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Electricity and Markets

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Author Info

  • Richard Green

Abstract

Over the last 15 years, an increasing number of electricity industries has replaced vertical integration with markets as the main method of organizing production. Electrical energy is traded in many European and US markets, while the USA also has markets for generating capacity. US generators can reduce the cost of complying with environmental regulations by trading emissions of sulphur dioxide, while Europe has just started a carbon-dioxide emissions-trading scheme. This article discusses the way in which these markets put economic principles into practice. In particular, it shows that several different market designs can provide theoretically equivalent incentives for generators to build capacity, and that emissions trading may have unexpected impacts upon electricity prices. Copyright 2005, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 21 (2005)
Issue (Month): 1 (Spring)
Pages: 67-87

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Handle: RePEc:oup:oxford:v:21:y:2005:i:1:p:67-87

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Grossi, Luigi & Heim, Sven & Waterson, Michael, 2014. "A vision of the European energy future? The impact of the German response to the Fukushima earthquake," The Warwick Economics Research Paper Series (TWERPS) 1047, University of Warwick, Department of Economics.
  2. Scheele, Ulrich, 2007. "Privatisierung, Liberalisierung und Deregulierung in netzgebundenen Infrastruktursektoren," Forschungs- und Sitzungsberichte der ARL: Aufsätze, in: Wandel der Stromversorgung und räumliche Politik, pages 35-67 Akademie für Raumforschung und Landesplanung (ARL) - Leibniz-Forum für Raumwissenschaften.
  3. Skoufa, Lucas & Tamaschke, Rick, 2011. "Carbon prices, institutions, technology and electricity generation firms in two Australian states," Energy Policy, Elsevier, vol. 39(5), pages 2606-2614, May.
  4. Dieter Helm, 2005. "Economic Instruments and Environmental Policy," The Economic and Social Review, Economic and Social Studies, vol. 36(3), pages 205-228.
  5. Lion Hirth & Falko Ueckerdt, 2012. "Redistribution Effects of Energy and Climate Policy: The Electricity Market," Working Papers 2012.82, Fondazione Eni Enrico Mattei.
  6. Hirth, Lion & Ueckerdt, Falko, 2013. "Redistribution effects of energy and climate policy: The electricity market," Energy Policy, Elsevier, vol. 62(C), pages 934-947.
  7. Mark Lijesen, 2004. "Increasing the reliability of electricity production: a cost-benefit analysis," CPB Document 52, CPB Netherlands Bureau for Economic Policy Analysis.

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