The Impact of Tariff Regulation on Investment in Russian Electricity Distribution Sector

2016 ◽  
Vol 2016 (5) ◽  
pp. 69-91
Author(s):  
Yuliya Orlova ◽  
Olga Kadreva
Keyword(s):  
District Heating ◽  
Distribution Networks ◽  
Investment Model ◽  
Electricity Distribution ◽  
Explanatory Factors ◽  
Dynamic Investment ◽  
Distribution Sector ◽  
The Impact ◽  
Positive Effect

The paper investigates the mid-term results of the tariff regulation influence on the amount of capital expenditures in Russian electricity distribution sector. We estimate panel data with the dynamic investment model using system GMM method. We showed that horizon of tariff regulation period is statistically significant and transition from the short-term regulation to the long-term tariff system had positive effect on the amount of regulated companies’ investments. At the same time we found that the design of long-term regulation applied in Russia in 2009–2013 (type of RAB-regulation and long-term indexation) was not statistically significant to the amount of investments. All over all, the amount of investments in electricity distribution networks has similar to European peers explanatory factors. The obtained results are important to the further improvement of regulation in power energy and can be applied in district heating as well.

scholarly journals The impact of credit rationing on farmer’s economic equilibrium

2009 ◽  
Vol 55 (No. 11) ◽  
pp. 541-549 ◽  
Author(s):  
L. Čechura
Keyword(s):  
Capital Accumulation ◽  
Control Variable ◽  
Credit Rationing ◽  
Adjustment Costs ◽  
Investment Model ◽  
Economic Equilibrium ◽  
Dynamic Investment ◽  
Dynamic Optimization Model ◽  
Investment Spending ◽  
The Impact

The paper deals with the theoretical analysis of the impact of credit rationing on farmer’s economic equilibrium. The analysis is carried out based on the derived dynamic optimization model, which is the dynamic investment model with adjustment costs. The credit rationing is introduced by imposing an upper limit on the control variable, which is in this case represented by the investment spending. Then, the optimal control is used to solve the optimization problem in the situation of both with and without credit constraints. Finally, the situations without and with credit rationing are compared. The results show that the occurrence of credit rationing or in general financial constraints significantly determines the capital accumulation and investment decisions of farmers and as a result their supply functions.

scholarly journals The Demerger Impact upon Sustainable Development of Economic Entities: Evidence from Romania

2021 ◽  
Vol 13 (15) ◽  
pp. 8316
Author(s):  
Camelia Mirela Baba ◽  
Constantin Duguleană ◽  
Marius Sorin Dincă ◽  
Liliana Duguleană ◽  
Gheorghița Dincă
Keyword(s):  
Sustainable Development ◽  
Business Strategies ◽  
The Sustainable Development ◽  
Ex Post ◽  
Before And After ◽  
Almost All ◽  
The Impact ◽  
Profitability Ratios ◽  
Positive Effect

The Covid-19 induced economic crisis has significantly affected almost all businesses from nearly every sector, causing severe financial problems, lack of cash assets, and decrease of revenues. In this context, the economic entities were forced to look for adjustment and rescue solutions of their activities. One possible solution for the recovery and reorganization of economic entities’ activities is demerger. This paper evaluates the impact of demerger upon the sustainable development of economic entities in terms of economic efficiency and financial performances. To achieve this goal, a statistical analysis of profitability ratios before and after the demerger, as well as a structural analysis of 268 demerger projects for the April 2012–April 2021 period, were performed. The results attest there are no significant differences between the ex-ante and ex-post financial performances. However, demerger seems to have a positive effect upon analyzed companies helping them to overcome economic hardships, rethink their business strategies, and continue their activity in the medium and long-term time horizon.

The Impact of Tariff Regulation on Potential Investor’s Decision in District Heating

2016 ◽  
Vol 2016 (5) ◽  
pp. 92-112
Author(s):  
Viktoriya Gimadi
Keyword(s):  
Current System ◽  
Investment Decision ◽  
District Heating ◽  
Rate Of Return ◽  
Total Revenue ◽  
Negative Effect ◽  
The Impact ◽  
The Empirical Analysis ◽  
Efficiency Indicators

The paper analyses the ways how long-term tariff regulation impacts on investment decision in district heating in Russia. Concessions in district heating gave us good chance to analyze impact of tariff regulation on the potential concessionaire decision who is choosing between agreements. The empirical analysis shows that potential concessionaire makes such decisions taking into account specific tariff parameters. The probability of attracting potential investor increases because of indicated volume of rate of return or including energy efficiency indicators; the ratio of operating expenses has negative effect on the probability. The growth rates of total revenue indicated for all years of the planned agreement has no effect on the probability. Potential concessionaire prefers to choose agreements, where the volume of investment commitments is lower, because he is not ready to assume ambitious commitments in the district heating in the current system of regulation.

Modelling the impact of micro-combined heat and power generators on electricity distribution networks

2008 ◽  
Vol 222 (7) ◽  
pp. 697-706 ◽  
Author(s):  
M Thomson ◽  
D Infield
Keyword(s):  
Distribution System ◽  
Power Flow ◽  
Internal Combustion Engines ◽  
Energy Use ◽  
Flow Analysis ◽  
Distribution Networks ◽  
Electricity Distribution ◽  
Power Generators ◽  
Electricity System ◽  
The Impact

This paper investigates potential technical effects that a high take up of domestic micro-CHP could have on an electricity distribution system. This study is based on a combination of house-by-house energy use modelling and network power-flow analysis. A variety of micro-CHP technologies are represented, including Stirling engines, internal combustion engines, and fuel cells. These have different heat-to-power ratios and thus different impacts on the electricity system. The results and discussion focus on voltage rise, which is considered to be the primary constraint on allowable penetration.

scholarly journals Impact of Capital Structure on Profitability:An empirical analysis of listed firms in India

2018 ◽  
Vol 7 (2) ◽  
pp. 1-6
Author(s):  
Atif Ghayas ◽  
Javaid Akhter
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Short Term ◽  
Return On Equity ◽  
Listed Firms ◽  
Relationship Capital ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

This study aims to empirically examine and analyze the impact of capital structure decision on the firm’s profitability by using a sample of 35 Indian pharmaceutical companies listed on Bombay Stock Exchange (BSE) during the period of 5 years from 2012 to 2016. Regression Analysis is used to measure the extent and nature of the relationship. Capital structure variables used in the study are ratio of long-term debt to total assets (LDA), ratio of short-term debt to total assets (SDA) and ratio of Total debt to total assets (DA) while profitability has been measure by Return on Equity (ROE). Firms Size (SIZE)and Salesgrowth(GROW) are also used as control variables. Results reveal a positive effect of SDA and DA on ROE, while a weak-to-no effect was found of LDA on ROE.

scholarly journals Stochastic Planning and Operational Constraint Assessment of System-Customer Power Supply Risks in Electricity Distribution Networks

2021 ◽  
Vol 13 (17) ◽  
pp. 9579
Author(s):  
Mikka Kisuule ◽  
Ignacio Hernando-Gil ◽  
Jonathan Serugunda ◽  
Jane Namaganda-Kiyimba ◽  
Mike Brian Ndawula
Keyword(s):  
Sequential Monte Carlo ◽  
Network Reliability ◽  
Distribution Network ◽  
Integrated Approach ◽  
Distribution Networks ◽  
Test System ◽  
Electricity Distribution ◽  
Reliability Indices ◽  
Operational Constraints ◽  
The Impact

Electricity-distribution network operators face several operational constraints in the provision of safe and reliable power given that investments for network area reinforcement must be commensurate with improvements in network reliability. This paper provides an integrated approach for assessing the impact of different operational constraints on distribution-network reliability by incorporating component lifetime models, time-varying component failure rates, as well as the monetary cost of customer interruptions in an all-inclusive probabilistic methodology that applies a time-sequential Monte Carlo simulation. A test distribution network based on the Roy Billinton test system was modelled to investigate the system performance when overloading limits are exceeded as well as when preventive maintenance is performed. Standard reliability indices measuring the frequency and duration of interruptions and the energy not supplied were complemented with a novel monetary reliability index. The comprehensive assessment includes not only average indices but also their probability distributions to adequately describe the risk of customer interruptions. Results demonstrate the effectiveness of this holistic approach, as the impacts of operational decisions are assessed from both reliability and monetary perspectives. This informs network planning decisions through optimum investments and consideration of customer outage costs.

Structural Reforms and Technical Efficiency in the Indian Electricity Distribution Sector

2020 ◽  
Vol 37 (02) ◽  
pp. 2050004
Author(s):  
Sudhir Mahadeo Bobde ◽  
Makoto Tanaka
Keyword(s):  
Technical Efficiency ◽  
Power Distribution ◽  
Positive Impact ◽  
Bootstrap Method ◽  
State Level ◽  
Electricity Distribution ◽  
Negative Effect ◽  
Dea Efficiency ◽  
Distribution Sector ◽  
The Impact

This paper examines the impact of electricity reforms on the technical efficiency of the power distribution sector in India, using state-level panel data for the period 1995–2012. We use a two-stage data envelopment analysis (DEA), where DEA efficiency estimates obtained in the first stage are regressed on policy reform variables and some external environmental variables in the second-stage analysis. The bootstrap method is applied to analyze the statistical properties of the nonparametric estimates. First, we find that the partially unbundled structure of the electricity industry, where generation and distribution sectors are integrated but the transmission sector is separate, had significant positive impact on the technical efficiency of the distribution sector. Second, our result indicates that the legislation of electricity reforms had a significantly negative effect on technical efficiency. Third, we find that small-sized electricity distribution sectors/states experienced significant positive gain in technical efficiency when interacted with partial or full unbundling.

scholarly journals Exploring the Impact of a District Sharing Strategy on Application Capacity and Carbon Emissions for Heating and Cooling with GSHP Systems

2020 ◽  
Vol 10 (16) ◽  
pp. 5543
Author(s):  
Yi Zhang ◽  
He Qi ◽  
Yu Zhou ◽  
Zhonghua Zhang ◽  
Xi Wang
Keyword(s):  
Carbon Emissions ◽  
Urban Areas ◽  
District Heating ◽  
Low Carbon ◽  
Heating And Cooling ◽  
Ground Source ◽  
Sharing Strategy ◽  
Low Carbon Energy ◽  
The Impact

To meet long-term climate change targets, the way that heating and cooling are generated and distributed has to be changed to achieve a supply of affordable, secure and low-carbon energy for all buildings and infrastructures. Among the possible renewable sources of energy, ground source heat pump (GSHP) systems can be an effective low-carbon solution that is compatible with district heating and cooling in urban areas. There are no location restrictions for this technology, and underground energy sources are stable for long-term use. According to a previous study, buildings in urban areas have demonstrated significant spatial heterogeneity in terms of their capacity to demand (C/D) ratio under the application of GSHP due to variations in heating demand and available space. If a spatial sharing strategy can be developed to allow the surplus geothermal capacity to be shared with neighbors, the heating and cooling demands of a greater number of buildings in an area can be satisfied, thus achieving a city with lower carbon emissions. In this study, a GSHP district system model was developed with a specific embedding sharing strategy for the application of GSHP. Two sharing strategies were proposed in this study: (i) Strategy 1 involved individual systems with borehole sharing, and (ii) Strategy 2 was a central district system. Three districts in London were selected to compare the performance of the developed models on the C/D ratio, required borehole number and carbon emissions. According to the comparison analysis, both strategies were able to enhance the GSHP application capacity and increase the savings of carbon emissions. However, the improvement levels were shown to be different. A greater number of building types and a higher variety in building types with larger differentiation in heating and cooling demands can contribute to a better district sharing performance. In addition, it was found that these two sharing strategies were applicable to different kinds of districts.

Broadening the horizons of intellectual capital disclosure to the sports industry: evidence from top UEFA clubs

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Filippo Vitolla ◽  
Nicola Raimo ◽  
Michele Rubino ◽  
Antonello Garzoni
Keyword(s):  
Intellectual Capital ◽  
Design Methodology ◽  
Sports Performance ◽  
Content Type ◽  
Sports Industry ◽  
Explanatory Factors ◽  
Football Clubs ◽  
Football Industry ◽  
The Impact ◽  
Positive Effect

Purpose The football industry presents a unique setting for intellectual capital analysis. This study aims to investigate the online intellectual capital disclosure level of top football clubs and to analyse the impact of some explanatory factors on the level of information provided. Design/methodology/approach The authors use manual content analysis of the websites to measure intellectual capital disclosure levels along with a regression analysis on a sample of the 80 football clubs that qualified for the group stages of the 2019–20 UEFA Champions and Europa League. Findings Empirical results reveal that football clubs disclose a limited amount of information regarding intangibles on their websites. In addition, they show that sports performance, technical market value and social media visibility have a positive effect on the disclosure level. Originality/value This study extends the horizon of intellectual capital disclosure to a sector (football) that is currently under-explored and broadens the list of antecedents of the intellectual capital disclosure level.

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