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Auction Design for the Colombian Electricity Market

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  • Ennio Stacchetti

Abstract

Colombia deregulated its electricity sector and created a new market for electricty in July 1995. The spot market price is determined by a daily auction among the producers. Though the auction is designed to foment price competition, water scarcity constraints and the relatively high utilization of production capacity at peak demand hours produce situations where the larger producers can exercise some market power. In extreme conditions, like those during the drought of 1997, prices can increase sharply well above marginal costs.

Suggested Citation

  • Ennio Stacchetti, 1999. "Auction Design for the Colombian Electricity Market," Documentos de Trabajo 62, Centro de Economía Aplicada, Universidad de Chile.
    • Handle: RePEc:edj:ceauch:62
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    Cited by:

    1. Jorge Balat & Juan E. Carranza & Juan D. Martin, 2015. "Dynamic and Strategic Behavior in Hydropower-Dominated Electricity Markets: Empirical Evidence for Colombia," Borradores de Economia 886, Banco de la Republica de Colombia.
    2. Joskow, Paul L. & Hogan, William W., 2000. "Comments," LSE Research Online Documents on Economics 123376, London School of Economics and Political Science, LSE Library.
    3. Pablo Serra & Ronald Fischer, 2000. "Regulating the Electricity Sector in Latin America," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2000), pages 155-218, August.
    4. Francisco Caravia & Eduardo Saavedra, 2005. "Subastando la Energía para Clientes Regulados: Un Análisis de Equilibrio," ILADES-UAH Working Papers inv169, Universidad Alberto Hurtado/School of Economics and Business.
    5. Jorge Balat & Juan Esteban Carranza & Juan David Martin & Alvaro Riascos, 2022. "The effects of changes in the regulation of the Colombian wholesale electricity market in a structural model of complex auctions," Borradores de Economia 1211, Banco de la Republica de Colombia.

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