Long term clean capacity auctions Sample Clauses

Long term clean capacity auctions. ‌ This is a system of long term generation capacity auctions, whereby support to a predefined amount of RES generation capacity of a certain technology to be installed (being the amount decided by authorities and the technology that, or those, that need to be supported to get mature) results from bids accepted in the auction. The marginal capacity bid accepted would be setting the price paid for each unit of generation capacity installed. Level of stability of RES revenues Revenues from the long term capacity auction only refer to complementary revenues required by RES promoters to decide to install new generation. Part of the revenues of RES generation would be earned in the rest of markets. Thus, the stability of revenues is medium. Level of correlation of RES prices with short term market ones (reflecting marginal costs) Short term revenues of RES operators fully coincide with those earned in short term markets, since revenues in the long term auction are predefined and should not be altered by operation decisions (only depend on the amount of capacity installed, though they may possibly evolve over time in a predetermined way). Thus, short term prices earned by RES are fully reflective of short term marginal supply costs. Are prices earned by RES generation computed in a market process? If not, are they determined administratively? Yes, they are, both in the long and the short term. Level of technology targeting Long term capacity auctions are normally called for specific technologies or for several of them to compete. Level of efficiency in the use of public funds Technology targeting increases the efficiency in the use of funds. Besides, being support provided through a market process, competition pressures drive support requested down. But uncertainty about market revenues in the short term may increase the cost of financing of investments, and therefore, increase support requested. The level of funds transferred to RES generation through long term auctions and other markets may be high. Normally, these would not come from the public budget, but they potentially could. Level of centralization of the process of computation of prices earned by RES generation Prices earned by RES generation (also those corresponding to support) are computed centrally in an auction, not in a decentralized manner through bilateral trade. These auctions may be national or European wide.
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