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首页> 外文期刊>Energy Policy >Examining the impacts of Feed-in-Tariff and the Clean Development Mechanism on Korea's renewable energy projects through comparative investment analysis
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Examining the impacts of Feed-in-Tariff and the Clean Development Mechanism on Korea's renewable energy projects through comparative investment analysis

机译：通过比较投资分析，研究上网电价补贴和清洁发展机制对韩国可再生能源项目的影响

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摘要

Renewable energy projects in Korea have two avenues that provide subsidies to increase their financial viability. Feed-in-Tariffs (FITs) offer cost based prices for renewable electricity to compete with conventional energy producers. The Clean Development Mechanism (CDM) issues certified emission reduction (CER) credits that generate additional revenues, enhancing renewable projects' return on investment. This study investigated how these subsidies impact the financial returns on Korea's CDM projects. An investment analysis was performed on four cases including solar, hydropower, wind and landfill gas projects. Revenues from electricity sales, FITs and CERs were compared using financial indicators to measure their relative contributions on profitability. Results indicate that CDM is partial towards large scale projects with high emission reductions. Moreover, conflicts with FIT schemes can deter small scale, capital intensive projects from pursuing registration. The analysis highlights CDM's bias for particular project types, which is in part due to its impartiality towards carbon credit prices. It also reveals that Korea, a key benefactor of CDM, is susceptible to such biases, as demonstrated by the disproportionate distribution of issued CERs. Improving incentives for bundled, small scale projects, CER price differentiation, and excluding domestic subsidies during additionality testing are proposed as possible reforms.
机译：韩国的可再生能源项目有两条途径可以提供补贴，以提高其财务可行性。上网电价（FIT）提供基于成本的可再生电力价格，以与传统能源生产商竞争。清洁发展机制（CDM）发行经认证的减排量（CER）信用额度，从而产生额外的收入，从而提高了可再生能源项目的投资回报率。这项研究调查了这些补贴如何影响韩国CDM项目的财务收益。对四个案例进行了投资分析，包括太阳能，水电，风能和垃圾填埋气项目。使用财务指标比较了电力销售，FIT和CER的收入，以衡量它们对盈利的相对贡献。结果表明，清洁发展机制属于大规模减排量较大的项目。此外，与信托基金计划的冲突会阻止小规模，资本密集型项目进行注册。分析强调了CDM对特定项目类型的偏见，部分原因是其对碳信用价格的公正性。这也表明，作为清洁发展机制的主要受益者的韩国，很容易受到这种偏见的影响，已发行核证减排量的不均衡分布证明了这一点。提议对捆绑的小型项目，CER价格差异化以及在额外性测试期间排除国内补贴的激励措施作为可能的改革措施。

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