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We analyze the impact of production characteristics on capital structure using a sample of worldwide energy utilities. Detailed information on more than 30,000 single power plants enables us to construct different measures for their production flexibility. We find a positive relationship between production flexibility and leverage. Past regulatory changes in the electricity sector allow us to demonstrate causality. Furthermore, analyzing capital market reactions after the collapse of Lehmandoi:10.2139/ssrn.396020 fatcat:p3dlbgokybgj7lwmymxtzvut54