Market Power and Price Exposure: Learning from Changes in Renewable Energy Regulation
研究了可再生能源的市场价格暴露程度如何影响其压低电价的效果，发现固定电价相比市场电价更能抑制市场势力，基于西班牙市场的短期监管变化实证显示，从完全价格暴露转为固定电价使平均价格成本加成降低2-4%。
Given the critical role of renewable energies in current and future electricity markets, it is important to understand how they affect firms’ pricing incentives. We study whether the price-depressing effect of renewables depends on their degree of market price exposure. Paying renewables with fixed prices, rather than market-based prices, is more effective at curbing market power when the dominant firms own large shares of renewables, and vice versa. Our empirical short-lived changes to renewables regulation in the Spanish market and shows that switching from full-price exposure to fixed prices caused a 2–4 percent reduction in the average price-cost markup.