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Inclining Toward Efficiency

Is electricity price-elastic enough for rate designs to matter?

Fortnightly Magazine - August 2008

Experiment,” Journal of Business & Economic Statistics , October 1994, Vol. 12, No. 4, pp. 419-430.

13. Ahmad Faruqui and Stephen S. George, “Quantifying Customer Response to Dynamic Pricing,” The Electricity Journal , May 2005.

14. Mark A. Bernstein and James Griffin, “Regional Differences in the Price-Elasticity of Demand for Energy,” prepared for the National Renewable Energy Laboratory, The RAND Corp., Santa Monica, California, 2005.

15. This suite of models evolved from the Pricing Impact Simulation Model (PRISM), developed to synthesize results of California’s Statewide Pricing Pilot in 2004-05. It includes a rate designer module that develops revenue-neutral dynamic pricing rates, a PRISM module and a benefits analyzer module that assesses the avoided costs of demand response. The suite is available from Mike Oldak of the Edison Electric Institute,

16. The Inverter module also can be applied to assess the impact of switching from a declining block rate to a flat or inclining block rate.

17. Ahmad Faruqui, “ Breaking out of the bubble: using demand response to mitigate rate shock ,” Public Utilities Fortnightly , March 2007; and Ahmad Faruqui and Jackalyne Pfannenstiel, “ California: Mandating Demand Response ,” Public Utilities Fortnightly , January 2008.

18. Remarks by President Michael Peevey of the California Energy Commission at the National Town Meeting on Demand Response, Washington, D.C., as cited in MW Daily , June 3, 2008.