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M. and Green, R. (1996) 'Regulation, Public Ownership and Privatisation of the English Electricity Industry', ch. 2 in Kahn, E. J. Gilbert (eds ), International Comparisons of Electricity Regulation (New York: Cambridge University Press) pp. 25-81. Newbery, D. M. and M. ' Journal of Industrial Economics, vol. 3, pp. 269-303. Newbery: Network Utilities 29 Noam, E. M. (1993) 'Assessing the Impacts of Divestiture and Deregulation in Telecommunications', Southern Economic Journal, vol. 59, no. 3, pp.

Newbery, D. M. and Green, R. (1996) 'Regulation, Public Ownership and Privatisation of the English Electricity Industry', ch. 2 in Kahn, E. J. Gilbert (eds ), International Comparisons of Electricity Regulation (New York: Cambridge University Press) pp. 25-81. Newbery, D. M. and M. ' Journal of Industrial Economics, vol. 3, pp. 269-303. Newbery: Network Utilities 29 Noam, E. M. (1993) 'Assessing the Impacts of Divestiture and Deregulation in Telecommunications', Southern Economic Journal, vol. 59, no.

The Electricity Act 1989 allows the regulator (acting with the Office of Fair Trading) to refer non-competitive behaviour to the MMC, subjecting the potentially competitive parts to normal competition law. Competition requires markets, and the English system has a physical market for spot energy, known as the Pool, a (financial) contracts market, and a (thin) futures market. All generators must submit bids each day for each generation set, and the pool determines for each of the 48 half-hour periods the following day the system marginal price (SMP) as the bid price of the most expensive set despatched in that period.

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