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A Shock to the System is a guide to the decisions that will be faced by electricity providers, customers, and policymakers. Produced by a team of analysts at Resources for the Future, this concise and balanced work provides background necessary to understand the increasing role of competition in electricity markets. The authors introduce important concepts and terminology, and offer the history of public policy regarding electricity. They identify the significant proposals for implementing competition, and examine the potential consequences for regulation, industry structure, cost recovery, and the environment.
Table of Contents
1. Introduction: Why Care about Restructuring the Electricity Industry?
The Coming of Competition to the Electricity Industry
Policy Initiatives Shaping Regulatory Reform
The Six Major Issues
2. The Electricity Industry and Its Regulatory History
Functions of the Electricity Industry
Composition of the Electricity Industry
A Century of Electricity Policy
3. Implementing Competition: Different Levels, Different Models
Forces for Competition
The Scope of Competition
Two Proposed Market Structures
4. Market Power in Delivering Power: Regulating Electricity Transmission
Premises for Regulating Transmission
Whether to Regulate Transmission
How to Regulate Transmission
Special Features of the Transmission Industry
5.Restructuring Electric Utilities: The Pros and Cons of Vertical Integration
Pros and Cons of Vertical Integration
Vertical Integration Where Markets Are Not Competitive
Vertical Integration under Regulation
Key Restructuring Questions
6. Paying for the Past before Entering the Future: Coping with Stranded Costs
Stranded Costs throughout the Economy
Economic Principles of Regulation: How Big Could the Stranded Costs Be?
Economics of Contracts: What Was the Regulatory Compact wiht Electric Utilities?
Recovering the Costs: Practical Proposals for Handling Stranded Costs
7. Implications of Restructuring for Environmental Protection
Dealing with Air Pollution
How Restructuring could Affect the Environment
Restructuring and Environmental Policies
New Policies to Address the Environmental Consequences of Restructuring
Entry into Telecommunications Markets
Electricity Research and Development
Utility Tax Policy
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CHOICE – Outstanding Academic Title – Award Winner
CHOICE – 2018 Outstanding Academic Title – Award Winner
Shingo Research and Professional Publication Award Winner
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