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Impacto de la regulación en la eficiencia asignativa del mercado spot eléctrico colombiano

Author

Listed:
  • John J. García
  • Santiago Arango Tamayo
  • Andr�s F. Ortiz Rico

Abstract

This paper uses an ARCH regression model to analyze the effect of several regulatory measures and fundamental factors (the relationship between commercial demand and real availability, El Nino, and water supplies) on the spot price in the Colombian wholesale power market. The results indicate that the regulations established by the Electricity and Gas Regulatory Commission have had a substantial and statistically-significant effect on spot prices. In addition, El Nino and hydro supplies have a positive and negative respectively effect on the spot price, due to the large share of hydropower in this market.

Suggested Citation

  • John J. García & Santiago Arango Tamayo & Andr�s F. Ortiz Rico, 2015. "Impacto de la regulación en la eficiencia asignativa del mercado spot eléctrico colombiano," Documentos de Trabajo de Valor Público 13313, Universidad EAFIT.
    • Handle: RePEc:col:000122:013313
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    File URL: http://hdl.handle.net/10784/5504
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    References listed on IDEAS

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    1. Batlle, Carlos & Pérez-Arriaga, Ignacio J., 2008. "Design criteria for implementing a capacity mechanism in deregulated electricity markets," Utilities Policy, Elsevier, vol. 16(3), pages 184-193, September.
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    3. Larsen, Erik R. & Dyner, Isaac & Bedoya V., Leonardo & Franco, Carlos Jaime, 2004. "Lessons from deregulation in Colombia: successes, failures and the way ahead," Energy Policy, Elsevier, vol. 32(15), pages 1767-1780, October.
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    6. 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.
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    8. John J. García & Santiago Boh�rquez & Gustavo L�pez & Fredy Mar�n, 2013. "Poder de mercado en mercados spot de generación eléctrica: metodología para su análisis," Documentos de Trabajo de Valor Público 10671, Universidad EAFIT.
    9. Bollerslev, Tim, 1986. "Generalized autoregressive conditional heteroskedasticity," Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
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    11. Natalia Fabra & Juan Toro, 2003. "The Fall in British Electricity Prices: Market Rules, Market Structure, or Both?," Industrial Organization 0309001, University Library of Munich, Germany.
    12. Juan Pablo Botero Duque & John J. Garc�a & Hermilson Vel�squez, 2016. "Efectos del cargo por confiabilidad sobre el precio spot de la energía eléctrica en Colombia," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 35(68), pages 491-519.
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    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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