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Electricity is one of the largest and most vital industries in the U.S. economy, with sales exceeding $200 billion annually. While electricity represents the backbone of commerce, industry, and household production, the structure of the industry has been changing in rather dramatic ways. After being heavily regulated for more than a century by local, state, regional, and federal authorities, deregulation is taking center stage. In general, deregulation results in lower prices, more product choices, and more rapid technological advances. Conversely, rate regulation has inherent flaws,...

As long as commodity and securities markets have been in operation, market manipulation has been a serious concern. Now that many electricity and natural gas markets have been opened to competition, manipulation threatens to destroy the value of these markets as well. Yet market manipulation itself remains ill-defined, with uncertain legal and economic principles operating on both sides of regulatory proceedings.  Andrew N. Kleit’s Modern Energy Market Manipulation offers an in-depth exploration of this crucial gray area. It presents a coherent definition of market manipulation, and...

Initially created as afterthoughts to competitive electricity markets, capacity markets were intended to enhance system reliability. They have evolved into massive, highly controversial, and poorly understood billion-dollar institutions. Electricity Capacity Markets examines the rationales for creating capacity markets, how capacity markets work, and how well these markets are meeting their objectives. This book will appeal to energy experts and non-experts alike, across a range of disciplines, including economics, business, engineering, public policy, and law. Capacity markets are an...

This book focuses on the antitrust process and how that process affects the efficiency of antitrust law enforcement. The contributors share a wide range of experiences in the antitrust process, including academia, the legal environment, and both private and public sectors. The book deals first with merger activities, followed by non-merger enforcement initiatives and concludes with an examination of the future role of antitrust.