Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2018.04.046 |
Dream team or strange bedfellows? Complementarities and differences between incumbent energy companies and institutional investors in Swiss hydropower | |
Salm, Sarah; Wuestenhagen, Rolf | |
2018-10-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2018 |
卷号 | 121页码:476-487 |
文章类型 | Article |
语种 | 英语 |
国家 | Switzerland |
英文摘要 | Institutional investors can potentially be a significant source of capital for financing the energy transition. This is even more important as incumbent energy companies in many European countries struggle to adjust their business model to changing market conditions. This article reports on a choice experiment with pension fund and energy managers conducting 1,129 experimental investment choices in Swiss hydropower. We find that complementarities exist with regard to financing different stages of project development - pension funds are averse to construction and development risk but comfortable in deploying capital to existing projects, while incumbents are willing to invest in all project stages. The two groups show surprising similarities in their aversion to fluctuating electricity prices. When fully exposed to revenue risk, energy firms and pension funds demand a risk premium of 5.98% and 7.94% respectively. For policy makers, this suggests that shielding investors from revenue risk, as has been done with feed-in tariffs for other renewables, might be an effective way of lowering the financing cost of hydropower. When it comes to their preferred co-investors, the two groups express mutual distaste for each other: energy firms would rather invest in consortia with other incumbents, and the same goes for institutional investors. |
英文关键词 | Choice experiment Capital cost Renewable energy Hydropower Investment decision Business model |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000445983800047 |
WOS关键词 | WILLINGNESS-TO-PAY ; VARIABLE WIND POWER ; RENEWABLE ENERGY ; CONJOINT-ANALYSIS ; INVESTMENT DECISIONS ; BOARD CONNECTIONS ; CHOICE EXPERIMENT ; STORAGE-SYSTEMS ; PUMPED-STORAGE ; UNITED-STATES |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/19237 |
专题 | 气候变化 |
作者单位 | Univ St Gallen, Inst Econ & Environm, Tigerbergstr 2, CH-9000 St Gallen, Switzerland |
推荐引用方式 GB/T 7714 | Salm, Sarah,Wuestenhagen, Rolf. Dream team or strange bedfellows? Complementarities and differences between incumbent energy companies and institutional investors in Swiss hydropower[J]. ENERGY POLICY,2018,121:476-487. |
APA | Salm, Sarah,&Wuestenhagen, Rolf.(2018).Dream team or strange bedfellows? Complementarities and differences between incumbent energy companies and institutional investors in Swiss hydropower.ENERGY POLICY,121,476-487. |
MLA | Salm, Sarah,et al."Dream team or strange bedfellows? Complementarities and differences between incumbent energy companies and institutional investors in Swiss hydropower".ENERGY POLICY 121(2018):476-487. |
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