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Investor motives vs. policies to promote investments in renewable electricity production: match or mismatch?
Linköping University, Department of Management and Engineering, Project Innovations and Entrepreneurship. Linköping University, Faculty of Health Sciences.
Linköping University, Department of Management and Engineering, Project Innovations and Entrepreneurship. Linköping University, The Institute of Technology.ORCID iD: 0000-0003-1952-902X
2012 (English)In: Book of Abstracts: 3rd International Conference on Sustainability Transitions, 2012, 135-136 p.Conference paper, Oral presentation only (Other academic)
Abstract [en]

In accordance with the 20-20-20 targets set by the European Union in the climate and energy package (2009/28/EC), national policies aiming at increasing renewable electricity production have emerged among European countries. The tradable green certificate (TGC) is one of the policy instruments being used in e.g. Italy, the UK, Sweden and Norway, where the scheme was recently implemented. Previous literature has discussed the advantages and disadvantages of TGC systems, primarily from an economic efficiency point of view (del Rio, 2005; Fristrup, 2003; Lemming, 2003; Morthorst, 2000). However, very little has been said about their effect on investors’ decision to invest. In a recent working paper, we have demonstrated that investors in renewable electricity production are a heterogeneous group and argued that policy makers’ misconception of who actually invests in renewable electricity production may have important implications for the design of effective policies. In this paper, we focus on the triggers of different type of investors’ decisions to invest in renewable electricity production. Based on interviews with different types of investors in renewable electricity production, i.e. farmers, IPPs, diversified companies, project developers, sole traders, economic associations and public non-energy organizations, we show that for many types of investors, profit maximization is not the primary motive of the investment, and that financial incentives, such as TGC, have a limited effect on investment decisions. We therefore argue that different investor categories require different kind of incentives. Based on a multidimensional framework that includes entrepreneurship, innovation adoption and institutional aspects, we identify a number of investor-related variables, which should be considered by policy makers when designing future policies to promote investments in renewable electricity production. References: del Rio, P., 2005. A European-wide harmonised tradable green certificate scheme for renewable electricity: is it really so beneficial? Energy Policy 33, 1239-1250.Fristrup, P., 2003. Some challenges related to introducing tradable green certificates. Energy Policy 31, 15-19. Lemming, J., 2003. Financial risks for green electricity investors and producers in a tradable green certificate market. Energy Policy 31, 21-32. Morthorst, P.E., 2000. The development of a green certificate market. Energy Policy 28, 1085-

1094.

Place, publisher, year, edition, pages
2012. 135-136 p.
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:liu:diva-79427OAI: oai:DiVA.org:liu-79427DiVA: diva2:541666
Conference
IST 2012 - International Conference on Sustainability Transitions, 29-31 August, Copenhagen, Denmark
Projects
Nya investerare i förnybar elproduktion (NyEl)
Available from: 2012-07-21 Created: 2012-07-21 Last updated: 2016-09-06Bibliographically approved
In thesis
1. Entering renewable electricity production: An actor perspective
Open this publication in new window or tab >>Entering renewable electricity production: An actor perspective
2014 (English)Licentiate thesis, comprehensive summary (Other academic)
Abstract [en]

Although energy transition is considered one of the main challenges of our time, little attention has traditionally been paid to the actors participating in this transition, such as the producers of renewable electricity. Previous energy policy literature and policy- makers have assumed that these producers are incumbent actors of the current energy system, that is to say, large utilities producing both renewable and fossil-fueled electricity. In reality, new types of producers are entering the renewable electricity production market, without much (if any) previous experience in that industry.

This Licentiate thesis studies the new entrants of renewable electricity production in order to identify their motives, their responses to policies, and their ways of implementing their projects. This is conducted through the analysis of 37 cases of new entrants in Sweden. A theoretical background, a complete description of the methods, and an overall presentation of the findings are presented in the first part of the thesis, and in the second part of the thesis, four scientific papers studying the new entrants of renewable electricity production from complementary theoretical approaches are presented.

Results show that the new entrant group is heterogeneous in several ways. They have different motives, they are affected by different drivers and pressures, and they are faced with different challenges during their entry processes. Despite that, their share of investments represents the majority of those currently being made in renewable electricity production in Sweden. Based on these results, policy implications are drawn and, in particular, the need for policy-makers and energy policy literature to acknowledge the particularities of the new entrants is highlighted.

Place, publisher, year, edition, pages
Linköping: Linköping University Electronic Press, 2014. 70 p.
Series
Linköping Studies in Science and Technology. Thesis, ISSN 0280-7971 ; 1638
Keyword
Renewable electricity production, new entrants, energy transition, energy policy, innovation, entrepreneurship, institutional theory, innovation-­adoption, implementation
National Category
Engineering and Technology Economics and Business
Identifiers
urn:nbn:se:liu:diva-103319 (URN)10.3384/lic.diva-103319 (DOI)LiU-­‐TEK-­‐LIC 2013:172 (Local ID)9789175194356 (ISBN)LiU-­‐TEK-­‐LIC 2013:172 (Archive number)LiU-­‐TEK-­‐LIC 2013:172 (OAI)
Presentation
2014-01-17, ACAS, A-huset, Campus Valla, Linköpings universitet, Linköping, 13:15 (Swedish)
Opponent
Supervisors
Available from: 2014-01-16 Created: 2014-01-16 Last updated: 2017-12-13Bibliographically approved

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Mignon, IngridBergek, Anna

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