Colin M. Long's scientific contributions

Publications (17)

Chapter
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The previous discussion adds mathematical complexity to reconcile and accommodate economic principles, regulation, and optimal investment. As the pricing rules become increasingly complex, it is not surprising that there is little reasonable likelihood that regulators would have the necessary data and precise inputs to establish utility tariffs wit...
Chapter
These analyses confirm that virtually all variations in pricing during the period January 1, 2000 through June 20, 2001 can be explained by fundamental economic forces and specific regulatory policies in these markets. The markets created by the CPUC, the California Legislature, the CPX, then-Governor Davis, and the FERC profoundly influenced some...
Chapter
Full-text available
Our main conclusions are that underlying factors, especially the prices at and relative to Henry Hub, explain the underlying natural gas prices to a considerable extent. The daily natural gas analysis rejects the hypothesis that natural gas prices were somehow artificially inflated during this period. If the natural gas markets had been manipulated...
Chapter
Full-text available
California has choices. The worst seems to be in the past. The costs of recovering from the 18-month energy crisis are high. These costs will be spread over about a decade. There is great uncertainty over who or what types of institutions will emerge as the dominant suppliers in the future. Cooperation could yield benefits under new partnerships. T...
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As California’s aging natural gas-fired plants were called upon to run much harder and longer than anyone had anticipated, NOx reclaim credits became scarce and more expensive. Operators often chose to shut down power production if credits were not available or were extremely high priced. 4 Whether plants were curtailed or shut down, the outcome wa...
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Full-text available
Competitive wholesale market approaches for organizing electricity markets are based upon the conceptual principles of competitive markets. For markets to meet competitive criteria, it is necessary that neither generators nor buyers have market power and, thus, cannot establish price or quantity outcomes. California encouraged new generation owners...
Chapter
Design flaws that had been masked when supply exceeded demand, were painfully exposed when market forces conspired to increase demand and reduce supply. Next, we explore several hypotheses to analyze econometrically these various facts and data.
Chapter
Full-text available
In the post-Reagan political world, concerns with “pushy” regulation have given political wind to economistslrs questions about the natural monopoly status of generation. The growth in successful independent power producers that sold electricity on a MWH, not a power station, basis provided additional impetus to deregulate generation in much of the...
Chapter
Full-text available
The investigations with respect to market manipulation are ongoing. To date, some charges have been dismissed and in others, penalties have been paid without admission of guilt. The process is not complete. Therefore, it is not possible to reach a final conclusion. That said, two things seem relatively certain. First, the root causes of California’...
Article
The two alternative forms of regional transmission organizations represent fundamentally different approaches. Generally, a transco will create more fertile ground for product and price differentiation and competition, while ISOs will tend to uniform access charges and special rules and markets for addressing competition.

Citations

... The use of budgetary and production function models in agricultural economic analysis dates back to the seminal works of Spillman and Lang (1924), Black (1926), Hicks (1939), and Johnson and Bachman, (1959). The budgetary model enables the analyst to assess the profitability or otherwise of an agricultural production system. ...
... The UK government puts the value at £140 bn of investment needed by 2030 [36], while some observers put the figure even higher. With the current economic climate and post-Brexit uncertainties, attracting such a huge investment will be more difficult considering that four of the top six energy suppliers in the UK are in the hands of EU owners [37]. Already, some of the investors behind the currently planned power generation projects are reconsidering their decisions. ...
... Este método distorsiona las señales de operación, ya que es erróneo suponer que la electricidad fluye por un camino definido [25]; pueden dar ingresos adicionales para las empresas cuya infraestructura fue usada realmente y pérdidas para las empresas que experimentaron costos adicionales por congestión o por pérdida de oportunidad de negocio [26]. Igualmente, distorsiona las señales de inversión en transmisión porque no incluye el costo de la congestión y porque los caminos contratados artificiales limitan la recuperación de costos [19], [21]. ...