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Theoretical and Applied Economics
No. 12 / 2011 (565)

General Equilibrium Analysis of Electricity Market Liberalization in Singapore: A Comparative Study

Fenglong XIAO
Boston University, USA

Abstract. The liberalization in electricity market in Singapore has being undertaken for more than 15 years. This paper evaluates the influence of competition policies by computable general equilibrium (CGE) model. Instead of the direct measurement of the impact of competition policy, the benefit of liberalization is reflected by the simulation of a hypothetical regulatory condition. Comparing to the regulatory scenario, simulation result implies the current liberalization raises GDP and exchange rate significantly, but also leaves the tradeoff between higher national income and lower consumer welfare to government. If such choice of economic policy is necessary for political demand, a formal legal framework is required to enforce the restoration of the economy from regulatory restrictions.

Keywords: electricity market; general equilibrium; liberalization; Singapore.

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