F. Al-m-ansour and J. Zuw-ala, An evaluation of biom ass co-firing in europe. B iomass and B ioenergy, P ress, Corrected P roof, 2010.

S. Aw-erbuch, P ortfolio-based electricity generation planning: P olicy im plications for renew ables and energy security. M itigation and A daptation Strategies for G lobal Change, vol.11, pp.693-710, 2006.

S. Aw-erbuch and M. Erger, Energy Security and D iversity in the EU : A M ean-V ariance P ortfolio A pproach, T echnical report, 2003.

D. B-ar-lev and S. Atz, A portfolio approach to fossil fuel procurem ent in the electric utility industry, Journal of F inance, vol.31, pp.933-947, 1976.

P. B-asu, J. Utler, and M. A. Leon, B iom ass co-firing options on the em ission reduction and electricity generation costs in coal-fired pow er plants, R enew able Energy, vol.36, issue.1, pp.282-288, 2011.

L. B-axter, B iom ass-coal co-com bustion: opportunity for affordable renew able energy, Fuel, vol.84, issue.10, pp.1295-1302, 2005.

M. B-erggren, E. Ljunggren, and F. Johnsson, B iom ass co-firing potentials for electricity generation in poland-m atching supply and co-firing opportunities. B iomass and B ioenergy, vol.32, pp.865-879, 2008.

, B ilanénergétique de la France pour, Com m issariat Général au Développem ent D urable, 2009.

D. , Scénarioénergétique de référence, R apport de synthèse. T echnical report, D irection Générale de l'Énergie et des M atières P rem ières O bservatoire de l'énergie, 2008.

. Eia, A nnual Energy O utlook, Energy Adm inistration Inform ation, 2009.

, European Energy and T ransport, T rends to 2030-U pdate 2007. T echnical report, D irectorate-G eneral for Energy and T ransport, 2008.

P. European and . Council-of-the-european-u-nion, D irective 2009/28/EC of the European P arliament and of the council of 23 A pril 2009 on the promotion of the use of energy from renew able sources and amending and subsequently repealing D irectives, 2001.

A. Farnoosh, P ow er generation Economics and M anagement. Lecture notes, IFP School, 2011.

L. Fortin, S. Fuss, J. Louskova, N. Habarov, M. O-bersteiner et al., An integrated cvar and real options approach to investm ents in the energy sector, Journal of Energy M arkets, vol.1, pp.61-85, 2008.

J. G-an and C. Sm-ith, A com parative analysis ofw oody biom ass and coal for electricity generation under various co2 em ission reductions and taxes. B iomass and B ioenergy, P roceedings of the third annual w orkshop of T ask 31 'Systainable production system s for bioenergy: Im pacts on forest resources and utilization of w ood for energy' O ctober, vol.30, pp.296-303, 2003.

J. H-ansson, G. Johnsson, F. &-k-järstad, and J. , Co-firing biom ass w ith coal for electricity generation-an assessm ent of the potential in eu27, Energy P olicy, vol.37, issue.4, pp.1444-1455, 2009.

D. H-artm-ann and M. Itt, Electricity generation from solid biom ass via cocom bustion w ith coal: Energy and em ission balances from a germ an case study. B iomass and B ioenergy, pp.397-406, 1999.

Y. H-uang and J. &-w-u, A portfolio risk analysis on electricity supply planning, Energy P olicy, vol.37, issue.2, pp.744-761, 2009.

K. J. H-uism-an and P. M. &-k-ort, Strategic Capacity Investment U nder U ncertainty. W orking paper, D epartm ent ofEconom etrics and O perations R esearch, 2009.

. Iae-n-ea, P rojected costs of generating electricity, 2010.

, W orld Energy O utlook, IEA, 2009.

N. Ecd, P rojected Cost ofG enerating Electricity-2005 U pdate. T echnical report, 2005.

A. Jäger-w-aldau and H. O-ssenbrink, P rogress of electricity from biom ass, w ind and photovoltaics in the european union, R enew able and Sustainable Energy R eview s, vol.8, issue.2, pp.157-182, 2004.

N. K-autto, A. Arasto, J. Sijm, and P. &-p-eck, Interaction of the eu ets and national clim ate policy instrum ents -im pact on biom ass use. B iomass and B ioenergy, P ress, Corrected P roof, 2011.

G. K-um-baroglu, R. , and M. , A real options evaluation m odel for the diffusion prospects of new renew able pow er generation technologies, Energy Economics, vol.30, issue.4, pp.1882-1908, 2008.

T. Levin, V. M. Lee, and A. J. , State-scale evaluation ofrenew able electricity policy: T he role of renew able electricity credits and carbon taxes, Special Section on O ffshore w ind pow er planning, econom ics and environm ent, vol.39, pp.950-960, 2011.

R. Loulou, D ocumentation for the M A R K A L model. T echnical report, 2004.

R. M-adlener, G. Ediger, and V. S. , M odeling technology adoption as an irreversible investm ent under uncertainty: the case of the turkish electricity supply industry, Energy Economics, vol.27, issue.1, pp.139-163, 2005.

M. Eed-d-at, La fiscalité des biocarburants en France. T echnical report, M inistère de l'Ecologie, 2010.

M. Eed-d-m, P lan d'action national en faveur desénergies renouvelables, 2009.

M. In-efi, R apport sur les perspectives de développement de la production hydroélectrique en France, 2006.

Y. P-orat, R. Irith, and . &-r-.t-urvey, Long-run m arginal electricity generation costs in israel, Energy P olicy, vol.25, issue.4, pp.401-411, 1997.

R. Eg-ix, R apport final R EG IX, 2010.

R. En-ew, D eliverable D 5.1.1 : T he R eview -B iomass resources and potentials assessment. R egional studies and experiences, Scientific report, W P 5.1 B iom ass resources assessm ent SES6-CT -2003-502705, 2004.

R. En-ew, D eliverable D 5.01.03: R esidue biomass potential inventory results. Scientific report, w p5.1 biom ass resources assessm ent, 2008.

A. A. R-entizelas, A. I. Olis, and I. P. , Investm ent planning in electricity production under co2 price uncertainty, P ress, Corrected P roof, 2010.

F. R-oques, D. , and W. , Fuel m ix diversification incentives in liberalized electricity m arkets: A m ean-variance portfolio theory approach, Energy Economics, vol.30, pp.1831-1849, 2008.

R. El-l-e and E. E. , , 2010.

J. Santisirisom-boon, B. Lim-m-eechokchai, and S. Chungpaibulpatana, Im pacts of biom ass pow er generation and co2 taxation on electricity generation expansion planning and environm ental em issions, Energy P olicy, vol.29, issue.12, pp.975-985, 2001.

N. Sijm and Y. Chen, Co2 cost pass-through and w indfall profits in the pow er sector, Climate P olicy, vol.6, pp.49-72, 2006.

K. Skytte, P. Eibom, and T. C. &-h-enriksen, Electricity from biom ass in the european union-w ith or w ithout biom ass im port. B iomass & B ioenergy, pp.385-392, 2006.

C. W-eber, U ncertainty in the electric pow er industry: methods and models for decision support, 2004.