abstract thanks vince good also need title would good part talk present example technical problem addressed group describing problem general methodology employed developed also start introduction organization program shmuel shmuel oren professor dept industrial engineering operations research 4117 etcheverry hall university california berkeley ca 94720 1777 e mail oren ieor berkeley edu phone 510 642 1836 5484 fax 510 642 1403 original message cc sent monday october 02 2000 6 44 subject abstract shmuel abstract presentation 23 rd october london paris week reached private e mail address vkaminski aol com please feel free suggest modifications abstract vince last three years characterized exceptionally high volatility power prices us markets market developments created number unique challenges energy industry economists one immediate question answer measure volatility energy prices although agree prices power markets characterized high variability traditional measures used financial economics annualized standard deviation log price returns may fit well electricity prices second challenge explain sources high price volatility answer question extent attributed problems addressed long run problems include flaws market design allow market participants abuse market power limited availability unequal access transmission temporary shortages generation capacity factors underlying high volatility electricity prices may permanent nature may necessary price pay increased market efficiency expanded customer choice