Heggedal, Ane Marte
[VerfasserIn]
;
Linnerud, Kristin
[Sonstige Person, Familie und Körperschaft];
Fleten, Stein-Erik
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Energy (78), 2014, 154–164
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 21, 2011 erstellt
Beschreibung:
Based on panel data of 214 licenses to construct small hydropower plants, we examine whether uncertainty with respect to the introduction of a market for renewable energy certificates affected the timing of investments in Norway from 2001 to 2010. Using regression analysis, we find that (1) investors owning a portfolio of licenses act in accordance with a real options investment rule, and uncertain climate policy decisions delayed their investment rate; and (2) investors owning a single license act in accordance with a traditional net present value investment rule, focusing on the value of the immediate investment and ignoring policy uncertainty