natgillin/translations-raw huggingface dataset:
This study presents calculations in HUF, concluding an average LCOE of 16,01-16,38 HUF/kWh over the lifetime of the project.
Korm.
No details are provided how these HUF based figures were converted into the LCOE range in EUR/MWh cited in recital 81.
Határozata a Magyarország Kormánya és az Oroszországi Föderáció Kormánya közötti nukleáris energia békés célú felhasználása terén folytatandó együttműködésről szóló Egyezmény kihirdetéséről szóló 2014. évi II. törvény szerinti Magyar Kijelölt Szervezet kijelölése érdekében szükséges intézkedésről].
See p. 77 of the Economic Study.
Sporazum između Vlade Ruske Federacije i Vlade Mađarske o produljenju državnog kredita mađarskoj vladi za financiranje izgradnje nuklearne elektrane u Mađarskoj, sklopljen 28. ožujka 2014.
Treaty establishing the European Atomic Energy Community (Euratom).
Za više informacija o grupi MVM vidjeti uvodnu izjavu 18.
ENTSO-E (2015), All TSOs’ proposal for Capacity Calculation Regions (CCRs) in accordance with Article 15(1) of the Commission Regulation (EU) 2015/1222 of 24 July 2015 establishing a Guideline on Capacity Allocation and Congestion Management, 29 October 2015, p. 9, Article 9.
Odluke o pokretanju postupka.
Commission Decision (EU) 2015/658 of 8 October 2014 on the aid measure SA.34947 (2013/C) (ex 2013/N) which the United Kingdom is planning to implement for support to the Hinkley Point C nuclear power station (OJ L 109, 28.4.2015, p. 44).
Podaci o mađarskom sustavu električne energije (Mavir, 2014.) – https://www.mavir.hu/documents/10262/160379/VER_2014.pdf/a0d9fe66-e8a0-4d17-abc2-3506612f83df, pristup 26. listopada 2015.
Commission Consolidated Jurisdictional Notice under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (OJ C 95, 16.4.2008, p. 1).
Nacionalna energetska strategija (Ministarstvo nacionalnog razvoja, Mađarska, 2011.):http://2010-2014.kormany.hu/download/7/d7/70000/Hungarian%20Energy%20Strategy%202030.pdf
Commission Decision of 21 February 1994 relating to a procedure in application of the second paragraph of Article 53 of the Euratom Treaty (OJ L 122, 17.5.1994, p. 30), paragraph 22.
A magyar villamosenergia-rendszer közép- és hosszú távú forrásoldali kapacitásfejlesztése (Srednjoročni i dugoročni razvoj kapaciteta za proizvodnju mađarskog sustava električne energije)https://www.mavir.hu/documents/10258/15461/Forr%C3%A1selemz%C3%A9s_2016.pdf/462e9f51-cd6b-45be-b673-6f6afea6f84a (Mavir, 2016.).
Commission Regulation (EC) No 1209/2000 of 8 June 2000 determining procedures for effecting the communications prescribed under Article 41 of the Treaty establishing the European Atomic Energy Community (OJ L 138, 9.6.2000, p. 12).
Odluka ministra državnog razvoja br. 45/2014.
See recital 13(c).
[45/2014.
See Candole Partners — NPP Paks II, Economic Feasibility Assessment, Feb.
(XI.14.)
2016, available at http://www.greenpeace.org/hungary/Global/hungary/kampanyok/atomenergia/paks2/NPP%20Paks%20II%20Candole.pdf.
NFM rendelet az MVM Paks II.
See Felsmann Balázs, ‘Működhet-e Paks II állami támogatások nélkül?
Atomerőmű Fejlesztő Zártkörűen Működő Részvénytársaság felett az államot megillető tulajdonosi jogok és kötelezettségek összességét gyakorló szervezet kijelöléséről].
Az erőműtársaság vállalatgazdasági közelítésben’, available at https://energiaklub.hu/sites/default/files/paks2_allami_tamogatas_2015jun.pdf.
Članak 9. međuvladinog sporazuma
A description of the Leningradskaya NPP can be accessed at: http://atomproekt.com/en/activity/generation/vver/leningr_npp/, accessed on 24 February 2017.
3,95 % do prvog dana otplate te od 4,50 % do 4,95 % tijekom sljedeće 21 godine.
For the IEA WEO 2015, see http://www.worldenergyoutlook.org/weo2015/
Tijekom svakog razdoblja od 7 godina: 25 %, 35 % i 40 % stvarno iskorištenog iznosa kredita.
The IEA WEO 2015 also considers a fourth scenario, the ‘450 Scenario’ depicting a pathway to the 2 oC climate goal that can be achieved through the technologies that are close to becoming available at a commercial scale.
Povjerljive informacije/poslovna tajna
The difference between German and Hungarian futures prices are argued to possibly come from the imperfect market coupling.
Ugovorna kazna utvrđeni je iznos odštete koji su dogovorile stranke ugovora u slučaju povrede određenih ugovornih obveza.
There is an additional section in the Candole study that makes a comparison between the costs of Paks II and the operating costs of EPR reactors estimated by the French Court of Auditors (2002) published in Boccard, N.
Vidjeti Odluku br. 747/2011 Mađarskog ureda za energiju od 14. listopada 2011.
‘The Costs of Nuclear Electricity: France after Fukushima’, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2353305.
„Többi nagyerőmű” znači „ostale velike elektrane”, a „kiserőművek” znači „manje elektrane”.
This is referenced by the Romhányi Balázs, ‘A Paks II beruházási költségvetés-politikai következnényei’, available at https://energiaklub.hu/sites/default/files/a_paks_ii_beruhazas_koltsegvetes-politikai_kovetkezmenyei.pdf
Izvješće o Mađarskoj u području energije (Europska komisija – 2014.): https://www.mavir.hu/documents/10262/160379/VER_2014.pdf/a0d9fe66-e8a0-4d17-abc2-3506612f83df, pristupljeno 26. listopada 2015.
This is referenced by the study Fazekas, M. et al, The Corruption Risks of Nuclear Power Plants: What Can We Expect in Case of Paks2?, available at http://www.pakskontroll.hu/sites/default/files/documents/corruption_risks_paks2.pdf
A magyar villamosenergia-rendszer közép- és hosszú távú forrásoldali kapacitásfejlesztése (Srednjoročni i dugoročni razvoj kapaciteta za proizvodnju mađarskog sustava električne energije) https://www.mavir.hu/documents/10258/15461/Forr%C3%A1selemz%C3%A9s_2016.pdf/462e9f51-cd6b-45be-b673-6f6afea6f84a (Mavir, 2016).
http://www.kormany.hu/download/a/84/90000/2015%20Economic%20analysis%20of%20Paks%20II.pdf
Test ulagača u tržišnom gospodarstvu uobičajen je test za ocjenjivanje postojanja potpore, a njime se koristila i Mađarska u svojim gospodarskim analizama podnesenima prije i nakon prijave predmeta.
https://ec.europa.eu/programmes/horizon2020/en/what-horizon-2020
Komisija je pozorno ocijenila i potom dopunila analizu MEIP-a koju je dostavila Mađarska kako bi dala svoju procjenu postojanja državne potpore.
http://ec.europa.eu/transparency/regdoc/rep/1/2016/EN/1-2016-177-EN-F1-1.PDF
LCOE je ukupni trošak postavljanja i rada projekta za proizvodnju energije izražen u obliku ujednačene cijene električne energije tijekom trajanja projekta.LCOE = [Sumt (Costst × (1+r)-t)]/[Sumt (MWh × (1+r)-t)],gdje je r diskontna stopa, a t označava godinu, zbog toga je osjetljiv na primijenjenu diskontnu stopu.
Hungary did not establish a timeline in its submissions and used available figures from various points in time sometimes in an inconsistent manner.
Uobičajena je praksa primjenjivati WACC projekta kao diskontnu stopu.
While the focus of the Hungarian submissions was an investment decision of December 2014, the Second clarifying letter submitted by Hungary also used equity risk premium figures from July 2015.
Dokument je javno dostupan na http://www.kormany.hu/download/6/74/90000/2015_Economic%20analysis%20of%20Paks%20II%20-%20for%20publication.pdf.
The EPC Contract provides that the development of the new reactors is split into two phases with the first one consisting solely of […] and the second one of […].
Financijski model ažurirana je verzija preliminarnog financijskog modela.
For example, the equity risk premium is estimated to be 9,0 % in the benchmarking analyses included by Hungary in the cited studies as opposed to the 4,0 % for the estimated equity risk premium in the bottom-up methodology included in the same studies.
Novosti uključuju ugovorna rješenja između nuklearne društva Paks II i društva JSC NIAEP, dobavljača nuklearne elektrane.
See Damodaran, A.
Vidjeti uvodne izjave od 52. do 81.
‘Equity risk premium (ERP): Determinants, estimation and implications — The 2016 Edition’ (2016), section Estimation Approaches — Historical Premiums, pp. 29-34, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2742186 Furthermore, the case of the Hungarian Stock Exchange’s historical index, with a close value of 24561,80 on 2 May 2006 and a close value of 26869,01 on 2 May 2016 (data downloaded from https://www.bet.hu/oldalak/piac_most), seems to support these doubts.
Odluke o pokretanju postupka.
According to the Moody’s (2009) study, to the announcement of a nuclear power plant construction project by American generation companies implies an average downgrade of 4 notches.
Vidjeti http://www.worldenergyoutlook.org/weo2014/.
In turn, Damodaran in his databases estimates that a credit rating difference of 4 notches, e.g. A3 and Ba1, translates into a total equity risk premium of 2,0 % (Damodaran database, July 2016 version values).
Zbog manjka informacija i nejasnoća u odluci o pokretanju postupka nisu ocijenjene procjene temeljene na toj metodologiji.
The size of such risk is reduced for Paks II as it only has limited exposure to construction risk.
Stoga ovaj pregled uključuje i dokumente iz razdoblja prije odluke o pokretanju postupka.
CAPM stands for the Capital Asset Pricing Model, the standard Financial Model to estimate the expected return of an asset, see http://www.investopedia.com/terms/c/capm.asp.
LCOE u studiji OECD-a/IEA-e/NEA-e iznosi 89,94USD/MWh (vidjeti tablicu 4.7) i nije jasno kako su iz te prethodne vrijednosti dobivene vrijednost od 70 EUR/MWh na grafikonu 3.
The Commission looked at Government bond rates denominated in EUR and USD too, however, these Government bonds had a shorter duration and the last issuance date were May 2011 for the EUR-denominated bonds and March 2014 for the USD-denominated bonds.
Gospodarske studije i vrijednost od 50,5 – 57,4 EUR/MWh.
In times with so much variation in the rate of Government bonds the Commission decided not to include these bonds in the analysis.
Studija OECD-a/IEA-e/NEA-e iz 2015. dostupna je na stranici https://www.oecd-nea.org/ndd/egc/2015/.
Furthermore, their inclusion would have increased the estimated value of the WACC, making their exclusion from the analysis a conservative choice.
Vidjeti Aszódi, A., Boros I. and Kovacs, A., (2014) „A paksi atomerőmű bővítésének energiapolitikai, műszaki és gazdasági kérdései”, u Magyar Energetika, svibanj 2014.
For figures relevant for December 2014, see labels Risk Premiums for Other Markets > 1/14 on webpage http://people.stern.nyu.edu/adamodar/New_Home_Page/dataarchived.html.
U studiji su izračuni navedeni u HUF, uključujući prosječni LCOE od 16,01 – 16,38 –HUF/kWh tijekom trajanja projekta.
For figures relevant for February 2017, see labels Risk Premiums for Other Markets > Download on webpage http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html.
Nije opisano kako su ti podaci temeljeni na vrijednosti u HUF pretvoreni u raspon LCOE-a izražen u EUR/MWh naveden u uvodnoj izjavi 81..
The databases by Damodaran are widely used and cited in the finance practice.
Vidjeti grafikon 15. u Gospodarskoj studiji.
For 2014, see Fernandez, P., Linares P. and Acin, I. F., ‘Market Risk Premium used in 88 countries in 2014: a survey with 8,228 answers, June 20, 2014, available at http://www.valuewalk.com/wp-content/uploads/2015/07/SSRN-id2450452.pdf.
Vidjeti str. 77.
For 2016, see Fernandez, P., Ortiz, A. and Acin, I. F.
Gospodarske studije.
‘Market Risk Premium used in 71 countries in 2016: a survey with 6,932 answers’, May 9, 2016, available at https://papers.ssrn.com/sol3/papers2.cfm?abstract_id=2776636&download=yes.
Ugovor o osnivanju Europske zajednice za atomsku energiju (Ugovor o Euratomu).
The other beta values put forward by Hungary in the MEIP study and the subsequent Second clarifying letter and the beta values corresponding to Utilities, Renewables and Power sectors respectively in the Damodaran database, are all higher than 1.
ENTSO-E (2015.), Prijedlog svih TSO-a za regije za izračun kapaciteta (CCR) u skladu s člankom 15. stavkom 1.
Therefore, using a beta value of 0,92 is a conservative choice as it leads to a lower WACC-value than the other, higher values of beta.
Uredbe Komisije (EU) 2015/1222 od 24. srpnja 2015.o uspostavljanju smjernica za dodjelu kapaciteta i upravljanje zagušenjima, 29. listopada 2015., str. 9, članak 9.
See http://www.mnb.hu/statisztika/statisztikai-adatok-informaciok/adatok-idosorok, sequence ‘XI.
Odluka Komisije (EU) 2015/658 od 8. listopada 2014. o mjeri potpore SA.34947 (2013/C) (ex 2013/N) koju Ujedinjena Kraljevina planira provesti za potporu jedinici C nuklearne elektrane Hinkley Point (SL L 109, 28.4.2015., str. 44.).
Deviza, penz es tokepiac’ > ‘Allampapir piaci referenciahozamok’ for the former and https://www.quandl.com/data/WORLDBANK/HUN_FR_INR_RISK-Hungary-Risk-premium-on-lending-lending-rate-minus-treasury-bill-rate for the latter.
Pročišćena obavijest Komisije o nadležnosti prema Uredbi Vijeća (EZ) br. 139/2004 o kontroli koncentracija između poduzetnika (SL C 95, 16.4.2008., str. 1.).
In relation to the latter value, some caution is recommended due to the small size of the Hungarian corporate bond market.
Odluka Komisije 94/285/Euratom od 21. veljače 1994. o postupku primjene drugog stavka članka 53.
The data refers to 31 December 2014.
Ugovora o Euratomu (SL L 122, 17.5.1994., str. 30.), stavak 22.
There is no data available for more recent periods.
Uredba Komisije (EZ) br. 1209/2000 od 8. lipnja 2000. o određivanju načinâ dostavljanja propisanih člankom 41.
For country specific WACC figures relevant for December 2014 see ‘Data’ > ‘Archived data’ > ‘Cost of capital by industry’ > ‘Europe’ > ‘1/14’ on http://pages.stern.nyu.edu/~adamodar/.
Vidjeti uvodnu izjavu 13. točku (c)
For country-specific WACC figures relevant for February 2017, see labels ‘Data’ > ‘Current data’ > ‘Cost of capital by industry’ > ‘Europe’ on http://pages.stern.nyu.edu/~adamodar/.
Vidjeti Candole Partners – Nuklearna elektrana Paks II, Procjena gospodarske izvedivosti, veljača 2016., dostupno na http://www.greenpeace.org/hungary/Global/hungary/kampanyok/atomenergia/paks2/NPP%20Paks%20II%20Candole.pdf.
For risk premium figures, see footnote 72.
Vidjeti Felsmann Balázs, „Működhet-e Paks II állami támogatások nélkül?
It must be also noted that this database is part of a global database and it includes European countries (labelled as Western Europe).
Az erőműtársaság vállalatgazdasági közelítésben”, dostupno na https://energiaklub.hu/sites/default/files/paks2_allami_tamogatas_2015jun.pdf.
However, countries are further grouped and Hungary is part of a subgroup called ‘Developed Europe’ — see worksheet ‘Europe’ or ‘Industries sorted global’ in Excel file http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Opis nuklearne elektrane Leningradskaya dostupna je na: http://atomproekt.com/en/activity/generation/vver/leningr_npp/, pristup 24. veljače 2017.
Hungary also developed a brief benchmarking analysis based on the Damodaran data in the Second clarifying letter (in its Appendix 2).
Za Svjetski energetski pregled Međunarodne agencije za energiju iz 2015. vidjeti http://www.worldenergyoutlook.org/weo2015/.
However, that piece of analysis is not relevant as it is based on posterior information to substantiate an investment decision taken in 2014.
U Svjetskom energetskom pregledu Međunarodne agencije za energiju iz 2015. razmatra se i četvrti scenarij, „Scenarij 450” u kojem se opisuje put prema klimatskom cilju od 2 oC koji se može ostvariti s pomoću tehnologija koje bi uskoro mogle biti komercijalno dostupne.
The figures in these tables are adjusted by applying the Hungarian corporate tax rate of 19 % to debt.
Tvrdi se da je razlika između njemačkih i mađarskih cijena budućnosnica možda posljedica manjkavog spajanja tržišta.
Data on the sector ‘Green and Renewables’ was not available for the 2014 database.
U studiji društva Candole postoji dodatni odjeljak u kojem se uspoređuju troškovi projekta Paks II i operativni troškovi reaktora EPR-a koje je procijenio francuski revizorski sud (2002.), što je objavljeno u Boccard, N. „The Costs of Nuclear Electricity: France after Fukushima”, dostupno na http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2353305.
In 2016 this sector had a higher WACC than the average of the other two sectors included, indicating that its inclusion would have increased the value of the 2014 WACC estimate if it was available.
Na to se upućuje u Romhányi Balázs, „A Paks II beruházási költségvetés-politikai következnényei,” dostupno na https://energiaklub.hu/sites/default/files/a_paks_ii_beruhazas_koltsegvetes-politikai_kovetkezmenyei.pdf.
See footnote 68.
Na to se upućuje u studiji Fazekas, M. et al, The Corruption Risks of Nuclear Power Plants: What Can We Expect in Case of Paks2?, dostupno na http://www.pakskontroll.hu/sites/default/files/documents/corruption_risks_paks2.pdf.
The figures in this table use beta values taken from the Damodaran industry level WACC database.
Direktiva 2009/72/EZ Europskog parlamenta i Vijeća od 13. srpnja 2009. o zajedničkim pravilima za unutarnje tržište električne energije i stavljanju izvan snage Direktive 2003/54/EZ (SL L 211, 14.8.2009., str. 55.).
A simple average, rather than a weighted average using the number of firms included in each segment, is taken in this case as the focus is on proxy segments rather than proxy firms.
Smjernice Zajednice o državnim potporama za zaštitu okoliša (SL C 82, 1.4.2008., str. 1.).
Taking a weighted average would not make a difference for 2016 whereas it would lead to slightly higher values for 2014, implying in turn higher WACC values.
Direktiva 2014/24/EU Europskog parlamenta i Vijeća od 26. veljače 2014. o javnoj nabavi i o stavljanju izvan snage Direktive 2004/18/EZ (SL L 94, 28.3.2014., str. 65.).
Therefore, the choice of simple rather than weighted average is a conservative one in the present context.
Direktiva 2014/25/EU Europskog parlamenta i Vijeća od 26. veljače 2014. o nabavi subjekata koji djeluju u sektoru vodnog gospodarstva, energetskom i prometnom sektoru te sektoru poštanskih usluga i stavljanju izvan snage Direktive 2004/17/EZ (SL L 94, 28.3.2014., str. 243.).
A key element of the estimation is that Damodaran defines the equity risk premium for a country as the sum of a mature market premium and an additional country risk premium, based upon the country’s default spread and scaled up (by 1,5 in 2014 and 1,39 in 2016) to reflect the higher risk of the equity in the market.
T-289/03 BUPA, točka 313.
For more details, see the ‘Explanation and FAQ’ worksheet of Damodaran’s country-specific equity risk premia database, available at http://www.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls
Mađarska nije utvrdila vremenski raspored u svojim dopisima i upotrebljavala je dostupne podatke iz različitih vremenskih razdoblja, ponekad i nedosljedno.
Note that the Hungary-specific extra equity risk premium calculated in point (ii), will need to be multiplied by the beta values presented in Table 8: in order to be incorporated in the cost of equity derived in point (iii).
Iako su dopisi Mađarske bili usmjereni na odluku o ulaganju iz prosinca 2014., u drugom dopisu s objašnjenja koji je dostavila Mađarska upotrebljavali su se podaci o premiji rizika vlasničkog kapitala iz srpnja 2015.
The WACC formula uses post-tax cost of debt.
[71] U ugovoru o EPC-u predviđena je podjela razvoja novih reaktora u dvije faze od kojih se prva sastoji samo od […], a druga od […].
Furthermore, the lower boundary of 9,15 % for 2014 would probably need to be adjusted upward if data on ‘Green and renewables’ was available for 2014.
Na primjer, u analizama referentnih vrijednosti koje je Mađarska uključila u citirane studije procjenjuje se da je premija rizika vlasničkog kapitala 9,0 % u odnosu na 4,0 % procijenjene premije rizika vlasničkog kapitala u metodologiji odozdo prema gore koja je uključena u iste studije.
The date when the IEA price forecast of 2014 was issued.
Vidjeti Damodaran, A. „Equity risk premium (ERP): Determinants, estimation and implications – izdanje iz 2016.” (2016.), odjeljak Estimation Approaches – Historical Premiums, str. 29.
Curve D is considered as confidential information/business secret.
, dostupno na http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2742186.
No details of the used exchange rates were provided by the Hungarian Government.
Nadalje, čini se da te dvojbe potkrjepljuje slučaj povijesnog indeksa mađarske burze, s vrijednošću u trenutku zatvaranja od 24561,80 dana 2. svibnja 2006. i vrijednošću u trenutku zatvaranja od 26869,01 na dan 2. svibnja 2016.
The applied value of 0,9 can be deducted from the Financial Model.
(podaci preuzeti s https://www.bet.hu/oldalak/piac_most).
The average monthly exchange rate was 0,89 for September 2015.
[74] Prema Moodyjevoj studiji (2009), na najavu projekta izgradnje nuklearne elektrane na kojoj će raditi američka trgovačka društva za proizvodnju električne energije primjenjuje se prosječno smanjenje od 4 stupnja.
This EUR/USD exchange rate value (together with the other values used in this document) were taken from the website of the ECB at http://sdw.ecb.europa.eu/quickview.do;jsessionid=B13D3D3075AF28A4265A4DF53BE1ABC0?SERIES_KEY=120.EXR.D.USD.EUR.SP00.A&start=01-07-2014&end=15-11-2016&trans=MF&submitOptions.x=46&submitOptions.y=5.
Damodaran u svojoj bazi podataka procjenjuje da se razlika u kreditnom rejtingu od 4 stupnja (npr.
Due to the large variation in the EUR/USD exchange rate, the Commission chose an average exchange rate through the 3 months preceding the initial investment decision date of 9 December 2014, which also includes the publication of the IEA WEO (2014).
A3 and Bal) prenosi u ukupnu premiju rizika vlasničkog kapitala od 2,0 % (baza podataka Damorodana, vrijednosti verzije iz srpnja 2016.).
The annual average exchange rate preceding December 2014 is 0,75, which would lead to a slightly lower IRR value, making the choice of 3-month average exchange rate instead a conservative choice for the current analysis.
CAPM znači Model procjene financijske imovine, a to je standardni financijski model za procjenu očekivanog povrata na imovinu, vidjeti http://www.investopedia.com/terms/c/capm.asp.
See http://www.worldenergyoutlook.org/publications/weo-2016/.
Komisija je promatrala i stope državnih obveznica u EUR i USD.
See the wholesale electricity price figures in Table 6.13 on page 267 of the IEA WEO 2016.
Međutim, te državne obveznice bile su kraćeg trajanja i posljednji datum izdavanja bio je svibanj 2011. za obveznice denominirane u EUR i ožujak 2014. za obveznice denominirane u USD.
Again, the relevant annual average exchange rate is 0,89 for this case, making the choice of a 3-month average exchange rate a more conservative one for the current analysis.
Komisija je odlučila da neće u analizu uključiti te obveznice jer je riječ o razdobljima s velikim promjenama stope državnih obveznica.
A similar downward adjustments to electricity price forecasts between 2014 and 2015 was also undertaken by the UK National Grid — See, for example, page 46 of the 2014 UK Future Energy Scenarios by the UK National Grid, available at http://www2.nationalgrid.com/UK/Industry-information/Future-of-Energy/FES/Documents-archive/ and page 36 of the 2015 UK Future Energy Scenarios by the UK National Grid, available at http://www2.nationalgrid.com/UK/Industry-information/Future-of-Energy/FES/Documents-archive/, denoting an average decrease of 12 % for the electricity price forecasts over the 2016-2035 forecast period.
Nadalje, njihovim uključivanjem povećala bi se procijenjena vrijednost WACC-a i njihovo isključivanje iz analize bilo je konzervativan izbor.
No such comparison was found for the BMWi data.
Za podatke koji se odnose na prosinac 2014., vidjeti oznake Premije rizika za druga tržišta > 1/14 na web-mjestu http://people.stern.nyu.edu/adamodar/New_Home_Page/dataarchived.html.
In its quantitative analysis, the Commission accepts the assumptions made by Hungary about electricity prices increasing until 2040 and staying constant afterwards.
Za podatke koji se odnose na veljaču 2017. vidjeti oznake Premije rizika za druga tržišta > Preuzeti na web-mjestuhttp://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html.