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Offer Price Information and the Exercise of Market Power: The Effect of the Publication of the Historical Trading Report on Competition in the Alberta Electricity Market
The Energy Journal ( IF 2.9 ) Pub Date : 2020-06-01 , DOI: 10.5547/01956574.41.si1.dolm
Derek E. H. Olmstead , Matthew J. Ayres , Peter B. R. Lomas

Abstract: This paper considers the effect of the publication of offer price information on unilateral market power in Alberta’s electricity market. This market is an hourly auction characterized by repeated interaction among a small number of producers, common knowledge of costs and production capabilities, and price inelastic demand. For the period July 13, 2000 to May 18, 2017, offer prices for each hour were published by the market operator, the Alberta Electric System Operator (AESO), in the Historical Trading Report (HTR) after the end of the hour. Using counterfactual analysis from 2010 to 2015 (52,584 hours), the paper finds that the effect of offer price changes after the HTR publication was to raise the average hourly price for electricity in Alberta by $2.48/MWh or about 4.2%, which raised the cost of electricity for Alberta consumers during the six-year period by approximately $1.14 billion. Based on an earlier version of this paper, the AESO was instructed by Alberta’s utilities regulator to cease publication of the HTR.

中文翻译:

报价信息和市场支配力的行使:历史交易报告的发布对艾伯塔省电力市场竞争的影响

摘要:本文考虑了发行价格信息对艾伯塔省电力市场中单边市场力量的影响。这个市场是一个小时拍卖,其特征是少数生产者之间反复互动,成本和生产能力的常识以及价格无弹性的需求。在2000年7月13日至2017年5月18日期间,小时结束后市场运营商艾伯塔省电力系统运营商(AESO)在历史交易报告(HTR)中发布了每小时报价。使用2010年至2015年(52,584小时)的反事实分析,该论文发现,HTR发布后报价的变化影响是将艾伯塔省的平均小时电价提高了2.48美元/兆瓦时,或约4.2%,这使艾伯塔省消费者在六年期间的用电成本增加了约11.4亿加元。根据本文的早期版本,艾伯塔省公用事业监管机构指示AESO停止发布HTR。
更新日期:2020-06-01
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