This is due to the inelasticity of demand for electricity, itself due to the inability to store electricity and its character of an essential commodity. Even slight overcapacity will thus lead to very low prices, whereas under-capacity can lead to very high prices limited only by what is called the value-of-lost-load (VOLL), the cost of a shortfall of electricity to consumers, measured in the 1 000s of dollars. These asymmetric incentives create a tendency for private investors to under-provide capacity. The future might may hold even greater challenges for power sector investment at least in Europe (UCTE, 2005, p. 7). However, in recent years they were further increased by the following two factors: market liberalisation and unstable regulatory framework conditions.