Regulierungen und Investitionen für die Energiewende

This report by the Climate Policy Initiative analyzes the relationship between regulatory frameworks and capital availability for Germany's renewable energy transition. It evaluates how different investor mixes and regulatory mechanisms—such as auctions, funding schemes, and market designs—impact the cost-efficiency and feasibility of meeting national expansion targets.

• There is sufficient capital available to meet the German government's renewable energy expansion targets, provided an appropriate political framework is in place. The annual investment potential is estimated at €25 - €35 billion, which exceeds the required investment for the 2020 target of 7.4 GW of photovoltaic (PV), onshore wind, and offshore wind energy by 60% to 170%.
• The cost-efficiency of the energy transition depends on a diverse mix of short-term capital (for development and construction), long-term debt, and long-term equity. While all three are available, the potential for long-term equity is particularly high for PV due to a broad investor base including households and cooperatives.
• Current energy market designs may lead to over 1,000 hours of negative electricity prices by 2030 if system flexibility is not improved. Regulations that reduce funding during negative price periods increase risks for investors, potentially raising bid prices for onshore wind plants by 17% by 2020 if no flexibility mechanisms are introduced.
• The design of auctions significantly impacts the investor mix. While large utilities and developers benefit from competitive environments, small investors are deterred by complexity and high proportional transaction costs. The report suggests 'de minimis' rules or simplified bidding processes to maintain investor diversity and prevent long-term price increases caused by reduced competition.
• Specific regulatory adjustments can lower costs and attract different investors: inflation-indexed funding could attract institutional investors and reduce bid prices by 18-20%, whereas shortening the funding period from 20 to 15 years could increase bid prices by 15-18%. Additionally, a 12-month delay between auction rounds can increase bid prices by 21%.
• End consumers played a significant role in financing, accounting for more than 25% of equity investments in 2015, with a projection that they could provide 50% of the equity investment potential by 2020.

APA

Nelson, D., Huxham, M., Muench, S., & O’Connell, B. (2016). Regulierungen und Investitionen für die Energiewende. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2016/04/Regulierungen-und-Investitionen-für-die-Energiewende-Zusammenfassung.pdf

Chicago

Nelson, David, Matthew Huxham, Stefan Muench, and Brian O’Connell. Regulierungen und Investitionen für die Energiewende. Climate Policy Initiative, 2016. https://www.climatepolicyinitiative.org/wp-content/uploads/2016/04/Regulierungen-und-Investitionen-für-die-Energiewende-Zusammenfassung.pdf.

Wikipedia

{{cite report |last1=Nelson |first1=David |last2=Huxham |first2=Matthew |last3=Muench |first3=Stefan |last4=O’Connell |first4=Brian |title=Regulierungen und Investitionen für die Energiewende |publisher=Climate Policy Initiative |date=April 2016 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2016/04/Regulierungen-und-Investitionen-für-die-Energiewende-Zusammenfassung.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{nelson2016regulierungen, author = {Nelson, David and Huxham, Matthew and Muench, Stefan and O’Connell, Brian}, title = {{Regulierungen und Investitionen für die Energiewende}}, institution = {Climate Policy Initiative}, year = {2016}, month = apr, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2016/04/Regulierungen-und-Investitionen-für-die-Energiewende-Zusammenfassung.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }