Im Mittelpunkt dieses Beitrags steht eine Analyse des kalifornischen Strommarktdebakels und der Lehren aus den dortigen Ereignissen. Das Papier geht auf die Entwicklung der Märkte ein und zeigt die Gründe für das Scheitern des kalifornischen Übergangsmodells auf. Die Analyse zeigt, dass es sich in der kalifornischen Stromwirtschaft derzeit möglicherweise nur um die Ruhe vor dem nächsten Sturm handelt. Zentrale Fragen der Regulierungspolitik sind ungeklärt und die kalifornische Politik scheint derzeit nicht in der Lage, die Probleme zu lösen, die sie zum großen Teil selbst verursacht hat. Das Papier zeigt aber auch, dass den europäischen Märkten aus mehreren Gründen gegenwärtig kein ähnliches Schicksal droht wie dem kalifornischen.
This paper discusses the California electricity market debacle and asks which lessons could be drawn from the Californian experience. It analyzes the market developments and depicts the reasons for the market meltdown. It is shown that the present situation in California may be only the calm before the next storm. Essential questions concerning regulatory policy are unsettled, and the Californian policymakers at present do not seem to be able to resolve the problems largely stemming from their own past decisions. The paper however argues that for several reasons a similar fate does not threaten the European electricity markets at present.
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number
1097.
Find related papers by JEL classification: K2 - Law and Economics - - Regulation and Business Law L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior L5 - Industrial Organization - - Regulation and Industrial Policy L9 - Industrial Organization - - Industry Studies: Transportation and Utilities Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
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