In recent years, a debate has ensued regarding the role of long-term power purchase agreements for securing investments in power generation capacity in organized wholesale markets. This thesis illuminates the issues surrounding the debate and provides a framework for understanding the nature and...

Since the late 1970s, the US electric power industry has been undergoing major changes. The electric utility industry had mainly consisted of highly regulated, vertically integrated, local monopolies, providing customers with all electric services at rates determined by the state regulatory...

Bolton, Chen and Wang (2009) propose a model (the BCW model) of dynamic corporate investment, financing, and risk management for a financially constrained firm. In the BCW model, corporate risk management is a combination of internal liquidity management, financial hedging, investment, and...