Renewable energy investment strategy and pricing strategy based on option game
Given the random fluctuation in renewable power demand,guiding renewable power investment and market consumption through market mechanisms and policies to avoid supply gaps and the abandoning of wind and light has become an important research direction for the optimal development of renewable energy.An infinite continuous-time Stackelberg dynamic game model is constructed to study the optimal investment strategy for renewable energy generators and the optimal pricing strategy of grid enterprises.The optimal setting of the government's price range for renewable electricity is also proposed.The study shows that if generators delay investment,an increase in the price of renewable power leads them to invest earlier rather than more,while an increase in electricity demand volatility causes them to wait longer rather than reduce the scale of investment.If immediate investment is the optimal choice,a higher purchase price,lower marginal costs,and smaller demand fluctuations will motivate generators to invest more.Compared with the myopic strategy and the traditional strategy,the option investment strategy brings higher value to the generator.The optimal pricing of grid enterprises depends on the value of renewable electricity and the government's price range,and this optimal pricing strategy is robust under the double difference of initial demand and the expected growth rate of renewable electricity.
renewable energycapacity investmentreal optiondynamic games
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