UCEI: Power Conference

Fourth Annual Research Conference on

Electricity Industry Restructuring

March 5, 1999

Clark Kerr Campus

Joseph Wood Krutch Theatre

2601 Warring Street

University of California, Berkeley

The Conference

Organized by the University of California Energy Institute's Program on Workable Energy Regulation, this conference presents the work of leading researchers on electricity industry restructuring. Their work directly addresses a number of critical policy concerns including competition in a deregulated market, market design and financial instruments, ancillary services, and demand-side managment. Discussants of the work will include both researchers and practitioners.

For Information

POWER Conference

University of California Energy Institute

2539 Channing Way #5180

Berkeley, CA 94720-5180

Phone: 510-642-9588

Fax: 510-643-5180

E-mail: ucei@uclink.berkeley.edu

The Sponsors

California Independent System Operator
California Power Exchange
National Economic Research Associates
Pacific Gas & Electric
Southern California Edison
Southern California Gas Company

The Agenda

8:00 - 9:00 --- Registration

Continental Breakfast

9:00 - 9:15 --- Welcome

Severin Borenstein, UC Energy Institute Director, POWER

9:15 - 12:30

"Draining the Pool: The Reform of Electricity Trading in England and Wales" by Richard Green, Cambridge University

"Empirical Analysis of the Impact of Hedge Contracts on Bidding Behavior in a Competitive Electricity Market" by Frank Wolak, Stanford University

Discussants

Robin Cohen, London Economics

Paul Gribk, Perot Systems Corp.

Break

"Pricing, Risk Sharing, and Profitability in the Deregulated Electric Power Industry" by Hendrick Bessembinder and Michael Lemmon, Arizona State University

"Stochastic Models of Energy Commodity Prices and Their Applications" by Shijie Deng, UC Berkeley

Discussants

Catherine Wolfram, Harvard University

Ed Kahn, Analysis Group

12:30 - 1:45 --- Luncheon

1:45 - 5:00

"Incentive-Compatible Scoring and Settlement Rules for Multi-Dimensional Auctions" by Hung-Po Chao, EPRI and Robert Wilson, Stanford University

"Why the Ancillary Services Markets in California Don't Work and What To Do About It" by Laura Brien, NERA

Discussants

James Bushnell, UCEI

James Macias, PG&E

Break

"Demand-Side Management Programs Under Retail Electricity Competition" by Tim Brennan, Resources for the Future

"Diagnosing Market Power in California's Deregulated Wholesale Electricity Market" by Severin Borenstein, UCEI, James Bushnell, UCEI, and Frank Wolak, Stanford University

Discussants

Robert Gramlich, FERC

Carl Blumstein, UCEI

5:00 - 6:00 --- Reception