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Second Generation Electricity Reforms in Latin America and the California Paradigm

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  • Juan-Pablo Montero

    ()
    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • Hugh Rudnick

Abstract

In this paper we discuss second-generation electricity reforms being formulated in Latin America and how they are being reshaped by the California crisis, which had stood as a paradigm, at least in theory, for fully competitive markets. We argue that the main lesson policy makers in Latin America should draw from the experience in California and other electricity markets around the world is that the liberalization of wholesale markets will not result in more competitive outcomes where market concentration is significant, final consumers are isolated from actual marginal production costs and capacity is tight. At least in the case of Argentina and Chile, the California crisis has had a “positive externality” by persuading policy makers, at least momentarily, to postpone liberalization reforms and make them realize the complexities in implementing competitive markets.

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Bibliographic Info

Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 216.

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Date of creation: 2002
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Publication status: Published as "Second Generation Electricity Reforms in Latin America and the California Paradigm", Journal of Industry, Competition and Trade 2, pp. 159-172, 2002.
Handle: RePEc:ioe:doctra:216

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  1. Carlos Díaz & Alexander Galetovic & Raimundo Soto, 2000. "La crisis eléctrica de 1998-1999: causas, consecuencias y lecciones," Documentos de Trabajo 81, Centro de Economía Aplicada, Universidad de Chile.
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Cited by:
  1. Arango, Santiago & Dyner, Isaac & Larsen, Erik R., 2006. "Lessons from deregulation: Understanding electricity markets in South America," Utilities Policy, Elsevier, vol. 14(3), pages 196-207, September.
  2. Moreno, R. & Barroso, L.A. & Rudnick, H. & Mocarquer, S. & Bezerra, B., 2010. "Auction approaches of long-term contracts to ensure generation investment in electricity markets: Lessons from the Brazilian and Chilean experiences," Energy Policy, Elsevier, vol. 38(10), pages 5758-5769, October.
  3. Jamasb, Tooraj, 2006. "Between the state and market: Electricity sector reform in developing countries," Utilities Policy, Elsevier, vol. 14(1), pages 14-30, March.
  4. Matti Liski & Juan-Pablo Montero, 2005. "Forward trading and collusion in oligopoly," Working Papers 0506, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
  5. Bahçe, Serdal & Taymaz, Erol, 2008. "The impact of electricity market liberalization in Turkey: "Free consumer" and distributional monopoly cases," Energy Economics, Elsevier, vol. 30(4), pages 1603-1624, July.
  6. Gnansounou, Edgard & Dong, Jun, 2004. "Opportunity for inter-regional integration of electricity markets: the case of Shandong and Shanghai in East China," Energy Policy, Elsevier, vol. 32(15), pages 1737-1751, October.

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