| 7 | Financial Analysis of European Energy Companies显示文摘Energy union and climate stands as one of the priorities of the European commission,aiming at the provision of secure,environmentally friendly and affordable energy.European energy policy over the last two decades have reshaped energy markets challenging the profitability and viability of energy companies.The latter must prove flexible in their management,including diversification of their portfolio,proceeding on structural unbundling and extending their operations in new markets and regions.Scope of the paper is to assess the financial and liquidity performances of key European energy companies over the period 2008-2017.The focus of the analysis concerns liquidity,profitability,operational performance and capital structure.The analysis is carried out in key energy companies,selected to have an extended geographical representation.Results indicate that gas and oil companies have less risk compared to power companies,attributed mainly to debt exposure.The renewable sector,although underrepresented in the examined sample,implies potential for high profitability.The profitability of power companies is affected by the ownership of assets with low operating costs and by diversification of operations,including regulated network operations.Eastern European power companies are favored by the derogation of EU regulation,though provision of free emission allowances. | Konstantinos Leventakos Athanasios S.Dagoumas | 2019 | Macro Management & Public Policies2019，1，2： | 0 |
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