Application of Real Options Theory to the Assessment of Public Incentives for Onshore Wind Energy Development in Spain

José BALİBREA-INİESTA; Antonio SÁNCHEZ-SOLİÑO; Antonio LARA-GALERA

Makale detayları

Application of Real Options Theory to the Assessment of Public Incentives for Onshore Wind Energy Development in Spain

Yazarlar:

José BALİBREA-INİESTA | Antonio SÁNCHEZ-SOLİÑO | Antonio LARA-GALERA

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Energy Economics and Policy 2015 Vol.5 Issue 3, pp.791-800

Belge Tipi:

Makale

Yayın Tarihi:

8/2015

Belge Dili:

Türkçe

Document ID (Org No.):

2000816476

Sıklık:

İki Aylık

eISSN:

2146-4553

Özet:

 

This paper discusses the important development of electricity production from renewable energy in Spain. The regulatory framework has played a key role in this process, particularly the 661/2007 Royal Decree of May 25. The legislation grants certain rights to promoters. These rights can be characterized as options, allowing us to utilize a signifi cant number of theoretical and empirical studies in the fi eld of fi nancial option pricing in our analysis. Insofar as these derivative assets have underlying real and non-fi nancial assets (i.e., a wind farm), the rights provided for in Royal Decree 661/2007 can be considered real options. In this paper, a method is proposed to evaluate investment projects in Spanish wind power based on the Royal Decree. The value of these projects is certainly affected by the real options contained in the Royal Decree. Finally, public aid granted by the administration for the development of renewable energies is evaluated.

Makale detayları

Application of Real Options Theory to the Assessment of Public Incentives for Onshore Wind Energy Development in Spain

Yazarlar: José BALİBREA-INİESTA | Antonio SÁNCHEZ-SOLİÑO | Antonio LARA-GALERA

Yayıncı: İlhan ÖZTÜRK

Dergi: International Journal of Energy Economics and Policy 2015 Vol.5 Issue 3, pp.791-800

Belge Tipi: Makale

Yayın Tarihi: 8/2015

Belge Dili: Türkçe

Document ID (Org No.): 2000816476

Sıklık: İki Aylık

eISSN: 2146-4553

Sayı

Yazarlar:

José BALİBREA-INİESTA | Antonio SÁNCHEZ-SOLİÑO | Antonio LARA-GALERA

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Energy Economics and Policy 2015 Vol.5 Issue 3, pp.791-800

Belge Tipi:

Makale

Yayın Tarihi:

8/2015

Belge Dili:

Türkçe

Document ID (Org No.):

2000816476

Sıklık:

İki Aylık

eISSN:

2146-4553