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Dissertations / Theses on the topic 'FINANCING RENEWABLE ENERGY'
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1
Dadakis, Jacquelyn (Jacquelyn MacKenzie). "Picking up the PACE : a new tool for financing energy efficiency and distributed renewable energy." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/59719.
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Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2010.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 115-118).
This thesis describes the potential of new legislation in Louisiana to provide municipal financing for energy efficient building retrofits and distributed renewable energy. First, the thesis identifies how energy efficiency loan funds should be structured so as to access public debt markets. Second, it reviews current best practices in the field of Property Assessed Clean Energy (PACE) bonds. Then it discusses the current energy efficiency and renewable energy market in New Orleans, LA. Finally, the thesis discusses the policy and market changes necessary to implement LA Senate Bill 224 authorizing PACE districts in Louisiana.
by Jacquelyn Dadakis.
M.C.P.
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PRIYADARSHINI, MONICA. "STATUS OF RENEWABLE ENERGY IN INDIA AND A CASE OF FINANCING VIABILITY OF WIND ENERGY PROJECT." Thesis, DELHI TECHNOLOGICAL UNIVERSITY, 2021. http://dspace.dtu.ac.in:8080/jspui/handle/repository/18343.
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Indian Power sector is in a period of transition, spurred by the governments’ mega
target of installing 175 Giga Watt (GW) of renewables by 2022, the world's largest
renewable energy capacity expansion plan, out of which 100 Giga Watt from solar
and 60 Giga Watt will be from wind energy. India ranks fourth in wind energy, fifth
in terms of renewable energy. India is the only country which have an exclusive
ministry for renewable energy i.e. Ministry of New and Renewable Energy (MNRE).
Renewable Energy Sources Installed capacity has grown substantially from 34 GW
in 2014 to 87 GW in 2020. In recent years, the percentage of renewables has
increased in total installed capacity. In 2013-2014, the contribution was 12.92%,
rising to 23.5% by March 2020. Wind and solar energy are the major contributors in
the enhanced capacity of renewables.
Wind is one of the largest RE source in India, based on mean annual wind power
density. States with high wind power potential are Gujarat, Tamil Nadu, Maharashtra
Andhra Pradesh, Karnataka, Kerala and Madhya Pradesh. With an installed
capacity of 37.69 GW (Mar 20) of wind energy, Wind Energy holds the major portion
of 43% of 87.03 GW (Mar-20) total RE capacity among renewable and continued as
the largest supplier of clean energy.
India as a tropical country is blessed with good sunshine in most of its parts and the
number of clear days of sunshine a year is also quite high. According to MNRE,
India receives annually solar energy equivalent to more than 5,000 trillion units. Hot
and dry climate of the country with about 300 days of sunshine; making this area a
great place to harness solar energy. “Jawaharlal Nehru National Solar Mission
(JNNSM)” was launched in 2010 to support the growth of solar energy installations
in India.
Government came up with many schemes time to time to make renewable energy
sector attractive to investors. Few such schemes/ incentives are Viability Gap
Funding for solar projects, Generation based incentives for wind projects, MAT
credit for RE projects, Accelerated depreciation for wind projects, Must run for
Renewable energy projects etc.
Approx. Rs 2,14,800 Crores investments has been made in Renewable energy
sector since 2014 till Jul-2019. Private, PSU banks, NBFCs, Development banks etc are lending debt to renewable energy projects. Many Private Equity players are
participating in the equity financing of these projects. Indian Renewable Energy
Development Agency Limited (IREDA), a government enterprise, was set up in
1987 under MNRE to support financial assistance to renewable energy projects. As
per MNRE, country needs approx. Rs 4 Lakh Crores investment to achieve target
of 175 Giga Watt of Renewable Energy Installations. Investments to this tune can
only be made if it is a viable investment.
In order to understand different viability parameters involved in the financing of
renewable energy projects, a 100 MW wind energy project has been considered in
this study. The project has a long term PPA at a tariff of 2.90 per unit for a period of
25 years. The estimated project cost (excluding Interest During Construction) is Rs
600 Cr to be funded in Debt : Equity ratio of 75:25. Financials have been worked out
using excel tool. Financial modelling has been done to assess the viability
parameters based on different assumptions.
Further, to understand the risk factors involved in renewable energy projects, phase
wise risk analysis has been done along with mitigation measures. Challenges have
been explored to identify the gap in installation of renewable energy sources.
Various recommendations have been suggested to overcome these challenges.
3
Assenza, Gaudenz B. "Mobilizing private capital for the global environment : private financing of renewable energy and energy efficiency projects." Thesis, University of Oxford, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.273089.
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Aguiar, Paulo Ricardo Rua. "Financing green development: 'Climate Bonds’ as a solution for institutional investors engagement." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9821.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThis study examines whether ‘climate bonds’ are achieving the desired investment scale to tackle climate change and whether those bonds are being issued with features that are attractive to institutional investors. Several cases of climate bond issuances, especially by companies were analyzed. While investor’s interest in climate bonds exists, this market is still small and investors are not being offered with an attractive investment scale. As the results indicate, both credit enhancements and aggregation vehicles to enable scale investments are possible solutions to boost the climate bond market.
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Сотник, Ірина Миколаївна, Ирина Николаевна Сотник, and Iryna Mykolaivna Sotnyk. "Approaches to the budget funding distribution for the regional renewable energy development." Thesis, Sumy State University, 2021. https://essuir.sumdu.edu.ua/handle/123456789/86283.
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Розроблений поетапний алгоритм розподілу бюджетного фінансування на покриття частки безвідсоткових кредитів за регіональними проєктами, що використовують різні технології «зеленої» енергетики. На першому етапі визначається частка безвідсоткового кредиту за кожною технологією відновлювальної енергетики в регіоні. На другому розраховуються обсяги виділеного фінансування на регіональний розвиток цих технологій, гарантуючи будівництво обраних об’єктів на відновлювальних енергоджерелах на території.Разработан поэтапный алгоритм распределения бюджетного финансирования на покрытие доли беспроцентного кредита по региональным проектам, использующим различные технологии «зеленой» энергетики. На первом этапе определяется доля беспроцентного кредита по каждой технологии возобновляемой энергетики в регионе. На втором рассчитываются объемы выделенного финансирования на региональное развитие этих технологий, гарантируя строительство выбранных объектов на возобновляемых энергоисточниках на территории.
A step-by-step algorithm for allocating budget funding to cover the share of interest-free loans on regional projects using various green energy technologies has been developed. At the first stage, the share of interest-free loans for each renewable energy technology in the region is determined. The second stage includes calculating the amount of funding allocated for the regional development of these technologies, ensuring the construction of selected facilities on renewable energy sources in the territory.
The publication was prepared in the framework of the research project "Formation of economic mechanisms for sustainable development of renewable energy in the conditions of global and local threats to energy security of Ukraine" (No. 0120U104806) funded by the National Research Foundation of Ukraine.
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Mainali, Brijesh. "Renewable Energy Market for Rural Electrification in Developing Countries: Country Case Nepal." Licentiate thesis, KTH, Energi och klimatstudier, ECS, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-33201.
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The availability of abundant renewable resources, lack of fossil fuels and difficult geographical terrain for grid line extensions contribute to the advantages of renewable based decentralized rural electrification in Ne-pal. Solar home system (SHS) and micro-hydro are the most commonly adopted off-grid renewable energy technologies in the country. This dis-sertation examines the market of renewable energy based rural electrifi-cation within prevailing policy and programmes framework. The study verifies whether the market has been able to serve the poor in Nepal. It also captures the perception of various stakeholders (e.g. private sup-ply/installation companies, NGOs, financial institutions and the donor‘s programme) regarding the business, financing issues and the role of gov-ernment policy on the market development. In addition, the study dis-cusses and analyses renewable based rural electrification supply models, the economics behind rural electrification, market drivers and market distribution in the rural areas of Nepal. The financial mix in the off-grid rural electrification is generally charac-terized by subsidy, equity and credit. The study shows that awareness about renewable energy technologies and willingness to pay for electricity access has increased considerably. However, there is a huge financial gap between the cost of electrification and affordability among the poor. The distribution analysis shows there is significant increment in the extensive growth but decrease in the intensive growth rate of rural electrification thus indicating market expansion with uneven penetration among the ru-ral people. Solar PV technology is still not in the reach of the economic poor. Access to credit and cumbersome subsidy delivery mechanisms have been perceived as the major factors affecting the expansion of rural electrification by the stakeholders, requiring innovation in the credit and subsidy delivery system so that a larger rural population can be given ac-cess to electrification.QC 20110502
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Kincl, Karel. "Potential of Biomass and Biogas Energy Projects in the Czech Republic." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73156.
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The aim of my Master Thesis is to provide the reader a holistic picture about the current situation on the renewable energy market, specifically in the area of biomass energy. Firstly, the complex research, which had been conducted by the European Union, Czech government and individual research groups, was examined to make a comprehensive overview about the Czech energy mix of renewable sources. Secondly, the biomass energy fundamentals were elaborated in more details to provide the reader solid insights into the biomass origins, methods of energy conversion as well as its current market circumstances. Next, the financing structure of biomass energy projects together with SWOT analysis on biomass was conducted based on the personal work experience from the Department of Renewable Energy Financing at xxxxxxxxxx bank and the available analytical materials. Consequently, the recommendations for potential biomass investors were concisely described together with the market prediction and possible outlook that was suggested based on the previous analysis.
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Karnetová, Lucie. "Projektové financování investičních projektů se zaměřením na projekty z oblasti obnovitelných zdrojů energie." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-15779.
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My thesis is focused on Project Financing of Investment Projects in the field of Renewable Energy Resources. The theoretical section, see Chapter Two, characterises the nature of project financing, parties, principles for successful project financing, types of capital invested in projects and their resources, risks, guarantees and securities. The practical (third) part of the thesis is oriented to specifics of project financing of Renewable Energy Resources. First of all principles for the assessment both of project bearers and projects in terms of quality are specified. Furthermore, principals for the assessment of financial terms of projects are given. The fourth and concurrently the final Chapter analyses a particular project in the field of renewable energy resources mostly from the financial point of view.
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Heidari, Shayan. "Economic Modelling of Floating Offshore Wind Power : Calculation of Levelized Cost of Energy." Thesis, Mälardalens högskola, Industriell ekonomi och organisation, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-36130.
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Floating offshore wind power is a relatively new technology that enables wind turbines to float above the sea level, tied by anchors at the seabed. The purpose of this work is to develop an economic model for the technology in order to calculate the total cost of a planned wind farm. Cost data are retrieved from reports and academic journals available online. Based on these data, a model in Microsoft Excel is developed which calculates the Levelized cost of energy (LCOE) for floating wind power plants as a function of several input values. As an addition to this model, financing offshore projects are described using literature study and by doing interviews with three major companies, currently investing in offshore wind. As a result, the model allows the user to calculate Capital expenditures, Operating expenditures and LCOE for projects at any given size and at any given site. The current LCOE for a large floating offshore wind farm is indicated to be in the range of 138-147 £/MWh. The outline from interviews was that today there is no shortage of capital for funding wind projects. However, in order to attract capital, the governmental regulatory of that market has to be suitable since it has a crucial impact on price risks of a project.
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Maté, Ernest Lyatitima. "Financial and regulatory barriers to renewable energy." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/11661.
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Includes abstract.Includes bibliographical references.
Climate change necessitates a shift from South Africa’s current fixation on coal fuelled energy to renewable energy. The private sector will play a pivotal role in making this shift. It is argued that there is a legal obligation to invest renewable energy. Such investment must take place within the existing regulatory and policy framework; however this framework is itself a barrier to private sector participation. Finance is the second barrier. An appropriate legal structure and entity must be used to raise the required funding but a variety of funding options exist. This paper examines the above barriers to private sector participation and proposes ways in which to overcome them.
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Gomes, Mariana Lindenberg. "A indústria de geração de energia eólica como fonte alternativa de energia." reponame:Repositório Institucional do BNDES, 2013. https://web.bndes.gov.br/bib/jspui/handle/1408/7026.
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Nas últimas décadas, o tema "meio ambiente" tem se tornado alvo cada vez maior de discussão, dado a grande dependência, em escala mundial, da energia gerada por combustíveis fósseis, os quais são finitos. Dessa forma, buscam-se alternativas à geração de energia hoje predominante focadas na sustentabilidade e na utilização de fontes limpas e renováveis. Nesse contexto, o estímulo ao uso de fontes de energia renováveis tem crescido não só no Brasil como no exterior. Dentre as diversas possibilidades temos, a energia eólica que, dado o estágio atual de maturidade de sua indústria, a diminuição dos preços dos aerogeradores à medida que a tecnologia evolui e os incentivos dados pelo governo federal à construção de usinas eólicas, tem aumentado ano a ano sua participação na matriz energética brasileira, atualmente em 1,78%, com perspectiva de chegar aproximadamente em 9% até 2021, segundo dados da ANEEL e da ABEEólica (Associação Brasileira de Energia Eólica). Além disso, é mister ressaltar que a utilização em larga escala da matriz eólica para a produção de energia elétrica tem o objetivo de diminuir a dependência da produção de energia por meio de combustíveis fósseis, os quais não são renováveis e são extremamente poluentes. Assim, tendo em vista o aumento da competitividade da geração de energia eólica no Brasil nos últimos anos, objetiva-se, por meio da presente monografia, analisar inicialmente a atual indústria de geração de energia elétrica sob o novo marco regulatório e, em seguida, a especificidade da indústria de geração de energia eólica, a potencialidade de geração de energia eólica no Brasil, a regulação específica incidente sobre tal geração de energia, em consonância com o novo marco regulatório do setor elétrico e os incentivos para sua produção no Brasil.MBA Executivo (especialização em Administração) - Universidade Federal do Rio de Janeiro. Instituto de Pós-Graduação e Pesquisa em Administração, Rio de Janeiro, 2013.
Bibliografia: p. [22-25]
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Ghalebani, Alireza. "Renewable Energy Investment Planning and Policy Design." Scholar Commons, 2016. http://scholarcommons.usf.edu/etd/6243.
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In this dissertation, we leverage predictive and prescriptive analytics to develop decision support systems to promote the use of renewable energy in society. Since electricity from renewable energy sources is still relatively expensive, there are variety of financial incentive programs available in different regions. Our research focuses on financial incentive programs and tackles two main problem: 1) how to optimally design and control hybrid renewable energy systems for residential and commercial buildings given the capacity based and performance based incentives, and 2) how to develop a model-based system for policy makers for designing optimal financial incentive programs to promote investment in net zero energy (NZE) buildings.
In order to customize optimal investment and operational plans for buildings, we developed a mixed integer program (MIP). The optimization model considers the load profile and specifications of the buildings, local weather data, technology specifications and pricing, electricity tariff, and most importantly, the available financial incentives to assess the financial viability of investment in renewable energy. It is shown how the MIP model can be used in developing customized incentive policy designs and controls for renewable energy system.
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Mayor, Vitoria Fernando. "Project Finance and MCDM financial models: An application in renewable energy projects." Doctoral thesis, Universitat Politècnica de València, 2017. http://hdl.handle.net/10251/73067.
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[EN] Academics, managerial and policy making community reinforce that renewable energy investments are one of the most effective instruments to attain CO2 emission reduction targets set by the Kyoto Protocol and by the recent Paris Agreement signed at the Paris climate conference (COP21) in December 2015 in which 195 countries adopted the first-ever universal, legally binding global climate deal.
The problem of financing Renewable Energy (RE) projects has become a crucial issue for private and public decision makers worldwide. Budget constraints from governments and limited bank lending capacities have led to a reconsideration of the traditional financial instruments in the RE sector. The lack of credit makes impossible for commercial banks to fund RE projects with traditional loans. Research on new financing techniques for RE projects, such as Project Finance (PF) has gained interest in recent years. PF is a recent technique applied in large
investments projects. During the last decades of the 20th century new public private partnership schemes enabled large infrastructure, energy and environmental projects. In these sectors PF has been used to reduce cost agency conflicts and better risk management.
There is a wide number of contributions underlying the relevance of RE, however there is a lack of research on the financial aspects of RE projects. This research aims to make several contributions. First, to provide a better understanding of the PF technique and its use in the RE sector. Second, to fill the gap of research on financial aspects of RE in the literature by reviewing contributions of MCDM to RE project evaluation from the investor's perspective. Third, we propose a MPDM Moderate Pessimism Decision Making model, which adds to the rational financial evaluation of investment opportunities a set of non-financial factors that affects the investor's decisions. Finally, within the illustrative example, we apply this multi-criteria decision making process to help banks to decide if they must join a project or not.[ES] Investigadores, comunidad empresarial y clase política destacan que la inversión en energías renovables es uno de los instrumentos más efectivos para alcanzar los objetivos de reducción de CO2 establecidos por el reciente acuerdo firmado en la conferencia de Paris (COP21) en diciembre de 2015, en el cual, 195 países adoptaron el primer acuerdo universal y jurídicamente vinculante de la historia. El problema de la financiación de los proyectos de energía renovable (RE) es un tema crucial para cualquier decisor público o privado. Las limitaciones presupuestarias de los gobiernos y la falta de crédito han provocado que se reconsideren los instrumentos de financiación en el sector de las RE, por lo tanto, la investigación en nuevas técnicas de financiamiento para los proyectos de RE, como Project Finance (PF) ha ganado interés en los últimos años. PF es una técnica que se aplica en grandes proyectos de inversión. A finales del Siglo XX, los nuevos esquemas de colaboración público-privadas han permitido llevar a cabo grandes proyectos de infraestructuras y de RE. En estos sectores, el PF se ha utilizado para reducir costes, conflictos y mitigar riesgos. Numerosas contribuciones científicas subrayan la importancia de la RE, sin embargo hay un vacío en la investigación sobre los aspectos financieros de los proyectos de RE. Esta tesis tiene como objetivo aportar varias contribuciones. En primer lugar, proporcionar una mejor comprensión de la técnica del PF y su uso en el sector de las RE. En segundo lugar, cubrir el vacío existente en la literatura sobre la investigación de los aspectos financieros de las RE mediante la revisión de las contribuciones sobre MCDM para la evaluación de los proyectos de RE desde el punto de vista del inversor. En tercer lugar, se propone un modelo MPDM (Moderate Pessimism Decision Making), el cual añade a la evaluación financiera racional de oportunidades de inversión, un conjunto de factores no financieros que afectan a las decisiones de los inversores. Finalmente, se aplica este modelo multicriterio de toma de decisiones para ayudar a decidir a los bancos si deben unirse al proyecto.
[CAT] Investigadors, comunitat empresarial i classe política, destaquen que la inversió en energies renovables és un dels instruments més efectius per assolir els objectius de reducció de les emissions de CO2 establerts pel recent acord signat a la conferència de Paris (COP21) al desembre de 2015, mitjançant el qual, 195 països van adoptar el primer acord universal i jurídicament vinculant de la història. El problema del finançament dels projectes d'energia renovable (RE) s'ha convertit en un tema crucial per a qualsevol decisor públics i privats. Les limitacions pressupostàries dels governs i La falta de crèdit han provocat que es reconsiderin els instruments de finançament en el sector de les RE, per tant, la investigació en noves tècniques de finançament per als projectes de RE, com el Project Finance (PF) ha guanyat interès en els últims anys. PF és una tècnica que s'aplica en grans projectes d'inversió. Durant les últimes dècades del Segle XX, els nous esquemes de col-laboració publico-privades han permès portar a terme grans projectes d'infraestructures i de RE. En aquests sectors, el PF s'ha utilitzat per reduir costos, conflictes i gestionar millor els riscos. Existeixen nombroses contribucions científiques que subratllen la importància de la RE, però hi ha un buit en la investigació pel que fa als aspectes financers dels projectes de RE. Aquesta tesis té com a objectiu aportar diverses contribucions. En primer lloc, proporcionar una millor comprensió de la tècnica del PF i el seu ús en el sector de les RE. En segon lloc, cobrir el buit existent en la literatura sobre la investigació dels aspectes financers de les RE mitjançant la revisió de les contribucions sobre MCDM per a l'avaluació dels projectes de RE des del punt de vista de l'inversor. En tercer lloc, es proposa un model MPDM Moderate Pessimism Decision Making, que afegeix a l'avaluació financera racional d'oportunitats d'inversió, un conjunt de factors no financers que afecten les decisions dels inversors. Finalment, mitjançant un exemple il-lustratiu, s'aplica aquest model multicriteri de presa de decisions per ajudar a decidir als bancs si han de unir-se al projecte.
Mayor Vitoria, F. (2016). Project Finance and MCDM financial models: An application in renewable energy projects [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/73067
TESIS
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Salih, Nizam. "Renewable for Rural Electrification in Sri Lanka." Thesis, KTH, Energi och klimatstudier, ECS, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-117714.
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At the beginning of the 1970s, the industrial countries accounted for about 80%of world oil consumption. Today, they are down tolittle more than 50%. Already, China uses more totalprimary energy than United States. Developing countries are in the process ofconsuming a substantial amount of energydue to alarming growth, industrialization, urbanization etc. With a tight and volatile oil market, combined with sharply risingconsumption in emerging countries there is renownedconcerns about energy security. Various models are beingimplemented in these countries with the help ofdonors and local governments toenhance the use of renewable energy fora sustainable development. Use of renewable energy for rural electrificationhas not progressed as anticipated regardless of provisions of subsidies &other measurers by governments. InSri Lanka, the primary energy contributions in 2009 to nationalenergy supply were 51% from biomass, 44.8% from crude oil and petroleumproducts, and 3.6% from hydroelectricity and other renewable sources. The useof non-conventional energy resources, NCRE, (small-scale hydropower, biomass,biogas and waste, solar power and wind power) in Sri Lanka is of a relativelysmaller scale (<1%) and therefore its contribution is presently of lowsignificance in the macro energy picture. Regardless, the energy policydocument of the government of Sri Lanka has set a target to reach a minimumlevel of 10% of electrical energy supplied to the grid to be from non-conventionalrenewable energy in 2015. Inthis context, this study attempts to analyse the strengths and weaknesses ofthe existing financial and institutional models for renewable energydissemination for rural electrification in Sri Lanka and to recommend possiblemeasures needed for better financial and institutional models. In addition to aliterature survey, a questionnaire survey was carried out with power producers,financial institutions and government and non-government organizations in therenewable energy business to obtain their perception for better analysis.
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Alazemi, Fahad Kh A. T. S. "Photovoltaic energy in Kuwait : a financial and environmental analysis." Thesis, University of Bath, 2017. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.725403.
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This research is concerned with the drivers to utilize Renewable Energy in Gulf Cooperation Council countries with a focus on Kuwait. Such countries show high rates of electricity subsidies with high rate of emissions. At present, there is a continuous need to build new power stations to increase the electrical capacities, in order to cover the high peak loads that occurs in summers to avoid blackouts. The aim of this research is to create a combination of approaches to assess the adoption (economic and environmental) of Photovoltaic for electricity generation in Kuwait, which can be used to assist policy makers to compare various energy mixes and hence determine whether their current and future strategies are appropriate. Kuwait is in this research representative of an exemplar of oil-based economy in Gulf Cooperation Council region since they share similar energy policies and geographic location. The research provides an insight into the adoption of renewables in the region and the impact that particular energy mixes may have. Nine future potential scenarios are created showing different levels of PV deployment within Kuwait. The combination of approaches in this research estimates the economic and environmental impacts using Levelized Cost of Electricity and Life Cycle Assessment respectively of differing RE mixes. The findings show that energy storage increases the cost of electricity and the emissions from the photovoltaic sector. However, for the energy mix (PV and conventional), assuming oil price greater than 10.1$/Bbl. (when no storage required) and 15.2$/Bbl. (when using storage), PV generally lowers the cost of electricity, CO2 and SO2 emissions. Whilst, human toxicity is increased when storage is used. Taking all these factors into account, PV deployment is generally beneficial. However, if different combinations of impacts are considered, environmental and economic impacts may take different patterns. This led to a multi-objective problem to be solved. Using Pareto Front analysis, scenarios without storage requirement (i.e. 13% or less of photovoltaic) are preferable if only cost and human toxicity are considered. The contribution to knowledge from this research is that the deployment of large scale PV technology is beneficial in Kuwait economically and environmentally at least until 30% of the maximum peak load of electricity. The results have implications for other GCC countries with similar geographical, political and energy drivers; the methodology used in this research would be appropriate for these contexts.
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Markham, Paul. "The application of real options to renewable energy investments in South Africa: the case of solar energy technology for small businesses and individual homeowners." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29791.
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There is a growing interest in renewable energy generation projects due to environmental and sustainability concerns. However, initial costs and uncertainties caused by a number of factors can render renewable energy projects unattractive when subject to conventional financial assessment. The overall benefits of renewable energy technologies are often not well understood and consequently are often evaluated to be less effective than traditional technologies. From the moment that the energy sector abroad started a deregulation process, with a high level of competitiveness and associated increased market uncertainty, traditional evaluation techniques became insufficient to properly deal with these additional risk and uncertainty factors. Consequently, the way investors evaluate their investments require more sophisticated evaluation techniques. Initial research suggests that the value of renewable energy projects can be enhanced by the application of real options theory. In addition to revealing the benefits that renewable energy projects provide when employing real options, analytical results indicate that real option analysis is a highly effective means of quantifying how policy planning uncertainty, including managerial flexibility, influences renewable energy development. However, real option literature regarding renewable energy generation projects is limited and the theory requires further development to take advantage of more flexibility value within renewable energy projects. Literature is particularly limited in terms of small businesses and individual homeowners and worthy of analysis. This study attempts to address this issue. This study shows that real option analysis is useful, in the face of numerous uncertainties, in assisting South African homeowners and small businesses in the six largest metros and Eskom when considering an investment in a solar PV system. Within these six metros and Eskom three different tariff structures are offered, some of which encourage such investments while others don’t, thus forcing the latter to purchase expensive battery systems and consequently making the investment somewhat ineffective. Investments in solar PV systems are relatively costly and so, before committing, one needs to be certain that the system will be cost effective. In this study, it is shown that there is strong evidence that real option analysis is, not only useful in determining whether such an investment is cost effective, but also in assisting with the timing of such investments. This could be crucial for success. The findings of this study have theoretical implications in terms of the efficiency of real option analysis in the South African energy sector, and thus provide a contribution to real option literature in this sector. They also have practical insights for investors, both homeowners and small businesses in the South African context, who are looking to invest in a solar PV system. The study starts with an introduction and background to energy generation and then presents a literature review concentrating on the use of real options as an appropriate valuation method for renewables. Thereafter, the hypothesis is stated and the data sample and research methodology discussed. One of the limitations of this study was the unreliable data and the difficulty finding it, which could give rise to self-selection bias. Finally, the results and a brief analysis are presented and then, in conclusion, there is a discussion on the limitations of the study and suggestions for further research.
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May, Nils [Verfasser], Karsten [Akademischer Betreuer] Neuhoff, Karsten [Gutachter] Neuhoff, and Rolf [Gutachter] Wüstenhagen. "The economics of financing and integrating renewable energies / Nils Günter May ; Gutachter: Karsten Neuhoff, Rolf Wüstenhagen ; Betreuer: Karsten Neuhoff." Berlin : Technische Universität Berlin, 2018. http://d-nb.info/1164076426/34.
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Aggett, Jonathan Edward. "Financial Analysis of Restoring Sustainable Forests on Appalachian Mined Lands for Wood Products, Renewable Energy, Carbon Sequestration, and Other Ecosystem Services." Thesis, Virginia Tech, 2003. http://hdl.handle.net/10919/36096.
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Public Law 95-87, the Surface Mining Control and Reclamation Act of 1977 (SMCRA), mandates that mined land be reclaimed in a fashion that renders the land at least as productive after mining as it was before mining. In the central Appalachian region, where prime farmland and economic development opportunities for mined land are scarce, the most practical land use choices are hayland/pasture, wildlife habitat, or forest land. Since 1977, the majority of mined land has been reclaimed as hayland/pasture or wildlife habitat, which is less expensive to reclaim than forest land, since there are no tree planting costs. As a result, there are now hundreds of thousands of hectares of grasslands and scrublands in various stages of natural succession located throughout otherwise forested mountains in the U.S. The purpose of this study is to develop a framework for understanding/calculating the economic implications of converting these reclaimed mined lands to forests under various silvicultural regimes, and to demonstrate the economic/decision-making implications of an incentive scheme on such a land use conversion. The economic feasibility of a range of land-use conversion scenarios was analyzed for both mixed hardwoods and white pine, under a set of low product prices and under a set of high product prices. Economic feasibility was based on land expectation values. Further, three types of incentive schemes were investigated: 1) lump sum payment at planting (and equivalent series of annual payments), 2) revenue incentive at harvest and 3) payment based on carbon volume. Mixed hardwood LEVs ranged from -$2416.71/ha (low prices) to $3955.72/ha (high prices). White pine LEVs ranged from -$2330.43/ha (low prices) to $3746.65/ha (high prices). A greater percentage of white pine scenarios yielded economically feasible land-use conversions than did the mixed hardwood scenarios, and it seems that a conversion to white pine forests would, for the most part, be the more appealing option. It seems that, for both mixed hardwoods and white pine, it would be in the best interests of the landowner to invest in the highest quality sites first. For a conversion to mixed hardwood forests, a low intensity level of site preparation seems economically optimal for most scenarios. For a conversion to white pine forests, a medium intensity level of site preparation seems economically optimal for most scenarios.
Mixed hardwoods lump sum payments, made at the time of planting, ranged from $0/ha to $2416.71/ha (low prices). White pine lump sum payments, made at the time of planting, ranged from $0/ha to $2330.53/ha (low prices). Mixed hardwoods benefits based on an increase in revenue at harvest, ranged from $0/ha to $784449.52/ha (low prices). White pine benefits based on an increase in revenue at harvest ranged from $0/ha to $7011.48/ha (high prices). Annual mixed hardwood benefits, based on total stand carbon volume present at the end of a given year, ranged from $0/ton of carbon to $5.26/ton carbon (low prices). White pine benefits based on carbon volume ranged from $0/ton of carbon to $18.61/ton of carbon (high prices). It appears that, for white pine scenarios, there is not much difference between incentive values for lump sum payments at planting, revenue incentives at harvest, and total carbon payments over a rotation. For mixed hardwoods, however, it appears that the carbon payment incentive is by far the cheapest option of encouraging landowners to convert land.
Master of Science
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Koengkan, Matheus da Costa. "Globalisation and the paradigm of renewable energy transition in the Latin American and the Caribbean (LAC) countries." Doctoral thesis, Universidade de Évora, 2020. http://hdl.handle.net/10174/28080.
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Esta tese investiga o efeito positivo da globalização no processo de transição energética nos países da América Latina e Caraíbas (LAC) e como esse impacto contribui para a mitigação das emissões de dióxido de carbono (CO2). No primeiro ensaio investiga-se o efeito positivo da abertura financeira no investimento em energia renovável, em um painel de dez países da América Latina com dados coletados para o período de 1980 a 2014. O
modelo Panel Autoregressive Distributed Lags (PARDL) indica que a abertura financeira tem um impacto positivo de longo prazo no investimento em energia renovável. Os resultados da análise de causalidade de Granger indicam que existem vínculos causais bidirecionais de Granger entre todas as variáveis. O segundo ensaio estuda a relação entre o consumo de energia renovável, combustíveis fósseis, crescimento económico e globalização em cinco países do Mercosul entre 1980 a 2014. O modelo Panel Vector Autoregression (PVAR) e o teste de Granger Causality Wald indicam a presença de uma relação bidirecional entre consumo de energia (fontes renováveis e fósseis) para o crescimento económico. O processo de globalização nos países do Mercosul tem uma efeito positivo no consumo de energia renovável, enquanto no consumo de energia fossíl existe um efeito negativo. O terceiro ensaio abordou o impacto positivo da abertura comercial e negativo do consumo de energias renováveis sobre o consumo de energia fóssil para um painel de catorze países da LAC no período de 1990 a 2014. O modelo PARDL aponta que o impacto do crescimento económico e a elasticidade da abertura comercial contribuem para o aumento de consumo de combustíveis fósseis nos países da LAC. No entanto, o impacto e a elasticidade do consumo de energia renovável contribui para a diminuição do consumo de combustíveis fósseis. O quarto ensaio estuda o impacto assimétrico positivo da transição energética para as energias renováveis sobre a degradação ambiental de dezoito países da LAC no período de 1990 a 2014. O modelo Panel Non-linear Autoregressive Distributed Lag (PNARDL) indica que a assimetria positiva e negativa da relação entre a energia renovável e a energia fóssil no curto e no longo prazo tem impacto negativo de -0,0601, nas variações positivas, e -0,0792, nas variações negativas, no curto prazo; e -0,0281, nas variações positivas, e -0,0339, nas variações negativas no longo prazo. JEL Codes: E6; F1;F40, F62; Q43;Q50; Abstract: This thesis investigates the positive effect of globalisation on the process of the energy transition in Latin America and the Caribbean (LAC) countries and how this impact contributes to the mitigation of Carbon Dioxide (CO2) emissions. In the first essay investigates the positive effect of financial openness on renewable energy investment to this end, a panel of ten Latin American countries and data collected for the period from 1980 to 2014 were used. The Panel Autoregressive Distributed Lags (PARDL) model indicates that financial openness has a positive long-run impact on renewable energy investment. The results of the Granger causality analysis indicate that bi-directional Granger causal links exist between all the variables. The second essay studies the relationship between renewable energy consumption, fossil fuels, economic growth, and globalisation in five Mercosur countries from 1980 to 2014. The Panel Vector Autoregression (PVAR) model and the Granger Causality Wald test indicate the presence of a bi-directional relationship between energy consumption (renewable and fossil sources) for economic growth. The process of globalisation in the Mercosur countries has a positive impact on the consumption of renewable energy, while in consumption of fossil fuels has a negative one. The third essay approached the positive impact of trade openness and the negative impact of renewable energy consumption on the consumption of fossil fuels for a panel of fourteen LAC countries over the period from 1990 to 2014. The PARDL model points out that the economic growth and elasticity of trade openness contribute to increasing of consumption of fossil fuels in the LAC countries. However, the elasticity of consumption of renewable energy contributes to decreases of fossil fuels energy consumption. The fourth essay studies the positive asymmetric impact of the energy’s paradigm transition on environmental degradation of eighteen LAC countries in the period from 1990 to 2014. The Panel Non-linear Autoregressive Distributed Lag (PNARDL) model indicates that the positive and the negative asymmetry of the ratio of renewable energy on fossil energy in the short- and long-run has a negative impact of -
0.0601, on positive variations, and -0.0792, on negative variations, in short-run; and -
0.0281, on positive variations, and -0.0339, on negative variations, in the long-run. JEL Codes: E6; F1; F40, F62; Q43;Q50.
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Mihailovic, Nemanja. "A Cost Benefit Analysis of Using a Battery Energy Storage System (BESS) Represented by a Unit Commitment Model." Scholar Commons, 2018. https://scholarcommons.usf.edu/etd/7548.
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This thesis aims to provide a general overview of a cost and benefit analysis of incorporating a battery energy storage system within unit commitment model.
The deregulation of the electricity market in the U.S. has only been around for the last two decades. With renewable energy and energy storage systems becoming less expensive, a decentralized market scheme is becoming more popular and plausible. The scope of this work is to provide a fundamental understanding of unit commitment and a cost analysis of applying a battery energy storage system to an already established power system.
A battery energy storage system (BESS) was placed within a unit commitment schematic and modeled for a 7 day/168 hour forecast. Three models were generated, two with and one without the battery energy storage device (BESS). The comparison between the three systems was conducted to produce a visual economic justification to the feasibility of a BESS.
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Xu, Li. "Financial and computational models in electricity markets." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/51849.
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This dissertation is dedicated to study the design and utilization of financial contracts and pricing mechanisms for managing the demand/price risks in electricity markets and the price risks in carbon emission markets from different perspectives. We address the issues pertaining to the efficient computational algorithms for pricing complex financial options which include many structured energy financial contracts and the design of economic mechanisms for managing the risks associated with increasing penetration of renewable energy resources and with trading emission allowance permits in the restructured electric power industry. To address the computational challenges arising from pricing exotic energy derivatives designed for various hedging purposes in electricity markets, we develop a generic computational framework based on a fast transform method, which attains asymptotically optimal computational complexity and exponential convergence. For the purpose of absorbing the variability and uncertainties of renewable energy resources in a smart grid, we propose an incentive-based contract design for thermostatically controlled loads (TCLs) to encourage end users' participation as a source of DR. Finally, we propose a market-based approach to mitigate the emission permit price risks faced by generation companies in a cap-and-trade system. Through a stylized economic model, we illustrate that the trading of properly designed financial options on emission permits reduces permit price volatility and the total emission reduction cost.
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Dostál, Jaroslav. "Založení firmy působící v oblasti ekologických zdrojů el. energie." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222528.
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The master’s thesis follows up the possibility of using renewable for making electric power. It detects conditions of further development in this discipline and external factors which are applied to business. It rates from economic view little hydroelectric, wind and photovoltaic power stations. In business plan it elaborates in detail prosecution of the little hydroelectric plants, which is at the end subjected to financial analysis and it’s decided if this business makes sense.
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Junior, Barnabé da Silva. "Avaliação da atratividade de negócios em geração distribuída e economia de energia elétrica: piloto aplicado dentro dos estudos de PIR na RAA." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/3/3143/tde-12062013-145735/.
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O objetivo da dissertação foi o desenvolvimento de um modelo de avaliação rápida da atratividade de oportunidades de negócios em recursos energéticos renováveis dentro de uma região geográfica delimitada, valendo-se dos resultados do Planejamento Integrado de Recursos Energéticos (PIR) para a região analisada, complementado com outras bases bibliográficas primárias e secundárias. O uso dos resultados do PIR propiciou o acesso rápido a avaliações prontas dos recursos energéticos em três dimensões1, além da dimensão técnico-econômica, incluindo opiniões e posições da sociedade local e nacional (técnicos e não técnicos). No estudo piloto, o modelo é aplicado em cinco recursos energéticos renováveis dentro da Região Administrativa de Araçatuba (RAA), noroeste do estado de São Paulo. Os recursos avaliados são: (a) de oferta: Geração eólica (EOL); Cogeração por Biomassa de Cana-de-açúcar (BIO); e Pequenas Centrais Hidroelétricas (PCH); (b) de demanda (medidas de economia): Troca de Lâmpadas Incandescentes por Fluorescentes Compactas e Troca de Chuveiros Elétricos por Aquecedores Solares. Os principais resultados do modelo de avaliação foram (i) um modelo de fluxo de caixa funcional para a avaliação dos recursos de geração; (ii) para cada recurso de geração: cálculo das principais Figuras de Mérito Econômico Financeiro (VPL, TIR, PayBack Descontado, preço de equilíbrio2 da energia gerada e demanda relevante de capital de giro); (iii) para as medidas de economia de energia: cálculo das figuras de mérito econômico-financeiras (Custo do Ciclo de vida anualizado (CCVA) e PayBack Descontado); (iv) pontos notáveis da análise de sensibilidade das figuras de mérito, obtidas pela variação das principais parâmetros de entrada dos modelos matemáticos representativos dos recursos; (v) análise geral dos riscos em empreender os recursos avaliados; e (vi) diagnóstico da atratividade de investimento em cada recurso: não atrativo, atrativo com atenção, e atrativo. No contexto do estudo piloto, o recurso lâmpada fluorescente recebeu diagnóstico de atrativo; os recursos Cogeração por biomassa e coletor solar receberam o diagnóstico de atrativo com atenção, e os recursos Geração eólica e PCH receberam o diagnóstico de não atrativos para investimento, todos dentro da região do estudo de caso.The purpose of this work was the expedite assessment of business opportunities attractiveness in renewable energy resources within a limited geographical area, based on the results of the Integrated Resources Planning for Energy (IRP), developed for the same area, and supplemented with other primary and secondary information sources. The use of IRP\'s information made possible, quickly and easy, the assessments of energy resources in extra three dimensions3, beyond the usual technical- economic one, including views and positions of local and national stakeholders (technical and nontechnical). In the pilot study, the model is applied in five renewable energy resources within the Administrative Region of Araçatuba (RAA), northwest of São Paulo state, Brazil. The evaluated energy resources were: (a) supply side: wind generation (EOL); Cogeneration by Biomass of Sugar Cane (BIO); and Small Hydro Power plants (SHP); (b) demand side (measures of energy economy): replacement of Compact Fluorescent Incandescent bulbs by Fluorescent ones and replacement of Electric Showers by Solar Heater ones. The main results of the proposed evaluation model were (i) a functional cash flow model , useful to assess the generation resources; (ii) for each generation resource: the calculation of the main Figures of Economic Merit (NPV, IRR, Discounted Payback, the equilibrium price of generated energy and relevant demand for working capital), (iii) measures of energy economy: the calculation of the main Figures of Economic Merit (Annualized Life Cycle Cost (ALCC) and Payback Discounted (PBD), (iv) points of remarkable sensitivity in the Figures of Economic Merit analysis, obtained by varying the main independent parameters input in the cash flow models that represent the resources, (v) analysis of the risks in adoption of the evaluated resources, and finally, (vi) the attractiveness degree of each resources evaluated : not attractive, attractive with attention, and attractive. Within the context of the pilot study case, the use of compact fluorescent bulb received the degree attractive; biomass cogeneration (BIO) and solar collector received degree attractive, but under attention; wind generation (EOL) and PCH received the degree not attractive for investment within the study case region.
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Haňáková, Helena. "Analýza investiční příležitosti v odvětví obnovitelných zdrojů." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73973.
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The thesis deals with the assessing of investment opportunity in the field of renewable natural resources. Fundamental analysis is carried out on First Solar which is a company producing solar modules. Thus, the work is focused on the area of photovoltaics. To determine the company's value, the method of discounted cash flow is used. The overall situation of the company is analyzed by the implementation of global, industry and company analysis.
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Skácel, Petr. "Podnikatelský záměr rozvoje firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222255.
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This diploma thesis is focused on the present situation analyse of the company IVANA ČECHOVÁ. The begining part contains the characteristic of the analysed company and the theoretically resources. The practicall part is focused on the company problems and present situation analyse, from which the most significant lacks of business developement are determined. The improvement proposal represents the entrepreneurial intension of the company IVANA ČECHOVÁ. The examination of the entrepreneurial intension aimed at European funds is in this thesis mentioned too.
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Rezec, Michael. "Alternative approaches in ESG investing : four essays on investment performance & risk." Thesis, University of St Andrews, 2016. http://hdl.handle.net/10023/8127.
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ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.
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Kerndl, Michal. "Podnikatelský záměr v oblasti obnovitelných zdrojů energie." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222172.
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The aim of my thesis, which is called „Business project in the area of renewable energy resources“, is to analyze business opportunities in the area of renewable energy resources, which have been highly actual and discussed recently, whether in term of benefit for environment or in connection with international problem of shortness in energy resources. Result of this thesis is, on the basis of the analysis, to define recommendations in the form of optimal proposal for realization. The thesis is engaged in description of current state in the area of the renewable energy resources, their utilization in practice and consequential proposals for realization including project financial plan. The thesis is also engaged in possibilities of state budget and EU grants use.
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Masra, Succès. "L'Afrique face aux défis de l'économie post-pétrole : du rôle des institutions financières de développement dans la promotion des énergies renouvelables." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01E033.
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En 2015, lors de la COP21, à l’occasion de l’accord global sur le climat de Paris, l’Afrique s’est engagée sous le Leadership du Groupe de la Banque Africaine de Développement (BAD) et de ses autres Partenaires Techniques et Financiers, à installer à l’horizon 2030 une capacité de 300 GW d’énergies renouvelables. Cet ambitieux objectif de l’Initiative Africaine pour les Energies Renouvelables (AREI) dont la BAD est agence d’exécution, vient compléter son engagement sur la décennie 2005- 2015, qui a permis de faire passer la part des énergies renouvelables de 4% à 20% de son portefeuille. Et pourtant, l’Afrique reste le continent qui, malgré son fort potentiel en énergies renouvelables (solaire :10 TW ; hydroélectrique : 350 GW ; éolien :110 GW, et géothermie : 15 GW), a 2/3 de sa population (645 millions) sans accès aux sources modernes d’énergie (BAD, 2016).C’est dans ce contexte d’urgence d’une part et de besoin de solutions durables d’autre part que notre thèse, en s’appuyant sur des projets structurants d’énergie renouvelables instruits et suivis sur la période 2010-2015 comme Economiste Principal de l’Energie au sein de la BAD, a consisté à analyser comment la BAD, en tant que première Institution Africaine de financement du développement couvrant les 54 pays africains, peut-elle mieux appuyer l’Afrique à faire face aux défis de l’économie post-pétrole grâce à une promotion plus efficace des énergies renouvelables. Cette analyse, normative, nous a permis d’aboutir à une double série de recommandations à la fois internes et externes à la BAD, dans la perspective d’une amélioration de l’efficacité de l’aide publique au développement drainée par cette InstitutionIn 2015, during the COP 21, on the occasion of the global climate agreement in Paris, Africa committed under the Leadership of the African Development Bank Group (AfDB) and its other technical and financial partners, to install a capacity of 300 GW of renewable energy by 2030. This ambitious target set in the framework of the African Renewable Energy Initiative (AREI) for which AfDB is the executing agency, completes its commitment of the decade 2005-2015, which permitted it to increase the share of renewable energy from 4% to 20% of its energy portfolio. Yet, Africa remains the continent which, despite its strong renewable energy potential (10 TW of solar, 350 GW hydroelectric, 110 GW wind and 15 GW of geothermal potential), is paradoxically characterized by two third of its population (645 millions) without access to modern energy sources (AfDB, 2016). It is in this context of energy emergency in one hand and the need for sustainable energy solutions on the other hand, that our thesis, based on renewable energy projects designed or implemented as Principal Energy Economist within the AfDB over the period 2010-2015, analyzes how AfDB, as the first African Development Financing Institution covering the 54 African countries, can assist this continent to better meet the challenges of the post-oil economy, through a more effective development of renewable energy. This analysis, essentially normative, allows us to achieve a double set of recommendations both internal and external to the AfDB in the perspective of enhanced effectiveness of Official Development Aid channeled by this institution, from the specific angle of the promotion of renewable energy
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Oji, Chijioke Kennedy. "Models of financing renewable energy for sustainable development: an African perspective." Thesis, 2016. http://hdl.handle.net/10539/20823.
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Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Law, 2016.Africa is challenged by the lack of stable modern electricity which is essential for economic and social development. Many African communities, especially in rural and sub-urban areas, are not connected to the national grid and thus constrained from developing and their continued use of traditional sources of exhaustible energy cause environmental pollution. Distributed renewable energy technologies can help to address the problem of modern energy provision in many of Africa‘s communities. Finance plays a critical role in the development of renewable energy within countries. It bridges the gap in the development of renewable energy projects (REPs). Governments‘ efforts towards developing REPs for scaled-up renewable energy to impact the energy access challenge measurably have been inadequate. Thus, this dissertation focuses on increasing the financial contribution of the private sector in developing REPs, especially within rural communities. Models of financing REPs within selected African countries are analysed, with focus on financiers‘ perspectives and governments‘ ultimate goal in financing REP development. A key objective is to bridge the gap between private sector financiers and policymakers in government in this REP financing effort. The study uses the mixed methodology approach to develop a framework through which REP development is related to the perspectives of financiers and policymakers as to enable reliable and useful research findings. Broadly, the results show that while REP financiers are mainly focused on the profitability of their investments, policymakers are mainly focused on the prospects for sustainable economic development. This divergence presents a key obstacle to the development of renewable energy within African countries. Further, results show that traditional financing methods have been largely ineffective in promoting development of REPs in African countries, hence the need for innovative financing channels to increase REP development in Africa. Also, financiers of REPs in Africa consider renewable energy to be highly risky even when supported by government policies. The fledgling capital markets in many African countries need to be further developed to provide appropriate hedging mechanisms while financing small and medium scale REPs. This study also proposes financing models that amalgamate financiers into a small ―financing consortiums‖ using project finance to fund localised renewable energy service companies (ESCOs) with expertise in finance and REP development; kind of models that spread risk among a number of investors, thereby reducing the potential risks of investments while delivering on the objective of sustainable economic development.
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Kamara, Rivhatshinyi Nicole. "A comparative analysis of renewable energy financing models in Brazil, China, India and South Africa." Thesis, 2016. https://hdl.handle.net/10539/23771.
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Thesis submitted in fulfilment of the requirements for the degree of Master of Management in Finance & Investment in the Faculty of Commerce Law and Management Wits Business School, Johannesburg 2016This thesis reviewed research papers, reports, conference documents and policy documents that looked at financial models used to finance RE projects in Brazil, China, India and South Africa.The comparison between the financing models revealed the following; Both Brazil and China’s financing model is a centralised government led model which might not necessarily work in the South African context. The India decentralised model is similar to the South African model, with the exception that corporate finance is widely used in India and Project Finance in South Africa. Thus there are lessons to be learnt from each country, however no single country financing model was found to be suitable for South Africa. Accordingly, this paper therefore recommends that South Africa’s model be altered to incorporate project bonds. The use of these bonds in the current financial model will ensure that banks are able to lend to projects on short term basis; thus, managing their liquidity and their asset--liability effectively. Further, some institutional investors have shown an interest in funding projects at the construction stage, and the inclusion of project bonds would ensure that more of these investors play a role in financing projects. Key Words GDP-Gross Domestic Product; GW- Gigawatts; DoE-Department of Energy; REIPPPP- Renewable Energy Independent Power Producer Procurement Programme; BEE-Black Economic Empowerment; RE-Renewable Energy; SSA-Sub Saharan Africa; PPA-Power Purchase Agreement; FIT-Feed In Tariff; DFIDevelopment Finance Institution; MDB-Multilateral Development Bank
GR2018
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GUPTA, SAKSHI. "CLIMATE THEMED BONDS: AN INITIATIVE FOR LOW CARBON ECONOMY." Thesis, 2014. http://dspace.dtu.ac.in:8080/jspui/handle/repository/17462.
Full textAbstract:
The project aims to review the various instruments that have been proposed and implemented for
financing renewable energy and low-carbon technology projects, in both the developed and
developing world, with a focus on private sector involvement. The review is done through analyzing
the existing climate bonds scenario- the state of climate bond market, the regulatory framework and
standards, scope in Indian market- analyzing the buy and sell side perspective.
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Bernardo, António Miguel Sousa Nascimento. "Financing the Alentejo solar power plant - a case study." Master's thesis, 2015. http://hdl.handle.net/10362/15583.
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ŘÍČKOVÁ, Lenka. "Využívání obnovitelných zdrojů energie v Jihočeském kraji a možnosti jeho financování na úrovni Evropské unie, celostátní a regionální." Master's thesis, 2007. http://www.nusl.cz/ntk/nusl-46036.
Full textAbstract:
The priority objective of this work has been to analyse the possibilities of financing the usage of RER, and to draw up a summary of these financial possibilities. There have been other objectives: potential analysis of the South Bohemian region in the sphere of using renewable energy resources, analysis of the availability of financial subvention, and proposal of solution of current situation.
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Marowa, Cyprian. "A review of the energy efficiency (EE) market funding constraints and assessment of possible effective financing models for EE projects in the South African market reflecting on lessons from other markets." Thesis, 2011. http://hdl.handle.net/10539/10783.
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NADEEM, SYED ALI. "THE FINANCIAL SECTOR AND RENEWABLE ENERGY DEVELOPMENT IN NON-OECD COUNTRIES: AN EMPIRICAL ANALYSIS." 2013. http://hdl.handle.net/10222/21680.
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This paper examines the role of the financial sector in the development of renewable energy generation in non-OECD countries. A panel dataset of 156 countries is constructed from 1980-2006. The estimations suggest a positive impact of commercial banking on non-hydro energy production such as wind, solar and geo-thermal. None of the equity market indicators suggest a positive relationship. There is also strong evidence that the Kyoto Protocol has had a positive impact on renewable energy development
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Ghoorah, Dhirendra Kumar. "South African renewable energy investment barriers : an investor perspective." Diss., 2011. http://hdl.handle.net/2263/23779.
Full textAbstract:
This paper investigates the factors limiting financial investments in renewable energy. A qualitative research study was conducted on South African based financial investors in renewable energy technologies with the intention of identifying investment barriers. The methodology employed involved a literature review. In addition, a questionnaire was designed and interviews were conducted to ascertain the prevalence of such investment barriers in a South African context. The results obtained were analysed using both qualitative and quantitative methods. These analyses revealed that the barriers that were identified namely political, economic, social and technological are valid for South Africa. In addition, several other barriers were identified that are specific to South Africa, such as education, poverty, technological readiness and access to the electricity grid. On the basis of the findings some recommendations are made which include building closer relationships between government and the private sector, as well as ensuring that government maintains an active role in promoting the renewable energy industry. CopyrightDissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted
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WANG, YI-NING, and 王逸寧. "The Renewable Energy Strategy of a Financial Institution: A Case of UBS Taiwan." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/exz3zn.
Full textAbstract:
碩士國立交通大學
企業管理碩士學程
104
With increased awareness of corporate social responsibility (CSR), financial institutions among many industries have stood out to implement CSR hoping to utilize it to enhance their reputation. UBS, a Swiss based globally known bank, is not an exception. UBS set a goal – to source 100% of electricity from renewable energy sources by 2020. Within this global target, regional branches show different response to achieve this goal due to different degree of social norms for CSR. Thus, this case study investigates how UBS Taiwan branch could achieve this goal by analyzing costs and benefits of possible options. The results of the cost benefit analysis shows that the procurement of renewable energy annually is recommended due to the budget and the environmental policy of UBS and it can also help UBS Taiwan to apply more CSR related certificates in the near future to increase company reputation in Taiwan. These results can provide an important reference for UBS Taiwan to purchase renewable energy in the future. Since UBS Taiwan is the first Asian branch to implement renewable energy policy of UBS global, the research may extend its contribution to provide the strategic experience of UBS Taiwan for other UBS APAC countries in the future.
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Seemin, Rubab. "Financial evaluation of renewable energy technologies for cooking,lighting and water pumping in rural areas." Thesis, 1996. http://localhost:8080/xmlui/handle/12345678/6431.
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Van, Wyk Werner. "Assessing the financial viability of renewable independent power production in South Africa / Werner van Wyk." Thesis, 2014. http://hdl.handle.net/10394/15730.
Full textAbstract:
The cost of energy and national power utility Eskom, is currently under heated debate after the cost of electricity has more than doubled over the past three years, with another five annual increases of 8% approved by the National Energy Regulator of South Africa. The state owned utility has a monopoly on electricity production in South Africa having sole ownership over the transmission and distribution of electricity. Eskom produces 95% of South Africa’s electricity, predominantly from coal fired power stations, which is one of the leading causes why the country is one of the highest carbon dioxide emitters in the world. The question of independent power production and the use of our abundant renewable resources for electricity generation have been at the forefront with critics arguing against the heavy increases absorbed by industry and consumers.
Although the renewable energy space is a well discussed topic, it is not well scientifically documented from an economic standpoint. The primary objective is to determine if renewable energy is price competitive with Eskom, or non-renewable electricity generation, by not only looking at the current scenario but also the future price projection and point where renewable energy is on parity with the grid price. For this purpose the Levelised Cost of Energy calculation method was used.
Four different measuring instruments were produced for each technology namely, biogas, biomass, solar and wind and a financial model developed to determine the levelised cost, taking into consideration more complex financial structures, tax incentives, revenues and costs associated with by-products.
From the literature it is clear that wind and solar, on a large scale, are competitive with the levelised cost of Eskom’s new build coal power plants and particularly wind, is lower than the grid price in 2017. The empirical study focused on a smaller scale of 1 to 5 megawatt and concluded that the levelised cost of wind energy is lower than Medupi coal fired power plant, currently under construction. The study also determined that biogas and biomass, under certain conditions relating to feedstock costs, are able to compete with Medupi and offer real and sustainable benefits in long-term energy supply.MBA, North-West University, Potchefstroom Campus, 2015
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Dornan, Matthew. "Renewable technologies for energy security: institutions and investment in Fiji's electricity sector." Phd thesis, 2011. http://hdl.handle.net/1885/10298.
Full textAbstract:
Renewable energy technologies have been advocated in Fiji's electricity sector on the basis that they improve energy security and serve as a risk-mitigation measure against oil price increases. This follows a decade of significant oil price volatility and historically high oil prices, which negatively affected the oil-dependent electricity sector in Fiji and other Small Island Developing States in the Pacific. This dissertation examines the extent to which renewable technologies can improve energy security in the electricity grid and in rural off-grid areas of Fiji. The main contributions from the research are a novel empirical analysis of generation cost-risk in the electricity grid; an analysis of institutions governing power sector investment; a survey, interview and focus group-based analysis of rural electricity supply; and an evaluation of implications of the research findings for policy.
In Fiji's electricity grid, threats to energy security are primarily the result of increased generation costs and their impact on electricity prices. Risk is therefore financial. In this thesis, it is assessed using portfolio theory. Detailed data on costs and variability is fed into a stochastic portfolio model, which is developed to analyse the impact of renewable technologies on generation costs and financial risk in Fiji's electricity grid looking forward to 2025. The analysis demonstrates that renewable technologies can be expected to significantly improve the security of electricity supply through diversification, as the cost streams of renewable technologies are neither correlated with those of oil-based power generation, nor strongly correlated with each other. Importantly, investment in hydro, geothermal, biomass and bagasse-based power generation is found to lower expected average generation costs in the electricity grid. The implementation of energy efficiency measures also lowers generation costs and risk in the electricity grid.
Renewable technology investment that is forecast in Fiji's electricity grid is found to fall short of what would be desirable based on the analysis, despite being significant. This investment deficit can be explained by institutional arrangements in the power sector. The research shows that barriers to investment in renewable technologies include political uncertainty, lack of available finance, and historically low feed-in and retail tariff rates. Regulatory reform now occurring is found to be promising in this regard, and is likely to attract increased investment in renewable technologies. Continuing political uncertainty nonetheless remains a barrier to investment, given the regulatory risk it entails.
In rural off-grid areas of Fiji, energy security needs to be understood differently, with fuels such as kerosene commonly used as substitutes for electricity in the provision of services. This dissertation examines energy security and power generation in four rural communities in Vanua Levu (in northern Fiji), where there is widespread use of village diesel generators and household solar photovoltaic systems installed under government rural electrification programs. A survey, interviews and focus group discussions conducted for this dissertation show that un-electrified households were disproportionately impacted by oil price volatility in recent years, due to their reliance on fossil fuels. Power outages in electrified households were also found to be common. For village diesel systems, collective responsibility for financing fuel and maintenance is problematic. Informal norms and governance arrangements at the village level only partially resolve these issues. Solar photovoltaic systems in these communities also commonly perform poorly, primarily as a result of inadequate arrangements for maintenance established by government. A number of policy implications are identified in the dissertation. Forecast renewable technology investments in the electricity grid are worthwhile in light of their financial and risk mitigation benefits. Regulatory reform now underway and high retail and feed-in tariff rates already in place are facilitating such investment. Policy measures that could further encourage investment in renewable technologies include those designed to strengthen political and regulatory certainty; improve access to finance, land, and renewable energy resources; reform the sugar industry; and support research on renewable energy resources. Mechanisms designed to encourage the use of energy efficiency technologies should also be adopted. In rural off-grid areas, there are strong financial and social benefits from electricity provision, but reform of rural electrification programs is needed.
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Rino, Diogo Correia. "Costly reversible disinvestment option in a valuation of renewable energy case." Master's thesis, 2017. http://hdl.handle.net/10071/15767.
Full textAbstract:
The necessity to improve the company valuation techniques considering the relevant
factors of the market and the flexibility of change investment positions during the period
lead academics search for new valuation techniques. Also, investors interested in
analyzing the financial information to know before invest at the project when he will
reimbursed for profits and if the project goes wrong how much is the value of the
investment. In this context real options valuation raises as a concept imported from
financial markets to evaluate projects and companies as can incorporate the fluctuations
of the market and decisions defined by the investor.
Santos "et al." (2014) presented a case of renewable energy on a mini-hydro plant where
evaluates the project both with traditional methods and real options studding the ability
to defer the entry in the project until 5 years. Despite being a surplus to present the two
valuation methods, the real options valuation analyzed is quite limited.
This project intends to demonstrate that the application of real options with flexibility at
disinvestment decision leads to a more accurate decision. To accomplish this purpose, we
will revisit the same base case but including dividends and an option to disinvest during
the life of the project in a costly reversible situation with the binomial model.A necessidade de melhoria das técnicas de avaliação nas empresas adaptadas aos factores relevantes do mercado, bem como a flexibilidade de alteração de posições de investimento durante um período levaram a que os académicos investigassem novas formas de avaliação. Além disso, também é do interesse do investidor analisar indicadores financeiros como quando é que será reembolsado e qual é o momento em que recupera o seu investimento caso as condições se apresentem como desfavoráveis. Neste contexto, a avaliação de projetos pelo método das opções reais apareceu como um método importado dos mercados financeiros para avaliar projetos de investimento e empresas onde são refletidas as flutuações do mercado e que decisões o investidor pode tomar decorrente do mesmo. Santos "et al." (2014) apresentaram um caso no sector das energias renováveis de uma instalação hidráulica, que procura avaliar o projeto pelos métodos tradicionais e pelo método das opções reais, estudando a possibilidade de adiar a entrada do projeto até ao quinto ano. Embora as diferenças apresentadas sejam uma mais-valia para a apresentação dos diferentes métodos, a sua avaliação efetuada nas opções reais apresentou-se bastante limitada. Este projeto demonstra que a aplicação do método das opções reais com a introdução de flexibilidade na decisão de desinvestimento leva a que a decisão do mesmo se torne mais correta. Assim, será estudado num modelo binomial o mesmo caso base onde é analisado o incremento de dividendos no projeto e uma opção de abandono ou desinvestimento durante a sua vida útil num contexto de não recuperação total do seu investimento.
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"Reliability Constrained Optimal Investment in a Microgrid with Renewable Energy, Storage, and Smart Resource Management." Thesis, 2015. http://hdl.handle.net/10388/ETD-2015-09-2180.
Full textAbstract:
Environmental concerns have led to a rapid increase in renewable energy development and production as the global demand for electricity continues to increase. The intermittent and uncertain nature of electricity generation from renewable sources, such as wind and solar, however, create significant challenges in maintaining power system reliability at reasonable costs. Energy storage and smart-grid technologies are perceived to provide potential solutions to these challenges in modern power systems of different sizes. This work investigates the opportunity to incorporate energy storage in microgrids with renewable energy production, as well as applying smart microgrid management techniques to reduce the lifetime costs while maintaining an acceptable level of reliability.
A microgrid consisting of a 5 home community with generation supplied by two propane generators to meet the “N-1” reliability criterion is used as the base case scenario. Actual load data of typical homes is obtained from the industry partner. An equivalent loss of load expectation criterion is used to benchmark the acceptable reliability level. A model is developed to calculate the lifetime operational cost of the base case scenario which is used to assess the benefit of the addition of renewable energy sources, energy storage, and smart microgrid management techniques.
A MATLAB program is developed to assess the 20 year operational costs of various combinations of renewable energy sources and battery energy storage, which will be considered the lifetime of the system. The combination of generation and storage which yields the lowest lifetime operational cost is defined as the optimized microgrid, and is used as a basis to determine if additional savings are realized by the implementation of a microgrid operated by a Smart Microgrid Management System (SMMS).
The conceptual layout of the proposed SMMS is presented along with identified methods of utilizing in-home thermal storage. The SMMS mechanism is discussed along with proposed functionality, potential methods of employment, and associated development and implementation costs. The microgrid operated by the SMMS is assessed, and its lifetime operational cost is presented and contrasted against the base case microgrid and the optimized microgrid.
A power system reliability evaluation of the proposed microgrids are conducted using a probabilistic method to ensure that reliability is not sacrificed by the implementation of a cost-minimized microgrid. A sequential Monte Carlo simulation model is developed to assess the power system reliability of the various microgrid configuration cases. The functionality of this model is verified using an existing reliability assessment program.
The results from the presented studies show that the implementation of renewable energy sources, energy storage, and smart microgrid management techniques are an effective way of reducing the operational cost of a remote microgrid while increasing its power system reliability.
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Tarakhchyan, Siranush. "The development ways of renewable energy: the economic and financial performance of firms in this sector in Armenia and OECD countries." Master's thesis, 2017. http://hdl.handle.net/10198/14638.
Full textAbstract:
Mestrado APNORIn this research is intended to analyse the expansion of the economic sector related to the development ways of renewable energy and the economic and financial performance of companies operating in this field. The electricity requirements are increasing at alarming rate and the power demand has been running ahead of supply. The renewable energy industry remains one of the most vibrant, fast-changing, and transformative sectors of the global economy. Technology improvements, cost declines, and the catalytic influence of new financing structures, have turned the sector into a driver of economic growth around the world (IEA, 2012; New energy market, 2015). The recent severe energy crisis has forced the world to develop new and alternative methods of power generation. The non-conventional methods of power generation are solar energy, fuel cells, wind power generation, geo-thermal energy generation, etc. (Riva & Foppapedretti, 2014; Twidelland & Weir, 2006). The goals of the research project are i) to analyse the available ways of alternative (renewable) energies, their markets and evolution; ii) to analyse the profitability (financial performance) based the analysis of stock returns and on financial ratios of renewable energy companies. The main research question is that renewal energy companies are profitable and do not have negative effect in environment when compared with non-renewable energy companies (Dickson, 2016; Beiter, 2014). To test it and answer to the goals of the research, it will be collected secondary data, namely financial and non-financial data of renewal energy industry's market and companies’ stock prices for companies in Armenia, EU countries and other OECD countries. The time horizon for the data simple is from year 2000 until now
Esta investigação pretende analisar a expansão do setor económico relacionado com o desenvolvimento das energias renováveis e os desempenhos económico e financeiro das empresas que operam nesse setor. Os requerimentos de energia elétrica estão a aumentar a uma taxa alarmante e a procura de energia tem crescido mais que os meios de produção. A indústria da energia associada a fontes renováveis apresenta-se como uma das mais vibrantes e com mudanças consideráveis no setor de transformação da economia global. As evoluções tecnológicas, a redução dos custos e a influência catalítica de novas estruturas de financiamento, tem posicionado o setor numa posição dominante no crescimento económico a nível global (IEA,2012; New energy market, 2015). As recentes crises no setor dos combustíveis fósseis têm forçado os diversos países a desenvolverem alternativas e novos métodos de produção de energia elétrica. Estes métodos não convencionais são baseados em energia solar, células de combustível, energia eólica, energia geotérmica, etc. (Riva & Foppapedretti, 2014; Twidelland & Weir, 2006). Os objetivos deste projeto de investigação são i) analisar os meios disponíveis para a produção de energia a partir de fontes renováveis, os seus mercados e respetiva evolução; ii) analisar a rentabilidade (desempenho financeiro) baseada nos preços de mercado e em rácios financeiros de empresas que operam no mercado das renováveis. A principal hipótese de investigação é que as empresas que operam no setor das energias renováveis são lucrativas e contribuem mais para a redução da pegada ecológica quando comparadas com aquelas que operam no setor das energias ditas convencionais [Dickson, 2016; Beiter, 2014]. Para testar esta hipótese e responder aos objetivos desta investigação, será recolhida informação secundária, nomeadamente informação financeira e não financeira e cotações de empresas que operam no setor das energias renováveis na Arménia, países da União Europeia e outros países da OCDE. A amostra temporal dos dados em análise reporta ao ano 2000, até à presente data.
Այս ավարտական հետազոտական աշխատանքում նախատեսված է վերլուծել վերականգնվող էներգիայի զարգացման ուղղիները, նրանց տնտեսական սեկտորի ընդլայնումը։ Նույնպես ներկայացվելու են վերականգնվող էներգիա արտադրող կազմակերպությունների տնտեսագիտական և ֆինանսական ցուցանիշներըֈ Էլեկտրաթներգիայի պահանջարկն ահռելի արագությամբ աճում է։ Վերականգնվող էներգիայի արդյունաբերությունը ներկայումս հանդիսանում է շատ դինամիկ, արագ փոփոխվող և ձևափոխվող ճյուղերից մեկը միջազգային տնտեսական սեկտրումֈ Տեխնոլոգիաների բալերավում, գների իջեցումը, նոր ֆինանսական կառուցվածքների կատալիկ ազդեցությունը այս արդյունաբերության ճյուղը դարձել են ամբողջ աշխարհում տնտեսական աճի պատճառներ (IEA, 2012; New energy market, 2015)։ Վերջերս տեղի ունեցած էներգետիկ ճգնաժամը պատճառ հանդիսացավ նոր այլընտրանքային էներգիաներ բացահայտելու համարֈ Վերականգնվող էներգիա արյի տեսակներից են՝ արևային էներգիան, թերմո-էլեկտրական գեներատորները, գեոթերմալ էներգիան, հողմային էներգիայի գեներատորները և այլն (Riva & Foppapedretti, 2014; Twidelland & Weir, 2006)։ Հետազոտական աշխատանքի հիմնական նպատակներն են i) վերլուծել վերականգնվող էներգիայի հասանելի ճյուղերի շուկաները և դրանց էվոլուցիան, ii) վերլուծել վերականգնվող էներգիա արտադրող կազմակերպությունների շահութաբերությունը (ֆինանսական հաշվետվությունների) հիմնվելով ֆինանսական հարաբերակցությունների և ֆոնդային շրջապտույտի վրա։ Ատենախոսության նպատակն այն է, որ վերականգնվող էներգիա արտադրող կազմակերպությունների շահութաբերությունն ավելին է և նրանց ազդեցությունը շրջակա միջավայրի վրա ավելի քիչ են քան չվերականգնվող էներգիա արտադրողներինը (Dickson, 2016; Beiter, 2014)։ Որպեսզի կարողանանք պատասխանել հետազոտական աշխատանքի դիմաց դրված հիպոթեզերին պետք է հավաքագրել երկրորդական տվյալներ, հիմնականում ֆինանսական և ոչ ֆինանսական տվյալներ վերականգնվող էներգիայի ոլորտից, շուկաների և կազմակերպությունների ֆոնդային արժեքները Հայաստանի, Եվրոպական Միության և այլ ՏՀԶԿ երկրների համարֈ Տվյալների հավաքագրման ժամանակահատվածը 2000 թվականից մինչև 2016 թվականն էֈ
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Adachi, Christopher. "The Adoption of Residential Solar Photovoltaic Systems in the Presence of a Financial Incentive: A Case Study of Consumer Experiences with the Renewable Energy Standard Offer Program in Ontario (Canada)." Thesis, 2009. http://hdl.handle.net/10012/4400.
Full textAbstract:
Traditionally, high initial capital costs and lengthy payback periods have been identified as the most significant barriers that limit the diffusion of solar photovoltaic (PV) systems. In response, the Ontario Government, through the Ontario Power Authority (OPA), introduced the Renewable Energy Standard Offer Program (RESOP) in November, 2006. The RESOP offers owners of solar PV systems with a generation capacity under 10MW a 20 year contract to sell electricity back to the grid at a guaranteed rate of $0.42/kWh. While it is the intent of incentive programs such as the RESOP to begin to lower financial barriers in order to increase the uptake of solar PV systems, there is no guarantee that the level of participation will in fact rise. The "on-the-ground" manner in which consumers interact with such an incentive program ultimately determines its effectiveness.
The purpose of this thesis is to analyze the relationship between the RESOP and solar PV system consumers. To act on this purpose, the experiences of current RESOP participants are presented, wherein the factors that are either hindering or promoting utilization of the RESOP and the adoption of solar PV systems are identified.
This thesis was conducted in three phases – a literature review, preliminary key informant interviews, and primary RESOP participant interviews – with each phase informing the scope and design of the subsequent stage. First, a literature survey was completed to identify and to understand the potential drivers and barriers to the adoption of a solar PV system from the perspective of a consumer. Second, nine key informant interviews were completed to gain further understanding regarding the specific intricacies of the drivers and barriers in the case of Ontario, as well as the overall adoption system in the province. These interviews were conducted between July and September, 2008. Third, interviews with 24 RESOP participants were conducted; they constitute the primary data set. These interviews were conducted between November and December, 2008.
Findings of this thesis suggest that the early adopters of solar PV systems have been motivated by their self-identified sustainability-oriented social attitudes, rather than the lowering of the financial barrier. Only six of 24 respondents noted that they would not have purchased a solar PV system in the absence of the RESOP. For nine of 24 respondents, the catalyst for the purchase of the solar PV systems was not the creation of the RESOP, but instead the presence of a community-based co-operative purchasing group (CBCPG) that had selected a vender and that provided a support service to help the consumer navigate the administrative processes associated with the RESOP.
Regarding the functioning of the RESOP, interview respondents reported lengthy periods of time to secure electrical connection, hidden additional fees, and arduous administrative processes. Based on their experiences interacting with Local Distribution Companies, vendors, and the OPA, respondent evaluations of the overall adoption process ranged from extremely positive (some interviewees praised the RESOP for its ease of participation and utility), to extremely negative (other interviewees condemned the RESOP because of its administrative complexity and hidden costs and fees). A key finding from this research is that weaknesses in the administration and promotion of the RESOP have been mitigated by the presence of CBCPGs and third parties aiding consumers in the purchase, installation, administration, and connection of their solar PV system. Recommendations of this thesis include the creation of new and enhancement of existing CBCPGs, a simplification of the required administrative processes, and an increase in the rates of compensation.
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Botha, Erika. "A structured approach to energy risk management for the South African financial services sector." Thesis, 2017. http://hdl.handle.net/10500/23560.
Full textAbstract:
Energy conservation, efficiency and renewable energy have become a vital part of everyday life and business. The increase in energy cost and the consequences of greenhouse gas emissions necessitates energy management and in particular energy risk management within organisations. Organisations need to manage the possible negative effect that the increased costs will have within the organisation.
The present research investigated the introduction of a structured approach to energy risk management within the financial services sector of South Africa. The research followed a quantitative, non-experimental research design by using a structured questionnaire. The questionnaire was sent to managers within the financial services sector. The research investigated the criteria for the implementation of a structured approach to energy risk management such as organisational requirements (culture, corporate social responsibility, management, and finance), governance, energy strategies (energy conservation, efficiency and renewable energy), risk identification, risk management and lastly communication and review. The research found that the structured approach to energy risk management should include the context within the organisation namely
organisational requirements, governance and energy strategies. Thereafter the risks within the energy strategies need to be identified, analysed and evaluated, and control measures need to be implemented. It is important to monitor the various energy strategies continuously in order to identify corrections and implement
preventative actions. The strategies need to be reviewed and communicated in terms of the various strategies to all stakeholders within the organisation in order to set continual improvement plans. Risk management should form part of the energy management strategies of organisations. The research showed that energy risk
management plays an important role in the overall business strategy and that the vast majority of financial services organisations have already implemented some form of energy management. There are however aspects that are still lacking within management strategies that need attention.D. Phil. (Management Studies)
Business Management
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Castro, Pedro Jorge Oliveira Maia e. "O planeamento e controlo na EDP renováveis Portugal." Master's thesis, 2014. http://hdl.handle.net/10400.14/36127.
Full textAbstract:
Durante a realização do estágio na EDP Renováveis Portugal, foi possível perceber, cada vez mais, como funcionava o negócio da mesma. Assim, neste relatório de estágio, complementando com a minha experiência profissional adquirida ao longo destes 6 meses, foi possível inquirir e analisar vários aspetos do negócio da EDP Renováveis Portugal. Foram, portanto, analisados vários Rácios económico-financeiros que constatam a grande posição financeira da EDPR Portugal no negócio das Energias Renováveis. Por fim, foi ainda analisada a necessidade da EDPR Portugal em adaptar o seu reporting face às novas necessidades e realidades da sociedade.During the internship in EDP Renewables Portugal, it was possible to perceive how the company runs its business. Thus, in this report, complemented with my professional experience over the last months, it was possible to investigate and analyze various aspects of EDP Renewables Portugal’s business. Were, therefore, analyzed some economic-financial ratios that identify the great financial position of EDPR business Portugal in Renewable Energy. Finally, we further analyzed the need of EDPR Portugal to adapt their reporting face the new needs and realities of the society.
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Silva, Ana Rita Lopes. "EDP Renováveis valuation case." Master's thesis, 2013. http://hdl.handle.net/10071/8084.
Full textAbstract:
Projeto / JEL classification system: G30; G17This work aims to reach EDP Renováveis valuation, a Portuguese enterprise listed in Lisbon stock exchange (NYSE Euronext Lisbon) headquartered in Madrid acting in the renewable energies sector. It has subsidiaries spread across Europe, United States of America, Canada and Brazil. The financial analysis presented is based on public information released by the company. First we perform an industry analysis were the company operates followed by a detailed analysis of EDPR business. To reach a final valuation value we analyze company’s financials assessing the economic context and its key performance indicators forecasting both profit and loss and balance sheet for a period of five years (2013-2017) on which the DCF model is based. In terms of financial performance indicators we make a comparison with the enterprises considered by EDPR as its direct competitors. The final valuation amount points to an equity value of €3.3 billion meaning a share price of €3.79. As of September 6th 2013 EDPR share price was €3.88.
Este trabalho visa proceder à valorização da EDP Renováveis, uma empresa portuguesa cotada na bolsa de valores de Lisboa (NYSE Euronext Lisbon) com sede em Madrid e que actua no sector das energias renováveis. Possui subsidiárias em vários países da Europa, Estados Unidos da América, Canadá e Brasil. A análise financeira apresentada baseia-se em informação pública divulgada pela empresa. Primeiro procedemos a uma análise da indústria em que se insere, ao que se segue uma análise mais detalhada do negócio da EDPR. Com vista à valorização final da empresa procedemos a uma análise das demonstrações financeiras da mesma e avaliando o contexto económico em que se insere, assim como os seus indicadores chave de desempenho fizemos uma estimativa dos montantes quer de balanço quer de demonstração de resultados para um periodo futuro de cinco anos (2013-2017), no qual se apoia o modelo dos cash-flow descontados utilizado na valorização. Em termos de indicadores financeiros de performance efectuamos uma comparação com empresas que a EDPR considera como os seus peers directos. O resultado final da valorização ascendeu a um equity value de €3.3 biliões, traduzindo-se num montante por acção de €3.79. A 6 de Setembro de 2013, a cotação por acção da empresa encontrava-se nos €3.88.
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Beal, Colin McCartney. "Constraints on algal biofuel production." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-05-2775.
Full textAbstract:
The aspiration for producing algal biofuel is motivated by the desire to replace conventional petroleum fuels, produce fuels domestically, and reduce greenhouse gas emissions. Although, in theory, algae have the potential to produce a large amount of petroleum fuel substitutes and capture carbon emissions, in practice, profitable algal biofuel production has proven quite challenging. This dissertation characterizes the production pathways for producing petroleum fuel substitutes from algae and evaluates constraints on algal biofuel production. Chapter 8 provides a summary of the entire dissertation.
The first chapter provides a framework for reporting the production of renewable diesel from algae in a consistent way by using data that are specific and by presenting information with relevant metrics. The second chapter presents a review of analytical tools (i.e., microscopy, spectroscopy, and chromatography) that can be used to analyze the structure and composition of intermediate products in an algal biofuel production pathway.
In chapters 3 through 6, the energy return on investment, water intensity, and financial return on investment are presented for three cases: 1) an Experimental Case in which data were measured during five batches of algal biocrude production with a combined processed volume of about 7600 L, 2) a hypothetical Reduced Case that assumes the same energy output as the Experimental Case, with reduced energy and material inputs, and 3) a Highly Productive Case that assumes higher energy outputs than the Experimental Case, with reduced energy and material inputs, similar to the Reduced Case.
For all three cases, the second-order energy return on investment was determined to be significantly less than 1, which means that all three cases are energy negative. The water intensity (consumption and withdrawal) for all cases was determined to be much greater than that of conventional petroleum fuels and biofuels produced from non-irrigated crops. The financial return on investment was also found to be significantly less than 1 for all cases, indicating production would be unprofitable. Additionally, it was determined that large-scale algal biofuel production would be constrained by the availability of critical energy and material inputs (e.g., nitrogen and carbon dioxide).
The final part of this dissertation presents a first-principles thermodynamic analysis that represents an initial attempt at characterizing the thermodynamic limits for algal biofuel production. In that analysis, the energy, entropy, and exergy is calculated for each intermediate product in the algal biofuel production pathway considered here.
Based on the results presented in this body of work, game-changing technology and biotechnology developments are needed for sustainable and profitable algal biofuel production.text
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Ribeiro, João António Barbio. "Avaliação da EDP Renováveis, S.A." Master's thesis, 2021. http://hdl.handle.net/10071/23932.
Full textAbstract:
Esta tese tem como principal objetivo avaliar financeiramente, com referência a 31 de dezembro de 2019, a empresa EDP Renováveis S.A., uma empresa cotada na Euronext Lisboa, atualmente sediada em Madrid, Espanha. A EDP Renováveis S.A. atua no setor das energias renováveis, no qual tem como principal atividade a produção, distribuição e comercialização de energia renovável. Atualmente está presente em catorze países e em três continentes.
Com o panorama ambiental cada vez mais preponderante a nível mundial, as fontes de energia limpa tomam um papel crucial no mundo que nos rodeia. Como tal, é relevante avaliar uma empresa como a EDP Renováveis S.A., que pode tomar um papel crucial nesta mudança.
De modo a inferir em relação à avaliação da EDP Renováveis S.A., o presente trabalho começa com uma análise teórica, na qual se procedeu a uma revisão de literatura focada em métodos de avaliação de empresas, seguida de uma profunda análise à empresa, na qual se analisaram as informações providenciadas pela mesma, aliada a uma análise macroeconómica, nomeadamente no contexto ambiental, económico e competitivo.
Como resultado, procedeu-se a uma estimativa dos meios libertos da empresa para o período de 2020 a 2024, os quais foram utilizados no cálculo de diversos métodos de avaliação do capital próprio.
Considera-se que a EDP Renováveis S.A. se apresenta como subvalorizada no mercado, visto que os resultados apresentaram uma avaliação de 12,40 euros por ação, demonstrando uma avaliação superior à apresentada no mercado, com um valor de 11,50 euros por ação.The main purpose of this thesis is to financially evaluate, with reference to December 31, 2019, the company EDP Renováveis S.A., a company listed on Euronext Lisbon, currently headquartered in Madrid, Spain. EDP Renováveis S.A. operates in the renewable energy sector, in which its main activity is the production, distribution and sale of renewable energy. It is currently present in fourteen countries and on three continents. With the environmental landscape becoming more and more prevalent worldwide, clean energy sources are taking a crucial role in the changing world around us. As a result, it is relevant to evaluate a company like EDP Renováveis S.A., which can take a crucial role in this change. In order to make inferences regarding the capital valuation of EDP Renováveis S.A., this research starts with a theoretical analysis, in which a literature review focused on corporate valuation methods was performed, followed by an in-depth analysis of the company., in which the information provided by the company was analyzed, and combined with a macroeconomic analysis, namely in the environmental, economic and competitive context. As a result, an estimate was made of EDP Renováveis S.A.'s free cash flows for the period from 2020 to 2024, which were used in the calculation of several equity valuation methods. It is considered that EDP Renováveis S.A. is undervalued in the market, since the results presented a valuation of 12,40 euros per share, showing a higher valuation than the one presented in the market, with a value of 11,50 euros per share.
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Heitor, Gonçalo Manuel Martinho. "Equity research: an evaluation of EDP´s tender offer over EDP Renováveis." Master's thesis, 2017. http://hdl.handle.net/10071/16281.
Full textAbstract:
The increasing cost competitiveness of renewable technologies (mainly wind power and solar
PV), the continuous increase in global electricity demand and strict government policies
towards the decarbonisation of the economy are some of the main challenges and growth
opportunities that have been increasingly transforming the renewable energy industry.
One of the companies in the front row of this ongoing revolution is EDP Renováveis, focused
exclusively on the generation of energy from renewable sources, primarily wind onshore.
Hence, to benefit even more from the attractive growth of EDPR, its major shareholder
(EDP - Energias de Portugal) launched on 27 March 2017 a tender offer to buy-back the 22.47%
of share capital it did not hold in the subsidiary, at a price of €6.75 per share.
This dissertation presents, as of 31 March 2017, a comprehensive analysis and consequent
estimation of the fair value of EDP Renováveis, by targeting a price for the year-end 2017.
Consequently, it allowed for the fair evaluation of EDP’s offer and to answer whether minority
shareholders should be willing to accept it or not.
Accordingly, a sum-of-the-parts DCF valuation derives a target price of €7.83 per share, i.e., a
13% upside, which clearly indicates that the price offered by EDP did not truthfully reflected
the fundamental value of the company and its potential growth.
Overall, the positive historical performance and low-risk approach to attractive markets, such
as the United States, are fundamental to support a buy recommendation, considering the market
ight be undervaluing the stockA crescente competitividade no custo das tecnologias (principalmente eólica e solar), o aumento no consumo de eletricidade e as rígidas políticas governativas rumo à descarbonização da economia são alguns dos principais desafios que têm, cada vez mais, transformado o sector das energias renováveis. Uma das empresas que se encontra em posição favorável nesta revolução em curso é a EDP Renováveis, dedicando-se à produção de energia exclusivamente através de fontes renováveis, particularmente eólica onshore. Assim, para incrementar a exposição ao crescimento das renováveis, o maior acionista (EDP - Energias de Portugal) lançou, a 27 de março de 2017, uma Oferta Pública de Aquisição (OPA) sobre os 22.47% de capital que não controlava na subsidiária, a um preço de 6.75€ por ação. Esta dissertação apresenta uma análise, a 31 de março de 2017, e consequente definição de um preço-alvo para a ação no final do ano de 2017. Foi também possível analisar se o valor oferecido pela EDP era justo e se os acionistas minoritários estariam, ou não, dispostos a aceitá- lo. Um modelo DCF, alicerçado na soma das partes, assinala um preço-alvo de €7.83, ou seja, uma apreciação de 13%, o que indica que o valor oferecido pela EDP não reconhece verdadeiramente o valor intrínseco e o crescimento potencial da empresa. Concluindo, o desempenho histórico positivo aliado a uma abordagem de baixo risco na exposição a mercado atraentes, como os Estados Unidos, são essenciais para reforçar uma recomendação de Compra, considerando que o mercado não reflete o correto valor da EDP Renováveis.