Cointegration analysis of spot electricity prices: insights on transmission efficiency in the western US

被引：69

作者：

De Vany, AS ^{[1
]}

Walls, WD

机构：

[1] Univ Calif Irvine, Inst Math Behav Sci, Dept Econ, Irvine, CA 92717 USA

[2] Univ Hong Kong, Sch Econ & Finance, Hong Kong, Peoples R China

来源：

ENERGY ECONOMICS | 1999年 / 21卷 / 05期

关键词：

electricity spot markets; open transmission; market integration;

D O I：

10.1016/S0140-9883(99)00019-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The US Energy Policy Act of 1992 promoted the development of spot markets for electric power by requiring utilities to open their transmission systems to wholesale power sales. In this paper, we specify and estimate a vector error correction model using peak and off-peak electricity spot prices during 1994-1996 covering II regional markets in the western United States and test these prices for evidence of market integration. The results show evidence of an efficient and stable wholesale power market. (C) 1999 Elsevier Science B.V. All rights reserved. JEL classifications: L94; Q4.

引用

页码：435 / 448

页数：14

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