This paper studies determinants of the thermal efficiency and reliability of coal‐burning electric generating units using a new, comprehensive, unbalanced panel data set. For two major technological groups consistent and efficient estimates are obtained of the effects of unit age, vintage, scale, operating practices, and coal quality. Large utilities integrated into design and engineering appear to obtain superior unit performance. Implications of our results for life‐cycle generation costs, regulators' performance norms, and the complex pattern of technological change in this industry are discussed.
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Joskow et al. (1987) studied this question.
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