Markets for Power: An Analysis of Electrical Utility Deregulation

Citation-based systematic literature review of energy-growth nexus: An overview of the field and content analysis of the top 50 influential papers

“…From a historical perspective, the energy-growth nexus has been at the center of attention for economists and policymakers as early as the 1970s, when two global oil crises took place (in 1973 and 1979). Attention towards electricity-growth nexus, however, coincided with a wave of contemporary market reforms (1990s onward) in the electricity industry around the world (Joskow and Schmalensee, 1988;Sioshansi and Pfaffenberger, 2006).…”

Long-Term Issues with the Energy-Only Market Design in the Context of Deep Decarbonization

“…6 More generally on long-run efficiency, Westfield (1988) warned that ''spot markets for electric power will not perform the miracles that perfect markets perform though the theoretical controversy never settled, political impetus was a critical driver for the liberalization of the industry (e.g., Joskow and Schmalensee, 1988;Léautier, 2019). The implications of deregulation for long-run efficiency also took a long time to materialize in practice, notably because wholesale markets were implemented in relatively mature power systems with a stable or contracting demand and little need for new investments.…”

Long-Term Issues with the Energy-Only Market Design in the Context of Deep Decarbonization

“…6 More generally on long-run efficiency, Westfield (1988) warned that ''spot markets for electric power will not perform the miracles that perfect markets perform though the theoretical controversy never settled, political impetus was a critical driver for the liberalization of the industry (e.g., Joskow and Schmalensee, 1988;Léautier, 2019). The implications of deregulation for long-run efficiency also took a long time to materialize in practice, notably because wholesale markets were implemented in relatively mature power systems with a stable or contracting demand and little need for new investments.…”