Document Type : Article
Authors
1
School of Management Science and Engineering, Nanjing University of Finance and Economics, Nanjing, 210023, China
2
School of Marketing and Logistics Management, Nanjing University of Finance and Economics, Nanjing, 210023, China
3
School of Business, Anhui University, Hefei, 230039, China
4
-School of Management Science and Engineering, Nanjing University of Finance and Economics, Nanjing, 210023, China. - College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 210016, China.
Abstract
Investments in power capacity is widely investigated in the effects of the renewable energy support policy to promote capacity expansion. However, the existing studies have not considered the impact of investment behaviors on capacity expansion under the renewable portfolio standards (RPS) policy. To address this problem, we develop a two-stage decision model to assess investment behaviors with the RPS policy. The investment behaviors are divided into three scenarios: decentralized competition (DC), cooperated planning (CP), and centralized strategy (CS). We construct the Cournot game model for the DC scenario, the cooperative game model for the CP scenario, and the portfolio investment model for the CS scenario, respectively. The three models are introduced to the two-stage decision framework to capture the characteristics of investment behaviors of generators under the RPS policy. Compared to the DC scenario, the CP scenario has the most benefits and turns the green certificates market trade into an internal business; and the CS scenario could avoid the price risk from trading green certificates by considering renewable power quota during the process of investing in both technologies.
Keywords
Main Subjects
)