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California's Electricity Crisis

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Author Info
Paul L. Joskow

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Abstract

This paper discusses the political, regulatory and economic factors that led to California's electricity crisis in 2000 and 2001. It begins with a discussion of the origins of California's electricity restructuring and competition programs. It then discusses the structure of the wholesale and retail markets and associated transition institutions created in 1996-98 and the performance of these institutions during their first two years of operation. The discussion of the electricity crisis is then conveniently broken down into three phases: (a) May 2000 through September 2000, (b) October 2000 through December 2000, January 2001 to the June 2001. Each phase is discussed in turn. The paper concludes with a discussion of lessons about electricity market liberalization gained from the recent experience in California.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8442.

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Date of creation: Aug 2001
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Handle: RePEc:nbr:nberwo:8442

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Find related papers by JEL classification:
L5 - Industrial Organization - - Regulation and Industrial Policy
L9 - Industrial Organization - - Industry Studies: Transportation and Utilities

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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. 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)
  2. James Bushnell & Frank Wolak, 2000. "Regulation and the Leverage of Local Market Power in the California Electricity Market," Competition Policy Center, Working Paper Series CPC00-013, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
  3. 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)
  4. Newbery, David M & Pollitt, Michael G, 1997. "The Restructuring and Privatization of Britain's CEGB--Was It Worth It?," Journal of Industrial Economics, Blackwell Publishing, vol. 45(3), pages 269-303, September. [Downloadable!] (restricted)
  5. Joskow, Paul L, 1996. "Introducing Competition into Regulated Network Industries: From Hierarchies to Markets in Electricity," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 341-82.
  6. Hogan, William W, 1992. "Contract Networks for Electric Power Transmission," Journal of Regulatory Economics, Springer, vol. 4(3), pages 211-42, September.
  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. Severin Borenstein & James Bushnell & Frank Wolak, 1999. "Diagnosing Market Power in California's Deregulated Wholesale Electricity Market," Competition Policy Center, Working Paper Series CPC99-007, Competition Policy Center, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
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This page was last updated on 2009-11-21.

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