Financial manager of electrical companies have often considered distribution investments to be a bottomless pit: needs that are never completely satisfied reappear each year. Moreover, technicians struggle to explain the profitability of these investments, as their aims are so diverse: to enable direct and measurable savings or to fulfil agreements with distributors, the non-respect of which could be very costly. The definition of an investment policy often came down to choosing, through speculation, investments most likely to fulfil these various obligations, rules or requests within the framework of an imposed financial constraint.
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