Econometric models of power prices: An approach to market monitoring in the Western US |
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| Authors: | Matthew Barmack Edward Kahn Susan Tierney Charles Goldman |
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| Affiliation: | aPacific Gas and Electric Company, San Francisco CA, USA;bAnalysis Group, Suite 1750, Two Embarcadero, San Francisco, CA 94111 USA;cLawrence Berkeley National Laboratory, 1 Cyclotron Road, Mailstop 90R4000, Berkeley, CA 94720 USA |
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| 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. |
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| Keywords: | Market monitoring Electricity markets Deregulation Market power Electricity prices |
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