The Trouble With Electricity Markets: Understanding California's Restructuring Disaster
分析了2000年加州电力市场危机的原因，指出需求缺乏价格弹性、供应受限及市场势力导致价格飙升和短缺，并提出通过支持需求响应和长期合同来改善市场设计。
In June 2000, after two years of fairly smooth operation, California's deregulated wholesale electricity market began producing extremely high prices and threats of supply shortages. The upheaval demonstrated dramatically why most current electricity markets are extremely volatile: demand is difficult to forecast and exhibits virtually no price responsiveness, while supply faces strict production constraints and prohibitive storage costs. This structure leads to periods of surplus and of shortage, the latter exacerbated by sellers' ability to exercise market power. Electricity markets can function much more smoothly, however, if they are designed to support price-responsive demand and long-term wholesale contracts for electricity.