Investment planning applied to power systems using real options analysis

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2007-01-01
Authors
Hedman, Kory
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Gerald B. Sheble
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Electrical and Computer Engineering

The Department of Electrical and Computer Engineering (ECpE) contains two focuses. The focus on Electrical Engineering teaches students in the fields of control systems, electromagnetics and non-destructive evaluation, microelectronics, electric power & energy systems, and the like. The Computer Engineering focus teaches in the fields of software systems, embedded systems, networking, information security, computer architecture, etc.

History
The Department of Electrical Engineering was formed in 1909 from the division of the Department of Physics and Electrical Engineering. In 1985 its name changed to Department of Electrical Engineering and Computer Engineering. In 1995 it became the Department of Electrical and Computer Engineering.

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1909-present

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  • Department of Electrical Engineering (1909-1985)
  • Department of Electrical Engineering and Computer Engineering (1985-1995)

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Abstract

The electric industry has changed from a vertically integrated industry to a market based competitive industry. The incentives of market participants have changed and there is additional uncertainty since the industry is no longer vertically integrated. Traditional methods used in investment planning are no longer adequate; thus, improved methods are needed to provide a better valuation of investments. This research concentrates on transmission planning and real options analysis. The transmission planning research applies real options analysis and compares it to other approaches. Real options analysis is preferred as it can model the managerial flexibility that takes place in investment planning. In the process of researching real options analysis, wind energy planning was also studied and this topic is presented as well. The wind energy planning research applies real options analysis to the problem of wind energy being uncontrollable and examines other methods that are recommended to remedy this problem.

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Mon Jan 01 00:00:00 UTC 2007