind power in European electricity markets: Time for revisiting support schemes and market designs? Energy Policy, 38(7), 3135-3145. DOI：10.1016/j.enpol.2009.07.030Hoppmann, J., Huenteler, J., & Girod, B. (2014). Compulsive policy-making-the evolution of the German feed-in tariff system for solar photovoltaic power. Research Policy, 43(8), 1422-41. DOI：10.1016/j.respol.2014.01.014Hulshof, D., Jepma, C., & Mulder, M. (2019). Performance of markets for European renewable energy certificates. Energy Policy. 128, 697–710. DOI：10.1016/j.enpol.2019.01.051IEA. (2019). RENEWABLES INFORMATION: OVERVIEW (2019 edition). Published: 12 August 2019. Available from: https://webstore.iea.org/renewables-information-2019-overview.IRENA. (2019). Renewable Capacity Statistics 2019. International Renewable Energy Agency (IRENA), Abu Dhabi.Kamerschen, D., and Porter, D. (2004). The demand for residential, industrial and total electricity, 1973–1998. Energy Economics. 26 (1), 87–100. 2004. DOI：10.1016/S0140-9883(03)00033-1Kim, Jeayoon. (2018). Green certificate price uncertainty and renewable energy investment: Evidence from an integration between solar and non-solar renewable energy certificate (REC) markets in Korea. Korea Advanced Institute of Science and Technology (KAIST) Hoegiro, Seoul 02455, Republic of Korea.Kreycik, C. E., Couture, T. D., & Cory, K. S. (2011). Procurement Options for New Renewable Electricity Supply. Golden, CO: National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-52983.Kumar, R., & Agarwala, A. (2013). Renewable Energy Certificate and Perform, Achieve, Trade mechanisms to enhance the energy security for India. Energy Policy, 55, 669–676. DOI：10.1016/j.enpol.2012.12.072Lauber, V. (2004). REFIT and RPS: Options for a Harmonised Community Framework. Energy Policy, 32(12), 1405-1414. DOI：10.1016/S0301-4215(03)00108-3Lemming, J. (2003). Financial risks for green electricity investors and producers in a tradable green certificate market. Energy Policy. 31(1), 21-32. DOI：10.1016/S0301-4215(02)00114-3Li, W., Lu, C., & Zhang, Y. (2019). Prospective exploration of future renewable portfolio standard schemes in China via a multi-sector CGE model. Energy Policy, 128, 45–56. DOI：10.1016/j.enpol.2018.12.054Lise, W., Timpe, C., Jansen, J., Ten Donkelaar, M. (2007). Tracking electricity generation attributes in Europe. Energy Policy, 35(11), 5855–5864. DOI：10.1016/j.enpol.2007.07.006Mahenc, P. (2017). Honest versus misleading certification. Journal of Economics & Management Strategy, 26(2), 454–483. DOI: 10.1111/jems.12195Mankiw, N. G., & Taylor, M. P. (2006). Economics. London: Cengage Learning EMEA.Menanteau, P., Finon, D., & Lamy, M-L. (2003). Prices versus quantities: choosing policies for promoting the development of renewable energy. Energy Policy, 31(8), 799–812. DOI：10.1016/S0301-4215(02)00133-7Mendonça, M. (2007). Feed-in Tariffs: Accelerating the Deployment of Renewable Energy. London: EarthScan.OFGEM. (2019). Guidance for generators that receive or would like to receive support under the Renewables Obligation (RO) scheme. Page 6. Available from: https://www.ofgem.gov.uk/system/files/docs/2019/04/ro_generator_guidance_apr19.pdfOikonomou, V., & Mundaca, L. (2008). Tradable white certificate schemes: what can we learn from tradable green certificate schemes? Energy Efficiency, 1, 211–232. DOI： 10.1007/s12053-008-9017-7O`Shaughnessy, E., Heeter, J., Cook, J., & Volpi, C. (2017). Status and Trends in the U.S. Voluntary Green Power Market (2016 Data). Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-70174.Perez, A. P., Sauwa, E. E., Munoz, F. D., & Hobbs, B. F. (2016). The Economic Effects on Interregional Trading of Renewable energy Certificates in the U.S. WECC. The Energy Journal, 37(4), 267-295. DOI: 10.5547/01956574.37.4.aper.Rattani, V. (2018). Coping with Climate Change: An Analysis of India’s National Action Plan on Climate Change. New Delhi：Centre for Science and Environment.RECS International. (2019). 2018 Annual Report-Markets continue to drive growth in renewables. Published on: 10 JULY 2019. Available from: https://www.recs.org/documents/annual-report-2018.REN21. (2019). RENEWABLES 2019 GLOBAL STATUS REPORT. France：REN21. Online report. Available from: https://www.ren21.net/wp-content/uploads/2019/05/gsr_2019_full_report_en.pdf.Sarr, A., & Lybek, T. (2002). Measuring liquidity in financial markets. US：IMF working paper (WP/02/232).Schallenberg-Rodriguez, J., and Haas, R. (2012). Fixed feed-in tariff versus premium: A review of the current Spanish system. Renewable and Sustainable Energy Reviews, 16(I), 293-305. DOI：10.1016/j.rser.2011.07.155Shrimaili, G., Tirumalachetty, S., & Nelson, D. (2012). Falling Short: An Evaluation of the Indian Renewable Certificate Market. Indian School of Business, Climate Policy Initiative. Hyderabad: CPI-ISB.Sotos, M. (2015). Greenhouse Gas Protocol Scope 2 Guidance. USA：World Resources Institute.Tian, T., Liu, C., O’Shaughnessy, E., Mathur, Shivani., Holm, Alison., Miller, J. (2016). Midmarket Solar Policies in the United States: A Guide for Midsized Solar Customers. Golden, CO (United States): National Renewable Energy Laboratory. Technical Report. NREL/TP-6A20-66905. Page.6.http://www.nrel.gov/docs/fy16osti/66905.pdf.UNEP. (2016). UNEP Guide for Energy Efficiency and Renewable Energy Laws. Kenya：United Nations Environment Programme (UN Environment). Page.128.Weber, C. (2010). Adequate intraday market design to enable the integration of wind energy into the European power systems. Energy Policy, 38(7), 3155–3163. DOI：10.1016/j.enpol.2009.07.040Winther, T., & Ericson, T. (2013). Matching policy and people? Household responses to the promotion of renewable electricity. Energy Efficiency, 6(2), 369–385. DOI: 10.1007/s12053-012-9170-x. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000519 en_US
