IDEAS home Printed from https://ideas.repec.org/p/col/000122/013313.html
   My bibliography  Save this paper

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

Author

Listed:
  • John J. García

    ()

  • Santiago Arango Tamayo

    ()

  • Andrés 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 Niño, 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 Niño 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 & Andrés F. Ortiz Rico, 2015. "Impacto de la regulación en la eficiencia asignativa del mercado spot eléctrico colombiano," DOCUMENTOS DE TRABAJO CIEF 013313, UNIVERSIDAD EAFIT.
  • Handle: RePEc:col:000122:013313
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10784/5504
    Download Restriction: no

    References listed on IDEAS

    as
    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.
    2. Paul Joskow & Jean Tirole, 2007. "Reliability and competitive electricity markets," RAND Journal of Economics, RAND Corporation, vol. 38(1), pages 60-84, March.
    3. Juan Pablo Botero Duque & John J. García & Hermilson Velásquez, 2016. "Efectos del cargo por confiabilidad sobre el precio spot de la energía eléctrica en Colombia," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, vol. 35(68), pages 491-519, January.
    4. 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.
    5. Catherine D. Wolfram, 1998. "Strategic Bidding in a Multiunit Auction: An Empirical Analysis of Bids to Supply Electricity in England and Wales," RAND Journal of Economics, The RAND Corporation, vol. 29(4), pages 703-725, Winter.
    6. D. Finon & V. Pignon, 2008. "Electricity and long-term capacity adequacy: The quest for regulatory mechanism compatible with electricity market," Post-Print hal-00716312, HAL.
    7. Diebold, Francis X & Mariano, Roberto S, 2002. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-144, January.
    8. Jesús Alonso Botero & John Jairo García & Luis Guillermo Vélez, 2013. "Mecanismos utilizados para monitorear el poder de mercado en mercados eléctricos: reflexiones para Colombia," REVISTA CUADERNOS DE ECONOMÍA, UNIVERSIDAD NACIONAL DE COLOMBIA -FCE - CID, December.
    9. John J. García & Santiago Bohórquez & Gustavo López & Fredy Marín, 2013. "Poder de mercado en mercados spot de generación eléctrica: metodología para su análisis," DOCUMENTOS DE TRABAJO CIEF 010671, UNIVERSIDAD EAFIT.
    10. Bollerslev, Tim, 1986. "Generalized autoregressive conditional heteroskedasticity," Journal of Econometrics, Elsevier, vol. 31(3), pages 307-327, April.
    11. Finon, Dominique & Pignon, Virginie, 2008. "Electricity and long-term capacity adequacy: The quest for regulatory mechanism compatible with electricity market," Utilities Policy, Elsevier, vol. 16(3), pages 143-158, September.
    12. 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.
    13. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Regulación; Mercado de Energía Mayorista; precio spot; ARCH; Colombia.;

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000122:013313. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Centro de Investigaciones Económicas y Financieras (CIEF)). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.