Precios Y Desempeño Regulatorio En El Pool Eléctrico Español (Prices and Regulatory Performance in the Spanish Electricity Pool)
Posted: 18 Jul 2015
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Precios Y Desempeño Regulatorio En El Pool Eléctrico Español (Prices and Regulatory Performance in the Spanish Electricity Pool)
Date Written: July 15, 2015
Abstract
English Abstract: This study examines the relation between the gap of the system marginal price and other common variables in the market such as industrial organization and regulatory changes in the Spanish electricity pool. We estimate a long panel model where the time is larger than the number of firms. Our findings show that high market concentration and the possibility of being a pivot agent generate adverse effects on price determination. In addition, regulatory changes did not generate the expected effects, creating distortion and incorrect incentives in the market.
Keywords: Regulation, prices, panel cointegration, Spanish electricity pool.
JEL Classification: L51, L13, C23
Suggested Citation: Suggested Citation