关键词: 合同能源管理, 节能补贴, “委托-代理”模型

Abstract: Energy saving subsidies provided by the government is critical to promoting energy performance contracting(EPC)projects. To optimize resource allocation inEPC projects,this paper developsa principal-agent model to investigate the distribution of energy saving subsidies in EPC projects. The findings show that when the saving subsidies are provided only to the energy user(EU)or the energy service company(ESCO), the optimal energy saving will be affected by the energy subsidies standard. When the saving subsidies are shared by both parties, the optimal energy saving will be not only influenced by the energy subsidies standard, but also determined by the two parties' bargaining capabilities. When the saving subsidies are all provided to the ESCO, the project can achieve the optimal situation for energy savings. Furthermore, when the saving subsidies are all provided to either party in the project, the party receiving the saving subsidies can obtain the optimal energy saving profits.

Key words: energy performance contracting, saving subsidies, principal-agent model