Market Power and Price Exposure: Learning from Changes in Renewable Energy Regulation
中文摘要
鉴于可再生能源在当前和未来电力市场中的关键作用，理解其如何影响企业的定价激励十分重要。本文研究可再生能源压低价格的效应是否取决于其市场价格暴露程度。当占主导地位的企业拥有较大份额的可再生能源时，相较于按市场价格付费，以固定价格向可再生能源付费在抑制市场势力方面更为有效；反之亦然。本文利用西班牙市场中可再生能源监管的短暂变化进行实证分析，结果表明，从完全价格暴露转为固定价格使平均价格—成本加成降低了2%–4%。（JEL L13, L94, L98, Q42, Q48）
Abstract
Given the critical role of renewable energies in current and future electricity markets, it is important to understand how they affect firms’ pricing incentives. We study whether the price-depressing effect of renewables depends on their degree of market price exposure. Paying renewables with fixed prices, rather than market-based prices, is more effective at curbing market power when the dominant firms own large shares of renewables, and vice versa. Our empirical short-lived changes to renewables regulation in the Spanish market and shows that switching from full-price exposure to fixed prices caused a 2–4 percent reduction in the average price-cost markup. (JEL L13, L94, L98, Q42, Q48)