Publication: Regulación económica y desarrollo de energías renovables: un análisis comparado de los casos de Francia y España
Loading...
Files
Official URL
Full text at PDC
Publication Date
2018-06-13
Authors
Advisors (or tutors)
Editors
Journal Title
Journal ISSN
Volume Title
Publisher
Universidad Complutense de Madrid
Citations
Exportar
Abstract
En esta tesis se aborda el desarrollo de la producción eléctrica de origen renovable en Francia y España. El trabajo consiste en un estudio comparado de evaluación de proyectos de inversión en energías renovables en ambos países. Los tipos de proyectos evaluados son: (1) energía eólica terrestre, (2) energía eólica marina y (3) energía fotovoltaica. Al igual que en otros países de la UE, tanto en España como en Francia, la legislación que promueve el desarrollo de las energías renovables otorga una serie de derechos a los promotores y a la Administración. Así, por ejemplo, en el caso de Francia, los promotores pueden elegir entre vender la electricidad producida a precio de una tarifa regulada o venderla a precios de mercado mayorista o “pool”. En el caso de España, los promotores pueden elegir entre vender su producción eléctrica al precio de mercado más una prima de referencia o bien a una tarifa regulada. La Administración, por su parte, se reserva el derecho a remunerar la electricidad a la suma del precio de mercado más la prima (precio variable), o bien a un precio límite superior previamente determinado (precio fijo). Estos derechos pueden caracterizarse como opciones, es decir, activos que tienen un valor de mercado que puede medirse. Esto permite aprovechar un cúmulo importante de desarrollos teóricos y empíricos ya existentes en el campo de la valoración de opciones financieras. En la medida en la que estos activos derivados tienen como subyacente un activo real (como es un parque eólico o fotovoltaico) y no financiero, los derechos contemplados en la legislación sobre renovables pueden evaluarse como opciones reales...
This thesis studies the development of electricity production from renewable sources in France and Spain. Our main objective is to compare investment projects in renewable energies in both countries. The types of projects analyzed are: (1) wind energy farms on land (onshore plants), (2) wind energy farms at sea (offshore plants), and (3) photovoltaic energy plants. As in the case of other EU countries, both in Spain and France the legislation aiming to promote renewable energy grants certain rights to investors but also to governments. Thus, energy plant developers in France may choose to sell the electricity produced either at a regulated price or at market price (called "pool" price). In Spain, investors may choose to sell their electricity at market price plus a premium, or alternatively to sell it at a regulated price. On the other hand, the government has the right to buy electricity at market price plus the premium (variable price), or at a limit price established by law (fixed price). These rights may be characterized as options, i.e. financial derivatives which have been extensively studied both in theoretical and empirical works. We base our study on a vast existent literature aimed to determine the pricing of these financial instruments. However, in the case of options linked to energy projects, these derivatives are not based on other financial assets, since they have as underlying a real asset (wind farms or photovoltaic parks). Therefore, our main objective in this thesis is the analysis of the rights of investors in energy projects, defined as real options...
This thesis studies the development of electricity production from renewable sources in France and Spain. Our main objective is to compare investment projects in renewable energies in both countries. The types of projects analyzed are: (1) wind energy farms on land (onshore plants), (2) wind energy farms at sea (offshore plants), and (3) photovoltaic energy plants. As in the case of other EU countries, both in Spain and France the legislation aiming to promote renewable energy grants certain rights to investors but also to governments. Thus, energy plant developers in France may choose to sell the electricity produced either at a regulated price or at market price (called "pool" price). In Spain, investors may choose to sell their electricity at market price plus a premium, or alternatively to sell it at a regulated price. On the other hand, the government has the right to buy electricity at market price plus the premium (variable price), or at a limit price established by law (fixed price). These rights may be characterized as options, i.e. financial derivatives which have been extensively studied both in theoretical and empirical works. We base our study on a vast existent literature aimed to determine the pricing of these financial instruments. However, in the case of options linked to energy projects, these derivatives are not based on other financial assets, since they have as underlying a real asset (wind farms or photovoltaic parks). Therefore, our main objective in this thesis is the analysis of the rights of investors in energy projects, defined as real options...
Description
Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, Departamento de Economía Aplicada IV (Economía Política y Hacienda Pública), leída el 14-06-2017