作者
Severin Borenstein, James Bushnell, Christopher R Knittel, Catherine Wolfram
发表日期
2008/6
期刊
The Journal of Industrial Economics
卷号
56
期号
2
页码范围
347-378
出版商
Blackwell Publishing Ltd
简介
For two years prior to the collapse of California's restructured electricity market, power traded in both a forward and a spot market for delivery at the same times and locations. Nonetheless, prices in the two markets often differed in significant and predictable ways. This apparent inefficiency persisted, we argue, because most firms believed that trading on inter‐market price differences would yield regulatory penalties. For the few firms that did make such trades, it was not profit‐maximizing to eliminate the price differences entirely. Skyrocketing prices in 2000 changed the major buyers' (utilities') incentives and exacerbated the price differentials between the markets.
引用总数
学术搜索中的文章
S Borenstein, J Bushnell, CR Knittel, C Wolfram - The Journal of Industrial Economics, 2008
S Borenstein, JB Bushnell, CR Knittel, C Wolfram - 2001
S Borenstein, B James, R Knittel Christopher… - University of California Energy Institute, PWP-086, 2001
Inefficiencies and market power in financial arbitrage: a study of California's electricity markets*
CR Knittel, C Wolfram, J Bushnell, S Borenstein - 2006