Evaluation of hydropower upgrade projects - a real options approach
作者： Ole Christian Troland , Jana Szolgayova , Morten Elverhøi , Stein-Erik Fleten , Sabine Fuss
DOI:
关键词:
摘要: When evaluating whether to refurbish existing hydropower plants or invest in a new power plant, there are two important aspects take into consideration. These the capacity chosen for production facilities and timing of investment. This paper presents an investment decision support framework producers with due restoration. The producer can choose between refurbishing investing facility. A real options is proposed decision. Using case from Norsk Hydro ASA, Norwegian producer, we employ evaluate opportunities. Our main contribution approach that combines scheduling valuation, results our analysis suggest feasible strategies ASA.
researchgate.net 参考文章(14)
James Tipping, E. Grant Read, Hybrid Bottom-Up/Top-Down Modeling of Prices in Deregulated Wholesale Power Markets Springer, Berlin, Heidelberg. pp. 213- 238 ,(2010) , 10.1007/978-3-642-12686-4_8
Stein W. Wallace, Stein-Erik Fleten, Stochastic Programming Models in Energy Handbooks in Operations Research and Management Science. ,vol. 10, pp. 637- 677 ,(2003) , 10.1016/S0927-0507(03)10010-2
Frode Kjærland, A real option analysis of investments in hydropower : The case of Norway Energy Policy. ,vol. 35, pp. 5901- 5908 ,(2007) , 10.1016/J.ENPOL.2007.07.021
Guangzhi Zhao, Matt Davison, Valuing hydrological forecasts for a pumped storage assisted hydro facility Journal of Hydrology. ,vol. 373, pp. 453- 462 ,(2009) , 10.1016/J.JHYDROL.2009.05.009
Thomas Dangl, Franz Wirl, Investment under uncertainty: calculating the value function when the Bellman equation cannot be solved analytically Journal of Economic Dynamics and Control. ,vol. 28, pp. 1437- 1460 ,(2004) , 10.1016/S0165-1889(03)00110-6
Robert S. Pindyck, Avinash K. Dixit, Investment Under Uncertainty ,(1994)
Julio J. Lucia, Eduardo S. Schwartz, Electricity prices and power derivatives: Evidence from the Nordic Power Exchange The Finance. ,vol. 5, pp. 5- 50 ,(2000) , 10.1023/A:1013846631785
Thor Bøckman, Stein-Erik Fleten, Erik Juliussen, Håvard J. Langhammer, Ingemar Revdal, Investment timing and optimal capacity choice for small hydropower projects European Journal of Operational Research. ,vol. 190, pp. 255- 267 ,(2008) , 10.1016/J.EJOR.2007.05.044
E. Näsäkkälä, J. Keppo, Hydropower with Financial Information Applied Mathematical Finance. ,vol. 15, pp. 503- 529 ,(2008) , 10.1080/13504860701852494