The End of a Natural Monopoly: Deregulation and Competition in the Electric Power Industry

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P.Z. Grossman (Butler University, Indianapolis, IN, USA) D.H. Cole (Indiana University, Indianapolis, IN, USA)

The End of a Natural Monopoly

Deregulation and Competition in the Electric Power Industry

P.Z. Grossman (Butler University, Indianapolis, IN, USA), D.H. Cole (Indiana University, Indianapolis, IN, USA)

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English

JAI Press Inc.
17 July 2003

Monopolies; Electrical power industries

"Electric power, based on a single, large service provider, connected by wires to all of its customers, was thought to be an industry that could only operate efficiently as a monopoly; indeed it was something called a ""natural monopoly"". Since it had to be a monopoly, with all the attendant inefficiencies and potential market abuses monopoly entails, government regulation was necessary. These basic assumptions, which at times seemed to conflict with observed facts remained largely unquestioned for the better part of 75 years. Then, changing institutional and technological circumstances led economists to question the basis in fact of the theory of natural monopoly, and the regulatory system it entailed. Movement toward a deregulated electric power system began albeit in piece-meal fashion. The result has been deregulation and re-regulations, which often have resulted in more costs than benefits for society as a whole. In the most infamous case, California, the entire enterprise of regulatory change has been called into question. The process of de- or re-regulation in several other states has stopped because of fear of repeating California's mistakes. This book addresses some of the fundamental issues underlying the debate over electric power regulation and deregulation."

Edited by: P.Z. Grossman (Butler University Indianapolis IN USA), D.H. Cole (Indiana University, Indianapolis, IN, USA)
Imprint: JAI Press Inc.
Country of Publication: United Kingdom
Volume: Vol 7
Dimensions: Height: 234mm, Width: 156mm, Spine: 15mm
Weight: 630g
ISBN: 9780762309955
ISBN 10: 0762309954
Pages: 254
Publication Date: 17 July 2003
Audience: College/higher education , Professional and scholarly , Further / Higher Education , Undergraduate
Format: Hardback
Publisher's Status: Active

Daniel H. Cole and Peter Grossman

Reviews for The End of a Natural Monopoly: Deregulation and Competition in the Electric Power Industry

...Encouragingly this book starts by challenging the very notion that utilities, and especially the power industry, ever were natural monopolies. ...The optimistic tone of the conclusion takes comfort in examples from other utility services in the USA that show deregulation will always tend to proceed fitfully forward and the regulatory system will continue to evolve to take account of that new paradigm that natural monopoly no longer exists. The Journal of Energy Literature, 2003