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We appraise the theoretical basis and the consequent empirical work of Frank Wolak in his study of the New Zealand Electricity Market in a report to the New Zealand Commerce Commission released in March 2009. The report found no multilateral actions, but concluded there was evidence of unilateral market power. We find that the theoretical and empirical methodologies employed to reach this position do not substantiate it, and that the building blocks of this study provide no blue-print for studydoi:10.2139/ssrn.1967988 fatcat:garttdg4j5a5jj33noonw6ukym