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An Empirical Analysis of the Potential for Market Power in California’s Electricity Industry
Abstract
Using historical cost data, we simulate the California electricity market after deregulation as a static Cournot market with a competitive fringe. Our model indicates that, under the pre‐deregulation structure of generation ownership, there is potential for significant market power in high demand hours, particularly in the fall and early winter months when hydroelectric output is at its lowest level relative to demand. The results also show that two of the most important factors in determining the extent and severity of market power are the level of available hydroelectric production and the elasticity of demand.
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Citations
Cited by
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Ventosa, M., Baı́llo, Á., Ramos, A., & Rivier, M. (2005) · Energy Policy · doi:10.1016/j.enpol.2003.10.013 · Cited by 708
Rethinking real-time electricity pricing
Allcott, H. (2011) · Resource and Energy Economics · doi:10.1016/j.reseneeco.2011.06.003 · Cited by 441
Theory and Application of Linear Supply Function Equilibrium in Electricity Markets
Baldick, R., Grant, R., & Kahn, E. (2004) · Journal of Regulatory Economics · doi:10.1023/b:rege.0000012287.80449.97 · Cited by 314
Strategic Supply Function Competition With Private Information
(2011) · Econometrica · doi:10.3982/ecta8126 · Cited by 284
Incomplete Environmental Regulation, Imperfect Competition, and Emissions Leakage
Fowlie, M. L. (2009) · American Economic Journal: Economic Policy · doi:10.1257/pol.1.2.72 · Cited by 176
Metadata
- Authors
- Borenstein, S., & Bushnell, J.
- Venue
- The Journal of Industrial Economics
- Publisher
- Wiley
- Published
- 1999-09
- Volume
- 47
- Issue
- 3
- Pages
- 285-323
- ISSN
- 0022-1821 (ISSN-L)
- 1467-6451
- OpenAlex
- W2889725748
- Cited by
- 502
- References
- 0
- FWCI
- 34.26
- Type
- journal article
- Language
- en
- Open access
- closed
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- Borenstein, S., & Bushnell, J. (1999). An Empirical Analysis of the Potential for Market Power in California’s Electricity Industry. The Journal of Industrial Economics. https://doi.org/10.1111/1467-6451.00102
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