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Title The liberalization of the Greek electricity supply market / by Nikolaos Danias.
Name Danias, Nikolaos .
Abstract The motivation for this work is an interest in investigating the particular situations and circumstances that have emerged as the Greek electricity industry moves from its previous form of market organization as a vertically integrated state-owned monopoly to a new liberalized form of market incorporating competition. It should be noted that this market reform is introduced to Greece by the European Union and therefore this reform is externally motivated. Whilst progress has been made to the direction of the market reform, full liberalization has not been achieved. The analysis involves an initial discussion of the Greek electricity market, a literature review in order to identify gaps in the existing literature and then modelling the Greek electricity market. This modelling uses the kinked demand curve with price caps to show how the absence of time-varying tariffs can create opportunities for profitability for new entrants in a market when these new entrants are not obliged to se rve the whole demand and at all times. We examine these markets using varying price caps and show how the level of the price cap, together with the size of the market, determines profitability. We examine specific cases where entry can occur in electricity markets that are facing transitionary periods or where asymmetric conditions might apply for various market participants. We use game theory to illustrate the specific cases that reflect conditions in the Greek case and we examine the foundations of the operation of the Greek political system to identify the effects on the Greek economy. We examine various patterns of system load using empirical data. We also examine data of wholesale electricity prices to identify the effect that the introduction of competition in the wholesale market has for the wholesale electricity prices as well as the dependency of wholesale electricity prices on
Abstract international fuel prices.
Abstract Through the examination of these data we observe the impact that political decisions might have on the electricity industry. The contribution to knowledge lies in illustrating how the specific conditions that exist within a political and economical setting like the Greek one can present obstacles to the introduction of changes and reforms. Considering liberalization of vi the electricity industry as a technical issue can be misleading. Pre-existing market distortions and cross-subsidizations that remain within the economic system as a result of industrial and social policies driven by cultural and political considerations are shown to have a significant impact to the market reform. Efforts targeted at making changes to increase economic efficiency and welfare are likely to meet significant obstacles. The important implication for policymakers has to do with the commitment to market reform, once this is decided. This commitment needs to go beyond the letter of the necessary reform conditions. It should extend into a true willingness by the political for ces to give up control of the market so that competition can emerge. In terms of how liberalization should be delivered, we find that the use of asymmetric regulation can result in problematic and unsustainable market conditions and should therefore be used with caution. Also, transparency and information availability across the market are key issues and policy-makers should be made aware that this is to be taken care of.
Publication date 2013
Name University of Strathclyde. Dept. of Economics.
Thesis note Thesis PhD University of Strathclyde 2013 T13426
System Number 000002338

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