Evaluation of Photovoltaic Energy Projects using the Real Options Valuation
The purpose of the article is to analyze from a current perspective how Real Options Valuation facilitate the evaluation of projects for the adoption of photovoltaic energy in countries such as Colombia. A mixed descriptive approach is proposed, using techniques of documentary analysis and analysis...
- Autores:
-
Hernández Palma, Hugo
- Tipo de recurso:
- Fecha de publicación:
- 2020
- Institución:
- Universidad del Atlántico
- Repositorio:
- Repositorio Uniatlantico
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniatlantico.edu.co:20.500.12834/820
- Acceso en línea:
- https://hdl.handle.net/20.500.12834/820
- Palabra clave:
- Renewable Energy, Photovoltaic Energy, Real Options Method, Feasibility
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc/4.0/
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Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
| title |
Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
| spellingShingle |
Evaluation of Photovoltaic Energy Projects using the Real Options Valuation Renewable Energy, Photovoltaic Energy, Real Options Method, Feasibility |
| title_short |
Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
| title_full |
Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
| title_fullStr |
Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
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Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
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Evaluation of Photovoltaic Energy Projects using the Real Options Valuation |
| dc.creator.fl_str_mv |
Hernández Palma, Hugo |
| dc.contributor.author.none.fl_str_mv |
Hernández Palma, Hugo |
| dc.contributor.other.none.fl_str_mv |
Hurtado Ibarra, Kennedy |
| dc.subject.keywords.spa.fl_str_mv |
Renewable Energy, Photovoltaic Energy, Real Options Method, Feasibility |
| topic |
Renewable Energy, Photovoltaic Energy, Real Options Method, Feasibility |
| description |
The purpose of the article is to analyze from a current perspective how Real Options Valuation facilitate the evaluation of projects for the adoption of photovoltaic energy in countries such as Colombia. A mixed descriptive approach is proposed, using techniques of documentary analysis and analysis of figures. To this end, an exhaustive review of recent research on energy, project evaluation and the method of real options is carried out. As part of the results, it is highlighted that the real options method allows a greater projection of the economic/financial evaluations and also proposes lines of action thus responding to new demands of the energy markets. Due to the characteristics of the activities of the theme, real options are gaining ground in the economic/financial evaluation of projects, since until recently only traditional methods were considered for this purpose. |
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2020 |
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2020-08-30 |
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2020-05-23 |
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2022-11-15T19:31:10Z |
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2022-11-15T19:31:10Z |
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10.32479/ijeep.9974 |
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Universidad del Atlántico |
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Repositorio Universidad del Atlántico |
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Hernández Palma, Hugo43e9b855-a4fe-49d5-950b-0e88d4469d76Hurtado Ibarra, Kennedy2022-11-15T19:31:10Z2022-11-15T19:31:10Z2020-08-302020-05-23https://hdl.handle.net/20.500.12834/82010.32479/ijeep.9974Universidad del AtlánticoRepositorio Universidad del AtlánticoThe purpose of the article is to analyze from a current perspective how Real Options Valuation facilitate the evaluation of projects for the adoption of photovoltaic energy in countries such as Colombia. A mixed descriptive approach is proposed, using techniques of documentary analysis and analysis of figures. To this end, an exhaustive review of recent research on energy, project evaluation and the method of real options is carried out. As part of the results, it is highlighted that the real options method allows a greater projection of the economic/financial evaluations and also proposes lines of action thus responding to new demands of the energy markets. Due to the characteristics of the activities of the theme, real options are gaining ground in the economic/financial evaluation of projects, since until recently only traditional methods were considered for this purpose.application/pdfenghttp://creativecommons.org/licenses/by-nc/4.0/Attribution-NonCommercial 4.0 Internationalinfo:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2EconjournalsEvaluation of Photovoltaic Energy Projects using the Real Options ValuationPúblico generalRenewable Energy, Photovoltaic Energy, Real Options Method, Feasibilityinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_2df8fbb1BarranquillaSede NorteBalibrea, J. (2013), Valoración de Proyectos de Generación Eléctrica Con Energías Renovables: Un Estudio Comparado Basado en Opciones Reales Regulatorias (Doctoral Disertation). Spain: Universidad Autónoma de Madrid.Bhandari, B., Lee, K.T., Lee, C., Song, C., Maskey, R., Ahn, S. (2014), A novel off-grid hybrid power system comprised of solar photovoltaic, wind, and hydro energy sources. Applied Energy, 133(15), 236-242Bravo, D. (2015), Energía y desarrollo sostenible en Cuba. Centro Azúcar, 42(4), 14-25.Cabrera, N.G., Munoz, E.G., Alcaraz, G.G. (2015), Two-phase short-term scheduling approach with intermittent renewable energy resources and demand response. IEEE Latin America Transactions, 13(1), 181-187.Camacho Parejo, M. (2012), El Trilema Energético. Available from: https://www.worldenergy.org/wp-content/uploads/2012/12/Trilema- Energ%C3%A9tico-2012-Espanol.pdf.Capel, J. (2015), Las Plantas Fotolvotaicas en el Paisaje. Tipificación de Impactos y Directrices de Integración Paisajística. Almería: Universidad Almería.Collado, E. (2009), Energía Solar Fotovoltaica, Competitividad y Evaluación Económica, Comparativa y Modelos (Doctoral Disertation). Spain: UNED.Correa, C.A., Marualanda, G.A., Panesso, A.F. (2016), Impacto de la penetración de la energía solar fotovoltaica en sistemas de distribución: Estudio bajo supuestos del contexto colombiano. Revista Tecnura, 20, 85-95.Dixit, A., Pindyck, R. (1994), Investment Under Uncertainty. New Jersey: Princeton University Press.Dólar Colombia. (2019), Gráfica del Precio del Dólar: Precio del Dólar de Los Últimos 180 Días. Available from: https://www.dolar-colombia. com/grafica?num=180.Hosenuzzaman, M., Rahim, N.A., Selvaraj, J., Hasanuzzaman, M., Malek, A.A., Nahar, A. (2015), Global prospects, progress, policies, and environmental impact of solar photovoltaic power generation. Renewable and Sustainable Energy Reviews, 41, 284-297.Isaza, F. (2015), Valoración de fuentes renovables no convencionales de generación de electricidad: Un enfoque desde las opciones reales. Cuadernos de Administración, 28, 45-64.Isaza, F., Botero, S. (2014), Aplicación de las opciones reales en la toma de decisiones en los mercados de electricidad. Estudios Gerenciales, 40, 397-407.Martinez, D., García, M., Hernández, H., Niebles, W. (2019), Gestión energética en el sector salud en Colombia: Un caso de desarrollo limpio y sostenible. Información Tecnológica, 30(5), 47-56.Rodriguez, A.M.B., Castillo, J.P., Palma, H.H. (2018), Design of a lowspeed electrical generator with automatic load shedding and powered by non-conventional energy sources. Contemporary Engineering Sciences, 11(80), 3971-3980.Sánchez, C. (2017), Valoración de Empresas de Energía Solar con Opciones Reales. Available from: https://www.repositorio.uam.es/handle/10486/680151.Simpson, G., Clifton, J. (2016), Subsidies for residential solar photovoltaic energy systems in Western Australia: Distributional, procedural and outcome justice. Renewable and Sustainable Energy Reviews, 65, 262-273.Sinha, S., Chandel, S. (2015), Review of recent trends in optimization techniques for solar photovoltaic wind based hybrid energy systems. Renewable and Sustainable Energy Reviews, 50, 755-769.Toscano, A.R., Herazo, J.C.M., Millán, R.R., Palma, H.G.H., Martinez, J.A.S. (2019), Approach methodology for the sustainable design of packaging through computational tools: Case study: Water bottles. Case Studies in Thermal Engineering, 16, 100561UPME. (2019), Informe de Registro de Proyectos de Genración. Available from: http://www.siel.gov.co/Generacion_sz/Inscripcion/2019/ Registro_ene_2019.pdf.UPME. (2019), Integración de Las Energías Renovables no Convencionales en Colombia. Available from: http://www1. upme.gov.co/DemandaEnergetica/INTEGRACION_ENERGIAS_ RENOVANLES_WEB.pdf.Yu, H.J., Popiolek, N., Geoffron, P. (2016), Solar photovoltaic energy policy and globalization: A multiperspective approach with case studies of Germany, Japan, and China, Progress in Photovoltaic. Research and Applications, 24, 458-476.http://purl.org/coar/resource_type/c_6501ORIGINALijeep.9974.pdfijeep.9974.pdfapplication/pdf1214717https://repositorio.uniatlantico.edu.co/bitstream/20.500.12834/820/1/ijeep.9974.pdfaf3667fb81973940141dfe0d9cd2b30fMD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8914https://repositorio.uniatlantico.edu.co/bitstream/20.500.12834/820/2/license_rdf24013099e9e6abb1575dc6ce0855efd5MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-81306https://repositorio.uniatlantico.edu.co/bitstream/20.500.12834/820/3/license.txt67e239713705720ef0b79c50b2ececcaMD5320.500.12834/820oai:repositorio.uniatlantico.edu.co:20.500.12834/8202022-11-15 14:31:11.469DSpace de la Universidad de Atlánticosysadmin@mail.uniatlantico.edu.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 |