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dc.contributor.author
Rios Festner, Daniel
dc.contributor.author
Blanco, Gerardo
dc.contributor.author
Olsina, Fernando Gabriel
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dc.date.available
2021-10-14T15:04:54Z
dc.date.issued
2020-02
dc.identifier.citation
Rios Festner, Daniel; Blanco, Gerardo; Olsina, Fernando Gabriel; Long-term assessment of power capacity incentives by modeling generation investment dynamics under irreversibility and uncertainty; Elsevier; Energy Policy; 137; 2-2020; 111185, 1-15
dc.identifier.issn
0301-4215
dc.identifier.uri
http://hdl.handle.net/11336/143581
dc.description.abstract
In actual energy-only markets, the high volatility of power prices affects the expected returns of generators. When dealing with irreversibility under uncertainty, deferring decisions to commit in new power plants, waiting for better information, is therefore a rational approach. Theoretical and empirical evidence suggests that such investment pattern determines the occurrence of construction cycles, which strongly compromise supply security. In order to supplement generators´ revenues, several remuneration mechanisms have been devised over past years. Along this line, this work addresses the long-run dynamics of capacity adequacy and market efficiency with both a price-based and a quantity-based capacity remuneration policy. For that purpose, a recently-developed, stochastic simulation model is used as a benchmark. Hence, the optimal postponement of generation investment decisions is integrated into a long-run power market model by formulating the decision-making problem in the framework of Real Options Analysis. Results suggest that policymakers may exchange supply security (effectiveness) for energy prices to be paid by consumers (efficiency) when designing and implementing capacity remuneration mechanisms. By doing so, this article contributes to the ongoing debate regarding the design of incentive policies and efficient power markets by considering the microeconomics of investors? decision-making under irreversibility and uncertainty.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Elsevier
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dc.rights
info:eu-repo/semantics/openAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
CAPACITY MARKETS
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CAPACITY PAYMENTS
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GENERATION INVESTMENTS
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REAL OPTIONS
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SUPPLY RELIABILITY
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SYSTEM DYNAMICS
dc.subject.classification
Ingeniería Eléctrica y Electrónica
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dc.subject.classification
Ingeniería Eléctrica, Ingeniería Electrónica e Ingeniería de la Información
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dc.subject.classification
INGENIERÍAS Y TECNOLOGÍAS
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dc.title
Long-term assessment of power capacity incentives by modeling generation investment dynamics under irreversibility and uncertainty
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2021-09-07T13:55:00Z
dc.journal.volume
137
dc.journal.pagination
111185, 1-15
dc.journal.pais
Países Bajos
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dc.description.fil
Fil: Rios Festner, Daniel. Universidad Nacional de Asunción; Paraguay
dc.description.fil
Fil: Blanco, Gerardo. Universidad Nacional de Asunción; Paraguay
dc.description.fil
Fil: Olsina, Fernando Gabriel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Juan. Instituto de Energía Eléctrica. Universidad Nacional de San Juan. Facultad de Ingeniería. Instituto de Energía Eléctrica; Argentina
dc.journal.title
Energy Policy
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dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://linkinghub.elsevier.com/retrieve/pii/S0301421519307712
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1016/j.enpol.2019.111185
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