[PDF] Privatization And The Globalization Of Energy Markets eBook

Author : Mark E. Rodekohr
Publisher :
Page : 108 pages
File Size : 42,8 MB
Release : 1997-12-01
Category :
ISBN : 9780788147425

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The privatization of state-owned industry is a development of historic dimensions. This report reviews recent global efforts to privatize energy resources (petroleum, electricity and coal) and outlines the opportunities and challenges privatization has presented to U.S. and foreign multinational energy companies. Contents: privatization: motives and methods; profiles of petroleum privatization in OECD countries; Latin American petroleum privatization; privatization in Socialist and formerly Socialist nations; privatization and the genesis of the multinational power co.; recent trends in international investment and trade in coal.

Author : The Emirates Center for Strategic Studies and Research
Publisher : Emirates Center for Strategic Studies and Research
Page : 28 pages
File Size : 46,17 MB
Release : 1999-03-17
Category : Antiques & Collectibles
ISBN :

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The papers contained in this volume were among those presented at ECSSR's Third Annual Energy Conference, entitled "Privatization and Deregulation in the Gulf Energy Sector," held in Abu Dhabi, October 25-26, 1997. This conference united leading practitioners and scholars in an effort to explore the important micro and macro issues related to the privatization and deregulation of energy sector. Topics related to oil production and refining, gas and electricity production, and their transmission and distribution were discussed. This volume assesses the arguments for and against deregulation of the energy sector and highlights the political, legal, institutional, and resource requirements for successful implementation of a privatization program, drawing on international experience. Indeed, privatization is spreading globally after its small and uncertain beginnings in Britain in the early 1980s. Today, states of the Gulf Co-Operation Council (GCC) are actively examining the possibility of privatizing a number of key industries and infrastructure projects. The ideal route to prosperous and effective privatization programs is for the GCC states to learn from the mistakes of other countries in this field, while emulating the success stories.

Author : Ingrid J. Hagen
Publisher :
Page : 168 pages
File Size : 47,48 MB
Release : 2009
Category : Business & Economics
ISBN :

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In recent years, the economic policy of privatisation, which is defined as the transfer of property or responsibility from public sector to private sector, is one of the global phenomenon that increases use of markets to allocate resources. One important motivation for privatisation is to help develop factor and product markets, as well as security markets. Progress in privatisation is correlated with improvements in perceived political and investment risk. Many emerging countries have gradually reduced their political risks during the course of sustained privatisation. In fact, most risk resolution seems to take place as privatisation proceeds to its later stage. Alternative benefits of privatisation are improved risk sharing and increased liquidity and activity of the market. One of the main methods to develop privatisation is entering a new stock to the markets for arising competition. This book provides leading edge research on this field from around the globe.

Author : Carlos Suárez
Publisher :
Page : 174 pages
File Size : 31,96 MB
Release : 2020
Category :
ISBN :

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"The general motivation of this research is to explore the effects of the coexistence of public and private companies on the allocative efficiency of the supply of electricity. In particular, this thesis investigates from an empirical perspective to what extent the distinction between private and public companies is relevant to understand the competition in the wholesale electricity generation markets. I apply several econometric techniques and theory advances in industrial organization branch on data of the firms of the Colombian market. The case of the Colombian electricity market is suitable to study this issues for four reasons: i) It is an oligopoly in which private and public companies compete under the same rules. ii) The most important firms in the Colombian electricity sector are mature organizations, with a conventional business vision. In fact, many of these companies belong to transnational capital that carry out activities in several continents. iii) The market setting have a conventional design similar to other liberalized electricity markets. It operates as a multi-unit uniform-price auction. iv) There is available information with daily and even hourly resolution of the generation market variables. I consider that these are key elements for justifying the external validity of the results. This thesis presents three essays that aim to answer three questions related to the interaction between competition in electricity markets and their ownership structure. Chapter 1 addresses the question: Do the switch from public to private management have impacts in the bidding strategy of specific generation assets? Chapter 2 explores the question: Do public and private generation companies respond the same to the incentives to relax competition? Chapter 3 focuses on the question: Do private companies have a greater propensity to establish coordination relationships in comparison to public firms? In the first chapter of this thesis I evaluate the impact of privatization on the bidding of electricity units participating in a liberalized wholesale electricity market. The results of this evaluation contribute to better understand whether privatization is the right decision in an environment of imperfect competition. In this essay I adopt a policy evaluation approach to estimate the impact of changes from public to private management on the bidding prices of electricity generation units. I use information of bidding prices of the Colombian wholesale electricity market and exploit the changes of management of generation units documented in the period 2006 - 2018. The methodologies and results presented in this thesis contributes to the literature of mixed oligopoly because they place special emphasis on the behavioral differences between private and public companies and studies a field experience in which they compete in the same relevant market. The empirical evidence resultant from the policy evaluation method is aligned with the theoretical predictions of comparative statics arising from the behavioral differences of mixed oligopoly models. The second chapter of this dissertation proposes a methodology in order to find differences between the reactions of private and public firms when they face incentives to exercises unilateral market power. Several common events in the electricity industry such as transmission restrictions, the concentration of generation property within specific areas, the non-storage capacity of electricity and the low elasticity of demand, provide opportunities to exert market power. That is why this issue has been widely studied and discussed theoretically and empirically. The novel element of this essay in relation to this strand of the literature is accounting for the distinction between private and public companies regarding competitive behavior. Chapter 3 investigates from an empirical perspective the role of disclosure information in the stability of informal coordination agreements. Particularly, this chapter focuses in the economic effects of the announcement and the put into effect of a non-transparency policy implemented in the Colombian wholesale electricity market in 2009. We propose an identification strategy for isolating the effect of a coordinating relation from the confusion factors related with unilateral market power. The characteristics of the reform of the transparency policy allow to link the simple announcement of the policy change with the collapse of a coordinated strategy of private firms in a repeated interaction context. We use several empirical tools to assess the impact of the simple announcement of a modification in the transparency conditions on the average bidding price of private firms. We present an empirical analysis of the average bidding price data over August 2008 - July 2009. Overall, the evidence presented in the three essays of this dissertation indicates that the distinction between public and private companies may be a relevant aspect for explaining the functioning of competition in liberalized industries." -- TDX.

Author :
Publisher : teNeues
Page : 180 pages
File Size : 31,20 MB
Release : 1999
Category : Business & Economics
ISBN : 9781860644108

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"Papers ... presented at the Emirates Center for Strategic Studies and Research (ECSSR), Third Annual Energy Conference entitled Privatization and deregulation in the Gulf energy sector, held in Abu Dhabi, 25-26 October 1997"--P. 4 of cover.