隨著氣候變遷議題升溫，全球已有逾 130 個國家宣示「2050 淨零排碳」目標並提 出行動藍圖。再生能源因而成為能源轉型的關鍵要角。台灣 2017 年通過《電業法》修正案後，開放民間企業參與再生能源之發電與售電，進而促使聚合商（Aggregator）等新興業者投入市場。 聚合商透過整合上游再生能源發電業者的電力，除可協助電力供需平衡外，亦能為 企業客戶提供購電服務與再生能源憑證（Renewable Energy Certificate, REC）交易平台。在企業碳中和壓力與國際供應鏈減碳要求同步升高的情況下，REC 與企業電力購售協議（Corporate PPA）已成為台灣再生能源交易的重要管道，也為聚合商創造嶄新的商業模式。 本研究首先以單一固定用電需求企業為案例，剖析聚合商在再生能源供應不確定情 境下，如何透過「整合再生能源＋REC 交易」創造價值；接續，再將模型擴展至供應不足下之公平分配機制（比例分配、受限等額補償、受限等損配分），比較不同機制對聚合商利潤之影響。研究結果可為未來台灣電力交易設計與政策制訂提供量化參考，並進一步說明當聚合商兼具整合與交易功能時，所能帶來的附加價值與投資誘因。;With the growing urgency of climate change issues, over 130 countries worldwide have declared their “2050 Net Zero Emissions” targets and launched corresponding roadmaps. Renewable energy has thus become a key driver of energy transition. In Taiwan, the Electricity Act was amended in 2017 to allow private enterprises to participate in the generation and sale of renewable energy, thereby promoting the emergence of new market entrants such as aggregators. Aggregators integrate electricity from upstream renewable energy generators, not only helping to balance electricity supply and demand, but also providing electricity procurement services and access to Renewable Energy Certificate (REC) trading platforms for corporate customers. Amid mounting pressure and international requirements for carbon reduction, the demand for RECs and corporate power purchase agreements (Corporate PPAs) has risen significantly. These mechanisms have become essential instruments in Taiwan’s electricity market, offering aggregators innovative business models. This study begins by taking a fixed-demand electricity-consuming enterprise as a case to analyze how aggregators can create value under uncertain renewable energy supply conditions through “integrated renewable energy and REC transactions.” Subsequently, the model is extended to scenarios with insufficient supply and compares the impacts of different fair allocation mechanisms (such as proportional allocation, capped compensation, and capped loss-sharing) on aggregator profitability. The results may offer quantitative references for future electricity market design and policy formulation in Taiwan. Furthermore, the study explains the additional value and investment incentives that can be generated when aggregators also serve as integrated trading agents.
