Has renewable energy induced competitive behavior in the Spanish electricity market?

Energy Policy

Volumn 104, Issue , 2017, Pages 171-182

  Ciarreta, Aitor ^a   Espinosa, Maria Paz ^a   Pizarro Irizar, Cristina ^a,b  

^a UNIVERSITY OF THE BASQUE COUNTRY UPV EHU   (Spain)

^b BASQUE CENTRE FOR CLIMATE CHANGE BC3   (Spain)

Author keywords

Combined cycle electricity plants; Electricity market; Energy policy; Merit order effect; Renewable Energy Sources

Indexed keywords

COMMERCE; ELECTRIC INDUSTRY; ELECTRIC UTILITIES; ENERGY POLICY; HYDROELECTRIC GENERATORS; NATURAL RESOURCES; POWER MARKETS;

COMPETITIVE BEHAVIOR; ELECTRICITY PLANTS; ELECTRICITY PRODUCERS; ORDERING EFFECTS; RENEWABLE ENERGY SOURCE; RENEWABLE GENERATORS; SPANISH ELECTRICITY MARKETS; STRATEGIC BEHAVIOR;

RENEWABLE ENERGY RESOURCES;

ALTERNATIVE ENERGY; COAL SUPPLY; ENERGY MARKET; ENERGY POLICY; HYDROELECTRIC POWER; NUCLEAR POWER; RENEWABLE RESOURCE;

SPAIN;

EID: 85012239965     PISSN: 03014215     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.enpol.2017.01.044     Document Type: Article

References (41)

1. Abadie, A., Gardeazabal, J., The economic costs of conflict: a case study of the basque country. Am. Econ. Rev. 93 (2003), 112–132.
2. Armstrong, M., Sasaki, A., Novel-Cattin, F., Galli, A., How nuclear plants in Spain are reacting to the massive introduction of renewable energy. SSRN, 2014, 2503125 (Available at).
3. BOE, 2005. Law 1/2005 of 9 March (BOE 10.03.2005), N. 59: 8405–8420.
4. BOE, 2007. Royal Decree 661/2007 of 25 May (BOE 26.05.2007), N. 126: 22846-22886.
5. BOE, 2010a. Royal Decree 134/2010 of 12 February (BOE 27.02.2010), N. 51: 19123-19136.
6. BOE, 2010b. Royal Decree 1221/2010 of 1 October (BOE 02.10.2010), N. 239: 83983-83993.
7. Borenstein, S., Bushnell, J., Wolak, F., 2000. Diagnosing market power in California's restructured wholesale electricity market. Tech. rep., National Bureau of Economic Research.
8. Bosco, B., Parisio, L., Pelagatti, M., Strategic bidding in vertically integrated power markets with an application to the Italian electricity auctions. Energy Econ. 34 (2012), 2046–2057.
9. Carbunion, 2006–2013. Annual report. Evolución del precio internacional del carbón. Índice MCIS.
10. Chen, Y., Sijm, J., Hobbs, B.F., Lise, W., Implications of CO2emissions trading for short-run electricity market outcomes in Northwest Europe. J. Regul. Econ. 34 (2008), 251–281.
11. Ciarreta, A., Espinosa, M.P., Market power in the Spanish electricity auction. J. Regul. Econ. 37 (2010), 42–69.
12. Ciarreta, A., Espinosa, M.P., Supply function competition in the spanish wholesale electricity market. Energy J. 31 (2010), 137–157.
13. Ciarreta, A., Espinosa, M.P., The impact of regulation on pricing behavior in the Spanish electricity market (2002–2005). Energy Econ. 34 (2012), 2039–2045.
14. Ciarreta, A., Espinosa, M.P., Pizarro-Irizar, C., Is green energy expensive? Empirical evidence from the spanish electricity market. Energy Policy 69 (2014), 205–215.
15. Ciarreta, A., Pizarro-Irizar, C., La nueva Reforma del mercado eléctrico español. eficiencia y austeridad. Cuad. Económicos Del. ICE 88 (2014), 97–126.
16. CNE, 2010. Informe 5/2010 de la CNE sobre la propuesta de Real Decreto por el que se crea el procedimiento de resolución de restricciones por garantía de suministro. Comisión Nacional de Energía (CNE) - National Energy Commission. April 13th, 2010.
17. CNMC, 2014. Informe de supervisión del Mercado peninsular mayorista al contado de electricidad. Cierre del año 2013. Comisión Nacional de los Mercados y la Competencia (CNMC) - National Energy Commission.
18. CNMC, 2015. Informe mensual de supervisión del mercado mayorista de gas. Comisión Nacional de los Mercados y la Competencia (CNMC) - National Energy Commission. CNMC Publications, 2002–2013.
19. Crawford, G.S., Crespo, J., Tauchen, H., Bidding asymmetries in multi-unit auctions: implications of bid function equilibria in the British spot market for electricity. Int. J. Ind. Organ. 25 (2007), 1233–1268.
20. EEX, 2016. Eex homepage market data, emissions spot market. 〈 https://www.eex.com/en/market-data#/market-data〉,(accessed 01.12.16).
21. Fabra, N., Reguant, M., Pass-Through of emissions costs in electricity markets. Am. Econ. Rev. 104 (2014), 2872–2899.
22. Furió, D., Chuliá, H., Price and volatility dynamics between electricity and fuel costs: some evidence for Spain. Energy Econ. 34 (2012), 2058–2065.
23. García-Díaz, A., Marin, P.L., Strategic bidding in electricity pools with short-lived bids: an application to the Spanish market. Int. J. Ind. Organ. 21 (2003), 201–222.
24. Gelabert, L., Labandeira, X., Linares, P., An ex-post analysis on the effect of renewables and cogeneration on Spanish electricity prices. Energy Econ. 33 (2011), S59–S65.
25. Henry, D.F., On detectable and non-detectable structural change. Struct. Change Econ. Dyn. 11 (2000), 45–65.
26. Hortacsu, A., Puller, S.L., Understanding strategic bidding in multi-unit auctions: a case study of the Texas electricity market. RAND J. Econ. 39:1 (2008), 86–114.
27. Jónsson, T., Pinson, P., Madsen, H., On the market impact of wind energy forecasts. Energy Econ. 32 (2010), 313–320.
28. Navarro, C., Presente y futuro de las centrales de ciclo combinado. Fund. Ciudad. Y. Valor., 2011.
29. OMIE, 2007. Daily and intraday electricity market activity rules, version 01/07/2007. Operador del Mercado Ibérico de Energía (OMIE).
30. OMIE, 2015a. Accumulated by unit type and technology after matching (pdbc_stota_yyyymmdd.txt), from 2005 to 2013. 〈 http://www.omie.es/aplicaciones/datosftp/datosftp.jsp?Path=/pdbc_stota/〉,(accessed 27.07.15).
31. OMIE, 2015b. Monthly zips with aggregated supply and demand curves of the day-ahead market including supply units (curva_pbc_uof_yyyymmdd.txt), from 2002 to 2013. 〈 http://www.omie.es/aplicaciones/datosftp/datosftp.jsp?Path=/curva_pbc_uof/〉,(accessed 27.07.15).
32. OMIE, 2015c. Resultados de mercado. 〈 http://www.omie.es/files/flash/ResultadosMercado.swf〉,(accessed 27.07.15).
33. REE, 2002–2013. Annual report El sistema eléctrico español. Red Eléctrica de España (REE).
34. Reguant, M., Complementary bidding mechanisms and startup costs in electricity markets. Rev. Econ. Stud. 81 (2014), 1708–1742.
35. Sáenzde Miera, G., del RíoGonzález, P., Vizcaíno, I., Analysing the impact of renewable electricity support schemes on power prices: the case of wind electricity in Spain. Energy Policy 36 (2008), 3345–3359.
36. SendeCO2, 2016. Sendeco2homepage market data, emissions spot market.〈 http://www.sendeco2.com/es/precios-co2〉,(accessed 01.12.16).
37. Sensfuss, F., Ragwitz, M., Genoese, M., The merit order effect: a detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany. Energy Policy 36 (2008), 3086–3094.
38. Fehr, N.-H.M., Harbord, D., Spot market competition in the UK electricity industry. Econ. J. 103 (1993), 531–546.
39. Wolak, F., An empirical analysis of the impact of edge contracts on bidding behaviour in a competitive electricity market. Int. Econ. J. 14:2 (2000), 1–39.
40. Wolak, F., Patrick, R., 1996. The impact of market rules and market structure on the price determination process in the england and wales electricity market. CEPR Discussion Paper 463, 1–88.
41. Wolfram, C., Measuring duopoly power in the British electricity spot market. Am. Econ. Rev. 89:4 (1999), 805–827.