Rising U.S. energy prices have brought renewed focus to mergers between electricity generators. After briefly describing the structure of U.S. electricity markets we describe and evaluate the electricity merger review process using the Vistra/Energy Harbor and Constellation/Calpine mergers as case studies. We show that market design, inelastic demand, and storage limitations allow for the exercise of market power even in mergers that would not be deemed anticompetitive by traditional measures of c
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