By Morgan Bazilian, Fabien Roques

ISBN-10: 0080568874

ISBN-13: 9780080568874

ISBN-10: 0080915310

ISBN-13: 9780080915319

This is often an incredible quantity for pros in academia, and govt drawn to the quickly evolving zone on the nexus among strength and weather switch coverage. The state of the art foreign contributions let for a large assurance of the subject. power variety and safeguard makes a speciality of the honor of monetary possibility within the power region. It describes how instruments borrowed from monetary fiscal thought, particularly mean-variance portfolio conception, offers insights at the expenditures and advantages of range, and therefore tell funding choice making in stipulations of uncertainty. It offers the reader an in-depth knowing of the way to regulate hazard at a time while the world's concentration is in this quarter. The e-book offers insights from major experts within the sector of power protection. It offers readers considerable, rigorous research and information at a serious time in dealing with the dual demanding situations of strength safety and weather switch. The booklet additionally highlights the position of fresh strength expertise in relocating in the direction of destiny various and clever electrical energy structures. will probably be a relied on, first element of reference for decision-makers within the box of power policy.The e-book features a foreword via the 2007 Nobel Peace Prize winner. All royalties from sale of this publication might be donated to charities operating within the strength region within the constructing international. . Theoretical underpinning and utilized use of Portfolio conception within the strength zone. In-depth attention of threat. Contributions from best overseas power economists. leading edge methodologies for puzzling over strength protection and variety

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Read Online or Download 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) PDF

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Additional resources 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)

Example text

Specifically, static approaches can understate, if not ignore, managerial flexibility. Real options valuation allows for adjustment of the timing of the investment decision. It is therefore particularly well suited to evaluate investments with uncertain payoffs and costs, as it can capture the option value contained in managerial flexibility in the face of future uncertain developments: the greater the uncertainty that can be resolved, the more advantageous it is to wait and thus the higher the option value (Dixit and Pindyck, 1994; Trigeorgis, 1996).

In other words, identifying the optimal degree of fuel mix diversity for a country or utility requires valuation approaches of power generation investments which trade off the risks and returns of increased portfolio diversification, in both a static and a dynamic perspective. The following subsections introduce successively static (value-at-risk and portfolio theory) and dynamic approaches (real options) to value fuel mix diversity. 11 The value at risk calculates the maximum loss expected (or worst case scenario) on an investment, over a given period and given a specified degree of confidence (Brealey and Myers, 2000).

Demand-side efficiency programs are supported in part to reduce the economic impacts of supply disruptions (Lovins and Lovins, 1982). Key infrastructures, such as that for long-range transport of natural gas, are increasingly audited for properties of ‘resilience’ in the face of particular or unspecified threats (JESS, 2004). Offensive military action remains a major energy security strategy option in many influential circles (Plummer 1983), although acknowledged with reticence. Finally, at the most general of levels, the effective functioning of energy markets themselves is often presented as the principal means toward optimizing energy security (Helm, 2007).

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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) by Morgan Bazilian, Fabien Roques


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