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Integración Vertical en el Sector Eléctrico: Una guía para el usuario (Vertical integration in the electricity sector)

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  • Alexander Galetovic

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Abstract

Este trabajo evalúa los pro y contra de la integración vertical en el sector eléctrico. Las principales conclusiones son las siguientes: (i) si bien la integración vertical no es mala per se, la mayoría de sus ventajas surgen cuando existen monopolios separados de transmisión y distribución y cada uno explota su poder de mercado individualmente. Cuando los precios que pueden cobrar estos monopolios se regulan adecuadamente, desaparecen la mayoría de los argumentos en su favor. (ii) Cuando los cargos de acceso a las etapas monopólicas de transmisión y distribución se regulan correctamente, aumenta el atractivo de integrarse verticalmente para extender el poder de mercado hacia la generación y la comercialización. (iii) Una empresa verticalmente integrada de cierto tamaño discriminará a sus competidores y tratará de impedir la entrada de nuevas empresas. La discriminación aumentará los costos de las empresas generadoras no integradas y el precio que pagan los usuarios, aun si existen economías de ámbito importantes. (iv) El incentivo a discriminar crece con la participación de mercado de la generadora verticalmente integrada y con la intensidad de las economías de ámbito. (v) Es muy improbable que las economías de ámbito se trasladen a menores precios finales. De lo anterior se desprende el siguiente trade off regulatorio es el siguiente: con la separación vertical de la transmisión y la distribución de la generación y la comercialización se pierden economías de ámbito, principalmente aquellas debidas a la coordinación de inversiones de trasmisión y generación; se ganan un mercados de generación y comercialización más competitivos con menores barreras a la entrada, menores precios finales de la electricidad, y monopolios de transmisión y distribución más fáciles de regular.

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Bibliographic Info

Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 158.

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Date of creation: 2003
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Handle: RePEc:edj:ceauch:158

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  1. Economides, Nicholas, 1998. "The incentive for non-price discrimination by an input monopolist," International Journal of Industrial Organization, Elsevier, vol. 16(3), pages 271-284, May.
  2. Joskow, Paul L, 1985. "Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants," Journal of Law, Economics and Organization, Oxford University Press, vol. 1(1), pages 33-80, Spring.
  3. Mandy, David M, 2000. "Killing the Goose That May Have Laid the Golden Egg: Only the Data Know Whether Sabotage Pays," Journal of Regulatory Economics, Springer, vol. 17(2), pages 157-72, March.
  4. Sjostrom, Tomas & Weitzman, Martin L., 1996. "Competition and the evolution of efficiency," Journal of Economic Behavior & Organization, Elsevier, vol. 30(1), pages 25-43, July.
  5. Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2000. "How to Auction an Essential Facility when Underhand Integration is Possible," Documentos de Trabajo 79, Centro de Economía Aplicada, Universidad de Chile.
  6. Joskow, Paul L & Tirole, Jean, 1999. "Transmission Rights and Market Power on Electric Power Networks. II: Physical Rights," CEPR Discussion Papers 2087, C.E.P.R. Discussion Papers.
  7. Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
  8. Kaserman, David L & Mayo, John W, 1991. "The Measurement of Vertical Economies and the Efficient Structure of the Electric Utility Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 39(5), pages 483-502, September.
  9. Bushnell, James B & Stoft, Steven E, 1996. "Electric Grid Investment under a Contract Network Regime," Journal of Regulatory Economics, Springer, vol. 10(1), pages 61-79, July.
  10. Joskow, Paul L & Tirole, Jean, 1999. "Transmission Rights and Market Power on Electric Power Networks I: Financial Rights," CEPR Discussion Papers 2093, C.E.P.R. Discussion Papers.
  11. 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.
  12. Quirmbach, Herman C, 1986. "Vertical Integration: Scale Distortions, Partial Integration, and the Direction of Price Change," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 131-47, February.
  13. Alvaro Bustos & Alexander Galetovic, 2003. "Vertical Integration and Sabotage in Regulated Industries," Documentos de Trabajo 164, Centro de Economía Aplicada, Universidad de Chile.
  14. Vickers, John, 1995. "Competition and Regulation in Vertically Related Markets," Review of Economic Studies, Wiley Blackwell, vol. 62(1), pages 1-17, January.
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