We examine the decision problem of a power producer contemplating an upgrade of its current generation capacity based on a fossil fuel technology (gas plant), when price processes have affine drift and differentiable volatility functions. The operator can choose the best of four mutually exclusive alternatives, continue operating the current technology, replace it by a more efficient fossil fuel technology (gas plant), replace it by a renewable technology (wind plant), and divest (liquidate). There are four corresponding decision regions with three boundaries. Optimal boundaries of regions are characterized through a trivariate system of coupled Fredholm equations and valuation formulas derived. Investing in a more efficient gas plant is optimal if the gas price falls below some threshold and the electricity price exceeds an associated (gas) boundary. For some parameters, the gas price must also exceed a lower threshold. Investing in a wind plant is optimal if the gas price becomes sufficiently high and the electricity price exceeds an associated (wind) boundary. Liquidation is optimal if the electricity price falls below a (liquidation) boundary. The continuation region lies in between these boundaries. The possibility of investing in wind displaces new gas investment and postpones liquidation of the existing gas plant. We study the value of the firm and the Green Energy premium, and assess the impact of model parameters.

当价格过程具有仿射漂移和可微波动函数时，我们研究了考虑基于化石燃料技术（天然气厂）升级其当前发电能力的电力生产商的决策问题。运营商可以选择四种相互排斥的替代方案中最好的一种，继续运行当前技术，用更高效的化石燃料技术（天然气厂）替代，用可再生技术（风力发电厂）替代，然后撤资（清算）。有四个对应的具有三个边界的决策区域。区域的最佳边界通过耦合 Fredholm 方程和推导出的估值公式的三元系统来表征。如果天然气价格低于某个阈值并且电价超过相关（天然气）边界，则投资于更高效的天然气工厂是最佳选择。对于某些参数，gas 价格也必须超过一个较低的阈值。如果天然气价格变得足够高并且电价超过相关（风能）边界，则投资风力发电厂是最佳选择。如果电价低于（清算）边界，清算是最优的。延续区域位于这些边界之间。投资风能的可能性取代了新的天然气投资并推迟了现有天然气工厂的清算。我们研究了公司的价值和绿色能源溢价，并评估了模型参数的影响。如果天然气价格变得足够高并且电价超过相关（风能）边界，则投资风力发电厂是最佳选择。如果电价低于（清算）边界，清算是最优的。延续区域位于这些边界之间。投资风能的可能性取代了新的天然气投资并推迟了现有天然气工厂的清算。我们研究了公司的价值和绿色能源溢价，并评估了模型参数的影响。如果天然气价格变得足够高并且电价超过相关（风能）边界，则投资风力发电厂是最佳选择。如果电价低于（清算）边界，清算是最优的。延续区域位于这些边界之间。投资风能的可能性取代了新的天然气投资并推迟了现有天然气工厂的清算。我们研究了公司的价值和绿色能源溢价，并评估了模型参数的影响。投资风能的可能性取代了新的天然气投资并推迟了现有天然气工厂的清算。我们研究了公司的价值和绿色能源溢价，并评估了模型参数的影响。投资风能的可能性取代了新的天然气投资并推迟了现有天然气工厂的清算。我们研究了公司的价值和绿色能源溢价，并评估了模型参数的影响。