Zum langfristigen Erfolg der Investitionspolitik kommunaler Energieversorgungsunternehmen im Zuge der Energiewende

Felix Brabänder, Christian Kammlott and Dirk Schiereck

ZögU - Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, 2015, vol. 38, issue 4, 278-300

Abstract: We analyze the interrelation between investment policy and long-term corporate performance for a group of local public utilities in order to clarify whether the politically motivated role of local public utilities still generated economically attractive investment returns over the past decade. The examination exploits financial and production oriented data with 315 observations from 35 large public utilities which have their own energy production facilities. On average we document a negative performance trend with decreasing margins and ROCE and an increase with capital employed and leverage. Overall the growth of fixed assets is followed by a reduction in profits. Additionally we find a significant negative correlation between the volume of investments and the changes in performance. This is particularly the case for large utilities with own energy trading activities.

Date: 2015
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DOI: 10.5771/0344-9777-2015-4-278

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ZögU - Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen is currently edited by Prof. Dr. Frank Schulz-Nieswandt, Universität Köln (geschäftsführend), Prof. Dr. Thomas Lenk, Universität Leipzig, Prof. Dr. Holger Mühlenkamp, Deutsche Universität für Verwaltungswissenschaften Speyer, Prof. Dr. Johann Christian Pielow, Ruhr-Universität Bochum, Prof. Dr. Christina Schaefer, Helmut Schmidt Universität, Universität der Bundeswehr Hamburg, Prof. Dr. Ludwig Theuvsen, Georg-Augustin-Universität Göttingen and Prof. Dr. Dieter Kurt Tscheulin, Albert-Ludwigs-Universität Freiburg

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