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Competition Versus Regulation In British Electricity Generation

In: The Uk Energy Experience A Model or A Warning?

Author

Listed:
  • PHILIP GRAY

    (The World Bank, 1818 H St. NW, Washington DC 20043, USA)

  • DIETER HELM

    (New College, University of Oxford, USA)

  • ANDREW POWELL

    (Banco Central de la Republica Argentina, Buenos Aires, Argentina)

Abstract

This paper presents an appraisal of the electricity generation market in England and Wales from its inception to the date of the imposition of the Pool price cap. Spot (Pool) prices were lower than expected but rose strongly. A theoretical discussion and an empirical analysis is conducted and it is argues that, although the Pool was intended to be competitive, this pattern of prices was driven first and foremost by the effect of contracts and, second, by implicit regulation. In other words, prices have been driven largely by intervention, rather than by competition. Further, it is suggested that the undertakings agreed with the regulator may foster co-operation rather than competition and that regulatory attention will be required for the foreseeable future in the 'competitive' market for generation.

Suggested Citation

  • Philip Gray & Dieter Helm & Andrew Powell, 1996. "Competition Versus Regulation In British Electricity Generation," World Scientific Book Chapters, in: G MacKerron & P Pearson (ed.), The Uk Energy Experience A Model or A Warning?, chapter 15, pages 201-220, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781848161030_0015
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    Citations

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    Cited by:

    1. Andrea Petrella & Sandro Sapio, 2010. "No PUN intended: A time series analysis of the Italian day-ahead electricity prices," RSCAS Working Papers 2010/03, European University Institute.
    2. Newbery, David M., 1997. "Privatisation and liberalisation of network utilities," European Economic Review, Elsevier, vol. 41(3-5), pages 357-383, April.
    3. Lowrey, Craig, 1997. "The pool and forward contracts in the UK electricity supply industry," Energy Policy, Elsevier, vol. 25(4), pages 413-423, March.

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