A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Financial Sustainability of Publicly Traded European Electric Utilities
This thesis explores the financial sustainability of electric utilities and the challenges they faced from 2009 to 2019. The main goal of the study was to find whether the finances of the selected companies in the study had deteriorated during a decade following a global financial crisis and an operating environment dominated by increased pressure to decarbonise Europe’s energy mix. The decades predating the timeframe of the study are covered as they provide an important background on the liberalisation and integration of the European electricity market that preceded the period covered by this research. It is followed by an overview of the fluctuations in electricity demand and prices as well as an analysis of the selected companies’ financial statements with an emphasis on key ratios pertaining to financial liabilities and solvency. Market capitalisation and credit rating evolution shed light on investor and creditor confidence in the industry at large and, finally, the financial impact of disruption and the transition to green energy is studied in the final chapter of the thesis, with particular emphasis on asset impairment and the outlook of energy markets in Europe. The key metrics analysed confirm that the period from 2009 to 2019 was defined by a market with weak demand compounded by increased regulatory pressure to update the European energy mix with investment-intensive renewable capacity. The debt sustainability of electric utilities declined over this challenging decade as credit rates confirm but the end of the period saw positive signs and, while the future holds challenges for the energy sector, it also holds promise with the advent of electric vehicles and other technologies with the potential for increased demand for electricity.
Financial Sustainability of Publicly Traded European Electric Utilities
This thesis explores the financial sustainability of electric utilities and the challenges they faced from 2009 to 2019. The main goal of the study was to find whether the finances of the selected companies in the study had deteriorated during a decade following a global financial crisis and an operating environment dominated by increased pressure to decarbonise Europe’s energy mix. The decades predating the timeframe of the study are covered as they provide an important background on the liberalisation and integration of the European electricity market that preceded the period covered by this research. It is followed by an overview of the fluctuations in electricity demand and prices as well as an analysis of the selected companies’ financial statements with an emphasis on key ratios pertaining to financial liabilities and solvency. Market capitalisation and credit rating evolution shed light on investor and creditor confidence in the industry at large and, finally, the financial impact of disruption and the transition to green energy is studied in the final chapter of the thesis, with particular emphasis on asset impairment and the outlook of energy markets in Europe. The key metrics analysed confirm that the period from 2009 to 2019 was defined by a market with weak demand compounded by increased regulatory pressure to update the European energy mix with investment-intensive renewable capacity. The debt sustainability of electric utilities declined over this challenging decade as credit rates confirm but the end of the period saw positive signs and, while the future holds challenges for the energy sector, it also holds promise with the advent of electric vehicles and other technologies with the potential for increased demand for electricity.
Financial Sustainability of Publicly Traded European Electric Utilities
Manninen, Raimo Pedro (author)
2021-01-01
Miscellaneous
Electronic Resource
English
renewable energy sources , International Business Management , International Business , Administration and Marketing| , Bachelor of Business Administration , hallinto ja markkinointi|sv=Företagsekonomi , Europe , electricity market , electricity , förvaltning och marknadsföring|en=Business Management , energy policy , European Union countries , fi=Liiketalous , financial markets
DDC:
690
Planners in Publicly Traded Firms
| Taylor & Francis Verlag | 2023
STRUCTURE OF PUBLICLY‐OWNED WATER UTILITIES
| Wiley | 1970
Principles of Rate Making for Publicly Owned Utilities
| Wiley | 1960