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1 List of presentations Study on Auctioning Mechanism for Wind Power in Vietnam Tobias Cossen, Head of Wind Project, MOIT/GIZ Energy Support Programme Analysis and consideration of an auctioning system for wind power in Vietnam (1) Dr. David Jacobs, IET International Energy Transition GmbH Analysis and consideration of an auctioning system for wind power in Vietnam (2) Dr. David Jacobs, IET International Energy Transition GmbH Consultation Workshop Hanoi, Thursday, March 15, 2018
2 Study on Auctioning Mechanism for Wind Power in Vietnam Tobias Cossen, Head of Wind Project, MOIT/GIZ Energy Support Programme Consultation Workshop Hanoi,
3 CONTENT 1. Vietnam wind market update 2. GIZ ESP to Wind Power Promotion in Vietnam 3. About the study 3
4 Vietnam s Wind Power Sector Update Targets Current Status ~ MW installed 4
5 GIZ ESP to Wind Power Promotion in Vietnam Sector-wide and multi-stakeholders approach to support Wind power development Knowledge and information sharing (e.g., Wind data, research) Transparent investment procedure and standardized procedures (e.g., Env- Socio Impact Assessment) Analyzing costbenefits of RE; calculation of encouraging levels of FITs for investment Better preconditions of the market Training and capacity building for all kinds of stakeholders Attractive environment for investment in Vietnamese wind power Thursday, March 15, 2018 To Fully exploit potential of Wind power in Vietnam 5
6 Study on Analysis and Consideration of an Auctioning system for Wind Power in Vietnam Expected outcomes Approach Overview of auctions benefits Partners Lead: MOIT EREA Implement: MOIT/GIZ Support to the Up-Scaling of Wind Power Project Mission Assist the Vietnamese Government in promoting the deployment of RE generally and of Wind Energy particularly through an assessment of the potential of auctioning as an support policy for Vietnamese wind power projects International expertise (international consultants + lesson learnt) Local participatory assessment (interviews + consultation workshop) and risks on the Wind power sector development Consideration on suitable application of Auction mechanism to Vietnamese wind power context Requirements and proposed roadmap for a successful implementation of an auction mechanism for Wind power in Vietnam 6
7 Objectives of the Consultation Workshop Reporting and presenting results of the study Discussion and opinions from different stakeholders Improving the report to submit to MOIT General introduction on Auctioning mechanism as a support policy to RE deployment Considerations focus on the Vietnamese wind power sector context Roadmap for Auctions application 1 Openly discussion All comments integrated and 1 considered 2 Viewpoints from every angle 2 Final version for MOIT s consideration 7
8 Thank you! Tobias Cossen Head of Support to the Up- Scaling of Wind Power Project MOIT/GIZ Energy Support Programme MOIT/GIZ Energy Support Programme 8
9 Analysis and consideration of an auctioning system for wind power in Vietnam (1) Dr. David Jacobs, IET International Energy Transition GmbH Consultation Workshop Hanoi,
10 CONTENT Auction mechanisms in general o o o Auctioning as an emerging support trend for RE deployment in the world Myths and dilemma of Auctions International examples and policy objectives MoIT/GIZ Energy Support Programme 10
11 Auctions as an emerging support trend for RE deployment in the world MoIT/GIZ Energy Support Programme 11
12 Auctions as an emerging trend in RE policies Increasing number of countries use auctions to support large-scale RE projects Number of countries with auctions: 6 in by mid-2016 Focus on large-scale RE projects MoIT/GIZ Energy Support Programme 12
13 Auctions as an emerging trend in RE policies Increasing number of countries use auctions to support large-scale RE projects MoIT/GIZ Energy Support Programme 13
14 Auctions as an emerging trend in RE policies Increasing number of countries COMBINE FITs and auctions Using auctions to set feed-in tariff rates Using auctions for emerging technologies (off-shore/near-shore wind) and FITs for onshore wind (mature technologies) Using auctions for large-scale projects and FITs for small scale projects MoIT/GIZ Energy Support Programme 14
15 Definition, Myths and Dilemma of Auction based Mechanisms MoIT/GIZ Energy Support Programme 15
16 Different Understanding of Term Auction The term auction is differently used in Vietnam and internationally: 1. Auction in the Vietnam context: o auction refers to the procurement of goods and services financed by the public budget (e.g. equipment auctioning or BOT projects), internationally referred to as public procurement. 2. Auction for renewables in the international context: o auction is understood as a publicly held bidding at which the highest/lowest bidders wins (usually based on price!); it usually results in a 20 year PPA Currently, there is no common understanding of the term auction in Vietnam ; This can lead to misunderstanding among stakeholders MoIT/GIZ Energy Support Programme 16
17 Auctions for RE versus auctions as part of wholesale markets 1. Auctions in wholesale electricity markets: o o o IPP will market a share of the produced electricity himself on the wholesale market Bidding based on marginal costs of power plants (i.e. operation and maintenance costs) Hourly products o Price will enable IPPs to recover small share of total project costs (e.g. 10% need to be sold in wholesale market, 90% via fixed prices) 2. Auctions for RE: o o o Bidding based on total installed costs of power plants (including capital costs, Fixed kilowatt-hour payment over 20 year lifetime Price has to enable IPPs to recover entire project costs (plus rate of return) MoIT/GIZ Energy Support Programme 17
18 Definition of renewable energy auctions Auction in the international context visualised MoIT/GIZ Energy Support Programme 18
19 Definition of renewable energy auctions Projects proposals are ordered according the price offered until the auctioned volume is reached Source: Ecofys/Aures Project MoIT/GIZ Energy Support Programme 19
20 International examples, objectives MoIT/GIZ Energy Support Programme 20
21 Policy Objectives related to RE Support Mechanisms Policy Objectives related to Renewable Energy Support Mechanisms 1. Control of RE deployment and planning 2. Low cost procurement of electricity 3. Low risk for investors 4. Low administrative complexity and costs 5. Moving towards competitive markets 6. Actor diversity MoIT/GIZ Energy Support Programme 21
22 Policy Objectives - FiT vs Auction Policy Objectives related to Renewable Energy Support Mechanisms FITs versus auction Implications for Vietnam 1. Control of RE deployment and planning Better control under auction Controlling the deployment of wind energy is currently not a primary objective in Vietnam. 2. Low cost procurement of electricity Lower cost under auctions Excessively high feed-in tariffs do not exist in the case of wind energy in Vietnam. 3. Low risk for investors Lower risk under FITs Risk reduction is crucial in emerging markets like Vietnam (FIT as appropriate mechanism). MoIT/GIZ Energy Support Programme 22
23 Policy Objectives - FiT vs Auction Policy Objectives related to Renewable Energy Support Mechanisms FITs versus auction Implications for Vietnam 4. Low administrative complexity and costs Lower complexity under FITs Higher administrative complexity and costs need preparation (training of staff and employment of new staff). 5. Moving towards competitive markets More competition under auctions Vietnamese electricity market is characterised by administratively determined prices; Feed-in tariffs fit into the overall policy framework. 6. Actor diversity More diversity under FITs Not a primary policy objective in Vietnam and therefore less relevant. MoIT/GIZ Energy Support Programme 23
24 Countries Analyzed (in-depth) Germany, China, South Africa MoIT/GIZ Energy Support Programme 24
25 Auction Design Elements Designing auctions: Trade-offs and dilemmas Pricing Determination: Pay-as-Bid versus Uniform Pricing Auction Format: Sealed Bid versus Descending Clock Auction Product Pre-qualifications Penalties and bid bonds Evaluation criteria: Price only versus multi-criteria Evaluation Process Additional auction design elements MoIT/GIZ Energy Support Programme 25
26 Thank you! Dr. David Jacobs Founder and CEO International Energy Transition GmbH Phone: MoIT/GIZ Energy Support Programme 26
27 Analysis and consideration of an auctioning system for wind power in Vietnam (2) Dr. David Jacobs, IET International Energy Transition GmbH Consultation Workshop Hanoi,
28 CONTENT Presentation of draft report content o o o o Background, Motivation and Objectives Methodology and Approach Auction Design Considerations and Potential Roles of Actors Recommendations and proposed Roadmap MoIT/GIZ Energy Support Programme 28
29 Background, Motivation and Objective MoIT/GIZ Energy Support Programme 29
30 Background Wind energy and targets in Vietnam National Power Development Plan VII (Decision No. 428/QD-TTg, dated 18 March 2016) has required the total wind power capacity to be increased from the current negligible levels (190 MW) to around MW by Vietnamese Government has been applying the FIT of 7.8 USct/kWh for wind power since Tariff level seems to be unprofitable to project developers and investors, resulted in very limited deployment of wind power in Vietnam until now MoIT/GIZ Energy Support Programme 30
31 Background Summary of Wind Power Project in Vietnam up to 2017 MoIT/GIZ Energy Support Programme 31
32 Motivation and Objective of Report Spread of auctions and applicability for Vietnamese context Motivation: Many countries around the world have implemented auction in the recent years Objective: Assist the Vietnamese Government in promoting wind power deployment, assessing the implementation of auctions in the Vietnamese context MoIT/GIZ Energy Support Programme 33
33 Methodology and Approach MoIT/GIZ Energy Support Programme 34
34 Methodology and Approach Interviews for report Internationa l Project Developers Regulator Local Project Developers World Bank INPUT TO REPORT EVN Provincial Authorities Local Bank MoIT/GIZ Energy Support Programme 36
35 Auction Design and Potential Roles of Actors MoIT/GIZ Energy Support Programme 37
36 Location neutral versus location specific auctions Location neutral auctions are standard design (most countries) Lower complexity for government Higher risk for investors Project developers need to calculate the following cost components and the related risks Cost for wind measurements Land acquisition costs Grid connection or grid upgrade costs Cost related to administrative procedures Equipment costs (including capital costs for finance) Operation and Maintenance costs Decommissioning costs MoIT/GIZ Energy Support Programme 38
37 Location neutral versus location specific auctions Location specific auctions can lower prices further Government or local authorities will predefine and then preselect the land on which projects will be developed Higher complexity for government (pre-development) Lower risk for investors Project developers need to calculate the following cost components and the related risks Cost for wind measurements Land acquisition costs Grid connection or grid upgrade costs Cost related to administrative procedures Equipment costs (including capital costs for finance) Operation and Maintenance costs Decommissioning costs MoIT/GIZ Energy Support Programme 39
38 Location neutral versus location specific auctions Advantages of Location Neutral Auctions Disadvantages of Location Neutral Auctions Fast deployment: Large number of project developers Higher risk for project developer (especially in less mature markets) MoIT/GIZ Energy Support Programme 40
39 Location neutral versus location specific auctions Advantages of Location Specific Auctions Disadvantages of Location Specific Auctions Risk reduction for project developers Delayed deployment (preparation of site by government entities usually takes longer than preparation by private sector) Lower auction results since costs are partially covered during site-preparation process High burden for administration (staff and budget required to pre-develop sites) Advantageous in case that land is already owned by the State Already privately developed sites can no longer be used MoIT/GIZ Energy Support Programme 41
40 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of MOIT, MOF, MPI General Role Executive, providing for the promotional and administrative framework for the development of wind power in Vietnam Required Changes, Burden & Risks through the Introduction of an Auction Regime Responsibility for decision when change of support scheme from FIT to auctions is most appropriate Decision on design parameters of future auction regime Proposal for the selection of future competent auction body Responsibility for suggestions and partly for the streamlining of existing administrative procedures for wind power (Federal level) Management of National Power Development Plan Coordination with Provinces, grid operators & future auction body Co-responsibility for grid planning (with EREA & EVN) MoIT/GIZ Energy Support Programme 42
41 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of EVN General Role Unbundled, state-owned utility & transmission system operator and through its subsidiaries also distribution system operator, off-taker Required Changes, Burden & Risks through the Introduction of an Auction Regime Co-responsibility for grid planning (with EREA & MOIT), grid reinforcement & grid enlargement, required for location-specific and/or location-neutral auctions Signing of standardised PPA with future selected wind power project of an auction regime At the same time, beneficiary of the auction support scheme as utility, operating renewable energy projects. MoIT/GIZ Energy Support Programme 43
42 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of ERAV General Role Regulatory authority providing the technical framework for the wind power development. Also, responsible for the market liberalisation in Vietnam. Required Changes, Burden & Risks through the Introduction of an Auction Regime Potential auction body In case of selection as competent auction authority, takeover of additional administrative functions, staff increase & training requirements, performance of actual action process, provision of standard PPA for auctions MoIT/GIZ Energy Support Programme 45
43 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of Local Authorities (PPC, DOIT, DPI) General Role Responsible for the provincial administrative procedures and the provincial (wind) power development plans. Also, cooperation with grid operators for the grid planning. Required Changes, Burden & Risks through the Introduction of an Auction Regime Responsibility for the streamlining of existing administrative procedures for wind power (Provincial level) Responsibility for project appraising and licensing Management of Provincial Power Development Plans Coordination with MOIT, grid operators & future auction body INCREASE INCENTIVES: Revenue taxes directed to local level (e.g. 70%) MoIT/GIZ Energy Support Programme 46
44 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of Project Developers General Role Development of wind power projects Required Changes, Burden & Risks through the Introduction of an Auction Regime Higher development risks as under FIT, especially due to insecurity of auction selection process Management of existing challenges and barriers under the selected financial model for auction regime Risk of an insufficient estimation of required time and costs for project realisation, resulting in insufficient financial means Risk of project realisation delays or even project abortion due to delays in the administrative process or the grid connection process or existing market barriers MoIT/GIZ Energy Support Programme 47
45 Overview of Market Actors, their Roles, Burden and Risks under a future Auction Regime The Future Role of Investors & Banks General Role Financing of wind power projects Required Changes, Burden & Risks through the Introduction of an Auction Regime Application of new business models for wind power projects under an auction regime Reassessment of financing criteria under new support scheme (risk assessment) MoIT/GIZ Energy Support Programme 48
46 Recommendations and proposed roadmap MoIT/GIZ Energy Support Programme 49
47 Pre-Requisites for a Successful Shift to Auctions Pre-Requisites for a Successful Shift to Auctions 1. A sufficiently large national market size annual deployment (e.g. 1 GW or more) Size of projects (e.g. 100 MW-1GW) 1. A high level of competition Number of actors Interest of international project developers 1. A mature market and policy framework 1. Clarity about long-term market development stable and transparent policy framework Streamlined process and knowledge about cost factors (e.g. wind resources, grid connection, admin costs, etc.) Long-term targets MoIT/GIZ Energy Support Programme 50
48 Pre-Requisites for a Successful Shift to Auctions Pre-Requisites for a Successful Shift to Auctions A sufficiently large national market size A high level of competition A mature market and policy framework Clarity about long-term market development Implications for Vietnam The wind market in Vietnam is still relatively small. Up to now, just slightly below 200 MW of capacity were installed under the FIT mechanism. Also, the average project size is relatively small. A larger scale market in Vietnam would lead to more competition and lower prices. Due to several reasons, the wind power market in Vietnam is still dominated by a limited number of actors. There is still limited interest from international investors, partially because of the limited creditworthiness of EVN and the difficulty to make projects bankable. A higher level of competition in Vietnam would lead to lower prices in future auction rounds. In Vietnam, several wind project developers have stated that there are still no standardised and streamlined processes when it comes to wind power development. It is therefore highly recommended to streamline all administrative process (including clear grid connection procedures) in Vietnam before the introduction of an auctionbased mechanism. Vietnam has taken a first important step by defining wind energy deployment targets until the year However, longer term targets up to 2050 would give an even clearer sign to the international wind energy community and might also enable Vietnam to harness socio-economic benefits MoIT/GIZ Energy Support Programme 51
49 Pre-Requisites for a Successful Shift to Auctions China South Africa Germany Vietnam 1 National market size Large Large Large Small 2 The level of competition High High High Low 3 Maturity of market and policy framework High Medium High Low 4 Long-term market development Long-term Mid-term Long-term Mid-term MoIT/GIZ Energy Support Programme 52
50 Central Action Complexes for Reducing the Cost of Wind Power in Vietnam Three primary ways to reduce cost of RE and wind energy in Vietnam Streamlined administrative processes Clear and transparent grid connection and grid infrastructure Creditworthiness of EVN and PPA design MoIT/GIZ Energy Support Programme 53
51 Central Action Complexes for Reducing the Cost of Wind Power in Vietnam Streamlined administrative processes Identified Challenges Insufficiently standardized development paths & complexity of administrative process & inexperience of developers Power development plans Required Actions to address Barriers Take advantage of the existing analysis of the Wind Investment Guidelines to identify existing shortages Publish clear, easy to access and easy to perform development paths, including timelines and a list of authorities Promote the information nationally and internationally e.g. through an official information portal Reform of the current planning law Government already initiated here reform plan, promising initiative Land securing Change of the material pre-qualifications for developers under an auction regime in regards to the land acquisition Memorandum of understanding as a sufficient requirement to participate in the auction Prove of performance of the land acquisition within a delay of 12 months after actual signing of the offtake-agreement MoIT/GIZ Energy Support Programme 54
52 Central Action Complexes for Reducing the Cost of Wind Power in Vietnam Clear and transparent grid connection and grid infrastructure Identified Challenges Required Actions to address Barriers Grid capacity & grid connection Re-assessment of the existing grid planning in regards to the targeted renewable capacities Provision of first hand online information on the grid situation, the available grid connection points and the grid capacity Where detailed information cannot be shared, at least indication of the grid situation through a traffic light system Grid planning Close collaboration of MOIT and the grid operators for the introduction of an auction system and the required grid capacity Start with location-specific auction model advised to limit reinforcement and enlargement requirements for grid operators Parallel grid planning for location-neutral auction in the future Virtual saturation of power development plan Application of a milestone approach to identify genuine projects and adapt grid planning to real conditions MoIT/GIZ Energy Support Programme 55
53 Central Action Complexes for Reducing the Cost of Wind Power in Vietnam Creditworthiness of EVN and PPA Design Identified Challenges Required Actions to address Barriers Improving the creditworthiness of offtaker Thorough analysis of factors for low credit rating of EVN to address shortcomings Assessment and potential implementation of measures to increase the financial health of EVN, thus improving its creditworthiness (a) including short term measures such as Escrow account arrangements to cover payment risk, more transparency in EVNs accounting, etc. (b) including structural measures such as the implementation cost-reflective electricity rates, reduction of subsidies in the electricity sector, improvement of least-cost electricity system planning, etc). Adjustment of PPA Design Evaluation is state warranty for the EVN PPA could be provided or alternatively guarantees from international donors Indexing PPA payments to future inflation, e.g. consumer price index or CPI Currency risk mitigation through denominating renewable energy contracts in international currencies MoIT/GIZ Energy Support Programme 56
54 Roadmap for Wind Auction Implementation The introduction of an auction regime for wind power projects in Vietnam therefore appears only advised after an extension of the operation period of the current FiT model to a horizon 2022/2023. MoIT/GIZ Energy Support Programme 57
55 Roadmap for Wind Auction Implementation Preparation period Steps Streamlining of administrative procedures Estimated implementing time This is a longer-term process (approximately 3 years) and should be started as soon as possible. It can run in parallel to addition steps of the preparation phase. Streamlining of grid connection (clear and transparent grid connection and infrastructure) This is a longer-term process (approximately 3 years) and should be started as soon as possible. It can run in parallel to addition steps of the preparation phase. Creditworthiness of the offtaker and PPAs This is a longer-term process (approximately 6 years) and should be started as soon as possible. It can run in parallel to addition steps of the preparation phase. Establishment of auction agency and training of personnel At least 1 year is required to first identify and establish the authorized agency then train its personnel. MoIT/GIZ Energy Support Programme 58
56 Roadmap for Wind Auction Implementation Transition period Steps Adjustment of FIT policy Estimated implementing time It is applied for projects approved to be developed in the end of the existing FITs but need time to develop/ construct before the auctions applied. Implementation of Tariff Degression MoIT/GIZ Energy Support Programme 59
57 Roadmap for Wind Auction Implementation Transition period Steps Adjustment of FIT policy Estimated implementing time It is applied for projects approved to be developed in the end of the existing FITs but need time to develop/ construct before the auctions applied. Implementation of Location-Specific Tariffs Annual duration of reference operating time Tariff for the first ten years of operation ( cent/kwh) Tariff for the following five years of operation ( cent/kwh) 2400 hours and less Between 2400 and Linear interpolation hours 2800 hours Between 2800 and Linear interpolation hours 3600 hours and more MoIT/GIZ Energy Support Programme 60
58 Roadmap for Wind Auction Implementation Transition period Preparation for Location Specific Auctions Steps Selection and prepare of land Wind measurements Grid extension to the selected plot of land Estimated implementing time Selecting and potentially buying the land can be rather time consuming (typically 1 year or longer). In order to make a wind project bankable, on-site wind measurements of at least 1 year are necessary. Grid expansion can take place in parallel to on-site wind measurements and might take 1 year or longer. MoIT/GIZ Energy Support Programme 61
59 Roadmap for Wind Auction Implementation Transition period Steps Preparation of detailed auction design (including white paper) Estimated implementing time Determination of all design features Publication of White Paper and consultation with Industry. Preparing the detailed auction design and reaching agreement between all involved agencies and ministries can take 1 year. Pricing Determination: Pay-as-Bid versus Uniform Pricing Auction Format: Sealed Bid versus Descending Clock Auction Product Pre-qualifications Penalties and bid bonds Evaluation criteria: Price only versus multi-criteria Evaluation Process Additional auction design elements MoIT/GIZ Energy Support Programme 62
60 Roadmap for Wind Auction Implementation Pilot period for location-specific auctions Steps Publication of Auction design white paper Feedback from industry on White paper and integration of comments Running a pilot auctions for testing purposes Assessment of pilot auctions and potential modifications Estimated implementing time The White Paper can be used as the basis for a consultation process. The consultation process approximately takes 3 months. Feedback resulting from the public consultation process should be included in the final auction design. For this step, approximately 3 months are required. Pilot auctions for testing purposes. Running one or two pilot auctions should take at least six months (up to one year, depending on the timing of auctions and institutional capacity to evaluate bids and select winning bidders). Assessing auction, administrative handling; Potentially reviewing auction design. For this step, approximately 6 months are required. MoIT/GIZ Energy Support Programme 63
61 Transition Period Required Hasty shift from one support mechanism to another can negatively affect market development The transition should reflect the time period required for project development (avoid stranded costs for project developers that have already started to develop a wind project ) during the transition period, the old FIT program will no longer be available for new projects MoIT/GIZ Energy Support Programme 64
62 Transition Period Required Examples of transition periods: The UK and Germany MoIT/GIZ Energy Support Programme 65
63 Roadmap for Wind Auction Implementation Auction Mechanism Implementation Steps First auction round Call for proposals First auction round Selection of bids First auction round signing of PPAs Estimated implementing time The call for tenders can start with a Request for Qualification (RfQ) process (interested bidders need to prove that certain financial or material qualifications are fulfilled). The RfQ window is usually open for one month. Next, a Request for Proposals (RfP) is issued by the responsible government agency. Interested project developers usually have six months to submit their proposals. Bids need to be carefully assessed, checking pre-qualification criteria, price and potential other selection criteria. This step takes 3 to 6 months. The off-taker will sign Power Purchase Agreements (PPA) with the wind project developers (standardized PPA ). After signing the PPA the project developers can bring the project to financial closure and start building the wind park. Typically, an additional 3-4 years pass between singing of the PPA and connecting the completed wind park to the grid. MoIT/GIZ Energy Support Programme 66
64 Roadmap for Wind Auction Implementation Proposed Roadmap for Auction Implementation in Vietnam MoIT/GIZ Energy Support Programme 67
65 Thank you! Dr. David Jacobs Founder and CEO International Energy Transition GmbH Phone: MoIT/GIZ Energy Support Programme 68
66 Backup Slides: Auction Design Features MoIT/GIZ Energy Support Programme 69
67 Auction Design Elements Crucial Elements for the Detailed Design of Wind Auctions in Vietnam Pricing Determination: Pay-as-Bid versus Uniform Pricing Auction Format: Sealed Bid versus Descending Clock Auction Product Pre-qualifications Penalties and bid bonds Evaluation criteria: Price only versus multi-criteria Evaluation Process Additional auction design elements MoIT/GIZ Energy Support Programme 70
68 Core Auction Design Features Pricing Methodology Pay-as-Bid: bidders obtain their actual bidding price Minimize costs Take resource variations into account Uniform pricing: price of the last bid accepted that was set out by the auction agency so as to reach the targeted capacity called the clearing price defined the price for all winning bidders Avoid winner s curse MoIT/GIZ Energy Support Programme 71
69 Core Auction Design Features Auction format Sealed Bid Simple design ceiling price? Each bidder writes down a single bid which is not disclosed to other bidders and the most competitive bidders win ( pay as bid ). Descending Clock Multi-round bid Auctioner starts with a high price and then calls out successively lower prices until quantity offered and quantity required match! MoIT/GIZ Energy Support Programme 72
70 Core Auction Design Features Descending Clock Auctions /MWh First round Second round Bidder 1 Bidder 2 Bidder 3 Third round GWh MoIT/GIZ Energy Support Programme 73
71 Core Auction Design Features Auction Product kilowatt-hour prices ( /kwh) price for the installed capacity ( /kw) MoIT/GIZ Energy Support Programme 74
72 Core Auction Design Features Pre-qualifications Prequalification requirements for auctions important for project realization rate! Material pre-qualifications Financial pre-qualifications Grid access and connection Securitization of land Bid bonds Demonstrate financial strength Contracts for equipment Project finance track-record Permits MoIT/GIZ Energy Support Programme 75
73 Core Auction Design Features Penalties and bid bonds Central elements to ensuring a successful bidding process are penalties to avoid underbidding and underbuilding. Bid bonds can be thought of as an upfront deposit that is required prior to the bidding stage to assure and confirm a developers means to actually go through with the project should it be awarded. It is usually refunded when a developer does not receive the contract, or once the contracts are signed. MoIT/GIZ Energy Support Programme 76
74 Core Auction Design Features Penalties and bid bonds Bid Bonds and similar Penalties for Wind Energy in selected Countries Bid bonds as part of pre-qualification requirements? Brazil Yes First: 1% of project costs Second: 5% Denmark (offshore- Anholt) Yes Between 13.4 and 53.7 million depending on timing of delay Germany (EEG 2017) Yes 30 /kw Italy (lowest bid auction) Yes 5% of estimate investment costs upon application; 10% thereafter Netherlands No Other Penalties Termination of contract after 12 months delay. Other penalties for deficient or overproduction once plant is connected. Support reduction No FIP will be reduced by 0.5% per month of delay. After 24 months, the FIP is withdrawn and the bid bond is withheld. Exclusion from SDE+ for three years, or a financial penalty of 10% project value for projects >400M MoIT/GIZ Energy Support Programme 77
75 Core Auction Design Features Penalties and bid bonds Penalties for failure to fulfil awarded contracts No (or only partial) payback of bid bonds or construction bonds; Completion bonds Reduction of tariff payment levels/payment period Exclusion from next auction round Define maximum lead times for each project phase MoIT/GIZ Energy Support Programme 78
76 Core Auction Design Features Evaluation criteria: versus Price only Lowest bids/prices Primary objective of auctions Multi-criteria Additional selection criteria usually reflect additional policy objectives: Job creation Local content Locational incentives Etc. MoIT/GIZ Energy Support Programme 79
77 Core Auction Design Features Evaluation Process Committees for selecting projects to avoid fraud and corruption selection committee has considerable discretion in selecting one project or another in multi-criteria auctions (establish point-based criteria) MoIT/GIZ Energy Support Programme 80
78 Core Auction Design Features Other Design Considerations Clear determination of typical realization period and milestone Frequency of auction rounds? Technology neutral versus technology-specific auctions? Upper or lower limit on project size? Upper or lower limit on prices? MoIT/GIZ Energy Support Programme 81
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