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Analytical methods for energy diversity and security = mean-variance optimization for electric utilities planning : a tribute to the work of Dr. Shimon Awerbuch /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Analytical methods for energy diversity and security/ edited by Morgan Bazilian, Fabien Roques.
Reminder of title:	mean-variance optimization for electric utilities planning : a tribute to the work of Dr. Shimon Awerbuch /
other author:	Awerbuch, Shimon.
Published:	Oxford :Elsevier Science, : 2008.,
Description:	p.cm.
Series:	Elsevier global energy policy and economics series ;
[NT 15003449]:	1. Foreword -- 2. Editor's overview and Reader's Guide to this Book -- - Least Cost versus Portfolio Approaches -- - Introductory section -- - Reader's Guide to this Book -- Part I: Applying Portfolio Theory to identify Socially Optimal Fuel Mixes -- 1. Energy Diversification and Security in the EU: Mean-Variance Portfolio Analysis of Electricity Generating Mixes and its Implications for Renewables -- 2. Efficient Energy Portfolios for Switzerland and the United States -- Boris Krey and Peter Zweifel, Socioeconomic Institute, University of Zurich -- 3. Determining the Socially Optimal Electricity Generation Mix: A real assets application of Modern Portfolio Theory to the Netherlands -- 4. Application of Portfolio-Based Energy Planning to the Irish Electricity Generating Mix in 2020 -- 5. An Application of Portfolio Theory to Japanese Electricity Generation Mix -- Part II: The Role of Renewables: Reducing Generating Costs and Enhancing Energy Security -- 6. A Portfolio-Risk Analysis of Electricity Supply Options in the Commonwealth of Virginia -- 7. The Cost of Geothermal Energy in the Western US Region: A Portfolio-Based Approach -- 8. The Role of Wind Generation in Enhancing Scotland?s Energy Diversity and Security: A Mean-Variance Portfolio Optimisation of Scotland?s Generating Mix -- Part III: Liberalized Environments: Electricity Price Risk and Network Constraints -- 9. Fuel Mix Diversification Incentives in UK Liberalised Electricity Markets: a Mean-Variance Portfolio Theory Approach -- 10. Mean-Variance Portfolio Analysis of the Locational Value of Generation Assets.
Subject:	Electric power production. -
Online resource:	http://www.sciencedirect.com/science/book/9780080568874An electronic book accessible through the World Wide Web; click for information
ISBN:	0080568874

Analytical methods for energy diversity and security = mean-variance optimization for electric utilities planning : a tribute to the work of Dr. Shimon Awerbuch /
Analytical methods for energy diversity and securitymean-variance optimization for electric utilities planning : a tribute to the work of Dr. Shimon Awerbuch /[electronic resource] :edited by Morgan Bazilian, Fabien Roques. - Oxford :Elsevier Science,2008. - p.cm. - Elsevier global energy policy and economics series ;12.

1. Foreword -- 2. Editor's overview and Reader's Guide to this Book -- - Least Cost versus Portfolio Approaches -- - Introductory section -- - Reader's Guide to this Book -- Part I: Applying Portfolio Theory to identify Socially Optimal Fuel Mixes -- 1. Energy Diversification and Security in the EU: Mean-Variance Portfolio Analysis of Electricity Generating Mixes and its Implications for Renewables -- 2. Efficient Energy Portfolios for Switzerland and the United States -- Boris Krey and Peter Zweifel, Socioeconomic Institute, University of Zurich -- 3. Determining the Socially Optimal Electricity Generation Mix: A real assets application of Modern Portfolio Theory to the Netherlands -- 4. Application of Portfolio-Based Energy Planning to the Irish Electricity Generating Mix in 2020 -- 5. An Application of Portfolio Theory to Japanese Electricity Generation Mix -- Part II: The Role of Renewables: Reducing Generating Costs and Enhancing Energy Security -- 6. A Portfolio-Risk Analysis of Electricity Supply Options in the Commonwealth of Virginia -- 7. The Cost of Geothermal Energy in the Western US Region: A Portfolio-Based Approach -- 8. The Role of Wind Generation in Enhancing Scotland?s Energy Diversity and Security: A Mean-Variance Portfolio Optimisation of Scotland?s Generating Mix -- Part III: Liberalized Environments: Electricity Price Risk and Network Constraints -- 9. Fuel Mix Diversification Incentives in UK Liberalised Electricity Markets: a Mean-Variance Portfolio Theory Approach -- 10. Mean-Variance Portfolio Analysis of the Locational Value of Generation Assets.

Given the uncertain environment in which utilities make their investment decisions, it makes sense to shift electricity planning from its current emphasis on evaluating alternative technologies to evaluating alternative electricity generating portfolios and strategies. The techniques for doing this are rooted in modern finance theory - in particular mean-variance portfolio theory, based on the pioneering work of Nobel Laureate Harry Markowitz 50 years ago. Portfolio analysis is widely used by financial investors to create low risk, high return portfolios under various economic conditions. In essence, investors have learned that an efficient portfolio takes no unnecessary risk to its expected return. In short, these investors define efficient portfolios as those that maximise the expected return for any given level of risk, while minimising risk for every level of expected return. Portfolio theory is highly suited to the problem of planning and evaluating electricity portfolios and strategies because energy planning is not unlike investing in financial securities where financial portfolios are widely used by investors to manage risk and to maximise performance under a variety of unpredictable outcomes. Similarly, it is important to conceive of electricity generation not in terms of the cost of a particular technology today, but in terms of its portfolio cost. At any given time, some alternatives in the portfolio may have high costs while others have lower costs, yet over time, an astute combination of alternatives can serve to minimise overall generation cost relative to the risk. In sum, when portfolio theory is applied to electricity generation planning, conventional and renewable alternatives are not evaluated on the basis of their stand-alone cost, but on the basis of their portfolio cost - that is: their contribution to overall portfolio generating cost relative to their contribution to overall portfolio risk. Portfolio-based electricity planning techniques thus suggest ways to develop diversified generating portfolios with known risk levels that are commensurate with their overall electricity generating costs. Simply put, these techniques help identify generating portfolios that can minimise a utility or society's energy price cost and risk. Foreword by Dr. Pachauri, the 2007 winner of the Nobel Prize for Peace The book will give insights from world authorities in the area of electricity capacity planning, meaning that the book will be a trusted, first point of reference for decision makers in the field. The book evaluates the role of renewables in enhancing energy diversity, giving readers alternative advice to traditional energy sources at a time when this advice is being actively sought. This is an ideal volume for professionals in academia, industry and government interested in the rapidly evolving world of electricity planning and is written by experts from all three areas meaning that readers can relate to the contributors themselves and the situations they describe.

Electronic reproduction.
Amsterdam :
Elsevier Science & Technology,
2008.

Mode of access: World Wide Web.

ISBN: 0080568874

Source: 157137:157303Elsevier Science & Technologyhttp://www.sciencedirect.comSubjects--Topical Terms:

736276
Electric power production.
Index Terms--Genre/Form:

542853
Electronic books.

Dewey Class. No.: 333.7932

Analytical methods for energy diversity and security = mean-variance optimization for electric utilities planning : a tribute to the work of Dr. Shimon Awerbuch /
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505 0 $a 1. Foreword -- 2. Editor's overview and Reader's Guide to this Book -- - Least Cost versus Portfolio Approaches -- - Introductory section -- - Reader's Guide to this Book -- Part I: Applying Portfolio Theory to identify Socially Optimal Fuel Mixes -- 1. Energy Diversification and Security in the EU: Mean-Variance Portfolio Analysis of Electricity Generating Mixes and its Implications for Renewables -- 2. Efficient Energy Portfolios for Switzerland and the United States -- Boris Krey and Peter Zweifel, Socioeconomic Institute, University of Zurich -- 3. Determining the Socially Optimal Electricity Generation Mix: A real assets application of Modern Portfolio Theory to the Netherlands -- 4. Application of Portfolio-Based Energy Planning to the Irish Electricity Generating Mix in 2020 -- 5. An Application of Portfolio Theory to Japanese Electricity Generation Mix -- Part II: The Role of Renewables: Reducing Generating Costs and Enhancing Energy Security -- 6. A Portfolio-Risk Analysis of Electricity Supply Options in the Commonwealth of Virginia -- 7. The Cost of Geothermal Energy in the Western US Region: A Portfolio-Based Approach -- 8. The Role of Wind Generation in Enhancing Scotland?s Energy Diversity and Security: A Mean-Variance Portfolio Optimisation of Scotland?s Generating Mix -- Part III: Liberalized Environments: Electricity Price Risk and Network Constraints -- 9. Fuel Mix Diversification Incentives in UK Liberalised Electricity Markets: a Mean-Variance Portfolio Theory Approach -- 10. Mean-Variance Portfolio Analysis of the Locational Value of Generation Assets.
520 $a Given the uncertain environment in which utilities make their investment decisions, it makes sense to shift electricity planning from its current emphasis on evaluating alternative technologies to evaluating alternative electricity generating portfolios and strategies. The techniques for doing this are rooted in modern finance theory - in particular mean-variance portfolio theory, based on the pioneering work of Nobel Laureate Harry Markowitz 50 years ago. Portfolio analysis is widely used by financial investors to create low risk, high return portfolios under various economic conditions. In essence, investors have learned that an efficient portfolio takes no unnecessary risk to its expected return. In short, these investors define efficient portfolios as those that maximise the expected return for any given level of risk, while minimising risk for every level of expected return. Portfolio theory is highly suited to the problem of planning and evaluating electricity portfolios and strategies because energy planning is not unlike investing in financial securities where financial portfolios are widely used by investors to manage risk and to maximise performance under a variety of unpredictable outcomes. Similarly, it is important to conceive of electricity generation not in terms of the cost of a particular technology today, but in terms of its portfolio cost. At any given time, some alternatives in the portfolio may have high costs while others have lower costs, yet over time, an astute combination of alternatives can serve to minimise overall generation cost relative to the risk. In sum, when portfolio theory is applied to electricity generation planning, conventional and renewable alternatives are not evaluated on the basis of their stand-alone cost, but on the basis of their portfolio cost - that is: their contribution to overall portfolio generating cost relative to their contribution to overall portfolio risk. Portfolio-based electricity planning techniques thus suggest ways to develop diversified generating portfolios with known risk levels that are commensurate with their overall electricity generating costs. Simply put, these techniques help identify generating portfolios that can minimise a utility or society's energy price cost and risk. Foreword by Dr. Pachauri, the 2007 winner of the Nobel Prize for Peace The book will give insights from world authorities in the area of electricity capacity planning, meaning that the book will be a trusted, first point of reference for decision makers in the field. The book evaluates the role of renewables in enhancing energy diversity, giving readers alternative advice to traditional energy sources at a time when this advice is being actively sought. This is an ideal volume for professionals in academia, industry and government interested in the rapidly evolving world of electricity planning and is written by experts from all three areas meaning that readers can relate to the contributors themselves and the situations they describe.
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