ТЕОРЕТИЧНІ ОСНОВИ ФОРМУВАННЯ СИСТЕМИ ТОРГІВЛІ «ЗЕЛЕНИМИ» СЕРТИФІКАТАМИ В УКРАЇНІ

The aim of the article is to develop the theoretical foundations of mechanism based on tradable green certificates system to stimulate development of domestic renewable energy sector. Study results. Literature review of the market tradable green certificates system is carried out. The current state of renewable energy development and shortcomings of feed-in tariff in Ukraine are analyzed. The paper justifies the need of the implementation of mandatory quotas for electricity consumption from renewable energy resources, system of issuance and circulation of green certificates at the national level to promote renewable energy deployment. Theoretical foundations of the tradable green certificates system for Ukrainian electricity market are proposed. The paper describes peculiarities of price formation for electricity from renewable energy resources and green certificate in order to ensure the same conditions for different renewable energy technologies development. Organizational stages of the tradable green certificates system for its implementation in Ukraine are developed, which include: accreditation of renewable energy plants; the establishing of annual quota quotas for green electricity consumption; determination of the economic entities, who will be obliged to consume electricity from renewable energy resources and to purchase green certificates; creation of register and participants’ accounts of the tradable green certificates system; rules of purchase and selling of green certificates, fine formation under the tradable green certificates system etc. The combination of the sale of electricity from renewable energy sources by feed-in tariffs with the tradable green certificates system is proposed. The wholesale and retail electricity markets functioning scheme with combination of electricity selling by feed-in tariff and the tradable green certificates system is given. The article describes the positive effects from the tradable green certificates system introduction at the national level. In particular it will let to provide a stable demand for electricity from renewable energy sources; to form a system of reliable monitoring of generation and consumption of green electricity, which will increase the reliability of statistical information regarding indicators of renewable energy development; to create a competitive environment for economic entities, which are obliged to purchase green certificates; to create the precondition for usage of green certificates in additional mechanisms to stimulate renewable energy development outside the main tradable green certificates system. Conclusions and directions of further researches. The tradable green certificates system is a new support scheme for Ukraine, which is more difficult to implement than feed-in tariff. However, with careful assessment of criteria, which underlie in the basis of its pricing and competitive environment formation, tradable green certificates system may be a more effective economic lever that will be able to provide dynamic development of the domestic renewable energy sector. Results of the study are the basis for the development of methodological approaches for evaluation of electricity generation cost from renewable energy resources under tradable green certificates and optimal level of annually mandatory quota for electricity consumption from renewable energy resources in order to minimize the financial burden on electricity consumers. [ABSTRACT FROM AUTHOR]