Abstract
In this working paper we provide a detailed descriptions of the impact to European Utilities on the impact of climate related risks.We include the impact of both transition and physical risks that could impact the companies over a period of time from 2020 to 2050. The approach utilises a long term simulation framework from an integrated assessment model that drives company investment choices over the simulation horizon. This approach gives rise to estimates of equity valuation, bond prices, credit ratings and default probabilities that can be used to assess long term credit exposures or potential shifts in current market valuation.
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