Tradable permits for greenhouse gas emissions and investments in heat and power generation

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dc.contributorAalto-yliopistofi
dc.contributorAalto Universityen
dc.contributor.authorLaurikka, Harri 
dc.contributor.departmentDepartment of Mechanical Engineeringen
dc.contributor.departmentKonetekniikan osastofi
dc.contributor.labLaboratory of Energy Economics and Power Plant Engineeringen
dc.contributor.labEnergiatalouden ja voimalaitostekniikan laboratoriofi
dc.date.accessioned2012-02-17T07:20:57Z
dc.date.available2012-02-17T07:20:57Z
dc.date.issued2005-12-16 
dc.description.abstractThis thesis explores how tradable greenhouse gas emission permit systems affect investments in heat and power generation. The research question is approached from a capital investor's or the regulator's perspective with six individual articles. Cap-and-trade and baseline-and-credit emissions trading systems are analyzed. The value of an emission permit and other relevant decision variables are treated as stochastic processes in a risk-adjusted framework. Models combining simulation and dynamic programming are presented to analyze single-firm problems with several stochastic variables. The approach extends the standard discounted cash flow analysis by taking into account the value of management's flexibility to adapt and revise later its decisions in response to market development. The implications are analyzed and discussed in association with several technologies. The thesis contributes to the research on emissions trading system design and on practical implications of emissions trading systems on investments in heat and power plants.en
dc.description.versionrevieweden
dc.format.extent31 
dc.format.mimetypeapplication/pdf 
dc.identifier.isbn951-22-7942-8 
dc.identifier.issn1795-4584 
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/2631
dc.identifier.urnurn:nbn:fi:tkk-005911 
dc.language.isoenen
dc.publisherHelsinki University of Technologyen
dc.publisherTeknillinen korkeakoulufi
dc.relation.haspartLaurikka, H., 2005. The impact of climate policy on heat and power capacity investment decisions. Accepted for publication in Antes, R., Hansjürgens, B., Letmathe, P. (eds.), Emissions Trading and Business 1. Physica Publisher. Heidelberg / New York. 17 p. [article1.pdf] © 2005 Springer-Verlag. By permission. 
dc.relation.haspartLaurikka, H., Koljonen, T., 2005. Emissions trading and investment decisions in the power sector – a case study in Finland. Energy Policy, 12 p., in press. [article2.pdf] © 2005 Elsevier Science. By permission. 
dc.relation.haspartLaurikka, H., 2005. A case study on risk and return implications of emissions trading in power generation investments. Accepted for publication in Antes, R., Hansjürgens, B., Letmathe, P. (eds.), Emissions Trading and Business 2. Physica Publisher. Heidelberg / New York. 16 p. [article3.pdf] © 2005 Springer-Verlag. By permission. 
dc.relation.haspartLaurikka, H., 2005. Option value of gasification technology within an emissions trading scheme. Energy Policy, 13 p., in press. [article4.pdf] © 2005 Elsevier Science. By permission. 
dc.relation.haspartLaurikka, H., 2002. Absolute or relative baselines for JI/CDM projects in the energy sector? Climate Policy 2 (1), 19-33. [article5.pdf] © 2002 Earthscan / James & James. By permission. 
dc.relation.haspartLaurikka, H., Springer, U., 2003. Risk and return of project-based climate change mitigation: a portfolio approach. Global Environmental Change 13 (3), 207-217. [article6.pdf] © 2003 Elsevier Science. By permission. 
dc.relation.ispartofseriesTKK dissertationsen
dc.relation.ispartofseries16en
dc.subject.keywordtradable permitsen
dc.subject.keywordemissions tradingen
dc.subject.keywordinvestmenten
dc.subject.keywordheat planten
dc.subject.keywordpower planten
dc.subject.otherEnergyen
dc.subject.otherEnvironmental scienceen
dc.titleTradable permits for greenhouse gas emissions and investments in heat and power generationen
dc.typeG5 Artikkeliväitöskirjafi
dc.type.dcmitypetexten
dc.type.ontasotVäitöskirja (artikkeli)fi
dc.type.ontasotDoctoral dissertation (article-based)en
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