Message-ID: <12291360.1075856637953.JavaMail.evans@thyme> Date: Wed, 4 Oct 2000 12:57:00 -0700 (PDT) From: oren@ieor.berkeley.edu To: vince.j.kaminski@enron.com, vkaminski@aol.com Subject: Re: Abstract Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: "Shmuel Oren" X-To: , X-cc: X-bcc: X-Folder: \Vincent_Kaminski_Jun2001_5\Notes Folders\Universities X-Origin: Kaminski-V X-FileName: vkamins.nsf Thanks Vince. This is good but I also need a title. It would be good if you can as part of the talk present an example of a technical problem addressed by your group describing the problem and the general methodology employed or developed. You can also start with an introduction about your organization and the program. Shmuel ///////////////////////////////////////////////////////// Shmuel S. Oren, Professor Dept. of Industrial Engineering and Operations Research 4117 Etcheverry Hall University of California Berkeley, CA 94720-1777 e-mail: oren@ieor.berkeley.edu phone: (510) 642-1836 or 5484 Fax: (510) 642-1403 /////////////////////////////////////////////////////////// ----- Original Message ----- From: To: Cc: ; Sent: Monday, October 02, 2000 6:44 AM Subject: Abstract > Shmuel, > > This is the abstract for my presentation on the 23rd of October. > I am in London and Paris this week. I can be reached at my > private E-mail address vkaminski@aol.com. > > Please, feel free to suggest modifications to the abstract. > > > > Vince > > > ****************************************************************** > > > The last three years were characterized by exceptionally high volatility > of > > the power prices in the US markets. The market developments have created > a > > number of unique challenges for energy industry economists. One immediate > > question we have to answer is how to measure volatility of energy prices. > > Although we can all agree that the prices in the power markets are > > characterized by high variability, the traditional measures used in > financial > > economics (annualized standard deviation of log price returns) may not > fit > > well electricity prices. The second challenge is to explain the sources > of > > high price volatility and to answer the question to what extent it can be > > attributed to problems that can be addressed in the long run. Such > problems > > include flaws in market design that allow some market participants to > abuse > > market power, limited availability and/or unequal access to transmission, > > temporary shortages of generation capacity. Some factors underlying high > > volatility of electricity prices may be of permanent nature and may be a > > necessary price to pay for increased market efficiency and expanded > customer > > choice. > >