Valuation of Electric Utility Generating Assets in a Competitive Environment

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" Valuation of Electric Utility Generating Assets in a Competitive Environment "

Document Type	:	Latin Dissertation
Language of Document	:	English
Record Number	:	151162
Doc. No	:	ET22954
Main Entry	:	Mary B. Cain
Title Proper	:	Valuation of Electric Utility Generating Assets in a Competitive Environment
Note	:	This document is digital این مدرک بصورت الکترونیکی می باشد
Abstract	:	Electricity industry restructuring, technological advances, and changing environmentallaws and regulations are providing opportunities for many electricity companies to substantiallylower their cost of doing business. One such cost is property tax, which in a majority of states isbased upon the fair market value of property. Traditionally, assets of a regulated utility werevalued at fair market value based upon the regulated price of electricity or ب‍rate base.پ The useof rate bases as benchmarks for valuation of assets is quickly becoming irrelevant. Valuationmethods such as the income approach, replacement cost approach, comparable sales approach,and the stock & debt approach are common assessment methods for property tax (ad valorem)purposes. In this research, data are provided by the West Virginia state tax office, publictestimony, and the Energy Information Administration. The appropriateness of each valuationmethod is examined for the purpose of valuing electricity generation assets in a competitiveenvironment. The ability of companies to compete across state lines will depend on their costs.Different states employ different methods of valuation. Some states do not tax intangibleproperty and most valuation methods include intangible property value. This aspect is addressedin the different valuation methods. The income approach to valuation is probably the bestapproach from the standpoint of the utility because it reflects the companyبs ability to compete.For the purpose of purchasing a power plant, the comparable sales approach is best while thereplacement cost provides the best-cost estimate for new technology. The comparable salesapproach would provide the largest amount of tax revenue. The stock and debt approach wouldbe more reliable if not for the lack of consistent and viable market trading....,....-...,..tested for theQ1 PC1 bus cardBoth these projects mere sofixare des elopment efforts tonards contributing to dlfferentaspects of Roboucs and lZ1echatronics projects m the Controls and Roboucs Group..
Subject	:	Electericl tess
	:	برق
electronic file name	:	TL46182.pdf
Title and statement of responsibility and	:	Valuation of Electric Utility Generating Assets in a Competitive Environment [Thesis]