| Records |
| Author |
Ciarreta, A.; Nasirov, S.; Silva, C. |
| Title |
The development of market power in the Spanish power generation sector: Perspectives after market liberalization |
Type |
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| Year |
2016 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
96 |
Issue |
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Pages |
700-710 |
| Keywords |
Competition; Market power; Spanish electricity market |
| Abstract |
This paper provides a comprehensive analysis of the market power problem in the Spanish power generation sector and examines how and to which extent the market has developed in terms of market power concerns after the market liberalization reforms. The methodology applied in this study includes typical ex-post structural and behavioral measures employed to estimate potential for market power, namely: concentration ratios (CR) (for the largest and the three largest suppliers), the Herfindahl-Hirschman Index (HHI), Entropy, Pivotal Supply Index, the Residual Supply Index and Residual Demand Elasticity (RDE). The results are presented for the two largest Spanish generating companies (Endesa and Iberdrola) acting in the Iberian Electricity Market (MIBEL), and in the Spanish Day-ahead electricity market. The results show evidence that these companies have behaved much more competitively in recent periods than in the beginning of the market liberalization. In addition, the paper discusses important structural and regulatory changes through market liberalization processes in the Spanish Day ahead electricity market. (C) 2016 Elsevier Ltd. All rights reserved. |
| Address |
[Ciarreta, Aitor] Univ Basque Country, Dept Fundamentos Anal Econ 2, BETS, Avda Lehendakari Aguirre 83, Bilbao 48015, Spain, Email: aitor.ciarreta@ehu.es; |
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| Publisher |
Elsevier Sci Ltd |
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| Language |
English |
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| ISSN |
0301-4215 |
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Conference |
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| Notes |
WOS:000381530700057 |
Approved |
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| Call Number |
UAI @ eduardo.moreno @ |
Serial |
650 |
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| Author |
Reus, L.; Munoz, F.D.; Moreno, R. |
| Title |
Retail consumers and risk in centralized energy auctions for indexed long-term contracts in Chile |
Type |
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| Year |
2018 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
114 |
Issue |
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Pages |
566-577 |
| Keywords |
Price risk; Energy auctions; Portfolio optimization |
| Abstract |
Centralized energy auctions for long-term contracts are commonly-used mechanisms to ensure supply adequacy, to promote competition, and to protect retail customers from price spikes in Latin America. In Chile, the law mandates that all distribution companies must hold long-term contracts – which are awarded on a competitive centralized auction – to cover 100% of the projected demand from three to fifteen years into the future. These contracts can be indexed to a series of financial parameters, including fossil fuel prices at reference locations. Drawing from portfolio theory, we use a simple example to illustrate the difficulties of selecting, through the current clearing mechanism that focuses on average costs and individual characteristics of the offers, a portfolio of long-term energy contracts that could simultaneously minimize the expected future cost of energy and limit the risk exposure of retail customers. In particular, we show that if the objective of the regulator is to limit the risk to regulated consumers, it could be optimal to include contracts that would not be selected based on individual characteristics of the offers and a least-cost auction objective, but that could significantly reduce the price variance of the overall portfolio due to diversification effects between indexing parameters. |
| Address |
[Reus, Lorenzo; Munoz, Francisco D.] Univ Adolfo Ibanez, Fac Ingn & Ciencias, Diagonal Las Torres 2640, Santiago, Chile, Email: fdmunoz@uai.cl |
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Elsevier Sci Ltd |
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English |
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| ISSN |
0301-4215 |
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Conference |
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| Notes |
WOS:000424962800053 |
Approved |
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| Call Number |
UAI @ eduardo.moreno @ |
Serial |
816 |
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| Author |
Agostini, C.A.; Guzman, A.M.; Nasirov, S.; Silva, C. |
| Title |
A surplus based framework for cross-border electricity trade in South America |
Type |
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| Year |
2019 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
128 |
Issue |
|
Pages |
673-684 |
| Keywords |
Electricity regulation; Import/export of electricity; South America; Chile |
| Abstract |
The South American region has experienced a steady increase in its demand for electricity and faces several challenges in the development of the electricity sector. Among them, high fluctuations in hydro generation, high and volatile prices of fossil fuels, and environmental and social impacts associated to energy activities. Strengthening cooperation for cross-border electricity trade is considered a sustainable alternative for addressing these challenges. For the expansion of electricity trade among countries within the region, both infrastructure and a regulation that defines the conditions of the electric power exchanges between countries are required. A good regulatory framework would allow all market players to have access to the commercialization of energy with other countries in the region, guarantee that the treatment of exchanges is non-discriminatory, and maintain the efficiency, cost effectiveness and security characteristics operation of all electricity systems. In this context, this paper proposes a framework with the basic setting conditions for the import and export of energy from the “surplus” available for exchange. The empirical analysis of the regulatory proposal, based on simulations, shows that the exchange of energy from Chile with its neighboring countries is feasible in a clear and transparent manner, reducing the marginal costs of energy and the total cost of operation, keeping the average cost of generation relatively constant. |
| Address |
[Agostini, Claudio A.] Univ Adolfo Ibanez, Sch Govt, Santiago, Chile, Email: Claudio.agostini@uai.cl; |
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Elsevier Sci Ltd |
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English |
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| ISSN |
0301-4215 |
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Conference |
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| Notes |
WOS:000463688800064 |
Approved |
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| Call Number |
UAI @ eduardo.moreno @ |
Serial |
995 |
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| Author |
Munoz, FD.; Suazo-Martinez, C.; Pereira, E.; Moreno, R. |
| Title |
Electricity market design for low-carbon and flexible systems: Room for improvement in Chile |
Type |
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| Year |
2021 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
148 |
Issue |
B |
Pages |
111997 |
| Keywords |
Market design; Electricity; Flexibility; Decarbonization |
| Abstract |
Chile was the first country that privatized all generation, transmission, and distribution services, and introduced competition in the generation segment. Nearly four decades after its creation, many features of the original electricity market design remain unchanged. In this paper, we provide a brief history of the Chilean electricity market and explain its main limitations going forward. Some of these include the use of a cost-based mechanism for spot transactions based on a merit-order curve, low temporal granularity of spot prices, missing forward markets to settle deviations from day-ahead commitments, inefficient pricing of greenhouse gas emissions due to administrative rules, and a capacity mechanism that does not reflect a clear resource adequacy target. Many of these limitations are also present in other electricity markets in Latin America that, when privatized, mirrored many features of the electricity market design in Chile. Failing to address these limitations will provide distorted incentives for the efficient entry and operation of resources that could impart flexibility to the system, increasing the cost of decarbonizing the power sector. |
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0301-4215 |
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| Notes |
WOS:000600550600023 |
Approved |
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| Call Number |
UAI @ alexi.delcanto @ WOS:000600550600023 |
Serial |
1284 |
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| Author |
Calvo, R.; Alamos, N.; Huneeus, N.; O'Ryan, R. |
| Title |
Energy poverty effects on policy-based PM2.5 emissions mitigation in southern and central Chile |
Type |
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| Year |
2022 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
161 |
Issue |
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Pages |
112762 |
| Keywords |
Energy poverty; Firewood consumption; Particulate matter; Thermal retrofit; Stove replacement |
| Abstract |
Residential firewood burning is the main source of PM2.5 emissions in southern and central Chile. In Chile, approximately 4000 premature deaths are observed each year due to air pollution. Mitigation policies aim to reduce dwellings' energy demand and foster cleaner but more expensive energy sources. Pre-existing energy poverty conditions are often overlooked in these policies, even though they can negatively affect the adoption of these measures. This article uses southern and central Chile as a case study to assess quantitatively different policy scenarios of PM2.5 emissions between 2017 and 2050, considering energy poverty-related effects. Results show that PM2.5 emissions will grow 16% over time under a business as usual scenario. If thermal improvement and stove/heater replacements are implemented, PM2.5 reductions depend on the scale of the policy: a 5%-6% reduction of total southern and central Chile PM2.5 emissions if only cities with Atmospheric Decontamination Plans are included; a 54%-56% reduction of PM2.5 emissions if these policies include other growing cities. Our study shows that the energy poverty effect potentially reduces the effectiveness of these measures in 25%. Consequently, if no anticipatory measures are taken, Chile's energy transition goals could be hindered and the effectiveness of mitigation policies to improve air quality significantly reduced. |
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0301-4215 |
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| Notes |
WOS:000736971100008 |
Approved |
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| Call Number |
UAI @ alexi.delcanto @ |
Serial |
1520 |
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| Author |
Ferrada, F.; Babonneau, F.; Homem-de-Mello, T.; Jalil-Vega, F. |
| Title |
The role of hydrogen for deep decarbonization of energy systems: A Chilean case study |
Type |
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| Year |
2023 |
Publication |
Energy Policy |
Abbreviated Journal |
Energy Policy |
| Volume |
177 |
Issue |
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Pages |
113536 |
| Keywords |
Energy transition; Chilean energy system; Green hydrogen; Transport; Energy systems model; Energy planning |
| Abstract |
In this paper we implement a long-term multi-sectoral energy planning model to evaluate the role of green hydrogen in the energy mix of Chile, a country with a high renewable potential, under stringent emission reduction objectives in 2050. Our results show that green hydrogen is a cost-effective and environmentally friendly route especially for hard-to-abate sectors, such as interprovincial and freight transport. They also suggest a strong synergy of hydrogen with electricity generation from renewable sources. Our numerical simulations show that Chile should (i) start immediately to develop hydrogen production through electrolyzers all along the country, (ii) keep investing in wind and solar generation capacities ensuring a low cost hydrogen production and reinforce the power transmission grid to allow nodal hydrogen production, (iii) foster the use of electric mobility for cars and local buses and of hydrogen for long-haul trucks and interprovincial buses and, (iv) develop seasonal hydrogen storage and hydrogen cells to be exploited for electricity supply, especially for the most stringent emission reduction objectives. |
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0301-4215 |
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Conference |
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| Notes |
WOS:000966529800001 |
Approved |
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| Call Number |
UAI @ alexi.delcanto @ |
Serial |
1778 |
| Permanent link to this record |
