Markets for Power in the United States: An Interim Assessment

58 Pages Posted: 10 Nov 2005

See all articles by Paul L. Joskow

Paul L. Joskow

Alfred P. Sloan Foundation; Massachusetts Institute of Technology (MIT) - Department of Economics

Date Written: September 2005

Abstract

The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and retail electricity market institutions. Various indicia of the performance of these market institutions are presented and discussed. Significant progress has been made on the wholesale competition front but major challenges must still be confronted. The framework for supporting retail competition has been less successful, especially for small customers. Empirical evidence suggests that well-designed competitive market reforms have led to performance improvements in a number of dimensions and have benefited customers through lower retail prices.

Keywords: wholesale, retail, markets, electricity

JEL Classification: H00, H40

Suggested Citation

Joskow, Paul L., Markets for Power in the United States: An Interim Assessment (September 2005). AEI-Brookings Joint Center Working Paper No. 05-20, Available at SSRN: https://ssrn.com/abstract=845785 or http://dx.doi.org/10.2139/ssrn.845785

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