Value for Money in Pfi Proposals: A Commentary on the Uk Treasury Guidelines for Public Sector Comparators

Coulson, Andrew

doi:10.1111/j.1467-9299.2008.00729.x

Cited by 56 publications

(37 citation statements)

References 13 publications

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“…Foreign investment risk includes the risks of rapid and extreme changes in value due to smaller markets; differing accounting, reporting, or auditing standards; nationalization, expropriation, or confiscatory taxation; economic conflict; or political or diplomatic changes. Valuation, liquidity, and regulatory issues may also add to foreign investment risk [49][50][51][52].…”

Section: The Role Of Investment Risk In Decarbonizing the Electricitymentioning

confidence: 99%

Morocco’s sustainable energy transition and the role of financing costs: a participatory electricity system modeling approach

et al. 2019

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Background: Morocco is facing major challenges in terms of its future energy supply and demand. Specifically, the country is confronted with rising electricity demand, which in turn will lead to higher fossil fuel import dependency and carbon emissions. Recognizing these challenges, Morocco has set ambitious targets for the deployment of renewable energy sources for electricity generation (RES-E). The realization of these targets will lead to a fundamental transition of the Moroccan electricity sector and requires substantial public and private investment. However, different risks constitute barriers for private RES-E investments and lead to high financing costs, which may eventually discourage capital-intensive RES-E projects.Methodology: While the existing literature has mainly focused on assessing the impact of financing costs on the economic competitiveness of individual technologies, the aim of this research is to assess the techno-economic feasibility of different electricity generation portfolios. To recognize the social dimension of the sustainable energy system transition, the electricity scenarios for Morocco have been jointly developed with stakeholders in a scenario building workshop in Rabat, employing a downscaled version of the open source electricity market model renpassG!S, augmented by a weighted average cost of capital (WACC) module.Results: In the stakeholder workshop, four different electricity scenarios for Morocco were co-developed. Each of these scenarios describes a consensual and technologically feasible future development path for the Moroccan energy system up to 2050, and comprises conventional fossil fuel-based technologies, as well as RES-E technologies in varying shares. Employing the downscaled renpassG!S model, we find that total system costs, as well as average levelized costs of electricity (LCOE) can be reduced substantially with low-cost financing. Conclusions:Our results indicate that de-risking RES-E investments can lead to cost competitiveness of a 100% RES-E-based electricity system with mixed-technology scenarios at marked financing costs. Therefore, we identify specific de-risking recommendations for Moroccan energy policymaking. In addition, we argue that participatory scenario modeling enables a better understanding of the risk perceptions of stakeholders, and can eventually contribute to increasing the political feasibility of sustainable energy transition pathways.

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Section: The Role Of Investment Risk In Decarbonizing the Electricitymentioning

confidence: 99%

Morocco’s sustainable energy transition and the role of financing costs: a participatory electricity system modeling approach

et al. 2019

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“…Meanwhile, the Government will facilitate and monitor the progress of the PPP projects. The time saving can be used to focus more on the administrative side and on how to better serve the public (Coulson, 2008;Nisar, 2007;Burger and Hawkesworth, 2011).…”

Section: Introductionmentioning

confidence: 99%

Constraints in implementing Public Private Partnership (PPP) in Malaysia

Ismail

Haris

2014

Built Environment Project and Asset Management

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Purpose -The purpose of this paper is to study two objectives. First, it intends to scrutinize the challenges in implementing Public Private Partnership (PPP) by examining the factors that hinder the successful adoption of PPP in Malaysia. Second, it aims to investigate the differences in the perceptions of the government and the private sector pertaining to the hindrance factors. Design/methodology/approach -A questionnaire survey was used to elicit the perceptions of the public and private sectors concerning the constraints of PPP implementation in Malaysia. A total of 122 usable responses were obtained, which were analysed using Statistical Package for Social Sciences software. The mean score and mean score ranking were used to examine the importance of the hindrance factors based on the overall responses as well as on the respective responses of the public and the private sectors. An independent sample t-test was used to examine the differences in the perceptions between the two sectors. Findings -The overall results show that "lengthy delays in negotiation", "lack of government guidelines and procedures on PPP", "higher charge to direct users", "lengthy delays because of political debate" and "confusion over government objectives and evaluation criteria" are the top five constraints for adopting PPP in Malaysia. In terms of the differences in the perceptions between the public and private sector groups, the statistical test results indicate that there are only significant differences in the perceptions for two hindrance factors. Originality/value -The paper contributes to the existing literature on PPP, which is currently limited, by focusing on the challenges of implementing PPP in a developing country (i.e. Malaysia). More importantly, this paper provides evidence concerning the differences in the opinion of two key players (i.e. the government and the private sector) on the PPP hindrance factors.

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“…Also, in order to achieve sustainable projects and bearing in mind that the PPP model is primarily one of the possible procurement options for realizing projects of public interest which includes signifi cant participation of private sector (Coulson, 2008), it is highly recommended during the preparation of public investment projects, as well as the projects in heritage revitalization (regardless of the model chosen): (i) to focus on the whole life costs of the assets (rather than just capital costs), (ii) to use an output specifi cation approach (rather than just input specifi cation approach) for describing public sector needs, (iii) to identify available procurement and fi nancing options (PPPs, EU funds, combining PPPs and EU funds, fi nancial instruments, etc. ), (iv) to strengthen market support and to highlight the fact that PPP presents an optimal model where the public authorities retain full control of the investments while the private sector participation is limited and fi rmly regulated.…”

Section: Discussionmentioning

confidence: 99%