All but one of U.S. power markets administered by Regional Transmission Operators require that sellers of power to end-users must own or have contractual access to generation capacity sufficient to cover their loads. The exception is the Electricity Reliability Council of Texas (ERCOT), which...

We investigate the impact of creating Independent System Operators (ISOs) to independently manage regional electricity transmission resources and institute regional electricity exchange markets. Our analysis examines how the formation of the PJM Independent System Operator (ISO) in Pennsylvania,...