1999 POWER Conference
on Energy Research and Policy

March 5, 1999

Clark Kerr Campus
Joseph Wood Krutch Theatre
2601 Warring Street
University of California, Berkeley


Organized by the University of California Energy Institute’s (UCEI) Center for the Study of Energy Markets (CSEM), the conference presents the work of leading researchers on some of the most challenging issues facing the electricity industry. This year, the papers directly address issues of climate change, cap-and-trade mechanism, tariff restructuring, energy efficiency, and electricity market design. Discussants of the work will include both researchers and practitioners.


Morning Sessions

8:00am-9:00am: Registration and Continental Breakfast

9:00am-9:15am: Welcome

Severin Borenstein, UC Energy Institute Director, POWER

9:15am-10:45am: Session 1

“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


Robin Cohen, London Economics

Paul Gribk, Perot Systems Corp.


11:10am-12:40pm: Session 2

“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


Catherine Wolfram, Harvard University

Ed Kahn, Analysis Group

12:40pm-2:10pm: Lunch

2:10pm-2:15pm: Welcome Back

2:15pm-3:00pm: Session 3

“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


James Bushnell, UCEI

James Macias, PG&E

3:25pm-4:55pm: Session 4

“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


Robert Gramlich, FERC

Carl Blumstein, UCEI

4:55pm-5:00pm: Closing Remarks

5:00pm-6:30pm: Reception