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Benefits analysis of US Federal government funded research, development, demonstration, and deployment (RD3) programs for renewable energy (RE) technology improvement typically employs a deterministic forecast of the cost and performance of renewable and nonrenewable fuels. The benefits estimate for a program derives from the difference between two forecasts, with and without the RD3 in place. The deficiencies of the current approach are threefold: (1) it does not consider uncertainty in the cost of non-renewable energy (NRE), and the option or insurance value of deploying RE if and when NRE costs rise; (2) it does not consider the ability of the RD3 manager to adjust the RD3 effort to suit the evolving state of the world, and the option value of this flexibility; and (3) it does not consider the underlying technical risk associated with RD3, and the impact of that risk on the programs optimal level of RD3 effort. In this paper, a rudimentary approach to determining the option value of publicly funded RE RD3 is developed. The approach seeks to tackle the first deficiency noted above by providing an estimate of the options benefit of an RE RD3 program in a future with uncertain NRE costs. While limited by severe assumptions, a computable lattice of options values reveals the economic intuition underlying the decision-making process. An illustrative example indicates how options expose both the insurance and timing values inherent in a simplified RE RD3 program that coarsely approximates the aggregation of current Federal RE RD3. This paper also discusses the severe limitations of this initial approach, and identifies needed model improvements before the approach can adequately respond to the RE RD3 analysis challenge.
The book investigates the various aspects characterizing Megaprojects from numerous perspectives and by integrating different disciplines: engineering, economics, business organization, human resource management, law, etc. It represents the first output of MeRIT (the Megaproject Research Interdisciplinary Team), and focuses on the intrinsic and unavoidable complexity of Megaprojects. The chapters have intentionally not been standardized, and humanistic topics are not separated from technical ones: this way of reading and interpreting Megaprojects through the cross-pollination of various disciplines reflects the MeRIT approach. Addressing the complexity involved in Megaprojects requires the use of a hermeneutic circle of sorts: understanding the project as a whole is achieved by referring to the specific parts, while each part can only be understood in relation to the whole. This circular approach appears to be the only one applicable to Megaprojects: no final destination, no final synthesis can be achieved. This volume consists of eight chapters written by researchers in law, economics, sociology, business organization, engineering, architecture and landscaping. The topics covered will be relevant to researchers, practitioners involved in the development of Megaprojects, and policymakers at the EU level.
The triple bottom line is an accounting framework with social, environmental and financial factors. This Handbook examines the nexus between these areas by scrutinising aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking firms, the stock returns of sustainable firms, green bonds and sustainable financial instruments.
We are fortunate to live in incredibly exciting and incredibly challenging time. Energy demands due to economic growth and increasing population must be satisfied in a sustainable manner assuring inherent safety, efficiency and no or minimized environmental impact. These considerations are among the reasons that lead to serious interest in deploying nuclear power as a sustainable energy source. At the same time, catastrophic earthquake and tsunami events in Japan resulted in the nuclear accident that forced us to rethink our approach to nuclear safety, design requirements and facilitated growing interests in advanced nuclear energy systems. This book is one in a series of books on nuclear power published by InTech. It consists of six major sections housing twenty chapters on topics from the key subject areas pertinent to successful development, deployment and operation of nuclear power systems worldwide. The book targets everyone as its potential readership groups - students, researchers and practitioners - who are interested to learn about nuclear power.
A sustainable brand should integrate environmental, social, economic and issues into its business operations. Sustainable Branding considers how broader perspectives on sustainability and corporate social responsibility can be applied to the practicalities of brand management. By addressing a range of perspectives and their application to branding, the authors go beyond sustainable branding to question the role brands play in a wider sustainable society. Structured around three core parts – People, Planet and Prosperity - contributions from experts in the field consider the human dimensions of environmental change, identity and reputation, technology and innovation, waste management, public and brand engagement, environmental ecosystems and the circular economy. Combining theoretical insight and empirical research with practical application, each chapter includes real-life international cases and reflective questions to allow discussion, best-practice examples and actionable suggestions on how to implement sustainable branding activities. This book is perfect for academics, postgraduate and final-year undergraduate students in sustainable branding, sustainable business, corporate social responsibility, brand management and communications. It provides a comprehensive treatment of the nature of relationships between environmental, economic, social, companies, brands, and stakeholders in different areas and regions of the world.
This book presents the application of real options approach (ROA) to analyze investment decisions for switching energy sources from fossil fuels to alternative energy. Using the Philippines as a case, the ROA models presented here explore how uncertainties including fossil fuel prices, electricity prices, discount rates, externality, renewable energy (RE) costs, and RE investment growth affect investment decisions that focus on developing countries, particularly to fossil-importing countries. The book is a collection of academic papers published in peer-reviewed journals. The first paper analyzes investments in various RE sources including wind, solar, hydropower, and geothermal over using coal. The second paper compares investments between RE and nuclear energy considering the risk of nuclear accident. The third paper applies the proposed ROA model with the case of Palawan island and analyzes investment in RE over diesel fuel for electricity generation. The fourth paper focuses on investment drivers that make RE sources as a better option than using fossil fuels.
Analytical Methods for Energy Diversity and Security is an ideal volume for professionals in academia, industry and government interested in the rapidly evolving area at the nexus between energy and climate change policy. The cutting-edge international contributions allow for a wide coverage of the topic. Analytical Methods for Energy Diversity and Security focuses on the consideration of financial risk in the energy sector. It describes how tools borrowed from financial economic theory, in particular mean-variance portfolio theory, can provide insights on the costs and benefits of diversity, and thus inform investment decision making in conditions of uncertainty. It gives the reader an in-depth understanding of how to manage risk at a time when the world’s focus is on this area. The book provides insights from leading authorities in the area of energy security. It gives readers abundant, rigorous analysis and guidance at a critical time in facing the twin challenges of energy security and climate change. The book also highlights the role of clean energy technology in moving towards future diverse and intelligent electricity systems. It will be a trusted, first point of reference for decision-makers in the field of energy policy. The book includes a foreword by the 2007 Nobel Peace Prize winner. All royalties from sale of this book will be donated to charities working in the energy sector in the developing world. Theoretical underpinning and applied use of Portfolio theory in the energy sector In-depth consideration of risk Contributions from leading international energy economists Innovative methodologies for thinking about energy security and diversity
Advanced Nanomaterials and Their Applications in Renewable Energy presents timely topics related to nanomaterials' feasible synthesis and characterization, and their application in the energy fields. In addition, the book provides insights and scientific discoveries in toxicity study, with information that is easily understood by a wide audience. Advanced energy materials are important in designing materials that have greater physical, electronic, and optical properties. This book emphasizes the fundamental physics and chemistry underlying the techniques used to develop solar and fuel cells with high charge densities and energy conversion efficiencies. New analytical techniques (synchronous X-ray) which probe the interactions of particles and radiation with matter are also explored, making this book an invaluable reference for practitioners and those interested in the science. Provides a comprehensive review of solar energy, fuel cells, and gas storage from 2010 to the present Reviews feasible synthesis and modern analytical techniques used in alternative energy Explores examples of research in alternative energy, including current assessments of nanomaterials and safety Contains a glossary of terms, units, and historical benchmarks Presents a useful guide that will bring readers up to speed on historical developments in alternative fuel cells
This book gathers the most recent developments in fuzzy & intelligence systems and real complex systems presented at INFUS 2020, held in Istanbul on July 21–23, 2020. The INFUS conferences are a well-established international research forum to advance the foundations and applications of intelligent and fuzzy systems, computational intelligence, and soft computing, highlighting studies on fuzzy & intelligence systems and real complex systems at universities and international research institutions. Covering a range of topics, including the theory and applications of fuzzy set extensions such as intuitionistic fuzzy sets, hesitant fuzzy sets, spherical fuzzy sets, and fuzzy decision-making; machine learning; risk assessment; heuristics; and clustering, the book is a valuable resource for academics, M.Sc. and Ph.D. students, as well as managers and engineers in industry and the service sectors.
Due to climate change concerns, high oil prices and nuclear dangers there is increasing support for renewable energy. At the forefront of the debate for government support of renewable energy are wind energy and biofuels. Used primarily for power generation and transportation, respectively, there have been many debates surrounding the reliability and efficiency of these resources. These debates often address the uncertainty in the economic value of the resource through time, however it is often difficult to quantify this uncertainty, which stems from the random behavior of prices and the unpredictable nature of the resource itself. In this thesis we use well developed theory taken from quantitative finance, more specifically real options theory, as well as various mathematical and statistical techniques and models used in option pricing to determine the economic value of these resources. Market design and policy are key considerations throughout the analysis. A simplified model of a corn ethanol plant is analyzed using a simple Margrabe exchange option as well as numerical techniques such as bootstrapping and finite difference methods for solving partial differential equations. It is determined that, as correlation between corn price and gasoline price increases, the value of the ethanol plant decreases. The level of decrease is substantial, and the economic and political consequences are discussed. A simplified wind-storage model is also developed and analyzed as a dynamic program, allowing for analytic solutions. This allows for the determination of an optimal bidding strategy when the penalty for failing to meet a committed generation level is defined. The market consequences of these results are discussed and compared with numerical results obtained from a more complex wind-storage model where analytical solutions are not available. These results are obtained using a modified block bootstrapping method, and the optimal storage size is determined for a specific penalty structure.