Rethinking WEPEX: What's Wrong with Least Cost?
AFTER MUCH DISCUSSION AND INNOVATION, CALIFORNIA is scheduled to launch its new electricity market (known as WEPEX) on Jan. 1, 1998, and we have a chance to revisit the issues. In the earlier round of this conversation, now three years past, I argued that the debate contrasting pool and bilateral models for a restructured electricity market was missing the point. %n1%n
I had thought the pool versus bilateral debate would be over by now; having both would have solved it.