When approached by the editor of this volume to contribute an Epilogue to the book, I could not resist: the topic of the book has been my passion for some time.
Twenty years ago a big surprise happened to me. In spite of the warnings from Joskow and Schmalensee’s “Markets for Power” in 1983 and Schweppe et al’s “Spot Pricing” in 1988, my own career has been devoted to a discovery of “market-based electricity reforms,” and what a journey it has been!
At the beginning it took me 2 years to understand the UK Pool. I was convinced that no market could ever work in this industry. It took another 2 years to understand Nord Pool. Then 3 years to understand PJM, California, ...