Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a signi...Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.展开更多
According to the report of China Daily, influenced by the nuclear accidents in Japan, the expansion of China's nuclear power industry will slow from the rapid rate of the 11 th
China’s power industry has been in existence for over one hundred years, since 1882 when the first generating set began operation in Shanghai. Since the founding of New China in 1949, it has seen rapid development. B...China’s power industry has been in existence for over one hundred years, since 1882 when the first generating set began operation in Shanghai. Since the founding of New China in 1949, it has seen rapid development. By the end of 1994, the total capacity of China’s generating equipment was 200 million kw with a generating power of 9.05 billion kwh. China is a vast country for power production and consumption.展开更多
The year 2009 marks the 60th anniversary of the People's Republic of China.During the 60 years when the new China continuously developed and got stronger,China's power industry supplied streams of electricity ...The year 2009 marks the 60th anniversary of the People's Republic of China.During the 60 years when the new China continuously developed and got stronger,China's power industry supplied streams of electricity for economic development and people's life,making outstanding contributions to China's growth.展开更多
Within the seven years’ period from 1987 to 1994. the total installed capacity of China’s electric power industry doubled from 100 GW to 200 GW. This high rate of growth has imposed new and more stringent requiremen...Within the seven years’ period from 1987 to 1994. the total installed capacity of China’s electric power industry doubled from 100 GW to 200 GW. This high rate of growth has imposed new and more stringent requirements on all the branches in the展开更多
There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of co...There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-展开更多
This paper calls attention to the demand resource market in Korea which opened in 2008 to reduce customers＇ consumption at critical times and, at the same time, secure the load that can be shut down. In Korea, the de...This paper calls attention to the demand resource market in Korea which opened in 2008 to reduce customers＇ consumption at critical times and, at the same time, secure the load that can be shut down. In Korea, the demand resource market is operated by either forward market or spot market. The discussion here is limited to the operations of the demand resource spot market. As the demand response program has matured in the smart grid environment, KPX （Korea Power Exchange） will shortly complete the development of the real-time demand resource trading system, taking into account an integrated dispatch system.展开更多
This paper provides a historical review of the star system in China's Mainland＇s music industry from 1978 to 2012. It suggests that from 1978 to 1989, parW stars and semi-commercialized stars appeared in China＇s...This paper provides a historical review of the star system in China's Mainland＇s music industry from 1978 to 2012. It suggests that from 1978 to 1989, parW stars and semi-commercialized stars appeared in China＇s music industry; while commercialized stars blossomed from 1990 to 1999. From 2000 to 2012, the decline of party stars and commercialized stars contributed to the rise of talent show stars. This paper also argues that talent show stars first entered the music industry＇s star system as party stars and commercialized stars around 2005. Notably, it analyzes the power relationship that shapes the current star system and the meaning of stardom in Chinese popular culture. Party stars are largely a manifestation of state power that must occasionally negotiate with media power. Commercialized stars, as representatives of popular culture, primarily rely on media power but, to a certain degree, must also conform to state power. Talent show stars, however, after 2007 gradually stopped representing audience power alone and instead became results of negotiation and rehalancing of state power, media power, and audience power.展开更多
文摘Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.
文摘According to the report of China Daily, influenced by the nuclear accidents in Japan, the expansion of China's nuclear power industry will slow from the rapid rate of the 11 th
文摘China’s power industry has been in existence for over one hundred years, since 1882 when the first generating set began operation in Shanghai. Since the founding of New China in 1949, it has seen rapid development. By the end of 1994, the total capacity of China’s generating equipment was 200 million kw with a generating power of 9.05 billion kwh. China is a vast country for power production and consumption.
文摘The year 2009 marks the 60th anniversary of the People's Republic of China.During the 60 years when the new China continuously developed and got stronger,China's power industry supplied streams of electricity for economic development and people's life,making outstanding contributions to China's growth.
文摘Within the seven years’ period from 1987 to 1994. the total installed capacity of China’s electric power industry doubled from 100 GW to 200 GW. This high rate of growth has imposed new and more stringent requirements on all the branches in the
文摘There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-
文摘This paper calls attention to the demand resource market in Korea which opened in 2008 to reduce customers＇ consumption at critical times and, at the same time, secure the load that can be shut down. In Korea, the demand resource market is operated by either forward market or spot market. The discussion here is limited to the operations of the demand resource spot market. As the demand response program has matured in the smart grid environment, KPX （Korea Power Exchange） will shortly complete the development of the real-time demand resource trading system, taking into account an integrated dispatch system.
文摘This paper provides a historical review of the star system in China's Mainland＇s music industry from 1978 to 2012. It suggests that from 1978 to 1989, parW stars and semi-commercialized stars appeared in China＇s music industry; while commercialized stars blossomed from 1990 to 1999. From 2000 to 2012, the decline of party stars and commercialized stars contributed to the rise of talent show stars. This paper also argues that talent show stars first entered the music industry＇s star system as party stars and commercialized stars around 2005. Notably, it analyzes the power relationship that shapes the current star system and the meaning of stardom in Chinese popular culture. Party stars are largely a manifestation of state power that must occasionally negotiate with media power. Commercialized stars, as representatives of popular culture, primarily rely on media power but, to a certain degree, must also conform to state power. Talent show stars, however, after 2007 gradually stopped representing audience power alone and instead became results of negotiation and rehalancing of state power, media power, and audience power.
