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The Smaller the Market, the Better the Rent Capturing: Electrification in North Portugal during the Interwar Period*

Published online by Cambridge University Press:  02 April 2012

Isabel Bartolomé Rodríguez
Isabel Bartolomé Rodríguez
Affiliation:
Departamento de Economía e Historia Económica, Universidad de Sevilla, Av. de Ramón y Cajal, 1, 41018 Sevilla, Spain. mbartolome@us.es
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Abstract

This article analyses the origin of the persistently high level of electricity prices that hampered the expansion of electricity consumption during the interwar period in Porto. Initially, the rent-seeking behaviour of both the supply firm and the City Hall at the local level affected the expansion of the local electricity market. During the 1930s, this collusion at municipal level coincided with unpredictable energy policies at state level. This circumstance impeded the indispensable increase of scale and the building of a regional market of electricity in north Portugal. The literature on regulation and institutional analysis has proved very useful. Finally, though equally important, primary sources from company archives and institutional bodies were also employed.

Resumen

Este artículo analiza el origen de los elevados precios de la electricidad en Oporto entre las dos guerra mundiales y su secuela, su lenta electrificación. La colusión entre la compañía suministradora y el municipio limitó la expansión al comenzar el servicio hidroeléctrico; luego, la expectativa reiteradamente frustrada de una mayor intervención gubernamental fue en detrimento de mayores inversiones. Se impidió así el necesario aumento de escala, la plena integración del mercado eléctrico del Norte de Portugal y, en consecuencia, los precios eléctricos se mantuvieron elevados y la electrificación sufrió un persistente atraso. La adopción de una perspectiva institucional se ha revelado muy útil para esclarecer el funcionamiento de este mercado, que se ha examinado consultando fuentes empresariales, municipales y gubernamentales.

Keywords

Portugalelectricity rateselectricity marketsutility regulationand interwar periodN44N74N84Q48L94Portugaltarifas eléctricasmercados eléctricosregulación y período de entreguerras
Type
Articles/Artículos
Information
Revista de Historia Economica - Journal of Iberian and Latin American Economic History , Volume 30 , Issue 2 , 07 September 2012 , pp. 287 - 320
Copyright
Copyright © Instituto Figuerola de Historia y Ciencias Sociales, Universidad Carlos III de Madrid 2012

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