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by pjc50
1505 days ago
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One of those definitional things; it'll never be a truly unregulated wild west market, but then what is? Realistically the grid needs to be nationalised or under an arms-length wholly government owned corporation. You can't have competing grids. The grid is the market. The UK tried privatizing it (and the rail infrastructure, and the broadband infrastructure) and ended up taking electricity and rail national again. On the back end I think the UK market works reasonably well with a light regulatory touch allowing for microgenerators. The retail side is more of a problem. You can't really expose retail customers to the spot price (that went wrong in Texas), so there has to be an intermediary, who is vulnerable to bankruptcy instead if the spot price shoots up. |
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Well, I didn't say "unregulated". You can have regulation that doesn't create huge barriers to entry.
What would be a free market today? Something with very low barriers to entry (capital, expertise, legal requirements) and with lots of competition.
For example real estate agents in some developing countries. They frequently have only a high school degree (if that), they don't really need a ton of money to get started (just some nice clothes and some time), and the legal aspects are mostly covered by notaries, anyway. In many developing countries the real estate market is not consolidated so you have a million independent real estate agents, who frequently don't even have exclusivity for the property they're selling. So you could literally have 10 agents promoting the same property.