A Study of Market Power and Price Volatility Risk in Japan Electric Power Exchange

本研究的目的是利用已公布的数据，评估日本电力交易所发电商的价格波动风险和潜在的市场势力。我们发现，波动性和价格尖峰的风险，这是电力市场的特点之一，是小于2007年的欧洲电力交易所。我们不能断定存在市场力量的行使，因为在自愿参与的权力交换中，分析市场力量通常是困难的。

The purpose of this study is to evaluate price volatility risk and potential market power of generators in Japan Electric Power Exchange by using published data. We showed the volatility and the risk of price spike, which is one of the characteristics of electricity market, are smaller than those of European power exchanges in 2007. We could not conclude that there was an exercise of market power, since there is a general difficulty to analyze it for a power exchange where participation is voluntary.