By Morgan Bazilian, Fabien Roques
This can be a great quantity for execs in academia, and govt drawn to the quickly evolving quarter on the nexus among power and weather swap coverage. The state of the art foreign contributions permit for a large insurance of the subject. strength range and defense makes a speciality of the honour of monetary danger within the power zone. It describes how instruments borrowed from monetary monetary conception, specifically mean-variance portfolio conception, delivers insights at the charges and advantages of range, and hence tell funding determination making in stipulations of uncertainty. It provides the reader an in-depth knowing of ways to regulate hazard at a time whilst the world's concentration is in this quarter. The publication offers insights from top gurus within the sector of power safety. It supplies readers plentiful, rigorous research and tips at a severe time in dealing with the dual demanding situations of strength safeguard and weather swap. The booklet additionally highlights the position of fresh strength know-how in relocating in the direction of destiny assorted and clever electrical energy structures. will probably be a relied on, first aspect of reference for decision-makers within the box of strength policy.The ebook encompasses a foreword by way of the 2007 Nobel Peace Prize winner. All royalties from sale of this e-book might be donated to charities operating within the strength zone within the constructing international. . Theoretical underpinning and utilized use of Portfolio idea within the power quarter. In-depth attention of possibility. Contributions from top overseas strength economists. leading edge methodologies for considering power safeguard and variety
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Additional info for Analytical Methods for Energy Diversity and Security: Portfolio Optimization in the Energy Sector: A Tribute to the work of Dr. Shimon Awerbuch (Elsevier Global Energy Policy and Economics Series)
And Katz, S. (1976). A portfolio approach to fossil fuel procurement in the electric utility industry. Journal of Finance, 31(3), 933–947. Barrel, R. and Pomerantz, O. (2004). Oil Prices and the World Economy. London: NIESR. , Howley, M. (2007). Security of Supply Metrics for Ireland, . EPSSU, Dublin. Bohi, D. and Toman, M. (1993). Energy security: externalities and policies. Energy Policy, (November), 1093–1109. Brealey, R. and Myers, S. (2000). Principles of Corporate Finance, 6th edn. Irwin McGraw-Hill.
This is not to say that unexpected events will not happen, only that the effects of these events are already known from past experience (Awerbuch and Berger, 2003). g. imported gas, or supply shocks due to physical disruption in the supply chain. Investing in generation technologies which help a country (or a utility) to mitigate its exposure to fossil fuel supply disruptions or price risks can be thought as an insurance. g. see Roques, 2008, for a critique of the traditional levelized cost methodology).
E. taking a national or societal perspective, is that more diverse generation portfolios are in general associated with lower risks for the same returns. In particular, optimal portfolios contain a substantial share of fixed-cost (when considering only fuel price uncertainty) renewables and nuclear, whose costs have a low covariance with the production costs of fossil fuel technologies. Some recent studies have taken a different approach by taking a private investor perspective. These studies therefore also take into account electricity price risk (and in Europe CO2 price risk), and the covariance of electricity, fuel and CO2 prices.