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Econometric models of power prices: An approach to market monitoring in the Western US

Publication Type

Journal Article

Date Published

12/2008

Authors

Barmack, Matthew, Edward P Kahn, Susan Tierney, Charles A. Goldman

DOI

https://doi.org/10.1016/j.jup.2007.12.001

Abstract

Given the limitations of data and resources available for market monitoring in electricity markets where regional transmission organizations (RTO) do not exist, we argue that econometric models of power prices could provide a useful screening tool for market monitoring. To explore its feasibility, we developed several econometric models of power prices at two major trading hubs in the West: Palo Verde and Mid-Columbia. We show that our models explain a large portion of the variation in power prices in Palo Verde and can establish a benchmark that can be used to identify outlier prices that are potentially the result of anti-competitive behavior.

Journal

Utilities Policy

Volume

Year of Publication

2008

URL

https://www.sciencedirect.com/science/article/abs/pii/S0957178707000902

Issue

Organization

Energy Markets and Policy Department, Energy Analysis and Environmental Impacts Division

Research Areas

Electric System Planning, Electricity Markets and Policy, Energy Planning and Procurement, Bulk Power System Planning, Procurement and Market Processes, Energy Market Design and Assessment