An empirical analysis on vertically-linked multiple power markets in oligopoly

在本研究中，我们研究了零售市场的拍卖数据，发现放松管制将增加投标的数量，进入者降低电费平均0.48日元/kWh。根据JEPX日前现货市场数据对批发市场进行的分析显示，估计的价差平均至少是运行良好的标准普尔500指数期货市场的50倍。最后，我们在福岛第一核电站灾难的背景下讨论了东京电力公司的偿付能力问题和日本电力市场的分拆。

In this study, we examined the retail market with auction data and found that deregulation would increase the number of bids by entrants to lower the power charges by 0.48yen/kWh on average. The analysis on the wholesale market with the JEPX day-ahead spot market data revealed that the estimated spreads were on average at least 50 times as large as the one in the well-functioning S&P500 index futures market. Finally, we discussed the solvency issue of Tokyo Electric Power Company and unbundling of the Japan’s power market in the context of the Fukushima Daiichi Nuclear Disaster.