Fig. 2From: The future of Swiss hydropower: how to distribute the risk and the profits?Pseudo-merit-order curve for 2015/16. Note: In contrast to a “real” merit-order curve, the pseudo-merit-order curve shows not marginal but average production cost. On the x-axis, we see cumulative annual production instead of installed capacities. For data sources and construction, see Sect. 2.2Back to article page