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dc.contributor.authorBoomsma, Trine Krogh
dc.contributor.authorLinnerud, Kristin
dc.date.accessioned2021-04-30T08:30:53Z
dc.date.available2021-04-30T08:30:53Z
dc.date.created2015-05-21T09:59:28Z
dc.date.issued2015
dc.identifier.citationEnergy. 2015, 89 435-448.
dc.identifier.issn0360-5442
dc.identifier.urihttps://hdl.handle.net/11250/2740501
dc.description.abstractWorldwide, renewable electricity projects are granted production support to ensure competitiveness. Depending on the design of these support schemes, the cash inflows to investment projects will be more or less exposed to fluctuations in electricity and/or subsidy prices. Furthermore, as renewable electricity technologies mature, there is a possibility that the current support scheme will be terminated or revised in ways that make it less generous or more in line with market mechanism. Using a real options approach, we examine how investors in power projects respond to such market and policy risks. We show that: (1) due to price diversification, the differences in market risk between support schemes like tradeable green certificates, feed-in premiums and feed-in tariffs are less than commonly believed; (2) the prospects of termination will slow down investments if it is retroactively applied, but speed up investments if it is not; and, (3) this policy uncertainty may add a substantial risk to investments, especially in the first case where investors expect future curtailment of subsidies to affect new and old installations alike. We conclude the paper by discussing the division of risk between investor and government.
dc.description.abstractGrønne sertifikater eller feed-in tariffer--en artikkel om risiko
dc.language.isoeng
dc.titleMarket and policy risk under different renewable electricity support schemes
dc.title.alternativeGrønne sertifikater eller feed-in tariffer--en artikkel om risiko
dc.typePeer reviewed
dc.typeJournal article
dc.description.versionpublishedVersion
dc.source.pagenumber435-448
dc.source.volume89
dc.source.journalEnergy
dc.identifier.doi10.1016/j.energy.2015.05.114
dc.identifier.cristin1243686
dc.relation.projectNorges forskningsråd: 238281
dc.relation.projectNorges forskningsråd: 228811
cristin.unitcode7475,0,0,0
cristin.unitnameCICERO Senter for klimaforskning
cristin.ispublishedtrue
cristin.fulltextoriginal
cristin.qualitycode2


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