Production of energy from renewable sources and financial performance of European utilities: A panel-data analysis

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2024-09-07 DOI:10.1016/j.enpol.2024.114323

Susanna Dorigoni, Giuseppe A. Anzalone

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引用次数: 0

Abstract

Energy transition has become a priority for utilities worldwide.

Renewable electricity generation represents one of the pillars of the European decarbonization policy and is included among eligible activities in the Taxonomy Regulation.

The limited literature regarding the effects of investments in renewables on the financial performance of firms is fundamentally split in two lines: the first is focused on stock returns, the second concerns the determinants of the financial performance which is measured either through risk or accounting metrics. A limited set of studies has assessed the effects of investments in renewable power generation on the performance of utilities. In this article three linear regression analysis conducted on a panel-data composed of firm-year observations for 64 electric utilities from continental Europe between 2011 and 2020 are presented. The analysis has focused on: (i) profitability (Return-On-Asset), (ii) market valuation (Tobin's q) (iii) risk (Weighted Average Cost of Capital).

The results show that the renewable generation share is significantly and positively correlated with the first two indicators, while not correlated with the cost of capital.

This could represent a constraint to investments in renewable generation capacity with a negative impact on the achievement of the targets of the European decarbonization policy.

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可再生能源的生产与欧洲公用事业公司的财务业绩：面板数据分析

可再生能源发电是欧洲去碳化政策的支柱之一，并被列入《分类条例》中的合格活动。有关可再生能源投资对企业财务业绩影响的有限文献从根本上分为两类：第一类侧重于股票回报，第二类涉及财务业绩的决定因素，财务业绩通过风险或会计指标来衡量。评估可再生能源发电投资对公用事业公司业绩影响的研究为数不多。本文对 2011 年至 2020 年期间欧洲大陆 64 家电力公司的公司年观测数据进行了三次线性回归分析。结果表明，可再生能源发电份额与前两个指标显著正相关，而与资本成本不相关。这可能会制约可再生能源发电能力的投资，对欧洲去碳化政策目标的实现产生负面影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.