Competitive Electricity Markets: What Can Work and What Can't Feb 01

Standard & Poors, February 2001

Abstract
What is now known as the " California experiment in electricity deregulation" has sent shock waves around the world, particularly to other U.S. states and countries considering deregulation. It would be regrettable if others use the California experience as an excuse to avoid competition and maintain the status quo. First of all, everyone should agree to set the record straight: California's legislators were not conducting an experiment to test a hypothesis about markets as though they were in a high school lab. California was trying to introduce a new market structure that it hoped could bring real efficiencies to its economy. Instead, the California plan turned out to be a partial deregulatory effort that attempted to subsidize cheap electricity consumption...

Companies mentioned in this report are:
- California
- Australia (Commonwealth of) (Unsolicited Ratings)

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- California
- Australia (Commonwealth of) (Unsolicited Ratings)

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