【正文】
E lc e r t ific a t e ma r k e tS c e nar io 2 : Inv e s t me nt s up po r t r e gimeInv e s t me nt c ost (NO K) 1 8 9 5 8 8 0 0 0 1 8 9 5 8 8 0 0 0E qu ity (NO K) 3 7 9 1 7 6 0 0 4 7 3 9 7 0 0 0De bt financ e (NO K) 1 5 1 6 7 0 4 0 0 9 4 7 9 4 0 0 0Inv e s t me nt s up po r t 2 5 % of i nv e s t me nt na 4 7 3 9 7 0 0 0Ins t a ll e d c a pac ity 2 1 M W 2 1 M WA nn ual pow e r pr od uction ( M W h) 6 0 9 0 0 6 0 9 0 0E c on omic l ifetime 2 0 y e a r s 2 0 y e a r sInt e r e s t r a t e 5 ,5 0 % 5 ,5 0 %A nn ual i nf la t ion r a t e 2 ,5 0 % 2 ,5 0 %Inc ome t a x a t ion 2 8 % 2 8 %P r op e r t y tax 0 ,0 0 7 % 0 ,0 0 7 %De pre c ia t ions 1 5 % 1 5 %Re t urn on to t a l inv e s t me nt 1 1 ,7 0 % 9 ,9 0 %Re t urn on e qu ity 2 3 ,5 0 % 1 3 ,7 0 %Conclusions ? Properly adapted market based incentives with high ambition level for renewable energy may result in: – The most costefficient projects with lowest marginal cost will be developed first – Only the best projects will be developed – Higher return on investment for investors at the current maximum investent support level in the EU – 25 % – Renewable energy projects more petitive to fossile and nuclear power – In a market based power system, the elcertificate market will result in investments in new capacity, reducing the pressure for incr