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At the time of writing this note, the health crisis caused by the COVID-19 pandemic has severely affected a number of EU Member States. In addition to the severe impact…
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The decline in European public equity markets has sparked concern from policymakers about how to revive listings. Behind this overall declining trend, there is a notable variation between financial centres.…

Corporate purpose: implications for Italian utilities

What is the purpose of a business? Recent years have seen growing social, political and market pressures on business leaders to go beyond simply creating short-term value for shareholders. Concepts such as ‘responsible capitalism’, ‘stakeholderism’ and ‘sustainable business models’ have become increasingly prevalent. The drivers of this change in mindset… Read More

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A robust approach to determining the dynamic efficiency parameter for Dutch gas and electricity TSOs

Last year, ACM commissioned Oxera to conduct a study on dynamic efficiency for Dutch transmission system operators (TSOs). The objective of the study was to advise on the scope of productivity improvement that an efficient TSO could achieve over a regulatory period due to technological improvement (also referred to as ‘frontier shift’) or cheaper inputs. In particular, the aim of the analysis was to produce productivity growth estimates using Total Factor Productivity (TFP) and Output Price Index (OPI) measures, to be applied over the regulatory period starting in 2017 for TenneT (the electricity transmission operator) and Gasunie Transport Services (GTS) (the gas transmission operator). Read More

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