This paper explores the relationship among resource complementarity, diversification and strategic investment in a power market with two energy sources: water and wind. A review of diversification studies shows that the strategic aspects of investment, which arise from the oligopolistic structure of power markets, are often overlooked. Similarly, studies of strategic investment usually focus on price formation and do not analyze resource complementarity. This paper proposes an investment game with two players simultaneously installing new hydro or wind power generation capacity to satisfy demand in the same market. Individual payoffs depend on resource availability, and the equilibrium outcomes are evaluated for different wind-hydro correlations. The high negative correlation between resources increases diversification and investors’ payoffs. The results suggest that diversification has a strategic value for individuals and for the security of supply.

本文探讨了水和风两种能源在电力市场中的资源互补，多元化和战略投资之间的关系。对多元化研究的回顾表明，由于电力市场的寡头结构而产生的投资战略方面常常被忽视。同样，战略投资的研究通常侧重于价格形成，而不分析资源的互补性。本文提出了一个投资游戏，其中有两个参与者同时安装新的水力或风力发电能力，以满足同一市场的需求。个人收益取决于资源的可获得性，并且针对不同的风水相关性评估平衡结果。资源之间的高度负相关关系增加了多元化和投资者的回报。