✦ LIBER ✦

Market Power in Deregulated Wholesale Electricity Markets: Issues in Measurement and the Cost of Mitigation

✍ Scribed by Seth Blumsack; Dmitri Perekhodtsev; Lester B. Lave

Publisher: Elsevier Science
Year: 2002
Tongue: English
Weight: 421 KB
Volume: 15
Category: Article
ISSN: 1040-6190
DOI: 10.1016/s1040-6190(02)00386-x

No coin nor oath required. For personal study only.

✦ Synopsis

An analysis of three recently deregulated marketsÐ California, PJM, and New YorkÐ®nds that none of them can be regarded as highly competitive, contrary to what conventional measures of market power indicate. Auctions for generation are unlikely to be competitive and costly steps will be needed to mitigate market power, likely eroding any bene®ts from increased operating ef®ciency in deregulated markets. Thus, FERC and state legislators need to reexamine the desirability of deregulating the generation portion of the industry.

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