Frank Wolak on Engineering and Electricity Market Design
Carry the Two
Navigating Electricity Market Design
This chapter examines the unique complexities of electricity market design in comparison to traditional markets, focusing on inherent infrastructure limitations and the significance of physical laws in market operations. It reflects on historical utility practices, the role of regulatory skills, and the importance of collaboration between economists and engineers in enhancing market efficiency and reliability. The analysis is enriched by lessons from past crises, particularly the California electricity crisis, emphasizing accountability and the necessity of regulation in ensuring sustainable market practices.
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