ARTICLE / MAKALE aClol nassepqeucetsntolyf, ecmomispsaionnietsrandeinegd. to develop a strategy covering Fc oonr t er oxl apmr op cl ee, dtuhreey, dneeveed l otop saevt i eu wp ao nmfount ui troer i nmga rskyestt e m a n d developments and incorporate emission costs and benefits in ti mh epior rat acnctol yu, nat i nn gd aenvde nr i lsokn gm abneafogreemeemn its spiroanc t itcr ea .d iMn go sbte c o m e s operational, emission trading is affecting investment decisions. Te mh i iss si si o nb eocfa gu rseeecn uh roruesnet ign av sees st mf eo nr tap lool ni cgi eesr pd ee rt ieordm. i Tn eh et h e ae rmei sasni oi nntse gt hr ea lrepfaorrteorfeapnrye si nevnet sat md ei r netcst tcr aotsetgfyo. r i nt hteh ec o m p a n y a n d isnedcut sotr r iea ml i si tesd acr oouunntdr i eosn, eb- tyh i rbdu ronfi nggr ef eo ns hs oi l uf su ee l sg, atshees .p oF wo re r einxsatamllpalteio, npsowtheart pwriolldbuecearfs form the majority of the European fected by an emissions cap. Furt low hceormmpoarree,dthweiitrhreodthuectriosnecctoosrtss. are expected to be relatively LEEveSnSOthNoSugLhEtAhReNUTS does not aim to participate in the Kyoto ge rmeies ns ihoonuss et r agdai nsg epmeirs ss ieo. n isn mf aacrtk, ei tt , h iat sd op eo ss i t invoet eoxpppeorsi een c e s with a national trading system in SO2 allowances from which valuable lessons could be learned. Amafurknecttioisncaol nmsaidrekeret diseffırst and foremost a liquid market. A ficient if it has the following characteristics: O tsrealnlesprsarent price information for both buyers and O low transaction costs O quick possibility of arbitrage O ri teednuccot i uorna gpeoss spi bairlti ti ci ei psa vn itas etommi s as ki oen otpr at idmea. l u s e o f Another aspect of a functional emission trade system is effective W em n o i v t n h ir i o t o o u n r t m i n m e g o n , t n c a it o l o n e r si ni sgt,i negmoi sf ssi ounr vter ai l ldaen ccea nannodt sf uanncctti oi onn i pn rgo. p e r l y , ffectiveness of the system would be jeop rt F m r a o d m ea r . t d h F i e s ir e s A d tl c y a i , d n t h d R e a p i P n a h P a ic r s o i e p g a r ı n a ot m s f m t w h e e o , u t p l w d r o o l g o m r s a e a m in cm o o e n b f s s id h e e o r n v w c a s e ti o. s nusb sctaann tbi ael over compliance, accompanied by banking of surplus rights. Wn eheedns tmo ackoi nngs i da en r i nwvhei cs thmpeanr tt doef ct hi sei oanl r oe na drye deuxci st ti oi nng csatpaat i tci c y , o n e eff S th e ai c c n o i e e n n x d c p ly y e , c c t t a h e a n d t b , t e h w eh r e il p e p r l i a c m c e a e o r d g f b in e y a m l d isy re s n i d a o u m n c i t c r io i g en h f f t c s ic o i i s e s t n s c c o ay n n in d s i d t t h e h e e ra lo b (lo l n y w g l o e te w r) r em r . ei nmriesdsui ocnt i orni g hctasp ap rci citye,swvhai rcyh. iTn htius r ni s i sc acuasuesde dbyb yo vaenr - i n v e s t m e n t osuvleprheusrtimcoaatiol. n of both emission rights prices and prices of lowPi n at er trinc ai pl asnot sl u' t ci oonms ,p ll i iannkci neg sat ruat toengoi emsoaurse r ep rdeudcot i omni n iannvtel ys tbmaes netds ot on "When making an investment decision on reduction capaticy, one needs to consider which part ofthe already existing static efficiency can be replaced by dynamic ef iciency in the /ong term. " bt haant kpi na gr t. i cOi pvaenrt-si n dv oe snt mo tepnat yi ne nr eoduugcht i oant t ecnatpi oanc ittoy tchoeuvl da l iuned ioc af t e ft lheex idbei l ifteyr rwahl eonp tdi oenc-i dti hn eg ou ppot i onns tt or a tpeogsi et pso. nPea ar tni c ui nl av rel ys,t mt heen tv a- l ui se o f biteisingcleoavretrhloaot kceodm. panies under the SO2 regime, particularly at the starting phase, have made decisions that were not optimal fcroommpaanfıineasnfcoiallol wpoeidnttohfevsieewlf.-sinufthe early 1 990s, many ficiency policy, not necessarily fsoyrs tfei nma n. cLi aa tl erre, acsoomn sp,a nb iuets bwe ceanut st eh r oofu gu hn f aa ml ei lai ar rni ti ny gwpi trho ct hees sn eawn d , bit by bit, started to make more solid financial decisions. INVESTMENT DECISIONS Taphperoi nadci vhei dsu atol cmoemeptatnhieesir heamviesstiohen ctahrogiceets.between various O autonomous reduction O trading and/or O banking. Wn eheedns mt oackoi nngs i da en r i nwvhei cs thmpeanrtt doef ct hi sei oanl r oe na drye deuxci st itoi nng csatpa at i cc ity, o n e efficiency can be replaced by dynamic efficiency. Static efficiency nisotaictteaivnieadtrwadhee.nDeymnaismsiiocnefrights are redistributed at short ficiency can be achieved - or aimed fl eovr e- l ,i nf otrhee xl aomn gp l tee rt mo awv hoei dn heanvti int i ge st oc obrur ey cat nt yh eei rmai scst iuoanl se rmi gi sh st si oonrs realising that a surplus can be sold. o P B p r a o t n io g k r n in a , g m f o m o r f e e e x a m a n m i d s p s t i l h o e e n w s K h y i e s o n t a o a l lo P lw o ro w e t d o e cr u i o n n l g . d B e o a f r n t b h k o e in t h g t a t c r h g a e e n t U b o S e r A i a n n c c r id a e ta t R r s a e a c in t i i n v e f ele le m s x s is ib, s i i l t i i o t y in s i a n ri n g t o h h t e t h s e w p r a r f i y o c e r e m s n t o i i s t f ie t e s r x a c p d o e e v c . e t er dt .h eBi ra en kmi ni sgs i borni nggos a al sb. oMu to rme oorre REAL OPTIONS e cln i n r v c v e u ir s m o tm n s m t e a e n n t n c t de , e s w . c his ln e i v o re e n s s t t hm a e lw e re n a t i y s s s c u t a n a n c k e e o r tf p a te l i a n n c t ye b e a in b p o a o u s t d t f p y u o n t a n u e r m e d i c m u n a t r i k l e th t e bcaelslet dmtahrek edtefceirrcraulmospttaionnceosr wt haer roapnttiotnh etoinwvaeist .tment. This is AA mc oe mr i cpaann yc at hl i aotpht iaosn .aTn hoepcpoomr t upnai tnyy thoai sn vteh set ri ing hf at c- t nhoatst haen oa bc tl iugaal tl yi o inn v- etos t s" b, ui ny "aaws saeyt st haet oapntyi ocnh iosscel na i mt i me ed :. tl fh teh ep ocsosmi bpi l ai t yn yt o phoasstpgoonnee.investment until more or better information is available The resulting loss of option value or opportunity cost - needs to bl oeo ki ni nc go rap to roaut re dr e isnetahrec hd, eacni sdi ot hn ,e apsa sp ta ret xopfetrhi ee n pc reosj ewc itt hc ionstt hs e. BSyO 2 system, participants in the proposed CO2 system :an learn to go tl eh sr os ou gn hi st ht ihsa pt rtohcee ds es fme ror ar el oqput iicoknl yd eesnedr vseoso nsepre. cAi anl iamt tpeonrtti oa nn t. 461 ENERJİ & KOJENERASYON DÜNYASI ♦ ---1-:::..:::..:::...::...:.:.::.:.::..::::.:.:.::.:.:::....:.:::.:..::.=-----============-- "Kojenerasyon: Yüksek Verim, Temiz Çevre, Enerjide Yeniden Yapılanma"
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