Download or read book Trading Inefficiencies in California s Electricity Markets written by Severin Borenstein and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We study price convergence between the two major markets for wholesale electricity in California from their deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit-maximizing traders to have eliminated persistent price differences between the markets. Institutional impediments and traders' incomplete understanding of the markets, however, could have delayed or prevented price convergence. We find that the two benchmark electricity prices in California -- the Power Exchange's day-ahead price and the Independent System Operator's real-time price -- differed substantially after the markets opened but then appeared to be converging by the beginning of 2000. Starting in May 2000, however, price levels and price differences increased dramatically. We consider several explanations for the significant price differences and conclude that rapidly changing market rules and market fundamentals, including one buyer's attempt to exercise a form of monopsony power, made it difficult for traders to take advantage of opportunities that ex post appear to have been profitable.
Download or read book The California Electricity Crisis written by Charles J. Cicchetti and published by Springer Science & Business Media. This book was released on 2007-05-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book attempts to explain what went wrong in California’s restructured energy markets and what must be done to restore California’s economy and build new electricity systems. The intention here is to reconcile the principles of competition and regulation. California had a severe electricity crisis for about thirteen months beginning in May of 2000. The economic consequences and political fallout that arose from this crisis persist. California’s economy continues to suffer and the state’s treasury is deeply in debt. The state’s three investor-owned utilities were nearly financially decimated. San Diego Gas & Electric has recovered to a greater degree than the other two only because its retail prices are about three times the national average and, for a time, well above the other two IOUs in California. Southern California Edison has recently been restored to investment grade and was granted a rate increase. Pacific Gas & Electric is emerging from bankruptcy. This book discusses all of this in greater detail. The problems and consequences arising from California’s ill-fated foray into electricity market restructuring could damage the state for years to come. Challenges of this nature are not new to the Golden State. In the past, as we explain here, pragmatic, not entrenched, approaches have worked best in California. If California is to relatively quickly restore its previous enviable economic vitality and recover from the damage done to tarnish its luster, pragmatic approaches must again be used.
Download or read book Trading inefficiencies in California s electricity markets written by Vicente Soler i Marco and published by . This book was released on 2001 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inefficiencies in the California Electric Market written by Andrew P. Krebs and published by . This book was released on 2002 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The California Electricity Crisis written by Christopher Weare and published by Public Policy Instit. of CA. This book was released on 2003 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inefficiencies and Market Power in Financial Arbitrage written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electricity Deregulation written by James M. Griffin and published by University of Chicago Press. This book was released on 2009-11-15 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electricity market has experienced enormous setbacks in delivering on the promise of deregulation. In theory, deregulating the electricity market would increase the efficiency of the industry by producing electricity at lower costs and passing those cost savings on to customers. As Electricity Deregulation shows, successful deregulation is possible, although it is by no means a hands-off process—in fact, it requires a substantial amount of design and regulatory oversight. This collection brings together leading experts from academia, government, and big business to discuss the lessons learned from experiences such as California's market meltdown as well as the ill-conceived policy choices that contributed to those failures. More importantly, the essays that comprise Electricity Deregulation offer a number of innovative prescriptions for the successful design of deregulated electricity markets. Written with economists and professionals associated with each of the network industries in mind, this comprehensive volume provides a timely and astute deliberation on the many risks and rewards of electricity deregulation.
Download or read book The California Electricity Crisis written by James L. Sweeney and published by Hoover Press. This book was released on 2013-09-01 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: After political leaders mismanaged the electricity crisis, California now faces an electricity blight while it struggles to recover from its self-imposed wounds. The California Electricity Crisis focuses on policy decisions, their consequences, and alternatives: the saga California has faced and is still facing.
Download or read book Electricity Markets written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy and Air Quality and published by . This book was released on 2001 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book California Energy Markets written by United States. Congress. House. Committee on Government Reform. Subcommittee on Energy Policy, Natural Resources, and Regulatory Affairs and published by . This book was released on 2003 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The 10 Billion Jolt written by James Walsh and published by Silver Lake Publishing. This book was released on 2002 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: At Enron only obscure a bigger problem."THE 10 BILLION JOLT: California's Energy Crisis-Cowardice, Greed, Stupidity and the Death of DeregulationJames WalshTrade paperback366 pages (6" x 9")Price: 19.95ISBN 1-56343-748-1.
Download or read book The California Energy Crisis written by Will McNamara and published by PennWell Books. This book was released on 2002 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: California was the first to open its electricity markets to competition (1998) and is often viewed as a prototype for deregulation. This book takes readers into the heart of the California energy crisis and recounts the facts surrounding California's deregulation.
Download or read book The California Energy Crisis written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2001 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electric Utility Industry Restructuring written by United States. Congress. House. Committee on Commerce. Subcommittee on Energy and Power and published by . This book was released on 2001 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book California s Electricity Crisis written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 2001 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Failure by Design written by Georg Rilinger and published by University of Chicago Press. This book was released on 2024-08-19 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new framework for studying markets as the product of organizational planning and understanding the practical limits of market design. The Western energy crisis was one of the great financial disasters of the past century. The crisis began in April 2000, when price spikes started to rattle California’s electricity markets. Decades later, some blame economic fundamentals and ignorant politicians, while others accuse the energy sellers who raided the markets. In Failure by Design, sociologist Georg Rilinger offers a different explanation, one that focuses on the practical challenges of market design. The unique physical attributes of electricity made it exceedingly difficult to introduce markets into the coordination of the electricity system, so market designers were brought in to construct the infrastructures that coordinate how market participants interact. An exercise in social engineering, these infrastructures were intended to guide market actors toward behavior that would produce optimal market results and facilitate grid management. Yet, though these experts spent their days worrying about incentive misalignment and market manipulation, they unintentionally created a system riddled with opportunities for destructive behavior. Rilinger’s analysis not only illuminates the California energy crisis but also develops a broader theoretical framework for thinking about markets as the products of organizational planning and the limits of social engineering, contributing broadly to sociological and economic thinking about the nature of markets.
Download or read book Alternating Currents written by Timothy J. Brennan and published by Routledge. This book was released on 2010-09-30 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many states within the U.S., and many countries across the world, are opening their electicity markets to competition. Many others are uncertain about their plans. These differences emphasize the complexities involved in the technology and regulatory structure of the electricity industry--an industry for which the introduction of market competition has been notoriously difficult. In response to these challenges, Alternating Currents provides a timely overview and analysis of the concerns facing industry regulators, legislators, and others as they consider whether, when, and how to open electricity markets. Authors Brennan, Palmer, and Martinez offer background on the history of regulatory policy and the technology for producing and delivering electric power. They then provide insights into the policy debates and economic issues involved in eleven important topics, including industry structure, system integrity and reliability, the mitigation of market power, and environmental protection. Alternating Currents describes the recent events leading to the demise of retail competition in California with the intent on drawing lessons for the future. In the end, the authors offer their perspective about what makes electricity a unique resource and how those factors make the potential conflict between competition and reliability the most pressing of the long-term concerns about the transformation of the electric power industry.
