Transition to Centralized Unit Commitment: An Econometric Analysis of Colombiaâs Experience

Luciano de Castro (), Shmuel Oren, Alvaro Riascos () and Miguel Bernal

No 11932, Borradores de Economia from Banco de la Republica

Abstract: This paper evaluates the impact of Resolution CREG 051 on the performance of the electricity markets in Colombia. We found out that productive efficiency has improved since the introduction of the Resolution, that is, the total costs of producing electricity have been reduced. This shows a positive impact of the Resolution. On the other hand, we also found that mark-ups and forward energy prices (from bilateral contracts) have increased since 2009, suggesting that there was an increase in the exercise of market power by producers. From the two previous points, we conclude that, although the productive efficiency has increased, the larger share of the efficiency gains were appropriated by the energy producers, rather than passed on to consumers.

Keywords: Energy markets; auctions; centralized unit commitment. (search for similar items in EconPapers)
JEL-codes: D22 D44 L94 Q41 (search for similar items in EconPapers)
Pages: 38
Date: 2014-07-16
New Economics Papers: this item is included in nep-ene, nep-lam and nep-reg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed

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Related works:
Journal Article: Transition to Centralized Unit Commitment An Econometric Analysis of Colombia's Experience (2016)
Working Paper: Transition to Centralized Unit Commitment: An Econometric Analysis of Colombia’s Experience (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:col:000094:011932

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