Electricity pricing and market power: Evidence from Germany
Electricity pricing and market power: Evidence from Germany
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电价和市场力量：来自德国的证据
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
M. Wobben
中科院分区：
文献类型：
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作者：
M. Janssen;M. Wobben
本文的目的是开发一种方法来衡量自由化电力市场中潜在市场力量的行使情况。因此，我们根据基本的时间相关边际成本（TMC）（即二氧化碳和燃料成本）来研究电力定价背景下的生产者行为。在此过程中，与大多数当前市场力调查方法相反，我们并不依赖于对整个发电成本的估计，这不可避免地会因缺乏适当的可用数据而受到影响。应用日前电力市场的分析模型，我们得出了工作费率，它提供了关于完全竞争、准垄断和垄断市场格局中 TMC 变化对电价影响的信息。将这些基于模型的开工率与实际开工率进行比较，通过调整德国电价对硬煤、天然气和排放配额成本的一阶差分回归模型进行估计，我们发现了 2006 年至 2008 年期间市场力量行使的证据。然而，我们的结果表明，德国市场竞争力略有增加。我们通过模拟由最大似然估计的 TMC 驱动的期货电价扩散模型来确认我们的结果。
The aim of this paper is to develop a methodology for measuring the exercise of potential market power in liberalized electricity markets. We therefore investigate producer behavior in the context of electricity pricing with respect to fundamental time-dependent marginal cost (TMC), i.e. CO2- and fuel cost. In doing so, we do not - in contrast to most current approaches to market power investigation - rely on an estimate of the entire generation cost, which inevitably suffers from the lack of appropriate available data. Applying an analytical model of a day-ahead electricity market, we derive work-on rates, which provide information about the impact of TMC variations on electricity prices in the market constellations of perfect competition, quasi-monopoly and monopoly. Comparing these model-based work-on rates with actual work-on rates, estimated by an adjusted first-differences regression model of German power prices on the cost for hard coal, natural gas and emission allowances, we find evidence of the exercise of market power in the period 2006 to 2008. However, our results reveal that German market competitiveness increases marginally. We confirm our results by simulating a TMC-driven diffusion model of futures power prices estimated by maximum-likelihood.