Why did British Electricity Prices Fall after 1998?

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Why did British Electricity Prices Fall after 1998?

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Evans, J.
Green, R.

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Abstract

In an attempt to reduce high electricity prices in England and Wales the government has reduced concentration among generators and introduced New Electricity Trading Arrangements (NETA). Econometric analysis on monthly data from April 1996 to September 2002 implies support for two conflicting hypotheses. On a static view, increases in competition and the capacity margin were chiefly responsible for the fall in prices. If generators had been tacitly colluding before NETA, however, the impending change in market rules might have changed their behaviour a few months before the abolition of the Pool. That view implies that NETA reduced prices.

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Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0326.

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Length: 14
Date of creation: May 2003
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Handle: RePEc:cam:camdae:0326

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Paper
- Joanne Evans & Richard Green, 2003. "Why did British electricity prices fall after 1998?," Working Papers 0307, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
- Green, Richard J & Joanne Evans, 2003. "Why did British electricity prices fall after 1998?," Royal Economic Society Annual Conference 2003 92, Royal Economic Society. [Downloadable!]
- Joanne Evans and Richard Green, 2005. "Why Did British Electricity Prices Fall after 1998?," Discussion Papers 05-13, Department of Economics, University of Birmingham. [Downloadable!]

Find related papers by JEL classification:
L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

This paper has been announced in the following NEP Reports:

NEP-ALL-2003-06-16 (All new papers)

Cited by:
(explanations, 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.)

Richard Green & Nicholas Vasilakos, . "Market Behaviour with Large Amounts of Intermittent Generation," Discussion Papers 08-08, Department of Economics, University of Birmingham. [Downloadable!]
Malaguzzi Valeri, Laura, 2006. "Comparison of Electricity Deregulation around the World and Implications for Ireland," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2006(3-Autumn), pages 38-63. [Downloadable!]
Willems, Bert & Rumiantseva, I. & Weigt, H., 2007. "Cournot versus Supply Functions: What Does the Data tell us?," Discussion Paper 2007-023, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Willems, Bert & Rumiantseva, I. & Weigt, H., 2007. "Cournot Versus Supply Functions: What does the Data Tell us?," Discussion Paper 2007-63, Tilburg University, Center for Economic Research. [Downloadable!]
- Willems, Bert & Rumiantseva, Ina & Weigt, Hannes, 2009. "Cournot versus Supply Functions: What does the data tell us?," Energy Economics, Elsevier, vol. 31(1), pages 38-47, January. [Downloadable!] (restricted)
Twomey, P. & Green, R. & Neuhoff, K. & Newbery, D., 2005. "A Review of the Monitoring of Market Power The Possible Roles of TSOs in Monitoring for Market Power Issues in Congested Transmission Systems," Cambridge Working Papers in Economics 0504, Faculty of Economics, University of Cambridge. [Downloadable!]
Other versions:
- Paul Twomey & Richard Green & Karsten Neuhoff & David Newbery, 2005. "A Review of the Monitoring of Market Power: The Possible Roles of TSOs in Monitoring for Market Power Issues in Congested Transmission Systems," Working Papers 0502, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
Giulietti, Monica & Grossi, Luigi & Waterson, Michael, 2009. "Price transmission in the UK electricity market : was NETA beneficial?," The Warwick Economics Research Paper Series (TWERPS) 913, University of Warwick, Department of Economics. [Downloadable!]
Niamh McCarthy, 2005. "Market Size, Market Structure & Market Power in the Irish Electricity Industry," Papers WP168, Economic and Social Research Institute (ESRI). [Downloadable!]

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