Starting in 1998, the electricity market in England and Wales will be opened up to full competition, and all consumers … will be allowed to choose their electricity supplier. This promises to result in lower prices, but there will be additional … are likely to be large transfers from electricity companies (and the coal industry) to consumers, but the companies lose …

need to rethink energy policy in the light of experience and the changes in market structure. The four questions raised by …

This paper seeks to bridge the gap between economists focused on designing competitive market mechanisms and engineers … contingent on real time prices. It then examines the assumptions required for a competitive wholesale and retail market to … whether market prices will provide incentives for investments consistent with these reserve requirements. …

in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and …

We develop a theoretical model of long-run investment decisions on capacity in the context of a liberalized electricity … market. The sector's idiosyncrasies such as the uncertainty surrounding future supply and demand, as well as technological …

bidding in electricity markets, or in any other auction-based market. For this purpose, we introduce forward contracts in a …Several regulatory authorities worldwide have recently imposed forward contract obligations on electricity producers as … a way to mitigate their market power. In this paper we investigate how such contractual obligations affect equilibrium …

, electricity and a composite good, "other fuels". This composite good is subject to such large measurement errors in the data set … and electricity consumption and it is shown how the model's structural parameters, i.e. those of household preferences … presented and the diversity of implied price and income elasticities is emphasized. Both gas and electricity are found to be …

discuss radiospectrum and football TV-rights auctions, electricity markets, and takeover battles), and the Anglo-Dutch auction …

Motivated by the regulatory debate in electricity markets, we seek to understand how market design affects market … capacities under demand uncertainty prior to bidding into the spot market. We analyse a number of different market design …