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Renewable Portfolio Standard, Renewable Power Generation, and Innovating by Doing Yuxi Meng Energy Management and Policy Program The Pennsylvania State.

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Presentation on theme: "Renewable Portfolio Standard, Renewable Power Generation, and Innovating by Doing Yuxi Meng Energy Management and Policy Program The Pennsylvania State."— Presentation transcript:

1 Renewable Portfolio Standard, Renewable Power Generation, and Innovating by Doing Yuxi Meng Energy Management and Policy Program The Pennsylvania State University

2 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Renewable Portfolio Standard (RPS) RPS requires utilities to provide a certain quantity (percentage or megawatts) of power generated from the renewable energy sources. Secure energy supply and alleviate the crisis of climate change and environmental pollution Foster innovation and enhance competitiveness Improve local and regional benefit (e.g. job creation, economic development) 2

3 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing RPS and Renewable Innovation Comprehensive RPS policy evaluation 3 Renewable Market / Generation RPS Innovation Cost Learning by doing Innovating by doing

4 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Innovating by doing (IBD) Extension of learning by doing (LBD) Product and process innovation improvement as accumulated work experience Renewable technology innovation development as renewable power generation increased 4

5 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Questions The impact of RPS on renewable technology innovation Innovating by doing in renewable energy industry 5

6 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Data U.S., state level Panel data Time window: 1990 to 2008 RPS: 0/1 signal “Doing”: Renewable power generation “Innovating”: Renewable patent applications Wind power and solar PV 6

7 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Methodology 7 Innovating by doing RPS Renewable generation Renewable innovation Reduced form Two step

8 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Econometrics model Control variables – RPS related factors Tradability Penalty Qualification of energy efficiency technologies Market restructure – Other factors Electricity price Total power generation Other programs 8

9 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Specifications (two step test) 9

10 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Specifications (direct test) 10

11 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Renewable generation and RPS (Wind) (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESWindG RPS-4.658-180.2-57.31-28.97-184.8-59.59 (306.5)(460.6)(466.3)(325.0)(445.5)(446.6) RPS*notrade1,412**1,420**1,475**1,034***1,045**1,099*** (592.2)(587.1)(566.4)(371.6)(384.0)(371.6) RPS*tradition-697.4*-687.9*-678.2**-533.9*-527.1*-518.1* (367.3)(347.8)(333.1)(302.9)(292.4)(274.5) RPS*penalty54.9376.4348.8569.15 (68.71)(70.63)(60.88)(62.00) restructure85.84111.3 (159.8)(194.3) RPS*restructure-318.2-320.8 (291.2)(278.6) 11

12 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Renewable generation and RPS (Solar) 12 (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESSolarG RPS0.244-1.3573.9040.161-1.3723.494 (4.360)(2.813)(4.085)(4.318)(2.870)(3.909) RPS*notrade-8.103-8.025-4.123-9.349-9.238-5.164 (6.592)(6.651)(4.367)(7.821)(7.795)(5.160) RPS*tradition-0.390-0.3030.1230.1630.2300.589 (5.313)(5.476)(5.226)(5.067)(5.279)(5.123) RPS*penalty0.5011.9910.4811.965 (0.911)(1.512)(0.890)(1.475) restructure-4.600*-5.786* (2.651)(3.163) RPS*restructure-14.83*-13.93* (8.342)(7.868)

13 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Innovating by doing (Wind) (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESwind WindG0.0001840.0002220.0002640.0002480.0002850.000325 (0.000267)(0.000249)(0.000241)(0.000261)(0.000253)(0.000251) RPS-0.4220.610-0.234-0.4040.620-0.241 (1.203)(1.027)(1.353)(1.193)(1.046)(1.353) RPS*notrade4.7214.5674.1684.9984.8384.388 (5.499)(5.064)(4.465)(5.681)(5.234)(4.623) RPS*tradition1.6921.6941.6741.5811.5871.581 (1.455)(1.451)(1.436)(1.351)(1.367)(1.361) RPS*penalty-0.326-0.458-0.323-0.458 (0.471)(0.642)(0.471)(0.642) restructure-0.951-0.981 (0.822)(0.884) RPS*restructure2.1952.237 (2.748)(2.731) 13

14 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Innovating by doing (Solar PV) (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESPV_solar SolarG0.0132*** 0.0126***0.0134***0.0133***0.0125*** (0.00282)(0.00289)(0.00295)(0.00291)(0.00298)(0.00305) RPS0.2310.1860.1540.2370.1820.114 (0.563)(0.439)(0.416)(0.569)(0.443)(0.426) RPS*notrade-0.362-0.358-0.350-0.133-0.127-0.119 (0.472)(0.454)(0.478)(0.526)(0.503)(0.544) RPS*tradition-0.289-0.288-0.295-0.369-0.368-0.378 (0.342)(0.338)(0.337)(0.359)(0.356)(0.355) RPS*penalty0.01430.02060.01750.0247 (0.0680)(0.0623)(0.0695)(0.0653) restructure-0.217-0.365 (0.252)(0.293) RPS*restructure0.06890.156 (0.432)(0.467) 14

15 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Innovation and RPS (Wind) (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESwind RPS-0.4940.553-0.303-0.4640.559-0.381 (1.241)(1.044)(1.371)(1.229)(1.071)(1.381) RPS*notrade4.8024.7514.3895.2985.2244.857 (5.189)(4.848)(4.323)(5.587)(5.211)(4.679) RPS*tradition1.6341.5781.5111.4351.3911.323 (1.600)(1.545)(1.495)(1.422)(1.410)(1.378) RPS*penalty-0.328-0.469-0.321-0.461 (0.489)(0.670)(0.487)(0.666) restructure-0.724-1.009 (0.752)(0.925) RPS*restructure2.2012.384 (2.823)(2.803) 15

16 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Innovation and RPS (Wind) (1)(2)(3)(4)(5)(6) All statesRPS states VARIABLESPV_solar RPS0.3500.2500.4150.3520.2500.364 (0.468)(0.392)(0.356)(0.471)(0.393)(0.360) RPS*notrade-0.625*-0.620*-0.473-0.554-0.546-0.390 (0.337)(0.326)(0.336)(0.377)(0.361)(0.383) RPS*tradition-0.369-0.363-0.350-0.381-0.376-0.368 (0.298)(0.294)(0.288)(0.304)(0.302)(0.299) RPS*penalty0.03140.08730.03170.0878 (0.0641)(0.0549)(0.0650)(0.0547) restructure-0.277-0.447 (0.284)(0.327) RPS*restructure-0.485-0.371 (0.428)(0.434) 16

17 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Conclusion The design of RPS would significantly influence the renewable power generation adoption and development Current RPS policies encouraged the power generation of wind power more than solar PV Innovating by doing is significant on solar PV In general, RPS has no significant impact on renewable innovation 17

18 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Policy implications Solar add-on (carve-out) requirement Wind vs solar PV Policies for technologies in different stage of development 18

19 Renewable Portfolio Standard, Renewable Power Generation and Innovating by doing Thank you! Questions? yxm5040@psu.edu 19

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