|
|
Enron Mail |
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000
05:14 PM --------------------------- "Shmuel Oren" <OREN@IEOR.Berkeley.edu< on 10/04/2000 06:57:32 PM To: <Vince.J.Kaminski@enron.com<, <vkaminski@aol.com< cc: Subject: Re: Abstract 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. < <
|