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This document was commissioned by the New Zealand Treasury. However, the views, opinions, findings, conclusions and recommendations expressed in it are strictly those of the author, do not necessarily represent and should not be reported as those of the New Zealand Treasury. The New Zealand Treasury takes no responsibility for any errors, omissions, or for the correctness of the information contained in this paper.
Table of Contents
- Summary and Introduction
- Why Competition?
- How Wholesale Electricity Markets Work
- When Competition Is Weak: The Problem of Market Power
- Measuring Market Power in Wholesale Electricity Markets
- What Should Be Done About Market Power?
- Generation Investment and Security of Supply
- Implications for New Zealand