California electricity market crisis. Causes, remedies, and prevention

摘要

The competitive electric power market of the state of California (USA) began operation on 31 March 1998 with the California Independent System Operator (California ISO) and the now bankrupt Power Exchange (PX) as the main operationally independent market facilitators. The market took off smoothly, and the prices were seemingly just and reasonable until May 2000, when the first signs of market crisis emerged. This marked the beginning of the California power crisis that continued until about May 2001. During that period, California was confronted with an unprecedented electricity crisis that threatened to undermine the reliability of its electricity system, weaken its economy, and impact energy markets throughout the western part of the United States.