Measuring Market Ine ± ciencies in California ' s Restructured Wholesale Electricity Market

@inproceedings{Borenstein2002MeasuringMI,
  title={Measuring Market Ine ± ciencies in California ' s Restructured Wholesale Electricity Market},
  author={Severin Borenstein and James B. Bushnell and Frank A. Wolak},
  year={2002}
}
We present a method for decomposing wholesale electricity payments into production costs, inframarginal competitive rents, and payments resulting from the exercise of market power. The method also parses actual variable costs into the minimum variable costs necessary to meet demand and increased production costs caused by market power and other market ine±ciencies. Using data from June 1998 to October 2000 in California, we ̄nd signi ̄cant departures from competitive pricing, particularly… CONTINUE READING
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