Empirical evidence on energy prices volatility during the californian energy crisis. Regulator's capture in the enron case? Evidenze empiriche dalla volatilità dei prezzi elettrici durante la crisi energetica californiana. Cattura del regolatore nel caso Enron?

Busato F., GATTO A.

Moneta e Credito, vol.72, no.285, pp.29-46, 2019 (Scopus) identifier

  • Nəşrin Növü: Article / Article
  • Cild: 72 Say: 285
  • Nəşr tarixi: 2019
  • Doi nömrəsi: 10.13133/2037-3651_72.285_3
  • jurnalın adı: Moneta e Credito
  • Jurnalın baxıldığı indekslər: Scopus
  • Səhifə sayı: pp.29-46
  • Açar sözlər: Electric crises, Enron, Market manipulation, Regulator capture
  • Açıq Arxiv Kolleksiyası: Məqalə
  • Adres: Bəli

Qısa məlumat

This work analyzes the trade data of the three major hubs of the Western US electricity markets - SP-15, Palo Verde, and Mid-C -, proposing the reconstruction and the organization of a new complete dataset of the daily time series of the electricity prices for the years 2001-2017. They are examined Enron operations and the main regulations and policy measures adopted in the American financial markets, before, during, and after the California crisis of 2000-2001, through a normative and a statistical analysis of the electricity prices. The objectives are to verify the existence of a relationship amongst price volatility and manipulative phenomena, and to test the effectiveness of the regulative policies applied. The results suggest a significant role played by Enron operations in the increase of the episodes and intensity of the volatility of the electricity prices in California and validate the hypothesis of a regulator capture.