气候变化领域集成服务门户(CCPortal): Risk-adjusted preferences of utility companies and institutional investors for battery storage and green hydrogen investment

CCPortal

DOI	10.1016/j.enpol.2022.112821
	Risk-adjusted preferences of utility companies and institutional investors for battery storage and green hydrogen investment
	Côté E.; Salm S.
发表日期	2022
ISSN	0301-4215
卷号	163
英文摘要	Achieving climate-neutrality requires considerable investment in energy storage systems (ESS) to integrate variable renewable energy sources into the grid. However, investments into ESS are often unprofitable, in particular for grid-scale battery storage and green hydrogen technologies, prompting many actors to call for policy intervention. This study investigates investor-specific risk-return preferences for ESS investment and derives policy recommendations. Insights are drawn from 1,605 experimental investment-related decisions obtained from 42 high-level institutional investors and utility representatives. Results reveal that both investor groups view revenue stacking as key to making ESS investment viable. While the expected return on investment is the most important project characteristic, risk-return preferences for other features diverge between groups. Institutional investors appear more open to exploring new technological ventures (20% of utility respondents would not consider making investments into solar photovoltaic-hydrogen), whereas utilities seem to prefer greenfield projects (23% of surveyed institutional investors rejected such projects). Interestingly, both groups show strong aversion towards energy market price risk. Institutional investors require a premium of 6.87 percentage points and utilities 5.54 percentage points for moving from a position of fully hedged against market price risk to a scenario where only 20% of revenue is fixed, underlining the need for policy support. © 2022 The Authors
英文关键词	Choice experiment; Energy policy; Energy storage; Green hydrogen; Grid-scale battery; Investment decision
语种	英语
scopus关键词	Battery storage; Commerce; Electric batteries; Energy policy; Hydrogen storage; Renewable energy resources; Risk perception; Solar power generation; Battery storage; Choice experiments; Green hydrogen; Grid scale; Grid-scale battery; Institutional investors; Investment decisions; Market price; Price risks; Storage systems; Investments; decision making; discrete choice analysis; energy policy; fuel cell; hydrogen; institutional framework; investment
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256323
作者单位	University of St.Gallen, Institute for Economy and the Environment (IWÖ-HSG), Müller-Friedberg-Str. 6/8, St. Gallen, CH-9000, Switzerland; Allianz Investment Management SE, Königinstrasse 28, Munich, D-80802, Germany
推荐引用方式 GB/T 7714	Côté E.,Salm S.. Risk-adjusted preferences of utility companies and institutional investors for battery storage and green hydrogen investment[J],2022,163.
APA	Côté E.,&Salm S..(2022).Risk-adjusted preferences of utility companies and institutional investors for battery storage and green hydrogen investment.Energy Policy,163.
MLA	Côté E.,et al."Risk-adjusted preferences of utility companies and institutional investors for battery storage and green hydrogen investment".Energy Policy 163(2022).