Working Paper No. 773

Market Power in the Nordic Wholesale Electricity Market: A Survey of the Empirical Evidence

Published: October 22, 2008Pages: 31Keywords: Electricity Markets; Deregulation; Market Power; Hydro Power; Transmission ConstraintsJEL-codes: L13; L94; Q41

Market Power in the Nordic Wholesale Electricity Market: A Survey of the Empirical Evidence Sven-Olof Fridolfsson and Thomas Tangerås


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.

 

Thomas Tangerås

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The authors of this book, Niklas Elert, Magnus Henrekson and Mikael Stenkula, advise the economies of the European Union to become more entrepreneurial in promoting innovation and economic growth. The authors propose a reform strategy with respect to several aspects to achieve this goal.

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