Purpose

This paper aims to provide investors’ views on financing costs and barriers to entry into the electricity generation sector, with a focus on investors’ views on potential impacts on cost of capital from adopting nodal pricing and financial transmission rights (FTRs). The implications for policymakers and policy reforms are also discussed in detail.

Design/methodology/approach

Survey-based data collection of investors and developers in electricity generation, consisting of multiple choice questions from a closed list of discrete choices, binary-choice questions, and questions with free-text/open-ended answers.

Findings

Across survey respondents, weighted-average cost of capital (WACCs) were broadly unchanged over 2019, with increases for undiversified/non-integrated participants offset by decreases for horizontally integrated participants. Cost of equity has risen, whereas cost of debt has fallen. Nodal pricing-cum-FTRs were estimated to increase WACCs by 150–200 basis points p.a. (15–20%), reflecting concerns around the firmness of FTRs and ability to automatically access intraregional settlement residues.

Research limitations/implications

These findings have energy policy implications, namely, the need to consider the interaction between economic theory and real-world financing models when designing and implementing fundamental energy sector reforms.

Practical implications

The need to consider implementation and transitional issues (e.g. grandfathering of existing rights, focusing on reducing the largest barriers to entry) is associated with implementing nodal pricing.

Originality/value

Unique set of survey questions and insights that have not previously been addressed in an Australian context; what-if analysis not previously done in an Australian context

中文翻译：

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融资成本和进入澳大利亚电力市场的障碍

目的

本文旨在提供投资者对融资成本和进入发电行业的障碍的看法，重点关注投资者对采用节点定价和金融输电权（FTR）对资本成本的潜在影响的看法。还详细讨论了对政策制定者和政策改革的影响。

设计/方法/方法

基于调查的发电投资者和开发商数据收集，包括来自离散选择的封闭列表中的多项选择题、二元选择题和带有自由文本/开放式答案的问题。

发现

在所有调查受访者中，加权平均资本成本 (WACC) 与 2019 年相比基本没有变化，非多元化/非整合参与者的增加被横向整合参与者的减少所抵消。权益成本上升，而债务成本下降。据估计，节点定价兼 FTR 会使 WACC 每年增加 150-200 个基点（15-20%），反映出对 FTR 的稳固性和自动获取区域内定居点残留的能力的担忧。

研究限制/影响

这些发现具有能源政策含义，即在设计和实施基本能源部门改革时需要考虑经济理论和现实世界融资模型之间的相互作用。

实际影响

需要考虑实施和过渡问题（例如，现有权​​利的继承，专注于减少最大的进入壁垒）与实施节点定价相关。

原创性/价值

一套独特的调查问题和见解，以前在澳大利亚的背景下没有得到解决；以前没有在澳大利亚背景下进行的假设分析