2014 Fiscal Year Final Research Report
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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| 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 |
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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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| Free Research Field |
エネルギー経済学
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