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Nordic Workshop on Electricity Economics

Stockholm 9–10 June 2008

The overall purpose of this two-day workshop was to stimulate cooperation and exchange of knowledge among Nordic researchers contributing to the field of electricity economics.

Keynote addresses were held by professor Richard Green at University of Birmingham and professor Frank A. Wolak at Stanford. Professor Greens presentation was titled "Electricity Wholesale Markets: Designs for a Low-Carbon Future". The topic of professor Wolak's talk was "Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market".

The workshop was held at Vår Gård in Saltsjöbaden in the Stockholm archipelago.

Organizing committee: Thomas Tangerås, Sven-Olof Fridolfsson and Elisabeth Gustafsson (secreteriat)

Participants

Ola Andersson, Stockholm School of Economics
Mats Bergman. Uppsala University
Niclas Damsgaard, ECON-Pöyry
Tord Eng, Swedish Energy Agency
Nils-Henrik M. von der Fehr, University of Oslo
Sara Fogelberg, IFN
Richard Friberg, Stockholm School of Economics
Sven-Olof Fridolfsson, IFN
Richard Green, University of Birmingham
Elisabeth Gustafsson, IFN
Petter Vegard Hansen, Statistics Norway
Lennart Hjalmarsson, Gothenburg University
Pär Holmberg, IFN and Uppsala University
Knut S. Hornnes, Powel
Mette Kildegaard Graversen, University of Copenhagen
Fredrik Kopp, SCA
Olli Kauppi, Helsinki School of Economics
Maria Kopsakangas-Savolainen, University of Oulu
Chloé LeCoq, Stockholm School of Economics
Gunnar Lundberg, Vattenfall
Stefan Montin, Elforsk
Mats Nilsson, Vattenfall
Adekola Oyanuga, Norwegian School of Economics
Lars Persson, IFN
Orvika Rosnes, ECON-Pöyry
Frode Skjeret, SNF, Bergen
Rune Stenbacka, Swedish School of Econ. and Business Adm., Helsinki
Pekka Sulamaa, Fingrid
Rauli Svento, University of Oulu
Thomas Tangerås, IFN
Joacim Tåg, IFN and Swedish School of Econ. and Business Adm., Helsinki
Frank A. Wolak, Stanford University

Program

--- Sunday June 8 --- 

19.30 Dinner for conference participants arriving on Sunday

--- Monday June 9 --- 

09.00

Welcome and registration
   

Session 1

Market Power in Hydropower Markets
 

Chair: Thomas Tangerås - IFN
09.15–09.55

Petter Vegard Hansen – Statistics Norway
Inflow Uncertainty in Hydropower Markets
Discussant: Mats Bergman - Uppsala University 
10.00–10.40

Olli Kauppi – Helsinki School of Economics
Market Power and Storage: Evidence from Hydro Use in the Nordic Power Market (with Matti Liski) 
Discussant: Knut S. Hornnes - Powel 
10.40–11.00

Coffee break
11.00–11.40

Niclas Damsgaard – ECON-Pöyry
Exercise of Market Power in the Nordic Power Market (with Ståle Skrede and Lasse Torgersen)
Discussant: Olli Kauppi - Helsinki School of Economics
11.45–13.15

Lunch
   
 

Keynote Address 1

 

13.15–14.15

Chair: Tord Eng - Swedish Energy Agency

Richard Green – University of Birmingham 
Electricity Wholesale Markets: Designs for a Low-Carbon Future
Discussant: Rune Stenbacka - Swedish School of Economics and Business Administration 
   

Session 2

Public Policy Issues
 

Chair: Lars Persson - IFN
14.15–15.00

Kristian Gustafsson and Mats Nilsson – Vattenfall
Transparent Methods to Support Infrastructure Investments
Discussant: Chloé LeCoq - Stockholm School of Economics
15.00–15.30

Coffee break
15.30–16.10

Orvika Rosnes - ECON-Pöyry 
Subsidies to Renewable Energy in Inflexible Power Markets
Discussant: Mette Kildegaard Graversen - University of Copenhagen
16.15–16.55

Frode Skjeret – Institute for Research in Economics and Business Administration, SNF
Active Ownership Relations in Oligopoly
Discussant: Lars Persson - IFN 
19.00 Conference dinner

--- Tuesday June 10 --- 

 

Keynote Address 2 

 

09.00–10.00

Chair: Gunnar Lundberg - Vattenfall

Frank A. Wolak – Stanford University 
Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market 
Discussant: Nils Henrik M. von der Fehr – University of Oslo 
10.00–10.20 Coffee break
   

Session 3

Retail Markets
 

Chair: Joacim Tåg - Swedish School of Economics and Business Administration and IFN 
10.20–11.00

Nils-Henrik M. von der Fehr – University of Oslo
Electricity Retailing in Norway (with Petter Vegard Hansen)
Discussant: Richard Friberg - Stockholm School of Economics 
11.05–11.45

Adekola Oyenuga – Norwegian School of Economics and Business Administration
Vertical Integration with an Increasing Retail Supply Function (with Derek Bunn) 
Discussant: Joacim Tåg - Swedish School of Economics and Business Administration and IFN
11.45–13.15

Lunch 
   

Session 4

Empirical Methods and Market Performance
  Chair: Lennart Hjalmarsson - Gothenburg University
 
13.15–13.55

Ola Andersson – Stockholm School of Economics
Price Competition and Convex Costs
Discussant: Pär Holmberg - Uppsala University and IFN
14.00–14.40

Maria Kopsakangas-Savolainen – University of Oulu
Observed and Unobserved Heterogeneity in Stochastic Frontier Models (with Rauli Svento)
Discussant: Lennart Hjalmarsson - Gothenburg University
14.40–15.05

Coffee break
15.05–15.45

Pär Holmberg – Uppsala University and IFN
Supply Function Equilibria: Step Functions and Continuous Representations (with David Newbery and Daniel Ralph)
Discussant: Petter Vegard Hansen - Statistics Norway  
15.45 Closing of the conference