FERC 的异常资本市场理论

Q1 Social Sciences

Electricity Journal Pub Date : 2024-03-22 DOI:10.1016/j.tej.2024.107394

Lon L. Peters

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引用次数: 0

摘要

2014 年，美国联邦能源管理委员会采用了一种新的资本市场理论，用于设定授权权益回报率：所有观察到的股息和利率都是反常的，因此是投资者持有输电业主股票和债券所需回报的不可靠指标。这一新理论被用来证明更高的授权投资回报率是合理的，它拒绝接受资本市场基本条件的证据，并明确采纳了投资者拥有的公用事业公司关于市场不可靠的论点。在司法发回重审后，联邦能源管理委员会放弃了新理论，但新英格兰和中西部地区的消费者由于输电服务费率不公正、不合理，在数年内被任意收取了数亿美元的费用。

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FERC’s theory of anomalous capital markets

In 2014, FERC adopted a new theory of capital markets for the purpose of setting authorized returns-on-equity: that all observed dividends and interest rates were anomalous and therefore unreliable indicators of the returns necessary for investors to hold the stocks and bonds of transmission owners. The new theory, used to justify higher authorized ROEs, rejected evidence of fundamental conditions in capital markets and explicitly adopted arguments by investor-owned utilities regarding unreliable markets. After a judicial remand, FERC abandoned the new theory, but consumers in New England and the Midwest were arbitrarily charged hundreds of millions of dollars over several years due to unjust and unreasonable rates for transmission service.

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来源期刊

Electricity Journal Business, Management and Accounting-Business and International Management

CiteScore

5.80

自引率

0.00%

发文量

审稿时长

31 days

期刊介绍： The Electricity Journal is the leading journal in electric power policy. The journal deals primarily with fuel diversity and the energy mix needed for optimal energy market performance, and therefore covers the full spectrum of energy, from coal, nuclear, natural gas and oil, to renewable energy sources including hydro, solar, geothermal and wind power. Recently, the journal has been publishing in emerging areas including energy storage, microgrid strategies, dynamic pricing, cyber security, climate change, cap and trade, distributed generation, net metering, transmission and generation market dynamics. The Electricity Journal aims to bring together the most thoughtful and influential thinkers globally from across industry, practitioners, government, policymakers and academia. The Editorial Advisory Board is comprised of electric industry thought leaders who have served as regulators, consultants, litigators, and market advocates. Their collective experience helps ensure that the most relevant and thought-provoking issues are presented to our readers, and helps navigate the emerging shape and design of the electricity/energy industry.