Year21: Investment decision support for commercial wind

Year21：商业风电投资决策支持

• 批准号: 499984-2016
• 负责人: Carriveau, Edward
• 金额: $ 6.37万
• 依托单位: University of Windsor
• 依托单位国家: 加拿大
• 项目类别: Collaborative Research and Development Grants
• 财政年份: 2016
• 资助国家: 加拿大
• 起止时间: 2016-01-01 至 2017-12-31
• 项目状态: 已结题
• 来源: https://www.nserc-crsng.gc.ca/ase-oro/Details-Detailles_eng.asp?id=607820
• 关键词: Year21; Investment; decision; support; commercial

Wind energy is playing an increasingly significant role in Canada's energy supply mix. As of 2015, over 11 gigawatts of nameplate generation have been installed nationally. Wind energy's light carbon and water footprints, coupled with proven capacity and reduced costs suggest a strong potential for sustained growth. While development continues, the industry is maturing. Many operational turbines are approaching, or are beyond the halfway mark of their commonly cited 20 year lifespan. As wind farms age, owners face questions of whether to invest to maintain these assets, invest to expand operations, or discontinue investment. The optimal policies for making these decisions are very complex as they depend not only on uncertain future regulatory and market conditions but also on the present physical condition of the assets, the replacement technology, insurance policies and local social climates. All power generation assets face similar challenges, they are particularly steep for wind as the industry has not yet been through an entire life cycle. Further, the conditions of aging are very sensitive to turbine location and the highly stochastic loading environment. The proposed study, led by the Universities of Windsor, Western Ontario, and supporting organizations, aims to develop an investment decision support system to shepherd owners through the dynamic operating climate ahead. Years of public domain and stakeholder supplied historical data will be used to produce estimates of Remaining Useful Life (RUL) of major wind energy assets. In parallel, the study will advance an inclusive model of present day and forecasted risk-adjusted wind farm valuation based on condition of assets (fed from RUL estimates), market, regulatory, and social factors. This decision support system will be developed in two phases. Phase 1 will follow a simple yet instructive, risk-adjusted discounted cash flow Investment Valuation Model of commercial wind farm operation projected beyond year 20. Phase 2 will be built on scenario analysis. It will account for management's flexibility to react to new information using real options valuation techniques to evaluate optimal decision paths of investment abandonment, delay, or expansion.

风能在加拿大的能源供应结构中发挥着越来越重要的作用。截至2015年，全国已安装了超过11千兆瓦的太阳能发电。风能的碳足迹和水足迹较轻，加上已证实的能力和降低的成本，表明风能具有持续增长的强大潜力。在发展的同时，行业也在不断成熟。许多运行中的涡轮机正在接近或超过其通常引用的20年寿命的一半。随着风电场的老化，业主面临着是否投资以维护这些资产，投资以扩大运营或停止投资的问题。作出这些决定的最佳政策是非常复杂的，因为它们不仅取决于不确定的未来监管和市场条件，而且还取决于资产的当前物理状况，替代技术，保险政策和当地社会气候。所有的发电资产都面临着类似的挑战，尤其是风力发电，因为该行业尚未经历整个生命周期。此外，老化条件对涡轮机位置和高度随机的负载环境非常敏感。这项拟议中的研究由温莎大学、西安大略大学和支持组织牵头，旨在开发一个投资决策支持系统，以指导业主度过未来的动态经营环境。公共领域和利益相关者提供的历史数据将用于估算主要风能资产的剩余使用寿命（RUL）。与此同时，该研究将根据资产状况（从RUL估计中获得），市场，监管和社会因素，提出当前和预测风险调整风电场估值的包容性模型。该决策支持系统将分两个阶段开发。第一阶段将遵循一个简单但有指导意义的、经风险调整的贴现现金流投资估值模型，用于预测20年后的商业风电场运营。第二阶段将建立在情景分析的基础上。它将说明管理层的灵活性，以应对新的信息，使用真实的期权估值技术，以评估投资放弃，延迟或扩张的最佳决策路径。