کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
994225 936073 2007 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A real option analysis of investments in hydropower—The case of Norway
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی مهندسی انرژی و فناوری های برق
پیش نمایش صفحه اول مقاله
A real option analysis of investments in hydropower—The case of Norway
چکیده انگلیسی

This paper presents a valuation study of hydropower investment opportunities in the Norwegian context. According to NVE (Norwegian Water Resources and Energy Directorate, the regulator), there is a potential of 39 TWh not yet developed (generation in a normal year is approximately 120 TWh).By using the conceptual real option framework of Dixit and Pindyck [1994. Investment Under Uncertainty. Princeton University Press, Princeton, NJ] one can estimate the value of investment opportunities to NOK 11 million/GWh (EUR 1.4 million/GWh). Furthermore, the optimal trigger price for initiating an investment based on electricity forward prices is calculated to NOK 0.32/kWh (EUR 0.04/kWh). The analysis shows consistency between real option theory and aggregate investment behaviour in Norwegian hydropower.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Policy - Volume 35, Issue 11, November 2007, Pages 5901–5908
نویسندگان
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