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Competitive Electricity Markets

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Competitive Electricity Markets

Competitive Electricity Markets Book
Author : Fereidoon P. Sioshansi
Publisher : Elsevier
Release : 2011-10-10
ISBN : 9780080557717
Language : En, Es, Fr & De

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Book Description :

After 2 decades, policymakers and regulators agree that electricity market reform, liberalization and privatization remains partly art. Moreover, the international experience suggests that in nearly all cases, initial market reform leads to unintended consequences or introduces new risks, which must be addressed in subsequent “reform of the reforms. Competitive Electricity Markets describes the evolution of the market reform process including a number of challenging issues such as infrastructure investment, resource adequacy, capacity and demand participation, market power, distributed generation, renewable energy and global climate change. Sequel to Electricity Market Reform: An International Perspective in the same series published in 2006 Contributions from renowned scholars and practitioners on significant electricity market design and implementation issues Covers timely topics on the evolution of electricity market liberalization worldwide

Competitive Electricity Markets and Sustainability

Competitive Electricity Markets and Sustainability Book
Author : François Lévêque
Publisher : Edward Elgar Publishing
Release : 2007-01-01
ISBN : 184720435X
Language : En, Es, Fr & De

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Book Description :

This book responds to the opening up of electricity markets to competition, which has completely changed the nature of power generation. The building of new generation and transmission capacity and the setting of the energy mix between nuclear, gas and renewable resources are mainly left to private initiative and investors. The authors and the editor of this book explore whether or not market forces offer a sustainable future for electricity generation. They employ economic theory and method to answer questions such as: Will the market be able to ensure adequacy of generation capacity and secu.

Designing Competitive Electricity Markets

Designing Competitive Electricity Markets Book
Author : Hung-po Chao,Hillard G. Huntington
Publisher : Springer Science & Business Media
Release : 2013-12-01
ISBN : 1461555477
Language : En, Es, Fr & De

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Book Description :

The authors are prominent economists, operation researchers, and engineers who have been instrumental in the development of the conceptual framework for electric power restructuring both in the United States and in other countries. Rather than espousing a particular market design for the industry's future, each author focuses on an important issue or set of issues and tries to frame the questions for designing electricity markets using an international perspective. The book focuses on the economic and technical questions important in understanding the industry's long-term development rather than providing immediate answers for the current political debates on industry competition.

Pricing in Competitive Electricity Markets

Pricing in Competitive Electricity Markets Book
Author : Ahmad Faruqui,Kelly Eakin
Publisher : Springer Science & Business Media
Release : 2012-12-06
ISBN : 1461545293
Language : En, Es, Fr & De

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Book Description :

Electricity markets are being deregulated or face new regulatory frameworks. In such changing markets, new pricing strategies will need to consider such factors as cost, value of service and pricing by objective. Pricing in Competitive Electricity Markets introduces a new family of pricing concepts, methodologies, models, tools and databases focused on market-based pricing. This book reviews important theoretical pricing issues as well as practical pricing applications for changing electricity markets.

Competitive Electricity Markets Prices and Generator Entry and Exit

Competitive Electricity Markets  Prices and Generator Entry and Exit Book
Author : Robert G. Ethier
Publisher :
Release : 1999
ISBN :
Language : En, Es, Fr & De

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Book Description :

The electric power industry in the United States is quickly being deregulated and restructured. In the past, new electric generation capacity was added by regulated utilities to meet forecasted demand levels and maintain reserve margins. With competitive wholesale generation, investment will be the responsibility of independent private investors. Electricity prices will assume the coordinating function which has until recently been the responsibility of regulatory agencies. Competitive prices will provide the entry and exit signals for generators in the future.

Valuation Hedging and Speculation in Competitive Electricity Markets

Valuation  Hedging and Speculation in Competitive Electricity Markets Book
Author : Petter L. Skantze,Marija Ilic
Publisher : Springer Science & Business Media
Release : 2001-10-31
ISBN : 9780792375289
Language : En, Es, Fr & De

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Book Description :

The challenges facing participants in competitive electricity markets are staggering: high price volatility introduces significant financial risk into an industry accustomed to guaranteed rates of return, while illiquid forward markets prevent effective hedging strategies from being implemented. Valuation, Hedging and Speculation in Competitive Electricity Markets: A Fundamental Approach, examines the unique properties which separate electricity from other traded commodities, including the lack of economical storage, and the impact of a scarce transmission network. The authors trace the sources of uncertainties in the price of electricity to underlying physical and economic processes, and incorporate these into a bid-based model for electricity spot and forward prices. They also illustrate how insufficient market data can be circumvented by using a combination of price and load data in the marking- to-market process. The model is applied to three classes of problems central to the operation of any electric utility or power marketer; valuing generation assets, formulating dynamic hedging strategies for load serving obligations, and pricing transmission contracts and locational spread options. Emphasis is placed on the difference between trades which can be 'booked out' in the forward markets, and those which must be carried through to delivery. Lately, significant attention has been given to the role of regulators in mitigating excessive price levels in electricity markets. The authors conduct a quantitative analysis of the long-term effects of regulatory intervention through the use of price caps. By modeling the dynamic interplay between the observed price levels and the decision to invest in new generation assets, it is shown how such short term fixes can lead to long term deficits in the available generation capacity, and ultimately to market failures and blackouts.

Modelling Prices in Competitive Electricity Markets

Modelling Prices in Competitive Electricity Markets Book
Author : Derek W Bunn,Derek W. Bunn
Publisher : John Wiley & Sons Incorporated
Release : 2004-04-02
ISBN :
Language : En, Es, Fr & De

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Book Description :

Electricity markets are structurally different to other commodities, and the real-time dynamic balancing of the electricity network involves many external factors. Because of this, it is not a simple matter to transfer conventional models of financial time series analysis to wholesale electricity prices. The rationale for this compilation of chapters from international authors is, therefore, to provide econometric analysis of wholesale power markets around the world, to give greater understanding of their particular characteristics, and to assess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the book an invaluable guide to the most important state-of-the-art modelling techniques which are converging to define the special approaches necessary for unravelling and forecasting the behaviour of electricity prices. It is a high-quality synthesis of the work of financial engineering, industrial economics and power systems analysis, as they relate to the behaviour of competitive electricity markets.

Electricity Market Reform

Electricity Market Reform Book
Author : Fereidoon P. Sioshansi,Wolfgang Pfaffenberger
Publisher : Elsevier
Release : 2006-04-13
ISBN : 9780080462714
Language : En, Es, Fr & De

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Book Description :

Since the late 1980s, policy makers and regulators in a number of countries have liberalized, restructured or “deregulated their electric power sector, typically by introducing competition at the generation and retail level. These experiments have resulted in vastly different outcomes - some highly encouraging, others utterly disastrous. However, many countries continue along the same path for a variety of reasons. Electricity Market Reform examines the most important competitive electricity markets around the world and provides definitive answers as to why some markets have performed admirably, while others have utterly failed, often with dire financial and cost consequences. The lessons contained within are direct relevance to regulators, policy makers, the investment community, industry, academics and graduate students of electricity markets worldwide. Covers electicity market liberalization and deregulation on a worldwide scale Features expert contributions from key people within the electricity sector

Capacity Mechanisms and the Technology Mix in Competitive Electricity Markets

Capacity Mechanisms and the Technology Mix in Competitive Electricity Markets Book
Author : Pär Holmberg,Robert A. Ritz
Publisher :
Release : 2019
ISBN :
Language : En, Es, Fr & De

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Book Description :

Capacity mechanisms are increasingly used in electricity market design around the world yet their role remains hotly debated. In this paper, we introduce a new benchmark model of a capacity mechanism in a competitive electricity market with many different generation technologies. We consider two policy instruments, a wholesale price cap and a capacity payment, and show which combinations of these instruments induce socially-optimal investment by the market. Changing the price cap or capacity payment affects investment only in peak generation plant, with no equilibrium impact on baseload or mid-merit plant. We obtain a rationale for a capacity mechanism based on the internalization of a system-cost externality - even where the price cap is set at the value of lost load. In extensions, we show how increasing renewables penetration enhances the need for a capacity mechanism, and outline an optimal design of a strategic reserve with a discriminatory capacity payment.

Electric Choices

Electric Choices Book
Author : Andrew N. Kleit
Publisher : Rowman & Littlefield
Release : 2007
ISBN : 9780742548763
Language : En, Es, Fr & De

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Book Description :

The electricity industry, one of the largest and most vital sectors of the U.S. economy, has changed dramatically in recent years. After being heavily regulated for more than a century by authorities at all levels, deregulation is taking center stage, allowing for enormous efficiency gains. Electric Choices explores the difficult questions surrounding deregulation and urges Americans to continue the transition to a market-based model.

Competitive Electricity Markets The Power of Choice

Competitive Electricity Markets  The Power of Choice Book
Author : Joseph L. Welch, PE,C. J. Bolling, PhD
Publisher : Lulu.com
Release : 2009
ISBN : 0557160170
Language : En, Es, Fr & De

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Book Description :

Critique of the US Electricity Industry. Analysis of derailed industry deregulation initiatives. Sketches a new, competitively structured Energy Policy Template.

Mathematical Modelling of Contemporary Electricity Markets

Mathematical Modelling of Contemporary Electricity Markets Book
Author : Athanasios Dagoumas
Publisher : Academic Press
Release : 2020-12-01
ISBN : 0128218398
Language : En, Es, Fr & De

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Book Description :

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in all their diversity and complexity, for practitioner and academic audiences. These approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models, and energy system models. The work examines how new challenges affect power market modelling, including discussion of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments such as market coupling processes and security of supply. Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. Provide a diverse body of established techniques suitable for modelling any major aspect of electricity markets Familiarizes energy experts with quantitative skills needed in competitive electricity markets Reviews market risk for energy investment decisions, by stressing the multi-dimensionality of electricity markets

Operation of Market oriented Power Systems

Operation of Market oriented Power Systems Book
Author : Yong-Hua Song
Publisher : Springer Science & Business Media
Release : 2003-07-31
ISBN : 9781852336707
Language : En, Es, Fr & De

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Book Description :

Internationally, the electric power industry is currently undergoing unprecedented reform. The deregulation of the electricity supply industry has introduced new opportunities for competition and has made the maintenance of economic and reliable supplies of electricity a tremendous challenge. Faced by an increasingly complicated existence, power utilities need efficient tools to ensure that electrical energy of the quality desired can be provided at the lowest possible cost. Operation of Market-oriented Power Systems provides effective computational tools for the efficient operation of restructured power systems covering all the major operational issues such as: • congestion management; • available transfer capability calculations; • price forecasting and optimal bidding strategies; • a review of international research and world-wide industrial practice covered in each chapter gives the reader a broader understanding of the state of the art in this exciting field. Operation of Market-oriented Power Systems will be a useful reference for professional engineers and researchers in the operation and control of modern power systems as all within the power industry face up to the changes required to provide safe, reliable and profitable electricity in an increasingly competitive market.