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,...

Horizontal drilling together with hydraulic fracturing has become a very effective mechanism for the extraction of natural gas in several shale plays in the United States. Efficient horizontal drilling, however, generally requires operating in a “unit,” across the property of numerous...

Oil and gas production has long been a fixture of southern states such as Texas and Oklahoma, but its origins lie in the northeast. After a long dormancy, states such as Pennsylvania are witnessing a natural gas boom brought on by advances in hydraulic fracturing technology. The resurgence has...

This study proposes a new method for creating futures market for natural gas in East Asia, using what we refer to as “open access tankers.” Japan, the largest consumer of liquefied natural gas (LNG) in the world, is considering restructuring its natural gas markets to allow competition....