Renewable Energy Investments with Storage: A Risk-Return Analysis

Beitrag in einer Fachzeitschrift
(Originalarbeit)


Details zur Publikation

Autor(en): Krömer S, Gatzert N
Zeitschrift: International Journal of Energy Sector Management
Jahr der Veröffentlichung: 2018
ISSN: 1750-6220


Abstract

The aim of this paper
is to study investments in renewable energy projects which are jointly operated
with an energy storage system, with particular focus on risk-return
characteristics from the perspective of private and institutional investors, taking
into account resource risk, energy price risk, inflation risk, and policy risk.
To this end, this article presents a stochastic discounted cash flow model which
is then applied to a wind farm with a pumped hydro storage system. The results
show that energy storage systems have the potential to increase the expected
present value of future investment cash flows and to hedge (downside) risk. However,
in order to realize this potential, storage systems have to be cost-effective in
terms of fixed operation,
maintenance, staffing and insurance costs. Also, several key factors are identified
which have a considerable influence on the performance of the operation
strategy. The paper contributes to the literature by conducting an analysis of (downside)
risk and return of renewable energy investments with a storage system taking
into account stochastic policy, resource, inflation, and energy price risk.


FAU-Autoren / FAU-Herausgeber

Gatzert, Nadine Prof. Dr.
Lehrstuhl für Versicherungswirtschaft und Risikomanagement
Krömer, Sarah
Lehrstuhl für Versicherungswirtschaft und Risikomanagement


Zusätzliche Organisationseinheit(en)
Lehrstuhl für Versicherungswirtschaft und Risikomanagement


Zitierweisen

APA:
Krömer, S., & Gatzert, N. (2018). Renewable Energy Investments with Storage: A Risk-Return Analysis. International Journal of Energy Sector Management.

MLA:
Krömer, Sarah, and Nadine Gatzert. "Renewable Energy Investments with Storage: A Risk-Return Analysis." International Journal of Energy Sector Management (2018).

BibTeX: 

Zuletzt aktualisiert 2018-16-07 um 11:08