The efficiency and environmental impacts of market organization: Evidence from the Texas electricity market
The efficiency and environmental impacts of market organization: Evidence from the Texas electricity market
复制标题
市场组织的效率和环境影响：来自德克萨斯州电力市场的证据
DOI：
10.1016/j.eneco.2021.105359
复制
发表时间：
2021
期刊：
影响因子：
12.8
通讯作者：
Yiyuan Zhang
中科院分区：
文献类型：
--
作者：
Paul A. Brehm;Yiyuan Zhang
本文研究了电力批发市场中市场组织对效率和排放的影响。利用得克萨斯州的过渡，从分散的双边交易市场集中拍卖市场，我们发现，信息聚合有一个积极的影响，市场效率占主导地位的任何变化的市场势力激励。具体来说，我们表明，在过渡后的九个月内，高成本发电机被生产中的低成本发电机取代，导致每年节省约5900万美元的成本。虽然集中的市场降低了发电成本，但它也对污染排放产生了意想不到的影响。对于中度边际损害估计，我们发现，排放的外部成本的增加完全抵消了生产效率的提高。
This paper examines the effect of market organization on efficiency and emissions in wholesale electricity markets. Taking advantage of Texas' transition from a decentralized bilateral trading market to a centralized auction market, we find that information aggregation has a positive effect on market efficiency that dominates any change in market power incentives. Specifically, we show that in the nine months following the transition, high-cost generators are displaced by low-cost generators in production, leading to annual cost savings of ~$59 million relative to the counterfactual. Although the centralized market reduces generation costs, it also has an unintended effect on pollution emissions. For moderate marginal damage estimates, we find the increase in external costs of emissions completely offsets the productive efficiency gain.