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The Nordic Market: Signs of Stress?

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  • Nils-Henrik M. von der Fehr, Eirik S. Amundsen and Lars Bergman

Abstract

The supply shock that hit the Nordic electricity market in 2002-2003 put the market to a severe test. A sharp reduction in inflow to hydro reservoirs during the normally wet months of late autumn pushed electricity prices to unprecedented levels. We take this event as the starting point for analysing some potential weaknesses of the Nordic market. We conclude that fears regarding supply security and adequacy are likely to be unfounded. Nevertheless, as inherited over-capacity is eroded, and new market-based environmental regulation takes effect, tighter market conditions are to be expected. It is then crucial that retail markets are fully developed so as to allow consumers to adequately protect themselves from occurrences of price spikes.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume 26 (2005)
Issue (Month): Special Issue ()
Pages: 71-98

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Handle: RePEc:aen:journl:2005se-a04

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  1. Hindsberger, Magnus & Nybroe, Malene Hein & Ravn, Hans F. & Schmidt, Rune, 2003. "Co-existence of electricity, TEP, and TGC markets in the Baltic Sea Region," Energy Policy, Elsevier, vol. 31(1), pages 85-96, January.
  2. Amundsen, E.S. & Nesse, A. & Tjotta, S., 1999. "Deregulation of the Nordic Power Market and Environmental Policy," Norway; Department of Economics, University of Bergen 194, Department of Economics, University of Bergen.
  3. Hauch, Jens, 2003. "Electricity trade and CO2 emission reductions in the Nordic countries," Energy Economics, Elsevier, vol. 25(5), pages 509-526, September.
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