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Bates White publishes article on reliability
markets in Public Utilities Fortnightly
WASHINGTON, D.C., December 15, 2005—Bates White, a national
economics consulting firm, announces that Partner Dr. Jonathan
A. Lesser and Manager Dr.Guillermo Israilevich co-authored an
article titled “The Capacity Market Enigma: Why haven’t
reliability markets developed?” that appeared in the December
issue of Public Utilities Fortnightly.
The article discusses the challenges of designing a reliable
wholesale electric power market and addresses the primary controversy
about whether electricity demand can be met sufficiently without
establishing installed capacity requirements. Dr. Lesser and Dr.
Israilevich examine the economic impacts of today’s wholesale
electric market under regulated and deregulated market conditions
and show that, in both cases, to establish a reliable market requires
installed capacity payments for power generators. Only with separate,
long-term, installed-capacity markets will new generation investments
occur and in turn, increase market competition, lower energy prices,
and improve reliability.
Dr. Lesser has more than 20 years experience working for electric
utilities, government, and academia as an economic consultant.
He has addressed major economic and regulatory policy issues affecting
electric and natural gas utilities, ranging from market structure
and operations to cost allocation, rate design, capital investment
decision strategies and general regulatory policy. Dr. Lesser
has testified before several state public utility commissions
and before the Federal Energy Regulatory Commission (FERC). In
addition, he has testified in commercial litigation cases.
Dr. Guillermo Israilevich specializes in market analyses affecting
the energy sector. He focuses on analyzing competitive market
behavior in restructured electric power markets, regulated utilities’
ability to exercise horizontal and vertical market power, market
design, and investment costs for merchant generation plants. Dr.
Israilevich has an extensive background in industrial organization,
regulation, microeconomics, finance, and strategy.
Public Utilities Fortnightly is a national journal
that focuses on: competition, mergers, and strategic alliances;
emerging trends; legal issues; restructuring initiatives; new
policy; and technology advances.
Click here to download a
copy of the article. About Bates White
Bates White is a national economic consulting firm of more than 150 professionals.
Established in 1999, Bates White offers consulting services in economics,
finance,
and business analytics. Bates White has offices in Washington, D.C., and San
Diego, Calif.
www.bateswhite.com
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