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The costs of electricity interruptions in Spain. Are we sending the right signals?

  • Pedro Linares


    (Universidad Ponticia de Comillas, MR-CBG Harvard Kennedy School and Economics for Energy)

  • Luis Rey

    (Rede (Universidade de Vigo) and Economics for Energy)

One of the objectives of energy security is the uninterrupted physical availability of energy. However, there is limited information about how much is the cost of energy supply interruptions. This information is essential to optimize investment and operating decisions to prevent energy shortages. In this paper, we estimate the economic impact of an electricity interruption in diferent sectors and regions of Spain. We find that in 2008 the cost for the Spanish economy of one kWh of electricity not supplied was around e6, which is much higher than the signals sent for the operation of the power system. This would mean that we are underinvesting in short-term energy security.

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Paper provided by Economics for Energy in its series Working Papers with number fa05-2012.

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Length: 28 pages
Date of creation: Apr 2012
Date of revision:
Handle: RePEc:efe:wpaper:fa05-2012
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  1. de Nooij, Michiel & Koopmans, Carl & Bijvoet, Carlijn, 2007. "The value of supply security: The costs of power interruptions: Economic input for damage reduction and investment in networks," Energy Economics, Elsevier, vol. 29(2), pages 277-295, March.
  2. Leahy, Eimear & Tol, Richard S.J., 2011. "An estimate of the value of lost load for Ireland," Energy Policy, Elsevier, vol. 39(3), pages 1514-1520, March.
  3. Batlle, Carlos & Vazquez, Carlos & Rivier, Michel & Perez-Arriaga, Ignacio J., 2007. "Enhancing power supply adequacy in Spain: Migrating from capacity payments to reliability options," Energy Policy, Elsevier, vol. 35(9), pages 4545-4554, September.
  4. Blázquez-Gómez, Leticia & Grifell-Tatjé, Emili, 2011. "Evaluating the regulator: Winners and losers in the regulation of Spanish electricity distribution," Energy Economics, Elsevier, vol. 33(5), pages 807-815, September.
  5. Karen Fisher-Vanden & Erin T. Mansur & Qiong (Juliana) Wang, 2012. "Costly Blackouts? Measuring Productivity and Environmental Effects of Electricity Shortages," NBER Working Papers 17741, National Bureau of Economic Research, Inc.
  6. Growitsch, Christian & Jamasb, Tooraj & Müller, Christine & Wissner, Matthias, 2010. "Social cost-efficient service quality--Integrating customer valuation in incentive regulation: Evidence from the case of Norway," Energy Policy, Elsevier, vol. 38(5), pages 2536-2544, May.
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