This paper aims to analyze the comparative attractiveness of either investing in various renewable energy sources or continue using coal for electricity generation in the Philippines. Using real options approach, this research evaluates the investment value and trigger prices of coal for switching technologies with some scenarios in coal price uncertainty and social discount rate. The results find that investing in renewable energy is a better option than continue using coal for electricity generation. Among renewable energy sources, geothermal is the most attractive to invest to, followed by wind, hydroelectric, and solar photovoltaic.

中文翻译：

---

使用煤炭或投资可再生能源：菲律宾能源投资的实物分析

本文旨在分析在菲律宾投资各种可再生能源或继续使用煤炭发电的相对吸引力。本研究使用实物期权方法，在煤炭价格不确定性和社会折现率存在某些情况的情况下，评估了转换技术的煤炭投资价值和触发煤炭价格。结果发现，与继续使用煤炭发电相比，投资可再生能源是更好的选择。在可再生能源中，地热是最有吸引力的投资对象，其次是风能，水力发电和太阳能光伏发电。