期刊论文

Investment strategy of carbon emission reduction of coal-fired power firms considering revenue floors

中文

管理科学学报

1007-9807

2019

22

11

69-81

10.3969/j.issn.1007-9807.2019.11.005

71671018:国家自然科学基金 71271033:国家自然科学基金 2018JJ2447:湖南省自然科学基金

本校为第一机构

假定火力发电商的上网电量和二氧化碳排放权价格(碳价)服从几何布朗运动,针对无营运成本和有营运成本两种情况分别构建收益下限政策下的发电商碳减排投资实物期权模型,在求解模型的基础上讨论了最优的收益下限及其实施期限.模型的实证性算例分析结果表明:1)收益下限政策可激励发电商进行碳减排投资,但最优的实施期限可能低于设施的运行年限;2)发电商碳减排投资阈值最低点对应的收益下限,即为最优的收益下限;3)在无营运成本情况下收益下限相对于直接补贴政策可节省资金,但在有营运成本情况下是否节省资金与电力需求等因素有关.

Assuming that both theon-grid electricity volume of power generation companies and carbon price follow Geometric Brownian Motion, two real option models for carbon emission reduction investment considering revenue floors are proposed for the two cases of with no operating cost and with operating cost respectively. Then the optimal revenue floor and the implementation duration for emission reduction are discussed. The results of the empirical analysis show that: 1) The revenue floor can incentivize power generation companies to invest in carbon emission reduction, but the optimal implementation...