Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]

In this paper the investment opportunities in emerging power generation technologies, which are considered risky investments due to the volatility of the market price of electricity, are valuated. This analysis uses both the theoretical framework for valuing real options proposed by Dixit and Pindyc...

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Fecha de publicación:
2015
Institución:
Universidad de Medellín
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Repositorio UDEM
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spa
OAI Identifier:
oai:repository.udem.edu.co:11407/2490
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http://hdl.handle.net/11407/2490
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Energy markets
Real options
Renewable energies
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spelling 2016-07-27T22:08:20Z2016-07-27T22:08:20Z20151203592http://hdl.handle.net/11407/249010.11144/Javeriana.cao28-51.vfrcIn this paper the investment opportunities in emerging power generation technologies, which are considered risky investments due to the volatility of the market price of electricity, are valuated. This analysis uses both the theoretical framework for valuing real options proposed by Dixit and Pindyck (1994) and theoretical information of investment and operational costs for the technologies being analyzed. The model allows a calculation of the value of the investment opportunity and the optimal trigger price to invest in these technologies within the Colombian electricity market conditions. Results show that under current market conditions investors should defer the investment until a required optimal trigger price is found, results which also correspond to the pattern observed in the Colombian market. © 2015, Pontificia Universidad Javeriana. All Rights Reserved.spaPontificia Universidad Javerianahttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84969540318&partnerID=40&md5=b55707d2cfa000e9ac3c42c562fc2699Cuadernos de Administracion Volume 28, Issue 51, 2015, Pages 45-64ScopusValuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]Articleinfo:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1info:eu-repo/semantics/restrictedAccesshttp://purl.org/coar/access_right/c_16ecCuervo, F.I., Industria y Organizaciones, Universidad Nacional de Colombia, Medellín, Colombia, Ingeniería Financiera e Ingeniería Industrial, Facultad de Ingenierías, Universidad de Medellín, Medellín, ColombiaCuervo F.I.Industria y Organizaciones, Universidad Nacional de Colombia, Medellín, ColombiaIngeniería Financiera e Ingeniería Industrial, Facultad de Ingenierías, Universidad de Medellín, Medellín, ColombiaEnergy marketsReal optionsRenewable energiesIn this paper the investment opportunities in emerging power generation technologies, which are considered risky investments due to the volatility of the market price of electricity, are valuated. This analysis uses both the theoretical framework for valuing real options proposed by Dixit and Pindyck (1994) and theoretical information of investment and operational costs for the technologies being analyzed. The model allows a calculation of the value of the investment opportunity and the optimal trigger price to invest in these technologies within the Colombian electricity market conditions. Results show that under current market conditions investors should defer the investment until a required optimal trigger price is found, results which also correspond to the pattern observed in the Colombian market. © 2015, Pontificia Universidad Javeriana. All Rights Reserved.THUMBNAIL37. Valuation of renewable and unconventional electricity source.pdf.jpg37. Valuation of renewable and unconventional electricity source.pdf.jpgIM Thumbnailimage/jpeg6735http://repository.udem.edu.co/bitstream/11407/2490/2/37.%20Valuation%20of%20renewable%20and%20unconventional%20electricity%20source.pdf.jpgf313de1ee41a555ff907355d9c1fd28fMD52ORIGINAL37. Valuation of renewable and unconventional electricity source.pdf37. Valuation of renewable and unconventional electricity source.pdfapplication/pdf444007http://repository.udem.edu.co/bitstream/11407/2490/1/37.%20Valuation%20of%20renewable%20and%20unconventional%20electricity%20source.pdf2e8563028a8327fe3b9fc5e640b5f4e5MD5111407/2490oai:repository.udem.edu.co:11407/24902020-05-27 19:13:10.099Repositorio Institucional Universidad de Medellinrepositorio@udem.edu.co
dc.title.spa.fl_str_mv Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
title Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
spellingShingle Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
Energy markets
Real options
Renewable energies
title_short Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
title_full Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
title_fullStr Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
title_full_unstemmed Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
title_sort Valuation of renewable and unconventional electricity sources: An approach from real options [Avaliação de fontes renováveis não convencionais de geração de energia: Um enfoque a partir das opções reais] [Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales]
dc.contributor.affiliation.spa.fl_str_mv Cuervo, F.I., Industria y Organizaciones, Universidad Nacional de Colombia, Medellín, Colombia, Ingeniería Financiera e Ingeniería Industrial, Facultad de Ingenierías, Universidad de Medellín, Medellín, Colombia
dc.subject.keyword.eng.fl_str_mv Energy markets
Real options
Renewable energies
topic Energy markets
Real options
Renewable energies
description In this paper the investment opportunities in emerging power generation technologies, which are considered risky investments due to the volatility of the market price of electricity, are valuated. This analysis uses both the theoretical framework for valuing real options proposed by Dixit and Pindyck (1994) and theoretical information of investment and operational costs for the technologies being analyzed. The model allows a calculation of the value of the investment opportunity and the optimal trigger price to invest in these technologies within the Colombian electricity market conditions. Results show that under current market conditions investors should defer the investment until a required optimal trigger price is found, results which also correspond to the pattern observed in the Colombian market. © 2015, Pontificia Universidad Javeriana. All Rights Reserved.
publishDate 2015
dc.date.created.none.fl_str_mv 2015
dc.date.accessioned.none.fl_str_mv 2016-07-27T22:08:20Z
dc.date.available.none.fl_str_mv 2016-07-27T22:08:20Z
dc.type.eng.fl_str_mv Article
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_6501
http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.driver.none.fl_str_mv info:eu-repo/semantics/article
dc.identifier.issn.none.fl_str_mv 1203592
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/11407/2490
dc.identifier.doi.none.fl_str_mv 10.11144/Javeriana.cao28-51.vfrc
identifier_str_mv 1203592
10.11144/Javeriana.cao28-51.vfrc
url http://hdl.handle.net/11407/2490
dc.language.iso.none.fl_str_mv spa
language spa
dc.relation.isversionof.spa.fl_str_mv https://www.scopus.com/inward/record.uri?eid=2-s2.0-84969540318&partnerID=40&md5=b55707d2cfa000e9ac3c42c562fc2699
dc.relation.ispartofen.eng.fl_str_mv Cuadernos de Administracion Volume 28, Issue 51, 2015, Pages 45-64
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_16ec
dc.rights.accessrights.none.fl_str_mv info:eu-repo/semantics/restrictedAccess
eu_rights_str_mv restrictedAccess
rights_invalid_str_mv http://purl.org/coar/access_right/c_16ec
dc.publisher.spa.fl_str_mv Pontificia Universidad Javeriana
dc.source.spa.fl_str_mv Scopus
institution Universidad de Medellín
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