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Veinte años de funcionamiento del Mercado Eléctrico Mayorista en Colombia: algunas reflexiones


  • John J. García


  • Gustavo López Álvarez


  • Fredy Marín


  • Jhonny Moncada



The aim of this paper is to analyze wholesale electricity market performance in the twenty years of existence. After describing spot market operation, the market for long-term and reliability charge, we analyzed the effect of variables such as El Niño, the reservoir level, the ratio of the actual availability and market demand and some effects of regulatory changes on the spot price. Also through a stochastic model we set up some recommendations on how to improve the functioning of this market with standardized contracts implementation considering international experience. Despite the market's advance in these twenty years of operation, there are still issues to be resolved, such as contracts standardized long-term implementation, smart grids and lowering the threshold to enter the unregulated market, as these aspects would help to reduce the spot price.

Suggested Citation

  • John J. García & Gustavo López Álvarez & Fredy Marín & Jhonny Moncada, 2015. "Veinte años de funcionamiento del Mercado Eléctrico Mayorista en Colombia: algunas reflexiones," Documentos de Trabajo CIEF 013680, Universidad EAFIT.
  • Handle: RePEc:col:000122:013680

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    Reliability charge; Colombia; Long-term market; Spot market; ARCH model; Stochastic model; Smart grids.;

    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
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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