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Fingerprinting the Invisible Hands

Opaque markets inflate power prices.

Fortnightly Magazine - July 2009

17, 2008, p. 222.

8. Order Adopting Amendment to §25.502, new §25.504 and new §25.505, as approved at the Aug. 10, 2006, open meeting, Aug. 23, 2006, pp. 28 and 29.

9. Order Adopting Amendment to §25.505, as approved at the Aug. 16, 2007, open meeting, Aug. 16, 2007, p. 18.

10. Whitepaper related to posting changes for PUCT Projects 31972 & 33490, Nov. 12, 2007, page 2.

11. Linear Regression is a standard tool in economics. Unfortunately, the mathematics assumes that the error term for each hour is statistically independent of the previous hour. This is clearly not the case in the real world. STATA’s “Robust” algorithm corrects for the correlation of the error terms and produces unbiased statistical parameters. It should be noted that the use of the “Robust” option does not, and should not, affect the point estimates of the parameters.

12. “Deregulation Jolts Texas Electric Bills,” Rebecca Smith, Wall Street Journal , July 17, 2008.

13. Order Establishing Prospective Mitigation and Monitoring Plan for the California Wholesale Electric Markets and Establishing an Investigation of Public Utility Rates in Wholesale Western Energy Markets , Apr. 26, 2001, p. 19.