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This paper describes a novel approach for strategic investment planning based on real options analysis and its application to a single investor within the German electricity sector. It takes into account the long-term uncertainty in fossil fuel prices of natural gas and coal as well as the power plant's short-term flexibility to react on fluctuating electricity prices by means of its actual operation...
In the current research trend, numerous publications dealing with investment decisions focus on modeling approaches adapted to the liberalized electricity market. Among these, short-term risks are however seldom sufficiently considered due to the significantly simplified modeling of unit commitment. Within this paper, a short-term unit commitment model with a high level of detail is extended into...
Within this paper a stochastic linear mixed-integer model for power plant investment planning under uncertainty is presented. Technical constraints relating to thermal power plants are implemented to better determine their operational flexibility. Modeled with a scenario recombining tree, uncertain wind power generation is explicitly considered in the unit commitment planning. In order to investigate...
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