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jorge.edward
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GLOSSARY grants or loans, to support the development or deployment of renewable energy technologies. Pumped-storage hydropower. Plants that pump water from a lower reservoir to a higher storage basin using surplus electricity, and that reverse the flow to generate electricity when needed. They are not energy sources but means of energy storage and can have overall system efficiencies of around 80–90%. Regulatory policy. A rule to guide or control the conduct of those to whom it applies. In the renewable energy context, examples include mandates or quotas such as renewable portfolio standards, FITs and technology/fuel specific obligations. Renewable energy certificate (REC). A certificate awarded to certify the generation of one unit of renewable energy (typically 1 MWh of electricity but also less commonly of heat). In systems based on RECs, certificates can be accumulated to meet renewable energy obligations and also provide a tool for trading among consumers and/or producers. They also are a means of enabling purchases of voluntary green energy. Renewable energy target. An official commitment, plan or goal set by a government (at the local, state, national or regional level) to achieve a certain amount of renewable energy by a future date. Targets may be backed by specific compliance mechanisms or policy support measures. Some targets are legislated while others are set by regulatory agencies, ministries or public officials. Renewable portfolio standard (RPS). An obligation placed by a government on a utility company, group of companies or consumers to provide or use a predetermined minimum targeted renewable share of installed capacity, or of electricity or heat generated or sold. A penalty may or may not exist for non-compliance. These policies also are known as “renewable electricity standards”, “renewable obligations” and “mandated market shares”, depending on the jurisdiction. Reverse auction. (See Tendering.) Smart energy system. A smart energy system aims to optimise the overall efficiency and balance of a range of interconnected energy technologies and processes, both electrical and nonelectrical (including heat, gas and fuels). This is achieved through dynamic demand- and supply-side management; enhanced monitoring of electrical, thermal and fuel-based system assets; control and optimisation of consumer equipment, appliances and services; better integration of distributed energy (on both the macro and micro scales); as well as cost minimisation for both suppliers and consumers. Smart grid. Electrical grid that uses information and communications technology to co-ordinate the needs and capabilities of the generators, grid operators, end-users and electricity market stakeholders in a system, with the aim of operating all parts as efficiently as possible, minimising costs and environmental impacts and maximising system reliability, resilience and stability. Solar collector. A device used for converting solar energy to thermal energy (heat), typically used for domestic water heating but also used for space heating, industrial process heat or to drive thermal cooling machines. Evacuated tube and flat-plate collectors that operate with water or a water/glycol mixture as the heat-transfer medium are the most common solar thermal collectors used worldwide. These are referred to as glazed water collectors because irradiation from the sun first hits a glazing (for thermal insulation) before the energy is converted to heat and transported away by the heat transfer medium. Unglazed water collectors, often referred to as swimming pool absorbers, are simple collectors made of plastics and used for lowertemperature applications. Unglazed and glazed air collectors use air rather than water as the heat-transfer medium to heat indoor spaces or to pre-heat drying air or combustion air for agriculture and industry purposes. Solar home system (SHS). A stand-alone system composed of a relatively small-power photovoltaic module, a battery and sometimes a charge controller, that can power small electric devices and provide modest amounts of electricity to homes for lighting and radios, usually in rural or remote regions that are not connected to the electricity grid. Solar photovoltaics (PV). A technology used for converting light into electricity. Solar PV cells are constructed from semiconducting materials that use sunlight to separate electrons from atoms to create an electric current. Modules are formed by interconnecting individual cells. Monocrystalline modules typically are slightly more efficient but relatively more expensive than multicrystalline silicon modules, although these differences have narrowed with advances in manufacturing and technology. Thin film solar PV materials can be applied as flexible films laid over existing surfaces or integrated with building components such as roof tiles. Building-integrated PV (BIPV) generates electricity and replaces conventional materials in parts of a building envelope, such as the roof or façade. Solar photovoltaic-thermal (PV-T). A solar PV-thermal hybrid system that includes solar thermal collectors mounted beneath PV modules to convert solar radiation into electrical and thermal energy. The solar thermal collector removes waste heat from the PV module, enabling it to operate more efficiently. Solar pico system (SPS). A very small solar PV system – such as a solar lamp or an information and communication technology (ICT) appliance – with a power output of 1–10 W that typically has a voltage up to 12 volts. Solar water heater (SWH). An entire system consisting of a solar collector, storage tank, water pipes and other components. There are two types of solar water heaters: pumped solar water heaters use mechanical pumps to circulate a heat transfer fluid through the collector loop (active systems), whereas thermosyphon solar water heaters make use of buoyancy forces caused by natural convection (passive systems). Subsidies. Government measures that artificially reduce the price that consumers pay for energy or reduce production costs. Tendering (also called auction/reverse auction or tender). A procurement mechanism by which renewable energy supply or capacity is competitively solicited from sellers, who offer bids at the lowest price that they would be willing to accept. Bids may be evaluated on both price and non-price factors. Torrefied wood. Solid fuel, often in the form of pellets, produced by heating wood to 200–300°C in restricted air conditions. It has useful characteristics for a solid fuel including relatively high energy density, good grindability into pulverised fuel and water repellency. 268

GLOSSARY Vehicle fuel standards. Rules specifying the minimum fuel economy of automobiles to reduce energy consumption. Watt. A unit of power that measures the rate of energy conversion or transfer. A kilowatt is equal to one thousand (10 3 ) Watts; a megawatt to one million (10 6 ) Watts; and so on. A megawatt-electrical (MW e ) is used to refer to electric power, whereas a megawatt-thermal (MW th ) refers to thermal/heat energy produced. Power is the rate at which energy is consumed or generated. A kilowatt-hour is the amount of energy equivalent to steady power of 1 kW operating for one hour. Yield company (yieldco). Renewable energy yieldcos are publicly traded financial vehicles created when power companies spin off their renewable power assets into separate, high-yielding entities. They are formed to reduce risk and volatility, and to increase capital and dividends. Shares are backed by completed renewable energy projects with long-term PPAs in place to deliver dividends to investors. They attract new types of investors who prefer low-risk and dividend-like yields, and those who wish to invest specifically in renewable energy projects. The capital raised is used to pay off debt or to finance new projects at lower rates than those available through tax equity finance. LIST OF ABBREVIATIONS AC AREI BIPV BNEF Alternating current Africa Renewable Energy Initiative Building-integrated solar photovoltaics Bloomberg New Energy Finance BRICS Brazil, Russian Federation, India, China and South Africa BRT CDM CHP CO2 Bus Rapid Transit Clean Development Mechanism Combined heat and power Carbon dioxide COP21 Conference of the Parties, 21 st meeting CPV CSP DC DNI DRE DSM EC Concentrating solar photovoltaic Concentrating solar (thermal) power Direct current Direct normal insolation Distributed renewable energy Demand-side management European Commission ECOWAS Economic Community of West African States EEG EJ German Renewable Energy Law – “Erneuerbare-Energien-Gesetz“ Exajoule EMEC European Marine Energy Centre EnDev Energising Development EPC Engineering, procurement and construction ESCO Energy service company EU EV FIT European Union (specifically the EU-28) Electric vehicle Feed-in tariff GACC Global Alliance for Clean Cookstoves GDP GEF Gross domestic product Global Environment Facility GFR GSR Global Futures Report Renewables Global Status Report GW/GW th Gigawatt/Gigawatt-thermal GWh HVAC HVO IEA Gigawatt-hour Heating, ventilation and air conditioning Hydrotreated vegetable oil International Energy Agency IEA SHC Solar Heating and Cooling Programme of the International Energy Agency IFC INDC IPCC IPP IPS IRENA ITC International Finance Corporation Intended Nationally Determined Contribution Intergovernmental Panel on Climate Change Independent power producer Industrial and provident society International Renewable Energy Agency Investment tax credit kW/kWh Kilowatt/kilowatt-hour LCOE LED LLC Levelised cost of electricity Light-emitting diode Limited liability company m² Square metre m³ Cubic metre M&A MENA MEPS MSW Mergers and acquisitions Middle East and North Africa Minimum Energy Performance Standards Municipal solid waste MW/MWh Megawatt/megawatt-hour NGO Non-governmental organisation nZEB Nearly zero energy building NZEB Net zero energy building OECD Organisation for Economic Co-operation and Development O&M OMC OPIC PAYG PE PJ PPA PPP PTC PV R&D RPS SE4All SHS SIDS SME STE SWH T&D TES TFEC toe Operations and maintenance Omnigrid Micropower Company US Overseas Private Investment Corporation Pay As You Go Private equity Petajoule Power purchase agreement Public-private partnership Production tax credit Photovoltaic Research and development Renewable portfolio standard(s) United Nations Sustainable Energy for All initiative Solar home system(s) Small-island developing states Small and medium-sized enterprise Solar thermal electricity Solar water heater/heating Transmission and distribution Thermal energy storage Total final energy consumption Tonne of oil equivalent TW/TWh Terawatt/Terawatt-hour UNFCCC United Nations Framework Convention on Climate Change UNIDO United Nations Industrial Development Organization USAID US Agency for International Development USD VAT Wh WTO United States dollar Value-added tax Watt-hour World Trade Organization yieldcos yield companies RENEWABLES 2016 · GLOBAL STATUS REPORT 269

GLOSSARY<br />

Vehicle fuel standards. Rules specifying the minimum fuel<br />

economy of automobiles to reduce energy consumption.<br />

Watt. A unit of power that measures the rate of energy<br />

conversion or transfer. A kilowatt is equal to one thousand<br />

(10 3 ) Watts; a megawatt to one million (10 6 ) Watts; and so on.<br />

A megawatt-electrical (MW e ) is used to refer to electric power,<br />

whereas a megawatt-thermal (MW th ) refers to thermal/heat<br />

energy produced. Power is the rate at which energy is consumed<br />

or generated. A kilowatt-hour is the amount of energy equivalent<br />

to steady power of 1 kW operating for one hour.<br />

Yield company (yieldco). Renewable energy yieldcos are<br />

publicly traded financial vehicles created when power companies<br />

spin off their renewable power assets into separate, high-yielding<br />

entities. They are formed to reduce risk and volatility, and to<br />

increase capital and dividends. Shares are backed by completed<br />

renewable energy projects with long-term PPAs in place to<br />

deliver dividends to investors. They attract new types of investors<br />

who prefer low-risk and dividend-like yields, and those who wish<br />

to invest specifically in renewable energy projects. The capital<br />

raised is used to pay off debt or to finance new projects at lower<br />

rates than those available through tax equity finance.<br />

LIST OF ABBREVIATIONS<br />

AC<br />

AREI<br />

BIPV<br />

BNEF<br />

Alternating current<br />

Africa Renewable Energy Initiative<br />

Building-integrated solar<br />

photovoltaics<br />

Bloomberg New Energy Finance<br />

BRICS Brazil, Russian Federation, India,<br />

China and South Africa<br />

BRT<br />

CDM<br />

CHP<br />

CO2<br />

Bus Rapid Transit<br />

Clean Development Mechanism<br />

Combined heat and power<br />

Carbon dioxide<br />

COP21 Conference of the Parties, 21 st<br />

meeting<br />

CPV<br />

CSP<br />

DC<br />

DNI<br />

DRE<br />

DSM<br />

EC<br />

Concentrating solar photovoltaic<br />

Concentrating solar (thermal) power<br />

Direct current<br />

Direct normal insolation<br />

Distributed renewable energy<br />

Demand-side management<br />

European Commission<br />

ECOWAS Economic Community of West<br />

African States<br />

EEG<br />

EJ<br />

German Renewable Energy Law<br />

– “Erneuerbare-Energien-Gesetz“<br />

Exajoule<br />

EMEC European Marine Energy Centre<br />

EnDev Energising Development<br />

EPC<br />

Engineering, procurement and<br />

construction<br />

ESCO Energy service company<br />

EU<br />

EV<br />

FIT<br />

European Union (specifically the<br />

EU-28)<br />

Electric vehicle<br />

Feed-in tariff<br />

GACC Global Alliance for Clean Cookstoves<br />

GDP<br />

GEF<br />

Gross domestic product<br />

Global Environment Facility<br />

GFR<br />

GSR<br />

Global Futures Report<br />

Renewables Global Status Report<br />

GW/GW th Gigawatt/Gigawatt-thermal<br />

GWh<br />

HVAC<br />

HVO<br />

IEA<br />

Gigawatt-hour<br />

Heating, ventilation and air<br />

conditioning<br />

Hydrotreated vegetable oil<br />

International Energy Agency<br />

IEA SHC Solar Heating and Cooling<br />

Programme of the International<br />

Energy Agency<br />

IFC<br />

INDC<br />

IPCC<br />

IPP<br />

IPS<br />

IRENA<br />

ITC<br />

International Finance Corporation<br />

Intended Nationally Determined<br />

Contribution<br />

Intergovernmental Panel on<br />

Climate Change<br />

Independent power producer<br />

Industrial and provident society<br />

International Renewable Energy<br />

Agency<br />

Investment tax credit<br />

kW/kWh Kilowatt/kilowatt-hour<br />

LCOE<br />

LED<br />

LLC<br />

Levelised cost of electricity<br />

Light-emitting diode<br />

Limited liability company<br />

m² Square metre<br />

m³ Cubic metre<br />

M&A<br />

MENA<br />

MEPS<br />

MSW<br />

Mergers and acquisitions<br />

Middle East and North Africa<br />

Minimum Energy Performance<br />

Standards<br />

Municipal solid waste<br />

MW/MWh Megawatt/megawatt-hour<br />

NGO Non-governmental organisation<br />

nZEB Nearly zero energy building<br />

NZEB Net zero energy building<br />

OECD Organisation for Economic<br />

Co-operation and Development<br />

O&M<br />

OMC<br />

OPIC<br />

PAYG<br />

PE<br />

PJ<br />

PPA<br />

PPP<br />

PTC<br />

PV<br />

R&D<br />

RPS<br />

SE4All<br />

SHS<br />

SIDS<br />

SME<br />

STE<br />

SWH<br />

T&D<br />

TES<br />

TFEC<br />

toe<br />

Operations and maintenance<br />

Omnigrid Micropower Company<br />

US Overseas Private Investment<br />

Corporation<br />

Pay As You Go<br />

Private equity<br />

Petajoule<br />

Power purchase agreement<br />

Public-private partnership<br />

Production tax credit<br />

Photovoltaic<br />

Research and development<br />

Renewable portfolio standard(s)<br />

United Nations Sustainable Energy<br />

for All initiative<br />

Solar home system(s)<br />

Small-island developing states<br />

Small and medium-sized enterprise<br />

Solar thermal electricity<br />

Solar water heater/heating<br />

Transmission and distribution<br />

Thermal energy storage<br />

Total final energy consumption<br />

Tonne of oil equivalent<br />

TW/TWh Terawatt/Terawatt-hour<br />

UNFCCC United Nations Framework<br />

Convention on Climate Change<br />

UNIDO United Nations Industrial<br />

Development Organization<br />

USAID US Agency for International<br />

Development<br />

USD<br />

VAT<br />

Wh<br />

WTO<br />

United States dollar<br />

Value-added tax<br />

Watt-hour<br />

World Trade Organization<br />

yieldcos yield companies<br />

RENEWABLES 2016 · GLOBAL STATUS REPORT<br />

269

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