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Electricity Market Reform: Lessons for developing countries

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  • Erdogdu, Erkan

Abstract

One of the main targets of power market reforms in the world has been price-cost margins. This paper focuses on this issue by looking at the impact of the power market reforms on the convergence of residential and industrial electricity price-cost margins in diverse countries towards their average value and on cross-subsidy levels between consumer groups. Using panel data for 63 developed and developing countries covering the period 1982–2009, empirical models are developed and analyzed. The research findings suggest that, in most cases, reform process causes price-cost margins in different countries to move towards their average value. Besides, it is found that there is a negative relationship between absolute value of deviation from unit industrial/residential price ratio and the shift towards a competitive market model, meaning that as countries take more reform steps the size of cross subsidy between consumer groups tends to decline. Overall, based on empirical evidence, the study found that application of competitive market models in electricity industries makes electricity price-cost margins converge towards the average and prices more cost-reflective by reducing the size of cross subsidies between industrial and residential consumers, after controlling for industry and country-specific variables. Furthermore, the study suggests that power consumption, income level, electricity losses and country specific features constitute other important determinants of convergence towards average electricity price-cost margin and cross-subsidy levels between consumer groups.

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  • Erdogdu, Erkan, 2010. "Electricity Market Reform: Lessons for developing countries," MPRA Paper 27317, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:27317
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    Cited by:

    1. Svetla Boneva, 2016. "The Energy Market and Prices of Electricity in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 90-128.
    2. Erkan, Erdogdu, 2011. "What happened to efficiency in electricity industries after reforms?," Energy Policy, Elsevier, vol. 39(10), pages 6551-6560, October.
    3. Antonio Estache & Caroline Philippe, 2012. "The Impact of Private Participation in Infrastructure in Developing Countries: Taking Stock of about 20 Years of Experience," Working Papers ECARES ECARES 2012-043, ULB -- Universite Libre de Bruxelles.
    4. Davide Ciferri & Maria Chiara D’Errico & Paolo Polinori, 2020. "Integration and convergence in European electricity markets," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(2), pages 463-492, July.
    5. Tooraj Jamasb & Rabindra Nepal & Govinda R. Timilsina, 2017. "A Quarter Century Effort Yet to Come of Age: A Survey of Electricity Sector Reform in Developing Countries," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    6. Tooraj Jamasb & Rabindra Nepal & Govinda R. Timilsina, 2017. "A Quarter Century Effort Yet to Come of Age: A Survey of Electricity Sector Reform in Developing Countries," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    7. Bastianin, Andrea & Castelnovo, Paolo & Florio, Massimo, 2018. "Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies," Utilities Policy, Elsevier, vol. 55(C), pages 115-128.
    8. Larsen, Peter H. & Boehlert, Brent & Eto, Joseph & Hamachi-LaCommare, Kristina & Martinich, Jeremy & Rennels, Lisa, 2018. "Projecting future costs to U.S. electric utility customers from power interruptions," Energy, Elsevier, vol. 147(C), pages 1256-1277.
    9. Rabindra Nepal & Tooraj Jamasb & Clement Allan Tisdell, 2014. "Market-related reforms and increased energy efficiency in transition countries: empirical evidence," Applied Economics, Taylor & Francis Journals, vol. 46(33), pages 4125-4136, November.
    10. Ionescu Sas Mihaela, 2015. "The Macroeconomic Impact Of Legislative Regulations In The Renewable Energy Sector," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 202-213, July.
    11. Erdogdu, Erkan, 2016. "Asymmetric volatility in European day-ahead power markets: A comparative microeconomic analysis," Energy Economics, Elsevier, vol. 56(C), pages 398-409.
    12. Rabindra Nepal & Tooraj Jamasb & Clement Allan Tisdell, 2013. "Market-Related Reforms and Increased Energy Efficiency in Transition Countries: Empirical Evidence," Energy Economics and Management Group Working Papers 8-2013, School of Economics, University of Queensland, Australia.
    13. Kalantzis, Fotis & Sakellaris, Kostis, 2012. "Investigating the Impact of the Greek Electricity Market Reforms on its Day-Ahead Market Prices," MPRA Paper 37794, University Library of Munich, Germany.
    14. Tooraj Jamasb & Rabindra Nepal & Govinda Timilsina & Michael Toman, 2014. "Energy Sector Reform, Economic Efficiency and Poverty Reduction," Discussion Papers Series 529, School of Economics, University of Queensland, Australia.
    15. Erdogdu, Erkan, 2011. "Determinants of successful electricity market reform," MPRA Paper 38410, University Library of Munich, Germany.
    16. Andrea Bastianin & Paolo Castelnovo & Massimo Florio, 2017. "The Empirics of Regulatory Reforms Proxied by Categorical Variables: Recent Findings and Methodological Issues," Working Papers 2017.22, Fondazione Eni Enrico Mattei.
    17. Schober, Dominik, 2013. "Static vs. dynamic impacts of unbundling: Electricity markets in South America," ZEW Discussion Papers 13-033, ZEW - Leibniz Centre for European Economic Research.

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    More about this item

    Keywords

    Models with Panel Data; Power Market Reform; Price-cost margin;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • Y40 - Miscellaneous Categories - - Dissertations - - - Dissertations
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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