Investing in the Renewable Power Market How to Profit from Energy Transformation
by Fogarty, Tom; Lamb, RobertEdition: 1st
Format: Hardcover
Pub. Date: 2012-03-13
Publisher(s): Wiley
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Summary
The future of renewable energy, and how to navigate the legal, political, and financial roadblocks to investment successThe business of generating electricity is vastly different from other enterprises in that it is highly regulated and its product can't be stored. The combination greatly affects the finances of renewable power and influences how investors should navigate the energy market. The first book to cover the major investing challenges and monetary constraints placed on electric power companies as they race to meet their green energy requirements, Investing in the Renewable Power Market also: Details the challenges facing green energy, such as its cost being priced to natural gas which is at historic lows Analyzes real energy costs and the global demand for energy over the next decade Describes why, in the short term, investment opportunities with renewable power will be with financial and operational restructuringsThe energy market is currently facing a situation of enormous expectations that, due to the constraints placed on it, cannot possibly be supported. Investing in the Renewable Power Market explains the real costs of energy, the future of the energy market, and how to profit in both the long and short term.
Author Biography
Thomas Fogarty has spent his entire career managing energy industry project development and financing electric power projects. He has written an editorial in the Daily Bankruptcy Review and has been quoted on the many current challenges facing renewable power.
Robert Lamb is a Professor at New York University's Stern School of Business and a management consultant. He was previously strategy advisor and debt advisor to the New York State Power Authority and, over the past twenty-five years, has developed and taught customized courses for investment banks and corporations, including Goldman Sachs, Deutsche Bank, Merrill Lynch, Morgan Stanley, and Citibank American Express. Dr. Lamb has written numerous books and contributed chapters on the financing of public power projects and is a founding member of Standard & Poor's Academic Counsel of Advisors.
Table of Contents
| Acknowledgments | p. XIII |
| Introduction | p. xv |
| An Overview of Renewable Power | p. 1 |
| It's All About Natural Gas | p. 2 |
| Control of CO2 Emissions is Not Currently Possible | p. 3 |
| Reality of Demand-Side Management | p. 6 |
| Summary | p. 7 |
| Analyzing Power Project Economics | p. 9 |
| Regulated Utilities | p. 9 |
| Evaluating a Power Plant | p. 12 |
| Financing a Power Plant | p. 15 |
| Hedge Providers | p. 17 |
| Opportunities with Distressed Renewables | p. 19 |
| Summary | p. 21 |
| The Challenges of Renewable Power Projects | p. 23 |
| Tax Issues | p. 23 |
| Special Exemptions | p. 25 |
| Summary | p. 28 |
| Risk Assessment for Power Projects | p. 31 |
| Project Risk Assessment and Risk Mitigations | p. 32 |
| Precompletion Risks/Mitigants | p. 32 |
| Postcompletion Risks/Mitigants | p. 39 |
| Summary | p. 39 |
| Exploiting Profitability of Distressed and Abandoned municipal Power Plants | p. 41 |
| Waste-Fuel Projects Have Key Financial Advantages for Investors | p. 42 |
| Duties of Professionals in a Municipal Power Plant | p. 42 |
| The Professional Feasibility Study Engineer | p. 44 |
| Disclosures of Risks in the Bond Offering Materials | p. 45 |
| Calculation of Debt Service Coverage | p. 50 |
| Investment Opportunities at Troubled Municipal Power Plants | p. 53 |
| Summary | p. 54 |
| Energy Storage | p. 55 |
| Cheap Energy StorageùThe Most Vital Game Changer in the World | p. 56 |
| Opening the Market for Historic Energy Storage Financing | p. 58 |
| Categories of Energy Storage Technologies | p. 60 |
| U.S. Regional Multi-Energy Storage Collaborations | p. 63 |
| Flywheel Technology Energy Storage Has the Lowest Cycle-Life-Cost | p. 65 |
| Summary | p. 67 |
| Shale Natural Gas and Its Effect on Renewable Power | p. 89 |
| Fracking | p. 69 |
| New Attitudes in Natural Gas | p. 70 |
| Cost of Production | p. 72 |
| Summary | p. 76 |
| Solar PV and Solar Thermal Power Plants | p. 77 |
| The Economics of Solar Power | p. 77 |
| Financing Techniques | p. 78 |
| The Technology | p. 80 |
| Summary | p. 82 |
| wind Power Plants | p. 83 |
| Projects Overview | p. 83 |
| Wind Project Economics | p. 85 |
| Wind Project Power Contracting | p. 87 |
| Wind Energy Prediction | p. 90 |
| Summary | p. 92 |
| Electric Power Transmission | p. 93 |
| Overview | p. 93 |
| Grid Input, Losses, and Exit | p. 98 |
| High-Voltage Direct Current | p. 99 |
| Controlling the Components of the Transmission System | p. 99 |
| Electricity Market Reform: Costs and Merchant Transmission Arrangements | p. 100 |
| Additional Concerns | p. 102 |
| Summary | p. 104 |
| Natural Gas Power Plants | p. 107 |
| Gas Turbine Engines | p. 107 |
| Benefits of Gas Turbine Engines | p. 109 |
| Gas Turbines and CO2 | p. 109 |
| Gas Turbine Operations | p. 110 |
| Summary | p. 111 |
| Coal-Fired Power Plants | p. 113 |
| Coal's High Output Capacity | p. 113 |
| Life of a Coal Plant | p. 115 |
| Extending Coal Plant Operations | p. 116 |
| Coal Technologies | p. 118 |
| Summary | p. 120 |
| Biomass Energy and Biomass Power Plants | p. 123 |
| Wood Waste | p. 123 |
| Economics of Biomass | p. 125 |
| Summary | p. 126 |
| Nuclear Power Energy Plants | p. 127 |
| Global Impact of Japan's Three Nuclear Plant Meltdowns | p. 128 |
| Comparative Costs of Energy | p. 130 |
| Key to the EIA Cost Estimates | p. 130 |
| Nuclear Power Plants' 50 Years of Electricity Globally | p. 135 |
| Required Up-Front Payment for Nuclear Waste Disposal before a New Plant's Approval | p. 136 |
| Asia Will Lead the Next Shift to Nuclear Power Plant Development | p. 137 |
| China's New Nuclear Reprocessing Is a Vast Expansion of Atomic Fuel | p. 139 |
| Summary: Nuclear Power Faces a Capital Cost and Ongoing Local Approval Challenge | p. 141 |
| Hydropower Plants | p. 143 |
| A Unique Renewable Technology | p. 143 |
| Hydropower and RECs | p. 145 |
| Hydropower Economics | p. 149 |
| Summary | p. 151 |
| Geothermal Power Plants | p. 153 |
| Steam Technology | p. 153 |
| Geothermal Project Costs | p. 155 |
| Hydrothermal Power Systems | p. 156 |
| Ground-Source Heat Pumps | p. 156 |
| Standing Column Wells | p. 158 |
| Enhanced Geothermal Systems | p. 158 |
| Direct Use of Geothermal Energy | p. 159 |
| Summary | p. 161 |
| Energy Efficiency and Smart Grid | p. 163 |
| Demand-Side Management | p. 163 |
| Advanced Meter Infrastructure | p. 166 |
| Increasing Energy Needs | p. 167 |
| Summary | p. 169 |
| Conclusion | p. 171 |
| Where Do We Stand Today in Terms of Renewable Energy? | p. 175 |
| p. 177 | |
| DTC's Coal vs. Natgas Displacement Model Methodology, January 6,2009 | p. 183 |
| DTC's Coal/Natgas Displacement Model Methodology | p. 183 |
| How Much Natgas Is Needed to Displace Coal? | p. 190 |
| About the Authors | p. 193 |
| Index | p. 195 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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