As with other commodities, electricity is often traded on both forward and spot markets. This was initially true in the restructured California electricity industry from 1998 to 2000. Though the power traded in the forward and spot markets was for delivery at the same times and locations, prices...

As with other commodities, electricity is often traded on both forward and spot markets. This was initially true in the restructured California electricity ndustry from 1998 to 2000. Though the power traded in the forward and spot markets was for delivery at the same times and locations, prices...

We study price convergence between the two major markets for wholesale electricity in California from their deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit-maximizing traders to have eliminated persistent price differences between...

For two years prior to the collapse of Californiaï¾’s restructured electricity market, power traded in both a forward and a spot market for delivery at the same times and locations. Nonetheless, prices in the two markets often differed in significant and predictable ways. This apparent...

We study price convergence between the two major markets for wholesale electricity in California from their deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit-maximizing traders to have eliminated persistent price differences between...

Economic research on climate change has been crucial in advancing our understanding of the consequences associated with global warming as well as the costs and benefits of the various policies that might reduce emissions of greenhouse gases. As nations work to develop climate policies, economic...