We examine the impact of liberalization, energy efficiency, renewable energy, and security of supply legislations on the risk-return profiles of European energy utilities over the period 1996 to 2013. Results show that, after controlling for equity market and commodity risk factors, the EU...

In Germany, substantial drops in wholesale power prices have become a regular phenomenon. While such price drops have far-reaching implications for the functioning of the power market, their underlying determinants remain poorly understood. To fill this gap, we propose a Markov regime-switching...

Industrial consolidation is a global trend that evolved during the last three decades. Market liberalisation and privatisation represent initial key transformation processes for this phenomenon in the energy sector. The energy sector moved over to common interest during the last years: The...

In Indonesia, the activities of supplying of electricity energy or generating of electricity power is still dominated by PT PLN (Persero). The supply of electricity has not been able to meet the demand of electricity by PT PLN. The electricity supply can be affected by amount of generation...

Due to low natural gas prices and the environmental advantages of natural gas combined cycle (NGCC) compared to coal, NGCC is replacing coal generators as the inframarginal providers of electricity. However, on average, NGCCs are running only 54 percent of the time. Utilizing excess NGCC...

We examine the role of information transparency in Alberta's wholesale electricity market. Using data on firms' bidding behavior, we analyze whether firms utilize information revealed in near real-time through the Historical Trading Report (HTR), which is released 10 minutes after each hour and...

This paper applies a modified scorecard approach combined with Herfindahl-Hirschman index (HHI) to measure evidence of electricity sector reforms in a span of six decades covering the pre-reform and the current reform process in Kenya. A comprehensive policy review covering different apsects of...

State-regulated investor-owned utilities serve over 70 percent of electricity to final end-use retail consumers in the U.S. Prior to the 1990s, all states used a “cost of service (COS)” regulation regime in which investor-owned utilities were allowed to recover prudently incurred costs plus...

We analyze the effects of commonly employed renewable compensation policies on firm behaviorin an imperfectly competitive market. We consider a model where firms compete for renewablecapacity in a procurement auction prior to choosing their forward contract positions and competingin wholesale...

Empirical evidence on households' awareness of electricity prices and potentially divergent demand responses to price changes conditional on price knowledge is scant. Using panel data originating from Germany's Residential Energy Consumption Survey (GRECS), we fill this void by employing an...