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Electricity Restructuring: Deregulation or Reregulation?

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  • Borenstein, Severin
  • Bushnell, James

Abstract

We discuss the lessons that can be gleaned from the experience with electricity restructuring to date. The gains from restructuring are most likely to occur through improvement in the efficiency and prudency of long-term investment, but these benefits will be very difficult to measure. Though restructuring could have near term benefits in the efficiency of production and consumption, concerns with the efficiency of decentralized dispatch and the exercise of market power make it at least as likely that restructuring will not benefit society in the short run. We argue that electricity is especially vulnerable to the exercise of market power, even by firms with relatively small market shares, so there will be continued need for regulatory oversight in these markets, at least until there is much more real-time demand responsiveness. Thus, restructuring in electricity markets is not now, and is unlikely to be, synonymous with deregulation.

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Bibliographic Info

Paper provided by Competition Policy Center, Institute for Business and Economic Research, UC Berkeley in its series Competition Policy Center, Working Paper Series with number qt22d2q3fn.

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Date of creation: 01 Feb 2000
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Handle: RePEc:cdl:compol:qt22d2q3fn

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Keywords: electricity restructuring; regulation; deregulation;

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Cited by:
  1. Lee, Byoung-Hoon & Ahn, Hyeon-Hyo, 2006. "Electricity industry restructuring revisited: the case of Korea," Energy Policy, Elsevier, vol. 34(10), pages 1115-1126, July.
  2. Laura Onofri, 2005. "Electricity Market Restructuring and Energy Contracts: A Critical Note on the EU Commission’s NEA Decision," European Journal of Law and Economics, Springer, vol. 20(1), pages 71-85, July.
  3. Burtraw, Dallas & Palmer, Karen & Wilson, Nathan, 2005. "The Impact of Long-Term Generation Contracts on Valuation of Electricity Generating Assets under the Regional Greenhouse Gas Initiative," Discussion Papers dp-05-37, Resources For the Future.
  4. Ochoa, Patricia & van Ackere, Ann, 2009. "Policy changes and the dynamics of capacity expansion in the Swiss electricity market," Energy Policy, Elsevier, vol. 37(5), pages 1983-1998, May.
  5. Hattori, Toru & Tsutsui, Miki, 2004. "Economic impact of regulatory reforms in the electricity supply industry: a panel data analysis for OECD countries," Energy Policy, Elsevier, vol. 32(6), pages 823-832, April.
  6. Lorenzo Rocco, 2002. "Pricing of an Endogenous Peak-Load," Working Papers 54, University of Milano-Bicocca, Department of Economics, revised Aug 2002.
  7. Ochoa, Camila & Dyner, Isaac & Franco, Carlos J., 2013. "Simulating power integration in Latin America to assess challenges, opportunities, and threats," Energy Policy, Elsevier, vol. 61(C), pages 267-273.
  8. Bushnell, James, 2010. "Building Blocks: Investment in Renewable and Non-Renewable Technologies," Staff General Research Papers 31546, Iowa State University, Department of Economics.
  9. Delmas, Magali & Tokat, Yesim, 2003. "Deregulation Process, Governance Structures and Efficiency: The U.S. Electric Utility Sector," Research Papers 1790, Stanford University, Graduate School of Business.
  10. C. Robert Clark & Andrew Leach, 2005. "Energy Regulation in Quebec," CIRANO Burgundy Reports 2005rb-03, CIRANO.
  11. C. Robert Clark & Andrew Leach, 2005. "La réglementation de l’énergie au Québec," CIRANO Burgundy Reports 2005rb-04, CIRANO.
  12. Macatangay, Rafael Emmanuel A., 2001. "Market definition and dominant position abuse under the new electricity trading arrangements in England and Wales," Energy Policy, Elsevier, vol. 29(5), pages 337-340, April.
  13. Marcelo Cabús Klötzle & Fábio Luiz Biagini, 2002. "A Restruturação do Sector Eléctrico Brasileiro: Uma análise comparativa com a Califórnia," FEP Working Papers 115, Universidade do Porto, Faculdade de Economia do Porto.

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