The California Electricity Crisis

The California Electricity Crisis

by James L. Sweeney
The California Electricity Crisis

The California Electricity Crisis

by James L. Sweeney

Hardcover

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Overview

After political leaders mismanaged the electricity crisis, California now faces an electricity blight while it struggles to recover from its self-imposed wounds. The California Electricity Crisis focuses on policy decisions, their consequences, and alternatives: the saga California has faced and is still facing.

Product Details

ISBN-13: 9780817929114
Publisher: Hoover Institution Press
Publication date: 07/01/2002
Series: Hoover Inst Press Publication
Pages: 291
Product dimensions: 6.10(w) x 9.10(h) x 1.00(d)

About the Author

James L. Sweeney, known for his work energy economics and energy policy, is a Hoover Institution senior fellow. Sweeney analyzes economic and policy issues, especially those involving energy systems and/or the environment. He has particular research interests in global climate change, automotive fuel economy regulation, in electricity market problems, and in market structure issues.

Table of Contents

Figures and Tablesvii
Acknowledgmentsix
Forewordxi
Chapter 1Introduction and Overview1
Chapter 2California's Restructuring: Turning Opportunity into Risk7
California Utilities before Restructuring7
The Changing Federal Regulatory Structure14
Opening Transmission Networks16
Impacts on California Electricity before Restructuring17
Motivations for California Electricity Deregulation18
California Public Utilities Commission Leadership25
Wholesale Markets under the Restructured System39
Retail Markets under the Restructured System71
Municipal Utilities78
In Summary79
Chapter 3The Challenge81
The Nature of the Challenge83
Electricity Supply and Demand Patterns84
Wholesale Price Increases109
Why Did Wholesale Prices Increase So Much?111
California-Controlled Wholesale Price Controls129
The Financial Challenge134
State Policy Responses during the Challenge Period138
In Summary143
Chapter 4Through Crisis145
The Nature of the Crisis145
The Electricity Crisis146
The Financial Crisis172
State and Federal Policy Responses188
California Policy during the Crisis: A Critique216
Chapter 5From Crisis to Blight223
Long-Term Electricity Purchase Contracts228
Electricity Revenue Bonds236
Inclusion of the Utilities' Past Crisis Costs in Future Electricity Rates238
Paying Sunk Costs through Future Electricity Prices239
Elimination of Direct Access241
State Power Authority242
Chapter 6Policy Options: What Next?245
Improve Regional Integration245
Improve California Electricity Markets248
Improve Risk Management260
Manage California's Financial Obligations272
Chapter 7Some Reflections277
Index285
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