Affordable energy is one of the objectives of EU's energy policy. This goal has been challenged by many factors inuencing energy prices and costs such as developments in global energy markets, the EU ETS and the promotion of renewables. Analysing energy costs (prices times quantity) instead of...

Financial accounting affords considerable discretion to firms in aggregating internal information for external dissemination, yet little evidence exists about the consequences of such aggregation. We examine a central operational effect by studying whether withholding disaggregated cost...