Abstract: Power systems with increasing shares of wind and solar power generation have higher capital costs and lower operational costs than power systems based on fossil fuels. This increases the importance of the financing costs for total system cost. We quantify how renewable energy support policies can affect the financing costs by addressing regulatory risk and facilitating hedging. We use interview data on wind power financing costs from the EU and model how long-term contracts signed between project developers and energy suppliers impact financing costs. Regression analysis of investors' financing costs and an analytical model of off-takers financing costs reveal that between the support policies, the costs of renewable energy deployment differ by around 30 percent, but can be significantly lower or higher, depending on the financial situation of energy suppliers.

中文翻译：

---

融资能力：能源政策在不断变化的监管环境中的影响

摘要：与基于化石燃料的电力系统相比，风能和太阳能发电份额不断增加的电力系统具有更高的资本成本和更低的运营成本。这增加了融资成本在系统总成本中的重要性。我们通过解决监管风险和促进对冲来量化可再生能源支持政策如何影响融资成本。我们使用来自欧盟的风电融资成本访谈数据，并对项目开发商和能源供应商之间签订的长期合同如何影响融资成本进行建模。投资者融资成本的回归分析和承购方融资成本的分析模型表明，在支持政策之间，可再生能源部署成本相差约 30%，但可以显着降低或显着升高，