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来源类型Working Paper
规范类型报告
DOI10.3386/w26441
来源IDWorking Paper 26441
Climate Change, Operating Flexibility and Corporate Investment Decisions
Chen Lin; Thomas Schmid; Michael S. Weisbach
发表日期2019-11-11
出版年2019
语种英语
摘要Extreme temperatures lead to large fluctuations in electricity demand and wholesale prices of electricity, which in turn affects the optimal production process for firms to use. Using a large international sample of planned power plant projects, we measure the way that electric utilities’ investment decisions depend on the frequency of extreme temperatures. We find that they invest more in regions with more extreme temperatures. These investments are mostly in flexible gas and oil-fired power plants that can easily adjust their output, to improve their operating flexibility. Our results suggest that climate change is becoming a meaningful factor affecting firms’ behavior.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w26441
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584113
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GB/T 7714
Chen Lin,Thomas Schmid,Michael S. Weisbach. Climate Change, Operating Flexibility and Corporate Investment Decisions. 2019.
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