California's Electricity Crisis
TL;DR: The authors examined the economic and regulatory factors that led to an explosion in wholesale power prices, supply shortages, and utility insolvencies in California's electricity sector from May 2000 to June 2001.
read more
Abstract: The paper examines the economic and regulatory factors that led to an explosion in wholesale power prices, supply shortages, and utility insolvencies in California's electricity sector from May 2000 to June 2001. The structure of California's restructured electricity sector and its early performance are discussed. The effects on wholesale market prices of rising natural gas prices, increasing demand, reduced power imports, rising pollution credit prices, and market power, beginning in the summer of 2000, are analysed, The regulatory responses leading to utility credit problems and supply shortages are identified. The effects of falling natural gas prices, reduced demand, state power-procurement initiatives, and price-mitigation programmes on prices beginning in June 2001 are discussed. A set of lessons learned from the California experience concludes the paper. Copyright 2001, Oxford University Press.
read more
Chat with Paper
AI Agents for this Paper
Find similar papers on Google Scholar, PubMed and Arxiv
Write a critical review of this paper
Analyze citations of this paper to find unaddressed research gaps
Citations
The History of Electricity Restructuring in California
TL;DR: In this article, the authors provide an objective history of electricity restructuring in California from the mid-1990s to the immediate end of the California Energy Crisis in June 2001, and discuss the restructuring debate that led to the restructuring law (AB1890), and describe how the new structure worked after it took effect in April 1998.
An Agent-Based Analysis of the German Electricity Market with Transmission Capacity Constraints
TL;DR: In this article, the implications of transmission constraints on power markets are analyzed for the case of Germany, where the agent-based modeling of electricity systems (AMES) market package is modified to fit the German context, including a detailed representation of the German highvoltage grid and its interconnections.
73
Competition in Retail Electricity Supply
TL;DR: In this article, the authors present an analysis and defense of competition in retail electricity supply in the UK over the last dozen years, to the point where all retail price controls have now been removed.
Vertical Restructuring (or Not) of the Infrastructure Sectors of Transition Economies
TL;DR: In this paper, the authors suggest a framework for answering such questions and seek to apply it to the railroad, electricity, and telecommunications sectors in transition economies in order to evaluate the efficiency of transformation and development of the infrastructure sectors.
66
State-level economic policy uncertainty
01 Nov 2022
TL;DR: In this paper , the authors quantify and study state-level economic policy uncertainty and construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (E P U − S ), another that captures national and international sources (E p U − N ), and a composite index that captures both.
66
References
Contract Networks for Electric Power Transmission
TL;DR: In this paper, the authors propose a contract path option to address the problem of loop flow and congestion in electric power transmission systems, which provides an internally consistent framework for assigning long-term capacity rights to a complicated electric transmission network.
1K
Transmission rights and market power on electric power networks
Paul L. Joskow,Jean Tirole +1 more
TL;DR: In this paper, the authors analyze whether and how the allocation of transmission rights associated with the use of electric power networks affects the behavior of electricity generators and consumers with market power, and examine the similarities and differences in this regard between financial and physical transmission rights.
527
The restructuring and privatisation of Britain's CEGB--was it worth it?
TL;DR: In this paper, the authors report a social costbenefit analysis of the privatisation and restructuring of the Central Electricity Generating Board which generated and transmitted all public electricity in England and Wales until 1990.
482
•Posted Content
A Quantitative Analysis of Pricing Behavior In California’s Wholesale Electricity Market During Summer 2000
Paul L. Joskow,Edward Kahn +1 more
TL;DR: In this article, the authors examine the factors that explain the increase in wholesale electricity prices in California during the summer of 2000 and find evidence that suppliers withheld supply from the market that would have been profitable for price-taking firms to sell at the market price.
468
A Quantitative Analysis of Pricing Behavior in California's Wholesale Electricity Market During Summer 2000
Paul L. Joskow,Edward Kohn +1 more
TL;DR: In this article, the authors examine the factors that explain the increase in wholesale electricity prices and find evidence that suppliers withheld supply from the market that would have been profitable for price-taking firms to sell at the market price.