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- W348721 abstract "The traditional utility ratemaking process has condoned if not fostered inefficiencies from which the forces promoting electric utility competition derive much of their underlying strength. As competition develops, market forces can be expected to play an increasingly important role in setting electricity prices. These, in turn, are likely to put growing pressure on electric rates, which will reflect both the entrenched inefficiencies of utilities and the technological progress of recent years in improving the efficiency of new generating facilities. The best measure of the long-term vulnerability of electric utility rates to competitive pressure is the difference between rates and the cost of producing power using the most efficient new generating facilities. The relevant cost is the total cost, including capital costs per kilowatt-hour. In terms of economic theory, this represents the long-run marginal cost of electric power. If the price of electricity is above this cost, efficient producers will have an incentive to build new plants, and thus increase electric production. Conversely, if the price is below this cost, new capacity additions will be unprofitable. Hence, if electric demand is growing, competitive pressure in the long-run will tend to move the price of electricity toward the cost per kilowatt-hour ofmore » power from new generating facilities. Competitive pressures, of course, cannot become effective unless efficient new capacity is reasonably free to enter production. This requires eliminating the existing barriers utilities use to prevent entry, the most important being the prohibition of retail wheeling. Accordingly, the cost of power from efficient new generating facilities will probably have only a limited impact on utility rates until retail wheeling either is permitted directly or becomes prevalent in some disguised form.« less" @default.
- W348721 created "2016-06-24" @default.
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- W348721 date "1993-06-15" @default.
- W348721 modified "2023-09-23" @default.
- W348721 title "The pressures of competition: High-cost producers won't be alone as market forces squeeze harder" @default.
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