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  • Investments  (3)
  • English  (3)
  • 1
    Publication Date: 2016-02-08
    Description: Since early 2009, electricity and gas distribution in Germany has been subject to incentive regulation designed to ensure greater efficiency in electricity and gas grid operation. However, it remains to be seen how changes to the regulatory framework will affect the investment behavior of distribution system operators. Against this background, the present study empirically analyzes the investment activities of distribution system operators for the period from 2006 to 2012. The key questions are whether the introduction of incentive regulation in 2009 has had an empirically demonstrable impact on investment and whether this effect is due to the introduction of incentive regulation per se, or to its specific design. The findings show a positive effect on investment since the introduction of incentive regulation which, in particular, is determined by the specific design of regulation.
    Keywords: D22 ; L51 ; L94 ; L95 ; ddc:330 ; Investments ; Regulation ; Network Industries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2016-06-22
    Description: We analyze the effects of an incentive based regulatory scheme with revenue caps on the investment behaviors and decisions of 109 electricity distribution companies operating in Germany in 2006-2012. We hypothesize that Germany's implementation of incentive regulation in 2009 has a negative impact on total investment, and that firms increase their investments in the base year. We build a model that controls for both firm-specific heterogeneity and ownership structure and test it with the German data. The results show that investments increase after incentive regulation, and that the institutional constraints used to determine the revenue caps influence the distribution companies' investment decisions. We also note that the investments increase in the base year when the rate base is determined for the following regulatory period. We conclude that a comprehensive assessment of Germany's electricity distribution companies' investment decisions and behaviors should account for firm specific heterogeneity. It should further include all institutional aspects of incentive regulation to design incentives that will foster investments in the region's energy networks.
    Keywords: L94 ; L51 ; L98 ; ddc:330 ; Incentive Regulation ; Electricity Distribution ; Investments ; Germany
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2016-02-08
    Description: A considerable share of public investment comes not only from public budgets but also from public utility companies. One major area of investment is energy and water supply, where the utility companies have substantial fixed assets in the form of distribution infrastructure. Using new microdata which has not been analyzed before, the present report shows that-unlike with the core public budgets-public energy and water supply companies show no signs of insufficient investment. On the contrary, gross investment into distribution networks over the past ten years has shown an upward trend comparable to that of private energy and water supply companies-if investment related to the expansion of infrastructure resulting from the energy transition is not taken into account. In addition, no clear correlation was found between the investment expenditure of energy and water supply companies and the financial strength or demographic trends within a given region. However, this does not rule out the possibility of diverging investment trends in the near future in response to demographic changes.
    Keywords: R53 ; L33 ; L97 ; ddc:330 ; Investments ; Public Utilities
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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