Energieeinsparung als Versicherung gegen Marktrisiken / Saving Energy as Insurance against Market Risk

Kreuzberg Peter
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Kreuzberg Peter: Leiter Energie- und Umweltkonzepte / Neue Technologien, Abteilung Energiewirtschaft (XEQ), Gas-, Elektrizitäts- und Wasserwerke Köln AG, Parkgürtel 24, D-50823 Köln

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 1996, vol. 215, issue 6, 675-687

Abstract: Many investments in energy conservation are held as unprofitable, because they do not earn their cost of capital. However, using oilsaving projects as an example, one can show that the conventionally used cost of capital is probably far too high. The empirically estimated, statistically significant „BETA for Oil“ has a negative sign, thus indicating that oilsaving investments provide insurance against systematic market risk. Consequently, risk-adjusted cost of capital is below the riskfree rate.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:215:y:1996:i:6:p:675-687:n:1003

DOI: 10.1515/jbnst-1996-0603

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