Daglish, Toby; de Braganca, Gabriel; Owen, Sally; … - Victoria Business School, Victoria University of Wellington - 2015
We examine electricity market reform in Brazil: from the 1990s till 2004 the largely hydro-powered market cleared using a market mechanism, and in March 2004 reformed to a single buyer structure. We model day-ahead returns using a Two-State Markov Switching Model with dummy variable analysis,...