Resumen
This paper evaluates the real option of storing the biogas from swine biomass. We analyze deferring the immediate sale of this energy in the spot market to store it in the form of gas for future sale. We consider that once a storage tank reaches maximum capacity, the producer will sell all of the energy generated in either the spot market or regulated market for a minimum selling price. The farm we chose to study already produces energy and sells it in the spot market. The real options methodology was chosen to consider managerial flexibility and the uncertainty of the energy price. Additionally, considerations were made for the stochastic process applied to the price time series of the weekly Differences Settlement Price (Preço de Liquidação das Diferenças in Portuguese) of low voltage power in southern Brazil. Our results indicate that the storage option has value for the power generation from swine biomass.