تجزیه و تحلیل بهره وری کل عوامل در ابزار الکتریکی به صورت عمودی و یکپارچه در مالزی با استفاده از روش شاخص Törnqvist

The objective of this paper is to measure the total factor productivity (TFP) growth of Tenaga Nasional Berhad (TNB) from 1975 to 2005. Prior to 1995, TNB was essentially the sole electricity provider in Malaysia. However, since 1995 independent power producers (IPPs) have also begun generating electricity, all of which is purchased by TNB under fixed Power Purchase Agreements (PPAs). The introduction of IPPs has reduced the need for TNB to find finance for new power plants. It has been argued that the participation of IPPs in the electricity generation industry should also facilitate improvements in TNB's productivity; however this proposition is yet to be tested. In this study we calculate TFP growth using a Törnqvist index method, finding that there is no direct evidence of productivity improvements attributable to the industry restructuring. Furthermore, it is not clear that consumers have benefited from this, since the PPAs have generally been quite generous to the IPPs in terms of risk sharing and prices paid.

Before the deregulation era, electricity utilities in many countries were vertically integrated, owned and run by the government. It is generally believed that electricity utilities are natural monopolies because they required large fixed and sunk costs.1 Under natural monopoly, a single electricity utility produces electricity at a lower economic cost in comparison to multiple electricity utilities. However, publicly owned utilities often operate inefficiently with high production costs due to a lack of incentives for cost saving (Nagayama, 2009 and Sioshansi and Pfaffenberger, 2006). Moreover, in a number of cases government control and political intervention caused mediocre performance and wasteful resources (Shleifer, 1998). At least in part for these reasons, we have seen that in some countries vertically integrated utilities have been replaced by alternative market structures since the early 1990s.

In this study we provide a comprehensive productivity study for the electricity industry in Malaysia. The study uses a Törnqvist index to measure total factor productivity growth for TNB over the period 1975–2005. TNB obtains an average annual TFP growth of 0.36 percent while TNB plus IPPs achieves an average annual TFP growth of 0.23 percent over the full sample period. The results suggest that the existence of IPPs in the Malaysian electricity industry is perhaps a contributing factor in TNB's productivity level falling, with a declining TFP index beginning from 1995.