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 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 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 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 Inefficiences in California s Electricity Markets written by Severin Borenstein 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 Lessons from International Experience with Electricity Market Monitoring written by Frank A. Wolak and published by World Bank Publications. This book was released on 2005 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market."
Download or read book Restructured Electricity Markets written by Jim Wells and published by DIANE Publishing. This book was released on 2002-02 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our analysis and other studies found evidence that wholesale electricity suppliers exercised market power by raising prices abov.
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 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 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 California s electricity market 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 500 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restructured electricity markets California market design enabled exercise of market power written by and published by DIANE Publishing. This book was released on with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Third Report on Market Issues in the California Power Exchange Energy Markets written by James Busby Bushnell and published by . This book was released on 2000 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Price Movements in California Electricity Markets written by California Power Exchange. Compliance Unit and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
