Table 3: Spatial RD Estimates — Mandatory vs. Voluntary Capacity Market
Bandwidth (km) RD Estimate (Std. Error) z-stat p-value CI Lower CI Upper
ALL GENERATORS
50 -32.94 (20.57) -1.45 0.148 -70.06 10.55
100 -14.72** (11.55) -3.14 0.002 -58.87 -13.61
150 -11.57* (9.36) -2.55 0.011 -42.19 -5.51
200 -10.45* (8.16) -2.32 0.021 -34.89 -2.90
THERMAL ONLY
50 -40.84 (57.10) -1.45 0.148 -194.57 29.27
100 0.93 (29.75) -1.71 0.087 -109.24 7.39
150 15.12 (22.07) -1.00 0.317 -65.33 21.20
200 18.04 (19.40) -0.21 0.830 -42.19 33.87
Note: Dependent variable: Nameplate capacity per generator (MW). Cutoff at intrastate RTO boundary. Robust standard errors in parentheses. Source: EIA Form 860 (2024 vintage).
* p < 0.05, ** p < 0.01, *** p < 0.001