Lee D.J, Kim K.-T., Park S.-J. Economic Evaluation of Renewable Energy R&D in

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1. Lee D.J, Kim K.-T., Park S.-J. Economic Evaluation of Renewable Energy R&D in
2. DCF ModelReal Option ModelA new and renewable
3. Binomial lattice of the unit cost of fossil fuel power generationThe option value
4. ScenarioResults Conclusion The value of new and renewable
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DCF ModelReal Option ModelA new and renewable energy R&D project has three options:Continuing the project;Using the research results for industrial application;Abandoning the project.γ- risk-free interest rateσ – past volatility of fossil

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Lee D.J, Kim K.-T., Park S.-J. Economic Evaluation of Renewable Energy R&D in

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Слайд 1
KOREA
The importance of new and renewable

energy sources

The government increases funding toward related

R&D programs

The structural reform of the energy industry

Increasing uncertainty within the energy market

The necessity to be able to accurately assess the economic effects of R&D programs

Lee D.J, Kim K.-T., Park S.-J. Economic Evaluation of Renewable Energy R&D in Korea using Real Option (2011)

KOREA The importance of new and renewable energy sources The government increases

Слайд 2DCF Model

Real Option Model
A new and renewable energy R&D project

has three options:
Continuing the project;
Using the research results for industrial

application;
Abandoning the project.

γ- risk-free interest rate
σ – past volatility of fossil fuel power generation

DCF ModelReal Option ModelA new and renewable energy R&D project has three options:Continuing the project;Using the research

Слайд 3Binomial lattice of the unit cost of fossil fuel power

generation

The option value

Слайд 4Scenario

Results
Conclusion
The value of new and renewable energy R&D, including

its
option value, estimated by taking into consideration
decision options

available in an uncertain future
environment, was far greater than the NPV obtained from
the DCF model, suggesting that related R&D projects
represent a good investment value.