5. RENEWABLES As part of our analysis, we have been asked to consider any evidence emerging on the returns for renewables, although this has not been a focus of the work.
As part of our data set, we have identified a number of quoted comparator stocks which are, broadly speaking, 'renewable only' and the relevant beta analysis and W'ACC data is presented for them below. We have also undertaken a limited review of published literature on returns to renewables.
The renewable-only companies in our data set are: • Acciona SA • EDP Renováveis • EDP EN • Enel Green Power • Grecntech Energy (note: relatively low weighting in sample) The asset betas for these companies are set out in Figure 5.1 below. Estimates in the early 2000s are at a very low average level of below 0.2, before rising to a (still low) average of around 0.4 post 2007.
Sonne: Bloomberg CBPA analym Cicaring levels for these companies have tended to be above the average for the fuller sample, as illustrated in 1'igure 5.2.
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