This paper assesses the restructuring of the Spanish electric power sector by analyzing the performance of electric companies. To this end, we jointly analyse the creation and decomposition of the economic value generated by them before and after the reform, and its distribution among firms' stakeholders. Our results show that after the reform (i) the economic value created by productivity has substantially increased; (ii) technical change and change in the degree of vertical integration have been the main drivers of productivity change; (iii) the value transferred to consumers has decreased. © 2011 Taylor & Francis.
- Electric utilities