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Markets For Power In The United States - An Interim Assessment

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Author Info
Paul L. Joskow

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Abstract

The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and retail electricity market institutions. Various indicia of the performance of these market institutions are presented and discussed. Significant progress has been made on the wholesale competition front but major challenges must still be confronted. The framework for supporting retail competition has been less successful, especially for small customers. Empirical evidence suggests that well-designed competitive market reforms have led to performance improvements in a number of dimensions and have benefited customers through lower retail prices.

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Publisher Info
Paper provided by Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research in its series Working Papers with number 0512.

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Date of creation: Aug 2005
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Handle: RePEc:mee:wpaper:0512

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul Joskow & Jean Tirole, 2003. "Merchant Transmission Investment," NBER Working Papers 9534, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Paul L. Joskow, 2001. "California's Electricity Crisis," NBER Working Papers 8442, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Joskow, Paul L, 1997. "Restructuring, Competition and Regulatory Reform in the U.S. Electricity Sector," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 119-38, Summer. [Downloadable!] (restricted)
  4. Chao, Hung-po & Wilson, Robert, 1987. "Priority Service: Pricing, Investment, and Market Organization," American Economic Review, American Economic Association, vol. 77(5), pages 899-916, December. [Downloadable!] (restricted)
  5. 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)
  6. Paul Joskow & Jean Tirole, 2004. "Reliability and Competitive Electricity Markets," Working Papers 0408, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
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  7. Joskow, P.L., 1989. "Regulatory Failure, Regulatory Reform And Structural Change In The Electric Power Industry," Working papers 516, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Newbery, D.M. & Pollitt, M.G., 1996. "The Restructuring and Privatisation of the CEGB: Was It Worth It?," Cambridge Working Papers in Economics 9607, Faculty of Economics, University of Cambridge.
  9. Joskow, Paul L., 2005. "Transmission policy in the United States," Utilities Policy, Elsevier, vol. 13(2), pages 95-115, June. [Downloadable!] (restricted)
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  10. Joskow, P.L., 2003. "The Difficult Transition to Competitive Electricity Markets in the U.S," Cambridge Working Papers in Economics 0328, Faculty of Economics, University of Cambridge. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Sun, Junjie & Tesfatsion, Leigh S., 2006. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Staff General Research Papers 12649, Iowa State University, Department of Economics.
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  2. Donald N Dewees, 2006. "Pollution and the Price of Power," Working Papers tecipa-246, University of Toronto, Department of Economics. [Downloadable!]
  3. Sun, Junjie & Tesfatsion, Leigh S., 2007. "An Agent-Based Computational Laboratory for Wholesale Power Market Design," Staff General Research Papers 12776, Iowa State University, Department of Economics. [Downloadable!]
  4. Sun, Junjie & Tesfatsion, Leigh S., 2007. "Open-Source Software for Power Industry Research, Teaching, and Training: A DC-OPF Illustration," Staff General Research Papers 12775, Iowa State University, Department of Economics. [Downloadable!]
  5. Paul L. Joskow, 2006. "The Future of Nuclear Power in the United States: Economic and Regulatory Challenges," Working Papers 0619, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research. [Downloadable!]
  6. Sun, Junjie & Tesfatsion, Leigh S., 2006. "DC Optimal Power Flow Formulation and Solution Using QuadProgJ," Staff General Research Papers 12558, Iowa State University, Department of Economics. [Downloadable!]
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