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¿Es competitivo el mercado eléctrico español? Indicadores de abuso de poder de mercado y aplicación al caso de España/Is the Spanish Electricity Wholesale Market Competitive? Indicators of Abuse of Dominant Position and Application to the Case of Spain

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    (NERA Economic Consulting, ESPAÑA.)

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    Desde principios de los años 90 se ha producido una ola de liberalizaciones de los mercados eléctricos bajo la premisa de que la presión competitiva llevaría a una reducción en el coste de suministro. No obstante, gran parte de los estudios académicos concluyen que estos mercados están distorsionados por el abuso de poder de mercado. Sin embargo estos estudios se basan en modelos teóricos y herramientas que parten de una representación simplificada de la realidad, sesgando sus resultados y exagerando el riesgo de abuso. Este artículo repasa las limitaciones de algunas de estas herramientas y, como alternativa, sugiere diversos indicadores derivados de la observación del comportamiento que realmente tienen de los generadores, de modo a obtener conclusiones más robustas y fiables sobre su comportamiento. Estos indicadores permiten rechazar la hipótesis de que existe un problema de poder de mercado en el mercado eléctrico español. Since the early 90's there has been a wave of deregulation of electricity markets under the assumption that competitive pressures would lead to a reduction in the cost of supply. In contrast, many of the published studies conclude that these markets are distorted by the abuse of dominant position of incumbents. However, these studies are typically based on theoretical models and tools based on a simplified representation of reality, and by ignoring critical features that constrain the ability or incentives of generators, bias the results and exaggerate the risk of abuse. This article reviews the limitations of some of these tools and, as an alternative, it suggests various indicators of market power abuse derived from the observation of the actual behavior of the generators, so as to obtain more robust and reliable conclusions about their behavior. These indicators reject the hypothesis that generators exercise market power in the Spanish electricity market.

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    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 29 (2011)
    Issue (Month): (Agosto)
    Pages: 627-654

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    Handle: RePEc:lrk:eeaart:29_2_12
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    Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN

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    1. Allaz Blaise & Vila Jean-Luc, 1993. "Cournot Competition, Forward Markets and Efficiency," Journal of Economic Theory, Elsevier, vol. 59(1), pages 1-16, February.
    2. Fabra, Natalia & Toro, Juan, 2005. "Price wars and collusion in the Spanish electricity market," International Journal of Industrial Organization, Elsevier, vol. 23(3-4), pages 155-181, April.
    3. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
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