|Title||Review of the Structure of Bulk Power Markets|
|Year of Publication||1999|
|Authors||Brendan J Kirby, John D Kueck|
|Series Title||CERTS Grid of the Future Project Team|
|Institution||Oak Ridge National Laboratory|
|Keywords||electricity markets, Grid of the Future, power system economics, RT-004|
Historically, the bulk power market structure was dominated by vertically integrated utilities granted monopoly franchise service territories. Performance, both economic and reliability, was judged in a holistic fashion by regulators who approved tariffs that customers were obligated to pay. Restructuring seeks to introduce competition into electric power markets in order to improve economic efficiency. The impact of these changes on reliability is the subject of this report.