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https://hdl.handle.net/1822/65731
Título: | Feed-in tariffs with minimum price guarantees and regulatory uncertainty |
Autor(es): | Barbosa, Luciana Ferrao, Paulo Rodrigues, Artur Sardinha, Alberto |
Palavras-chave: | Real options Feed-in tariff Price-floor regime Regulatory uncertainty |
Data: | 1-Mai-2018 |
Editora: | Elsevier Science BV |
Revista: | Energy Economics |
Citação: | Barbosa, L., Ferrão, P., Rodrigues, A., & Sardinha, A. (2018, May). Feed-in tariffs with minimum price guarantees and regulatory uncertainty. Energy Economics. Elsevier BV. http://doi.org/10.1016/j.eneco.2018.04.028 |
Resumo(s): | The feed-in tariff (FIT) program is a popular policy for incentivizing new renewable energy projects because it establishes a long-term contract with renewable energy investors. This paper presents a novel model to analyze a FIT contract with a minimum price guarantee (i.e., a price-floor regime) from an investor's perspective. The results show that a perpetual guarantee only induces investment for prices below the price floor when offering a risk-free investment opportunity. In contrast, the finite guarantee may induce investment even when the revenue from the guarantee is lower than the investment cost. When an investor faces a scenario with regulatory uncertainty, a higher and more likely reduction in the price floor induces earlier investment. For all cases, investors postpone an investment decision when market conditions present a higher price volatility. (C) 2018 Elsevier B.V. All rights reserved. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/65731 |
DOI: | 10.1016/j.eneco.2018.04.028 |
ISSN: | 0140-9883 |
Arbitragem científica: | yes |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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article.pdf | 780,42 kB | Adobe PDF | Ver/Abrir |