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The California Electricity Crisis : What, Why, and What's Next - Charles J. Cicchetti

The California Electricity Crisis

What, Why, and What's Next

Hardcover

Published: 16th June 2004
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This book attempts to explain what went wrong in California's restructured energy markets and what must be done to restore California's economy and build new electricity systems. The intention here is to reconcile the principles of competition and regulation. California had a severe electricity crisis for about thirteen months beginning in May of 2000. The economic consequences and political fallout that arose from this crisis persist. California's economy continues to suffer and the state's treasury is deeply in debt. The state's three investor-owned utilities were nearly financially decimated. San Diego Gas & Electric has recovered to a greater degree than the other two only because its retail prices are about three times the national average and, for a time, well above the other two IOUs in California. Southern California Edison has recently been restored to investment grade and was granted a rate increase. Pacific Gas & Electric is emerging from bankruptcy. This book discusses all of this in greater detail. The problems and consequences arising from California's ill-fated foray into electricity market restructuring could damage the state for years to come. Challenges of this nature are not new to the Golden State. In the past, as we explain here, pragmatic, not entrenched, approaches have worked best in California. If California is to relatively quickly restore its previous enviable economic vitality and recover from the damage done to tarnish its luster, pragmatic approaches must again be used.

List of Tables and Figures
List of Terms
Preface
Introduction
Power Production Economics
Principles of Traditional Regulation
Reconciling Marginal Cost and Revenue Requirements
Competitive Wholesale Markets for Electricity
California's Market Design: an Initial Success Followed by a "Perfect Storm"
Design Flaws and a Worsening Crisis
Testable Hypothesis
Survey of Electricity Models for California
An Economic Analysis of Natural Gas Price Movements During the Crisis
An Econometric Analysis of Electricity Prices in California
Market Manipulation
Gaming and Cheating
Market Monitoring and Initial Regulatory Response
Refunds and Mitigation
California Responds
Handicapping the Winners
Conclusion: Wrapping Up and Lessons Learned
Index
About the Authors
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9781402076923
ISBN-10: 1402076924
Series: Vienna Circle Collection
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 209
Published: 16th June 2004
Publisher: Springer-Verlag New York Inc.
Country of Publication: US
Dimensions (cm): 23.5 x 15.5  x 1.91
Weight (kg): 1.13