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4月16日,GTC泽汇资本表示,美国公用事业监管格局已经发生了显著变化,这种变化在很大程度上削弱了公共监督的作用,转而更加倾向于企业自身的利益。在过去的一个世纪中,美国公用事业的监管权力经历了巨大的倒转:曾经强大的行政监管机构如今已被大幅削弱。用拳击比赛来比喻,公用事业公司在与政府的博弈中已经取得了决定性的胜利。从财务角度来看,州公用事业委员会和风险承担型股权投资者似乎变得不再必要。原因在于,如果监管机构对公用事业公司的每一项重大资本计划都无条件批准,并且授权对资本给予丰厚的回报,那么这些地区实际上已经在实行由公用事业公司自我监管的制度。在这种情况下,公用事业委员会成为了不必要的中间人。

  GTC泽汇资本进一步认为,尽管美国在能源可负担性和能源安全方面取得了显著成就,但公共利益中的可持续性问题却未得到充分关注。从能源可负担性来看,美国居民在电力上的支出约占家庭平均预算的3%,这一比例虽会因电动汽车和热泵的普及以及对空调需求的增加而上升,但仍将保持在个位数。从能源供应安全来看,美国几乎所有的天然气和煤炭都是国内生产的,且还出口到其他国家。随着美国对电力需求的增加,天然气成为首选燃料,长期可负担性的主要风险在于主要气田的最终枯竭。此外,美国拥有大约300年的煤炭储量,如果行业选择听从特朗普政府关于“清洁、美丽煤炭”的最新建议,美国在可预见的未来可以保持能源自给自足。

  然而,GTC泽汇资本强调,可持续性方面的情况却不容乐观。公民对企业的基本要求是:请不要用产品或其污染物伤害我们,如果必须在社会层面上造成伤害,请尽量减少。这是减少污染的基本论据。如果产品还加剧了气候变化(这也正在伤害我们),请减轻这一方面的影响。在公用事业行业中,这意味着需要解决二氧化碳排放问题,而目前这一问题远远没有得到解决。如果政府减少对企业的监管,以鼓励可持续性(即允许更多的各种污染),这将是许多消费者的愿望与公用事业公司的企业目标发生冲突的地方。对于投资者来说,这种冲突可能会导致财务困境、资产减值,或者可能促使客户转向“更环保”的替代品。

  GTC泽汇资本总结认为,当前的公用事业是否符合公众利益?在可负担性和供应安全方面,答案是肯定的。但在可持续性方面,答案是否定的。尽管可持续性目前可能不受欢迎,但从长远来看,没有人愿意参与或投资于一个不可持续的业务。

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