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Naslov:FINANCIRANJE VELIKIH INVESTICIJSKIH PROJEKTOV V ENERGETSKEM SEKTORJU
Avtorji:Pompe, Darja (Avtor)
Oplotnik, Žan Jan (Mentor) Več o mentorju... Novo okno
Datoteke:.pdf MAG_Pompe_Darja_2016.pdf (2,34 MB)
 
Jezik:Slovenski jezik
Vrsta gradiva:Magistrsko delo (m2)
Tipologija:2.09 - Magistrsko delo
Organizacija:EPF - Ekonomsko-poslovna fakulteta
Opis:Energetska politika držav članic Evropske unije je v pristojnosti posamezne države. Ključne usmeritve na energetskem področju so trajnost, zanesljivost oskrbe in konkurenčnost.Energetski objekti in energetske proizvodne družbe v Sloveniji so večinoma v neposredni in posredni lasti Republike Slovenije. Družbe si večinoma same financirajo svoje investicije, lastnik pa se je pojavlja v obliki poroka ali, v primeru gradnje hidroelektrarn na spodnji Savi, kot investitor infrastrukturnega dela investicije. Državni proračun trenutno ne razpolaga z razpoložljivimi sredstvi, da bi pri energetskih investicijah nastopal kot možni vir financiranja. Energetske družbe si morajo same zagotoviti vire financiranje, država pa se mora vedno pojaviti kot veliki podpornik posamezne investicije v energetske objekte.Ker so investicije v energetskem sektorju kapitalsko intenzivne in dolgoročne (gradnja določenega objekta traja več let, nato pa je potrebno še več desetletij, da se ekonomsko amortizira), so zato povezane s precejšnjo negotovostjo in tveganjem. Hkrati pa so sredstva za financiranje investicijskih projektov omejena in imajo svojo ceno, zato je potrebno izbrati projekt, ki z upoštevanjem investicijskega tveganja omogoča najučinkovitejšo porabo omejenih finančnih sredstev.Energetske družbe se zaradi izredno nizkih cen električne energije na borzah, ki jim predstavljajo glavni vir prihodka, soočajo z zelo nizkimi dobički ali celo z izgubami. Zaradi vse težje ekonomske situacije si bodo morale družbe za energetske projekte, ki bodo ekonomsko upravičeni, v prihodnosti poiskati tudi vire financiranja v zasebnem sektorju. V magistrski nalogi smo v teoretičnem delu proučevali vire financiranja ter poudarili možnosti vključevanja zasebnega sektorja v financiranje velikih energetskih projektov. Osredotočili smo se na modele financiranja jedrskih elektrarn, kjer smo predstavili nekaj modelov, ki so bili uporabljeni v praksi. V empiričnem delu smo proučili možnost vključevanja zasebnega sektorja v financiranje izgradnje velikega energetskega projekta, in sicer z ustanovitvijo projektnega podjetja. Med možnimi viri financiranja smo primerjali stroškovni vidik financiranja investicij z izdajo obveznic in najetjem bančnega posojila. Pri financiranju izgradnje drugega bloka jedrske elektrarne (v magistrski nalogi poimenovanega JEK 2) smo proučili dva možna scenarija. V scenariju A smo predvideli, da investicijo v celoti financira nosilec investicije, družba GEN energija d.o.o. sama, v scenariju B pa smo proučili, da se v projekt vključijo tudi drugi deležniki z ustanovitvijo projektnega podjetja.
Ključne besede:financiranje, projektno financiranje, investicije, energetika, elektrarne
Leto izida:2016
Založnik:[D. Pompe]
Izvor:Krško
UDK:658.14/.17
COBISS_ID:12490268 Povezava se odpre v novem oknu
NUK URN:URN:SI:UM:DK:VKGQSTZP
Število ogledov:610
Število prenosov:57
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
Področja:EPF
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Sekundarni jezik

Jezik:Angleški jezik
Naslov:Financing of large investment projects in energy sector
Opis:The energy policy of EU Member States falls within the competence of each country. The key orientations in energy are sustainability, security of supply and competitiveness.Energy plants and companies dealing with power generation in Slovenia are largely directly or indirectly owned by the Republic of Slovenia. The companies largely finance their investments with own funds and the owner acts as a guarantor or, in the event of the hydro power plants built on the lower Sava River, as the investor of the infrastructural part of the investment. The State Budget presently has no available resources to act as a possible source of financing energy investments.Energy companies are required to provide their own sources of financing and the State is required to act each time as a great supporter of a particular investment in power generation facilities.Since investments in the energy sector require large-scale capital and are made in the long term (the construction of a certain plant takes several years, after which several decades are required to recoup it), they are related with considerable uncertainty and risk. At the same time, funds to finance investment projects are limited and come at a price, which is why projects must be selected by taking into account investment risks in order to ensure the most effective use of limited financial resources. Energy companies are faced with very low profits or even losses due to extremely low electricity prices on power exchanges, which represent the main source of income. Due to an aggravated economic situation, companies will also have to find financing sources for economically viable energy projects in the private sector. The theoretical part of the Master’s thesis examines the sources of financing and highlights the possibilities of including the private sector in the financing of large-scale energy projects. Focus was placed on models for financing nuclear power plants and several models already used in practice were presented. The empirical part examines the possibility of including the private sector in the financing of the construction of a large-scale energy project through the establishment of a project company. In view of possible financing sources, the cost aspect of investment funding with bond issue was compared to bank loan investment funding. Two possible scenarios were examined for financing the construction of block 2 of a nuclear power plant. Scenario A assumed that the investment was fully financed by the holder of investment, i.e. the company GEN energija d.o.o., while scenario B examined the inclusion of other stakeholders in the project through the establishment of a project company.
Ključne besede:financing, project financing, investment, energy sector, power plants


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