1 a quantitative analysis of pricing behavior in california s wholesale electricity market during summer 2000 the final word paul joskow and edward kahn february 4 2002 introduction prices were nearly 500 higher than they same months 1998 or 1999 this explosion was unexpected cec has called into question whether restructuring will bring benefits competition promised to consumers federal state government officials have initiated investigations issued reports about performance 2 unlike previous price spikes observed other us markets experience not been transient phenomenon few days duration but persistent series events lasting from june through roughly mid 2001 3 paper covers only with more intensive month when most generating units should recently returned service their spring elizabeth james killian professor economics management massachusetts institute technology cambridge ma group san francisco ca we appreciate comments
