Carta particolare del Mare Settentrionale di Moscovia è Russia con iistreto [i.e. istreto] di Wigats è finisce con il fiume Oby : la longitudine comincia da l'isola di Pico d'Asores [i.e. Pico Azores] : di Europa carta XXXXVII

Julkaisussa: Dell' arcano del mare di Ruberto Dudleo ... parte seconda del tomo terzo contenente il libro sesto. Vol III

Anthonius Wied candido lectori S. Moscovia quae & Alba Russia non contenta Europae Sarmatiae parte ... vale ex Wilda Lihuaniae anno 1555

Nimeke- ja tekijätiedot nimiönkehyksissä

A map of Russia

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Travels in Russia - Vol. 1

Illustrated by engravings

Travels in Russia - Vol. 2

Illustrated by engravings

The northern provinces of Sweden and Norway with part I of Russia

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Map of the north coast of Russia indicating the proposed trade route of the Obi-railway

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Russia in Europe

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

Analyzing the Effects of the New Renewable Energy Policy in Russia on Investments into Wind, Solar and Small Hydro Power

This thesis presents an analysis of recently enacted Russian renewable energy policy based on capacity mechanism. Considering its novelty and poor coverage by academic literature, the aim of the thesis is to analyze capacity mechanism influence on investors’ decision-making process. The current research introduces a number of approaches to investment analysis. Firstly, classical financial model was built with Microsoft Excel® and crisp efficiency indicators such as net present value were determined. Secondly, sensitivity analysis was performed to understand different factors influence on project profitability. Thirdly, Datar-Mathews method was applied that by means of Monte Carlo simulation realized with Matlab Simulink®, disclosed all possible outcomes of investment project and enabled real option thinking. Fourthly, previous analysis was duplicated by fuzzy pay-off method with Microsoft Excel®. Finally, decision-making process under capacity mechanism was illustrated with decision tree. Capacity remuneration paid within 15 years is calculated individually for each RE project as variable annuity that guarantees a particular return on investment adjusted on changes in national interest rates. Analysis results indicate that capacity mechanism creates a real option to invest in renewable energy project by ensuring project profitability regardless of market conditions if project-internal factors are managed properly. The latter includes keeping capital expenditures within set limits, production performance higher than 75% of target indicators, and fulfilling localization requirement, implying producing equipment and services within the country. Occurrence of real option shapes decision-making process in the following way. Initially, investor should define appropriate location for a planned power plant where high production performance can be achieved, and lock in this location in case of competition. After, investor should wait until capital cost limit and localization requirement can be met, after that decision to invest can be made without any risk to project profitability. With respect to technology kind, investment into solar PV power plant is more attractive than into wind or small hydro power, since it has higher weighted net present value and lower standard deviation. However, it does not change decision-making strategy that remains the same for each technology type. Fuzzy pay-method proved its ability to disclose the same patterns of information as Monte Carlo simulation. Being effective in investment analysis under uncertainty and easy in use, it can be recommended as sufficient analytical tool to investors and researchers. Apart from described results, this thesis contributes to the academic literature by detailed description of capacity price calculation for renewable energy that was not available in English before. With respect to methodology novelty, such advanced approaches as Datar-Mathews method and fuzzy pay-off method are applied on the top of investment profitability model that incorporates capacity remuneration calculation as well. Comparison of effects of two different RE supporting schemes, namely Russian capacity mechanism and feed-in premium, contributes to policy comparative studies and exhibits useful inferences for researchers and policymakers. Limitations of this research are simplification of assumptions to country-average level that restricts our ability to analyze renewable energy investment region wise and existing limitation of the studying policy to the wholesale power market that leaves retail markets and remote areas without our attention, taking away medium and small investment into renewable energy from the research focus. Elimination of these limitations would allow creating the full picture of Russian renewable energy investment profile.