California's Electricity Crisis

Paul Joskow

No 8442, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper discusses the political, regulatory and economic factors that led to California's electricity crisis in 2000 and 2001. It begins with a discussion of the origins of California's electricity restructuring and competition programs. It then discusses the structure of the wholesale and retail markets and associated transition institutions created in 1996-98 and the performance of these institutions during their first two years of operation. The discussion of the electricity crisis is then conveniently broken down into three phases: (a) May 2000 through September 2000, (b) October 2000 through December 2000, January 2001 to the June 2001. Each phase is discussed in turn. The paper concludes with a discussion of lessons about electricity market liberalization gained from the recent experience in California.

JEL-codes: L5 L9 (search for similar items in EconPapers)
Date: 2001-08
New Economics Papers: this item is included in nep-mic and nep-pke
Note: IO
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (99)

Published as Paul L. Joskow, 2001. "California's Electricity Crisis," Oxford Review of Economic Policy, Oxford University Press, vol. 17(3), pages 365-388.

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