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EU China Energy Magazine 2022 Christmas Double Issue: 2022, #11
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About this ebook
EU-China Energy Cooperation Platform was launched on 15 May 2019, to support the implementation of activities announced in the 'Joint Statement on the Implementation of EU-China Energy Cooperation'.
The Joint Statement was signed during the 8th EU-China Energy Dialogue that was held in Brussels on 9th April between Commissioner for Climate Action and Energy Miguel Arias Cañete and the Administrator of the National Energy Administration of China Mr ZHANG Jianhua, back-to-back with the 21st EU-China Leaders' Summit on 9 April 2019 and was witnessed by Jean-Claude Juncker, President of the European Commission; Donald Tusk, President of the Council of Europe and Dr Li Keqiang, Premier of China.
The start of the implementation of the EU-China Energy Cooperation Platform (ECECP) was included in the EU-China Leaders Summit Joint Communique.
The overall objective of ECECP is to
'enhance EU-China cooperation on energy. In line with the EU's Energy Union, the Clean Energy for All European initiative, the Paris Agreement on Climate Change and the EU's Global Strategy, this enhanced cooperation will help increase mutual trust and understanding between EU and China and contribute to a global transition towards clean energy on the basis of a common vision of a sustainable, reliable and secure energy system.'
ECECP Phase II is implemented by a consortium led by ICF, and National Development and Reform Commission- Energy Research Institute.
Disclaimer:
The views and opinions expressed in the articles of this magazine are the authors' own, and do not represent the views of ECECP.
EU-China Energy Cooperation Platform Project is funded by the European Union Foreign Policy Instrument
Copyright European Union 2021, 2022. All Rights Reserved.
LanguageEnglish
PublisherEU-China Energy Cooperation Platform
Release dateDec 22, 2022
ISBN9798215131985
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EU China Energy Magazine 2022 Christmas Double Issue - EU-China Energy Cooperation Platform Project
Letter from the Team Leader
Dear All,
2022 has passed so quickly, and it is Christmas again. It has been a turbulent year and a very busy one for ECECP.
I would like to share a review of our work this year.
In March, ECECP completed three Joint Statement reports and presented them at the EU China Energy Dialogue. These are: ENTSO-e Grid Modelling Showcase in China; a comparative study of energy efficiency policies for products; and a report on the acceleration of the development and commercialisation of innovative energy solutions in the EU and China.
ECECP has organized several workshops to explore the status of energy innovation in China, its role in the clean energy transition in the EU and China, the future of gas in the EU, and China’s decarbonisation pathway. A series of power market workshops have taken place so that EU and Chinese experts could explore specific design issues.
One of the highlights of the year was our Virtual Expo for EU innovative energy solutions in November, showcasing EU innovations in energy efficiency, energy storage, power grids and buildings.
Another landmark achievement this year is the publication of the Digest of the Handbook on Electricity Markets, in both Chinese and English. The Handbook on Electricity Markets of which the Digest offers a synopsis for busy decision makers, first published in 2021. It brought together some of the most brilliant thinkers and experts in the field of electricity markets. You will be able to find more information about our activities on our website. Visitors may view and download the Digest, reports, workshop videos and summaries.
A year ago, we made the decision to make the EU-China Energy Magazine a monthly publication, rather than quarterly. It was an ambitious undertaking, given our small team. I am very proud to say we have succeeded in publishing 12 issues in 2022, despite various members of the team coming down with COVID through the year.
2023 will be ECECP’s final year of implementation. We plan to deliver three final Joint Statement reports: market financing of energy efficiency; commercialisation of innovative energy solutions in a level playing field in EU and China; and global market development of LNG. We will also publish a follow-up to our flagship project, the ENTSO-e grid planning showcase in China, modelling and planning of net-zero carbon infrastructure. We are confident that it will be as high-quality as the original report. Last but not least, ECECP will publish a full Chinese translation of the Handbook on Electricity Markets.
In this issue we look at the EU’s development of renewables in the context of the current high wholesale market price; Germany’s energy policy in these turbulent times, and we consider what lies ahead given the EU’s ban on Russian oil imports. We also carry an article on China’s relations with the Middle East, alongside another piece examining potential electricity cooperation opportunities in ASEAN countries. Heat pumps feature again in this issue, with an interesting discussion of how consumers in the picturesque Austrian village of Hallstatt have become persuaded of the benefits of this clean heating technology.
Chinese New Year arrives earlier than usual, in January 2023. The ECECP project team would like to wish all our readers a Merry Christmas and an early Happy New Year of the Rabbit! May peace and health prevail in 2023!
Flora Kan
ECECP Team Leader
1. Is renewable energy capacity in the European Union making windfall profits from high wholesale prices?
Russia’s invasion of Ukraine triggered a global energy crisis, leading to sharp increases in oil, natural gas and coal prices. As a result, electricity prices in Europe have risen drastically because natural gas-fuelled plants remain the price-setter in the wholesale market. Furthermore, high fossil fuel prices have resulted in windfall profits for some energy companies. In fact, the profits of major oil, gas, coal and refinery companies in the first half of 2022 more than doubled from the same period last year, and discussion on windfall profits in the European Union has extended to electricity generators (including renewables-based ones) that can produce electricity at lower marginal costs than natural gas-fuelled power plants.
In October 2022, the European Council passed a regulation on an emergency intervention to address high energy prices. The regulation proposes windfall-profit levies on fossil fuel producers through a temporary solidarity contribution, and on electricity generators (or inframarginal electricity producers) that have lower marginal costs than the price-setting gas units.
The Council also introduced plans to cap the wholesale electricity price at EUR 180/MWh or lower, and expects that member countries would raise EUR 117 billion annually. This market intervention aims to reduce electricity prices to protect and support vulnerable energy consumers. As the proposal’s interpretation and implementation by each member state remains an uncertainty, its implications at the country and EU level are difficult to estimate. In addition, several European countries have already introduced national-level windfall taxes for electricity generation and trading companies.
The direct answer to whether renewable power plant owners are making windfall profits is highly complex. While renewable energy policies can provide insights on whether developers are allowed to receive higher revenues from the market, they can only partially answer the question on windfall profits because data are limited concerning non-policy factors, including long-term bilateral power purchase contracts, developers’ hedging strategies and exposure in the wholesale electricity market. To understand these non-policy factors, we examined the balance sheets of the European utilities with large operational renewable and fossil fuel capacities.
Policy schemes
In the European Union, policy schemes make more than half of utility- and commercial-scale renewable power capacity (including large-scale hydropower) eligible to receive wholesale energy prices. Excluding hydropower, wholesale market exposure is under 40% for wind, solar PV and bioenergy technologies.
Hydropower plants, which account for one-quarter of EU installed capacity (built mostly during the 1960s and 70s), are usually not covered under any policy scheme unless they are small-scale projects. Thus, a significant majority of these largely amortised hydropower plants could receive high wholesale electricity prices in the absence of long-term fixed-price bilateral contracts. For instance, a recent financial report of the Norwegian utility Statkraft, which has one of the largest operating hydropower plants in Europe, indicates that only one-third of its generation is hedged in the medium and long term.
Over the last decade, European renewable power incentive
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