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Market Power Not The Culprit in California Market's Abysmal Performance

✍ Scribed by Jonathan Falk

Publisher: Elsevier Science
Year: 2000
Tongue: English
Weight: 194 KB
Volume: 13
Category: Article
ISSN: 1040-6190
DOI: 10.1016/s1040-6190(00)00161-5

No coin nor oath required. For personal study only.

✦ Synopsis

SMK," July 2000)

assessed the first year of experience with ancillary service (AS) auctions in the California markets, coming to the conclusion that "the evidence suggests that the price volatility in the AS markets resulted from a withholding of capacity by suppliers who were exercising market power (and not simply responding to scarcity)" (p. 64). While it is true that the first year of this market demonstrated abysmal performance, the causes of this performance cannot under this evidence be attributed to market power.

The SMK conclusion is symptomatic of a general bias I have observed towards findings of market power. This is unfortunately true even in

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