National Approaches to Electrification – Finance - Revision history

Ranisha at 15:53, 30 July 2018

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Johanna von Behaim at 21:07, 25 June 2018

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 [[File:Back to NAE Overview Page.png|center|800px|NAE Overview Page|alt=NAE Overview Page|link=National Approaches to Electrification – Review of Options]]
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 <span style="font-size: 13.6px">In many cases some other form(s) of public [[Portal:Financing and Funding|finance]]&nbsp;such as grants, subsidies, concessionary loans, tax exemptions or guarantees (to reduce investment risks) will be needed alongside private finance to overcome the lack of user spending power and the high costs of early market development.</span><span></span>
-'''''[[National Approaches to Electrification – Finance#User|User Finance]]''''' – Charges paid by users provide the means to repay electricity providers’ loans and equity investments and pay interest and return on capital. Where upfront charges are imposed on users, they may in turn seek to borrow to cover these charges and then repay the loan over time.&nbsp; Alternatively the electricity provider may seek additional finance in order to reduce up-front charges and so minimize barriers to users accessing their services.
+'''''[[National Approaches to Electrification – Finance#User|User Finance]]''''' – Charges paid by users provide the means to repay electricity providers’ loans and equity investments and pay interest and return on capital. Where upfront charges are imposed on users, they may in turn seek to borrow to cover these charges and then repay the loan over time.&nbsp; Alternatively, the electricity provider may seek additional finance in order to reduce up-front charges and so minimize barriers to users accessing their services.
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-<span style="color:#FFFFFF"></span>[[Portal:Grid|Grid]]&nbsp;system construction and extension is highly capital intensive and almost all national grids (including those in developed countries) are constructed using public funding from government, sometimes supplemented by concessionary loans and grants from international agencies. &nbsp;The bulk of ongoing grid funding generally comes from users charges, but the grid is often seen as a national asset and electricity from it as a public good supporting national economic development, and governments may therefore choose to provide continuing subsidies either on a general basis, to incentivize extension to new users, or fund provision to specific groups of users (eg through lifeline tariffs). The primary [[Portal:Financing and Funding|financing]]&nbsp;for [[Portal:Mini-grid|mini-grids]] will generally align with the delivery model, with publically-owned mini-grids using public finance and privately owned mini-grids drawing on private finance. However, where incomes are lower or system costs higher, &nbsp;grants and /or subsidies are likely to be needed to make electricity from mini-grids affordable to users and the mini-grid businesses economically sustainable. Standalone systems are most frequently provided commercially and purchased directly by users. Grants may be used, as seen in the [[NAE Case Study: Bangladesh, IDCOL Solar Home Systems|NAE Case Study of the IDCOL programme in Bangladesh]], to make systems more affordable to users, to enable providers to establish their businesses and to fund support activities. Where standalone system providers are moving towards pay-as-you-go arrangements their need for capital will increase and it may be more appropriate to channel grants and subsidies to them, allowing them to reduce monthly charges and charges to users for electricity used. Standalone systems may also, as can be seein in the [[NAE Case Study: South Africa, Integrated National Electrification|NAE Case Study South Africa]], be provided through a public delivery model and subsidized through that model.
+<span style="color:#FFFFFF"></span>[[Portal:Grid|Grid]]&nbsp;system construction and extension is highly capital intensive and almost all national grids (including those in developed countries) are constructed using public funding from government, sometimes supplemented by concessionary loans and grants from international agencies. &nbsp;The bulk of ongoing grid funding generally comes from users charges, but the grid is often seen as a national asset and electricity from it as a public good supporting national economic development, and governments may therefore choose to provide continuing subsidies either on a general basis, to incentivize extension to new users, or fund provision to specific groups of users (eg through lifeline tariffs). The primary [[Portal:Financing and Funding|financing]]&nbsp;for [[Portal:Mini-grid|mini-grids]] will generally align with the delivery model, with publically-owned mini-grids using public finance and privately owned mini-grids drawing on private finance. However, where incomes are lower or system costs higher, &nbsp;grants and /or subsidies are likely to be needed to make electricity from mini-grids affordable to users and the mini-grid businesses economically sustainable. Standalone systems are most frequently provided commercially and purchased directly by users. Grants may be used, as seen in the [[NAE Case Study: Bangladesh, IDCOL Solar Home Systems|NAE Case Study of the IDCOL programme in Bangladesh]], to make systems more affordable to users, to enable providers to establish their businesses and to fund support activities. Where standalone system providers are moving towards pay-as-you-go arrangements their need for capital will increase and it may be more appropriate to channel grants and subsidies to them, allowing them to reduce monthly charges and charges to users for electricity used. Standalone systems may also, as can be seen in the [[NAE Case Study: South Africa, Integrated National Electrification|NAE Case Study South Africa]], be provided through a public delivery model and subsidized through that model.
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 '''<span></span><span></span><span></span><span></span><span>Funds drawn from charges on one (usually existing or high income) group of users and used to subsidize provision to another (usually new or low-income) group of users.&nbsp;</span><span></span><span></span><span></span><span></span>'''
-<span>Cross subsidies may be established within electricity businesses, with the price/tariff structure being shaped to increase charges from some groups (eg commercial or higher-consuming household users) in order to allow prices or tariffs for others (eg industrial users or lower-consuming&nbsp; users) to be reduced. Alternatively mechanisms (such as an energy fund) may be established to take funding from one electricity provider or set of providers, whose underlying cost of provision is relatively low (eg the national [[Portal:Grid|grid]]&nbsp;company) to subsidize another set of providers.&nbsp; While cross subsidies may reduce costs and make electricity affordable for the users who benefit from them, they will inevitably increase costs for other users. Some element of cross-subsidy is inherent in any electricity business, simply because it is impractical to charge each user at their individual cost-recovery level. To enable effective cross-subsidy, it is essential to define groups of users which are as homogeneous as possible, to understand what the costs of provision to these groups are, and what alternative forms of electricity they may be able to access, in order to set appropriate prices or tariffs and cross-subsidy transfers. Any cross-subsidy arrangement which operates between providers will require government intervention. &nbsp;</span><br/>
+<span>Cross subsidies may be established within electricity businesses, with the price/tariff structure being shaped to increase charges from some groups (eg commercial or higher-consuming household users) in order to allow prices or tariffs for others (eg industrial users or lower-consuming&nbsp; users) to be reduced. Alternatively, mechanisms (such as an energy fund) may be established to take funding from one electricity provider or set of providers, whose underlying cost of provision is relatively low (eg the national [[Portal:Grid|grid]]&nbsp;company) to subsidize another set of providers.&nbsp; While cross subsidies may reduce costs and make electricity affordable for the users who benefit from them, they will inevitably increase costs for other users. Some element of cross-subsidy is inherent in any electricity business, simply because it is impractical to charge each user at their individual cost-recovery level. To enable effective cross-subsidy, it is essential to define groups of users which are as homogeneous as possible, to understand what the costs of provision to these groups are, and what alternative forms of electricity they may be able to access, in order to set appropriate prices or tariffs and cross-subsidy transfers. Any cross-subsidy arrangement which operates between providers will require government intervention. &nbsp;</span><br/>
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-Active cross-subsidies are more likely to be put in place within a public delivery model, where the delivery organisation has social as well as [[Portal:Financing and Funding|financial]]&nbsp;objectives. In a private or public-private model cross-subsidies may be established either for social reasons (provided this does not threaten investor returns) or for commercial reasons (eg where a [[Portal:Mini-grid|mini-grid]] operator believes that commercial customers will be willing to pay for electricity at a higher price than the cost of supplying them, and this can be used to lower charges to and so increase demand from households, thus increasing overall revenues). Otherwise cross-subsidies are likely to be the result of regulatory action.&nbsp; &nbsp; &nbsp; &nbsp;
+Active cross-subsidies are more likely to be put in place within a public delivery model, where the delivery organisation has social as well as [[Portal:Financing and Funding|financial]]&nbsp;objectives. In a private or public-private model cross-subsidies may be established either for social reasons (provided this does not threaten investor returns) or for commercial reasons (eg where a [[Portal:Mini-grid|mini-grid]] operator believes that commercial customers will be willing to pay for electricity at a higher price than the cost of supplying them, and this can be used to lower charges to and so increase demand from households, thus increasing overall revenues). Otherwise, cross-subsidies are likely to be the result of regulatory action.&nbsp; &nbsp; &nbsp; &nbsp;
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-Any cross-subsidies will be linked to price/tariff regulation. Where prices or tariffs are shaped to subsidize one group of users by increasing prices or tariffs for another group within a regulated electricity business, the price/tariff structure will require regulatory approval, and may be driven by regulatory requirements. Any cross-subsidies between providers will almost inevitably be driven by government or regulatory requirements. Either cross subsidies or grants or subsidies from outside the sector will be needed within any uniform price/tariff arrangement to prevent providers in higher cost areas or to higher cost groups becoming insolvent, while those with a lower cost base are enabled to make excess profits.&nbsp; Within an individual price/tariff regime, any cross-subsidies should be factored in to price/tariff calculations, and may be used to make electricity more affordable for those it is more costly to supply, and hence more equitable.&nbsp;
+Any cross-subsidies will be linked to price/tariff regulation. Where prices or tariffs are shaped to subsidize one group of users by increasing prices or tariffs for another group within a regulated electricity business, the price/tariff structure will require regulatory approval, and may be driven by regulatory requirements. Any cross-subsidies between providers will almost inevitably be driven by government or regulatory requirements. Either cross subsidies or grants or subsidies from outside the sector will be needed within any uniform price/tariff arrangement to prevent providers in higher cost areas or to higher cost groups becoming insolvent, while those with a lower cost base are enabled to make excess profits.&nbsp; Within an individual price/tariff regime, any cross-subsidies should be factored into price/tariff calculations, and may be used to make electricity more affordable for those it is more costly to supply, and hence more equitable.&nbsp;
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 There are advantages to project developers, investors, local communities and to Government from the provision of tax exemptions for activities related to electrification.&nbsp; For developers and their financiers, the reduced cost of system components and related materials means that projects can be more cost effective, with upfront costs reduced to provide lower investment risk – this can be the difference between the developer achieving access to [[Portal:Financing and Funding|finance]]&nbsp;and not.&nbsp; For local communities, electricity can be offered at a lower price since the costs have been reduced.&nbsp; And for Government, the reduced income from tax payments is may be balanced by the reduced need for Government expenditure to provide a basic service for remote households; the project developers can now meet this demand, which otherwise would have required the allocation of public services budget from the Government.
-Tax exemptions may seem less painful than explicit grants and subsidies, since they do not require any payment from government, but they nevertheless represent a reduction in government revenues. This may also carry the downside of lack of transparency. Moreover tax exemptions represent a relatively blunt instrument and care must be taken to ensure that it is those who would not otherwise be able to afford electricity, and not the relatively affluent, who benefit. Most problems related to tax exemptions, however, arise from their implementation. Establishing clear criteria for their application can be difficult and lack of clarity (to the officials involved as well as to the potential recipients) can lead to inconsistency, delays, costs and frustrations that undermine the positive intentions. Implementation also requires awareness, cooperation and understanding of electrical technology and standards from officials such a customs officers who would not normally have much involvement or interest in the electricity sector.
+Tax exemptions may seem less painful than explicit grants and subsidies, since they do not require any payment from government, but they nevertheless represent a reduction in government revenues. This may also carry the downside of lack of transparency. Moreover, tax exemptions represent a relatively blunt instrument and care must be taken to ensure that it is those who would not otherwise be able to afford electricity, and not the relatively affluent, who benefit. Most problems related to tax exemptions, however, arise from their implementation. Establishing clear criteria for their application can be difficult and lack of clarity (to the officials involved as well as to the potential recipients) can lead to inconsistency, delays, costs and frustrations that undermine the positive intentions. Implementation also requires awareness, cooperation and understanding of electrical technology and standards from officials such a customs officers who would not normally have much involvement or interest in the electricity sector.
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 *<span><span><span>user payment risk – for instance for an isolated mini-grid operator. (This may include the risk that demand does not reach forecast levels or just that users fail to pay for electricity they receive.</span></span></span><br/>
 <span><span><span><span>In more general terms, types of guarantee include:</span></span></span></span><br/>
 <span><span><span><span></span></span></span></span><span style="font-size: 13.6px">'''''Development Finance Guarantees'''''&nbsp;<span style="font-size: 13.6px;  background-color: rgb(255, 255, 255)">–&nbsp;</span> may be offered by multilateral development banks and national development banks to assist with the implementation of projects in developing countries, particularly those that involve significant capital costs.&nbsp; Such guarantees provide any project developer, or the national Government of the country concerned, with security against the loss of funds due to unforeseen circumstances.&nbsp; For example, the Multilateral Investment Guarantee Agency (MIGA) is organized by the World Bank to help investors and lenders to deal with political risks by insuring eligible projects against losses relating to currency transfer restrictions, breach of contract, expropriation, war and civil disturbance.&nbsp; With this backing, there is a much greater chance that a developing country, or related project implementer, can attract and retain the necessary private investment.</span>
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 {{NAE Acknowledgements}}
 [[Category:NAE]]

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+= Grants & Subsidies<br/> =
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 <span style="font-size: 13.6px;">In many cases some other form(s) of public finance such as grants, subsidies, concessionary loans, tax exemptions or guarantees (to reduce investment risks) will be needed alongside private finance to overcome the lack of user spending power and the high costs of early market development.</span><span></span>
-'''''User Finance''''' – Charges paid by users provide the means to repay electricity providers’ loans and equity investments and pay interest and return on capital. Where upfront charges are imposed on users, they may in turn seek to borrow to cover these charges and then repay the loan over time.&nbsp; Alternatively the electricity provider may seek additional finance in order to reduce up-front charges and so minimize barriers to users accessing their services.
+'''''[[National_Approaches_to_Electrification_–_Finance#User|User Finance]]''''' – Charges paid by users provide the means to repay electricity providers’ loans and equity investments and pay interest and return on capital. Where upfront charges are imposed on users, they may in turn seek to borrow to cover these charges and then repay the loan over time.&nbsp; Alternatively the electricity provider may seek additional finance in order to reduce up-front charges and so minimize barriers to users accessing their services.
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-'''''Private/Market Finance''''' – sufficient user finance is a critical factor for any private sector investor to determine whether there is a sustainable market for electricity consumption.&nbsp; The affordability of up-front costs and/or monthly payments will determine whether the supply of electricity to any potential customer(s) is a viable business opportunity.&nbsp; For low-income communities, the supplier may rely upon public sector support to ensure that households can afford the necessary services.&nbsp; The private finance sector may also be a source of finance for users to cover upfront charges. However, it is in the longer-term interests of the supplier to introduce a level of electricity, together with an appropriate financing mechanism, that the consumer can pay for directly without dependence on external resources.<br/>
+'''''[[National_Approaches_to_Electrification_–_Finance#Private|Private/Market Finance]]''''' – sufficient user finance is a critical factor for any private sector investor to determine whether there is a sustainable market for electricity consumption.&nbsp; The affordability of up-front costs and/or monthly payments will determine whether the supply of electricity to any potential customer(s) is a viable business opportunity.&nbsp; For low-income communities, the supplier may rely upon public sector support to ensure that households can afford the necessary services.&nbsp; The private finance sector may also be a source of finance for users to cover upfront charges. However, it is in the longer-term interests of the supplier to introduce a level of electricity, together with an appropriate financing mechanism, that the consumer can pay for directly without dependence on external resources.<br/>
-'''''Grants/Subsidies''''' – Supply of electricity to some groups of the population will require funding in addition to payments that can be made directly by individual users.&nbsp; Non-commercial funding that does not require any repayment (grants) can be made available from government, or international donors, either to electricity providers to reduce charges or directly to users, and so reduce upfront costs. In a similar way, public sector payments to offset some of the ongoing costs associated with electricity supply (subsidies) can be introduced to increase affordability for users and reduce prices/tariffs charged by providers.<span style="font-size: 13.6px;"></span>
+'''''<i>[[National_Approaches_to_Electrification_–_Finance#Grants.2FSubsidies|Grants/Subsidies]]&nbsp;</i>'''– Supply of electricity to some groups of the population will require funding in addition to payments that can be made directly by individual users.&nbsp; Non-commercial funding that does not require any repayment (grants) can be made available from government, or international donors, either to electricity providers to reduce charges or directly to users, and so reduce upfront costs. In a similar way, public sector payments to offset some of the ongoing costs associated with electricity supply (subsidies) can be introduced to increase affordability for users and reduce prices/tariffs charged by providers.<span style="font-size: 13.6px;"></span>
-'''''Cross-subsidies''''' – Another option is for electricity provision to some users to be subsidized from charges paid by other (higher income) users, rather than from general public funds.&nbsp; Cross-subsidization can occur within a single electricity provider’s business (with some degree of cross-subsidization being inherent in any multi-user system) or arrangements for cross-subsidy can be established between electricity businesses. This approach can be effective provided that the balance in numbers between the groups of users is such that electricity can be made affordable for the subsidized group while remaining acceptably priced for those providing the cross-subsidy.&nbsp;
+'''''[[National_Approaches_to_Electrification_–_Finance#Cross-Subsidies|Cross-Subsidies]]''''' – Another option is for electricity provision to some users to be subsidized from charges paid by other (higher income) users, rather than from general public funds.&nbsp; Cross-subsidization can occur within a single electricity provider’s business (with some degree of cross-subsidization being inherent in any multi-user system) or arrangements for cross-subsidy can be established between electricity businesses. This approach can be effective provided that the balance in numbers between the groups of users is such that electricity can be made affordable for the subsidized group while remaining acceptably priced for those providing the cross-subsidy.&nbsp;
-'''''Tax exemptions''''' – Provide an indirect means of subsidizing electricity costs and so making charges more affordable for users and reducing their need to access finance.
+'''''[[National_Approaches_to_Electrification_–_Finance#Tax_Exemptions|Tax Exemptions]]''''' – Provide an indirect means of subsidizing electricity costs and so making charges more affordable for users and reducing their need to access finance.
-'''''Guarantees''''' – One means of enabling users to access finance is for government or other donor, such as an international development bank, to provide guarantees to micro-finance providers and other potential lenders to encourage them to offer loans to those wishing to access electricity.&nbsp;&nbsp;
+'''''''[[National_Approaches_to_Electrification_–_Finance#Guarantees|Guarantees]]&nbsp;'''''– One means of enabling users to access finance is for government or other donor, such as an international development bank, to provide guarantees to micro-finance providers and other potential lenders to encourage them to offer loans to those wishing to access electricity.&nbsp;&nbsp;
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-<span style="font-size: 13.6px;">'''''Private Finance''''' – private finance will depend upon the investor’s&nbsp; (or lender’s) assessment of the financial return and the level of risk involved. Grants and subsidies can directly increase probable return and reduce risk by off-setting costs and increasing demand by making electricity affordable for more users. Indirectly grant-funded&nbsp; technical assistance, &nbsp;local capacity-building,&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; awareness-raising, and promotion of uses of electricity by potential customers can also make investment in electricity access more attractive to private financiers.</span>
+<span style="font-size: 13.6px;">'''''[[National_Approaches_to_Electrification_–_Finance#Private|Private Finance]]''''' – private finance will depend upon the investor’s&nbsp; (or lender’s) assessment of the financial return and the level of risk involved. Grants and subsidies can directly increase probable return and reduce risk by off-setting costs and increasing demand by making electricity affordable for more users. Indirectly grant-funded&nbsp; technical assistance, &nbsp;local capacity-building,&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; awareness-raising, and promotion of uses of electricity by potential customers can also make investment in electricity access more attractive to private financiers.</span>
-'''''User finance''''' – grants or subsidies paid to users provide one source of user finance, allowing users to off-set up-front and/or ongoing charges. Grants and subsidies paid to electricity businesses have the same effect indirectly. Because grants and subsidies do not require repayment they provide an absolute reduction in users’ need to secure other forms of finance, not just a timing shift.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
+'''''[[National_Approaches_to_Electrification_–_Finance#User|User Finance]]''''' – grants or subsidies paid to users provide one source of user finance, allowing users to off-set up-front and/or ongoing charges. Grants and subsidies paid to electricity businesses have the same effect indirectly. Because grants and subsidies do not require repayment they provide an absolute reduction in users’ need to secure other forms of finance, not just a timing shift.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-'''''Cross-subsidies''''' – sit alongside grants and subsidies as finance which is not derived from commercial investment in the specific electricity provider or payments from the users being supplied. They may therefore be seen as an alternative to grants and subsidies, but it must be recalled that they are taken from other businesses and users and so, unlike grants and subsidies simply redistribute the costs of electricity rather than reducing them&nbsp;&nbsp;&nbsp;&nbsp;
+'''''[[National_Approaches_to_Electrification_–_Finance#Cross-Subsidies|Cross-Subsidies]]''''' – sit alongside grants and subsidies as finance which is not derived from commercial investment in the specific electricity provider or payments from the users being supplied. They may therefore be seen as an alternative to grants and subsidies, but it must be recalled that they are taken from other businesses and users and so, unlike grants and subsidies simply redistribute the costs of electricity rather than reducing them&nbsp;&nbsp;&nbsp;&nbsp;
-'''''Tax exemptions and Guarantees''''' – Act as indirect forms of grant or subsidy by reducing costs and risks
+'''''[[National_Approaches_to_Electrification_–_Finance#Tax_Exemptions|Tax exemptions and Guarantees]]''''' – Act as indirect forms of grant or subsidy by reducing costs and risks
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