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Dynamic Competition and Arbitrage in Electricity Markets
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Journal Article
Dynamic Competition and Arbitrage in Electricity Markets
2022
Overview
I study the effects of financial players who trade alongside physical buyers and sellers in electricity markets. Using detailed firm-level data, I examine physical and financial firms’ responses to regulation that exogenously increased financial trading. I show that the effect of speculators on generators’ market power depends on the kind of equilibrium they are in. I develop a test of the null of static Nash equilibrium and reject it. To implement the test, I present a new method to define markets using machine-learning tools. I find that increased financial trading reduced generators’ market power and increased consumer surplus.
Publisher
American Economic Association
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