Measuring Market Inef®ciencies in California’s Restructured Wholesale Electricity Market

Abstract

We present a method for decomposing wholesale electricity payments into production costs, inframarginal competitive rents, and payments resulting from the exercise of market power. Using data from June 1998 to October 2000 in California, we &nd signi&cant departures from competitive pricing during the high-demand summer months and near-competitive pricing… (More)

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@inproceedings{Borenstein2003MeasuringMI, title={Measuring Market Inef®ciencies in California’s Restructured Wholesale Electricity Market}, author={Severin Borenstein and JAMES B. BUSHNELL and Frank A. Wolak}, year={2003} }