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Investment under Uncertainty in Electricity GenerationGugler, Klaus, Haxhimusa, Adhurim, Liebensteiner, Mario, Schindler, Nora 09 1900 (has links) (PDF)
The recent transformation of European electricity markets with increasing generation from intermittent renewables brings about many challenges. Among them, decaying wholesale prices, partly due to support schemes for renewables, may send insufficient investment signals for other technologies. We investigate the investment decision in a structural equation based on the Tobin's q-model, which we extend by both industry- and firm-technology-specific uncertainty. We utilize rich and novel data at the disaggregated firm generation technology level of European electricity generating firms for the period 2006-2014. Our results show that investment in any generation technology follows market incentives despite sunk and irreversible capital, confirming the implications of the q-model. Moreover, while firm-technology-specific uncertainty decreases firms' investment activity, especially in coal and gas, aggregate uncertainty triggers firms' investment. Our results raise concerns about system reliability in the long run since conventional technologies still serve as a flexible system back-up. (authors' abstract) / Series: Department of Economics Working Paper Series
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Productivity Growth and the General X-factor in Austria´s Gas DistributionGugler, Klaus, Liebensteiner, Mario 10 1900 (has links) (PDF)
We estimate cost functions to derive productivity growth using a unique database on costs and outputs of essentially all regulated Austrian gas distribution companies over the period 2002-2013, covering the times before and after the introduction of incentive regulation in 2008. We estimate a concave relation between total costs and time, and a significant one-off but permanent reduction in real costs after an imposed reduction in granted costs in the course of the introduction of incentive regulation. Our results imply that technological opportunities were higher in the early years of the sample than in later years, and that productivity growth grinded to a halt from 2008 on. We conclude that technological opportunities are exhausted (for the time being) in the Austrian gas distribution sector giving rise to an optimal general X factor (X-gen) of zero for the foreseeable future. (authors' abstract) / Series: Department of Economics Working Paper Series
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Vertical Disintegration in the European Electricity Sector: Empirical Evidence on Lost SynergiesGugler, Klaus, Liebensteiner, Mario, Schmitt, Stephan 10 1900 (has links) (PDF)
The EU has been promoting unbundling of the transmission grid from other stages
of the electricity supply chain with the aim of fostering competition in the upstream stage of
electricity generation. At presence, ownership unbundling is the predominant form of
unbundling in Europe. However, the benefits of increased competition from ownership
unbundling of the transmission grid may come at the cost of lost vertical synergies between the
formerly integrated stages of electricity supply. The policy debate generally neglects such
potential costs of unbundling, yet concentrates on its benefits. Therefore European crosscountry
evidence may shed some light on this issue. This study helps fill this void by
empirically estimating the magnitude of economies of vertical integration (EVI) between
electricity generation and transmission based on a quadratic cost function. For this purpose
we employ novel firm-level panel data of major European electricity utilities. Our results
confirm the presence of substantial EVI, which put the policy measure of transmission
ownership unbundling into question. (authors' abstract) / Series: Working Papers / Research Institute for Regulatory Economics
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Vertical disintegration in the European electricity sector: Empirical evidence on lost synergiesGugler, Klaus, Liebensteiner, Mario, Schmitt, Stephan 27 April 2017 (has links) (PDF)
The EU has been promoting unbundling of the transmission grid from other stages of the electricity supply chain with the aim of fostering competition in the upstream stage of electricity generation. At present, ownership unbundling is the predominant form of unbundling in Europe. From a policy perspective, a successful unbundling regime would require that the benefits of increased competition in power generation would at least offset the associated efficiency losses from vertical divestiture. Since evidence on this topic is scarce, this study helps fill this void by empirically estimating the magnitude of economies of vertical integration (EVI) between electricity generation and transmission based on a quadratic cost function. For this purpose we employ unique firm-level panel data of European electricity utilities. Our results confirm the presence of substantial EVI of 14% for the median sized integrated utility. Moreover, EVI tend to increase with firm size.
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Vertical Disintegration in the European Electricity Sector: Empirical Evidence on Lost SynergiesGugler, Klaus, Liebensteiner, Mario, Schmitt , Stephan 11 1900 (has links) (PDF)
The EU has been promoting unbundling of the transmission grid from other stages of the electricity supply chain with the aim of fostering competition in the upstream stage of electricity generation. At presence, ownership unbundling is the predominant form of unbundling in Europe. However, the benefits of increased competition from ownership unbundling of the transmission grid may come at the cost of lost vertical synergies between the formerly integrated stages of electricity supply. The policy debate generally neglects such potential costs of unbundling, yet concentrates on its benefits. Therefore European cross-country evidence may shed some light on this issue. This study helps fill this void by empirically estimating the magnitude of economies of vertical integration (EVI) between electricity generation and transmission based on a quadratic cost function. For this purpose we employ novel firm-level panel data of major European electricity utilities. Our results confirm the presence of substantial EVI, which put the policy measure of transmission ownership unbundling into question. (authors' abstract) / Series: Department of Economics Working Paper Series
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