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Why has the Nordic electricity market worked so well?

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Abstract

The general opinion among power industry representatives and electricity market analysts is that the Nordic electricity market has worked well. The purpose of this paper is to explore why the Nordic electricity market has performed well and to consider to what extent the Nordic experiences are relevant for other countries. In particular, we investigate causes as to why the Nordic market managed to withstand the supply shock in 2002 – 2003. A comparison is made with the California case, and the potential problem of market power abuse is investigated in particular. The relatively successful electricity market reform in the Nordic countries seems to be attributable to: a simple but sound market design, a successful dilution of market power, a strong political support for deregulation and voluntary, informal commitment to public service by the power industry.

Suggested Citation

  • Amundsen, Eirik S. & Bergman, Lars, 2005. "Why has the Nordic electricity market worked so well?," Working Papers in Economics 18/05, University of Bergen, Department of Economics.
  • Handle: RePEc:hhs:bergec:2005_018
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    File URL: http://www.uib.no/filearchive/No.%2018-05.pdf
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    1. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles region," Regional Science and Urban Economics, Elsevier, pages 163-182.
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    Cited by:

    1. Nilsson, Mats, 2007. "Red light for Green Paper: The EU policy on energy efficiency," Energy Policy, Elsevier, vol. 35(1), pages 540-547, January.
    2. Tang, Ali, 2014. "Does Gibrat’s Law Hold for Swedish Energy Firms?," HUI Working Papers 99, HUI Research.
    3. Aili Tang, 2015. "Does Gibrat’s law hold for Swedish energy firms?," Empirical Economics, Springer, vol. 49(2), pages 659-674, September.
    4. Littlechild, Stephen, 2006. "Competition and contracts in the Nordic residential electricity markets," Utilities Policy, Elsevier, vol. 14(3), pages 135-147, September.
    5. Amundsen, Eirik Schrøder & Bergmann, Lars, 2006. "Provision of reserve capacity on the Nordic electricity market: Principles and practises," Working Papers in Economics 01/06, University of Bergen, Department of Economics.
    6. Petr Spodniak & Mikael Collan & Mari Makkonen, 2017. "On Long-Term Transmission Rights in the Nordic Electricity Markets," Energies, MDPI, Open Access Journal, vol. 10(3), pages 1-19, March.

    More about this item

    Keywords

    Nordic electricity market; California electricity market; supply shock; market power.;

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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