marginal cost of suppliers. The leading example is the electricity industry, where there is a capacity market clearing before … the spot market. -- capacity market ; procurement auction ; electricity market ; competitive equilibrium …

-in-differences analysis, I show that U.S. states that adopt electricity market liberalization laws are subsequently fifteen to forty …

This paper reexamines the adaptation of board structure in U.S. electric utilities following deregulation. Post-deregulation … changes in the complexity of a firm’s operations. Electric utilities that do not become more complex after deregulation reduce … that become more complex; these utilities employ more outsiders but fewer inside directors after deregulation. We conclude …

procurement practices by coal- and natural gas-fired electricity generating plants in the United States following state … gas-fired electricity plants in the United States from 1990-2009, with plant-level data on operations and regulatory … purchases to more productive mines, rather than simply a transfer of regulatory rents from coal producers to electricity …

in explaining electricity prices. We define vertical arrangements as either vertical integration or long term contracts … whereby retail prices are determined prior to wholesale prices. This is generally the case in electricity markets. These ex … restructured wholesale electricity markets, we simulate two sets of prices that define the bounds on static oligopoly equilibria …

Although the allocative efficiency benefits of competition are a tenet of microeconomic theory, the relation between … efficiency in the context of electricity industry restructuring. Restructuring programs adopted by many U.S. states made … wholesale electricity markets had the largest reductions in nonfuel operating expenses and employment, while investor …

In this article we discuss welfare-optimal capacity allocation of different electricity generation technologies … available for serving system demand. While the classical peak load pricing theory derives the efficient portfolio structure from …-variance portfolio (MVP) theory and analytically discuss possible solution cases and important optimality properties. We examine the …

in cost reduction. Hence, deregulation should be found where cost reduction is less socially relevant and consumers are …. These predictions hold true under several alternative assumptions and are consistent with data on the deregulation … initiatives implemented in 43 US state electricity markets between 1981 and 1999 and on the operating costs of the plants that …