The financial evaluation of renewable energy sources (RES) projects is well explored in the literature, but many different methods have been followed by different authors. Then, it is important to understand if and how these methods have been changing and what factors may have driven new approaches. Therefore, this article aims to explore the publications on the financial evaluation of RES projects from 2011 to 2020 and to present a critical analysis of the reviewed literature. The methods for evaluating RES projects were grouped into four categories: (i) traditional metrics based on net present value, internal rate of return, and payback period; (ii) levelized cost of electricity; (iii) return on investment approach; and (iv) real options analysis. A quantitative analysis was carried out considering aspects related to the relevance of the authors, productivity by country, and the most relevant journals for each of these groups. Then, a qualitative analysis of the main characteristics of the five most cited articles in each group was conducted. The results show that the more traditional methods are still widely used for the financial evaluation of RES projects. However, approaches based on the levelized cost and real options have been growing in importance to tackle the complex features of financial evaluation and comparison of RES projects.

Purpose: This research aims to identify the probability of default of infrastructure companies considering the sector specificities of their activities. In addition, the work seeks to identify the application of structural variables of probability of default in a model in a reduced way in order to identify the significance of its use. For this purpose, we investigated 1,520 North American companies from six different sectors linked to infrastructure. Originality/value: The analyzes carried out to identify the probability of a company going bankrupt hardly consider its sectorial particularity. Although most models bring important inputs for risk assessment, most of them do not consider this sectoral view. Then, this work has as value and originality the contribution to fill this gap and identify the existence of sectorial differences in the analysis of default risk in infrastructure companies in the North American market in the period between 2006 and 2018. Design/methodology/approach: The study performed a logistic regression (logit model) using 11 model variables established in calculating the probability of default. It also used the variable distance to default as an explanatory variable in order to identify its ability to explain the researched phenomenon. Findings: The study identified that, in addition to the size of the companies, the distance to default variable is the only variable that can be applied with significance in all the analyzed sectors. In addition, it was identified that companies in the oil and gas sector have less sensitivity to this variable than companies in the other sectors.

The electricity market in Brazil is basically organized under two parts: the regulated market, where energy is traded through auctions, and the free market, where market participants freely negotiate the price and quantity of electricity. Although revenues obtained in the regulated market tend to be lower than in the free market, the auctions’ results show that investors still value the lesser degree of uncertainty associated with the regulated market. However, a growing interest in the free market by investors is recognized since the price of electricity tends to be higher. Therefore, this study investigates four free market price scenarios to assess the expected return for investors, using the traditional discounted cash flow approach complemented with Monte Carlo simulation to address market uncertainty. The study breaks new ground by capturing the weekly price fluctuations and including the price elasticity of demand of the free market. The results seem to indicate that the disclosure of the ceiling and floor price limits for the spot price can signal important information about the agents’ price expectation in the free market and can be used for investment project evaluation.

This paper investigates the existence of uncertainties in different wind power commercialization contracts in Brazil and their correlation with the Real Options associated with unmitigated risks in the Back up Energy and New Energy contracts. From a documentary review of existing contracts from 2009 to 2018, it was found that the Real Options on New Energy contracts are more susceptible to market uncertainties related to energy price in the short-term market. The Real Options associated with risks not mitigated in Back up Energy contracts are more linked to uncertainties regarding the power generation efficiency and the project plant expansion capacity in order to generate the anticipation of its supply.

O país enfrenta um momento de transição demográfica, apontando para uma redução da População Economicamente Ativa (PEA) nas próximas décadas. Em contrapartida, o desenvolvimento do sistema privado de fundos de pensão tem acumulado um saldo de capital considerável por meio das Entidades Fechadas de Previdência Complementar. Este estudo, busca entender em que medida o percentual de investimento em ações dessas entidades influencia no crescimento econômico do país. Para isso, foi selecionada a primeira parte do artigo de Alda (2017), que verificou a influência desses investimentos no desenvolvimento do mercado de ações nos países investigados. Entretanto, com o estudo para a realidade brasileira, concluiu-se que não é possível estimar uma significância dessa relação no período de 2000 a 2014.