How does uncertainty in renewable energy policy affect decisions to invest in wind energy?

被引：31

作者：

Eryilmaz D. ^{[1
]}

Homans F.R. ^{[2
]}

机构：

[1] Navigant Consulting Inc., 1375 Walnut Street, Suite 200, Boulder, 80302, CO

[2] Department of Applied Economics, University of Minnesota, 1994 Buford Ave, N. 231 E Ruttan Hall, St. Paul, 55108, MN

来源：

Electricity Journal | 2016年 / 29卷 / 03期

关键词：

Energy policy; Investment; Real options; Uncertainty; Wind energy;

D O I：

10.1016/j.tej.2015.12.002

中图分类号：

学科分类号：

摘要：

This paper examines the impacts of uncertainties in U.S. renewable energy policy on the investment decisions of renewable electricity producers. We develop and solve a dynamic optimization model to understand how investment in wind energy depends on market and policy uncertainties. These uncertainties include the federal government's uncertain decision about the continuation of the Production Tax Credit (PTC) policy and the stochasticity of prices in the market for Renewable Electricity Credits (RECs). Our results show that investors require higher REC prices to invest without the PTC policy. Results contribute to our understanding of how policy uncertainty affects the profitability threshold required for investors to commit to renewable energy projects. © 2015 Elsevier Inc.

引用

页码：64 / 71

页数：7

共 29 条

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