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Electricity Prices And Costs Under Regulation And Restructuring
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Book Synopsis Electricity Prices and Costs Under Regulation and Restructuring by : Seth Blumsack
Download or read book Electricity Prices and Costs Under Regulation and Restructuring written by Seth Blumsack and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Restructuring of the electricity industry was expected to improve the operating efficiency of electric power generators, leading to lower production costs and retail prices. Most studies conclude that there have been some efficiency gains, but the subject of whether retail prices have fallen has been contentious. The existing literature has a number of shortcomings, including the use of blunt or inappropriate definitions of restructuring, failure to incorporate the effects of regulatory decisions regarding price caps and stranded cost recovery, and the use of highly aggregated data. Our study addresses many of these problems and thus represents a significant improvement on existing work. We use a detailed firm-level data set to estimate how the markets and institutions established as a part of "restructuring" have affected the difference between prices and costs. Based on a number of different definitions, we find that utilities that have undergone restructuring display significantly higher price-cost markups than utilities that remained traditionally regulated. We find that some elements of restructuring are associated with higher price-cost margins, while others appear to be uncorrelated with prices and costs. The combination of introducing retail competition into an electric utility's operating territory and divestiture of that utility's generating assets has increased costs, but has increased prices even more. In particular, we find an average difference of 2 to 3 cents per kWh between prices and costs that is explained by restructuring rather than by increases in fuel prices. We conclude that restructuring has been beneficial to companies that restructured, but the evidence is far less clear concerning benefits to consumers.
Book Synopsis Electricity Restructuring by : John Carlson
Download or read book Electricity Restructuring written by John Carlson and published by Nova Publishers. This book was released on 2002 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Five essays examine issues of restructuring of electricity markets and regulations. The authors generally acknowledge that total deregulation could have disastrous consequences and promote a hybrid restructuring that takes into account certain concerns related to air pollution and consumer rights. Also included are abstracts of 18 journal papers on the same topic. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis A Shock to the System by : Timothy J. Brennan
Download or read book A Shock to the System written by Timothy J. Brennan and published by Routledge. This book was released on 2014-04-04 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Shock to the System is a guide to the decisions that will be faced by electricity providers, customers, and policymakers. Produced by a team of analysts at Resources for the Future, this concise and balanced work provides background necessary to understand the increasing role of competition in electricity markets. The authors introduce important concepts and terminology, and offer the history of public policy regarding electricity. They identify the significant proposals for implementing competition, and examine the potential consequences for regulation, industry structure, cost recovery, and the environment.
Book Synopsis Electricity Pricing in Transition by : Ahmad Faruqui
Download or read book Electricity Pricing in Transition written by Ahmad Faruqui and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity Pricing In Transition is written to address the new issues facing utilities, retailers, regulators, and customers in the changing electricity market. It is organized into five sections. Section I deals with the new restructured organization that has emerged from yesterday's vertically integrated, regulated monopoly company. Section II deals with issues in competitive pricing. Section III reviews the role of demand response and product design in today's chaotic marketplace. Given the single importance of California's energy crisis and the fact that it will be studied for years to come, Section IV is devoted to studying the lessons learned from this crisis. The final section of the book deals with markets and regulations. This book will provide practitioners with guidance on how to avoid the major pitfalls in pricing electricity while the market is in transition by drawing upon the insights and lessons learned from the experience of others that are documented in this book.
Book Synopsis Electricity Market Restructuring and Retail Rates by : Kenneth Rose
Download or read book Electricity Market Restructuring and Retail Rates written by Kenneth Rose and published by . This book was released on 2020 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-regulated investor-owned utilities serve over 70 percent of electricity to final end-use retail consumers in the U.S. Prior to the 1990s, all states used a “cost of service (COS)” regulation regime in which investor-owned utilities were allowed to recover prudently incurred costs plus a rate of return on capital expenditures. From 1996-2000, some states passed electricity market “restructuring” that, over time, required utilities to separate the generation portion of their operations and allowed customers to purchase power from third party providers. This is commonly referred to as “retail choice.” This empirical research examines the effect of restructuring on electricity prices to final consumers. While these policies were generally advertised to reduce rates for final customers, in fact rates increased in restructured states relative to plausible counterfactual synthetic controls. We also find evidence that retail rates in restructured states are more responsive to natural gas price changes, the marginal fuel source during the period of analysis.
Book Synopsis Electricity Restructuring in the United States by : Steve Isser
Download or read book Electricity Restructuring in the United States written by Steve Isser and published by Cambridge University Press. This book was released on 2015-04-16 with total page 527 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electric utility industry in the US is technologically complex, and its structure as a classic network industry makes it intricate in business terms as well, so deregulation of such a complicated industry was a particularly detailed process. Steve Isser provides a detailed and comprehensive analysis of the history of the transformation of this complex industry from the 1978 Energy Policy Act to the present, covering the economic, legal, regulatory, and political issues and controversies in the transition from regulated utilities to competitive electricity markets. The book is a multidisciplinary study that includes a comprehensive review of the economic literature on electricity markets, the political environment of electricity policymaking, administrative and regulatory rulemaking, and the federal case law that restrained state and federal regulation of electricity. Isser offers a valuable case study of the pitfalls and problems associated with the deregulation of a complex network industry.
Book Synopsis Electricity Prices in a Competitive Environment by : Mary Hutzler
Download or read book Electricity Prices in a Competitive Environment written by Mary Hutzler and published by DIANE Publishing. This book was released on 1998-05 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the events that led to current initiatives to restructure the electric power industry, and the institutional and structural changes that will be required to support the competitive pricing of electricity. Describes the analysis assumptions and methodology. Compares electricity prices under regulation and prices under competition. Discusses the sensitivities of the results to key parameters in the analysis cases. Analyzes the cash flow implications of the new competitive prices for utilities. Extensive charts, tables and graphs.
Book Synopsis Markets, Pricing, and Deregulation of Utilities by : Michael A. Crew
Download or read book Markets, Pricing, and Deregulation of Utilities written by Michael A. Crew and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets, Pricing, and Deregulation of Utilities examines the effects of deregulation on the energy and telecommunications industries in an economic environment that has changed dramatically since deregulation was first introduced in those industries several years ago. The contributors to this book discuss the aspects of deregulation that appear to be succeeding and those that seem to be failing. Within that framework, they offer insight as to the possible next stages of regulatory restructuring and reform. The contents of this book provide a strong theoretical base leading to a better understanding of markets, pricing, and deregulation by utility managers, regulators, and economists.
Book Synopsis Electricity Restructuring by : Laura Lynne Kiesling
Download or read book Electricity Restructuring written by Laura Lynne Kiesling and published by A E I Press. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how Texas's groundbreaking program of electricity restructuring has become a model for truly competitive energy markets in the United States. The authors contend that restructuring in Texas has been successful because the industry is free from federal over...
Book Synopsis Restructuring and Regulatory Reform in the Power Sector by : Peter Choynowski
Download or read book Restructuring and Regulatory Reform in the Power Sector written by Peter Choynowski and published by . This book was released on 2004 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: A worldwide trend began in the 1980s in both developed & developing countries to restructure their power sectors & reform their regulatory framework. The motivation in developed countries to restructure & reform was mainly to improve sector efficiency, while in the developing countries, it was to move the sector away from reliance on scarce public resources to more private sector financing. Since the Asian Development Bank was involved in restructuring & regulatory reform in many of Asia's developing countries, this report takes stock of the progress made to date in these countries, reviews the relevant experience in some developed countries & Latin America, & identifies the key issues that could have a bearing on its operations in Asia.
Book Synopsis Electricity Deregulation by : James M. Griffin
Download or read book Electricity Deregulation written by James M. Griffin and published by University of Chicago Press. This book was released on 2009-11-15 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electricity market has experienced enormous setbacks in delivering on the promise of deregulation. In theory, deregulating the electricity market would increase the efficiency of the industry by producing electricity at lower costs and passing those cost savings on to customers. As Electricity Deregulation shows, successful deregulation is possible, although it is by no means a hands-off process—in fact, it requires a substantial amount of design and regulatory oversight. This collection brings together leading experts from academia, government, and big business to discuss the lessons learned from experiences such as California's market meltdown as well as the ill-conceived policy choices that contributed to those failures. More importantly, the essays that comprise Electricity Deregulation offer a number of innovative prescriptions for the successful design of deregulated electricity markets. Written with economists and professionals associated with each of the network industries in mind, this comprehensive volume provides a timely and astute deliberation on the many risks and rewards of electricity deregulation.
Book Synopsis Competitive Electricity Markets in New York State by : Robert G. Ethier
Download or read book Competitive Electricity Markets in New York State written by Robert G. Ethier and published by . This book was released on 1996 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Electricity Economics by : Geoffrey S. Rothwell
Download or read book Electricity Economics written by Geoffrey S. Rothwell and published by Wiley-IEEE Press. This book was released on 2003-02-14 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written originally as a manual for the Federal Energy Commission to train regional rate regulators, this is a clear, comprehensive primer on the principles of economics and finance underlying the regulation of electricity markets and the deregulation of electricity generation.
Book Synopsis Markets for Power by : Paul L. Joskow
Download or read book Markets for Power written by Paul L. Joskow and published by MIT Press (MA). This book was released on 1988-08-01 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely study evaluates four generic proposals for allowing free market forces toreplace government regulation in the electric power industry and concludes that none of thederegulation alternatives considered represents a panacea for the performance failures associatedwith things as they are now. It proposes a balanced program of regulatory reform and deregulationthat promises to improve industry performance in the short run, resolve uncertainties about thecosts and benefits of deregulation, and positions the industry for more extensive deregulation inthe long run should interim experimentation with deregulation, structural, and regulatory reformsmake it desirable.The book integrates modern microeconomic theory with a comprehensive analysis ofthe economic, technical, and institutional characteristics of modern electrical power systems. Itemphasizes that casual analogies to successful deregulation efforts in other sectors of the economyare an inadequate and potentially misleading basis for public policy in the electric power industry,which has economic and technical characteristics that are quite different from those in otherderegulated industries.Paul L. Joskow is Professor of Economics at MIT, author of ControllingHospital Costs (MIT Press 1981) and coauthor with Martin L. Baughman and Dilip P. Kamat of ElectricPower in the United States (MIT Press 1979). Richard Schmalensee, also at MIT, is Professor ofApplied Economics, author of The Economics of Advertising and The Control of Natural Monopolies, andeditor of The MIT Press Series, Regulation of Economic Activity.
Book Synopsis Power Systems Restructuring by : Marija Ilic
Download or read book Power Systems Restructuring written by Marija Ilic and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: The writing of this book was largely motivated by the ongoing unprecedented world-wide restructuring of the power industry. This move away from the traditional monopolies and toward greater competition, in the form of increased numbers of independent power producers and an unbundling of the main services that were until now provided by the utilities, has been building up for over a decade. This change was driven by the large disparities in electricity tariffs across regions, by technological developments that make it possible for small producers to compete with large ones, and by a widely held belief that competition will be beneficial in a broad sense. All of this together with the political will to push through the necessary legislative reforms has created a climate conducive to restructuring in the electric power industry. Consequently, since the beginning of this decade dramatic changes have taken place in an ever-increasing list of nations, from the pioneering moves in the United Kingdom, Chile and Scandinavia, to today's highly fluid power industry throughout North and South America, as well as in the European Community. The drive to restructure and take advantage of the potential economic benefits has, in our view, forced the industry to take actions and make choices at a hurried pace, without the usual deliberation and thorough analysis of possible implications. We must admit that to speak of "the industry" at this juncture is perhaps disingenuous, even misleading.
Book Synopsis The California Electricity Crisis by : Charles J. Cicchetti
Download or read book The California Electricity Crisis written by Charles J. Cicchetti and published by Springer Science & Business Media. This book was released on 2007-05-08 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 and political fallout that arose from this crisis persist. California’s economy continues to suffer and the state’s treasury is deeply in debt. The state’s three investor-owned utilities were nearly financially decimated. San Diego Gas & Electric has recovered to a greater degree than the other two only because its retail prices are about three times the national average and, for a time, well above the other two IOUs in California. Southern California Edison has recently been restored to investment grade and was granted a rate increase. Pacific Gas & Electric is emerging from bankruptcy. This book discusses all of this in greater detail. 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, as we explain here, 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.
Book Synopsis Power System Restructuring and Deregulation by : Loi Lei Lai
Download or read book Power System Restructuring and Deregulation written by Loi Lei Lai and published by John Wiley & Sons. This book was released on 2001-11-28 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die Umstrukturierung und Liberalisierung der Stromerzeugung brachte tiefgreifende Veränderungen des Marktes, des Wettbewerbs, der Technologien und nicht zuletzt der gesetzlichen Vorschriften mit sich. Dieser Band konzentriert sich auf die technischen Fortschritte und bespricht derzeit aktuelle Probleme anhand anschaulicher Fallstudien. So werden zum Beispiel neue Verfahren zur Vorhersage der Netzlast erläutert. Von international renommierten Experten geschrieben! (07/00)
