Multi-Dimensional Risk and Investment Return in the Energy Sector: The Case of Electric Transmission Networks (Bank- und finanzwirtschaftliche Forschungen)
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To the extent that regulation replaces market mechanisms, the value and risk profile of a regulated investment essentially depend on the explicit specification of the regulatory market design that allocates future stochastic costs and benefits among stakeholders, i.e. investors, consumers, and taxpayers. The present study introduces a multi-dimensional regulatory risk framework that allows a systematic examination of the risk profile of a regulated investment based on the systematic nature, the symmetric nature, and the financial impact of each individual risk exposure. Besides this conceptual work and a comprehensive bibliographic overview of existing academic literature, the study develops novel research designs to address analytical and empirical research gaps, such as a methodology to estimate implied cost of capital based on fundamental valuation models. The presented findings should provide valuable insights for investors and financial analysts that are assessing an investment in the energy sector as well as for regulators that have to provide efficient incentives for network expansion.
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