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为加快光伏并网发电市场化运营,培育战略性新型产业,政府对光伏并网发电总投资给予补助。本文基于实物期权理论,在成本和上网电价不确定的情况下,研究光伏并网发电项目投资补偿问题。首先讨论发电企业的最佳投资时机并分析了成本补偿政策对发电企业投资决策的影响。然后,分析了最佳投资时机的可达性,得出成本补偿政策实施成功的必要条件。最后,基于等待投资的时间长度,导出了政府成本补偿比例,进一步总结出政府的成本补偿策略。
In order to speed up the market-oriented operation of photovoltaic grid-connected power generation and foster strategic new industries, the government will subsidize the total investment in photovoltaic grid-connected power generation. Based on the real option theory, this paper studies the investment compensation of PV grid-connected power generation projects under the condition of uncertain cost and feed-in tariff. First, the optimal investment timing of power generation enterprises is discussed and the impact of cost compensation policies on investment decisions of power generation enterprises is analyzed. Then, the reachability of the optimal investment opportunity is analyzed, and the necessary conditions for the successful implementation of the cost compensation policy are obtained. Finally, based on the length of time waiting for investment, the proportion of government cost compensation is derived, and the government’s cost compensation strategy is further summarized.