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How competition stimulates innovation in the power industry?

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Competition plays a crucial role in stimulating innovation in the power industry. Research indicates that firms reduce innovation activities when maintaining market power through mechanisms like "pay-for-delay" agreements . In the wind power sector, increased global competition drives a focus on frugal innovation and cost reduction strategies, promoting industry development and learning . However, the liberalized European power industry has seen limited progress towards a more competitive market structure, hindering innovation due to corporate growth strategies . In the energy market, competition drives power plant operators and manufacturers to innovate in response to price demands, with advancements in coal-fired and gas turbine power plants shaping the market evolution . Overall, competition fosters innovation by exerting pressure for efficiency, encouraging technological disruption, and enhancing market power dynamics .

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Open access Competition, Entrepreneurship, and Innovation Xinxin Wang 01 Jan 2017	Competition in the power industry promotes innovation by exerting pressure on costs, encouraging efficient production organization, and fostering technological disruption through Schumpeterian hypothesis.
Open access•Dissertation Competition and Innovation in the Newly Liberalized European Power Industry Elizabeth A. Hooper 01 Sep 2010 3 Citations	Competition in the EU power industry drives innovation by influencing corporate strategies, market structure, and technology diffusion, as observed in the study on liberalization impacts.
Open access•Posted Content Paying off the Competition: Market Power and Innovation Incentives Xuelin Li, Andrew W. Lo, Richard T. Thakor - Show less +2 more 01 Jun 2021-Research Papers in Economics 2 Citations	Market power reduces innovation incentives in firms using "pay-for-delay" agreements to hinder competition. Legal restrictions on such practices can increase innovation activities in response to competitive entry.
Open access•Proceedings Article Innovation and competition in the power plant sector E. Dubslaff, K. Riedle - Show less +1 more 01 Jan 2002 2 Citations	Competition in the power industry drives innovation by pushing power plant operators and manufacturers to develop new technologies to meet market demands for efficient and cost-effective electricity production.
Journal Article•DOI Frugal innovation strategies and global competition in wind power Alexander Gerybadze, Malte Klein - Show less +1 more 17 Aug 2020-International Journal of Technology Management 2 Citations	Increased global competition in the wind power sector drives frugal innovation and cost reduction strategies, fostering efficiency improvements and smart specialisation, particularly in emerging countries like Brazil, China, and India.

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