Journal Article

Electricity and Markets

Richard Green

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 21, issue 1, pages 67-87
Published in print January 2005 | ISSN: 0266-903X
Published online January 2005 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/gri004
Electricity and Markets

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  • Economic Development and Growth
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Over the last 15 years, an increasing number of electricity industries has replaced vertical integration with markets as the main method of organizing production. Electrical energy is traded in many European and US markets, while the USA also has markets for generating capacity. US generators can reduce the cost of complying with environmental regulations by trading emissions of sulphur dioxide, while Europe has just started a carbon-dioxide emissions-trading scheme. This article discusses the way in which these markets put economic principles into practice. In particular, it shows that several different market designs can provide theoretically equivalent incentives for generators to build capacity, and that emissions trading may have unexpected impacts upon electricity prices.

Journal Article.  0 words. 

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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