Impacto de la regulación en la eficiencia asignativa del mercado spot eléctrico colombiano

John García (), Santiago Arango Tamayo () and Andrés F. Ortiz Rico ()

No 13313, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: This paper uses an ARCH regression model to analyze the effect of several regulatory measures and fundamental factors (the relationship between commercial demand and real availability, El Nino, and water supplies) on the spot price in the Colombian wholesale power market. The results indicate that the regulations established by the Electricity and Gas Regulatory Commission have had a substantial and statistically-significant effect on spot prices. In addition, El Nino and hydro supplies have a positive and negative respectively effect on the spot price, due to the large share of hydropower in this market.

Keywords: Regulación; Mercado de Energía Mayorista, precio spot; ARCH; Colombia. (search for similar items in EconPapers)
JEL-codes: D43 D47 L13 L51 (search for similar items in EconPapers)
Pages: 34
Date: 2015-07-15
New Economics Papers: this item is included in nep-com, nep-ene and nep-lam
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Persistent link: https://EconPapers.repec.org/RePEc:col:000122:013313

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