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Performance and efficiency in Colombia's power utilities: an assessment of the 1994 reform

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Carlos Pombo ()
Rodrigo Taborda ()

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Abstract

This paper describes the core features of the power sector 1994 regulatory reform and evaluates utility performance and efficiency before and after the reform. The performance analysis assesses the changes in means and medians of a series of profitability, efficiency, investment, sales of the privatized power holdings. Technical efficiency is estimated through DEA technique in a sample of 33 power thermal-plants that account for 85% of the thermal park and 12 distribution utilities. The sample units are plants that were active before the reform and new entrants that started business operations after the reform. The main outcomes show that efficiency scores have improved after the reform and that regulatory policy has had a positive effect on technical efficiency in thermal power generation. In contrasts the less efficient power distributors got worsened after the reform and were not able to undertake plant restructuring in order to catch up productive efficiency with respect to the best practice production frontier. ******************************************************************* El artículo describe las características centrales de la reforma regulatoria al sector eléctrico en 1994 y evalúa el desempeño y la eficiencia de las empresas públicas antes y después de la reforma. El análisis de desempeño evalúa los cambios en medias y medianas en ganancias, eficiencia, inversión y ventas de las empresas privatizadas en el sector. La eficiencia técnica es estimada mediante la técnica DEA en una muestra de 33 plantas térmicas de energía, que representan el 85% del parque térmico; y 12 empresas distribuidoras de energía. La muestra de plantas generadoras está compuesta por plantas que estaban activas antes de la reforma y plantas nuevas que entraron en operación después de la reforma. Los principales resultados muestran que la eficiencia mejoro después de la reforma y que la política regulatoria ha tenido un efecto positivo en la eficiencia de la generación térmica de energía. Por el contrario, las distribuidoras de energía menos eficientes empeoraron después de la reforma y no llevaron a cabo una reestructuración para alcanzar la eficiencia productiva respecto a las empresas que conforman la frontera de eficiencia en distribución de energía.

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Paper provided by UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA in its series BORRADORES DE INVESTIGACIÓN with number 003322.

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Length: 31
Date of creation: 01 Jan 2004
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Handle: RePEc:col:000091:003322

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  1. Pacudan, Romeo & de Guzman, Elaine, 2002. "Impact of energy efficiency policy to productive efficiency of electricity distribution industry in the Philippines," Energy Economics, Elsevier, vol. 24(1), pages 41-54, January. [Downloadable!] (restricted)
  2. Rafael La Porta & Florencio López-De-Silanes, 1999. "The Benefits Of Privatization: Evidence From Mexico," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1193-1242, November. [Downloadable!] (restricted)
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  3. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June. [Downloadable!] (restricted)
  4. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November. [Downloadable!] (restricted)
  5. Hjalmarsson, Lennart & Veiderpass, Ann, 1992. " Productivity in Swedish Electricity Retail Distribution," Scandinavian Journal of Economics, Blackwell Publishing, vol. 94(0), pages S193-205, Supplemen.
  6. Mark Armstrong & Simon Cowan & John Vickers, 1994. "Regulatory Reform: Economic Analysis and British Experience," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510790, January.
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