COMPETITION VERSUS REGULATION IN BRITISH ELECTRICITY GENERATION

Philip Gray, Dieter Helm and Andrew Powell
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Philip Gray: The World Bank, 1818 H St. NW, Washington DC 20043, USA
Dieter Helm: New College, University of Oxford, USA

Chapter 15 in The UK Energy Experience:A Model or A Warning?, 1996, pp 201-220 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper presents an appraisal of the electricity generation market in England and Wales from its inception to the date of the imposition of the Pool price cap. Spot (Pool) prices were lower than expected but rose strongly. A theoretical discussion and an empirical analysis is conducted and it is argues that, although the Pool was intended to be competitive, this pattern of prices was driven first and foremost by the effect of contracts and, second, by implicit regulation. In other words, prices have been driven largely by intervention, rather than by competition. Further, it is suggested that the undertakings agreed with the regulator may foster co-operation rather than competition and that regulatory attention will be required for the foreseeable future in the 'competitive' market for generation.

Keywords: Energy Studies; UK Energy; Environmental Economics (search for similar items in EconPapers)
Date: 1996
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