Firm-specific impacts of CO2 prices on the stock market value of the Spanish power industry

Patricia Silva (), Blanca Moreno and Nuno Carvalho Figueiredo

Energy Policy, 2016, vol. 94, issue C, 492-501

Abstract: European Union carbon emissions allowances (EUA) price fluctuations can affect electricity companies' stock market values as these oscillations may change firms' profitability and thus investors' decisions. This outcome can differ not only contingent on the EU ETS Phase, but also on firms' generation mix. Moreover, stock markets may react differently to EUA increases in comparison to decreases, thus asymmetrically.

Keywords: European Union Emission Trading System; Electricity sector; Energy prices; Vector error correction analysis (search for similar items in EconPapers)
JEL-codes: C22 G12 Q4 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:94:y:2016:i:c:p:492-501

DOI: 10.1016/j.enpol.2016.01.005

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