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チ リにおける電カ セ クター改革 と発展途 上 国へ の教訓

Power Sector Reforms in Chile : Lessons forDeveloping Countries<Abstract>
This paper traces the history of reform in the Chile power sector, assessing the progress that has been achieved and suggesting lessons for developing countries. Chile is one of the earliest countries in the world that implemented privatization and reforms of the power industry. Privatization of
the electric power sector was promoted in the mid 1970's, and the electric
power law was enacted in 1982. Chile's power sector reform was consideredirnovative and many countries followed Chile's example. Although Chile's
experience demonstrated success in implementing effective privatizationand increasing electricity coverage in rural area, several deficiencies inpower sector policy framework were recognized by the end of 1990's. First ofall, there was a possibility of potential market power abuse by a certain company due to incomplete unbundling. Chilean power sector law in 1982 failed
to recognize the necessity of complete separation of generation, transmission
and distribution activities so that the companies were able to form de facto
vertical integration. The largest generation company, Endesa, and its affiliates (Transelec and Chilectra) had to face with lawsuits at Anti-Trust Commision throughout 1990's for accusation of noncompetitive behavior. Secondly, the law in 1982 failed to determine transmission charge and many disputes between generation and transmission companies occurred. Uncertainty of transmission prices even became a serious barrier to entry for generation investment. Thirdly, the nord pricng system turned out to be ineffective to respond short-term price signals when Chile experienced serious
electricity shortage in 1998 and 1999 due to severe fuaught. The nordal pricecontinued to indicate cheaper price even when the electricity outage was in-17 >7 j t) fiffin+w No.26 (2006+)

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evitable. Forth, regulatory agencies, CNE and SEC, were argued to lack clarity of their role, coordination between them and independence from the government. In addition, only large scale generation companies can participate
CDEC board, CDEC has been criticized for rmlnerability from an influence oflarge share generators. The electricity crises in 1998-99 revealed the lack ofgovernance mechanism in the management of the system operator, CDEC.

In order to address these problems, Law No.19940 (Ley No. 19940: LeyCorta) was enacted in 2004, and a long-term node pricing system was introduced by Law No.20018 (Ley No. 20018) in 2005.
It is the case that in developing countries, the break-up of vertically integrated state-owned industries into privatized enterprises requires efforts
to improve infrastructure as a prerequisite for the introduction of competitive practices. Bearing this in mjr:rd, this paper lays out measures that would
be useful to consider in power sector reforms in developing countries fromthe following three perspectives: (l) Transition from a state-owned powercompanies to private enterprises ; (2) Development of conditions required
to promote infrastructure projects ; and (3) Development of conditions forthe establishment of a healthy and fair competitive environment, assumingthat liberalization is achieved once the conditions in (l) and (2) are met.
One of the lessons from Chile's power sector reform indicate that it ispossible to minimize the role of the govemment by creating policy framework that facilitates participation from the private sector. Another important
points to ensure quality of service and adequate investment from private sector and to enhance competition, shall be : 1) to implement complete unbundling of generation, transmission and distribution functions 2) to clarify roleand responsibility of the independent regulator and the government and toensure independence of the regulator, 3) to remain some flexibility at thehands of regulatory agencies and other agencies in order to act quickly intime of crisis, although respect toward market rules shor:ld not be undermined.