Dear authors,

As you have noticed, we meanwhile received two referee comments on your paper, both of them are very positive and suggest minor revision and acceptance.
Hence, I kindly would like to encourage you to undertake necessary minor corrections (as already indicated in your answer and supplements, a bit more information on the equations, technical correction of “90s” to “1990s”, and maybe some more information on the pricing issue with respect to the debate on market values versus reconstruction values for those readers who are not familiar with the Californian system). Please also carefully double-check your equations since after publication this will become tricky.
Above all, I kindly would like to congratulate you to your nice and timely piece of work! I also ask you for your understanding that the overall public review process took as long, there were some referees not delivering the requested opinion, and others missed their deadline, this is why it took weeks to finally arrive at the point.
Kind regards, and again thanks a lot for choosing NHESS for publishing your works,

Sven Fuchs (Editor NHESS)