کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1000279 936974 2008 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Technology choices for new entrants in liberalized markets: The value of operating flexibility and contractual arrangements
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی انرژی (عمومی)
پیش نمایش صفحه اول مقاله
Technology choices for new entrants in liberalized markets: The value of operating flexibility and contractual arrangements
چکیده انگلیسی

New entrants in liberalized electricity markets which are not vertically integrated and do not operate a large and diversified portfolio of generation technologies are likely to favour technologies which offer the best prospects to manage fuel and electricity price risks through contractual arrangements and operating flexibility. Monte Carlo simulations of a discounted cash flow model of investment in combined cycle gas turbine (CCGT), coal and nuclear power plant are run to compare the impact of fuel and electricity price risks on these different technologies, as well as the value of operating flexibility and contractual hedges. In the absence of long-term fixed-price power purchase contracts, CCGT is the least risky option as its cash flow is “self-hedged” given the high correlation between electricity and gas prices observed in many markets. Moreover, the value associated with operating flexibility and arbitrage between gas and power market is greater for CCGT plant. This makes CCGT particularly attractive to new entrants.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Utilities Policy - Volume 16, Issue 4, December 2008, Pages 245–253
نویسندگان
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