Quantity-before-Price Auction: Evaluating the Performance of the Brazilian Existing Energy Market

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dc.contributor.authorMoita, Rodrigo
dc.contributor.authorRezende, Leonardo
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorMoita, Rodrigo
dc.creatorRezende, Leonardo
dc.date.accessioned2023-07-19T03:23:21Z
dc.date.available2023-07-19T03:23:21Z
dc.date.issued2008
dc.description.otherIn this paper we study the outcome of the six first “existing energy” auctions in Brazil. Under the current regulatory regime, the bulk of the trade between existing generators and distribution companies is done through bilateral eight-year contracts, negotiated in auctions organized by the regulatory agency. These so-called existing energy auctions follow a specific rule that we call quantity-before-price auction. In this paper we develop an auction model to study this type of game and take the model to the data. The structural model enables us to estimate the opportunity cost of selling energy for each generator, which is the price they expect to obtain in the free market in the future. We find that, while auction prices have steadily risen, the opportunity cost has increased even faster over time, indicating that the generators anticipate a faster increase in energy prices than what is measured by auction prices.pt_BR
dc.format.extent21 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 006/2008
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5852
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC - São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsAuctionspt_BR
dc.subject.keywordsElectricitypt_BR
dc.subject.keywordsBrazilpt_BR
dc.titleQuantity-before-Price Auction: Evaluating the Performance of the Brazilian Existing Energy Marketpt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR

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Coleção Insper Business and Economics Working Papers