Auctions in the Electricity Market
Auctions in the Electricity Market

Author: Stefan Schöne

Publisher: Springer Science & Business Media

Published: 2009-01-06

Total Pages: 230

ISBN-13: 3540853650

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Electricity is an essential commodity traded at power exchanges. Its price is very volatile within a day and over the year. This raises questions about the efficiency of the trading rules. The author develops a non-cooperative auction model analyzing the bidding behavior of producers at power exchanges. Producers are limited by the production capacity of their power plants. Production costs are affiliated. This allows for independence or positive correlation. The author analyzes and compares a uniform-price, a discriminatory, and a generalized second-price auction. Optimal bids, cost efficiency, profits, and consumer prices are examined. A simple probability density function of affiliated production costs is given and used for examples. Numerical results are presented. The results of the analysis can help improving the bidding strategies of producers, selecting the best auction type at power exchanges or detecting price manipulations.

Electricity Capacity Markets
Electricity Capacity Markets

Author: Todd S. Aagaard

Publisher: Cambridge University Press

Published: 2022-03-03

Total Pages: 285

ISBN-13: 1108489656

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The first comprehensive analysis of capacity markets, an increasingly important and controversial component of electricity markets.

Electricity Auctions
Electricity Auctions

Author: Luiz Maurer

Publisher: World Bank Publications

Published: 2011-07-25

Total Pages: 181

ISBN-13: 082138824X

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Electricity-contract auctions have been getting increased attention as they have emerged as a successful mechanism to procure new generation capacity and. This book presents a comprehensive overview of international experiences in auction design and implementation.

Competitive Electricity Markets
Competitive Electricity Markets

Author: Fereidoon Sioshansi

Publisher: Elsevier

Published: 2011-10-10

Total Pages: 625

ISBN-13: 0080557716

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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

Electricity Capacity Markets
Electricity Capacity Markets

Author: Todd S. Aagaard

Publisher: Cambridge University Press

Published: 2022-03-03

Total Pages: 285

ISBN-13: 1108788114

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Initially created as afterthoughts to competitive electricity markets, capacity markets were intended to enhance system reliability. They have evolved into massive, highly controversial, and poorly understood billion-dollar institutions. Electricity Capacity Markets examines the rationales for creating capacity markets, how capacity markets work, and how well these markets are meeting their objectives. This book will appeal to energy experts and non-experts alike, across a range of disciplines, including economics, business, engineering, public policy, and law. Capacity markets are an important and provocative topic on their own, but they also offer an interesting case study of how well our energy systems are meeting the needs of our increasingly complex society. The challenges facing capacity markets – harnessing market forces for social good, creating networks that manage complexity, and achieving sustainability – are very much core challenges for our twenty-first century advanced industrial society.

Economics of Electricity
Economics of Electricity

Author: Anna Cretì

Publisher: Cambridge University Press

Published: 2019-05-30

Total Pages: 369

ISBN-13: 1107185653

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Explains the economics of electricity at each step of the supply chain: production, transportation and distribution, and retail.

Market Operations in Electric Power Systems
Market Operations in Electric Power Systems

Author: Mohammad Shahidehpour

Publisher: John Wiley & Sons

Published: 2003-05-28

Total Pages: 552

ISBN-13: 0471463949

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An essential overview of post-deregulation market operations inelectrical power systems Until recently the U.S. electricity industry was dominated byvertically integrated utilities. It is now evolving into adistributive and competitive market driven by market forces andincreased competition. With electricity amounting to a $200 billionper year market in the United States, the implications of thisrestructuring will naturally affect the rest of the world. Why is restructuring necessary? What are the components ofrestructuring? How is the new structure different from the oldmonopoly? How are the participants strategizing their options tomaximize their revenues? What are the market risks and how are theyevaluated? How are interchange transactions analyzed and approved?Starting with a background sketch of the industry, this hands-onreference provides insights into the new trends in power systemsoperation and control, and highlights advanced issues in thefield. Written for both technical and nontechnical professionals involvedin power engineering, finance, and marketing, this must-haveresource discusses: * Market structure and operation of electric power systems * Load and price forecasting and arbitrage * Price-based unit commitment and security constrained unitcommitment * Market power analysis and game theory applications * Ancillary services auction market design * Transmission pricing and congestion Using real-world case studies, this timely survey offers engineers,consultants, researchers, financial managers, university professorsand students, and other professionals in the industry acomprehensive review of electricity restructuring and how itsradical effects will shape the market.

Power System Economics
Power System Economics

Author: Steven Stoft

Publisher: Wiley-IEEE Press

Published: 2002-05-28

Total Pages: 498

ISBN-13: 9780471150404

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The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. The book reveals for the first time how uncoordinated regulatory and engineering policies cause boom-bust investment swings and provides guidance and tools for fixing broken markets. It also takes a provocative look at the operation of pools and power exchanges. * Part 1 introduces key economic, engineering and market design concepts. * Part 2 links short-run reliability policies with long-run investment problems. * Part 3 examines classic designs for day-ahead and real-time markets. * Part 4 covers market power, and * Part 5 covers locational pricing, transmission right and pricing losses. The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps. About the Author Steven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com.

Economic Market Design and Planning for Electric Power Systems
Economic Market Design and Planning for Electric Power Systems

Author: James A. Momoh

Publisher: John Wiley & Sons

Published: 2009-11-19

Total Pages: 311

ISBN-13: 0470529156

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Discover cutting-edge developments in electric power systems Stemming from cutting-edge research and education activities in the field of electric power systems, this book brings together the knowledge of a panel of experts in economics, the social sciences, and electric power systems. In ten concise and comprehensible chapters, the book provides unprecedented coverage of the operation, control, planning, and design of electric power systems. It also discusses: A framework for interdisciplinary research and education Modeling electricity markets Alternative economic criteria and proactive planning for transmission investment in deregulated power systems Payment cost minimization with demand bids and partial capacity cost compensations for day-ahead electricity auctions Dynamic oligopolistic competition in an electric power network and impacts of infrastructure disruptions Reliability in monopolies and duopolies Building an efficient, reliable, and sustainable power system Risk-based power system planning integrating social and economic direct and indirect costs Models for transmission expansion planning based on reconfiguration capacitor switching Next-generation optimization for electric power systems Most chapters end with a bibliography, closing remarks, conclusions, or future work. Economic Market Design and Planning for Electric Power Systems is an indispensable reference for policy-makers, executives and engineers of electric utilities, university faculty members, and graduate students and researchers in control theory, electric power systems, economics, and the social sciences.