Gatto, Andrea ORCID: 0000-0003-1005-3571 and Busato, Francesco (2019) Evidenze empiriche dalla volatilità dei prezzi elettrici durante la crisi energetica californiana. Cattura del regolatore nel caso Enron? Moneta e Credito, 72 (285). pp. 29-46. ISSN 0026-9611 (Print), 2037-3651 (Online) (doi:https://doi.org/10.13133/2037-3651_72.285_3)

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Abstract

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.

Questo lavoro analizza i trade data dei tre hubs principali dei mercati elettrici occidentali USA – SP-15, Palo Verde e Mid-C –, proponendo la costruzione e l’organizzazione di un nuovo dataset completo delle serie temporali giornaliere dei prezzi elettrici per gli anni 2001-2017. Si esaminano le operazioni Enron e le principali regolamentazioni e misure di policy adottate nei mercati finanziari americani prima, durante e dopo la crisi californiana del 2000-2001, attraverso un’analisi normativa e statistica dei prezzi elettrici. Gli obiettivi sono di verificare l’esistenza di una relazione tra volatilità dei prezzi e fenomeni manipolativi, e testare l’efficacia delle politiche regolative applicate. I risultati suggeriscono un ruolo significativo delle operazioni Enron nell’aumento di episodi e dell’intensità della volatilità dei prezzi elettrici in California e avvalorano l’ipotesi di una cattura del regolatore.

Item Type:	Article
Additional Information:	This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Uncontrolled Keywords:	market manipulation, electric crises, Enron, regulator capture
Subjects:	T Technology > TK Electrical engineering. Electronics Nuclear engineering
Faculty / School / Research Centre / Research Group:	Faculty of Engineering & Science Faculty of Engineering & Science > Natural Resources Institute Faculty of Engineering & Science > Natural Resources Institute > Livelihoods & Institutions Department
Last Modified:	23 Oct 2019 09:55
URI:	http://gala.gre.ac.uk/id/eprint/25638

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