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ID:
128357
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| Publication |
2014.
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| Summary/Abstract |
In deregulated electricity markets, the transmission network is a key infrastructure for enabling competition in the generation sector. A deficient expansion of the transmission grid prevents the realization of the benefits in terms of efficiency associated with market mechanisms. Consequently, it is essential to provide clear investment policies and economic signals to attract timely and efficient transmission investments in order to develop the system at minimum cost meeting the requirements of generators and consumers, while keeping adequate levels of service quality and reliability. This paper proposes a modern tool of economic evaluation based on real options analysis that provides the regulator the ability to assess various incentives that would lead transmission investors to make efficient decisions in highly uncertain environments. Real options properly values partially irreversible investment decisions, such as to defer, modify or abandon an investment project in response to the arrival of new information or as uncertainties are resolved. Decisions are evaluated from the point of view of a transmission investor trying to maximize its own profits in the time period set to recover the capital invested. The results allow the study of the behavior of transmission investors regarding their decision making when they have the possibility to manage the option to defer, under different regulatory schemes that encourage the expansion of the transmission system.
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| 2 |
ID:
162915
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| Summary/Abstract |
This article studies the integration of variable renewable energy sources (RES) into power networks. The main goal is to confront the contents and trends of scientific literature with the eyes and projects of researchers on future topics and issues to be solved, especially in terms of the modeling of electrical systems. The analysis relies on a bibliometric study of the Scopus database on the topic and on an online survey sent to the corresponding authors of the identified papers. The paper analyzes the dynamics of publication, clusters of collaboration, and main topics studied. It then identifies potential research leads, among which unresolved challenges regarding technical aspects, markets and financing issues, and social aspects. The disparity of models and results is still a necessary evil as research is not mature enough to integrate in one model all the very complex parameters of VRE integration into power systems. There is a lack of recurrence, though, such as the impact of emergent technologies or the development of substitute low carbon-emitting technology (other than solar and wind), need to be addressed. The paper also advocates the need for a systemic vision, for both research and policymakers that goes beyond the sole power system.
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