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Power Market Structure - Revisiting Policy Options (Paperback)
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Power Market Structure - Revisiting Policy Options (Paperback)
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The current distribution of power markets around intermediate
structures between full integration and unbundling suggests that
there has not been a linear path to reform in practice. Instead,
many developing countries may retain intermediate structures in the
foreseeable future. This possibility exposes a large gap in
understanding about power market structures, since most theoretical
work has focused on the two extreme structures and there is limited
evidence on the impact of unbundling for developing countries. The
study reports the evidence from statistical analysis and a
representative sample of twenty case studies selected based on the
initial conditions, such as income and power system size. It
proposes a novel analytical approach to model market structure,
together with ownership and regulation, controlling for several
variables, as a key determinant of performance across several
indicators, including access, operational and financial performance
and environmental sustainability. The results of the analysis
provide the following conclusions for policy guidance on power
market restructuring for developing countries: There seems to be
credible empirical basis for selecting a threshold power system
size and per capita income level below which unbundling of the
power supply chain is not expected to be worthwhile. Indeed a
dichotomy emerges between high income countries characterized by a
large system size for which unbundling and other reforms are
significantly linked to better performance and low income countries
characterized by small system power size for which there is no
strong evidence that unbundling and other reforms delivered
improvements in performance. Unbundling deliver consistently
superior results across the board of performance indicators when
used as an entry point to implement broader reforms, particularly
introducing a sound regulatory framework, reducing the degree of
concentration of the generation and distribution segments of the
market by attracting additional number of both public and private
players and encouraging private sector participation. Partial forms
of vertical unbundling do not appear to drive improvements,
probably because the owner was able to continue exercising control
over the affairs of the sector and hinder the development of
competitive pressure within the power market. Although the quest
for growth remains as elusive as it was more than a decade ago,
there is now much greater consensus on the policies and
institutional changes that are needed to foster growth and economic
development. But debate continues on the timing, sequencing, and
local adaptation of these reforms. Furthermore, although the
benefits of reform are well documented--the reasons as to why and
when reforms occur still remain somewhat unclear. Many countries go
through long periods of stagnation or even decline, without being
able to create an environment for change, while others seem able to
break the hold of vested interests and start following paths of
reform. In October 2004, the Operations Evaluation Department (OED)
of the World Bank held a conference on the Effectiveness of
Policies and Reform. This event provided a forum at which
participants--over 500 government officials, civil society
representatives, and World Bank staff--could discuss how to improve
the effectiveness of World Bank support for development policies
and reform programs. Included in this volume are the contributions
of distinguished development practitioners on issues such as: the
links between good performance and policy change; how windows of
opportunity can best be used to promote reform; how ownership of
policies and reform programs can be encouraged; and how developed
country policies can be improved to create a better global
environment for development. Ajay Chhibber is director of the
Operations Evaluation Department of the World Bank and was World
Bank country director for Turkey from 1997 to 2003. R. Kyle Peters
is senior manager, Country Evaluation and Regional Relations, in
the Operations Evaluation Department of the World Bank. Barbara J.
Yale is a consultant with the Operations Evaluation Department of
the World Bank.
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