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Author : Gary Taylor (Consultant)
Publisher :
ISBN 13 : 9780910325349
Total Pages : pages
Book Rating : 4.3/5 (253 download)
Download or read book Market Power and Market Manipulation in Energy Markets written by Gary Taylor (Consultant) and published by . This book was released on 2015-04-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew N. Kleit
Publisher : Emerald Group Publishing
ISBN 13 : 1787439194
Total Pages : 240 pages
Book Rating : 4.7/5 (874 download)
Download or read book Modern Energy Market Manipulation written by Andrew N. Kleit and published by Emerald Group Publishing. This book was released on 2018-11-15 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the important economic and legal questions of market manipulation that have arisen in restructured energy markets, paying particular attention to the actions of the Federal Energy Regulatory Commission.
Author : Frank A. Wolak
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4./5 ( download)
Download or read book Managing Unilateral Market Power in Electricity written by Frank A. Wolak and published by World Bank Publications. This book was released on 2005 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process.
Author : Huseyin Cagri Corlu
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041196048
Total Pages : 314 pages
Book Rating : 4.0/5 (411 download)
Download or read book Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law written by Huseyin Cagri Corlu and published by Kluwer Law International B.V.. This book was released on 2018-06-05 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.
Author : David B. Spence
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Transformation of American Energy Markets and the Problem of Market Power written by David B. Spence and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, American energy markets have been regulated using a combination of antitrust law and public utility law: the former has predominated in oil markets and the latter in markets for natural gas and electricity. Over time, energy markets have grown increasingly complex and competitive, due partly to changing market conditions (for example, in oil markets) and partly to the regulation (in natural gas and electricity markets). Increasingly competitive energy markets meant increased risk for energy companies, who turned to energy derivatives as a way to hedge that risk. High energy prices and charges of manipulation in 21st-century energy markets have led regulators to a new approach, one that borrows from securities regulation and focuses attention and "manipulation and deceit" by energy market participants. However, the securities model may be a bad fit for energy markets, because reliance on this new approach exposes consumers to price risks associated with the exercise of market power by sellers, risks to which they were not subject under traditional approaches to regulation. Specifically, the securities regulation model overlooks important ways in which sellers can exert market power at the expense of consumers in the absence of fraud or deceit, partly because of the way securities case law interprets "manipulation," and partly because some of the common assumptions regulators employ about the ways in which market participants respond to price changes do not apply, or apply only weakly, in some energy markets. We explore the origins of these "bad fit" problems, and their implications, in this article.
Author : United States. Congress. Senate. Committee on Energy and Natural Resources
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.0/5 (9 download)
Download or read book Energy Market Manipulation written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 2002 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Eyre
Publisher :
ISBN 13 : 9781783479771
Total Pages : 0 pages
Book Rating : 4.4/5 (797 download)
Download or read book Competition and Regulation in Electricity Markets written by Sebastian Eyre and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Featuring an original introduction by the editors, these carefully-selected essays explore the main issues surrounding competition and regulation in electricity markets. The industry is experiencing irresistible forces of change, driven by energy policy objectives; a reassessment of market regulation in the face of high-energy prices; and the response to consumer pressure to agree on what constitutes a fair price for energy. This volume identifies the key articles that underpin the debate across the industries supply chain (generation, supply and networks) from a regulatory perspective (including market power and incentive regulation). The collection then considers the overall impact of liberalisation and future developments.
Author : Frank A. Wolak
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Managing Unilateral Market Power in Electricity written by Frank A. Wolak and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process. This paper provides examples of both the successes and failures of market monitoring from several international markets. More than 10 years of experience with the electricity industry restructuring process has shown that market failures are more likely and substantially more harmful to consumers than other market failures because of how electricity is produced and delivered and the crucial role it plays in the modern economy. Wholesale market meltdowns of varying magnitudes and durations have occurred in electricity markets around the world, and many of them could have been prevented if a prospective market monitoring process backed by the prevailing regulatory authority had been in place at the start of the market.
Author : Panagiotis Tsangaris
Publisher : Springer
ISBN 13 : 3662555131
Total Pages : 213 pages
Book Rating : 4.6/5 (625 download)
Download or read book Capacity Withdrawals in the Electricity Wholesale Market written by Panagiotis Tsangaris and published by Springer. This book was released on 2017-08-30 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the issue of capacity withdrawals in the electricity wholesale market. Electricity generators can exercise market power in the wholesale market either by withdrawing generation capacity, or by pricing above competitive levels in order to achieve a higher market price and, thereby, increase revenues. After a comprehensive explanation of capacity withdrawal practices and the issues that arise when proceeding under competition law, the book analyses whether an increased state of transparency, as provided for in the REMIT and Regulation 543/2013, could facilitate the efficient functioning of electricity wholesale markets and the investigation of capacity withdrawal practices. It also examines the effect of the prohibition of market manipulation as prescribed in the REMIT in dealing with abusive capacity withdrawals in the electricity wholesale market.
Author : Sandeep Vaheesan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Market Power in Power Markets written by Sandeep Vaheesan and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and federal initiatives have opened the American electric power industry to competition over the past four decades. Although the process has not occurred uniformly across the country, wholesale markets exist everywhere today. Independent power producers can now construct generation and sell their output to utilities and direct purchasers through bilateral contracts. In many regions, centralized power markets have also been established and facilitate the sale of billions of dollars in electricity annually through hourly auctions. As market forces have replaced direct price regulation in electricity, antitrust enforcement, however, has not expanded its role commensurately. Even though a lack of competition has been a chronic problem in power markets and arguably undermined the purpose of industry restructuring, the courts have invoked the filed rate doctrine to prohibit private antitrust suits against generators and other market participants accused of collusive behavior. The courts have held that federal and state regulation is adequate to maintain competitive markets and have questioned their own ability to deter anticompetitive behavior. The courts have used this faulty line of regulatory adequacy combined with judicial deficiency to immunize power generators from antitrust damages liability. While Congress or the Supreme Court should abolish the doctrine and allow for the antitrust laws to be fully enforced in electricity markets, eliminating this immunity is not sufficient to create competitive power markets and prevent repeats of the market manipulation seen in the California and Texas markets. The existence of private treble damages suits could have deterred collusive conduct like the anticompetitive financial arrangement between two major generators in the New York City wholesale market between 2006 and 2008. Yet, the antitrust laws are comparatively powerless to remedy the principal forms of anticompetitive behavior seen in power markets. Antitrust jurisprudence in the United States does not proscribe the exercise of unilateral market power and places high hurdles to finding liability against parties accused of colluding tacitly. Given the limitations of traditional private antitrust remedies, federal and state regulators must focus on creating competitive market structures. They can take three concrete steps toward this end: police generator consolidation more carefully, encourage expansions of the transmission grid, and expose more ratepayers to price signals. Vigorous application of these broader competition policy measures is necessary to redeem a restructuring project whose results thus far have been, at best, uncertain.
Author : Glachant, Jean-Michel
Publisher : Edward Elgar Publishing
ISBN 13 : 1788979958
Total Pages : 672 pages
Book Rating : 4.7/5 (889 download)
Download or read book Handbook on Electricity Markets written by Glachant, Jean-Michel and published by Edward Elgar Publishing. This book was released on 2021-11-12 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.
Author : United States Senate
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.6/5 (187 download)
Download or read book Energy Market Manipulation written by United States Senate and published by . This book was released on 2020-03-10 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy market manipulation: hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred Seventh Congress, second session to examine manipulation in Western markets during 2000-2001 as revealed in recent documents made
Author : Jeremiah D. Lambert
Publisher : MIT Press
ISBN 13 : 0262330997
Total Pages : 395 pages
Book Rating : 4.2/5 (623 download)
Download or read book The Power Brokers written by Jeremiah D. Lambert and published by MIT Press. This book was released on 2015-08-28 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the interplay between government regulation and the private sector has shaped the electric industry, from its nineteenth-century origins to twenty-first-century market restructuring. For more than a century, the interplay between private, investor-owned electric utilities and government regulators has shaped the electric power industry in the United States. Provision of an essential service to largely dependent consumers invited government oversight and ever more sophisticated market intervention. The industry has sought to manage, co-opt, and profit from government regulation. In The Power Brokers, Jeremiah Lambert maps this complex interaction from the late nineteenth century to the present day. Lambert's narrative focuses on seven important industry players: Samuel Insull, the principal industry architect and prime mover; David Lilienthal, chairman of the Tennessee Valley Authority (TVA), who waged a desperate battle for market share; Don Hodel, who presided over the Bonneville Power Administration (BPA) in its failed attempt to launch a multi-plant nuclear power program; Paul Joskow, the MIT economics professor who foresaw a restructured and competitive electric power industry; Enron's Ken Lay, master of political influence and market-rigging; Amory Lovins, a pioneer proponent of sustainable power; and Jim Rogers, head of Duke Energy, a giant coal-fired utility threatened by decarbonization. Lambert tells how Insull built an empire in a regulatory vacuum, and how the government entered the electricity marketplace by making cheap hydropower available through the TVA. He describes the failed overreach of the BPA, the rise of competitive electricity markets, Enron's market manipulation, Lovins's radical vision of a decentralized industry powered by renewables, and Rogers's remarkable effort to influence cap-and-trade legislation. Lambert shows how the power industry has sought to use regulatory change to preserve or secure market dominance and how rogue players have gamed imperfectly restructured electricity markets. Integrating regulation and competition in this industry has proven a difficult experiment.
Author : Celeste Cobb Saravia
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 (35 download)
Download or read book Market Power and Market Efficiency written by Celeste Cobb Saravia and published by . This book was released on 2004 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fereidoon Sioshansi
Publisher : Elsevier
ISBN 13 : 0080462715
Total Pages : 687 pages
Book Rating : 4.0/5 (84 download)
Download or read book Electricity Market Reform written by Fereidoon Sioshansi and published by Elsevier. This book was released on 2006-04-13 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the late 1980s, policy makers and regulators in a number of countries have liberalized, restructured or “deregulated their electric power sector, typically by introducing competition at the generation and retail level. These experiments have resulted in vastly different outcomes - some highly encouraging, others utterly disastrous. However, many countries continue along the same path for a variety of reasons. Electricity Market Reform examines the most important competitive electricity markets around the world and provides definitive answers as to why some markets have performed admirably, while others have utterly failed, often with dire financial and cost consequences. The lessons contained within are direct relevance to regulators, policy makers, the investment community, industry, academics and graduate students of electricity markets worldwide. Covers electicity market liberalization and deregulation on a worldwide scale Features expert contributions from key people within the electricity sector
Author : Fereidoon Sioshansi
Publisher : Elsevier
ISBN 13 : 0080557716
Total Pages : 625 pages
Book Rating : 4.0/5 (85 download)
Download or read book Competitive Electricity Markets written by Fereidoon Sioshansi and published by Elsevier. This book was released on 2011-10-10 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 2 decades, policymakers and regulators agree that electricity market reform, liberalization and privatization remains partly art. Moreover, the international experience suggests that in nearly all cases, initial market reform leads to unintended consequences or introduces new risks, which must be addressed in subsequent “reform of the reforms. Competitive Electricity Markets describes the evolution of the market reform process including a number of challenging issues such as infrastructure investment, resource adequacy, capacity and demand participation, market power, distributed generation, renewable energy and global climate change. Sequel to Electricity Market Reform: An International Perspective in the same series published in 2006 Contributions from renowned scholars and practitioners on significant electricity market design and implementation issues Covers timely topics on the evolution of electricity market liberalization worldwide
Author : George Raitt
Publisher : Hart Publishing
ISBN 13 : 9781509945771
Total Pages : 328 pages
Book Rating : 4.9/5 (457 download)
Download or read book The Metaphysics of Market Power written by George Raitt and published by Hart Publishing. This book was released on 2020-12-17 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australian competition law has just emerged from a significant period of reform which has seen controversial changes to the legal test to distinguish between normal competitive conduct and conduct that should be condemned. The controversy continues, arguably because the traditional legal conception of market power does not provide a useful standard in real world markets. This important new book offers a radical interpretation of market power, based on the power to manipulate. Seeing it in this way allows for positive and normative standards within which to frame a legal theory of liability for misuse of that power. The book provides suggestions to improve the forensic assessment of conduct that should be condemned as misuse of market power.
