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    <title>EconStor Collection: EWI-Arbeitspapiere, Energiewirtschaftliches Institut, Universität Köln</title>
    <link>http://hdl.handle.net/10419/225</link>
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      <title>Strategic Behaviour in International Metallurgical Coal Markets</title>
      <link>http://hdl.handle.net/10419/74411</link>
      <description>Title: Strategic Behaviour in International Metallurgical Coal Markets
&lt;br/&gt;
&lt;br/&gt;Authors: Trüby, Johannes
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper analyses whether prices and trade-ﬂows in the international market for metallurgical coals were subject to non-competitive conduct in the period 2008 to 2010. To do so, I develop mathematical programming models – a Stackelberg model, two varieties of a Cournot model, and a perfect competition model – for computing spatial equilibria in international resource markets. Results are analysed with various statistical measures to assess prediction accuracy of the models. The results show that real market equilibria cannot be reproduced with a competitive model. However, real market outcomes can be accurately simulated with the non-competitive models suggesting that market equilibria in the international metallurgical coal trade were subject to strategic behaviour of coal exporters.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>What Drives Natural Gas Prices? - A Structural VAR Approach</title>
      <link>http://hdl.handle.net/10419/74410</link>
      <description>Title: What Drives Natural Gas Prices? - A Structural VAR Approach
&lt;br/&gt;
&lt;br/&gt;Authors: Nick, Sebastian; Thoenes, Stefan
&lt;br/&gt;
&lt;br/&gt;Abstract: In this study, we develop a structural vector autoregressive model (VAR) for the German natural gas market. Our setup allows us to analyze the determinants of the natural gas price in a comprehensive framework. In particular, we illustrate the usefulness of our approach by disentangling the effects of different fundamental influences on gas prices during three recent supply interruptions: The Russian-Ukrainian gas dispute of January 2009, the Libyan civil war in 2011 and the withheld Russian exports in February 2012. Our results show that the natural gas price is affected by temperature, storage and supply shortfalls in the short term, while the long-term development is closely tied to both crude oil and coal prices, capturing the economic climate and the energy specific demand.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The Impact of Ownership Unbundling on Cost Efficiency: Empirical Evidence from the New Zealand Electricity Distribution Sector</title>
      <link>http://hdl.handle.net/10419/74409</link>
      <description>Title: The Impact of Ownership Unbundling on Cost Efficiency: Empirical Evidence from the New Zealand Electricity Distribution Sector
&lt;br/&gt;
&lt;br/&gt;Authors: Filippini, Massimo; Wetzel, Heike
&lt;br/&gt;
&lt;br/&gt;Abstract: Several countries around the world have introduced reforms to the electric power sector. One important element of these reforms is the introduction of an unbundling process, i.e., the separation of the competitive activities of supply and production from the monopole activity of transmission and distribution of electricity. There are several forms of unbundling: functional, legal and ownership. New Zealand, for instance, adopted an ownership unbundling in 1998. As discussed in the literature, ownership unbundling produces benefits and costs. One of the benefits may be an improvement in the level of the productive efficiency of the companies due to the use of the inputs in just one activity and a greater level of transparency for the regulator. This paper analyzes the cost efficiency of 28 electricity distribution companies in New Zealand for the period between 1996 and 2011. Using a stochastic frontier panel data model, a total cost function and a variable cost function are estimated in order to evaluate the impact of ownership unbundling on the level of cost efficiency. The results indicate that ownership separation of electricity generation and retail operations from the distribution network has a positive effect on the cost efficiency of distribution companies in New Zealand. The estimated effect of ownership separation suggests a positive average one-off shift of 23 percent in the level of cost efficiency in the shortrun and 15 percent in the long-run.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The Value of Information in Explicit Cross-Border Capacity Auction Regimes in Electricity Markets</title>
      <link>http://hdl.handle.net/10419/74408</link>
      <description>Title: The Value of Information in Explicit Cross-Border Capacity Auction Regimes in Electricity Markets
&lt;br/&gt;
&lt;br/&gt;Authors: Richter, Jan; Viehmann, Johannes
&lt;br/&gt;
&lt;br/&gt;Abstract: We study two electricity markets connected by a fixed amount of crossborder capacity. The total amount of capacity is known to all electricity traders and allocated via an auction. The capacity allocated to each bidder in the auction remains private information. We assume that traders are faced with a demand function reflecting the relationship between electricity transmitted between the markets and the spot price difference. Therefore, traders act like Bayesian-Cournot oligopolists in exercising their transmission rights when presented with incomplete information about the competitors’ capacities. Our analysis breaks down the welfare effect into three different components: Cournot behavior, capacity constraints, and incomplete information. We find that social welfare increases with the level of information with which traders are endowed.</description>
      <pubDate>Mon, 29 Oct 2012 22:58:59 GMT</pubDate>
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