Vertical Arrangements, Market Structure, and Competition: An Analysis of Restructured US Electricity Markets

Reevaluation of Vertical Integration and Unbundling in Restructured Electricity Markets

Market Power and Price Volatility in Restructured Markets for Electricity

The restructured market for electricity in the UK has experienced a systematic pattern of price spikes associated with the use of market power by the two dominant generators. Partly in response to this problem, the share of capacity owned by any individual generator after restructuring was limited in Victoria, Australia. As a result, a much more competitive market resulted with prices substanti...

Market Design and Price Behavior in Restructured Electricity Markets : An International Comparison

This paper argues that the market rules governing the operation of a re-structured electricity market in combination with its market structure can have a substantial impact on behavior of marketclearing prices. Using evidence on the design of electricity markets in England and Wales, Norway, the state of Victoria in Australia and New Zealand, this paper illustrates that market structure and mar...

PWP-051 Market Design and Price Behavior in Restructured Electricity Markets: An International Comparison

This paper argues that the market rules governing the operation of a re-structured electricity market in combination with its market structure can have a substantial impact on behavior of marketclearing prices. Using evidence on the design of electricity markets in England and Wales, Norway, the state of Victoria in Australia and New Zealand, this paper illustrates that market structure and mar...

An Economic Framework of Demand Response in Restructured Electricity Markets

This paper provides a unified economic framework for assessing the effectiveness of priceresponsive demand in promoting efficient electricity markets. The framework recognizes the interactions between a competitive wholesale market and regulated uniform retail rates within a hybrid market structure. The framework features the basic principles of marginal cost pricing in the wholesale market and...