Power Flows: Transmission Lines, Allocative Efficiency, and Corporate Profits
研究美国两大电力市场因市场不完全整合导致的静态配置低效，2022年损失达20亿美元，并指出四家企业若市场整合将损失13亿美元，部分企业可能阻碍输电项目。
Accelerated investment in electricity transmission could reduce total costs and enhance renewable integration. I document static allocative inefficiencies induced by incomplete market integration in 2 major US markets; these have risen over time and totaled $2 billion in 2022. I also argue that estimating firm-level impacts is important, as incumbents may have the power to block new lines and other reforms. I show that 4 firms would have experienced a collective $1.3 billion drop in net revenues in 2022 had the market been integrated, and there are reports of some of these firms blocking transmission projects.