The Potential Economic Benefits of Statewide Competition in the Florida Electric Power Market
Published on December 28, 2017
The Perryman Group was recently asked to examine the potential economic benefits of statewide competition in the Florida electric power market. Outcomes in other areas which have increased competition (fully adjusted for Florida economic and demographic patterns) were used as a basis for estimating the potential benefits.
As an initial phase of this analysis, The Perryman Group estimated the direct savings by customer class which could be expected under statewide electric power competition. The Perryman Group's US Multi-Regional Impact Assessment System was then used to quantify the potential overall economic benefits of statewide competition.
Increasing competition in the market for electric power can lead to significant savings to consumers, enhanced consumer choice, less volatility in prices, and other benefits. As a result, there are substantial gains to the economy.
The Perryman Group estimates that if implemented in the near future, statewide competition in the Florida electric power market could generate benefits by 2030 including $8.3 billion in gross product and over 90,000 jobs under Low Case assumptions, with $9.7 billion in gross product and nearly 105,000 jobs if High Case results are obtained.
For more details please refer to the full report.