Financial risks for green electricity investors and producers in a tradable green certificate market

被引：43
|
作者：
Lemming, J [1 ]
机构：
[1] Riso Natl Lab, Syst Anal Dept, DK-4000 Roskilde, Denmark
来源：
ENERGY POLICY | 2003年 / 31卷 / 01期
关键词：
tradable green certificates; financial risk; forward contracts;
D O I：
10.1016/S0301-4215(02)00114-3
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper analyzes financial risks in a market for tradable green certificates (TGC) from two perspectives; existing renewable producers and potential investors in new renewable electricity generation capacity. The equilibrium pricing mechanism for a consumer-based TGC market is described and a market with wind turbines as the sole renewable technology is analyzed. In this framework, TGC prices and fluctuations in production from wind turbines will be negatively correlated and, as a result, TGC price fluctuations can actually help decrease the total financial risk. Based on this recognition, analytical expressions for revenue-variance-minimizing trading strategies are derived and an analysis of the demand and supply for financial hedging is used to show that forward contracts will be traded at a risk premium. (C) 2002 Elsevier Science Ltd. All rights reserved.
引用
收藏
页码：21 / 32
页数：12
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