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An analysis of the Spanish electrical utility industry: Economies of scale, technological progress and efficiency

  • Arcos, Angel
  • de Toledo, Pablo Alvarez

In this paper we propose a model to explain the behaviour of the Spanish electrical utility industry during the period 1987-1997, under the then existing regulatory system (Marco Legal Estable). The paper will study the presence of economies of scale, the effect of technological progress and the differences in the efficiency of the different companies within the market. The paper concludes that the Spanish electrical utility industry was not, in fact, characterized by economies of scale during this period, but witnessed a great improvement in efficiency within that period. All the critical market factors remind stable.

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Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 31 (2009)
Issue (Month): 3 (May)
Pages: 473-481

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Handle: RePEc:eee:eneeco:v:31:y:2009:i:3:p:473-481
Contact details of provider: Web page: http://www.elsevier.com/locate/eneco

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  1. Jara-Diaz, Sergio & Ramos-Real, Francisco Javier & Martinez-Budria, Eduardo, 2004. "Economies of integration in the Spanish electricity industry using a multistage cost function," Energy Economics, Elsevier, vol. 26(6), pages 995-1013, November.
  2. E. Martínez-Budría & S. Jara-Díaz & F. Ramos-Real, 2003. "Adapting Productivity Theory to the Quadratic Cost Function. An Application to the Spanish Electric Sector," Journal of Productivity Analysis, Springer, vol. 20(2), pages 213-229, September.
  3. A. Yatchew, 2000. "Scale economies in electricity distribution: a semiparametric analysis," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(2), pages 187-210.
  4. Filippini, Massimo & Wild, Jorg, 2001. "Regional differences in electricity distribution costs and their consequences for yardstick regulation of access prices," Energy Economics, Elsevier, vol. 23(4), pages 477-488, July.
  5. Christensen, Laurits R & Greene, William H, 1976. "Economies of Scale in U.S. Electric Power Generation," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 655-76, August.
  6. Gilsdorf, Keith, 1994. "Vertical integration efficiencies and electric utilities: A cost complementarity perspective," The Quarterly Review of Economics and Finance, Elsevier, vol. 34(3), pages 261-282.
  7. Subal Kumbhakar, 1997. "Efficiency estimation with heteroscedasticity in a panel data model," Applied Economics, Taylor & Francis Journals, vol. 29(3), pages 379-386.
  8. Michael Maloney, 2001. "Economies and Diseconomies: Estimating Electricity Cost Functions," Review of Industrial Organization, Springer, vol. 19(2), pages 165-180, September.
  9. Al-Mutairi, Naief & Burney, Nadeem A., 2002. "Factor substitution, and economies of scale and utilisation in Kuwait's crude oil industry," Energy Economics, Elsevier, vol. 24(4), pages 337-354, July.
  10. Sean Pascoe, 2007. "Estimation of cost functions in a data poor environment: the case of capacity estimation in fisheries," Applied Economics, Taylor & Francis Journals, vol. 39(20), pages 2643-2654.
  11. Green, Richard & Newbery, David M, 1997. "Competition in the Electricity Industry in England and Wales," Oxford Review of Economic Policy, Oxford University Press, vol. 13(1), pages 27-46, Spring.
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