...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Energy Policy >Investment with incomplete markets for risk: The need for long-term contracts
【24h】

Investment with incomplete markets for risk: The need for long-term contracts

机译：市场风险不完全的投资：需要长期合同

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

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.
机译：除补贴外，在重组后的欧洲电力部门中，对电力部门的投资几乎完全停止。市场和监管失灵，例如众所周知的资金流失（见Joskow，（2006年）），以及正常的市场特征（如风险），也可能受到诸如市场不完备之类的市场失灵的影响，是造成这种情况的常见原因。本文讨论了不完全风险交易及其对投资的影响。该分析在“仅能源”类型的简单市场模型上应用了可计算的随机均衡模型。本文首先比较了完全市场和完全不完全市场（完全风险交易和无风险交易）的情况。它继续测试不同风险交易合同对福利和投资的影响。我们先后考虑了添加到“仅能源”市场模型中的有无物理备份的差异，可靠性选项合同。我们测试了市场流动性对结果的影响。最后，我们将这些方法与远期容量市场进行了比较，我们还将其添加到仅能源模型中。我们通过根据这些风险交易情况所隐含的障碍率来解释这些结果来完成本文。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号