Investment timing under uncertain renewable energy policy: An empirical study of small hydropower projects
作者: Kristin LinnerudAne Marte AnderssonStein-Erik Fleten
作者单位: 1CICERO Center for International Climate and Environmental Research – Oslo, NO–0318 Oslo, Norway
2Norwegian University of Science and Technology, NO–7491 Trondheim, Norway
刊名: Energy, 2014, Vol.78 , pp.154-164
来源数据库: Elsevier Journal
DOI: 10.1016/j.energy.2014.09.081
关键词: Policy uncertaintyRegulatory uncertaintyRenewable energyDistributed generationInvestmentReal options
英文摘要: Abstract(#br)Policy uncertainty can be a powerful deterrent to immediate investments. Based on panel data of 214 licenses to construct small run-of-the-river hydropower plants, we examine whether the prospect of a common Swedish–Norwegian market for green certificates (i.e., a renewable portfolio standard scheme) affected the timing of investments. Our results show that traditional utilities and other professional investors in the energy market acted in accordance with a real options investment rule, and the prospect of possible future subsidies delayed their investment decision. On the other hand, our results do not show that farmers and other non-professional investors incorporated timing considerations in their investment decisions. Rather, our results indicate that these investors...
全文获取路径: Elsevier  (合作)
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影响因子:3.651 (2012)

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