One year ago, in the midst of the financial crisis, one industry—energy utilities—continued accessing the capital markets. Since then, interest rates and terms have improved dramatically, inviting...
place for the first two years and in the long run. The figures were based on the following assumptions: current tariff structures are retained; a long-run price elasticity of demand of between 0.4 and 0.6; changes in electricity costs are passed on to customers; electricity consumption changes as prices change; and a post-wheeling price of electricity of 4¢/kWh.
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