Corporate power purchase agreements and the value of decarbonization

IF 2.5 Q3 MANAGEMENT

International Journal of Energy Sector Management Pub Date : 2023-12-11 DOI:10.1108/ijesm-03-2023-0008

Steffen Hundt

引用次数: 0

Abstract

Purpose The purpose of this paper is to examine if the announcement of corporate power purchase agreements (PPAs) induce significant effects on the electricity buyers' stock returns. Design/methodology/approach This is an event study based on the Fama French Five Factor Model which uses several significance tests and robust regression approaches. Findings The announced closing of corporate PPAs induces significant positive abnormal stock returns. This announcement effect is even more pronounced in case of virtual PPAs. Originality/value To the best of the author‘s knowledge, this study is the first which explictly investigates the announcement effects of corporate PPAs, which are closed between the owner of the renewable energy asset and the institutional end consumer. In addition, this study extends the event study approach by robust regression methods.

查看原文本刊更多论文

企业购电协议和去碳化的价值

目的研究企业购电协议的公告是否会对购电者的股票收益产生显著影响。设计/方法/方法这是一个基于Fama French五因素模型的事件研究，该模型使用了几个显著性检验和稳健回归方法。研究发现:公司ppa交易的宣布结束导致了显著的正异常股票收益。这种公告效应在虚拟ppa的情况下更为明显。原创性/价值据作者所知，本研究是第一个明确调查企业购电协议公告效应的研究，该协议是在可再生能源资产所有者和机构终端消费者之间达成的。此外，本研究以稳健回归方法扩展事件研究方法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

International Journal of Energy Sector Management MANAGEMENT-

CiteScore

6.80

自引率

22.60%

发文量

期刊介绍： The International Journal of Energy Sector Management aims to facilitate dissemination of research on issues relating to supply management (covering the entire supply chain of resource finding, extraction, production, treatment, conversion, transportation, distribution and retail supply), demand and usage management, waste management, customer and other stakeholder management, and solutions thereto. The journal covers all forms of energy (non-renewable and renewable), forms of supply (centralised or decentralised), ownership patterns (public or private, cooperative, joint, or any other), market structures (formal, informal, integrated, disintegrated, national, international, local, etc.) and degress of commoditisation (e.g. internationally traded, regionally traded, non-traded, etc.). The journal aims to cover a wide range of subjects relevant to the management of the energy sector, including but not limited to: Management of scarce resources (economic, financial, human and natural), projects, activities and concerns (e.g. regulatory, social and environmental aspects), technologies and knowledge Business strategy, policy and planning as well as decision support systems for energy sector management Business organisation, structure and environment, and changes thereto Globalisation and multi-cultural management Management of innovation, change and transition.