Financing power plant development projects using crowd-funding

Document Type : Research Paper

Authors

1 Energy Researcher, Tehran Power Distribution Company, Tehran, Iran

2 Governance Committee for Review of General Energy Policies, Expediency Discernment Council, Tehran, Iran

3 Knowledge-Base Economy Group, Technology Studies Institute, Tehran, Iran.

4 Master of Energy Economics, Faculty of Economics, University of Tehran, Tehran, Iran,

5 Researcher, Knowledge-based Economy Group, Technology Studies Institute, Tehran, Iran,

Abstract

According to forecasts, the peak of Iran's electricity demand will reach at least 100,000 MW in the next 10 years, while due to insufficient development of power plant capacity, the maximum electricity demand of 60,000 MW could be met in Iran annually. Lack of proper financing methods for power plant development projects was the main reason in this regard. In the present study, by evaluating the current method of financing power plant capacity development and examining common tools and methods of financing power generation projects in the world and according to Iran's economic conditions, the institution(s) providing financial resources as well as the needs and goals of the country's electricity industry, using crowd-funding method in the form of Energy Production and Efficiency Fund for the financing of projects related to these two areas in Iran has been proposed. The results showed that the model presented in this paper, while maintaining the income from capital assets of the electricity industry and preventing the capital flight from the industry, would reduce the susceptibility of power plant development projects to national currency devaluation and thus reduce electricity supply costs for final subscribers. Based on the results, transition from the current financing model to the crowd-funding model aiming to separating capital costs from operating costs and maintaining financial resources from capital revenues of power plant projects is proposed as one of the main policies of the electricity industry.

Keywords

Main Subjects

References

منابع فارسی
وزارت نیرو. (1399). اصلاح ضوابط بازار برق با هدف ارتقاء درجه رقابت‌پذیری بازار برق، مصوبه وزارت نیرو. تهران: وزارت نیرو.
شفیعی، ا.، و آریان پور، و. (1390). طرح ریزی ساختار سیستم عرضه انرژی الکتریکی و تنظیم پایگاه اطلاعات موردنیاز. تهران: وزارت نیرو.
صفاری، ر.، احمدی، م.،  ودادی کلانتر، س.، و کیقبادی، م. (1397). تدوین مدل مالی مناسب برای نوسازی سیستم روشنایی معابر عمومی در ایران. مطالعات راهبردی سیاستگذاری عمومی، 8(29)، 291-277.
بحرالعلوم، م. م.، و بختیار، ش. (1399). تحلیل مقایسه‌ای روش‌های تأمین مالی نیروگاه‌های حرارتی در ایران. فصلنامه پژوهش‌های سیاست‌گذاری و برنامه‌ریزی انرژی،6(3)، 250-221.
حافظی، ر.، افضلی، ح.، و ظهور، ح. (1400). سناریوهای آینده تأمین انرژی ایران. مطالعات راهبردی سیاستگذاری عمومی، 11(38)،232-204.
اشکوه، ح.، صبحیه، م. ح.، زرگرپور، ح.، و زرآبادی پور، س. (1392). بررسی چالش‌های تأمین مالی پروژه‌های نیروگاهی در مشارکت دولتی-خصوصی. ششمین کنفرانس بین‌المللی توسعه نظام تأمین مالی در ایران. تهران، ایران، 11-10 اسفند 1392.
منظور،د.، و نیاکان، ل. (1392). تأمین مالی پروژه‌های خصوصی نیرو. نشریه انرژی ایران, 16(1), 54-31.
مؤسسه مطالعات بین‌المللی انرژی. (1400). دورنمای انرژی کشور. تهران: مؤسسه مطالعات بین‌المللی انرژی.
شرکت سرمایه‌گذاری صنایع آب و برق صبا. (1399). نحوه بخش خصوصی در احداث نیروگاه. تهران: شرکت سرمایه‌گذاری صنایع آب و برق صبا
بهروزی‌فر، م.، حاجی میرزایی،  س. م. ع.، و کوکبی، س. (1394). بررسی تطبیقی خصوصی سازی نیروگاه‌ها در کشورهای مختلف و ارائه مدل برای ایران. فصلنامه مطالعات اقتصاد انرژی، 11(46)، 179-135.
مرکز پژوهش‌های مجلس شورای اسلامی. (1398). بررسی لایحه بودجه سال 1399 کل کشور 60.بخش برق (گزارش تفصیلی). تهران: مرکز پژوهش‌های مجلس شورای اسلامی.
موسویان, س. ع.  (1387). ابزارهای مالی اسلامی (صکوک). تهران: سازمان انتشارات پژوهشگاه فرهنگ و اندیشه اسلامی.
میرزاخانی، ر.، و موسویان، س. (1395). گواهی ظرفیت، ابزاری مناسب برای توسعه صنعت. تحقیقات مالی اسلامی، 6(1)، 88-63.
نوری، ا.، پورحسین، م.، بندعلی‌زاده، ی.، یوسفی سادات، ح.، و پیرزاده، م. (1399). ارایه الگوی تامین مالی در پروژه های تولید برق. ششمسن کنفرانس بین‌المللی مدیریت امور مالی، تجارت، بانک، اقتصاد و حسابداری، تهران، ایران، 26 اسفند..
ودادی کلانتر، س.، سیف الدین، ا. ع.،  و حاجی نژاد، ا. (1400). افزایش راندمان فناوری و تاثیر آن در حل بحران خاموشی. مطالعات راهبردی سیاستگذاری عمومی، 11(39)،  298-276.
وزارت نیرو. (1390). راهنمای تشخیص آثار فنی، اقتصادی و زیستمحیطی و برآورد ارزش واقعی تولید. تهران: وزارت نیرو.
 وزارت نیرو. (1398). گزارش آماری سالانه صنعت آب و برق. تهران: وزارت نیرو جمهوری اسلامی ایران.
 
References
Blyth, W., McCarthy, R., & Gross, R. (2015). Financing the UK power sector: Is the money available? Energy Policy, 87, 607-622. [DOI:10.1016/j.enpol.2015.08.028]
 Zhang, B., Ziegler, T., Burton, J., Garvey, K., Wardrop,  R., Lui, L., et al. (2016). Sustaining momentum: The 2nd European alternative finance industry report. Cambridge: University of Cambridge. https://www.jbs.cam.ac.uk/wp-content/uploads/2020/08/2016-european-alternative-finance-report-sustaining-momentum.pdf
Casady, C. B., & Geddes, R. R. (2020). Asset recycling for social infrastructure in the United States. Public Works Management & Policy, 25(3), 281-297. [DOI:10.1177/1087724X20911652]
Deloitte Global Financial Advisory teams. (2018). Private sector participation in public sector financing: An introduction. New York: Deloitte. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Public-Sector/gx-ps-funding-and-financing-smart-cities-20181.pdf
Dzikuć, M., & Tomaszewski, M. (2018). The effects of ecological investments in the power industry and their financial structure: A case study for Poland. Journal of Cleaner Production, 118, 48-53. [DOI:10.1016/j.jclepro.2016.01.081]
Eberhard, A., & Shkaratan, M. (2012). Powering Africa: Meeting the financing and reform challenges. Energy Policy, 42, 9-18. [DOI:10.1016/j.enpol.2011.10.033]
IAEA. (2018). Financing nuclear power in evolving electricity markets. Vienna: International Atomic Energy Agency. https://www.iaea.org/resources/brochure/financing-nuclear-power-in-evolving-electricity-markets
European Commission. (2021). Rewards-based crowdfunding. Brussels: European Commission. https://ec.europa.eu/growth/access-finance/guide-crowdfunding/different-types-crowdfunding/rewards-based-crowdfunding_en
IEA. (2020). World Energy Outlook 2020. Paris: International Energy Agency. https://www.iea.org/reports/world-energy-outlook-2020
IRENA. (2020). Mobilizing institutional capital for renewable. Abu Dhabi: International Renewable Energy Agency. https://www.irena.org/publications/2020/Nov/Mobilising-institutional-capital-for-renewable-energy
Mendelsohn, M., & Feldman, D. (2013). Financing U.S. renewable energy projects through public capital vehicles: Qualitative and quantitative benefits. Colorado: National Renewable Energy Laboratory. https://www.nrel.gov/docs/fy13osti/58315.pdf
Ministry of Energy. (2019). [Annual statistical report of water and electricity industry (Persian)]. Tehran: Ministry of Energy.  https://isn.moe.gov.ir/
Ming, Z., Ximei, L., Yulong, L., & Lilin, P. (2014). Review of renewable energy investment and financing in China: Status, mode, issues and countermeasures. Renewable and Sustainable Energy Reviews, 31, 23-37. [DOI:10.1016/j.rser.2013.11.026]
Mynarskal, E. R. (2017). Crowdfunding as a model of financing a company. Scientific Journal of Bielsko-Biala School of Finance and Law, 2, 92-106. http://yadda.icm.edu.pl/yadda/element/bwmeta1.element.ekon-element-000171487433
Liu, P., & Chu, P. (2019). Renewables finance and investment: How to improve industry with private capital in China. Journal of Modern Power Systems and Clean Energy, 7, 1385-1398. [DOI:10.1007/S40565-018-0465-6]
Steffen, B. (2018). The importance of project finance for renewable energy projects. Energy Economics, 69, 280-294. [DOI:10.1016/j.eneco.2017.11.006]
Stevanovic, I. (2022). 40+ Crucial Crowdfunding Stats in 2022. Retrieved from: https://www.smallbizgenius.net/by-the-numbers/crowdfunding-stats/#gref
Stradomski, M. (2011). Crowdfunding as a source of financing ventures in poland. Poznan: Poznan University of Economics. 
Terlikowski, P., Paska, J., Pawlak, K., Kaliński, J., & Urbanek, D. (2019). Modern financial models of nuclear power plants. Progress in Nuclear Energy, 110, 30-33. [DOI:10.1016/j.pnucene.2018.09.010]
Weber, B., & Alfen, H. W. (2010). Infrastructure as an asset class: Investment strategies, project finance and PPP. New Jersey: Wiley. https://www.google.com/books/edition/Infrastructure_as_an_Asset_Class/w-HD0mLBdDIC?hl=en&gbpv=0
Wiser, R. H., & Pickle, S. J. (1998). Financing investments in renewable energy: The impacts of policy design. Renewable and Sustainable Energy Reviews, 2(4), 361-386. [DOI:10.1016/S1364-0321(98)00007-0]
Yoshino, N., Taghizadeh-Hesary, F., & Nakahigashi, M. (2019). Modelling the social funding and spill-over tax for addressing the green energy financing gap. Economic Modelling, 77, 34-41. [DOI:10.1016/j.econmod.2018.11.018]
Zhang, C., Campana, P. E., Yang, J., & Yan, J. (2016). Analysis of distributed photovoltaic financing: a case study approach of crowd-funding with photovoltaic water pumping system in microgrids. Energy Procedia, 103, 387-393. [DOI:10.1016/j.egypro.2016.11.304]
Zhao, Z. Y., Zuo, J., & Zillante, G. (2013). Factors influencing the success of BOT power plant projects in China: A review. Renewable and Sustainable Energy Review, 22, 446-453. [DOI:10.1016/j.rser.2013.02.025]
Shafie, E., & Arianpour, V. (2011). [Planning the structure of the electricity supply system and setting up the required database (Persian)]. Tehran: Ministry of Energy. https://moe.gov.ir/Inner-Pages/MainNav/%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D8%B7%D9%84%D8%A7%D8%B9%D8%A7%D8%AA%DB%8C/InformationServicesDetail?InformationServicesID=5689
Safari, R., Ahmadi, M., Vedadi Kalantar, S., & Keyghobadi,  M. (2019). [Provide financial model for the renovation of public lighting system in Iran (Persian). Strategic Studies of Public Policy, 8(29), 277-291.  https://www.sid.ir/en/journal/ViewPaper.aspx?ID=731474
Bahrololom, M. M., & Bakhtiar, Sh. (2020). [Comparative analysis of financing methods of thermal power plants in Iran (Persian)]. Journal of Energy Planning and Policy Research, 6(3), 221-250. https://www.magiran.com/paper/2220674
Hafezi, R., Afzali, H. R., & Zohoor, H. (2021). [Iran’s energy supply scenarios (Persian)]. Journal Strategic Studies of Public Policy, 11(38), 204-232. http://sspp.iranjournals.ir/article_245349.html?lang=en
Ashkoh, H., Sabhieh, M. H., Zargarpoot, H., & Zarabadipoor, S. (2014). [Investigating the challenges of financing power plant projects in public-private partnerships  (Persian)]. Paper presented at: Sixth Conference on Financing System Development in Iran, Tehran, Iran, 1-2 March 2014. https://civilica.com/doc/293456/
Manzoor, D., & Niakan, L.(2013). [Financing private power projects (Persian)]. Iranian Journal Of Energy, 16(1), 31-54. http://necjournals.ir/article-1-464-fa.html 
Institute for International Energy Studies. (2021). [Country energy outlook(Persian)]]. Tehran: Institute for International Energy Studies. http://www.iies.ac.ir/Home/ShowPage.aspx?Object=NEWS&ID=2a750ab5-4c2d-46d8-be79-aed8ba8f092c&WebPartID=f7672734-490f-4d43-8f4c-ac938ee4e696&CategoryID=c8e5e280-f001-4162-816d-578ea72544a3
Behrouzifar, M., Haji Mirzaie, S. M . A., & Kokabi, S. (2015). [Comparative study of privatization of power plants in different counties and presentation of a model for Iran (Persian)]. Quarterly Energy Economics Review, 11 (46), 135-179. http://iiesj.ir/article-1-686-fa.html
Parliament Research’s Center. (2019). [Review of the budget bill for the year 2020 of the whole country 60. Electricity sector (detailed report) (Persian)]. Tehran: Parliament Research’s Center.  https://rc.majlis.ir/fa/report/show/1429840
Mousavian, S. A. (2008). [Islamic financial instruments (Persian)]. Tehran: Publishing Organization of the Institute of Islamic Culture and Thought. http://opac.nlai.ir/opac-prod/search/briefListSearch.do?command=FULL_VIEW&id=1136726&pageStatus=1&sortKeyValue1=sortkey_title&sortKeyValue2=sortkey_author
Mirzakhani, R., & Mosavian, S. A. (2017). [Capacity Certificate, An Appropriate Instrument For Developing Electric Power Industry (Persian)]. Islamic Finance Researches, 6(1), 63-88. https://www.sid.ir/en/journal/ViewPaper.aspx?ID=576887
Nouri, E., Pourhossein, M., Alizade, Y., Yousefi Sadat, H., & Pirzade, M. (2021). [Provide financing model in electricity generation projects (Persian)]. Paper presented at: Sixth International Conference on Financial Management, Commerce, Banking, Economics and Accounting, Tehran, Iran, 16 March 2021. https://civilica.com/doc/1178505/ 
Kalantar1 Vedadi, S., Sefoddin, A., & Hajinezhad, A.(201). [Increasing the efficiency of technology and its impact on solving the blackout crisis (Persian)]. Journal Strategic Studies of Public Policy, 11(39), 276-299. http://sspp.iranjournals.ir/article_245884_efa4e78368c907140fa1e504b3d2b840.pdf 
Ministry of Energy. (2020). [Modifying the rules of the electricity market with the aim of improving the degree of competitiveness (Persian)]. Tehran: Ministry of Energy.  
Ministry of Energy. (2011). [Guide for recognizing technical and economic effects
and environmental and estimating the real value of production (Persian)]. Tehran: Ministry of Energy.
 Saba Power and Water Industries Investment Company. (2020). [How the private sector in the construction of the power plant (Persian)]. Tehran:Saba Power and Water Industries Investment Company.  https://www.sabainv.com/
Strategic Studies of public policy
Volume 12, Issue 42
June 2022
Pages 30-56

Files

Share

How to cite

Statistics