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执行时间视角下的可再生能源发电项目激励政策优化研究

执行时间视角下的可再生能源发电项目激励政策优化研究
执行时间视角下的可再生能源发电项目激励政策优化研究
In order to realize sustainable development and to reduce the greenhouse gas emission, China needs to promote the development of renewable energy, which is highly related to the incentive policies. Therefore, in order to investigate the effects of different incentive policies and to optimize the incentive polices, we apply real option approach to evaluate the renewable energy policies in China: The economics of renewable energy projects in China are firstly studied, corresponding assumptions are proposed, and then real option models are established and solved. The expected execution time and the optimal incentive values with respect to technological levels are also obtained. Then, solar photovoltaic (PV) projects are used as a case study. The results show that: (1) incentive policies are necessary for the development of solar PV projects, however, the current or previous incentive policies exceeds the optimal incentive values; (2) more attractive basic incentive policies should be promulgated if there is a technological progress in the solar industry; (3) from the perspective of the government expenditure, policy effects and technological impacts, the feed-in tariff is the most effective policy, but the corresponding government expenditure is also very large; the price premium policy is also a very effective policy, and the corresponding government expenditure is smaller than that of the feed-in tariff policy; the cost-recovery policy is less attractive than the feed-in tariff and the price premium policy.
1003-207X
157-167
Cheng, Cheng
9d3214f3-3076-40bd-8d11-d0b9571cec48
Wang, Zhen
af8604e4-250c-4c42-93bf-37d791470816
Liu, Huihui
1dcc050c-8271-4640-931d-fb19c0798282
Zhao, Guohao
d93a2a0e-0561-4e7d-8fa3-ee6c7d2a33f1
Liu, Mingming
21c79f44-943a-488c-999d-5a95d8256560
Ren, Xiaohang
970abdf4-ff20-4244-9952-f9ee910736ee
Cheng, Cheng
9d3214f3-3076-40bd-8d11-d0b9571cec48
Wang, Zhen
af8604e4-250c-4c42-93bf-37d791470816
Liu, Huihui
1dcc050c-8271-4640-931d-fb19c0798282
Zhao, Guohao
d93a2a0e-0561-4e7d-8fa3-ee6c7d2a33f1
Liu, Mingming
21c79f44-943a-488c-999d-5a95d8256560
Ren, Xiaohang
970abdf4-ff20-4244-9952-f9ee910736ee

Cheng, Cheng, Wang, Zhen, Liu, Huihui, Zhao, Guohao, Liu, Mingming and Ren, Xiaohang (2019) 执行时间视角下的可再生能源发电项目激励政策优化研究. Chinese Journal of Management Science, 27 (3), 157-167. (doi:10.16381/j.cnki.issn1003-207x.2019.03.016).

Record type: Article

Abstract

In order to realize sustainable development and to reduce the greenhouse gas emission, China needs to promote the development of renewable energy, which is highly related to the incentive policies. Therefore, in order to investigate the effects of different incentive policies and to optimize the incentive polices, we apply real option approach to evaluate the renewable energy policies in China: The economics of renewable energy projects in China are firstly studied, corresponding assumptions are proposed, and then real option models are established and solved. The expected execution time and the optimal incentive values with respect to technological levels are also obtained. Then, solar photovoltaic (PV) projects are used as a case study. The results show that: (1) incentive policies are necessary for the development of solar PV projects, however, the current or previous incentive policies exceeds the optimal incentive values; (2) more attractive basic incentive policies should be promulgated if there is a technological progress in the solar industry; (3) from the perspective of the government expenditure, policy effects and technological impacts, the feed-in tariff is the most effective policy, but the corresponding government expenditure is also very large; the price premium policy is also a very effective policy, and the corresponding government expenditure is smaller than that of the feed-in tariff policy; the cost-recovery policy is less attractive than the feed-in tariff and the price premium policy.

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Study on the optimization of investment incentive policies for renewable energy projects - Accepted Manuscript
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Accepted/In Press date: 20 April 2018
Published date: March 2019
Alternative titles: Study on the optimization of investment incentive policies for renewable energy projects -from a perspective of execution time

Identifiers

Local EPrints ID: 429758
URI: https://eprints.soton.ac.uk/id/eprint/429758
ISSN: 1003-207X
PURE UUID: c6f71bae-a3fd-4b69-a5fb-401d4ccb4389

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Date deposited: 05 Apr 2019 16:30
Last modified: 15 Apr 2019 16:30

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Contributors

Author: Cheng Cheng
Author: Zhen Wang
Author: Huihui Liu
Author: Guohao Zhao
Author: Mingming Liu
Author: Xiaohang Ren

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