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@techreport{NBERw8442,
 title = "California's Electricity Crisis",
 author = "Joskow, Paul L",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "8442",
 year = "2001",
 month = "August",
 doi = {10.3386/w8442},
 URL = "http://www.nber.org/papers/w8442",
 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.},
}