Electricity Industry Regulation and Innovation: Benchmarking and Knowledge Management as appraisal tools

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1 Electricity Industry Regulation and Innovation: Benchmarking and Knowledge Management as appraisal tools Jesús Rodríguez Pomeda Claudia Camacho Universidad Autónoma de Madrid Research Symposium on European Electricity Markets September 26, 2003, The Hague

2 Contents Introduction Reasons for innovation in the electric industry Innovation as a competition driver Benchmarking appraisal Looking at the utilities innovation activities Knowledge Management as an innovation driver 2

3 Introduction The prime weapon of competition is innovation Baumol, 2002 Our research motivations Innovation Competition & Efficiency Economic Growth The prime weapon of competition is innovation Baumol,

4 Introduction Reasons for innovation in the electric industry 1. Liberalization 2. Globalisation 3. Electricity demand growth 4. Environmental concern Shaping the innovation activities 4

5 Innovation as a competition driver In the free market economy - Schumpeter (1934): The Theory of Economic Development Companies are driven by market forces to use the most efficient production methods available and to offer products or services that satisfy customers in the best way - Sundbo (1999): The theory of innovation: entrepreneurs, technology and strategy Firms must innovate or die - Baumol (2002) The Free-Market Innovation Machine. Analyzing the Growth Miracle of Capitalism There is a race among companies to improve their performance Competition is provoked - Penrose (1959): The Theory of the Growth of the Firm Profit motive Innovation profits are driven by competition seeking to be the first to learn how to make better products and offer best services, and to bring them to the market more quickly and cheaply than their rival. 5

6 Innovation as a competition driver Innovation as a knowledge base Innovative process Is a practical application of knowledge Network of knowledge Technological transfer Requires processes for the diffusion and creation of knowledge. Demands high level of learning Innovation is a key driver competition because reactive the processes and structures in the organization and constitute the main source of competitive advantage 6

7 Innovation as a competition driver In the Electric Industry The challenges The benefits Competition requirements Market pressures Create competitive advantages To work more efficiently and effectively, and using the most efficient production methods available and to offer products or services that satisfy customers in the best way Profit motive Routinization of the innovation process Liberalization uncertainty Transfer of technological developments More opportunities for profit generation when innovation developments are brought into the market Reduction the uncertainty of the process could reduce the financial risks Reduce as much as possible the uncertainty caused by the markets opening Sharing technological developments with its rivals this will harness the effects of competition Innovation networks To exchange information, so innovation is once again enhanced, lead by the market forces 7

8 Benchmarking appraisal Our study base Who are the most advanced European countries in the liberalisation of the electricity market? Introduction of the Competition Economic Prices Security of Supply Universal Service and Service Quality Environmental protection Benchmarking a mechanism for learning best practice in the electricity sector from others through dynamic exchange of ideas and positions among players. Comparisons between the most developed countries in the electricity deregulation and liberalisation 8

9 Benchmarking results Benchmarking appraisal Electricity Liberalisation Indicators Introduction of the Competition Full market opening consumers (% of market opening, % of changes) Regulators independence Market structure (generation market, structure of generation and supply market, concentration) Access to the electricity networks (System of Access, Establishment of tariffs, Imbalances Management, International Operations cross border tarification, Congestion management Separation of the activities International trade (Capacity of interconnection, % exports and imports) Economic Prices Security of Supply Universal Service and Service Quality Environmental protection Prices development (industrial and residential consumers) Reserve of capacity Import capacity Incentives for the increase the generation capacity % households connected New generation capacity Universal Service (Security and reliability of the service to all the customers at economical prices, Position to the provision by territorial location) Minimum standards on watch (Voltage levels required for networks operators) Continuity of supply Capacity of generation through renewable energies Exchange of renewable energies in the generation market Reduction of the carbon dioxide emissions 9

10 Benchmarking results Benchmarking appraisal Austria Belgium Denmark Finland France Declared market opening (%) Unbundling of TSO Ownership Management Unbundling Distribution system operator Accounting Management Accounting Regulator ex-ante ex-ante ex-post ex-post ex-ante Overall network tariffs Above aver Average Average Average Average Balancing conditions favourable to entry Moderate Unfavourab Favourable Favourable Moderate Biggest 3 generators share of capacity %) (2) Germany 100 Accounting NTPA Above aver Moderate 64 Greece 34 /Managt Accounting ex-ante Average Moderate 97 (1) Ireland 56 /Manag Management ex-ante Average Moderate 97 (1) Italy 70 Owner/ ex-ante Average Moderate 69 Luxembourg 57 Management Accounting ex-ante Above aver Unfavourab n.a. Netherlands 63 Ownership Management ex-ante Average Moderate 59 Portugal 46 Accounting ex-ante Average Moderate 82 Spain 100 Ownership ex-ante Average Favourable 83 Sweden 100 Ownership ex-post Average Favourable 90 UK 100 Ownership ex-ante Average Favourable 36 Source: European Commission (2003) 10

11 Benchmarking results Benchmarking appraisal Introduction of the Competition Country Full market opening Declared market opening (%) Estimated total switch / Net Productio n(twh) 2002 Separation of the activities Unbundling of TSO Unbundling Distribution system operator Installe d generat ion capacit y(gw) 2002 Market structure Biggest three generator s' share of capacity (%) Top 3 suppliers' share (all consumer s) Number of suppliers indipende nt of DSO Networks access Network access Overall network tariffs International trade Imports / Net Production (TWh) 2002 Exports / Net Productio n (TWh) 2002 Austria 100% 13% Accounting 17,8 45% 67% 6 Reg. above average 25% 24% Denmark 100% 13% 12,6 78% 38% 6 Reg. average 24% 30% Finland 100% 33% Ownership Managemtt 16,7 45% 33% 9 Reg. average 19% 2% Germany 100% 14% Accounting 124,2 64% 50% 200 Neg. above average 8% 8% Sweden 100% 27% Ownership 32,2 90% 47% 20 Reg. average 14% 13% UK 100% 38% Ownership 79,7 36% 42% 59 Reg. average 2% 0% 11

12 Benchmarking appraisal Benchmarking results Electricity prices 0,1400 0,1200 0,1000 0,0800 0,0600 0,0400 0,0200 0,0000 Finland Sweden Denmark Austria UK Germany Industrial users Residencial users 12

13 Benchmarking appraisal Benchmarking results Country Security of Supply Amount of reserve generatin capacity Import capacity (% of peak consumption) increase in capacity by 2004 (GW) Market based Measures to Encourage Peak Capacity Obligation on TSO or supplier Number of transmision companies Austria 34% 45% 0,4 x 3 Denmark x 2 Finland 1 Germany 5% 15% 0,8 x 4 Sweden x 1 UK 12% 3% 5 x 4 13

14 Benchmarking appraisal Benchmarking results Environmental protection Country energy taxes main RES support mechanism Austria ** fixed feed in tariff Denmark *** quota system (green certs.) Finland * investment subsidies Germany ** fixed feed in tariff Sweden ** quota system (green certs.) UK * quota system (tender) Net addition to generation (MW) RES/CHP

15 Looking at the utilities innovation activities Utilities innovation activities* Innovation activity objectives Innovation expenditures Factors hampering the innovation activity Innovation with cooperation Government support UK Sw eden Percentage of innovating utilities / total utilities population ( ) Germany Finland Denmark Austria *(electricity, gas and water) Source: Eurostat (2002) 15

16 Looking at the utilities innovation activities Innovation objectives (1) Develop of new technologies and to incorporate them within the plants and processes of the companies so as to increase their efficiency, (2) Permanent improvement of the quality of the provision of the electricity and the offered service, (3) Promote and fortify the use of new source of energy, including renewable energies. Reduce energy consumption 17% Improve production or internal business process flexibility 11% Reduce labour cost 10% Reduce environmental damage 24% Fulfilling regulations and standards 10% Improving product or service quality 14% Open up new markets or increase market share 14% 16

17 Looking at the utilities innovation activities Main Results A consensus is observed on the innovation development needs in the electric industry, but also we observed what justifies our study- that countries with better marks in the market opening are those countries more engaged in innovation, and with a strong R&D structure. Country Engagement in R&D Supported by the government Innovation with cooperation Austria Denmark Finland Germany Sweden UK

18 Looking at the utilities innovation activities Main Results Despite that, the exchange of information is finding certain difficulties by competitive intentions. Where the R&D structures have had to adapt to the new conditions of the electric industry, there is a wide cooperation between the utilities in an attempt to share, not even the financial risks, but also the level of expertise embedded in the innovation activities Other enterprises(s) within the group Competitor(s) Clients or customers Consultancy enterprises Suppliers of equipment, materials, components of software Universities or other higher education institutes Government or private nonprofit research institutes 18

19 Looking at the utilities innovation activities Main Results Countries with a bigger effort carried out in the innovation development, are the markets that achieve bigger advances in the introduction of competition. There is a common motivation to engage innovation and R&D, as a mean to improve competitiveness. However, have been observed that from the restructuring of the electricity markets, the economic efforts in R&D have diminished, due to the liberalisation of the industry forcing utilities to focus its activities short-term outlook, and reducing efforts in R&D activities. Utilities we have considered disseminate knowledge, so it shows that the most utilities share knowledge, internal and externally, the most they will be able to achieve higher performance in their innovation than those that do not share it. 19

20 Knowledge Management as an innovation driver The innovating utilities will be those who decide to put into action resources and capacities to develop products, processes and management systems able to adapt them to the economic change in successfully. Knowledge management process by which new knowledge is generated, and when it is validated, put it into practice. 20

21 Knowledge Management as an innovation driver Knowledge Management Create Disseminate, and Use knowledge Innovation Innovation is the result of the use of knowledge in a new application. 21

22 Knowledge Management as an innovation driver Innovation through the creation, diffusion and use of knowledge could became a key driver for the economic development and an answer for current challenges in the electric industry Innovation Competition & Efficiency Economic Growth Knowledge Management 22

23 The Knowledge Management Cycle Create and Capture New knowledge is generated- INNOVATION Reuse and Renew Reuses of knowledge. Renew of knowledge Continuous improvement Make knowledge accessible To distribute, to spread and to transmit Measurement BP Benchmarking Map of knowledge Sources of learning Indicators of intellectual capital Transformation of tacit knowledge in explicit knowledge Distribute and share Create and generate new knowledge Capture of internal and external knowledge Stores knowledge Assimilate and Apply People need to accede to the knowledge, to interpret it, to assimilate it to apply it later 23

24 The importance of intangibles in the electric industry The activity of innovation is a combination of events but mainly, a cluster of intangible assets. To understand more about the nature of the intangible and the process by which knowledge is generated and diffused, is a challenge for the enterprise and industrial development, and therefore, is a challenge for the electric industry. The sharing and diffusion of knowledge is recognised as an important element in improving innovation and continuous learning. This involves the creation of intangible assets. European governments and the European Commission are already stressing the need to provide a climate favourable to innovation through intangible assets 24

25 Intellectual Capital Measurement and Management in the Spanish Electricity Sector Illustrate the importance of intangibles in the industry and the position of the Spanish electric utilities in this area. This study sets out a framework for examining intangible assets. Main objectives: 1. Description of the intellectual capital in the Spanish electricity sector, under a added perspective of the sector; and for each one of the companies that structure it. 2. Elaboration of a model to improve the intellectual capital management of the sector. It includes a plan of diffusion of the results through a intellectual capital report. The Spanish Association of the Electric Industry (UNESA) will perform a key role for the knowledge sharing and management among the Spanish utilities. 3. Elaboration of a Knowledge Management program to improve the intellectual capital of the Spanish electrical sector, based on the Intellectus Model 25

26 Conclusions Due to liberalisation, the electric industry is facing new challenges to increase its competitiveness. Best practices to Innovation is the effort that the electric industry requires to improve its efficiency, creating new business opportunities and skills, and by consequence, an open environment where competition is possible. Innovation through the creation, diffusion and use of knowledge can become a conductive key for economic growth and provides part of the answers to much of the electric industry challenges. Knowledge management is the system that involves that process of new knowledge, which acts as a catalyst for the innovation and creativity into a specific organization, to collect and leverage all the knowledge around the industry. There will no be a successful best practices transfer into the industry if there is not the right process to learn them. Thus, knowledge management contributes; at a macro level, to transfer in an efficient way the knowledge embedded into the industry. Further researches to explore how electric utilities are leveraging their internal capacities and knowledge, to strengthen innovation and competitiveness, what are the challenges to face and the effects in the electric industry performance. 26

27 Electricity Industry Regulation and Innovation: Benchmarking and Knowledge Management as appraisal tools Jesús Rodríguez Pomeda Claudia Camacho Research Symposium on European Electricity Markets September 26, 2003, The Hague 27

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