This paper explores the relation between the regulation of monopolistic upstream prices and the incentives of a vertically integrated input monopolist to discriminate third parties on the downstream market. Currently, this is an issue in network industries like telecommunications, electricity...

Constellation Energy has been a leading performer in the merchant power business since 2001. In addition to its legacy utility, Baltimore Gas and Electric, Constellation is a merchant generator and a wholesale power marketer serving the load of utilities as well as industrial, commercial and...

Mit dem reformierten Erneuerbare-Energien-Gesetz (EEG) des Jahres 2014 wurde stufenweise eine verpflichtende Direktvermarktung für Ökostrom eingeführt. Betreiber größerer Windkraftanlagen müssen ihre Stromproduktion demnach am Strommarkt verkaufen. Sie erhalten zusätzlich zum...

The 2014 reform of the German Renewable Energy Act introduces a mandatory shift from a fixed feed-in tariff to a floating premium system. This is envisaged to create additional incentives for project developers, but also impacts revenues and costs for new investments in wind generation. Thus...

We investigate the impact of growth opportunities on the financing decisions of investor-owned electric utilities in the U.S. when the electricity sector was deregulated. We find that the relationship between leverage and growth opportunities can be positive or negative, depending on the nature...

There is a sharp contrast when one compares firm leverage ratios between U.S. and British electric utilities, which have both been deregulated in the past decade. In the U.S., leverage ratios have been declining while in the U.K., they show a marked increase. To better understand the decline in...

The 2014 reform of the German Renewable Energy Act introduces a mandatory shift from a fixed feed-in tariff to a floating premium system. This is envisaged to create additional incentives for project developers, but also impacts revenues and costs for new investments in wind generation. Thus...