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Issues in the Analysis of Market Power in California

Identifying and diagnosing the exercise of market power is often difficult, particularly in tight supply and demand conditions. This task is further complicated in wholesale electricity markets by the need to take account of reliability policies and their impact on the bidding and operating decisions of even competitive firms. These complexities are exacerbated in California with its acknowledged flaws in market design and where the market rules combine to operate more like a pay-as-bid pricing system, which further reinforces the need to distinguish market inefficiency from the exercise of market power.