Portfolio Investment Strategies of Incremental Electricity Distribution and Retail Companies under the Guaranteed Mechanism for Accommodating Renewable Energy Generation

doi:10.12204/j.issn.1000-7229.2021.10.015

Abstract

Abstract:

Incremental electricity distribution and retail companies are imposed the responsibility in the guaranteed mechanism for accommodating renewable energy generation, and it is hence of great significance to study their optimal investment strategies for business development as well as the design and improvement of the guaranteed mechanism. Given this background, the optimal portfolio investment decision-making method and prospect theory are presented for incremental electricity distribution and retail companies. Firstly, the cost-benefit analysis of the investment decision-making behavior of incremental electricity distribution and retail companies in response to accommodation responsibility is performed for attaining the return rate and risk of each investment behavior. Secondly, a portfolio investment decision-making model of incremental electricity distribution and retail companies is developed. Then, an improved portfolio investment decision-making model based on the prospect theory is built for incremental electricity distribution and retail companies so as to more accurately attain their optimal investment behaviors. Finally, case studies on an incremental electricity distribution and retail company are performed to demonstrate the proposed decision-making model. Simulation results show that the proposed strategies for incremental electricity distribution and retail companies could maximize the utility associated with investment decision-making.

Key words: renewable energy generation, guaranteed accommodation mechanism, portfolio theory, prospect theory, portfolio investment decision-making model

CLC Number:

TM73

LI Jincheng, JIANG Yicheng, JIANG Hailong, WANG Haichao, LIN Zhenzhi, WEN Fushuan. Portfolio Investment Strategies of Incremental Electricity Distribution and Retail Companies under the Guaranteed Mechanism for Accommodating Renewable Energy Generation[J]. ELECTRIC POWER CONSTRUCTION, 2021, 42(10): 139-148.

Figures/Tables 8

Fig.1 A graphical representation of the portfolio investment of an incremental electricity distribution and retail company

Fig.2 Steps to realize the optimal portfolio investment strategy of an incremental electricity distribution and retail company

Fig.3 Output curves of distributed wind power in considered scenarios of a province

Table 1

Fig.4 Comparisons of main economic indicators between optimal portfolio investment and non-portfolio investment

Fig.5 Optimal portfolio investment strategies under different risk preferences

Fig.6 Optimal portfolio investment strategies under different accommodation responsibility weights

Fig.7 Optimal portfolio investment strategies under different transmission and distribution prices

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