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ID: 183044

Analyzing the returns and rate of return regulation of Finnish electricity distribution system operators 2015–2019 / Collan, Mikael; Savolainen, Jyrki; Lilja, Emma

Collan, Mikael	Journal Article
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Summary/Abstract

Electricity distribution prices have steeply increased in Finland since 2015. This research investigates the returns from the Finnish low-voltage electricity distribution business and compares them to returns from three European industry indices. The within-industry distribution of returns is also studied. The Finnish rate of return regulation model used is presented together with the level of allowed returns by the model, four changes to the model are proposed, and the effect of the four proposed changes on the returns allowed by the model are investigated.

Key Words

finland ; Electricity Distribution ; Rate of Return Regulation ; Monopoly Rents

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ID: 110313

Enhancing patent valuation with the pay-off method / Collan, Mikael; Heikkilä, Markku

Collan, Mikael	Journal Article
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2011.

Summary/Abstract

Numerical valuation of patents is a difficult task due to great uncertainty regarding the future and inaccuracy in estimation. The pay-off method is an easy to use and understand analysis method that is based on using value scenarios and real options-thinking. The method is designed for the analysis of assets that suffer from difficulties in estimation precision and often face high uncertainty. This paper shows how patent valuation can be enhanced with the help of the pay-off method, based on any of the three 'conventional' patent valuation methods. A numerical case about how the pay-off method can be used together with the discounted cash flow method is presented. The method is already in use by a number of multi-national companies for valuation of R&D and is on its way to be introduced into the IPR functions of a number of corporations.

Key Words

Pay-off Method ; Patent Valuation ; Discounted Cash Flow Method

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ID: 150731

Modeling the effects of the new Russian capacity mechanism on renewable energy investments / Kozlova, Mariia; Collan, Mikael

Collan, Mikael	Journal Article
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Summary/Abstract

Russian renewable energy policy, introduced in May 2013, is a capacity mechanism-based approach to support wind, solar, and small hydro power development in Russia. This paper explores the effect of the new mechanism on the profitability of new renewable energy investments with a numerical example. The sensitivity of project profitability to selected factors is studied and the results are compared ceteris paribus to results from a generic feed-in premium case. Furthermore, the paper gives a complete and detailed presentation of the capacity price calculation procedure tied to the support mechanism. The results show that the new Russian renewable energy capacity mechanism offers a significant risk reduction to the investor in the form of dampening the sensitivity to external market factors. At the same time it shields the energy market system from excessive burden of renewable energy support. Even if the complexity of the method is a clear drawback to the detailed understanding of how the mechanism works, the design of the incentive policy could be an appealing alternative also for other emerging economies.

Key Words

Russia ; Renewable Energy Policy ; Capacity Mechanism

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