Research Papers

Mergers, Market Power and Anti-Trust

2008 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1991-1994


Bowring, Joseph. Market Power Tests Gross Positions and Net Positions Physical and Financial Dimensions. Presentation to the Harvard Electricity Policy Group Fifty-first Plenary Session, Cambridge, MA, May 29, 2008.

Caplan, Stuart. Market Power Monitoring and Mitigation in a World of Financial Transactions. Presentation to the Harvard Electricity Policy Group Fifty-first Plenary Session, Cambridge, MA, May 29, 2008.

Trask, Noel. Financial Transactions and Market Power: How FERC Should Implement Its New Market Power Tests to Reflect Sellers' Differing Position Management Strategies. Presentation to the Harvard Electricity Policy Group Fifty-first Plenary Session, Cambridge, MA, May 29, 2008.

Flaim, Theresa. Is No Cost Too High to get Low Prices? Presentation to the HEPG Fiftieth Plenary Session. February 2008. 13 pages.

Simon, Julie. You say Monopoly; I say Monopsony. Monopsony Manipulation: No Cost is Too High to Get Low Prices. Presentation to the HEPG Fiftieth Plenary Session. February 2008. 14 pages.


Wolak, Frank. Managing Unilateral Market Power in Electricity. 3 March 2006. Presentation, 14 pages.

Hederman, William. Federal Energy Market Monitoring: A Review of Progress and Challenges. 3 March 2006. Presentation, 14 pages.

Chao, Hung-po. The Role of Market Monitors. 3 March 2006. Presentation, 8 pages.


Moss, Diana. "Electricity Mergers, Economic Analysis, and Consistency: Why FERC Needs to Change Its Approach." American Antitrust Institute Working Paper 04-02 22. 30 January 2005. Paper, 30 pages.


Anderson, Steven. Analyzing Strategic Interaction in Multi-Settlement Electricity Markets: A Closed-Loop Supply Function Equilibrium Model. May 2004. Dissertation, awarded the 2004 Hans Jurgen Ewers Prize for applied research on infrastructure economics by the Berlin University of Technology. 479 pages.

Smeers, Yves. "How well can one measure market power in restructured electricity systems?" November 2004. Paper, 81 pages.


Rajaraman, Rajesh and Fernando Alvarardo. (Dis)Proving Market Power. September 2003. Paper, 36 pages.

Mansur, Eric (Center for the Study of Energy Markets). Vertical Integration in Restructured Electricity Markets: Measuring Market Efficiency and Firm Control. October 2003. Paper, 57 pages.

California ISO. Supplemental Analysis of Trading and Scheduling Strategies Described in Enron Memos. June 2003. Paper, 30 pages.

California Public Utilities Commission. Supplement to the California Public Utilities Commission Staff's Wholesale Generator Investigative Report Dated September 17, 2002 . 30 January 2003. Paper, 17 pages.

Elhauge, Einer. Why Above-Cost Price Cuts to Drive Out Entrants Are Not Predatory - The Implications for Defining Costs and Market Power. 6 January 2003. Paper, 147 pages.

Jamasb, Tooraj, Paul Nillesen and Michael Pollitt. Strategic Behavior Under Regulation Benchmarking. January 2003. Cambridge-MIT Institute. Working Paper No. 19. Paper, 30 pages.


Pope, Susan. California Electricity Price Spikes: An Update on the Facts. 9 December 2002. Paper, 20 pages.

Ruff, Larry. Market Power Mitigation: Principles and Practice. November 2002. Paper, 43 pages.

California ISO Department of Market Analysis. Trading and Scheduling Strategies Described in Enron Memos. 4 October 2002. Paper, 34 pages.

California Public Utilities Commission. Executive Summary - Wholesale Generator Investigative Report. September 2002. Paper, 70 pages.

ISO-NE Market Monitoring Indices and Reporting Working Group. A Catalogue of Market Metrics. April 2002. Presentation, 34 pages.

Power Pool of Alberta.
Economic Witholding in the Alberta Energy Market. 4 March 2002. Paper, 51 pages.
Economic Witholding in the Alberta Energy Market - A Follow-Up. 30 April 2002. Paper, 9 pages.

Harvey, Scott and William Hogan. Market Power and Market Simulations. 12 July 2002. Paper, 55 pages.

PJM Market Monitoring Unit. Report to FERC: Interface Pricing Policy. 12 August 2002. Report, 10 pages.

Gilbert, Richard, Karsten Neuhoff and David Newbery. Allocating Transmission to Mitigate Market Power in Electricity Networks. 25 September 2002. Paper, 37 pages.

Market Surveillance Committee of the California ISO. Opinion on the Oversight and Investigation Overview. 22 July 2002. Paper, 14 pages.

General Accounting Office of US Congress (GAO). Restructured Electricity Markets: California Market Design Enabled Exercise of Market Power. Report to Congressional Requestors. June 2002. 47 pages.

Newbery, David. Mitigating Market Power in Electricity Networks. Prepared for "Towards a European Market of Electricity: What Have We Learnt From Recent Lessons? Spot Market Design, Derivatives and Regulation" Conference. Rome, June 2002. Organized by Scuola Superiore Pubblica Amministrazione, Presidenza Consiglio dei Ministri, Italy.
22 May 2002. Paper, 22 pages.

Wolak, Frank. Statement Before the Senate Committee on Commerce, Science and Technology on Enron's Role in the California Electricity Crisis. 15 May 2002. Testimony, 12 pages. Additional material available at Frank Wolak's Web site.

Balson, Bill and Gordon Rausser. Can Deriving Trading Create Market Power in Physical Spot Markets? 24 January 2002. Presentation, 9 pages.

Shilts, Richard. Market Power and Market Makers. 24 January 2002. Presentation, 26 pages.

Bowring, Joseph. Market Power and Market Makers. 24 January 2002. Presentation, 21 pages.

McCullough, Robert. Testimony of Robert McCullough Before the House Subcommittee on Energy and Air Quality.
13 February 2002. Testimony, 20 pages.

Joskow, Paul, and Edward Kahn. A Quantitative Analysis of Pricing Behavior in California’s Wholesale Electricity Market During Summer 2000: The Final Word. 4 February 2002. Paper, 42 pages.


Baldick, Ross and William Hogan. Capacity Constrained Supply Function Equilibrium Models of Electricity Markets: Stability, Non-decreasing Constraints, and Function Space Iterations. Power Working Paper PWP-089. 18 December 2001. 95 pages. [Choose "print as image" in the Adobe printer dialogue box for this document.]

Harvey, Scott and William Hogan. Identifying the Exercise of Market Power in California. 28 December 2001. Paper, 87 pages.

Harvey, Scott and William Hogan. Market Power and Withholding. 20 December 2001. Paper, 23 pages.

Harvey, Scott and William Hogan. Further Analysis of the Exercise of Market Power in the California Electricity Market. 21 November 2001. Paper, 34 pages.

Stoft, Steven. An Analysis of FERC's Hub-and-Spoke Market-Power Screen. 12 September 2001. Paper, 16 pages.

Joskow, Paul and Edward Kahn. Identifying the Exercise of Market Power: Refining the Estimates. 5 July 2001. Paper, 36 pages.

Murphy, Frederic and Yves Smeers. California Overcomes an Electricity Crisis. May 2001. Paper, 61 pages.

Harvey, Scott and William Hogan. On The Exercise of Market Power Through Strategic Withholding in CA. 2 November 2001. Paper/Analysis, 2 pages.

Wolak, Frank. A Market (Power) Mitigation Plan for California Electricity Market. Spring 2001. Presentation,
40 pages.

California ISO. Comments of the CA ISO Corp. on Staff’s Recommendation on Prospective Market Monitoring and Mitigation for the CA Wholesale Electric Power Market. FERC Docket EL 00-95-012. 22 March 2001. Regulatory analysis, 42 pages.

Sheffrin, Anjali. Empirical Evidence of Strategic Bidding in CA ISO Real-Time Market. 21 March 2001. Paper, 20 pages.

Hildebrandt, Eric (California ISO, Dept. Of Market Analysis). Further Analyses of the Exercise and Cost Impacts of Market Power in California’s Wholesale Market. March 2001. Paper, 25 pages.

Wolak, Frank.On Proposed Market Monitoring and Mitigation Plan for California Electricity Market. 6 February 2001. Paper, 18 pages.


Dunn, William Jr., and Mark Rossi. Market Power Monitoring & Mitigation in New England. 21 September 2000. Presentation.

US Department of Energy Office of Economic Electricity and Gas Analysis and Office of Policy. Horizontal Market Power in Restructured Electricity Markets. March 2000.

Kessler, Alan. Merger Mania and Public Policy. 20 January 2000. Presentation.

Lamb, William. Mergers and Acquisitions - Merger Mania and Public Policy. 20 January 2000. Presentation.

Werden, Gregory. Remedies for Anticompetitive Electric Power Mergers. 20 January 2000. Presentation.

Bushnell, James. Electricity Market Monitoring and Market Power Mitigation. 21 September 2000. Presentation.


Borenstein, Severin. Understanding Competitive Pricing and Market Power in Wholesale Electricity Markets. POWER Working Paper PWP-067. August 1999. Paper, 15 pages.

Bushnell, James and Frank Wolak. Regulation and the Leverage of Local Market Power in the California Electricity Market. July 1999. Paper, 49 pages.

Cavanagh, Ralph. Energy Service Companies and Energy Distribution Monopolies: Renewing the Partnership. Energy Efficiency Journal 7, no. 2 (April 1999). 1 page.


Borenstein, Severin and James Bushnell. An Empirical Analysis of the Potential for Market Power in California's Electricity Industry. Program on Workable Energy Regulation (POWER) Working Paper, PWP-044r, December, 1998.

Joskow, Paul. Comments on the Report on Market Issues in the California Power Exchange (PX) and the Preliminary Report on Market Operations of Ancillary Services Markets of the California Independent System Operator (ISO).
1 September 1998.

Cavanagh, Ralph and Richard Sonstelie. "Energy Distribution Monopolies: A Vision for the Next Century." The Electricity Journal. August/September 1998.

Wolak, Frank, Robert Nordhaus and Carl Shapiro. Preliminary Report on the Operation of the Ancillary Services Markets of the California Independent System Operator (ISO). 19 August 1998.

Bohn, Roger, Alvin Klevorick and Charles Stalon. Report on Market Issues in the California Power Exchange Energy Markets. 17 August 1998.

Hobbs, Benjamin, Carolyn Metzler and Jong-Shi Pang. Strategic Gaming Analysis for Electric Power Networks: An MPEC Approach. April 1998.

Sweetser, Al. An Empirical Analysis of a Dominant Firm's Market Power in a Restructured Electricity Market: A Case Study of Colorado. 1 April 1998.

Borenstein, Severin, James Bushnell and Christopher Knittel. Market Power in Electricity Markets: Beyond Concentration Measures. July 1998.

Stoft, Steven. How Financial Transmission Rights Can Curb Market Power. 25 March 1998.

Stalon, Charles. Distinguishing Constructive and Non-Constructive Forms of Rivalry in the US Electric Industry.
30 January 1998. Presentation.

Raskin, David. ISO Market Monitoring and Mitigation: The Addictive Allure of Electric Price Regulation. 30 January 1998. Presentation.

Tranen, Jeffrey. Overview of ISO Market Monitoring Plan. 30 January 1998. Presentation.

Weiss, Jürgen. Market Power Issues in Restructuring of the Electricity Industry: An Experimental Investigation. 1998.


California ISO. ISO Market Monitoring & Information Protocol. 23 December 1997.

ISO New England. Market Monitoring, Reporting and Market Power Mitigation. 19 December 1997.

Werden, Gregory. Evaluating the State of Competition in a Restructured Electric Power Industry and the Role of Antitrust Enforcement. 21 November 1997. Presentation.

Backerman, Steven, Michael Denton, Stephen Rassenti and Vernon Smith. Market Power in a Deregulated Electrical Industry: An Experimental Study. February 1997.


Cardell, Judith, Carrie Cullen Hitt and William Hogan. Market Power and Strategic Interaction in Electricity Networks. Revised 30 November, 1996.

Rosen, Richard and Heidi Kroll (Tellus Institute). "Leveraging" - The Key to the Exercise of Market Power in a Poolco. Draft. 25 June 1996.

Tranen, Jeffrey. Operational Separation - the Preferred Approach to Deal with Vertical Market Power Concerns.
20 May 1996.

Bonney, Paul. Mergers and Market Power in the Electric Utility Industry. Draft. 23 April 1996.

Klein, Michael (World Bank, Private Sector Development Department). Competition in Network Industries. April 1996.

Pierce, Richard. Antitrust Policy in the New Electricity Industry. Energy Law Journal 17(1):29-58. 1996.


George, Emmit. State Regulator Issues [on Merger Policy] Draft. 7 December 1995.

Hogan, William. Market Power Analysis and Transmission Constraints: An Exploration Draft. 7 December 1995.
13 pages

Borenstein, Severin, James Bushnell, Edward Kahn and Steven Stoft. Market Power in California Electricity Markets. December 1995.

Werden, Gregory. Identifying Market Power in Electric Power Generation Draft. 29 November 1995.

Wolfram, Catherine. Measuring Duopoly Power in the British Electricity Spot Market Draft. November 1995.

Massey, William. FERC's Evolving Merger Policy Draft. 12 October 1995.

DeMarco, Christopher, Jayant Sarlashkar and Fernando Alvarado. The Potential for Malicious Control in a Competitive Power Systems Environment. University of Wisconsin-Madison Department of Electrical and Computer Engineering, ECE-95-10. August 1995.

Joskow, Paul. Appendix A: Horizontal Market Power in Wholesale Power Markets Draft. August 1995.

Hogan, William. Memorandum: Setting the Stage Draft. 18 April 1995.

McDermott, Karl. Presentation on Market Power Issues. 18 April 1995.

Santa, Donald. Notes to Accompany Remarks: Competition in Electricity Generation, Market Power, and Market Pricing Draft. 18 April 1995.

Schnitzer, Michael. Options for Mitigating Market Power Draft. 18 April 1995.

Wall, Carter. Market Power and Power Markets: Voices in the Current Debate Draft. 4 April 1995.

Joskow, Paul. Market Power: What Is It? Draft. 4 April 1995.

Baker, Donald. Shared ATM Networks - The Antitrust Dimension Draft. 30 March 1995.


Hempling, Scott. Expansion of Electric Utility Monopolies: The Need for Regulatory Alertness. March 1994.

Cooper, Mark (Consumer Federation of America). Milking the Monopoly: Excess Earnings and Diversification of the Baby Bells Since Divestiture. February 1994.

O'Neill, Richard and Charles Whitmore. Network Oligopoly Regulation: An Approach to Federalism Draft. 24 June 1993.

Baker, Donald. "Compulsory Access to Network Joint Ventures Under the Sherman Act: Rules or Roulette?" Utah Law Review 1993(4). Excerpt: pp. 999-1019.

Cooper, Mark (Consumer Federation of America). Divestiture Plus Eight: The Record of the Bell Company Abuses Since the Break-Up of AT&T. December 1991.


Capacity Markets

Climate Change


Competitive Market Models and Transitions to Competition

Electric Storage

Demand Response

Demand Side Management/Conservation

Distributed Generation

EPAct and Predictions for the Future

FERC Rulings and Reports

Financial Markets

Financial Transmission Rights

Investment Incentives/Risk Allocation

Lessons from Abroad

Lessons from Other US Industries


Market Liquidity

Market "Manipulation"

Merchant Transmission

Mergers, Market Power and Anti-Trust

National Energy Policy

Natural Gas

Nuclear Power

PEV (Plug-in Electric Vehicles)

Public Power

Regional Transmission Organizations

Regulation, Governance and Judicial Review


Renewable Energy

Research and Development

Resource Adequacy

Retail Pricing

Scarcity Pricing


Smart Grid

Standard Market Design and Demand-Side Activities

State and Regional Activities


Stranded Benefits (Including Public Policy, Environment, DSM, IRP)

Stranded Investments, Assets, Costs (Including the Nuclear Question)

Transmission Cost Allocation

Technology Incentives

Transmission Investment

Transmission Planning

Wholesale and Retail Competition

Miscellaneous (Including Electricity Futures, Economic Principles, Financial Reform)