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Electricity Sector Restructuring and Competition: Lessons Learned

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  • Paul Joskow

Abstract

We now have over a decade of experience with the privatization, restructuring, regulatory reform, and wholesale and retail competition in electricity sectors around the world. The objectives and design attributes of these reform programs are reviewed. The improvements in sector performance that have been achieved are discussed. The nature and sources of performance problems are also reviewed. Several lessons learned from this experience are identified and their implications for successful ongoing electricity reform initiatives presented. Electricity sector restructuring, regulatory reform and competition initiatives can yield significant consumer benefits when these reforms are designed and implemented well. Applying the lessons learned from recent experience can yield larger consumer benefits in the future.
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Suggested Citation

  • Paul Joskow, 2003. "Electricity Sector Restructuring and Competition: Lessons Learned," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 548-558.
  • Handle: RePEc:ioe:cuadec:v:40:y:2003:i:121:p:548-558
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    References listed on IDEAS

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    1. Paul L. Joskow, 2001. "California's Electricity Crisis," Oxford Review of Economic Policy, Oxford University Press, vol. 17(3), pages 365-388.
    2. Richard Gilbert & Neuhoff, K. & Newbery, D., 2002. "Allocating Transmission to Mitigate Market Power in Electricity Networks," Cambridge Working Papers in Economics 0225, Faculty of Economics, University of Cambridge.
    3. Paul L. Joskow, 1998. "Electricity Sectors in Transition," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 25-52.
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    5. Chisari, Omar & Estache, Antonio & Romero, Carlos, 1997. "Winners and losers from utility privatization in Argentina : lessons from a general equilibrium model," Policy Research Working Paper Series 1824, The World Bank.
    6. 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, pages 1376-1405.
    7. Catherine D. Wolfram, 1999. "Measuring Duopoly Power in the British Electricity Spot Market," American Economic Review, American Economic Association, pages 805-826.
    8. 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.
    9. Green, Richard, 2000. "Can Competition Replace Regulation for Small Utility Customers?," CEPR Discussion Papers 2406, C.E.P.R. Discussion Papers.
    10. Estache, Antonio & Rodriguez-Pardina, Martin, 1999. "Light and lightning at the end of the public tunnel : reform of the electricity sector in the Southern Cone," Policy Research Working Paper Series 2074, The World Bank.
    11. Jamasb, T., 2002. "Reform and Regulation of the Electricity Sectors in Developing Countries," Cambridge Working Papers in Economics 0226, Faculty of Economics, University of Cambridge.
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    Citations

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    Cited by:

    1. Jamil, Faisal & Ahmad, Eatzaz, 2010. "The relationship between electricity consumption, electricity prices and GDP in Pakistan," Energy Policy, Elsevier, vol. 38(10), pages 6016-6025, October.
    2. Nilsson, Mats, 2007. "Red light for Green Paper: The EU policy on energy efficiency," Energy Policy, Elsevier, vol. 35(1), pages 540-547, January.
    3. C. Robert Clark & Andrew Leach, 2005. "La réglementation de l'énergie au Québec," CIRANO Burgundy Reports 2005rb-04, CIRANO.
    4. Jamasb, Tooraj, 2006. "Between the state and market: Electricity sector reform in developing countries," Utilities Policy, Elsevier, pages 14-30.
    5. Roxas, Fernando & Santiago, Andrea, 2010. "Broken dreams: Unmet expectations of investors in the Philippine electricity restructuring and privatization," Energy Policy, Elsevier, vol. 38(11), pages 7269-7277, November.
    6. Künneke, Rolf & Groenewegen, John & Ménard, Claude, 2010. "Aligning modes of organization with technology: Critical transactions in the reform of infrastructures," Journal of Economic Behavior & Organization, Elsevier, pages 494-505.
    7. repec:idb:idbbks:358 is not listed on IDEAS
    8. Andres, Luis & Foster, Vivien & Guasch, Jose Luis, 2006. "The impact of privatization on the performance of the infrastructure sector : the case of electricity distribution in Latin American countries," Policy Research Working Paper Series 3936, The World Bank.
    9. Liski, Matti & Montero, Juan-Pablo, 2006. "Forward trading and collusion in oligopoly," Journal of Economic Theory, Elsevier, pages 212-230.
    10. repec:hal:journl:halshs-00624266 is not listed on IDEAS
    11. Nepal, Rabindra & Jamasb, Tooraj, 2012. "Interconnections and market integration in the Irish Single Electricity Market," Energy Policy, Elsevier, vol. 51(C), pages 425-434.
    12. Yu, W. & Pollitt, M.G., 2009. "Does Liberalisation cause more Electricity Blackouts? Evidence from a Global Study of Newspaper Reports," Cambridge Working Papers in Economics 0911, Faculty of Economics, University of Cambridge.
    13. Ibarra-Yunez, Alejandro, 2015. "Energy reform in Mexico: Imperfect unbundling in the electricity sector," Utilities Policy, Elsevier, pages 19-27.
    14. C. Robert Clark & Andrew Leach, 2005. "Energy Regulation in Quebec," CIRANO Burgundy Reports 2005rb-03, CIRANO.
    15. Andres, Luis & Guasch, Jose Luis & Azumendi, Sebastian Lopez, 2008. "Regulatory governance and sector performance : methodology and evaluation for Electricity distribution in Latin America," Policy Research Working Paper Series 4494, The World Bank.
    16. Nepal, R. & Jamasb, T. & Sen, A. & Cram, L., 2017. "Small Systems, Big Targets: Power Sector Reforms and Renewable Energy Development in Small Electricity Systems," Cambridge Working Papers in Economics 1720, Faculty of Economics, University of Cambridge.
    17. Vivien Foster & José Luis Guasch & Luis Andrés & Thomas Haven, 2008. "The Impact of Private Sector Participation in Infrastructure: Lights, Shadows, and the Road Ahead," IDB Publications (Books), Inter-American Development Bank, number 59818, February.
    18. Luis A. Andrés & J. Luis Guasch & Thomas Haven & Vivien Foster, 2008. "The Impact of Private Sector Participation in Infrastructure : Lights, Shadows, and the Road Ahead," World Bank Publications, The World Bank, number 6545.
    19. Menz, Fredric C., 2005. "Green electricity policies in the United States: case study," Energy Policy, Elsevier, vol. 33(18), pages 2398-2410, December.

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