Inefficiencies and Market Power in Financial Arbitrage: A Study of California’s Electricity Markets

By S. Borenstein, James Bushnell, Catherine D. Wolfram. 2006

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Maximum Likelihood Estimation of VARMA Models Using a State‐Space EM Algorithm (2007, background): “In the crisis period after May 2000, Borenstein et al. (2004) argue that Pacific Gas and Electric, the largest utility operating in NP15, may have exercised monopsony power to affect prices to its advantage.”
Pricing and Firm Conduct in California's Deregulated Electricity Market (2007, unknown): “All of 27 See Klemperer ( 2002 ) and Fabra ( 2003 ) . the units for which I have generation data burn natural gas as their primary fuel .”
Integration and shock transmissions across European electricity forward markets (2010, background): “1)) suggests that all interconnected markets influence each other in base and in peak periods, the only exception being France which, surprisingly in view of our propositions (2) and (5), does not exercise any impact on UK peak spot prices.”
Optimizing demand-side bids in day-ahead electricity markets (2006, background): “In [8] an argument is advanced under an assumption of risk neutrality that the day-ahead price will equal the expected real-time price even in the presence of market power.”