Construction And Path Realization Of Green Finance Patterns For Marketization Of Power Industry And Its Empirical Analysis

Energy infrastructure construction is a top priority and focus for the world,especially for developing countries.The rapid growth of energy consumption and industry investment has resulted the further strong demand of energy infrastructure.Furthermore,as“the Belt and Road Initiative”?BRI?has proposed by the Chinese government and a heavy pressure on public utilities has been made due to the acceleration of urbanization that results in the increasingly more demand on investment funds,which means that the government as the main investor to develop infrastructure cannot fit the future economic strategy.Therefore,the Chinese government has promoted green finance patterns,such as public-private partnership?PPP?,electricity asset securitization and energy performance contracting.Additionally,the government has released a series of policies and notices to promote these finance patterns.Although the government and the society have highly valued these green finance patterns,there are rarely successful PPP,electricity asset securitization and energy performance contracting projects,which cannot provide enough experience and instruction for other projects.The financing issue and the risk prevention are big issues for PPP projects.The government has strongly encouraged and supported the private investor to invest and participate in the PPP project construction and management,however,due to the lack of cooperation management system and risk assessment mechanism,private investors still have stayed on the sidelines.As an example,the concept of a regional power grid of an industrial park?RPGIP?has emerged as a new energy infrastructure and has been promoted by the government,where the industrial power supply,load,and grid are integrated to form a balanced and independent regional power grid.Due to its complicated operation system and a huge demand on investment fund,the financing method,cooperation mode and high standards on investors severely limits the development of RPGIP.Therefore,it is necessary to discuss the cooperation details and benefit distribution between the government and the private investor.Considering risk factors of influencing the development of PPP projects,and the effective integration operation among PPP model,asset securitization and energy performance contracting,the financing scheme can be established based on the several green finance patterns.Consequently,based on the project integrated by PPP model,electricity asset securitization and energy performance contracting,the policy advice,market strategy and economic assessment can be provided by the thesis to realize the promotion of green finance patterns from the perspective of governments,private investors and electricity consumers.Main contributions of this thesis are as follows:?1?The application characteristics and development issues of PPP model in China are studied.The function of the government and the social capital in the PPP project is explained.The development degree and effect of the PPP model in various industries are analyzed,and the current investment environment of the PPP projects is presented.As the government lacks construction funds,the main functions and advantages of PPP model are presented.At the same time,the demand of the“Belt and Road Initiative”strategy on PPP model infrastructure construction,and the development opportunity and importance of PPP model in power industry are clarified.In addition,the current policies related to PPP energy projects are summarized and interpreted in detail,which provides the policy analysis and suggestions for the promotion of PPP energy projects.Through the case analysis,this thesis analyzes a bunch of domestic and international PPP energy projects,summarizes the main risk factors that lead to the failure of these projects,and puts forward the risk management and avoidance scheme for promoting the PPP energy projects in China.According to the coordination and complementary effort between the government and the social capital in PPP projects,and the calculation of game analysis in three scenarios,the benefit distribution coefficient to achieve the maximum benefit is determined,which realizes a win-win situation for participants of PPP project.?2?This thesis proposes that power retailers establish a financing framework of the RPGIP based on asset securitization financing method.Through the analysis of German electricity market development and market-based means,the importance of the market operation mechanism and reasonable framework is clarified,and the concept is used for reference to carry out the marketization construction of electric power industry with our own characteristics.Therefore,this thesis firstly analyzes the degree of the implementation of green finance in China,as well as the implementation of specific policies in the central and local governments.Moreover,the development stage of existing green finance in various regions is classified,which provides a background analysis for the implementation of electricity asset securitization.Based on the statistical data,the thesis points out that the establishment and planning of power retailers in various regions do not meet the market demand and lead to excessive competition in the electricity market.?3?the power retailer is a crucial role in the market-oriented reform of the electric power industry,how to realize its sustainable development and limit the market competition is the focus of the industry.Therefore,in order to achieve the construction of healthy and sustainable development of the electricity market,this thesis studies the power retailer's development orientation and patterns,put forward a financing method by the power retailer based on asset securitization.According to the investment in the construction and electricity management of power retailers in the RPGIP,the power retailer carries on the function of the energy service company to improve energy efficiency and realize a diversified and sustainable development.Meanwhile,the method accelerates the construction of the RPGIP and promotes the marketization progress of power industry.Furthermore,the net present value method based on capital asset pricing model and weighted capital cost model is proposed to evaluate the investment income of the RPGIP so as to determine the practicability and possibility of this financing method.?4?This thesis studies the application of energy performance contracting in China and identifies its shortcomings and problems in energy saving and emission reduction effect evaluation.The scientificity,practicality,systematisms,comparability and so on are considered in the comprehensive energy conservation and emissions reduction technology assessment based on the technical performance,economic benefit,social benefit and environment effect to build the index system,and determine the various indicators definition and measuring method.At the same time,according to the correlation analysis of indicators selected nine secondary indicators?comprehensive energy saving,energy saving per unit of production,technical maturity,energy efficiency,energy saving capacity per ten thousand yuan,power consumption rate related to GDP,CO₂ emissions,and energy saving service application coverage?.Then,through Delphi expert consulting method,the weights of each indicator have been determined based on the results of both qualitative and quantitative aspects,so as to establish a comprehensive evaluation index system for energy conservation and emissions reduction of energy performance contracting,and demonstrate the excellent improvement effect of energy performance contracting in energy conservation and emission reduction through survey data.?5?The application of PPP energy project and its risk,and investment return evaluation are studied.The market framework of PPP power project including asset securitization and energy performance contracting is established.Additionally,three types of energy performance contracting are analyzed and compared,and the demonstration analysis of a power project is provided,which proposes a win-win solution for participants in PPP energy performance contracting project.The asset securitization of energy performance contracting in PPP projects is modeled and the relevant case are analyzed.Moreover,the project investment return and bankruptcy risk assessment model are modeled,and the typical cases are analyzed.