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The Difficult Transition to Competitive Electricity Markets in the United Stats

The Difficult Transition to Competitive Electricity Markets in the United Stats

Chapter:
(p.31) 1 The Difficult Transition to Competitive Electricity Markets in the United Stats
Source:
Electricity Deregulation
Author(s):
Paul L. Joskow
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226308586.003.0002

This chapter provides an account of the transition to competitive wholesale and retail electricity markets in the U.S. It explains that the development of well-functioning competitive markets encountered more problems and proceeded less quickly than some had anticipated when the first restructuring and competition programs were first being implemented in the late 1990s. Some of the most visible successes of these initiatives to date include the substantial investment in new generating capacity completed by merchant generating companies and the shifting of the associated construction cost, operating performance, and market risks to suppliers rather than to consumers.

Keywords:   electricity markets, U.S., competition programs, generating capacity, construction cost, operating performance, market risk

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