From Hierarchies to Markets: The Electric Power Industry’s Path to Consumer Welfare

IF 0.4 Q4 ECONOMICS Ekonomicheskaya politika Pub Date : 2023-01-01 DOI:10.18288/1994-5124-2023-3-46-81
Aleksandra Kolomiyets, Sergey Fedorov
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Abstract

The energy crises during 2021 and 2022 in the USA and EU have shown that technological transformation can have negative consequences for the electric power industry by causing power outages and sharp fluctuations in market prices. This prompted the authors to determine the role of institutions in overcoming problems in intra-sectoral coordination. After clustering the electric power industry’s alternatives for institutional organization in different countries using OECD data and Ward's method, the conclusion is that, in addition to economic and technological factors, the characteristics of social orders (as outlined by D. North et al.) influence the choice of a regulatory model. Moreover, after comparing the results of clustering with the dynamics of investment in the industry and of electricity prices, the authors maintain that these factors are significantly correlated with institutional organization. Therefore, management alternatives for ensuring stable electricity prices and incentives for investment in the industry should take into account not only economic and technological factors but also the social order established in the country
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从等级制度到市场:电力行业的消费者福利之路
美国和欧盟在2021年和2022年期间的能源危机表明,技术转型可能会对电力行业产生负面影响,导致停电和市场价格大幅波动。这促使作者确定机构在克服部门间协调问题方面的作用。在使用OECD数据和Ward的方法对不同国家电力行业的制度组织选择进行聚类后,得出的结论是,除了经济和技术因素外,社会秩序的特征(如D. North等人所概述的)影响着监管模式的选择。此外,通过将集群效应与产业投资动态和电价动态的结果进行比较,作者认为这些因素与制度组织存在显著的相关关系。因此,确保稳定电价的管理选择和对该行业投资的激励措施不仅应考虑经济和技术因素,还应考虑在该国建立的社会秩序
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来源期刊
CiteScore
1.30
自引率
20.00%
发文量
0
期刊介绍: Ekonomicheskaya Politika is a broad-range economic journal devoted primarily to the study of the economic policy of present-day Russia as well as global economic problems. The subject matters of articles includes macroeconomic, fiscal, monetary, industrial, social, regulation and competition policyand more. The journal also publishes theoretical papers in such areas as political economy, general economic theory, welfare economics, law and economics,and institutional economics.. The character and the scope of economic problems studied in many publications require a multidisciplinary approach, consistent with the editorial policy of the journal. While the thematic scope of articles is generally related to Russia, the aim of editorial policy is to cover politico-economic processes in the modern world and international economic relations, as well. In addition, Ekonomicheskaya Politika publishes Russian translations of classical and significant modern works of foreign economists.
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