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ID:
092750
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| Publication |
2009.
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| Summary/Abstract |
This article presents a model for investing in renewable energies in the framework of the Spanish electricity market in a way that risk is minimised for the investor while returns are maximised. The model outlined here is based on an economic model for calculating cash flows intended to obtain the internal rate of return (IRR) of the different energies being studied: wind, photovoltaic, mini hydro and thermo electrical. The IRRs obtained are considered the returns on investments, while their standard deviations are considered associated risks. In order to minimise risk, a comprehensive portfolio of investments is created that includes all of the available energies by means of a system of linear equations. The solution of the linear system is graphically checked using the efficient frontier method for the different financing options. Several case studies within the Renewable Energies Plan (PER is its Spanish abbreviation) that is in force in Spain in the period 2005-2010 are analysed in order to illustrate the method, as are other case studies using different types of financing, helping us to reach the pertinent conclusions.
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| 2 |
ID:
166391
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| Summary/Abstract |
The shortage of traditional energy sources and environmental pollution caused by the consumption of fossil fuels have become increasingly prominent, and many countries regard the development of renewable energy as important for ensuring energy conservation and emission reductions. In addition, renewable portfolio standard is important for China to achieve energy transition. The Chinese government is actively promoting the construction of a renewable portfolio standard system. Considering different renewable energy development targets for renewable portfolio standards, this paper establishes a dynamic computable general equilibrium (CGE) model to research the impacts of achieving various policy targets. The main simulation results are as follows. Promoting renewable sources would have a slightly negative impact on macroeconomics. For each additional percentage point in the share of renewable energy generation in 2030, the loss of GDP would increase by approximately 9.11 billion RMB. A renewable energy policy could be also conducive to carbon emission reduction and energy structure adjustment. Certainly, the proportion of renewable energy in the total power generation should be approximately 34% to achieve the government target for non-fossil fuels to account for approximately 20% of the primary energy consumption by 2030.
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