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International Perspectives on Electricity Market Monitoring and Market Power Mitigation

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Author Info
José A. García (The Brattle Group)
James D. Reitzes () (The Brattle Group)
Abstract

We review the different market monitoring and market-power mitigation policies that arise in world electricity markets. Regulators for electricity markets apparently respond to differences in underlying market structure and design features when choosing between ex-ante (that is, rule-based) behavioral restrictions as opposed to ex-post enforcement (that is, investigations and sanctions) as the principal means for deterring abuses of market power. Particular design features that influence market-monitoring policies are whether the market is one-part (energy only) versus two-part (energy and capacity), and whether there is centralized or bilateral trading. Information-disclosure requirements also are a key element of market monitoring.

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Publisher Info
Article provided by Concept Economics in its journal Review of Network Economics.

Volume (Year): 6 (2007)
Issue (Month): 3 (September)
Pages: 397-424
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Handle: RePEc:rne:rneart:v:6:y:2007:i:3:p:397-424

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Related research
Keywords: Electricity; market power; market monitoring; regulation; two-part pricing; bilateral trading.;

Find related papers by JEL classification:
L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

References listed on IDEAS
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  1. Severin Borenstein & James B. Bushnell & Frank A. Wolak, 2002. "Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market," American Economic Review, American Economic Association, vol. 92(5), pages 1376-1405, December. [Downloadable!]
  2. Catherine D. Wolfram, 1999. "Measuring Duopoly Power in the British Electricity Spot Market," American Economic Review, American Economic Association, vol. 89(4), pages 805-826, September. [Downloadable!] (restricted)
  3. Joskow, Paul L & Tirole, Jean, 1999. "Transmission Rights and Market Power on Electric Power Networks I: Financial Rights," CEPR Discussion Papers 2093, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Wolak, Frank A., 2003. "Diagnosing the California Electricity Crisis," The Electricity Journal, Elsevier, vol. 16(7), pages 11-37. [Downloadable!] (restricted)
  5. Isemonger, Alan G., 2007. "Conduct and Impact versus Direct Mitigation," The Electricity Journal, Elsevier, vol. 20(1), pages 53-62. [Downloadable!] (restricted)
  6. Borenstein, Severin & Bushnell, James, 1999. "An Empirical Analysis of the Potential for Market Power in California's Electricity Industry," Journal of Industrial Economics, Blackwell Publishing, vol. 47(3), pages 285-323, September. [Downloadable!] (restricted)
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  7. Severin Borenstein & James Bushnell & Steven Stoft, 1997. "The Competitive Effects of Transmission Capacity in a Deregulated Electricity Industry," NBER Working Papers 6293, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Newbery, D., 2004. "Electricity Liberalisation in Britain: the quest for a satisfactory wholesale market design," Cambridge Working Papers in Economics 0469, Faculty of Economics, University of Cambridge. [Downloadable!]
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  9. Bolle, Friedel, 1992. "Supply function equilibria and the danger of tacit collusion : The case of spot markets for electricity," Energy Economics, Elsevier, vol. 14(2), pages 94-102, April. [Downloadable!] (restricted)
  10. Natalia Fabra & Juan Toro, 2003. "The Fall in British Electricity Prices: Market Rules, Market Structure, or Both?," Industrial Organization 0309001, EconWPA. [Downloadable!]
  11. Wolak, Frank A., 2005. "Managing unilateral market power in electricity," Policy Research Working Paper Series 3691, The World Bank. [Downloadable!]
  12. Green, Richard J & Newbery, David M, 1992. "Competition in the British Electricity Spot Market," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 929-53, October. [Downloadable!] (restricted)
    Other versions:
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