English term
marginal changes
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!
3 +2 | marginale Veränderung |
Web Chameleon
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Non-PRO (1): Harald Moelzer (medical-translator)
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Proposed translations
marginale Veränderung
"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. "
agree |
Steffen Walter
: lediglich marginale/minimale Veränderungen/Verlagerungen
2 hrs
|
agree |
Wolfram Weinberg, PhD
: marginale/unbedeutende/unwesentliche
4 hrs
|
Discussion
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.
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.
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.