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Investing in Energy: A Primer on the Economics of the Energy Industry by Gianna Bern

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Capital Structure

Capital structure matters a great deal in the investment arena. Energy producers, whether new or established, take steps to enhance and preserve the quality of their capital structure. The quality and strength of an energy producer's capital structure can be a distinct competitive advantage. Producers, whether they are a wind farm or a refinery, must endeavor to find the lowest cost of capital.

In addition, debt and equity markets are not always cooperative. Producers (or issuers) must seize opportunities while the capital markets are available and there is investment appetite for their debt or equity issuances. Costs, pricing, and market timing are significant considerations. Below we review and assess issues in both the debt ...

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