Electricity Restructuring: Deregulation or Reregulation?
نویسنده
چکیده
46 Vo l u m e 2 3 , N o . 2 As other jurisdictions refashion their electricity markets, they seem to be incorporating little of the experience from the markets that are furthest along in the process. That is unfortunate, because there are important and quite general lessons that can be gleaned. Probably the two most salient lessons are that the short-run benefits are likely to be small or nonexistent, and the long-run benefits, while compellingly supported in theory, may be very difficult to document in practice. More concretely, market power among generators is likely to be a more serious and ongoing concern than has been anticipated by most observers. As a result, the roles of transmission capacity and demand-side elasticity are likely to be even more important than previously suggested. In general, the nonstorability of electricity, combined with very little demand elasticity and the need for real-time supply/demand balancing to keep the grid stable, has made restructuring of electricity markets a much greater challenge than was inferred from experience with natural gas, airlines, trucking, telecommunications, and a host of other industries.
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تاریخ انتشار 2000