Spatial effects in the bid price setting strategies of the wholesale electricity markets: The case of Colombia

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dc.contributor.authorGarcía, John Jairo
dc.contributor.authorLópez-Rodriguez, Jésus
dc.contributor.authorMoncada-Mesa, Jhonny
dc.contributor.eafitauthorjgarcia@eafit.edu.co
dc.contributor.eafitauthorjmoncad7@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2017-05-23T20:11:32Z
dc.date.available2017-05-23T20:11:32Z
dc.date.issued2017-03-03
dc.description.abstractWeather conditions in Colombia vary greatly throughout the territory and therefore the location of electricity generating plants plays a key role in their bid pricing strategies. To account for these location-specific pricing strategies this paper estimates a Spatial Durbin Model (SDM) with monthly data gathered from the 17th largest hydraulic electricity generating plants of Colombia on bid prices, generation, energy inputs and positive reconciliation over the period January 2005-August 2015 and controlling also for the system marginal prices and the economy cycle. The paper reports three main results. First, firms ́ bid prices are negatively affected by the energy inputs of the rivals, second they are unaffected by positive reconciliation payments to the rivals and third they are negatively affected by the generation amounts of the rivals. One potential policy recommendation of these results is the need to implement balancing markets to signal more efficiently the pricing strategies in these markets.eng
dc.identifier.jelC23
dc.identifier.jelD43
dc.identifier.jelL25
dc.identifier.urihttp://hdl.handle.net/10784/11433
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordBid Pricespa
dc.subject.keywordwholesale electricity marketspa
dc.subject.keywordSpatial Durbinspa
dc.subject.keywordColombiaspa
dc.titleSpatial effects in the bid price setting strategies of the wholesale electricity markets: The case of Colombiaeng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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