the United States and Switzerland, adopting an investor point of view. Expected returns are defined by the rate of …, and Solar in the case of Switzerland, a country without domestic supplies of fossil fuels. Since shocks in generation … costs are found to be correlated, Seemingly Unrelated Regression Estimation (SURE) is used to filter out the systematic …

Switzerland and the United States. Expected returns are given by the (negative of the) rate of increase of power generation cost … Nuclear, Run of river, Storage hydro and Solar in the case of Switzerland, and Coal, Nuclear, Gas, Oil, and Wind in the case … estimation (SURE) method is applied for filtering out the systematic component of the covariance matrix of the cost changes …