Browsing by Subject "Investitionsentscheidung"

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Biogas plant optimization by increasing its exibility considering uncertain revenues
(2019) Meyr, Herbert; Fichtner, Stephan
Increasing shares of volatile energy resources like wind and solar energy will require exibly schedulable energy resources to compensate for their volatility. Biogas plants can produce their energy exibly and on demand, if their design is adjusted adequately. By doing so, the biogas plant operator has the opportunity to generate more earnings by producing and selling electricity in higher price periods. In order to achieve a exibly schedulable biogas plant, the design of this plant has to be adjusted to decouple the biogas and electricity production. Therefore, biogas storage possibilities and additional electrical capacity are necessary. The investment decision about the size of the biogas storage and the additional electrical capacity depends on the uctuation of energy market prices and the availability of governmental subsidies. This work presents an approach supporting investment decisions to increase the exibility of a biogas plant by installing gas storages and additional electrical capacities under consideration of revenues out of direct marketing at the day-ahead market. In order to support the strategic, long-term investment decisions, an operative plant schedule for the future, considering different plant designs given as investment strategies, using a mixed-integer linear programming (MILP) model in an uncertain environment is optimized. The different designs can be evaluated by calculating the net present value (NPV). Moreover, an analysis concerning current dynamics and uncertainties within spot market prices is executed. Furthermore, the in uences concerning the variation of spot market prices compared to the influence of governmental subsidies, in particular, the exibility premium, are revealed by computational results for a fictional case example, which is based on a biogas plant in southern Germany. In addition, the robustness of the determined solution is analyzed with respect to uncertainties.
Reforms and foreign direct investment : possibilities and limits of public policy in attracting multinational corporations; a multiple case study of Romania and Croatia
(2009) Zühlke, Dietmar; Belke, Ansgar
I. Introduction: This thesis analyzes the impact of reforms in Romania and Croatia on the inflow of Foreign Direct Investment (FDI) by German and Austrian Multinational Corporations (MNCs). The research questions are: (1) What role can public policy play in transition countries in attracting FDI, (2) what influence does public policy in transition countries have on the investment decision of MNCs, (3) how successful have investment policies been in Romania and Croatia, (4) what influence do different political actors have on FDI, and (5) what can be learnt from a cross-country analysis? II. Theoretical approach: This dissertation is based on two theoretical pillars: The theory of locational competition is well-suited to analyze both perspectives of potential investors and state actors. Furthermore, it includes the consideration of interdependences of different determinants as well as of trade-offs of political measures and decisions. The NIE is well-suited to categorize FDI measures and to analyze actions and time constraints of individual actors. III. Methodological approach: The analysis is focused on FDI in Romania and Croatia. It follows the case study approach and is based empirically on expert interviews. The analysis of Romania and Croatia is rewarding in particular since both countries belong to the most important FDI recipients of South East Europe and have not been analyzed in this combination so far. The qualitative analysis allows drawing country-comprehensive conclusions and can demonstrate to what extent EU candidate countries can learn from new EU member states. The case study approach enables the use of different types of sources and is open to the consideration of different research disciplines. The author conducted 90 expert interviews. Interviewees were on investors as well as state representatives. The transcript protocols comprise more than 400 pages and the consolidated case study database contains more than 6,700 expert statements. Furthermore 40 state and company documents were evaluated with a total of over 1,900 pages. IV. Key research results: The interview analysis leads to a definition of three dimensions of legal, economic and political determinants that comprise a total of 14 determinants and 29 sub-determinants. The subsequent analysis of the determinants allows answering the research questions above. (1): Political determinants are of key importance of the inflow for FDI into transition countries. States have to provide a minimum quality level for certain determinants in order to be considered as potential investment location at all (e. g. regarding property rights). (2): The analysis of the 29 sub-determinants shows that FDI is influenced by a multitude of determinants. They are considerably dependent on the perception of the MNCs. The most important determinants for transition countries are privatization, EU integration, internal political stability, property law, regional differences in bureaucracy, and the country image. (3) Romania did not start until the end of the 1990s and did not accelerate until 2004. Today Romania benefits, amongst other things, from a sound legal system and a liberal company registration. An important remaining problem is the weak infrastructure. Croatia started gradual reform after the death of Tudman. The political and economic stability as well as the positive country image represent important pull factors for FDI in Croatia. Property law constraints and bureaucratic obstacles are remaining investment barriers. For transition countries in general the removal of bureaucratic hurdles (such as registration times) as well as the reduction of uncertainties appears to have the greatest impact on FDI. MNCs then even seem to accept somewhat higher costs (e. g. for simple customs procedures). The ?race to the bottom? that is often worried about seems less realistic than a ?race for quality?. (4): 6 groups of state actors were identified who influence the inflow of FDI: central government and authorities, local governments and authorities, courts, and the EU. It was that central governments are the most influential actors group overall. Local authorities are of particular importance for follow-up investments. (5): The catching up of Romania in recent years has turned this country into a role for EU accession candidates in different areas (e. g. regarding the reforms of the local bureaucracy). Croatia?s reforms were less speedy due to the impact of the war and ? to some extent ? because it relied too much on its high living standards. The accession process will be an important vehicle for Croatia ? even more than for Romania ? in order to overcome the remaining deficiencies.