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| 1 |
ID:
103477
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2011.
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| Summary/Abstract |
The Western Renewable Energy Zone (WREZ) initiative brings together a diverse set of voices to develop data, tools, and a unique forum for coordinating transmission expansion in the Western Interconnection. In this paper we use a new tool developed in the WREZ initiative to evaluate possible renewable resource selection and transmission expansion decisions. We evaluate these decisions under a number of alternative future scenarios centered on meeting 33% of the annual load in the Western Interconnection with new renewable resources located within WREZ-identified resource hubs. Our analysis finds that wind energy is the largest source of renewable energy procured to meet the 33% RE target across nearly all scenarios analyzed (38-65%). Solar energy is almost always the second largest source (14-41%). We find several load zones where wind energy is the least cost resource under a wide range of sensitivity scenarios. Load zones in the Southwest, on the other hand, are found to switch between wind and solar, and therefore to vary transmission expansion decisions, depending on uncertainties and policies that affect the relative economics of each renewable option. Further, we find that even with total transmission expenditures of $17-34 billion these costs still represent just 10-19% of the total delivered cost of renewable energy.
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| 2 |
ID:
112928
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2012.
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| Summary/Abstract |
Energy consumption in the commercial property sector offers an important opportunity for conserving resources. In this study, we evaluate the financial implications of two elements of "sustainability" - energy efficiency and accessibility - in the market for commercial real estate. An empirical analysis of some 1100 leasing transactions in the Netherlands over the 2005-2010 period shows that buildings designated as inefficient (with an EU energy performance certificate D or worse) command rental levels that are some 6.5 percent lower as compared to energy efficient, but otherwise similar buildings (labeled A, B or C). Furthermore, this study shows that office buildings in multi-functional areas, with access to public transport and facilities, achieve rental premiums over mono-functional office districts. For policymakers, the results documented in this paper provide an indication on the effectiveness of the EU energy performance certificate as a market signal in the commercial property sector. The findings documented here are also relevant for investors in European office markets, as the importance of energy efficiency and locational diversification is bound to increase following stricter environmental regulation and changing tenant preferences.
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| 3 |
ID:
077189
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2007.
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| Summary/Abstract |
Employee stock bonuses (ESBs) and employee stock options (ESOs) are the means for high-technology companies in Taiwan to reward their employees. This research connects the Ohlson (1995) model and Linear Structural Relations (LISREL) model to investigate these effects of ESBs and ESOs, respectively, for a sample of high-technology companies in Taiwan. I generate two empirical generalizations. (1) The incentive effects of ESBs are significantly associated with performance, thus enhancing firm value; in addition, the incentive effects of ESBs are greater than the dilution effects. (2) The incentive effects of ESOs are also significantly associated with performance, whereas the dilution effects of ESOs are insignificant. Although evidence supports the incentive effects of providing ESOs and ESBs, it is debatable whether ESOs and ESBs dilute shareholders' equity
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| 4 |
ID:
094932
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2010.
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| Summary/Abstract |
After deregulation of the energy market in Norway, a number of mergers and acquisitions of hydropower generating companies have taken place. However, valuation of these companies has proved controversial. From an ex-post perspective, there is support for the criticism that generation assets have been sold too cheaply. This article presents a simple valuation model providing evidence of how value has evolved. On the basis of these results, we discuss the valuation from an ex ante perspective and in the light of the market efficiency hypothesis of (Fama, 1970) and (Fama, 1991).
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| 5 |
ID:
168682
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| Summary/Abstract |
Based on a database of U.S. electric utility rate cases spanning nearly four decades, the returns on equity authorized by regulators have exhibited a large and growing premium over the riskless rate of return. This growing premium does not appear to be explained by traditional asset-pricing models, often in direct contrast to regulators’ stated intent. We suggest possible alternative explanations drawn from finance, public policy, public choice, and the behavioral economics literature. However, absent some normative justification for this premium, it would appear that regulators are authorizing excessive returns on equity to utility investors and that these excess returns translate into tangible profits for utility firms.
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| 6 |
ID:
119831
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2013.
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| Summary/Abstract |
Whilst the acquisition of physical transmission interconnector rights between two or more electricity markets can be structured as spread options on the spot prices of electricity between connected markets, empirical evidence suggests that actual prices may be quite different. This raises issues for the valuation of transmission rights, particularly in the European context of market harmonisation, and the use of transmission rights with increasing levels of wind penetration. We examine the price differentials between the Irish and British electricity markets, where explicit transmission capacity auctions have been persistently undersubscribed and transmission rights acquired but not fully utilised. We find significant empirical indications that auction prices for transmission rights are undervalued against both arbitrage and spread option valuations. We also find significant power flows against the efficient price spread direction. A survey of a group of experts with an interest in trading power between Ireland and Britain inform a number of possible explanations for the apparent inefficiencies. These include ex-post pricing in the Irish market, intermittent wind and strategic behaviour by dominant firms.
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| 7 |
ID:
027640
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| Publication |
New Jersey, Prentice Hall, Inc., 1970.
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| Description |
192pHbk
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| Standard Number |
0-13-940163-6
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Copies: C:1/I:0,R:0,Q:0
Circulation
| Accession# | Call# | Current Location | Status | Policy | Location |
| 008085 | 658.15/VAL 008085 | Main | On Shelf | General | |
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| 8 |
ID:
052300
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Oct 2004.
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| Summary/Abstract |
This article provides an econometric meta-analysis of the disparity of results among a large sample of electricity externality studies. Most importantly, the analysis shows that parts of the disparity can be attributed to methodological differences; the abatement cost and top-down damage cost approaches tend to produce higher external cost estimates, ceteris paribus, than does the bottom-up damage cost approach. There are also systematical differences in magnitudes among fuels; as expected some of the fuels (i.e., coal and oil) have more adverse impacts than do the renewables (i.e., hydro, wind and solar). Furthermore, the studies that have addressed the full fuel cycle tend to produce higher externality estimates. However, the analysis carried out here is not sufficient to explain all of the variability in externality estimates. Thus, overall the results suggest that the possibility of making general policy decisions based on the studies carried out so far may be limited, implying that existing externality studies may have to be improved in order to become more useful for policy makers.
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