TY  - JOUR
AU  - Joskow,Paul L.
TI  - California's Electricity Crisis
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8442
PY  - 2001
Y2  - August 2001
UR  - http://www.nber.org/papers/w8442
L1  - http://www.nber.org/papers/w8442.pdf
N1  - Author contact info:
Paul L. Joskow
Alfred P. Sloan Foundation
E-Mail: joskow@sloan.org
M2  - featured in NBER digest on 2001-12-01
AB  - 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.
ER  -