Market Power and Market Manipulation in Energy Markets

In discussing the development of statutory and regulatory enforcement systems devised in the wake of the California Power Crisis, the book provides an analytical framework for understanding the legal and economic nuances associated with market manipulation in its various forms. Consistent with the logic of the manipulation enforcement actions recently brought by the FERC and CFTC, this framework provides perspective as to the future of manipulation compliance and enforcement under these agencies' continuing mandates. This First Edition provides: - An introduction to the similarities and differences between market power and market manipulation; - A discussion of how market power may be diagnosed in electricity markets; - An overview of the evolution of the Western Power Crisis; - A chronicle of the litigation that stemmed from the Crisis; - A study of the exercise of market power during the Crisis and the analytic techniques for identifying and measuring it in power markets; - A discuss