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About a dozen states decided to deregulate but some pulled back following the California electricity crisis of 20.
In different deregulation processes the institutions and market designs were often very different but many of the underlying concepts were the same.
The commodities within an electric market generally consist of two types: power and energy.
Power is the metered net electrical transfer rate at any given moment and is measured in megawatts (MW).
These markets developed as a result of the restructuring of electric power systems around the world.
Most electricity is generated with steam turbines using fossil fuels, nuclear, biomass, geothermal, and solar thermal energy. PV conversion produces electricity directly from sunlight in a photovoltaic cell. Photovoltaic (PV) and solar-thermal power are the two main types of solar electricity generation technologies.Bids and offers use supply and demand principles to set the price.Long-term trades are contracts similar to power purchase agreements and generally considered private bi-lateral transactions between counterparties.
In economic terms, electricity (both power and energy) is a commodity capable of being bought, sold, and traded.