Stepwise Green Investment under Policy Uncertainty
作者: Michail ChronopoulosVerena HagspielStein-Erik Fleten
刊名: The Energy Journal, 2016, Vol.37 (4)
来源数据库: International Association for Energy Economics
DOI: 10.5547/01956574.37.4.mchr
关键词: Investment analysisCapacity sizingRenewable energyPolicy uncertainty
原始语种摘要: We analyse how market price and policy uncertainty, in the form of random provision or retraction of a subsidy, interact to affect the optimal time of investment and the size of a renewable energy (RE) project that can be completed in either a single (lumpy investment) or multiple stages (stepwise investment). The subsidy takes the form of a fixed premium on top of the electricity price, and, therefore, investment is subject to electricity price uncertainty. We show that the risk of a permanent retraction (provision) of a subsidy increases (decreases) the incentive to invest, yet lowers (raises) the amount of installed capacity, and that this result is more pronounced as the size of the subsidy increases. Additionally, we show that increasing the number of policy interventions lowers the...
全文获取路径: IAEE  (合作)
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关键词翻译
关键词翻译
  • uncertainty 不定
  • subsidy 津贴
  • lumpy 修]成块[群,团
  • stepwise 步进式
  • investment 投资
  • expected 预期
  • sizing 分级
  • incentive 诱惑力
  • provision 供应品
  • price 价格