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Superintendencia de Competencia
Competencia

El control de las concentraciones en mercados regulados

Por: Javier Urrutia*

Las autoridades de competencia tienen el deber de regular las fusiones y adquisiciones (concentraciones económicas) con el objeto de proteger el bienestar de los consumidores. Sin embargo, cuando el comportamiento de las empresas está sujeto a otras normas regulatorias, la autoridad debe de reconocer los efectos de estas, a fin de evitar imponer obstáculos innecesarios a los inversionistas.

Recientemente, la Superintendencia de Competencia (SC) autorizó la adquisición de Nejapa Power, Cenérgica y Poliwatt, del grupo Nejapa, por parte del grupo Orazul. Este es un buen ejemplo de la necesidad que los análisis de la autoridad consideren el ambiente regulatorio. Primero, un poco de contexto: Orazul y Nejapa son grupos económicos que compiten entre sí en la inyección de energía en el sistema eléctrico nacional. A ese tipo de concentraciones en donde los agentes compiten en el mismo mercado se les conoce como de tipo horizontal.

Las concentraciones horizontales son generalmente aquellas que suscitan más preocupaciones de competencia puesto que, en la medida que el mercado se vuelve más concentrado, existen más riesgos de daños para los consumidores (p. ej. precios más altos). Una medida útil para determinar el nivel de concentración es el indicador de Herfindahl-Hirschman (IHH). Este se calcula como la suma de las participaciones de mercado al cuadrado, multiplicado por 10,000. En la medida que el indicador se acerca a 10,000 el mercado tiende al monopolio, y a 0, a competencia perfecta. Para la interpretación de ese indicador, la SC considera 2,500 como el umbral a partir del cual determina que un mercado se encuentra altamente concentrado. En esos casos, aumentos en el IHH de 200 puntos como resultado de una concentración se consideran potencialmente preocupantes y apunta a la necesidad de mayor escrutinio.

En la concentración entre Orazul y Nejapa, la SC identificó seis mercados de producto relevante: provisión mayorista de energía eléctrica en horas pico, valle y resto, diferenciando por estación seca y húmeda. En todos los mercados analizados se evidenciaron altos niveles de concentración con aumentos en el IHH superiores a 400 puntos, si bien la entrada y expansiones proyectadas de otros competidores para 2020 reduciría el IHH en aproximadamente 200 puntos en todos los mercados y permitirían que la oferta supla la demanda incluso si Orazul retirase su capacidad generadora.

Es en este punto que cobra relevancia profundizar en el análisis e incluir las implicancias del aspecto regulatorio. La SC observó que las empresas que participan en el sector eléctrico, incluso cuando detentan poder de mercado, no lo ejercen. Esto responde al modelo de despacho basado en costos contemplado en el Reglamento de Operación del Sistema de Transmisión y del Mercado Mayoristas Basado en Costos de Producción el cual regula la determinación de precios y ha prevenido el ejercicio del poder de mercado. La efectividad de este modelo se vio evidenciada en el Estudio de Competencia en el Mercado Mayorista de Energía Eléctrica, publicado por la SC el 2017, en donde se concluyó que la regulación prevenía precios supra-competitivos.

El análisis de competencia realizado por la SC para la concentración entre Orazul y Nejapa es por tanto un vivo ejemplo de cómo las autoridades de competencia pueden ajustar sus análisis a las características de la industria objeto de estudio. Tal es el caso que, en lugar de procurar imponer condiciones o bloquear una operación que de otra forma habría parecido potencialmente alarmante, la flexibilidad de la SC para considerar la relevancia de la regulación permitió aliviar sus propias preocupaciones sobre la competencia y simultáneamente permitir que los grupos económicos adoptaren el esquema empresarial más conveniente para sus intereses.


* Javier Urrutia es economista, actualmente forma parte de la Intendencia Económica de la Superintendencia de Competencia.

Nota: Las opiniones acá vertidas son propias y no necesariamente reflejan las de la SC.

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