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Do bottlenecks generate market power? : an empirical study of the Norwegian electricity market

Steen, Frode
Working paper
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URI
http://hdl.handle.net/11250/162802
Date
2003-12
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  • Discussion papers (SAM) [586]
Abstract
The present study analyses the potential non-competitive effects of capacity restrictions –

socalled bottlenecks - in the Norwegian electricity market. We specify a structural model, and

econometrically identifies market power both for the periods with no capacity restrictions on

the grid, and the bottleneck periods. We analyse the largest region, Southern Norway that

amounts to three fourths of the Norwegian market. The demand side is found to be inelastic.

On average we find the market to be competitive. However, the bottleneck period estimates

suggest a significant but small short run markup when the grid is capacity restricted. Hence,

within the day or hours when bottlenecks appear it seems as the producers exploit some limited market power.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2003:26

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