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General Equilibrium Analysis of Electricity Market Liberalization in Singapore: A Comparative Study

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  • Fenglong XIAO

    (Boston University, USA)

Abstract

The liberalization in electricity market in Singapore has being undertaken for more than 15 years. This paper evaluates the influence of competition policies by computable general equilibrium (CGE) model. Instead of the direct measurement of the impact of competition policy, the benefit of liberalization is reflected by the simulation of a hypothetical regulatory condition. Comparing to the regulatory scenario, simulation result implies the current liberalization raises GDP and exchange rate significantly, but also leaves the tradeoff between higher national income and lower consumer welfare to government. If such choice of economic policy is necessary for political demand, a formal legal framework is required to enforce the restoration of the economy from regulatory restrictions.

Suggested Citation

  • Fenglong XIAO, 2011. "General Equilibrium Analysis of Electricity Market Liberalization in Singapore: A Comparative Study," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(12(565)), pages 107-114, December.
  • Handle: RePEc:agr:journl:v:12(565):y:2011:i:12(565):p:107-114
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    References listed on IDEAS

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    2. Akkemik, K. Ali & O─čuz, Fuat, 2011. "Regulation, efficiency and equilibrium: A general equilibrium analysis of liberalization in the Turkish electricity market," Energy, Elsevier, vol. 36(5), pages 3282-3292.
    3. Chang, Youngho, 2007. "The New Electricity Market of Singapore: Regulatory framework, market power and competition," Energy Policy, Elsevier, vol. 35(1), pages 403-412, January.
    4. Chang, Youngho & Hin Tay, Tuan, 2006. "Efficiency and deregulation of the electricity market in Singapore," Energy Policy, Elsevier, vol. 34(16), pages 2498-2508, November.
    5. Hosoe, Nobuhiro, 2006. "The deregulation of Japan's electricity industry," Japan and the World Economy, Elsevier, vol. 18(2), pages 230-246, March.
    6. Timothy Brennan & Karen Palmer & Salvador Martinez, 2002. "Implementing Electricity Restructuring," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 99-132, June.
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