Overview

This book attempts to explain what went wrong in California's restructured energy markets and what must be done to restore California's economy and build new electricity systems. The intention here is to reconcile the principles of competition and regulation. California had a severe electricity crisis for about thirteen months beginning in May of 2000. The economic consequences that arose from this crisis persist. California's economy suffers and the state's treasury is deeply in debt. The state's three IOUs were nearly financially decimated. The problems and consequences arising from California's ill-fated foray into electricity market restructuring could damage the state for years to come Challenges of this nature are not new to the Golden State. In the past, pragmatic, not entrenched, approaches have worked best in California. If California is to relatively quickly restore its previous enviable economic vitality and recover from the damage done to tarnish its luster, pragmatic approaches must again be used.

Full Product Details

Author:   Charles J. Cicchetti ,  Jeffrey A. Dubin ,  Colin M. Long
Publisher:   Springer-Verlag New York Inc.
Imprint:   Springer-Verlag New York Inc.
Edition:   2004 ed.
Dimensions:   Width: 15.50cm , Height: 1.40cm , Length: 23.50cm
Weight:   1.130kg
ISBN:  

9781402076923

ISBN 10:   1402076924
Pages:   209
Publication Date:   16 June 2004
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Power Production Economics.- Principles of Traditional Regulation.- Reconciling Marginal Cost and Revenue Requirements.- Competitive Wholesale Markets for Electricity.- California’s Market Design: an Initial Success Followed by a “Perfect Storm”.- Design Flaws and a Worsening Crisis.- Testable Hypothesis.- Survey of Electricity Models for California.- An Economic Analysis of Natural Gas Price Movements During the Crisis.- An Econometric Analysis of Electricity Prices in California.- Market Manipulation.- Gaming and Cheating.- Market Monitoring and Initial Regulatory Response.- Refunds and Mitigation.- California Responds.- Handicapping the Winners.- Conclusion: Wrapping Up and Lessons Learned.

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