The shifting finance of electricity generation

Abstract

NBER WORKING PAPER SERIES THE SHIFTING FINANCE OF ELECTRICITY GENERATION Aleksandar Andonov Joshua Rauh Working Paper 32733 http://www.nber.org/papers/w32733 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2024, Revised May 2025 We thank Seamus Duffy and Andy Li for excellent research assistance. We are grateful to Aymeric Bellon, Steve Cicala, Oliver Giesecke, Erik Gilje, Akshaya Jha, Gustav Martinsson, Stefano Ramelli, Kunal Sachdeva, Martin Schmalz, Sophie Shive, Frank Wolak, as well as conference and seminar participants at the American Economic Association, ASU Sonoran Winter Finance Conference, Aston Business School, BI Norwegian Business School Oslo, CEPR Sustainability and Public Policy Workshop, Columbia Private Equity Conference, Imperial College, INSEAD, Michigan Mitsui Finance Symposium, MIT Sloan, NBER Summer Institute Corporate Finance, NHH Norwegian School of Economics, Oxford Sustainable Private Markets Conference, Stanford GSB, Stanford SITE Climate Finance, Innovation, and Challenges for Policy, Stockholm School of Economics Harnessing Finance for Climate Conference, TUM School of Management, UBC Sauder, University of Amsterdam, University of St. Gallen, and VU Amsterdam for helpful comments and discussions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. …

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