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Article
Publication date: 25 March 2021

Alan Rai and Tim Nelson

This paper aims to provide investors’ views on financing costs and barriers to entry into the electricity generation sector, with a focus on investors’ views on potential…

Abstract

Purpose

This paper aims to provide investors’ views on financing costs and barriers to entry into the electricity generation sector, with a focus on investors’ views on potential impacts on cost of capital from adopting nodal pricing and financial transmission rights (FTRs). The implications for policymakers and policy reforms are also discussed in detail.

Design/methodology/approach

Survey-based data collection of investors and developers in electricity generation, consisting of multiple choice questions from a closed list of discrete choices, binary-choice questions, and questions with free-text/open-ended answers.

Findings

Across survey respondents, weighted-average cost of capital (WACCs) were broadly unchanged over 2019, with increases for undiversified/non-integrated participants offset by decreases for horizontally integrated participants. Cost of equity has risen, whereas cost of debt has fallen. Nodal pricing-cum-FTRs were estimated to increase WACCs by 150–200 basis points p.a. (15–20%), reflecting concerns around the firmness of FTRs and ability to automatically access intraregional settlement residues.

Research limitations/implications

These findings have energy policy implications, namely, the need to consider the interaction between economic theory and real-world financing models when designing and implementing fundamental energy sector reforms.

Practical implications

The need to consider implementation and transitional issues (e.g. grandfathering of existing rights, focusing on reducing the largest barriers to entry) is associated with implementing nodal pricing.

Originality/value

Unique set of survey questions and insights that have not previously been addressed in an Australian context; what-if analysis not previously done in an Australian context

Details

Journal of Financial Economic Policy, vol. 13 no. 6
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 3 May 2016

Paul Simshauser, Leonard Smith, Patrick Whish-Wilson and Tim Nelson

The purpose of this article is to analyse electricity supply in the Solomon Islands face extraordinarily expensive electricity tariffs – currently set at 96 c/kWh – making…

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Abstract

Purpose

The purpose of this article is to analyse electricity supply in the Solomon Islands face extraordinarily expensive electricity tariffs – currently set at 96 c/kWh – making them amongst the highest in the world. Power is supplied by a fleet of diesel generators reliant on imported liquid fuels. In this article, the authors model the 14,100 kW power system on the island of Guadalcanal and demonstrate that by investing in a combination of hydroelectric and solar photovoltaic generating capacity, power system costs and reliability can be improved marginally. However, when the authors model a 3-Party Covenant (3PC) Financing structure involving a credit wrap by the Commonwealth of Australia, electricity production costs fall by 50 per cent, thus resulting in meaningful increases in consumer welfare.

Design/methodology/approach

This study’s approach uses an integrated levelised cost of electricity model and dynamic partial equilibrium power system model. Doing so enables the authors to quickly analyse the rich blend of fixed, variable and sunk costs of generating technology options. The authors also focus on the cost of capital that is likely to be achieved under various policy settings.

Findings

The authors find that a 3PC Financing policy can substantially reduce the production costs associated with capital-intensive power projects in an unrated sovereign nation. Such a policy and associated prescriptions are not specific to the Solomon Islands or power generation. The conceptual framework and associated financial logic that underpins the initiative can be generalised to other “user pays” infrastructure projects and to other developing nations. The broad applicability of 3PC financing means that it is not country specific, project specific or asset class specific.

Research Limitations/implications

It is important to note that the analysis in this paper has a number of limitations in that the authors do not deal with rural electrification or distribution network costs. The focus of this paper is to identify policy interventions that are capable of making profound changes to the cost and the reliability of wholesale electricity production.

Originality/value

The focus of this paper is to identify a policy intervention capable of making profound changes to the cost and the reliability of wholesale electricity production. While there is nothing novel associated with a 3PC Financing per se, the authors are unaware of its direct use as a form of delivering foreign aid. A 3PC Financing has the effect of shifting the source of aid funding from fiscal account surplus/deficit (i.e. cash outlays) to balance sheet (i.e. credit wrap). However, this is not a “magic pudding” – 3PC Financing creates an asset-backed contingent liability and will have the effect of reducing the donor country’s own debt capacity by a commensurate amount, holding the nation’s credit rating constant.

Details

Journal of Financial Economic Policy, vol. 8 no. 2
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 1 June 2003

In the Coen Brothers’ film, O Brother Where Are Thou?, set in depression‐era southern USA, one of the three convicts on the run is thrown out of a Woolworth’s shop and…

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Abstract

In the Coen Brothers’ film, O Brother Where Are Thou?, set in depression‐era southern USA, one of the three convicts on the run is thrown out of a Woolworth’s shop and told never to come back. “Does this mean I’m banned from just this shop or all Woolworth’s?” Delmar, played by Tim Blake Nelson, worries. The joke reflects the affection that existed then, and does still, for a retailer that is seen by many people as being cheap and cheerful. However, loved or not “Woolies” is in crisis. When Trevor Bish‐Jones was appointed chief executive in March last year he took over a retailer facing huge problems.

Details

Strategic Direction, vol. 19 no. 5
Type: Research Article
ISSN: 0258-0543

Keywords

Article
Publication date: 1 October 2002

Tim Asson

This paper questions whether carrying out the ‘sale‐and‐leaseback’ of corporate real estate iscompatible with achieving the flexibility and cost effectiveness that…

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Abstract

This paper questions whether carrying out the ‘sale‐and‐leaseback’ of corporate real estate is compatible with achieving the flexibility and cost effectiveness that companies need in the operation of their facilities. It looks at the advantages and disadvantages of sale‐and leaseback transactions and analyses how these compare with achieving wider business planning issues. The paper also reports on new real estate techniques pioneered by corporate real estate partnerships (REPs) transactions in Europe and examines whether this form of outsourcing is more in harmony with the goals of the modern corporate.

Details

Journal of Corporate Real Estate, vol. 4 no. 4
Type: Research Article
ISSN: 1463-001X

Keywords

Article
Publication date: 30 August 2011

Tim Nelson, Elizabeth Wood, James Hunt and Cathlin Thurbon

Climate change policies such as carbon taxes and emissions trading schemes are being developed and implemented in ways which fundamentally transform the profitability of…

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Abstract

Purpose

Climate change policies such as carbon taxes and emissions trading schemes are being developed and implemented in ways which fundamentally transform the profitability of industries and businesses. While mandatory reporting of greenhouse gas emissions by individual Australian companies is now largely standardised, the financial implications of emissions trading and other forms of climate change policy are poorly understood. This paper aims to discuss these issues.

Design/methodology/approach

A literature review was conducted of financial analyst research on this issue and determined that this poor understanding is the result of either insufficient information being available to adequately evaluate the risk to business or a lack of understanding about how carbon policies will impact on business.

Findings

This paper proposes a “checklist” for evaluation of the risks and opportunities created by pricing carbon to address this analytical chasm. Most importantly, like any significant tax reform, the paper concludes that it is impossible to create simple metrics that can be used across all industries and companies.

Originality/value

The paper outlines, for the first time, a checklist for analysis of the impacts of carbon pricing on Australian businesses.

Details

Sustainability Accounting, Management and Policy Journal, vol. 2 no. 1
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 2 August 2013

Lauren Solomon and Tim Nelson

With the objective of developing an evidence‐based corporate responsibility program aligned to core business functions, this article aims to outline the review process…

Abstract

Purpose

With the objective of developing an evidence‐based corporate responsibility program aligned to core business functions, this article aims to outline the review process undertaken by AGL in identifying the long‐term focus for new strategic partnerships. It also seeks to lay the foundation for AGL to better assess the outcomes of the program in the future.

Design/methodology/approach

In undertaking the review, AGL drew on employee surveys, stakeholder consultation, sustainability indicators and new research on the demographics of customer hardship. Core focus points of financial hardship and household safety were identified as priorities for the program and new long‐term partnerships were developed to specifically address these causes.

Findings

The research underscores the priority placed by AGL on the development of long‐term strategic charity partnerships and the integration of various components of the program including employee giving, volunteering and specific targeted initiatives.

Research limitations/implications

There is greater scope to expand on the foundations laid in the paper, in particular to explore outcomes‐based measurement techniques as they are applied to community investments and employee engagement.

Practical implications

The paper outlines the potential benefit of developing an evidence‐based strategic approach to charity partnerships, which can be integrated with employee engagement opportunities.

Originality/value

This paper is intended to contribute to building the body of knowledge for the implementation of integrated, evidence‐based corporate responsibility programs. In particular, the authors hope that the framework provided in the paper can outline the practical steps companies can take in developing targeted, long‐term partnerships, moving towards outcomes‐based assessment.

Details

Sustainability Accounting, Management and Policy Journal, vol. 4 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Article
Publication date: 25 May 2012

Paul Simshauser and Tim Nelson

The most problematic area of any carbon policy debate is the treatment of incumbent CO2 intensive coal‐fired electricity generators. Policy applied to the electricity…

Abstract

Purpose

The most problematic area of any carbon policy debate is the treatment of incumbent CO2 intensive coal‐fired electricity generators. Policy applied to the electricity sector is rarely well guided by macroeconomic theory and modeling alone, especially in the case of carbon where the impacts are concentrated, involve a small number of firms and an essential service. The purpose of this paper is to examine the consequences of poor climate change policy development on the efficiency of capital markets within the Australian electricity sector.

Design/methodology/approach

The authors conducted a survey of Australian project finance professionals to determine the risk profiles to be applied to the electricity sector, in the event a poorly‐designed climate change policy is adopted.

Findings

The Australian case study finds that if zero compensation results in the financial distress of project financed coal generators, finance costs for all plant rises, including new gas and renewables, leading to unnecessary increases in electricity prices. Accordingly, an unambiguous case for providing structural adjustment assistance to coal generators exists on the grounds of economic efficiency.

Originality/value

Accordingly, the paper shows that an unambiguous case for providing structural adjustment assistance to coal generators exists, on the grounds of economic efficiency.

Details

Journal of Financial Economic Policy, vol. 4 no. 2
Type: Research Article
ISSN: 1757-6385

Keywords

Book part
Publication date: 4 October 2001

Abstract

Details

Advertising and Differentiated Products
Type: Book
ISBN: 978-0-76230-823-1

Book part
Publication date: 25 November 2019

Yi-Ping Shih

By using ethnographic data and family interviews from eight families in Taipei, Taiwan, this paper aims to delineate how multigenerational families implement parents…

Abstract

By using ethnographic data and family interviews from eight families in Taipei, Taiwan, this paper aims to delineate how multigenerational families implement parents’ child-rearing values, and how these strategies vary by social class. The primary focus is the child’s mother and her relationship with other family members. I ask the following question: How does a mother in a three-generation family implement her ideal parenting values for her child while being encumbered by the constraints of her parents-in-law? Additionally, how does this intergenerational dynamic vary with family socioeconomic status? To conceptualize this process in such a complex context, I argue that we must understand parenting behaviors as acts of “doing family” and “intensive mothering.”

From 2008 to 2009, I conducted a pilot survey in two public elementary schools to recruit the parents of sixth-grade students. All eight cases of multigenerational families in this paper were selected randomly after being clustered by the parent’s highest education level and family income levels. This paper utilized the mothers’ interviews as the major source to analyze, while the interviews of other family members served as supplementary data.

Two cases, Mrs Lee and Mrs Su’s stories, were selected here to illustrate two distinctive approaches toward childrearing in multi-generational families. Results indicate that white-collar mothers in Taiwan hold the value of concerted cultivation and usually picture the concept of intensive mothering as their ideal image of parenthood. Yet, such an ideal and more westernized child-rearing philosophy often leads to tensions at home, particularly between the mother and the mother-in-law. Meanwhile, blue-collar mothers tend to collaborate with grandparents in sharing childcare responsibilities, and oftentimes experience friction over child discipline in terms of doing homework and material consumption.

Via this analysis of three-generation families in Taiwan, we are able to witness the struggle of contemporary motherhood in East Asia. This paper foregrounds the negotiations that these mothers undertake in defining ideal parenting and the ideal family. On the one hand, these mothers must encounter the new parenting culture, given that the cultural ideal of concerted cultivation has become a popular ideology. On the other hand, by playing the role of daughter-in-law, they must negotiate within the conventional, patriarchal family norms.

Details

Transitions into Parenthood: Examining the Complexities of Childrearing
Type: Book
ISBN: 978-1-83909-222-0

Keywords

Open Access
Article
Publication date: 20 September 2021

Seda Yıldırım

The adoption of digitalization and sustainability is key phenomenon that has changed perception and behaviors of people recently. As there is a rising power of digital…

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Abstract

Purpose

The adoption of digitalization and sustainability is key phenomenon that has changed perception and behaviors of people recently. As there is a rising power of digital communication by social media platforms, there is higher interaction between people globally. In addition, consumers can influence each other to adopt new consumption pattern. At this point, this paper aims to examine the role of green women influencers on promoting sustainable consumption patterns via social media platforms.

Design/methodology/approach

This study employed qualitative research method. The study included four top-lists for green/sustainable social media influencers as a sample case. Then, the data were analyzed by descriptive content analysis. To determine the role of green women influencers in sustainable consumption, this study used classification and categorization technique through descriptive content analysis.

Findings

The study indicates that green women are seen as a primary social media influencer because of promoting sustainable consumption patterns in general. Especially, green women have more power to change consumption patterns via digital platforms. Green women social media influencers, who are micro-celebrities, share primary contents such as sustainable fashion, green foods, sustainable travel, sustainable lifestyle, conscious choices, green cosmetics and zero waste life to promote sustainable consumption patterns. Women social media influencers are much more effective than men influencers to transform society's consumption behaviors into sustainable consumption patterns.

Research limitations/implications

The study provides some qualitative findings based on the selected four top-listed green social media influencers by different social media platforms. Future studies can find out different results based on different sample cases and employ quantitative research methodology.

Practical implications

The study suggests policymakers to cooperate with green women social media influencers to achieve sub-targets of 2030 Sustainable Development Goals (SDGs). Especially, it is suggested to cooperate with micro-celebrities or Internet celebrities to promote sustainable consumption patterns.

Originality/value

The study proves that women social media influencers have the essential role in promoting green/sustainable consumption patterns via digital platforms. In addition, green women influencers can guide their followers to adopt sustainable consumption patterns.

Details

Ecofeminism and Climate Change, vol. 2 no. 4
Type: Research Article
ISSN: 2633-4062

Keywords

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