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Electricity Market Restructuring: Reforms of Reforms

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  • Hogan, William W
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    Abstract

    Electricity systems present complicated challenges for public policy. In many respects these challenges are similar to those in other network industries in providing a balance between regulation and markets, public investment and private risk taking, coordination and competition. As with other such industries, naturally monopoly elements interact with potentially competitive services, but electricity has some unusual features that defy simple analogy to other network industries. Following a reversal of a long-term decline in real electricity prices, the last two decades of the twentieth century were for the United States a time of reform, reaction, and reforms of reforms in electricity systems, moving slowly towards greater reliance on competition and markets. Changing technology, new entrants in the generation market, and a legislative mandate to provide access to the essential transmission facility accelerated a process that required major innovations in institutions and operations. Complete laissez faire competition is not possible, and the details of an efficient competitive electricity market are neither obvious nor easy to put in place. The benefits of reform may be substantial, but they require careful attention to market design. A review of the past identifies some choices on the road ahead. Copyright 2002 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Regulatory Economics.

    Volume (Year): 21 (2002)
    Issue (Month): 1 (January)
    Pages: 103-32

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    Handle: RePEc:kap:regeco:v:21:y:2002:i:1:p:103-32

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    Cited by:
    1. Simon GB Cowan & Simon Cowan, 2002. "Utility Regulation and Risk Allocation: The Roles of Marginal Cost Pricing and Futures Markets," Economics Series Working Papers 100, University of Oxford, Department of Economics.
    2. Diaconu, Oana & Oprescu, Gheorghe & Pittman, Russell, 2009. "Electricity reform in Romania," Utilities Policy, Elsevier, vol. 17(1), pages 114-124, March.
    3. Jean-Michel Glachant, 2012. "Regulating Networks in the New Economy," Review of Economics and Institutions, Università di Perugia, vol. 3(1).
    4. Michael Crew & Paul Kleindorfer, 2012. "Regulatory economics and the journal of regulatory economics: a 30-year retrospective," Journal of Regulatory Economics, Springer, vol. 41(1), pages 1-18, February.
    5. Brousseau, Eric & Glachant, Jean-Michel, 2010. "'Reflexive' Market Regulation: Cognitive Cooperation in Competitive Information Fora," Economics Papers from University Paris Dauphine 123456789/13238, Paris Dauphine University.
    6. Erdogdu, E., 2012. "The political economy of electricity market liberalization: a cross-country approach," Cambridge Working Papers in Economics 1227, Faculty of Economics, University of Cambridge.
    7. Erdogdu, Erkan, 2011. "The impact of power market reforms on electricity price-cost margins and cross-subsidy levels: A cross country panel data analysis," Energy Policy, Elsevier, vol. 39(3), pages 1080-1092, March.
    8. Erdogdu, Erkan, 2010. "Electricity Market Reform: Lessons for developing countries," MPRA Paper 27317, University Library of Munich, Germany.
    9. Dubois, Ute, 2009. "Adaptability of competitive electricity reforms a modular analysis," Energy Policy, Elsevier, vol. 37(4), pages 1213-1221, April.
    10. Glanchant, J-M. & Pignon, V., 2003. "Nordic Electricity Congestion's Arrangement as a Model for Europe: Physical Constraints or Operators' Opportunity," Cambridge Working Papers in Economics 0313, Faculty of Economics, University of Cambridge.
    11. Richard O’Neill & Emily Fisher & Benjamin Hobbs & Ross Baldick, 2008. "Towards a complete real-time electricity market design," Journal of Regulatory Economics, Springer, vol. 34(3), pages 220-250, December.
    12. Rosellon, Juan & Tregear, Juan & Zenon, Eric, 2010. "El modelo HRV para expansión óptima de redes de transmisión: una aplicación a la red eléctrica de Ontario
      [The HRV Model for the Optimal Expansion of Transmission Networks: an Application to t
      ," MPRA Paper 26471, University Library of Munich, Germany.
    13. Green, Richard, 2010. "Are the British electricity trading and transmission arrangements future-proof?," Utilities Policy, Elsevier, vol. 18(4), pages 186-194, December.
    14. Nowak, Bartlomiej, 2010. "Equal access to the energy infrastructure as a precondition to promote competition in the energy market. The case of European Union," Energy Policy, Elsevier, vol. 38(7), pages 3691-3700, July.
    15. Payal Malik, 2010. "Design of Power Markets : Different Market Structures and Proposed Options for India," Working Papers id:2848, eSocialSciences.
    16. Erdogdu, Erkan, 2013. "Essays on Electricity Market Reforms: A Cross-Country Applied Approach," MPRA Paper 47139, University Library of Munich, Germany.
    17. Pittman, Russell, 2007. "Restructuring the Russian electricity sector: Re-creating California?," Energy Policy, Elsevier, vol. 35(3), pages 1872-1883, March.

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