diff --git a/src/otoole/results/result_package.py b/src/otoole/results/result_package.py
index 9c200f1..c961d5e 100644
--- a/src/otoole/results/result_package.py
+++ b/src/otoole/results/result_package.py
@@ -775,8 +775,8 @@ def calc_crf(df: pd.DataFrame, operational_life: pd.Series) -> pd.Series:
 
         return numerator / denominator
 
-    if discount_rate_idv.empty:
-        raise ValueError("Cannot calculate CRF due to missing discount rate data")
+    if discount_rate_idv.empty or operational_life.empty:
+        raise ValueError("Cannot calculate PV Annuity due to missing data")
 
     if not regions and not technologies:
         return pd.DataFrame(
@@ -826,6 +826,10 @@ def pv_annuity(
         param PvAnnuity{r in REGION, t in TECHNOLOGY} :=
                 (1 - (1 + DiscountRate[r])^(-(OperationalLife[r,t]))) * (1 + DiscountRate[r]) / DiscountRate[r];
     """
+
+    if discount_rate.empty or operational_life.empty:
+        raise ValueError("Cannot calculate PV Annuity due to missing data")
+
     if regions and technologies:
         index = pd.MultiIndex.from_product(
             [regions, technologies], names=["REGION", "TECHNOLOGY"]
@@ -876,6 +880,11 @@ def discount_factor(
                 (1 + DiscountRate[r]) ^ (y - min{yy in YEAR} min(yy) + 0.5);
     """
 
+    if discount_rate.empty:
+        raise ValueError(
+            "Cannot calculate discount factor due to missing discount rate"
+        )
+
     if regions and years:
         discount_rate["YEAR"] = [years]
         discount_factor = discount_rate.explode("YEAR").reset_index(level="REGION")
@@ -920,6 +929,11 @@ def discount_factor_storage(
                 (1 + DiscountRateStorage[r,s]) ^ (y - min{yy in YEAR} min(yy) + 0.0);
     """
 
+    if discount_rate_storage.empty:
+        raise ValueError(
+            "Cannot calculate discount_factor_storage due to missing discount rate"
+        )
+
     if regions and years:
         index = pd.MultiIndex.from_product(
             [regions, storages, years], names=["REGION", "STORAGE", "YEAR"]
diff --git a/tests/conftest.py b/tests/conftest.py
index b6f8353..d22edb5 100644
--- a/tests/conftest.py
+++ b/tests/conftest.py
@@ -101,6 +101,15 @@ def discount_rate_idv_empty():
     return df
 
 
+@fixture
+def discount_rate_storage_empty():
+    df = pd.DataFrame(
+        data=[],
+        columns=["REGION", "STORAGE", "VALUE"],
+    ).set_index(["REGION", "STORAGE"])
+    return df
+
+
 @fixture
 def emission_activity_ratio():
     df = pd.DataFrame(
diff --git a/tests/results/test_results_package.py b/tests/results/test_results_package.py
index 9bcbd5e..418599c 100644
--- a/tests/results/test_results_package.py
+++ b/tests/results/test_results_package.py
@@ -698,7 +698,7 @@ def test_pva(self, region, discount_rate, operational_life):
 
         assert_frame_equal(actual, expected)
 
-    def test_pva_null(self, discount_rate):
+    def test_pva_null(self, discount_rate, operational_life):
 
         actual = pv_annuity([], [], discount_rate, operational_life)
 
@@ -709,6 +709,15 @@ def test_pva_null(self, discount_rate):
 
         assert_frame_equal(actual, expected)
 
+    def test_pva_empty_discount_rate(
+        self, region, discount_rate_empty, operational_life
+    ):
+        technologies = ["GAS_EXTRACTION", "DUMMY"]
+        regions = region["VALUE"].to_list()
+
+        with raises(ValueError):
+            pv_annuity(regions, technologies, discount_rate_empty, operational_life)
+
 
 class TestDiscountFactor:
     def test_df_start(self, region, year, discount_rate):
@@ -785,6 +794,13 @@ def test_df_null(self, discount_rate):
 
         assert_frame_equal(actual, expected)
 
+    def test_df_empty_discount_rate(self, region, year, discount_rate_empty):
+        regions = region["VALUE"].to_list()
+        years = year["VALUE"].to_list()
+
+        with raises(ValueError):
+            discount_factor(regions, years, discount_rate_empty, 1.0)
+
 
 class TestDiscountFactorStorage:
     def test_dfs_start(self, region, year, discount_rate_storage):
@@ -870,6 +886,18 @@ def test_df_null(self, discount_rate_storage):
 
         assert_frame_equal(actual, expected)
 
+    def test_df_storage_empty_discount_rate(
+        self, region, year, discount_rate_storage_empty
+    ):
+        storages = ["DAM"]
+        regions = region["VALUE"].to_list()
+        years = year["VALUE"].to_list()
+
+        with raises(ValueError):
+            discount_factor_storage(
+                regions, storages, years, discount_rate_storage_empty, 1.0
+            )
+
 
 class TestResultsPackage:
     def test_results_package_init(self):