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首页> 外文会议>Geothermal Resources Council annual meeting 2009 >Geothermal REC Contracts-Issues and Solutions in Today's Market
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Geothermal REC Contracts-Issues and Solutions in Today's Market

机译：地热REC合同-当今市场中的问题和解决方案

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Geothermal power plant developers are becoming increasingly aware of the renewable energy credit (REC) markets that have come into existence with the passing of more than two dozen state renewable portfolio laws (called Renewable Portfolio Standards, or RPS). In fact, the last two years has seen several new geothermal facilities come online, something our country hadn't seen in the prior two decades. Depending on the location of these new geothermal plants, the RECs they are generating are eligible into perhaps one, and sometimes more, of these state RPS markets. Geothermal developers are therefore facing a whole new set of issues associated with the sale of their output: valuat-ing the REC, including the REC in a long term power purchase agreement (or not), and the multiple liabilities associated with a long term contract.rnThis paper lays an informational foundation for geothermal developers facing these issues in their REC and power contracts. This presentation will cover the major issues that need to be dealt with in medium- and long-term REC purchase and sale contracts; as well as some of the solutions that participants have used to get past thorny problems. I will cover the major terms of a REC contract, including details on the risk and liabilities. I will also discuss in detail the pending Federal Renewable Portfolio Standard and the Federal REC that it will likely create, if such a law is passed. This new federal credit may play an important roll in the financing of new geothermal projects and must be addressed in any geothermal power contract. This presentation is for geothermal developers and anyone who is involved in REC contract negotiations.rnThe landscape for renewable energy has changed dramatically in the US in the last ten years, in large part because now morernthan two dozen states have passed laws that require load serving entities (LSEs) to source a minimum portion of their load from renewable sources. These laws, usually called a Renewable Portfolio Standard (RPS) (or sometimes Renewable Energy Standard, RES), usually also create and allow for the trading of a renewable energy credit (REC) for every MWh of power generated at an eligible facility.rnIn the last ten years, a patchwork of markets has developed across the United States where RECs are traded with varying degrees of liquidity, fungibility and value. The REC markets have developed something of a reputation for being complicated, opaque, and with in-transparent pricing and trading rules. Part of the problem is that each RPS (around 28 of them) has different renewable eligibility definitions, trading rules, LSE obligations, banking rules, and other market details. And yet there is enough similarity between some state RPSs that regional tracking and trading has evolved.rnThe REC markets present many challenges to geothermal developers. Many of the challenges are involved with these aforementioned issues and revolve around market entry strategies. However once a geothermal developer has approached the market, engaged a buyer, and is facing contract negotiations, a whole new set of issues crops up. These issues will be addressed in the paragraphs that follow.rnThe first problem to tackle is the multiple definitions of a REC, both from a legislative position as well as an individual counterparty contractual position. Second, I will give an overview of REC transactions and how they take place. Third we will cover the major elements of a REC contract, including some of the common problems and possible solutions. Lastly, I will talk about a national RPS and how that might affect the spreadsheets of new geothermal projects.
机译：地热发电厂开发商越来越意识到可再生能源信贷（REC）市场的建立，该市场已经通过了超过二十本州可再生能源投资组合法（称为可再生能源投资组合标准，简称RPS）。实际上，过去两年来已经有几个新的地热设施投入使用，这在过去的二十年中是我国从未见过的。根据这些新的地热发电厂的位置，它们产生的REC可能符合这些州RPS市场中的一个，有时甚至更多。因此，地热开发商面临着与产出销售相关的全新问题：对REC进行评估，包括长期电力购买协议（或不包括）中的REC，以及与长期合同相关的多重负债.rn本文为地热开发商在其REC和电力合同中面临这些问题奠定了信息基础。本演讲将涵盖中长期REC购买和销售合同中需要处理的主要问题；以及参与者用来解决棘手问题的一些解决方案。我将介绍REC合同的主要条款，包括有关风险和负债的详细信息。我还将详细讨论即将通过的联邦可再生能源投资组合标准和可能通过的联邦REC（如果通过了此类法律）。这种新的联邦信贷可能会在新的地热项目的融资中发挥重要作用，并且必须在任何地热发电合同中予以解决。本演讲面向地热开发商和参与REC合同谈判的任何人。rn过去十年中，可再生能源的格局在美国发生了巨大变化，这在很大程度上是因为现在有超过十二个州通过了要求负载实体的法律（LSE），以从可再生资源中获取最小负荷。这些法律通常称为可再生能源投资组合标准（RPS）（有时也称为可再生能源标准RES），通常还会创建并允许对合格设施产生的每MWh电力进行可再生能源信用（REC）交易。在过去的十年中，美国各地的市场错落有致，REC的流动性，可替代性和价值程度各不相同。 REC市场因其复杂，不透明以及不透明的定价和交易规则而闻名。问题的一部分在于，每个RPS（约28个）具有不同的可再生资格定义，交易规则，LSE义务，银行规则和其他市场详细信息。但是，某些州RPS之间有足够的相似性，因此区域跟踪和交易已经发展。REC市场对地热开发商提出了许多挑战。这些挑战涉及许多挑战，并且围绕市场进入策略。但是，一旦地热开发商进入市场，与买方接触并面临合同谈判，便出现了一系列新问题。这些问题将在以下各段中讨论。第一个要解决的问题是REC的多种定义，既有立法立场，也有个人交易对手的合同立场。其次，我将概述REC交易及其发生方式。第三，我们将介绍REC合同的主要内容，包括一些常见问题和可能的解决方案。最后，我将讨论国家RPS及其对新地热项目电子表格的影响。

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