Veinte anos de funcionamiento del Mercado Eléctrico Mayorista en Colombia: algunas reflexiones

John García (), Gustavo Lopez-Alvarez, Fredy Marín () and Jhonny Moncada ()

No 13680, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: The aim of this paper is to analyze wholesale electricity market performance in the twenty years of existence. After describing spot market operation, the market for long-term and reliability charge, we analyzed the effect of variables such as El Nino, the reservoir level, the ratio of the actual availability and market demand and some effects of regulatory changes on the spot price. Also through a stochastic model we set up some recommendations on how to improve the functioning of this market with standardized contracts implementation considering international experience. Despite the market's advance in these twenty years of operation, there are still issues to be resolved, such as contracts standardized long-term implementation, smart grids and lowering the threshold to enter the unregulated market, as these aspects would help to reduce the spot price.

Keywords: Reliability charge, Colombia; Long-term market; Spot market; ARCH model; Stochastic model; Smart grids. (search for similar items in EconPapers)
JEL-codes: D43 D47 L11 L81 (search for similar items in EconPapers)
Pages: 35
Date: 2015-09-04
New Economics Papers: this item is included in nep-ene
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Persistent link: https://EconPapers.repec.org/RePEc:col:000122:013680

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