Fjärrvärmeinvesteringar för företag : En studie om investeringsbedömning, risker samt osäkerheter och riskhantering

Sammanfattning: The purpose of this study is to describe how companies on the district heating market implements their investment analysis, identify which risks and uncertainties exists within investments in district heating and define the implementation of risk management. The theoretical framework includes two main sections: Financial theory and District heating theory. Some of the introduced theories are: Knight’s definition of risk and uncertainty, Lygnerud’s risk management model, discounted cash flow methods, discount rate, sensitivity and risk analysis, solidity, risk areas in district heating, price dialogue and Nils Holgersson investigation. Before companies on the district heating market make an investment there are various methods to assess the investment’s most important factors; economic value and environmental benefit. Every investment involves risks and uncertainties that must be managed by accepting, minimizing, avoiding or eliminating with different interventions. It is essential for companies to implement risk management to remain active on the district heating market. Companies use discounted cash flow methods, discount rate, sensitivity and risk analysis and solidity when making investment analysis. The primary risks are costly main investments, maintenance costs, production breakdown, competition, demand, price and politics. The risk interventions most frequently used are diversification, continuous maintenance, participate in planning, price dialogue, Nils Holgersson investigation, agreement construction and attend to political decisions.