Market power detection analysis in the iberian wholesale electricity market: The return on withholding capacity index

The liberalization of the electricity markets since the 1990s moved the electricity markets away from their traditional vertically integrated structure to a competitive market-based one. The objectives were clear: attract private investments, minimize government involvement, improve operational efficiency, foster innovation, and ultimately minimize electricity costs for customers. Several decades later, however, this market transformation is still ongoing and it has not been able to eliminate the potential to exercise market power. Moreover, the detection or control of market power has shown to be particularly challenging. Several indexes and methods have been developed over time to measure or detect market power, although none of them have succeeded in establishing a standard for market monitoring endeavours. For this purpose, this master’s dissertation investigates a recently newly developed index named the Return on Withholding Capacity Index (RWC). The RWC Index measures the incentives generators experience to withhold capacity from the wholesale electricity market. The advantage of this methodology is that it can be readily calculated with publicly available data, and it takes into account demand elasticity and the specific nature of the generator’s portfolio. Furthermore, the methodology can be easily standardized to apply across different markets, and across time. The applicability of the RWC Index is demonstrated by applying the methodology to the Iberian electricity wholesale market in the year 2022. Overall, it can be concluded that market power potential in the Iberian wholesale electricity market was fairly low in 2022. Large generators seem to only experience incentives to withhold capacity during a limited amount of hours per year, while incentives for smaller generators are nearly non-existent. Furthermore, results show that the size, as well as the nature of the generator’s portfolio have a strong impact on the RWC Index, and hence, on the market power potential. Last but not least, the results indicate that market power potential clearly exhibits temporal variability and incentives to withhold capacity are strongly positively correlated between generators, implying that when one generator experiences higher incentives during a certain period, incentives concurrently increase for other generators as well, and vice versa. To conclude, by applying the RWC Index to the Iberian electricity wholesale market, its benefits and practicality have been demonstrated. The RWC Index provides rapid and valuable insights that can support market authorities to perform an initial screening to examine market power in a standardized way. This master’s dissertation contributes to the limited and scarce literature of market power screening methods and toolsLa liberalización de los mercados de la electricidad desde los años 1990 hizo que los mercados de la electricidad se apartaran de su estructura tradicional integrada verticalmente para convertirse en mercados competitivos. Los objetivos eran claros: atraer inversiones privadas, minimizar la participación del gobierno, mejorar la eficiencia operativa, fomentar la innovación y en última instancia, minimizar los costes de la electricidad para los consumidores. Sin embargo, varias décadas después, esta transformación del mercado sigue en curso y no ha conseguido eliminar el potencial de ejercicio del poder de mercado. Además, la detección o el control del poder de mercado han demostrado ser especialmente difíciles. A lo largo del tiempo se han desarrollado varios índices y métodos para medir o detectar el poder de mercado, aunque ninguno de ellos ha logrado establecer un estándar para los procedimientos de control del mercado. Con este fin, esta tésis de máster investiga un índice de reciente creación, denominado Índice de Retorno de la Capacidad Retenida (Return onWithholding Capacity Index, RWC). El Índice RWC mide los incentivos que experimentan los generadores para retener capacidad en el mercado mayorista de la electricidad. Las ventajas de esta metodología es que se puede calcular fácilmente con datos disponibles públicamente, tiene en consideración la elasticidad de la demanda y la naturaleza específica del portafolio del generador. Además, la metodología puede estandarizarse fácilmente para aplicarla en distintos mercados y a lo largo del tiempo. La aplicabilidad del Índice RWC se demuestra aplicando la metodología al mercado mayorista de electricidad ibérico para el año 2022. En general, se puede concluir que el potencial de poder de mercado en el mercado mayorista de electricidad ibérico fue relativamente bajo en 2022. Los grandes generadores sólo parecen experimentar incentivos durante un número limitado de horas al año, mientras que los incentivos para los generadores más pequeños son casi inexistentes. Además, los resultados muestran que el tamaño, así como la naturaleza de la portafolio del generador tienen un fuerte impacto en el Índice RWC y por lo tanto, en el potencial de poder de mercado. Por último, pero no por ello menos importante, los resultados indican que el potencial de poder de mercado presenta una clara variabilidad temporal y que los incentivos para retener capacidad están fuertemente correlacionados de forma positiva entre los generadores, lo que implica que cuando un generador experimenta mayores incentivos durante un determinado periodo, los incentivos aumentan simultáneamente para otros generadores también, y viceversa. En conclusión, la aplicación del Índice RWC al mercado mayorista de electricidad ibérico ha demostrado sus ventajas y su viabilidad. El Índice RWC proporciona información rápida y valiosa que puede ayudar a las autoridades del mercado a realizar un primer análisis para examinar el poder de mercado de forma estandarizada. Esta tésis de máster contribuye a la limitada y escasa literatura sobre métodos y herramientas de análisis del poder de mercadoLa liberalització del mercat elèctric des de la dècada de 1990 va traslladar els mercats elèctrics de la seva estructura tradicional integrada verticalment a una de competitiva basada en el mercat. Els objectius eren clars: atraure inversions privades, minimitzar la participació del govern, millorar l’eficiència operativa, fomentar la innovació i, en definitiva, minimitzar els costos elèctrics per als clients. Diverses dècades després, però, aquesta transformació del mercat encara està en curs, i no ha estat capaç d’eliminar el potencial d’exercir el poder de mercat. A més, la detecció o el control del poder de mercat s’ha mostrat especialment difícil. Al llarg del temps s’han desenvolupat diversos índexs i mètodes per mesurar o detectar el poder de mercat, tot i que cap d’ells ha aconseguit establir un estàndard per als procediments de seguiment del mercat. Amb aquesta finalitat, aquest treball de màster investiga un índex recentment desenvolupat, anomenat Return on Withholding Capacity Index (RWC). L’Índex RWC mesura els incentius que experimenten els generadors per retenir capacitat del mercat majorista d’electricitat. Els avantatges d’aquesta metodologia és que es pot calcular fàcilment amb dades disponibles públicament, té en compte l’elasticitat de la demanda i la naturalesa específica de la cartera del generador. A més, la metodologia es pot estandarditzar fàcilment per aplicar-la a diferents mercats i en el temps. L’aplicabilitat de l’ÍndexRWCes demostra aplicant la metodologia al mercatmajorista d’electricitat ibèric per a l’any 2022. En conjunt, es pot concloure que el potencial de poder de mercat al mercat majorista d’electricitat ibèric va ser força baix l’any 2022. Els grans generadors només semblen experimentar incentius durant un nombre limitat d’hores a l’any, mentre que els incentius per als generadors més petits són gairebé inexistents. A més, els resultats mostren que la mida, així com la naturalesa de la cartera del generador, tenen un fort impacte en l’Índex RWC i, per tant, en el potencial de poder de mercat. Finalment, però no menys important, els resultats indiquen que el potencial de poder de mercat mostra clarament una clara variabilitat temporal i els incentius per retenir la capacitat estan fortament correlacionats positivament entre els generadors, la qual cosa implica que quan un generador experimenta incentius més alts durant un període determinat, els incentius també augmenten simultàniament per a altres generadors. i viceversa. Per concloure, amb l’aplicació de l’Índex RWC al mercat majorista d’electricitat ibèrica, s’han demostrat els seus beneficis i practicitat. L’Índex RWC proporciona coneixements ràpids i valuosos que poden ajudar les autoritats del mercat a realitzar un examen inicial per examinar el poder de mercat de manera estandarditzada. Aquesta tesi de màster contribueix a la literatura limitada i escassa de mètodes i eines de selecció de poder de merca

Impact of obesity on global and regional systolic function in children: a CMR study

International audiencen.

Multi-modality image simulation with the Virtual Imaging Platform: Illustration on cardiac echography and MRI

International audienceMedical image simulation is useful for biological modeling, image analysis, and designing new imaging devices but it is not widely available due to the complexity of simulators, the scarcity of object models, and the heaviness of the associated computations. This paper presents the Virtual Imaging Platform, an openly-accessible web platform for multi-modality image simulation. The integration of simulators and models is described and exemplified on simulated cardiac MRIs and ultrasonic images

Wetting of a symmetrical binary fluid mixture on a wall

We study the wetting behaviour of a symmetrical binary fluid below the demixing temperature at a non-selective attractive wall. Although it demixes in the bulk, a sufficiently thin liquid film remains mixed. On approaching liquid/vapour coexistence, however, the thickness of the liquid film increases and it may demix and then wet the substrate. We show that the wetting properties are determined by an interplay of the two length scales related to the density and the composition fluctuations. The problem is analysed within the framework of a generic two component Ginzburg-Landau functional (appropriate for systems with short-ranged interactions). This functional is minimized both numerically and analytically within a piecewise parabolic potential approximation. A number of novel surface transitions are found, including first order demixing and prewetting, continuous demixing, a tricritical point connecting the two regimes, or a critical end point beyond which the prewetting line separates a strongly and a weakly demixed film. Our results are supported by detailed Monte Carlo simulations of a symmetrical binary Lennard-Jones fluid at an attractive wall.Comment: submitted to Phys. Rev.

Assessing Communities of Practice in health policy : A conceptual framework as a first step towards empirical research

Peer reviewe

Wafer-Scale, Sub-5 nm Junction Formation by Monolayer Doping and Conventional Spike Annealing

We report the formation of sub-5 nm ultrashallow junctions in 4 inch Si wafers enabled by the molecular monolayer doping of phosphorous and boron atoms and the use of conventional spike annealing. The junctions are characterized by secondary ion mass spectrometry and non-contact sheet resistance measurements. It is found that the majority (~70%) of the incorporated dopants are electrically active, therefore, enabling a low sheet resistance for a given dopant areal dose. The wafer-scale uniformity is investigated and found to be limited by the temperature homogeneity of the spike anneal tool used in the experiments. Notably, minimal junction leakage currents (<1 uA/cm2) are observed which highlights the quality of the junctions formed by this process. The results clearly demonstrate the versatility and potency of the monolayer doping approach for enabling controlled, molecular-scale ultrashallow junction formation without introducing defects in the semiconductor.Comment: 21 pages, 5 figure

Wages in high-tech start-ups - do academic spin-offs pay a wage premium?

Due to their origin from universities, academic spin‐offs operate at the forefront of the technological development. Therefore, spin‐offs exhibit a skill‐biased labour demand, i.e. spin‐offs have a high demand for employees with cutting edge knowledge and technical skills. In order to accommodate this demand, spin‐offs may have to pay a relative wage premium compared to other high‐tech start‐ups. However, neither a comprehensive theoretical assessment nor the empirical literature on wages in start‐ups unambiguously predicts the existence and the direction of wage differentials between spin‐offs and non‐spin‐offs. This paper addresses this research gap and examines empirically whether or not spin‐offs pay their employees a wage premium. Using a unique linked employer‐employee data set of German high‐tech start‐ups, we estimate Mincer‐type wage regressions applying the Hausman‐Taylor panel estimator. Our results show that spin‐offs do not pay a wage premium in general. However, a notable exception from this general result is that spin‐offs that commercialise new scientific results or methods provide higher wages to employees with linkages to the university sector – either as university graduates or as student workers

The impact of digital start-up founders’ higher education on reaching equity investment milestones

This paper builds on human capital theory to assess the importance of formal education among graduate entrepreneurs. Using a sample of 4.953 digital start-ups the paper evaluates the impact of start-up founding teams’ higher education on the probability of securing equity investment and subsequent exit for investors. The main findings are: (1), teams with a founder that has a technical education are less likely to remain self-financed and are more likely to secure equity investment and to exit, but the impact of technical education declines with higher level degrees, (2) teams with a founder that has doctoral level business education are less likely to remain self-financed and have a higher probability of securing equity investment, while undergraduate and postgraduate business education have no significant effect, and (3) teams with a founder that has an undergraduate general education (arts and humanities) are less likely to remain self-financed and are more likely to secure equity investment and exit while postgraduate and doctoral general education have no significant effect on securing equity investment and exit. The findings enhance our understanding of factors that influence digital start-ups achieving equity milestones by showing the heterogeneous influence of different types of higher education, and therefore human capital, on new ventures achieving equity milestones. The results suggest that researchers and policy-makers should extend their consideration of universities entrepreneurial activity to include the development of human capital

‘Better late than never’: the interplay between green technology and age for firm growth

This paper investigates the relationship between green/non-green technologies and firm growth. By combining the literature on eco-innovations, industrial organisation and entrepreneurial studies, we examine the dependence of this relationship on the pace at which firms grow and the age of the firm. From a dataset of 5498 manufacturing firms in Italy for the period of 2000–2008, longitudinal fixed effects quantile models are estimated, in which the firm’s age is set to moderate the effects of green and non-green patents on employment growth. We find that the positive effect of green technologies on growth is greater than that of non-green technologies. However, this result does not apply to struggling and rapidly growing firms. With fast-growing (above the median) firms, age moderates the growth effect of green technologies. Inconsistent with the extant literature, this moderation effect is positive: firm experience appears important for the growth benefits of green technologies, possibly relative to the complexity of their management