Working Paper Series
Market Power in the Nordic Wholesale Electricity Market: A Survey of the Empirical Evidence
() and Thomas Tangerås
Abstract: We review the recent empirical research concerning market
power on the Nordic wholesale market for electricity, Nord Pool. There is
no evidence of blatant and systematic exploitation of system level market
power on Nord Pool. However, generation companies seem from time to time
able to take advantage of capacity constraints in transmission to wield
regional market power. Market power can manifest itself in a number of ways
which have so far escaped empirical scrutiny. We discuss investment
incentives, vertical integration and buyer power, as well as withholding of
base-load (nuclear) capacity.
Keywords: Electricity Markets; Deregulation; Market Power; Hydro Power; Transmission Constraints; (follow links to similar papers)
JEL-Codes: L13; L94; Q41; (follow links to similar papers)
31 pages, October 22, 2008
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