Public Utility Finance and the Cost of Capital: Comments on Jenkins
评论Jenkins关于加拿大电价应大幅上涨的观点，指出其基于历史平均成本和10%资本回报率的假设可能不准确，实际回报率应约为6%，大幅提价可能损害经济福利。
Glenn P. Jenkins has argued that the price of electricity in Canada should be raised as much as 63 per cent because of an inadequate rate of return on past. utility investments. However, Jenkins calculated his recommended price from historical average utility costs, which are probably a poor representation of marginal costs. Moreover, Jenkins assumed that 10 per cent is the appropriate real rate of return on capital. Recent research suggests that the rate of return should be around 6 per cent. A major increase in the price of electricity could be damaging to economic welfare.