Research
Publications – Working Papers – Work in progress – Book Chapters and Policy Reports
Publications
Fabra, N. and Reguant, M. (2023) “The Energy Transition. A Balancing Act“, Resource and Energy Economics, forthcoming.
Fabra, N., (2023) “Reforming European Electricity Markets: Lessons from the Energy Crisis“, Energy Economics. 126, 106963. [Cite]
Fabra, N. and Imelda (2023) “Market Power and Price Exposure: Learning from Changes in Renewables Regulation“, American Economic Journal: Economic Policy, November. [Cite]
Fabra, N. and Llobet, G. (2023) “Auctions with Privately Known Capacities: Understanding Competition among Renewable Energies”, The Economic Journal. 133 (651), 1106-1146. [Cite] [Replication Package]
Fabra, N. and Montero, J. P. (2023) “Technology Neutral versus Technology Specific Procurement“, The Economic Journal, 133 (650), 669-705. [Cite] [Replication Package]
Fabra, N. and Andrés-Cerezo, D. (2023) “Storing Power: Markets Structure Matters“, RAND Journal of Economics, 54 (1), 3-53. [Cite]
Fabra, N., A. Lacuesta and M. Souza (2022) “The Implicit Cost of Carbon Abatement during the COVID-19 Pandemic“, European Economic Review, 147, 104-165. [Cite]
Fabra, N., M. Motta, and M. Peitz (2022). «Learning from Electricity Markets: How to Design a Resilience Strategy«, Energy Policy, 168, 113-116 [Cite]
Fabra, N., O. Bover, S. García-Uribe, A. Lacuesta, and R. Ramos (2022) «Firms and Households during the Pandemic: What do we Learn from their Electricity Consumption?«, The Energy Journal, 44(3). [Cite]
Fabra, N. and Montero, J.P. (2022) «Product Lines and Price Discrimination in Markets with Information Frictions», Management Science, 68 (2). [Cite]
Fabra, N. (2021) «The Energy Transition: an Industrial Economics Perspective«, International Journal of Industrial Organization, 79, 102-134 [Cite]
Fabra, N., D. Rapson, M. Reguant, and J. Wang (2021) «Estimating the Elasticity to Real Time Pricing: Evidence from the Spanish Electricity Market«, American Economic Association Papers & Proceedings, 111, 425-29. [Cite]
Fabra, N. and Reguant, M. (2020) «A Model of Search with Price Discrimination«, European Economic Review, 129. [Cite]
Fabra, N. and Bian, X. (2020) «Incentives for Information Provision: Energy Efficiency in the Spanish Rental Markets«, Energy Economics, 90. [Cite]
Fabra, N. (2018) «A Primer on Capacity Mechanisms«, Energy Economics 75, 323-335. [Cite]
Fabra, N. and García, A. (2015) «Dynamic Price Competition with Switching Costs», Dynamic Games and Applications 5 (4), 540-567. [Cite]
Fabra, N. and García, A. (2015) «Market Structure and the Competitive Effects of Switching Costs«, Economics Letters 126, 150-155. [Cite]
Fabra, N. and Reguant, M. (2014) «Passthrough of Emission Costs in Electricity Markets», American Economic Review 104(9), 2872-2899. Extended abstract
Highlighted in the NBER Digest, March 2014 and at Nature Climate Change 4, 860, October 2014. [Cite]
De Frutos, M.A. and Fabra, N. (2012) «How to Allocate Forward Contracts: the case of electricity markets«, European Economic Review 56(3), 451-469. [Cite]
Fabra, N., N.H. von der Fehr and M.A. De Frutos, M.A. (2011) «Market Design and Investment Incentives», Economic Journal 121, 1340–1360. [Cite]
De Frutos, M.A. and Fabra, N. (2011) «Endogenous Capacities and Price Competition: the Role of Uncertainty«, International Journal of Industrial Organization 29(4), 399-411. [Cite]
Campos, E., N. Fabra and García, A. (2007) «Dynamic Auctions for On-demand Services«, IEEE Transactions on Systems Man and Cybernetics 37 (6), 878-886. [Cite]
Fabra, N. and Creti, A. (2007) «Supply Security and Short-Run Capacity Markets for Electricity «, Energy Economics 29(2), 259-276. [Cite]
Fabra, N. (2006) «Collusion with Capacity Constraints over the Business Cycle«, International Journal of Industrial Organization 24(1), 69-81. [Cite]
Fabra, N., von der Fehr, N.H. and Harbord, D. (2006) «Designing Electricity Auctions«, Rand Journal of Economics 37 (1), 23-346. [Cite]
Fabra, N., and Toro, J. (2005) «Price Wars and Collusion in the Spanish Electricity Market«, International Journal of Industrial Organization 23(3), 155-181. [Cite]
Crampes, C. and Fabra, N. (2005) «The Spanish Electricity Industry: Plus ca changes», The Energy Journal 26. [Cite]
Fabra, N. (2003) «Tacit Collusion in Repeated Auctions: Uniform versus Discriminatory auctions«, Journal of Industrial Economics L1(3), 271-293. [Cite]
Fabra, N., N.H. von der Fehr and Harbord, D. (2002) «Modelling Electricity Auctions«, Electricity Journal 15(7), 72-81 [Cite]
Working Papers
- «Renewable Energy and Storage: Friends or Foes?» (with D. Andrés-Cerezo) NEW!!
In markets where renewables availability moves procyclically in relation to demand and renewable capacity is small, increasing storage (renewable) capacity negatively impacts renewable (storage) firms and total welfare. The same applies to the «scarce» renewable technology in multi-technology markets with both procyclical and countercyclical technologies.
- «Fossil Fuels and Renewable Energy: Mix or Match?» (with G. Llobet). NEW!! CEPR Discussion Paper 18458 Under submission
We investigate the impact of the ownership of electricity generation technologies, including fossil fuels and renewable energy sources, on the performance of electricity markets throughout the Energy Transition.
- «Observed Patterns of Use and Users of Free-Floating Car-Sharing» (with C. Pintassilgo, and M. Souza) R&R SERIEs
Free-Floating Car-Sharing (FFCS) services allow users to rent electric vehicles by the minute without restrictions on pick-up or drop-off locations within the rental company’s service area. Beyond enlarging the choice set of mobility options, FFCS can reduce congestion and emissions in cities as they promote higher utilization rates of green vehicles. However, whether this potential is fully realized depends on the service’s usage and substitution patterns.
- «The Distributional Impacts of Real Time Pricing» (with M. Cahana, M. Reguant and J.Wang). CEPR Discussion Paper 17200. NEW VERSION!! Under submission
We examine the distributional impacts of RTP by leveraging on a country-wide field experiment that started in 2015, when RTP became the default option for most Spanish households. Our results suggest that the distributional impacts of RTP were quite small and, if anything, slightly progressive. We also find stronger differences in the impacts across regions than across income groups.
- «Do Renewable Energies Create Local Jobs?» (with E. Gutiérrez, A. Lacuesta, and R. Ramos). CEPR Discussion Paper 17206. R&R Journal of Public Economics.
We estimate the impacts on employment of local firms and unemployment of local residents following investments in renewable energies. We exploit the variation in the timing and size of the investment projects across Spanish municipalities above 1,000 inhabitants, over a 17 years period.
Work in Progress
- «Unpacking the Distributional Implications of the Energy Crisis: Lessons from the Spanish Electricity Market» in preparation for the Presidential Address of the Spanish Economic Association.
The surge in gas prices triggered by the war in Ukraine led to an unprecedented increase in electricity wholesale prices, which passed through to electricity retail prices. Regulatory interventions in wholesale and retail markets partly mitigated the impacts on consumers. In the context of the Spanish electricity market, this paper quantifies the distributional implications of the energy crisis and the subsequent market interventions, disentangling the distributional effects between consumers and electricity companies and across consumer groups.
- “The Welfare Effects of Car Sharing” (with Erich Muehlegger and Mateus Souza)
We match data from several sources to understand mobility patterns across the city of Madrid. We then build models for the choice of transportation mode, as well as the city’s congestion technology, taking into account the availability of parking across different areas. Within this context, we aim to estimate the welfare effects of car sharing along several dimensions.
Special Issues
- Fabra, N., Labandeira, X. (2021) “The Economics of the Energy Transition” SERIEs, June 2021.
Book Chapters
- Fabra, N. and Motta, M. (2017) «Assessing Coordinated Effects in Merger Cases» Handbook of Game Theory and Industrial Organization, (Corchon and Marini Eds.) Edward Elgar.
Policy Reports
In English:
- Fabra, N., Matthes, F., Newbery, D. and Rüdinger, A. (2015) «The Energy Transition In Europe: Lessons from Germany, the UK and France«, A CERRE report
- Fabra, N., Moraga, J.L. (2015) «Energy security and sustainability: what role for gas in the Energy Union?«, A CERRE Discussion Paper
- Fabra, N. and M. Motta (2013) «Coordinated Effects in Merger Cases«, A report for the Mexican Competition Authority and the World Bank
- Courty, P., N. Fabra, C. Fumagalli, M. Motta (2004) «Identical Price Categories in Oligopolistic Markets: Innocent Behaviour or Collusive Practice?«, A report for the Italian Competition Authority
In Spanish:
- Fabra, N. (2018) “Mercados eléctricos y mecanismos de capacidad: cuándo, cómo y por qué”, Papeles de Energía nº6, 53-76
- Fabra, N. (2018) “La Transición Energética en el Sector Eléctrico: un imperativo para el medio ambiente y para la economía”, Cuaderno de Trabajo Transición energética en España – Una propuesta desde la socialdemocracia, Fundación Pablo Iglesias
- Fabra, N. (2018) “La Unión Energética: Instrumento para la Transición Energética en Europa”, Revista de Economía ICE
- Fabra, N. (2014) “Funcionamiento y Diseño de los Mercados Eléctricos: ¿Qué nos enseña la Teoría de Juegos?”, Economía Industrial 393, 25-32
- Fabra, N, J.P. Montero, and M. Reguant (2013) «Competencia en el Mercado Eléctrico Chileno», A report for the Fiscalía Nacional Económica de Chile
- Fabra, N. and J. Fabra Utray (2012) “El Déficit Tarifario en el Sector Eléctrico Español”, Papeles de Economía Española 134
- Fabra, N. and J. Fabra Utray (2010) “Competencia y Poder de Mercado en los Mercados Eléctricos”, Cuadernos Económicos del ICE 79, pp. 17-43
- Fabra, N. (2010) “Modelo Energético Sostenible”, Chapter 17 in “La Ley de Economía Sostenible y la Reformas Estructurales: 25 propuestas”, FEDEA
- Fabra, N. and J. Fabra Utray (2009) “Un Diseño de Mercado para el Sector Eléctrico Español”, Papeles de Economía Española 121, 141-158
- Fabra, N. «El Funcionamiento del Mercado Eléctrico Español bajo la Ley del Sector Eléctrico», Chapter 10 in “Del Monopolio al Mercado. La Comisión Nacional de Energía: diez años en perspectiva”.
- Fabra, N. (2006) “La Electricidad: Mercados, Inversiones, y Garantía de Suministro”, Economía Industrial 364, 63-74