No abstract

In this work, a novel methodology based on the real options theory has been developed for the evaluation of photovoltaic energy projects with a capacity greater than 100 KW in France. French legislation that regulates these types of projects presents two real options: on the one hand, the producer has a put option that consists of choosing between a Feed-in Tariff system and electricity market sale prices every year, and this put option coincides with public subsidies granted by the French Administration. On the other hand, the French Administration has a call option that provides a benefit to the public sector. This option supposes a limit on the subsidized production of electricity and reduces the value of the project to the promoter. The value of the put option is 4.28 € per MWh generated. The Extended Net Present Value has a value of −5.26 million Euros. The breakeven point of the project is achieved with an increase of 59% in the regulated rate. This means that the French Administration must increase the value of public subsidies if it wants to develop large-scale projects.

No matter which approach is going to be used in the resection of sellar tumors, endoscopy can play a crucial role in achieve complete resection with minimal morbidity by using minimally invasive procedures.

There is a gap in the literature on the assessment of renewable energy projects regarding the role of regulatory real options (RROs) that do not depend entirely on the project promoter and yet affect the value of the project. This paper provides a methodology for evaluating investments in offshore wind generation in Denmark, based on the use of this type of options. The main results show that these RROs held by the administration, decrease the value of these renewable generation projects in Denmark. This confirms previous research for onshore generation in the same country.

Cambio Climático fue firmado por 84 países y en febrero de 2005 contó con la ratificación de 141 naciones. Su objetivo es prevenir el calentamiento global de la Tierra, estableciendo para ello un calendario de reducción de las emisiones de gases de efecto invernadero. Obliga a que en el periodo 2008-2012 los países firmantes reduzcan sus emisiones conjuntas en un 5,2% respecto a las correspondientes a 1990.Pese a no haber entrado entonces en vigor, la Unión Europea adoptó, en abril de 2002, la decisión de ajustarse unilateralmente a la reducción del 8% que para ella se preveía en el Protocolo. El reparto entre sus Estados Miembros del esfuerzo requerido para alcanzar la reducción conjunta, dio como resultado una serie de incrementos o