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Failing Electricity Markets: Should we Shoot the Pools?
Richard J. Green University of Hull - Department of Economics October 2001 CEPR Discussion Paper No. 3010 Abstract: This Paper discusses the electricity reforms in California and in England and Wales. In both cases, a centralized spot market played a major role, and both markets have now been abolished. This Paper argues that their disappearance is not evidence that future electricity restructuring should avoid the use of spot markets. Instead, the problems in England and Wales were largely due to market power. In California, problems arising from market power and a tightening demand-supply balance were turned into a disaster because the spot market had not been backed up by hedging contracts.
Keywords: Electricity markets, hedging contracts JEL Classifications: L94 Working Paper SeriesDate posted: November 05, 2001 ; Last revised: November 06, 2001Suggested CitationContact Information
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