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Competition in Germany's Minute Reserve Power Market: An Econometric Analysis

Justus Haucap, Ulrich Heimeshoff, and Dragan Jovanovic

Year: 2014
Volume: Volume 35
Number: Number 2
DOI: 10.5547/01956574.35.2.7
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Abstract:
The German reserve power market has been subject to important regulatory changes in recent years. A new market design has been introduced by synchronizing and interconnecting the four regional German control areas. We analyze whether the reforms have led to lower prices for minute reserve power (MRP). In contrast to existing papers, we use a unique panel dataset to account for unobserved heterogeneity between the four German regional markets. Moreover, we control for endogeneity by using weather data as instruments for electricity spot market prices. We find that the reforms were jointly successful in decreasing MRP prices leading to substantial cost savings for the transmission system operators. Keywords: Electricity Market, Frequency Control, Minute Reserve Power, Balancing Power, Market Design, Productive Efficiency



Fuel Prices and Station Heterogeneity on Retail Gasoline Markets

Justus Haucap, Ulrich Heimeshoff, and Manuel Siekmann

Year: 2017
Volume: Volume 38
Number: Number 6
DOI: 10.5547/01956574.38.6.jhau
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Abstract:
We empirically investigate how and why price levels differ across gasoline stations, using the first full year from a novel panel data set including price quotes from virtually all gas stations in Germany. Our analysis specifically explores the role of station heterogeneity in explaining price differences across gasoline stations. Key determinants of price levels are found to be ex-refinery prices as key input costs, a station's location on roads or highway service areas, and brand recognition. A lower number of station-specific services implies lower fuel price levels, as does a more heterogeneous local competitive environment.





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