Keywords: competition, electricity market reform, liberalisation, market design, market performance, regulations, restructuring
Electricity market reform and 'reform of the reforms'
For over two decades, policymakers and regulators in a number of countries around the world have been grappling with market reform, liberalisation, restructuring and privatisation issues. Although a great deal has been learned in the process and a blueprint for implementation has emerged, successful market design still remains partly art and partly science. The international experience to date indicates that in most cases, initial market reform leads to unintended consequences, which must be addressed in subsequent 'reform of the reforms'. Aside from this, a number of new issues and concerns have emerged challenging the wisdom and the feasibility of introducing market reform in other markets.