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  • Study on the Feed-in Tariff Rates for Renewable Energy in Hong Kong Final Report

    Atkins Final Report | April 2018 | 5162154

    Table of contents

    Chapter Pages

    Glossary

    Abbreviations

    1. Executive summary 1 1.1. Review of FiT regimes in other jurisdictions 1 1.2. Determination of FiT rates for Hong Kong 3

    2. Feed-in Tariff Rates for UK 4 2.1. Reasoning for FiT introduction 4 2.2. FiT development and history 4 2.3. LCOE assumptions 5 2.4. Technologies and eligibility criteria 6 2.5. Adjustment of FiT rates and development caps 7 2.6. Current FiT rates 7 2.7. Benefits and drawbacks 10

    3. Feed-in Tariff Rates for Germany 11 3.1. Reasoning for FiT introduction 11 3.2. FiT development and history 11 3.3. LCOE assumptions 12 3.4. Technologies and eligibility criteria 12 3.5. Adjustment of FiT rates 13 3.6. Current FiT rates 13 3.7. Additional information 15 3.8. Benefits and drawbacks 15

    4. Feed-in Tariff Rates for Taiwan 16 4.1. Reasoning for FiT introduction 16 4.2. FiT development and history 16 4.3. LCOE assumptions 17 4.4. Technologies and eligibility criteria 17 4.5. Adjustment of FiT rates 17 4.6. Current FiT rates 17 4.7. Additional information 19 4.8. Benefits and drawbacks 20

    5. Feed-in Tariff Rates for Japan 22 5.1. Reasoning for FiT introduction 22 5.2. FiT development and history 22 5.3. LCOE assumptions 22 5.4. Adjustment of FiT rates 23 5.5. Technology and eligibility criteria 23 5.6. Current FiT rates 24 5.7. Additional information 25 5.8. Benefits and drawbacks 26

    6. Feed-in Tariffs for Australia 27 6.1. Reasoning for FiT introduction 27 6.2. FiT development and history 27 6.3. LCOE assumptions 28 6.4. Technologies and eligibility criteria 28 6.5. Adjustment of FiT rates 29 6.6. Current FiT rate 29

  • Study on the Feed-in Tariff Rates for Renewable Energy in Hong Kong Final Report

    Atkins Final Report | April 2018 | 5162154

    6.7. Additional information 29 6.8. Benefits and drawbacks 30

    7. Summary of reviews 31 7.1. FiT rates 31 7.2. Implementation and changes to FiT rates 32 7.3. Additional areas considered 35

    8. LCOE modelling 37 8.1. Model Requirements 38 8.2. Model Assumptions 38 8.3. Results 40 8.4. Sensitivities 41

    9. Payback period sensitivity analysis 42 9.1. Results for payback period set at 8 years 42 9.2. Results for payback period set at 12 years 42

    10. Conclusion 43 10.1. LCOE 43 10.2. Eligible Technologies 44 10.3. RE FiT rates and Tariffs 45

    11. References 46

    Tables Table 1-1 Ratio of initial FiT rate to residential tariff at the year of first launch for PV in the reviewed

    jurisdictions ................................................................................................................................ 1 Table 1-2 Summary of recommended lifespan by technology .................................................................. 2 Table 1-3 Summary of initial indicative FiT rates from LCOE modelling ................................................... 3 Table 2-1 Average1 FiT Rates on 1 April 2010 for technologies of interest ............................................... 4 Table 2-2 Technology Caps for FiT Rates in the UK ................................................................................. 7 Table 2-3 FiT Rates in the UK for the period 2017/18-2018/19 ................................................................. 8 Table 2-4 PV Export Tariff Rates - 2010 to present ................................................................................... 8 Table 2-5 Average FiT Rates for the period 2018/19 ................................................................................ 9 Table 2-6 Comparison of average FiT rates for the start of the period 2018/2019 against the current

    average residential tariff ............................................................................................................ 9 Table 3-1 Average1 FiT Rates for all technologies in 1991 ..................................................................... 11 Table 3-2 Maximum FiT Rates for PV Installations ................................................................................. 13 Table 3-3 FiT Rates for Other Renewable Energy Sources .................................................................... 14 Table 3-4 Average FiT Rates Converted into HK$ .................................................................................. 14 Table 3-5 Comparison of current average FiT rates against the current average residential tariff ......... 14 Table 4-1 FiT Rates for technologies of interest in 2010 compared against residential tariff .................. 17 Table 4-2 Current and Planned solar PV FiT rates .................................................................................. 18 Table 4-3 FiT Rates for other RES in 2018.............................................................................................. 18 Table 4-4 FiT Rates in Taiwan converted into HK$ ................................................................................. 18 Table 4-5 Comparison of average FiT rates for 2018 against the current average residential tariff ....... 19 Table 5-1 Comparison of Initial average1 FiT rates in 2012 against average residential tariff ................ 22 Table 5-2 Purchase Prices per kWh - Solar............................................................................................. 24 Table 5-3 Current Solar PV FiT Rates in HK$ ......................................................................................... 24 Table 5-4 Purchase Prices per kWh - Biogas .......................................................................................... 24 Table 5-5 Purchase Prices per kWh - Wind ............................................................................................. 24 Table 5-6 Comparison of 2018 purchase prices against the current average residential tariff ............... 25 Table 6-1 Initial FiT rates ......................................................................................................................... 27 Table 6-2 Summary of the components in the benchmark range (2017-18) ........................................... 28 Table 6-3 Solar PV Capacities Eligible for FiT in Australia ...................................................................... 28 Table 6-4 Current FiT rates for Australian states ..................................................................................... 29 Table 6-5 Current average FiT rates for Australia ................................................................................... 29 Table 7-1 Compiled FiT rates across reviewed jurisdictions presented in HKc ....................................... 31 Table 7-2 Ratio of initial FiT rates across reviewed jurisdictions to residential tariff compared to ratio of

    latest available FiT rate to residential tariff .............................................................................. 32 Table 7-3 Eligible Technologies for Jurisdictions Reviewed .................................................................... 34

  • Study on the Feed-in Tariff Rates for Renewable Energy in Hong Kong Final Report

    Atkins Final Report | April 2018 | 5162154

    Table 7-4 Summary of technology lifespan.............................................................................................. 35 Table 7-5 Summary of load factors (in percentage terms) ...................................................................... 36 Table 8-1 Description of considered cost components ............................................................................ 37 Table 8-2 Load factor assumptions .......................................................................................................... 39 Table 8-3 Base case LCOE model results ............................................................................................... 40 Table 8-4 Sensitivity - variable OPEX for CHP Biogas with a payback period of 10 years ..................... 41 Table 8-5 Sensitivity replacement CAPEX + 10% for payback period of 10 years ................................. 41 Table 9-1 Payback period set at 8 years ................................................................................................. 42 Table 9-2 Payback period set at 12 years ............................................................................................... 42 Table 10-1 Technical assumptions ............................................................................................................ 44 Table 10-2 Results of the base LCOE model (10-year payback period) ................................................... 44 Table 10-3 Eligible Technologies for Jurisdictions Reviewed .................................................................... 44 Table 10-4 Ratio of initial FiT rates across reviewed jurisdictions to residential tariff compared to ratio of

    latest available FiT rate to residential tariff .............................................................................. 45

    Figures Figure 4-1 Formula for calculating FiT of renewable energy .................................................................... 16 Figure 4-2 Distribution of PV project sizes in Taiwan (2011 - Q2:2014) ................................................... 20 Figure 5-1 Information from METI on change in power generation .......................................................... 25

  • Study on the Feed-in Tariff Rates for Renewable Energy in Hong Kong Final Report

    Atkins Final Report | April 2018 | 5162154

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