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Bewertung von Strom- und Gasnetzen mit Ertragswert und Realoptionen

Author

Listed:
  • Ahrend, Klaus-Michael
  • Meyer-Renschhausen, Martin

Abstract

Die Bewertung von Strom- und Gasnetzen hat für jeden Netzeigentümer eine hohe Bedeutung. In dem Beitrag werden die relevanten Bewertungsmethoden dargestellt. Vertieft werden die Elemente für die Ermittlung des Ertragswerts unter Berücksichtigung der deutschen Netzregulierung. Für die gewichteten Kapitalkosten, den WACC, wird eine neue Formel für die Berechnung präsentiert. Auch wird die Realoptionstheorie auf die Bewertung von Energienetzen übertragen. Die Werte der bestehenden Realoptionen können den ermittelten Ertragswert erhöhen oder ihn reduzieren. Jedenfalls lassen sich Realoptionen bei den Verhandlungen für einen angemessenen Preis der Energienetze berücksichtigen. Der Beitrag schließt mit Empfehlungen für die Netzbewertung in der Praxis.

Suggested Citation

  • Ahrend, Klaus-Michael & Meyer-Renschhausen, Martin, 2014. "Bewertung von Strom- und Gasnetzen mit Ertragswert und Realoptionen," EconStor Preprints 106943, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:106943
    as

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    File URL: https://www.econstor.eu/bitstream/10419/106943/1/Netzbewertung%20Final%20Ahrend%20Renschhausen.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bewertungsverfahren; Ertragswert; Energienetze; Stromnetz; Gasnetz; Realoptionsbewertung; Energieregulierung; Netzregulierung; Rekommunalisierung;
    All these keywords.

    JEL classification:

    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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