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Recently, energy service providers (ESP) have increased due to deregulation in the power market. They install energy supply equipment at their own cost and supply the necessary energy to the client. The Tokyo Metropolitan Government started Asia's first cap-and-trade program in April 2010. This program caps energy-related carbon dioxide emissions from some 1,330 offices and factories in Tokyo. Then, ESPs have to manage the many risks of energy service project directly linked to the profits. In this paper, we describes the risk analysis and investment optimization for energy service projects using financial engineering.

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Renewable power sources are increasing mainly because of economic institutions such as renewable portfolio standard or feed-in tariff program. In Japan, the feed-in tariff program triggered explosive growth of photovoltaic systems because of its high tariff level. Although mass introduction of photovoltaic systems certainly contributes to reduce CO2 emissions, it causes instability issues in power systems. One of the most serious issues is management of imbalances resulting from forecast errors in photovoltaic outputs. On the other hand, power-to-gas technologies are attracting our attention, since these technologies could convert surplus of renewable energy to other energy carriers. In particular, hydrogen is efficiently produced from electricity using electrolysis. We could use hydrogen to manage the imbalances by the system, in which uncertain parts of photovoltaic outputs are used to produce hydrogen. In this paper, we propose a coproduction system of electricity and hydrogen to reduce the imbalances. For this purpose, a novel mathematical model is developed, in which we determine the structure of the coproduction system with a mixed integer linear programming method. Evaluated results indicated that the coproduction system is economical under appropriate capacity of the electrolyzer.