Options for Trading of Electricity Savings in Shanghai

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1 Options for Trading of Electricity Savings in Shanghai Shanghai Economic and Information Technology Commission 28 July 2014 Dr David Crossley, Senior Advisor The Regulatory Assistance Project 睿 博 能 源 智 库 China European Union India United States

2 About RAP The Regulatory Assistance Project (RAP) is a global, non-profit team of experts that focuses on the long-term economic and environmental sustainability of the power and natural gas sectors. RAP has deep expertise in regulatory and market policies that: Promote economic efficiency Protect the environment Ensure system reliability Allocate system benefits fairly among all consumers Learn more about RAP at Dr David Crossley

3 Agenda 1. What should be traded? 2. Options for trading electricity savings 3. Establish an electricity savings obligation scheme 4. Establish a capacity market 5. Establish trading of quotas for peak grid capacity and peak energy 6. Comparing the options 3

4 What Should Be Traded? 4

5 What Should Be Traded? Two possibilities for trading electricity savings: grid capacity savings measured in kilowatts (kw); and/or energy savings measured in kilowatt-hours (kwh) In theory, both grid capacity savings and energy savings can be traded 5

6 Trading Energy Savings Trading of energy savings is straightforward There are standard methods and protocols for measuring and verifying energy savings Successful schemes for trading energy savings are operating in many jurisdictions around the world This international experience will make it relatively easy to establish an energy savings trading scheme in Shanghai Revenue from trading energy savings will provide an immediate incentive for end-users to reduce or shift their peak loads 6

7 Trading Grid Capacity Savings (1) Trading of grid capacity savings is more problematic Grid capacity savings are very specific in relation to the time when they occur To reduce overall stresses on the grid, load reductions must occur at or close to the time of peak load Grid capacity savings are also specific in relation to the geographic location where they occur To reduce localized stresses on particular sections of the grid, load reductions must occur at locations where the grid is constrained 7

8 Trading Grid Capacity Savings (2) 8

9 Trading Grid Capacity Savings (3) The benefit derived from a given quantity of grid capacity savings can vary depending on the time and the location at which the load reduction occurs Consequently, assigning monetary values to grid capacity savings for trading purposes can be difficult 9

10 Recommendation The scheme for trading of electricity savings in Shanghai should be designed to trade both the energy savings and the grid capacity savings that result from electricity end-users reducing their peak loads 10

11 Options for Trading Electricity Savings in Shanghai 11

12 Options for Trading Electricity Savings 1. Establish an electricity savings obligation scheme 2. Establish a capacity market 3. Establish trading of quotas for peak grid capacity and peak energy 12

13 Establish an Electricity Savings Obligation Scheme 13

14 What are EEO Schemes (1)? The electricity savings obligation scheme proposed for Shanghai is similar to energy efficiency obligation (EEO) schemes in other jurisdictions Under EEO schemes, governments require obligated parties to meet quantitative energy saving targets Obligated parties meet their targets by delivering or procuring eligible energy savings produced by implementing approved end-use energy efficiency measures 14

15 What are EEO Schemes? (2) Currently, there are about 50 EEO schemes in operation worldwide Some EEO schemes allow trading of energy savings among obligated parties, and sometimes between obligated parties and third parties who have also achieved savings, such as ESCOs Most trading of energy savings around the world takes place through EEO schemes 15

16 Generalised EEO Scheme Obligated parties surrender energy savings to meet their obligations Government sets energy saving target(s) and imposes obligations No trading Obligated parties implement energy efficiency measures Obligated parties purchase energy savings from other obligated parties or from third parties Third parties implement energy efficiency measures 16

17 ESO Scheme for Shanghai (1) In most EEO schemes, governments place energy savings obligations on energy suppliers, such as electricity and gas utilities or grid companies In the Shanghai electricity savings obligation (ESO) scheme, the government would place obligations on end-users to save both grid capacity (kw) and energy (kwh) Particular electricity end-users would be obligated to achieve both grid capacity and energy savings to meet government targets Both energy efficiency and demand response measures could be used to achieve targets 17

18 ESO Scheme for Shanghai (2) Third parties, such as ESCOs, could also be allowed to achieve eligible savings Initially, savings would be owned by the party that achieved them Savings owned by obligated end-users in excess of their targets, or by third parties, could be traded Obligated end-users that were unable to meet their targets could purchase savings made by others End-users would surrender grid capacity and energy savings they owned to meet their targets 18

19 ESO Scheme for Shanghai (3) Obligated end-users surrender grid capacity and energy savings to meet their obligations Government sets grid capacity and energy saving targets and imposes obligations on end-users Obligated end-users implement energy efficiency and demand response measures Obligated end-users purchase grid capacity and energy savings from other obligated parties or from third parties Third parties implement energy efficiency and demand response measures 19

20 Establishing an ESO Scheme in Shanghai Establishing an ESO scheme in Shanghai would involve a number of steps Some steps would be taken by the Shanghai Government Others could be taken by the Government or by the private sector 20

21 ESO Scheme Government Actions (1) 1. Forecast the level of grid capacity savings (load reductions) required to meet the peak capacity requirement in the next peak season 2. Set overall targets for both grid capacity and energy savings at levels that meet the peak capacity requirement 3. Specify which electricity end-users are obligated to achieve grid capacity and energy savings 4. Allocate individual targets for grid capacity and energy saving to each obligated end-user The total of these individual targets would equal the overall grid capacity and energy targets 21

22 ESO Scheme Government Actions (2) 5. Determine the eligibility criteria for grid capacity and energy savings to contribute to the targets Such criteria could include the time of day and season when the savings occur and the geographic locations where the savings are achieved 6. Establish a measurement, reporting and verification system to ensure that grid capacity and energy savings claimed by end-users are actually achieved 22

23 ESO Scheme Government Actions (3) 7. Establish a tracking system for various characteristics of the grid capacity and energy savings Items tracked may include: the owner of the savings the time of day and geographical location where the savings were achieved the price paid when the savings are sold 23

24 ESO Scheme Government Actions (4) 8. Implement a compliance system: to determine whether obligated end-users meet their individual grid capacity and energy savings targets; and to impose a penalty on any end-users that fail to meet their targets 24

25 Government or Private Sector Actions 1. Launch one or more trading systems to facilitate the sale of grid capacity and energy savings Alternatively parties could arrange sales themselves through over-the-counter bilateral contracts 25

26 Recommendation The Shanghai Government should carry out a feasibility study to investigate establishing an electricity savings obligation scheme to enable trading of both grid capacity and energy savings among electricity end-users 26

27 Establish a Capacity Market 27

28 What is a Capacity Market? (1) A capacity market is an administrative market run by a system operator The system operator is the sole buyer in a capacity market and there is no trading among end-users The system operator may be an electricity utility, a dedicated organization, or even a government 28

29 What is a Capacity Market? (2) The system operator: calls for offers of peak load reductions (MW) to meet the forecast peak capacity requirement runs a competitive auction to establish capacity prices and other conditions then procures capacity resources at the market clearing price to meet the peak capacity requirement 29

30 What is a Capacity Market? (3) Capacity markets can be designed to meet capacity requirements over different time frames during specific times of the day and seasons in specific geographic locations Time frames range from frequency regulation over very short periods (less than 30 seconds) to planning resource adequacy several years ahead 30

31 What is a Capacity Market? (4) System operator calls for offers of load reductions to meet the forecast peak capacity requirement System operator purchases peak load reductions at competitive prices End-users submit offers of peak load reductions with price per MW plus other conditions System operator runs a competitive auction to establish prices and conditions 31

32 Capacity Market for Shanghai In Shanghai, the major requirement is to ensure resource adequacy at times of system peak during the summer and winter seasons The most appropriate capacity market design would be a forward capacity market that trades capacity resources in advance of the resources actually being needed In Shanghai the forward capacity market would procure grid capacity savings that can be guaranteed to be available during the peak seasons: in the required time frames during the required time of day and seasons in the required geographic locations 32

33 Establishing a Capacity Market in Shanghai In Shanghai, a forward capacity market would be operated by the Government, or possibly by the grid company Establishing the market would involve a number of steps 33

34 Actions to Establish a Capacity Market (1) 1. Forecast the level of grid capacity savings (load reductions) required to meet the peak capacity requirement in the next peak season 2. Issue a request for offers from end-users who can achieve grid capacity savings to meet the peak capacity requirement 34

35 Actions to Establish a Capacity Market (2) Offers should include: quantity of grid capacity savings offered (in MW) price per MW time frame for the load reductions time of day and seasons over which the capacity savings will be available geographic locations where the load reductions will be achieved 35

36 Actions to Establish a Capacity Market (3) 3. Assess all the offers from end-users, paying particular attention to whether the grid capacity savings are likely to be available in the time frame and when and where required 4. Purchase from end-users the required quantity of grid capacity savings to meet the peak capacity requirement 36

37 Recommendation The Shanghai Government should carry out a feasibility study to investigate establishing a forward capacity market to procure the required quantity of grid capacity savings to meet the peak capacity requirement for each peak season 37

38 Establish Trading of Quotas for Peak Grid Capacity and Peak Energy 38

39 Quota Trading for Shanghai (1) Under the 1995 Electricity Law, larger electricity endusers are required to have contracts with grid companies that define their maximum allowable demand (kw) and energy consumption (kwh) At present, only certain priority customers are provided with guaranteed ( firm ) supply Quota trading would build on these existing contractual arrangements All end-users would be able to obtain guaranteed quotas for grid capacity and energy consumption during peak load periods 39

40 Quota Trading for Shanghai (2) Quotas would include specifications that define the time of day when the grid capacity will be available and possibly also the geographic location End-users who achieved grid capacity and/or energy savings would then be able to trade excess quotas Excess quotas could be traded among end-users, either through a trading system or through overthe-counter bilateral contracts 40

41 Quota Trading for Shanghai (3) End users sell excess quotas to other end-users Government determines the total quantity of guaranteed peak grid capacity and peak energy consumption that can be allocated to end-users End-users may decide to implement energy efficiency and demand response measures to reduce the number of quotas they need Government allocates quotas of peak grid capacity and energy to individual end-users 41

42 Establishing Quota Trading in Shanghai Establishing a guaranteed quota system in Shanghai and enabling trading of these quotas would require a series of steps to be taken by the government, the grid company, and possibly by the private sector 42

43 Quota Trading Government Actions 1. Modify the existing orderly use of power annual planning process to forecast the total quantities of guaranteed peak grid capacity and peak energy consumption that can be allocated to end-users 2. Establish a method for allocating quotas to individual end-users Quotas could be: provided free of charge, or purchased by end-users at government auctions, or available through a mixture of free allocations and auctions 43

44 Government and Grid Company Actions 1. Establish a system that: records the transfer of quotas among endusers, and enables end-users who obtain quotas to draw additional load, and limits the load drawn by end-users who sell quotas 44

45 Government or Private Sector Actions 1. Launch one or more trading systems to facilitate the sale of quotas Alternatively parties could arrange sales themselves through over-the-counter bilateral contracts 45

46 Recommendation The Shanghai Government should carry out a feasibility study to investigate establishing a scheme to enable trading of quotas for peak grid capacity and peak energy consumption among electricity end-users 46

47 Comparing the Options 47

48 Importance of Forecasts (1) All three options depend on forecasts Both the ESO scheme and the capacity market depend on forecasts of the level of grid capacity and energy savings required to meet the peak capacity requirement in the next peak season The ESO scheme uses forecasts to set target levels for grid capacity and energy savings The capacity market uses forecasts to determine the quantity of grid capacity savings to procure 48

49 Importance of Forecasts (2) Quota trading uses forecasting to determine the total quantities of guaranteed peak grid capacity and peak energy consumption that can be allocated to end-users The success of all three options in avoiding peak season curtailments depends critically on the accuracy of the forecasts 49

50 Funding of Electricity Savings The three options differ in how electricity savings are funded In the ESO scheme and quota trading, end-users spend money to achieve load reductions or to purchases electricity savings achieved by others In the capacity market, the system operator directly purchases capacity savings from endusers 50

51 Procuring Electricity Savings The method of procuring electricity savings also varies In the ESO scheme, savings are achieved by obligated end-users to meet mandatory savings targets In quota trading, end-users voluntarily achieve savings and are then able to trade excess quotas In the capacity market, the system operator purchases savings offered voluntarily into the market by end-users 51

52 Probability of Success (1) The three options differ in the level of probability that they will meet the peak capacity requirement In the ESO scheme, the end-user electricity savings targets are mandatory so the scheme has a high probability of success provided that the total of the targets is set to equal or exceed the peak capacity requirement 52

53 Probability of Success (2) Quota trading also has a high probability of success, provided that the forecasts of guaranteed peak grid capacity and peak energy are lower than the available resources The capacity market has a lower probability of success because bidding of grid capacity savings into the market is voluntary and the total of the capacity savings offers may not exceed the peak capacity requirement 53

54 Resources RAP report on EEO schemes: RAP report on forward capacity markets: Also see the following webpage for RAP Chinese language publications: 54

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