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Author: United States Government Accountability Office Publisher: Createspace Independent Publishing Platform ISBN: 9781985004207 Category : Languages : en Pages : 48
Book Description
Restructured Electricity Markets: California Market Design Enabled Exercise of Market Power
Author: Publisher: ISBN: Category : Languages : en Pages : 48
Book Description
Our analysis and other studies found evidence that wholesale electricity suppliers exercised market power by raising prices above competitive levels during the summer of 2000 and at other times after restructuring. Neither our analysis nor the other studies addressed whether any market power exercised in California was in violation of federal or other laws pertaining to the sale of electricity. However, our analysis and other studies found that during some periods, prices did not follow patterns consistent with prices under competitive conditions. For example, several studies concluded that wholesale suppliers were able to exercise market power by withholding electricity from the market, only making it available at the last minute when buyers were desperate to acquire enough electricity to meet demand and therefore willing to pay higher prices. As part of our analysis, we also found evidence of increasingly tight balances between demand and supply during the same period-a hot summer caused demand to rise, while dry weather the previous winter meant that hydroelectricity was in short supply. Because tight demand and supply balances would also lead to higher than normal prices, even under competitive conditions, we could not isolate how much of the relatively high prices was due to the exercise of market power. Other factors, such as environmental constraints on some electricity generators and higher fuel costs, were also identified by the other studies as contributing factors to the high prices.
Author: James M. Griffin Publisher: University of Chicago Press ISBN: 0226308588 Category : Business & Economics Languages : en Pages : 453
Book Description
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.
Author: Charles J. Cicchetti Publisher: Springer Science & Business Media ISBN: 1402080328 Category : Business & Economics Languages : en Pages : 214
Book Description
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.
Author: Jim Wells
Author: Jim Wells
Author: United States Government Accountability Office
Author: United States. General Accounting Office
Author: United States. General Accounting Office
Author: 
Author: 
Author: James M. Griffin
Author: Celeste Cobb Saravia
Author: 
Author: Charles J. Cicchetti