Market and policy risk under different renewable electricity support schemes
作者: Trine Krogh BoomsmaKristin Linnerud
作者单位: 1University of Copenhagen, Department of Mathematical Sciences, 2100 Copenhagen, Denmark
2CICERO Center for International Climate and Environmental Research – Oslo NO–0318 Oslo, Norway
刊名: Energy, 2015, Vol.89 , pp.435-448
来源数据库: Elsevier Journal
DOI: 10.1016/j.energy.2015.05.114
关键词: Renewable energyPolicy uncertaintyGreen certificatesFeed-in tariffsIrreversible investmentsReal options
英文摘要: Abstract(#br)Worldwide, renewable electricity projects are granted production support to ensure competitiveness. Depending on the design of these support schemes, the cash inflows to investment projects will be more or less exposed to fluctuations in electricity and/or subsidy prices. Furthermore, as renewable electricity technologies mature, there is a possibility that the current support scheme will be terminated or revised in ways that make it less generous or more in line with market mechanism.(#br)Using a real options approach, we examine how investors in power projects respond to such market and policy risks. We show that: (1) due to price diversification, the differences in market risk between support schemes like tradeable green certificates, feed-in premiums and feed-in tariffs...
全文获取路径: Elsevier  (合作)
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影响因子:3.651 (2012)

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