This diploma thesis deals with the economic valuation of landscape changes caused by power transmission lines. The objective of this paper is to evaluate the profitability of the use of partially underground cables as an alternative to overhead transmission lines. Underground cables result in minor external effects on the environment than overhead power lines. In particular underground cables preserve the landscape as well as regulatory approval procedures are less time consuming. The initial point of the thesis is a potential underground cabling instead of overhead transmission lines in the commune 'St. Anton am Arlberg', a well known skiing area in the alps of Austria. There are several electric masts connecting three different transmission lines, which stress the landscape. To evaluate the impact of the existing power lines, random tourists had to decide how much money they would be willing to pay more per vacation for underground cables. Furthermore with the willingness-to-pay (WTP) and the consumer surplus of the trip frequency of the guests it is possible to identify the monetary benefit of the changed landscape. To value and decide if through the comparison of the costs for an underground cabling and the benefit of the WTP as well as the consumer surplus it's easy to check, if there is an positive cost-benefit ratio over the expected service life of the cable. Underground cabling projects are in general based on very high investment costs for the energy operator. Therefore such projects need an extra financing. Normally through the use of part-underground cabling close to residential areas the public acceptability to transmission line construction is likely high.