کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5105925 | 1481253 | 2017 | 13 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Investment with incomplete markets for risk: The need for long-term contracts
ترجمه فارسی عنوان
سرمایه گذاری با بازارهای ناقص برای خطر: نیاز به قراردادهای بلند مدت
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کلمات کلیدی
بازارهای ناقص، توابع خطر، سرمایه گذاری در بازارهای برق، قراردادهای بلند مدت، بازار ظرفیت
موضوعات مرتبط
مهندسی و علوم پایه
مهندسی انرژی
مهندسی انرژی و فناوری های برق
چکیده انگلیسی
Barring subsidies, investment in the power generation sector has come to an almost complete halt in the restructured European power sector. Market and regulatory failures such as the well known missing money (see Joskow, (2006)) but also normal market features such as risk, possibly also affected by market failures like market incompleteness are mentioned as common causes for the situation. This paper discusses incomplete risk trading and its impact on investment. The analysis applies computable stochastic equilibrium models on a simple market model of the Energy Only type. The paper first compares the cases of complete and fully incomplete markets (full risk trading and no risk trading). It continues by testing the impact of different risk trading contracts on both welfare and investment. We successively consider Contracts for Difference, Reliability Options with and without physical back up that we add to our Energy Only market model. We test the impact of market liquidity on the results. Finally, we compare these methods to a Forward Capacity Market that we also add to the energy only model. We complete the paper by interpretation of these results in terms of hurdle rate implied by these risk-trading situations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Policy - Volume 105, June 2017, Pages 571-583
Journal: Energy Policy - Volume 105, June 2017, Pages 571-583
نویسندگان
Gauthier de Maere d'Aertrycke, Andreas Ehrenmann, Yves Smeers,