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Measuring the investment value and investment timing accurately is crucial for coal-fired power plants' carbon capture utilization and storage (CCUS) investment. Different from the existing studies on the CCUS decision making only considering the integration mode, this study establishes the decision-making model of the CCUS investment of coal-fired power plants under the integration mode and joint venture mode from the perspective of coal-fired power plants. The decision-making model is established based on the theory of real options, considering the uncertainties of carbon price and the decreasing CCUS investment cost, and the displayed solutions of the option value and investment timing of CCUS investment in coal-fired power plants under different modes are obtained by solving the model. Based on this model, the impact of different policy incentives such as additional power quota, electricity price subsidy, investment subsidy, and carbon price volatility on CCUS investment decisions are further analyzed through numerical examples. On this basis, some policy suggestions are provided finally.

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准确测算碳捕集、利用与封存(CCUS)的投资价值和投资时机是燃煤电厂CCUS投资决策的关键。针对以往研究仅仅关注一体化模式下CCUS投资决策这一不足,基于实物期权理论,考虑碳价格不确定性及CCUS投资成本递减情况下CCUS投资的期权价值,从燃煤电厂视角建立了一体化模式和合资模式下CCUS的投资决策模型,并通过模型求解得到不同模式下燃煤电厂CCUS投资的期权价值和投资时机。基于此模型,进一步通过算例分析了额外电力配额、电价补贴、投资补贴等不同政策激励及碳价波动对CCUS投资决策的影响,并在此基础上提出了相关政策建议。

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聂鹏飞(1983),男,正高级工程师,主要研究方向为燃煤电厂环保管理,

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聂鹏飞(1983),男,正高级工程师,主要研究方向为燃煤电厂环保管理,

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聂鹏飞(1983),男,正高级工程师,主要研究方向为燃煤电厂环保管理,

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不同商业模式下燃煤电厂CCUS投资决策研究
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聂鹏飞 1, 2 , 高哲远 3 , 王喜平 3
热力发电 | “双碳”目标下电力低碳转型研究专题 2023,52(4): 63-71
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热力发电 | “双碳”目标下电力低碳转型研究专题 2023, 52(4): 63-71
不同商业模式下燃煤电厂CCUS投资决策研究
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聂鹏飞1, 2 , 高哲远3, 王喜平3
作者信息
  • 1.河北大唐国际王滩发电有限责任公司,河北 唐山 063611
  • 2.大唐国际发电股份有限公司,北京 100033
  • 3.华北电力大学经济管理系,河北 保定 071000
  • 聂鹏飞(1983),男,正高级工程师,主要研究方向为燃煤电厂环保管理,

Research on CCUS investment decision of coal-fired power plant under different business modes
Pengfei NIE1, 2 , Zheyuan GAO3, Xiping WANG3
Affiliations
  • 1.Hebei Datang International Wangtan Power Generation Co., Ltd., Tangshan 063611, China
  • 2.Datang International Power Generation Co., Ltd., Beijing 100033, China
  • 3.Department of Economics and Management, North China Electric Power University, Baoding 071000, China
出版时间: 2023-04-25 doi: 10.19666/j.rlfd.202211274
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准确测算碳捕集、利用与封存(CCUS)的投资价值和投资时机是燃煤电厂CCUS投资决策的关键。针对以往研究仅仅关注一体化模式下CCUS投资决策这一不足,基于实物期权理论,考虑碳价格不确定性及CCUS投资成本递减情况下CCUS投资的期权价值,从燃煤电厂视角建立了一体化模式和合资模式下CCUS的投资决策模型,并通过模型求解得到不同模式下燃煤电厂CCUS投资的期权价值和投资时机。基于此模型,进一步通过算例分析了额外电力配额、电价补贴、投资补贴等不同政策激励及碳价波动对CCUS投资决策的影响,并在此基础上提出了相关政策建议。

投资决策  /  一体化模式  /  合资模式  /  实物期权  /  CCUS

Measuring the investment value and investment timing accurately is crucial for coal-fired power plants' carbon capture utilization and storage (CCUS) investment. Different from the existing studies on the CCUS decision making only considering the integration mode, this study establishes the decision-making model of the CCUS investment of coal-fired power plants under the integration mode and joint venture mode from the perspective of coal-fired power plants. The decision-making model is established based on the theory of real options, considering the uncertainties of carbon price and the decreasing CCUS investment cost, and the displayed solutions of the option value and investment timing of CCUS investment in coal-fired power plants under different modes are obtained by solving the model. Based on this model, the impact of different policy incentives such as additional power quota, electricity price subsidy, investment subsidy, and carbon price volatility on CCUS investment decisions are further analyzed through numerical examples. On this basis, some policy suggestions are provided finally.

investment decision  /  integration mode  /  joint venture mode  /  real option  /  CCUS
聂鹏飞, 高哲远, 王喜平. 不同商业模式下燃煤电厂CCUS投资决策研究. 热力发电, 2023 , 52 (4) : 63 -71 . DOI: 10.19666/j.rlfd.202211274
Pengfei NIE, Zheyuan GAO, Xiping WANG. Research on CCUS investment decision of coal-fired power plant under different business modes[J]. Thermal Power Generation, 2023 , 52 (4) : 63 -71 . DOI: 10.19666/j.rlfd.202211274
  • 河北省社会科学基金项目(HB19YJ011)
2023年第52卷第4期
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doi: 10.19666/j.rlfd.202211274
  • 接收时间:2022-11-10
  • 首发时间:2026-01-23
  • 出版时间:2023-04-25
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  • 收稿日期:2022-11-10
基金
Social Science Fund Project of Hebei Province(HB19YJ011)
河北省社会科学基金项目(HB19YJ011)
作者信息
    1.河北大唐国际王滩发电有限责任公司,河北 唐山 063611
    2.大唐国际发电股份有限公司,北京 100033
    3.华北电力大学经济管理系,河北 保定 071000
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2种不同金属材料的力学参数

Family
属数
Number of
genus
种数
Number of
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占总种数比例
Percentage of
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Genus
种数
Number of
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占总种数比例
Percentage of total
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鹅膏菌科Amanitaceae 2 11 5.26 鹅膏菌属 Amanita 10 4.78
小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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