Jan 31, 2019 06:39
5 yrs ago
English term

marginal changes

English to German Bus/Financial Investment / Securities
Climate change has already elicited a global policy response to promote renewable energies, thereby prompting a virtuous feedback loop that is driving down the cost of renewables and making them ever more competitive with fossil fuels. If the Paris Agreement’s temperature targets are to be met then policymakers will need to do all they can to accelerate the momentum of this feedback loop, and where necessary complement it with other measures (the announcement on 26/01/19 that Germany is set to phase out all its coal-fired power stations by 2038 is a good example of such complementary measures).

However, the crucial point for investors is that whether the necessary system change is achieved in time to meet the Paris Agreement’s temperature targets or not, the ***marginal changes*** we are now observing every year in the global energy market potentially put large swathes of equity value at risk over the next few years. This is because what matters for equity valuations is which energy sources dominate the growth in demand, not which sources dominate the overall level of demand.


Danke im Voraus!
Proposed translations (German)
3 +2 marginale Veränderung
Votes to reclassify question as PRO/non-PRO:

Non-PRO (1): Harald Moelzer (medical-translator)

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Discussion

Olaf Reibedanz (asker) Jan 31, 2019:
Hier noch drei Sätze: However, beyond the obvious interest that the Commission’s findings will have to those investors following Germany’s energy policy closely, there is a much broader lesson that all investors can learn from Germany’s ongoing energy transition towards a zero-carbon future. The lesson is simple but powerful: whereas for policymakers climate risk is all about system rates of change, for investors climate risk is all about ***marginal rates of change***. [...]

It is the ***marginal change*** in the composition of the German power market every year over the last decade rather than the annual system change in the composition of demand that explains why the German utilities E.ON and RWE have lost ~80% of their market capitalization since 2008. [...]

The fact that renewables have ***short-run marginal cost (SRMC)*** of zero means that in addition to taking market share from the incumbents they also dramatically reduced the power price over the last decade (Exhibit 2). As a result, conventional generators have faced the double squeeze of lower volumes and lower prices.
Olaf Reibedanz (asker) Jan 31, 2019:
Danke an alle! Nur als weitere Interpretation: Könnte sich der Autor hier nicht eventuell auch auch die Grenzrate der Substitution/Substitutionsgrenzrate beziehen? Siehe: https://de.wikipedia.org/wiki/Grenzrate_der_Substitution

Siehe auch: https://es.pons.com/traducción/alemán-inglés/Grenzrate der S...

Ich hab aber leider gerade keine Zeit, mich näher mit dem Konzept zu befassen.
Steffen Walter Jan 31, 2019:
Genau, Birgit "Schneckentempo" ist mir hier auch eingefallen, i. S. v. nur minimalen Veränderungen/Verlagerungen/Fortschritten. Die deutsche Kohlekommission reiht sich hier übrigens (un)würdig ein, denn ein Ausstieg aus der Kohle bis zum Jahr 2038 dauert viel zu lange. Bei entsprechendem politischem Willen und Einsicht in die Notwendigkeit wäre das auch schon zehn Jahre früher umsetzbar.
Wendy Streitparth Jan 31, 2019:
Bin auch für 'minimal'. Umstellungen? Wende?
Birgit Gläser Jan 31, 2019:
ist das nicht das gleiche? ich glaube es geht darum, dass sich nur im Schneckentempo was tut... ich würde es vielleicht mit "leichten/minimalen Verlagerungen im globalen Energiemarkt" übersetzen. Verschiebungen kam mir auch in den Sinn, aber ich glaube Verlagerung passt hier besser...
Olaf Reibedanz (asker) Jan 31, 2019:
Kann es sein, ... ... dass der Autor meinte: "marginal rates of change" = "marginale Änderungsraten"? Das kommte nämlich noch an einer anderen Stelle im Text vor:

German utilities’ experience shows investor risk is all about the ***marginal rate of change***

Equities are priced on expected discounted cash-flows, and for energy companies expected future cash-flows depend on market expectations of future volumes sold and prices achieved. In the German power market up until 2008, the largest incumbent power generators, E.ON and RWE, had a diversified mix of conventional power plants consisting mainly of fossil-fuel (i.e. coal and gas) and nuclear capacity, but these incumbents were not investing in renewable energy at all over 2002-2008.

Proposed translations

+2
2 hrs
Selected

marginale Veränderung

as by: https://www.uni-due.de/imperia/md/content/staedtebau/2016_kl...

"Sie sind dadurch gekennzeichnet, dass **** marginale Veränderungen **** bei einer Ursache oder mehreren Ursachen zu unerwartet großen
Ausschlägen bei den Wirkungen führen können. Besonders eindrucksvoll ist dies beim sog. Schmetterlingseffekt9. "
Peer comment(s):

agree Steffen Walter : lediglich marginale/minimale Veränderungen/Verlagerungen
2 hrs
agree Wolfram Weinberg, PhD : marginale/unbedeutende/unwesentliche
4 hrs
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4 KudoZ points awarded for this answer. Comment: "Danke an alle! Ich habe die Stelle vorsichtshalber für den Kunden markiert. "

Reference comments

9 hrs
Reference:

Ich denke, es geht in diese Richtung:

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