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A critique of Wolak's evaluation of the NZ electricity market: Introduction and overview

  • Lewis Evans
  • Seamus Hogan
  • Peter Jackson

This paper is the first in a symposium of papers that examine the 2009 report by Frank Wolak into the New Zealand electricity market. The Wolak report concluded that there had been a cumulative total of NZ$4.3 billion of overcharging in the New Zealand wholesale market over a period of seven years. In this paper, we introduce the Wolak findings in the context of the salient features of the New Zealand market, and explain that this headline figure is highly sensitive to some (quite unrealistic) assumptions about the structure of this market. The two papers that follow this introduction examine Wolak's methodology and its empirical application.

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File URL: http://hdl.handle.net/10.1080/00779954.2011.645223
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Article provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.

Volume (Year): 46 (2012)
Issue (Month): 1 (November)
Pages: 1-10

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Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:1-10
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  1. James B. Bushnell & Erin T. Mansur & Celeste Saravia, 2008. "Vertical Arrangements, Market Structure, and Competition: An Analysis of Restructured US Electricity Markets," American Economic Review, American Economic Association, vol. 98(1), pages 237-66, March.
  2. Lewis Evans & Graeme Guthrie, 2009. "How Options Provided by Storage Affect Electricity Prices," Southern Economic Journal, Southern Economic Association, vol. 75(3), pages 681–702, January.
  3. Evans, Lewis & lu, Yinjia (Andrea) & Guthrie, Graeme, 2010. "A New Zealand Electricity Market Model: Assessment of the effect of climate change on electricity production and consumption," Working Paper Series 4058, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
  4. Lewis Evans & Graeme Guthrie & Steen Videbeck, 2008. "Assessing The Integration Of Electricity Markets Using Principal Component Analysis: Network And Market Structure Effects," Contemporary Economic Policy, Western Economic Association International, vol. 26(1), pages 145-161, 01.
  5. Baumol, William J & Bradford, David F, 1970. "Optimal Departures from Marginal Cost Pricing," American Economic Review, American Economic Association, vol. 60(3), pages 265-83, June.
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