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Regulatory governance and chile's 1998-1999 electricity shortage

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Author Info
Ronald Fischer
Alexander Galetovic

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Abstract

We study regulatory incentives and governance during the 1998-1999 electricity shortage in Chile. We argue that it was feasible to manage the shortage with no outages. The outages can be blamed on the rigid price system and deficiencies in regulatory governance, which led to a weak regulator unable to make the price system work. The shortage shows the limitations of a rigid price system requiring regulatory intervention. It suggests that countries where governance structures are weak should rely as much as possible on market rules that clearly allocate property rights and leave contract terms to be freely negotiated by private parties.

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Article provided by Taylor and Francis Journals in its journal The Journal of Policy Reform.

Volume (Year): 6 (2003)
Issue (Month): 2 (June)
Pages: 105-125
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Handle: RePEc:taf:jpolrf:v:6:y:2003:i:2:p:105-125

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Related research
Keywords: Electric Regulation; Hydrological Risk; Regulatory Governance;

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References listed on IDEAS
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.:
  1. Serra, Pablo J., 1997. "Energy pricing under uncertain supply," Energy Economics, Elsevier, vol. 19(2), pages 209-223, May. [Downloadable!] (restricted)
  2. Bernstein, Sebastian, 1988. "Competition, marginal cost tariffs and spot pricing in the Chilean electric power sector," Energy Policy, Elsevier, vol. 16(4), pages 369-377, August. [Downloadable!] (restricted)
  3. Federico Basañes & Eduardo Saavedra & Raimundo Soto, . "Post-Privatization Renegotiations and Disputes in Chile," ILADES-Georgetown University Working Papers inv117, Ilades-Georgetown University, School of Economics and Bussines. [Downloadable!]
  4. Bernstein, Sebastian & Agurto, Renato, 1992. "Use of outage cost for electricity pricing in Chile," Utilities Policy, Elsevier, vol. 2(4), pages 299-302, October. [Downloadable!] (restricted)
  5. Sanghvi, Arun P., 1983. "Optimal electricity supply reliability using customer shortage costs," Energy Economics, Elsevier, vol. 5(2), pages 129-136, April. [Downloadable!] (restricted)
  6. Serra, Pablo & Fierro, Gabriel, 1997. "Outage costs in Chilean industry," Energy Economics, Elsevier, vol. 19(4), pages 417-434, October. [Downloadable!] (restricted)
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  7. Nesbakken, Runa, 1999. "Price sensitivity of residential energy consumption in Norway," Energy Economics, Elsevier, vol. 21(6), pages 493-515, December. [Downloadable!] (restricted)
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  1. Michael Pollitt, 2004. "Electricity Reform in Chile Lessons for Developing Countries," Working Papers 0416, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
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