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Lessons Learned from the Electricity Market Liberalization

Paul Joskow

The Energy Journal, David Newbery Special Edition, 2008

Paul Joskow, The Energy Journal, David Newbery Special Edition, 2008

This paper discusses the lessons learned from electricity sector liberalization over the last 20 years. The attributes of reform models that have exhibited good performance attributes are identified, drawing on empirical analysis of market structure, behavior and performance in many countries. Wholesale and retail market competition and network regulation performance evidence are discussed. Technical, economic, and political challenges to improving the efficiency of what continue to be partial liberalization programs in many countries are considered.

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