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Subastando la Energía para Clientes Regulados: Un Análisis de Equilibrio

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La reciente liberalización del mercado de generación eléctrica para clientes regulados autoriza a las empresas distribuidoras a contratar energía a precios que pueden ser superiores al precio nudo fijado por el regulador, traspasándolos íntegramente a sus consumidores. Motivado en esta reforma legal, este artículo analiza el equilibrio que resulta de una subasta hipotética en que una empresa distribuidora contrataría su energía. El modelo supone dos empresas generadoras, una hidráulica y otra térmica, ambas aversas al riesgo, que compiten ofertando precio por la energía subastada de un único distribuidor, vendiendo o comprando en el mercado spot sus diferencias de producción. Se supone además que generación hidráulica es estocástica, mientras que por simpleza se supone que la generación térmica es segura. Se demuestra que si la subasta es competitiva, ésta se adjudica a la generadora que fija el precio del mercado spot del sistema cuando hay sequía. Así, la empresa térmica es la que margina cuando la sequía es moderada, ofertando un precio mayor que el precio nudo o promedio del costo marginal esperado del sistema. Por otro lado, si la sequía es extrema al punto de generar desabastecimiento, entonces será la firma hidráulica la que ofrecerá el menor precio en la subasta. Los resultados son robustos a suponer si la sequía extrema es o no fuerza mayor (artículo 99 bis de la Ley Eléctrica). Por último, se encuentra que si ambas generadoras fueran neutrales al riesgo ofrecerían el mismo precio en la subasta e igual al precio nudo regulado, haya o no riesgo de desabastecimiento en períodos secos.

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Paper provided by Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines in its series ILADES-Georgetown University Working Papers with number inv169.

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Length: 28 pages
Date of creation: Aug 2005
Date of revision:
Handle: RePEc:ila:ilades:inv169

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Keywords: Subasta; Energía; Abastecimiento incierto; Racionamiento Eléctrico;

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  1. Soledad Arellano, 2004. "Market Power in Mixed Hydro-Thermal Electric," Documentos de Trabajo 187, Centro de Economía Aplicada, Universidad de Chile.
  2. Green, Richard & Newbery, David M G, 1991. "Competition in the British Electricity Spot Market," CEPR Discussion Papers 557, C.E.P.R. Discussion Papers.
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  4. José Miguel Benavente & Alexander Galetovic & Ricardo Sanhueza & Pablo Serra, 2005. "Estimando la Demanda Residencial por Electricidad en Chile: El Consumo es Sensible al Precio," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 42(125), pages 31-61.
  5. Ennio Stacchetti, 1999. "Auction Design for the Colombian Electricity Market," Documentos de Trabajo 62, Centro de Economía Aplicada, Universidad de Chile.
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  7. Federico Basañes & Eduardo Saavedra & Raimundo Soto, . "Post-Privatization Renegotiations and Disputes in Chile," ILADES-Georgetown University Working Papers inv117, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  8. Von der Fehr, N.H.M. & Harbord, D., 1992. "Spot Market Competition in the UK Electricity Industry," Memorandum 09/1992, Oslo University, Department of Economics.
  9. Natalia Fabra & Nils‐Henrik Fehr & David Harbord, 2006. "Designing electricity auctions," RAND Journal of Economics, RAND Corporation, vol. 37(1), pages 23-46, 03.
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