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Markets for Power in the United States: An Interim Assessment

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  • Paul L. Joskow

Abstract

The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and retail electricity market institutions. Various indicia of the performance of these market institutions are presented and discussed. Significant progress has been made on the wholesale competition front but major challenges must still be confronted. The framework for supporting retail competition has been less successful, especially for small customers. Empirical evidence suggests that well-designed competitive market reforms have led to performance improvements in a number of dimensions and benefited customers through lower retail prices.

Suggested Citation

  • Paul L. Joskow, 2006. "Markets for Power in the United States: An Interim Assessment," The Energy Journal, , vol. 27(1), pages 1-36, January.
    • Handle: RePEc:sae:enejou:v:27:y:2006:i:1:p:1-36
    DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No1-2
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    References listed on IDEAS

    as
    1. Cramton, Peter & Stoft, Steven, 2005. "A Capacity Market that Makes Sense," The Electricity Journal, Elsevier, vol. 18(7), pages 43-54.
    2. Paul L. Joskow, 1989. "Regulatory Failure, Regulatory Reform, and Structural Change in the Electrical Power Industry," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1989 Micr), pages 125-208.
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    More about this item

    Keywords

    Electricity markets; wholesale; retail; US; Market power; competition;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General

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