Broken dreams: Unmet expectations of investors in the Philippine electricity restructuring and privatization
AbstractOver the last three decades, privatization and restructuring of electricity sectors has been a hot topic. The expectation was that prices would fall due to increased competition and that generators would become more innovative and efficient. However, the enthusiasm for deregulation wavered after events such as the debacle in California, the fall of Enron and the setbacks of Ontario. In the Philippines, comprehensive legislation was passed in 2001 but the implementation has been rather slow and controversial. This paper looked at the allegation of politicizing power rates and found a logical alternative to the perceived conspiracy angle. Based on market data, it is highly probable that depressed market rates was a result of coping mechanisms of new players trying to adjust to the restructured industry.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Energy Policy.
Volume (Year): 38 (2010)
Issue (Month): 11 (November)
Contact details of provider:
Web page: http://www.elsevier.com/locate/enpol
Electricity market Deregulation Privatization;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eberhard, Anton & Gratwick, Katharine, 2007. "From state to market and back again: Egypt's experiment with independent power projects," Energy, Elsevier, vol. 32(5), pages 724-738.
- Paul Joskow, 2003.
"Electricity Sector Restructuring and Competition: Lessons Learned,"
Latin American Journal of Economics-formerly Cuadernos de Economía,
Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 548-558.
- Paul L. Joskow, 2003. "Electricity Sector Restructuring And Competition - Lessons Learned," Working Papers 0314, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Estache, Antonio & Goicoechea, Ana & Trujillo, Lourdes, 2006.
"Utilities reforms and corruption in developing countries,"
Policy Research Working Paper Series
4081, The World Bank.
- Estache, Antonio & Goicoechea, Ana & Trujillo, Lourdes, 2009. "Utilities reforms and corruption in developing countries," Utilities Policy, Elsevier, vol. 17(2), pages 191-202, June.
- Estache, A. & Goicoechea, A. & Trujillo, L., 2007. "Utilities reforms and corruption in developing countries," Working Papers 07/07, Department of Economics, City University London.
- Antonio Estache & A. Goicoechea & Lourdes Trujillo, 2008. "Utilities reforms and corruption in developing countries," ULB Institutional Repository 2013/43908, ULB -- Universite Libre de Bruxelles.
- Mork, Erling, 2001. "Emergence of financial markets for electricity: a European perspective," Energy Policy, Elsevier, vol. 29(1), pages 7-15, January.
- Severin Borenstein & James B. Bushnell & Frank A. Wolak, 2002. "Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market," American Economic Review, American Economic Association, vol. 92(5), pages 1376-1405, December.
- Lucia Reisch & Hans-W. Micklitz, 2006. "Consumers and deregulation of the electricity market in Germany," Journal of Consumer Policy, Springer, vol. 29(4), pages 399-415, December.
- Pollitt, Michael, 2009.
"Evaluating the evidence on electricity reform: Lessons for the South East Europe (SEE) market,"
Elsevier, vol. 17(1), pages 13-23, March.
- Pollitt, M., 2007. "Evaluating the evidence on electricity reform: Lessons for the South East Europe (SEE) market," Cambridge Working Papers in Economics 0756, Faculty of Economics, University of Cambridge.
- Ingco, Sheila Patawaran, 1996. "Structural changes in the power sector in Asia Improving profitability," Energy Policy, Elsevier, vol. 24(8), pages 723-733, August.
- Dunkerley, Joy, 1995. "Financing the energy sector in developing countries : Context and overview," Energy Policy, Elsevier, vol. 23(11), pages 929-939, November.
- Ramamurti, Ravi, 1999. "Why haven't developing countries privatized deeper and faster?," World Development, Elsevier, vol. 27(1), pages 137-155, January.
- Nagayama, Hiroaki, 2007. "Effects of regulatory reforms in the electricity supply industry on electricity prices in developing countries," Energy Policy, Elsevier, vol. 35(6), pages 3440-3462, June.
- Gabriele, Alberto, 2004. "Policy alternatives in reforming energy utilities in developing countries," Energy Policy, Elsevier, vol. 32(11), pages 1319-1337, July.
- Newbery, David M & Pollitt, Michael G, 1997. "The Restructuring and Privatization of Britain's CEGB--Was It Worth It?," Journal of Industrial Economics, Wiley Blackwell, vol. 45(3), pages 269-303, September.
- Bhattacharyya, Subhes C., 2007. "Power sector reform in South Asia: Why slow and limited so far?," Energy Policy, Elsevier, vol. 35(1), pages 317-332, January.
- Sharma, Deepak & Madamba, Sonia E. & Chan, Ma. Rosario L., 2004. "Electricity industry reforms in the Philippines," Energy Policy, Elsevier, vol. 32(13), pages 1487-1497, September.
- Faye Steiner, 2004. "The Market Response to Restructuring: A Behavioral Model," Journal of Regulatory Economics, Springer, vol. 25(1), pages 59-80, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.