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....

As long as commodity and securities markets have been in operation, market manipulation has been a serious concern. Now that many electricity and natural gas markets have been opened to competition, manipulation threatens to destroy the value of these markets as well. Yet market manipulation...

This volume explores how Texas's groundbreaking program of electricity restructuring has become a model for truly competitive energy markets in the United States.

Battery storage technologies have developed to the point that some are mature enough to serve as a generation resource. However, whether a battery can generate profits by interacting solely in energy markets is unclear. Meanwhile, FERC order 784 requires electricity exchange markets in the U.S....