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

Author:

Kolomiyets AleksandraORCID, ,Fedorov SergeyORCID

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

Publisher

Economic Policy

Subject

Economics and Econometrics,Sociology and Political Science,Finance

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3