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I believe we grapple with energy pricing explanations because we largely abandon the concept of a free market during periods of system stress. Really interesting-- thanks for this article, Patrick. The power market is so unique compared with any other industry in how it works, its essential nature, and the forces governing it that it's quite easy to drown in it. I'm with you...
This is a very insightful piece. I don't envy you having to explain the maximization of social welfare in the discussion of energy price optimization, using only a chalkboard. Scarcity pricing does seem to be effective in Texas, but I'm not certain this model can work in areas of the country with less natural resources, i.e. wind power.
Richard- Thanks very much for the feedback. A funny side note to the arbitration story....I found out on Sunday evening about the presentation strategy change to be ready for the Monday morning presentation. I bought two large bottles of Coke and stayed up all night to get ready. Not using acronyms is a great way to get your point across without losing an audience. The other party hired a...