Designing fair support schemes for renewable electricity
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In this research, we develop a methodology to efficiently set FiT levels, e.g., how high a FiT guaranteed price or a FiT premium should be. We also compare different FiTs and identify the most appropriate designs under varying levels of risk appetite (or aversion) for both investors and consumers. We consider the aforementioned flat-rate and premium FiTs as well as FiTs that divide the risk between investors and consumers. A case study for the Irish electricity market is considered as part of the analysis.