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    Title: 臺灣再生能源憑證於自願性市場之流動性分析
    Liquidity in Voluntary Market of Taiwan Renewable Energy Certificate
    Authors: 劉偉宏
    Liu, Wei-Hung
    Contributors: 高永光
    Kao, Yuang-Kuang
    劉偉宏
    Liu, Wei-Hung
    Keywords: 能源屬性證書
    再生能源憑證
    躉購費率制
    再生能源配額制
    流動性分析
    Energy Attribute Certificate
    Renewable Energy Certificate
    Feed-in Tariff
    Renewable Portfolio Standard
    Liquidity analysis
    Date: 2020
    Issue Date: 2020-07-01 13:56:41 (UTC+8)
    Abstract: 本研究以臺灣再生能源憑證(T-REC)機制為主軸,去探討政府自2017年推行T-REC後,其市場流動性及績效表現。依據市場價格及各國採用的能源政策工具對各類能源屬性證書(EAC)自願性交易市場做統計分析,以了解T-REC市場的流動性及其績效表現在國際市場上的位置。本研究目的為提高T-REC市場流動性,對再生能源業者而言,這將有利於業者提升T-REC收益並發展再生能源,再生能源業者投資的意願也會增加;對政府而言,因T-REC與躉購費率制度有替代效果,提高T-REC自願性市場流動性,可減緩政府支出於躉購費率制度的補貼,將有助於國家能源轉型。
    本研究以次級資料分析,研究對象包含亞洲、歐洲和國際再生能源憑證(I-REC)市場,資料以Shapiro-Wilk做常態性檢定後,以Mann–Whitney U檢定做市場流動性及績效表現的差異性檢測。本研究發現東亞市場(中、日、臺)與歐洲及印度市場相比時,在太陽能跟風力甚至是總體的EAC自願性市場表現上,市場間具有顯著性差異,東亞市場的認購率明顯較差;但在生質能類的EAC認購率則無統計上的顯著性差異。另外,躉購費率/溢價補貼制度確實會排擠EAC自願性市場的發展,且EAC市場價格確實與認購量具有顯著負相關。相信未來「用電大戶」條款的施行、躉購費率的調降及提升全民參與的能源轉型運動,對T-REC自願性市場流動性的改善都會有所幫助。
    This study based on Taiwan Renewable Energy Certificate (T-REC) mechanism to evaluate the performance and liquidity in voluntary market of the T-REC since the government implemented it in 2017. Through market prices and the energy policy tools adopted by various countries to make statistical analysis of various energy attribute certificates (EAC) voluntary trading markets for understanding the liquidity of the T-REC market and its performance in the international market. The purpose of this study was to improve the liquidity of the T-REC market. For renewable energy suppliers, improving the liquidity of the T-REC market will help them increase T-REC income as well as the willingness-to-invest for developing renewable energy. For the government, increasing T-REC's voluntary market liquidity can reduce government spending on subsidies for feed-in tariff (FIT) mechanism because T-REC and FIT have an alternative effect. Taiwan's energy transition will also benefit from improving the liquidity of the T-REC market. This study was based on secondary data analysis. The research objects included Asia, Europe and International Renewable Energy Certificate (I-REC) market.
    Normality of data was assessed through Shapiro-Wilk Test, which showed that data were not normally distributed. Therefore, Mann–Whitney U test was applied to test significance of difference in market liquidity and performance. This study found that when the East Asian market (China, Japan, Taiwan) was compared with the European and Indian markets, there were statistically significant difference in the churn rate of wind energy, solar photovoltaic (PV) energy and the overall EAC. The churn rate in the East Asian market was significantly worse than European and Indian markets. Nevertheless, there was no statistically significant difference in the churn rate of biomass energy between two EAC markets. Second, the FIT/FIP mechanism would indeed squeeze the development of the EAC voluntary market. Third, the EAC market price had a significant negative correlation with the EAC trading volume. This study recommended that the implementation of the Renewable Energy Development Act for "large electricity consumer", decline of the FIT rate, and citizen participation in the energy transition would help improve the liquidity of the T-REC voluntary market in the future.
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    Description: 碩士
    國立政治大學
    行政管理碩士學程
    103921003
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103921003
    Data Type: thesis
    DOI: 10.6814/NCCU202000519
    Appears in Collections:[行政管理碩士學程(MEPA)] 學位論文

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