Figure 1.
The flow diagram shows the proposed model linking electricity deregulation to willingness to lend and willingness to invest through risk factors and required financial ratios. Electricity deregulation connects positively to price risk and output quantity risk, each marked with plus 1. Price risk connects positively to the minimum required D C R with plus 2 and positively to the minimum required R O E with plus 3. Output quantity risk connects positively to the minimum required D C R with plus 3 and positively to the minimum required R O E with plus 2. Minimum required D C R connects negatively to willingness to lend. Minimum required R O E connects negatively to willingness to invest.The proposed model