Analysis on investment decisions of power producers toward the activation of electricity markets
| Project/Area Number |
25750127
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Social systems engineering/Safety system
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| Research Institution | Tokyo University of Science |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | 電力システム改革 / 新規電気事業者 / リプレース / 火力電源入札制度 / Missing money / 容量市場 / 投資タイミング / リアルオプション / 参入可能性 / Missing moneyの問題 / 電力市場 / 電源投資 / 発電容量選択 |
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| Outline of Final Research Achievements |
In Japan recently the electricity system reform has been required, and various policies and regulations are needed toward the full liberalization of electricity markets. In this work, we focused on the bidding system of investments in thermal power generations and the capacity mechanism, and investigated investment decisions of power producers under these schemes. In an analysis on the bidding system of investments we showed that the replacement is accelerated due to the decrease in the bid price whereas excessive decreases induce the reduction in the replacement opportunity. Furthermore in an analysis on the capacity mechanism we examined effects of price uncertainties for electricity and capacity markets. It turned out that when the uncertainty of electricity prices is small, the value of the investment option becomes large compared to energy only markets.
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Report
(3 results)
Research Products
(47 results)
