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Return-Path: <OREN@IEOR.Berkeley.edu< Received: from rly-zb03.mx.aol.com (rly-zb03.mail.aol.com [172.31.41.3]) by air-zb03.mail.aol.com (v76_r1.8) with ESMTP; Wed, 04 Oct 2000 22:57:12 -0400 Received: from newton.berkeley.edu (newton.berkeley.edu [128.32.142.2]) by rly-zb03.mx.aol.com (v75_b3.9) with ESMTP; Wed, 04 Oct 2000 22:56:45 -0400 Received: from azuma (azuma.IEOR.Berkeley.EDU [128.32.125.236]) by newton.berkeley.edu (8.9.3/8.9.3) with SMTP id TAA07187; Wed, 4 Oct 2000 19:56:43 -0700 (PDT) Message-ID: <001901c02e5e$dcf633a0$ec7d2080@ieor.berkeley.edu< From: "Shmuel Oren" <OREN@IEOR.Berkeley.edu< To: <Vince.J.Kaminski@enron.com<, <vkaminski@aol.com< References: <OFCADD0D08.4BAA0521-ON8625696C.003A9081@enron.com< Subject: Re: Abstract Date: Wed, 4 Oct 2000 19:57:32 -0400 MIME-Version: 1.0 Content-Type: text/plain; charset="iso-8859-1" X-Priority: 3 X-MSMail-Priority: Normal X-Mailer: Microsoft Outlook Express 5.50.4133.2400 X-MimeOLE: Produced By Microsoft MimeOLE V5.50.4133.2400 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: <Vince.J.Kaminski@enron.com< To: <shmuel@euler.me.berkeley.edu< Cc: <Vince.J.Kaminski@enron.com<; <vkaminski@aol.com< 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. < <
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