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Energy pricing policies for inclusive growth in Latin America and the Caribbean

Author: Guillermo Beylis; Barbara Cunha; World Bank Group,
Publisher: Washington, DC : World Bank Group, [2017] ©2017
Series: Directions in development (Washington, D.C.)., Energy and mining.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
Government strategies for setting energy prices are not uniform across the Latin America and the Caribbean (LAC) region-- or even across fuels. Instead, they cover a full spectrum, ranging from discretionary price-fixing at one end to pure market-based approaches at the other. In between is a wide variety of other schemes such as price stabilization funds, import or export parity pricing, price smoothing through tax  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Beylis, Guillermo.
Energy pricing policies for inclusive growth in Latin America and the Caribbean.
Washington, DC : World Bank Group, [2017]
(OCoLC)992577867
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guillermo Beylis; Barbara Cunha; World Bank Group,
ISBN: 9781464811128 1464811121
OCLC Number: 1004582787
Description: 1 online resource (xx, 209 pages) : color illustrations.
Contents: Front Cover; Contents; Foreword; Acknowledgments; About the Authors; Abbreviations; Executive Summary; Introduction; Our Study; Our Findings; Organization of This Report; Note; Reference; Chapter 1 Energy Markets in the Latin America and the Caribbean Region: Setting the Scene; Introduction; Structure of the Energy Market: Hydrocarbons and Electricity; Production Capacity; Government Intervention: An Inescapable Reality; Note; Reference; Chapter 2 Energy Pricing Policies; Introduction; Pricing Policy Toolkit: Hydrocarbons; Pricing Policy Toolkit: Electricity; Tariff Schedules in Practice. Notes; Reference; Chapter 3 Fiscal Cost of Energy Pricing Policies; Introduction; Measuring Fiscal Costs: The "Price-Gap" Approach; Price-Gap Results; Notes; References; Chapter 4 Economic Impacts of Energy Pricing and Subsidy Reforms; Introduction; Analysis; Main Findings; Final Considerations; Notes; References; Chapter 5 Distributional Impacts of Energy Pricing; Introduction; Methodology and Implementation; Distributional Impacts of a Price Increase in Gasoline and Diesel; Distributional Impacts of a Price Increase in Liquefied Petroleum Gas. Distributional Impacts of a Price Increase in Electricity; Notes; References; Chapter 6 Considerations for Policy Makers; Introduction; Fairness for All: A Guiding Principle for Energy Pricing Reforms; Fresh Thinking: Adopting an Engaging, Targeted, Apolitical Approach; Hydrocarbons; Electricity Market; Conclusions; Note; References; Appendix A Fuels Fiscal Cost Tables; Appendix B Electricity Fiscal Cost Tables; Appendix C Price Shocks; Boxes; Box 2.1 Brazil: Unregulated Consumers in the Electricity Market; Box 2.2 Procuring Long-Term Electricity Contracts by Auction: A FAQ. Box 2.3 Increasing Block Tariffs, Volume Differentiated Tariffs, and Flat PricingBox 3.1 Taxing for Negative Externalities; Box 6.1 Action Plans to Reduce Power Losses in the Electricity Sector; Box 6.2 Uruguay Weather and Oil Price Insurance Transaction; Figures; Figure 1.1 Crude Oil and Fuels: Net Exports, Selected LAC Countries; Figure 1.2 Electricity Generation Matrix, Selected LAC Countries; Figure 3.1 Average Yearly Fiscal Support for Fuels: Selected LAC Countries, 2008-13; Figure 3.2 Average Fiscal Support for Fuels as a Percentage of GDP: Selected LAC Countries, 2008-13. Figure 3.3 Fuels Fiscal Expenditures: Selected LAC Countries, 2008-13; Figure 3.4 Average Yearly Fiscal Support for Electricity: Selected LAC Countries, 2008-13; Figure 3.5 Average Yearly Fiscal Support for Electricity as a Percentage of GDP: Selected LAC Countries, 2008-13; Figure 3.6 Electricity Fiscal Expenditures: Selected LAC Countries, 2008-13; Figure 4.1 International Comparison, Retail Prices of Energy, 2012 Products; Figure 4.2 International Comparison, Energy Intensity and GDP per Capita; Figure 4.3 Price Shocks Relative to Energy Prices and Price Gap, Selected LAC Countries.
Series Title: Directions in development (Washington, D.C.)., Energy and mining.
Responsibility: Guillermo Beylis and Barbara Cunha.

Abstract:

Government strategies for setting energy prices are not uniform across the Latin America and the Caribbean (LAC) region-- or even across fuels. Instead, they cover a full spectrum, ranging from discretionary price-fixing at one end to pure market-based approaches at the other. In between is a wide variety of other schemes such as price stabilization funds, import or export parity pricing, price smoothing through tax levels, and targeted direct price subsidies or vouchers. Governments in the LAC region, however, tend to be small as measured by government revenues as a percentage of GDP. So their limited government resources have to be used wisely and be better targeted to the poor and vulnerable. Although energy subsidies are an inefficient policy tool for protecting the welfare of the poor, energy price increases can have a big impact on these households. This publiscation finds that energy subsidies are highly regressive in an absolute sense-- that is, the lion's share of every dollar spent on keeping energy prices low benefits wealthier households. However, subsidies for fuels that are widely used for cooking and heating-- liquefied petroleum gas (LPG), natural gas, and kerosene-- as well as for electricity, can be relatively neutral or progressive, implying that lower-income households capture benefits that are proportionate to their expenditures. In other words, although poorer households receive very little from every dollar spent on energy subsidies, that small amount may represent an important share of their expenditures. It is important, then, that governments expand the coverage and depth of their social safety nets to provide relief for poor households if energy prices rise. This report also finds that aggregate price impacts and the competitiveness effects of energy price increases are moderate to small and can be smoothed out through macropolicy responses.

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