Download or read book Generation Capacity Expansion in Restructured Energy Markets written by Vishnuteja Nanduri and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: With a significant number of states in the U.S. and countries around the world trading electricity in restructured markets, a sizeable proportion of capacity expansion in the future will have to take place in market-based environments. However, since a majority of the literature on capacity expansion is focused on regulated market structures, there is a critical need for comprehensive capacity expansion models targeting restructured markets. In this research, we develop a two-level game-theoretic model, and a novel solution algorithm that incorporates risk due to volatilities in profit (via CVaR), to obtain multi-period, multi-player capacity expansion plans. To solve the matrix games that arise in the generation expansion planning (GEP) model, we first develop a novel value function approximation based reinforcement learning (RL) algorithm. Currently there exist only mathematical programming based solution approaches for two player games and the N-player extensions in literature still have several unresolved computational issues. Therefore, there is a critical void in literature for finding solutions of N-player matrix games. The RL-based approach we develop in this research presents itself as a viable computational alternative. The solution approach for matrix games will also serve a much broader purpose of being able to solve a larger class of problems known as stochastic games. This RL-based algorithm is used in our two-tier game-theoretic approach for obtaining generation expansion strategies. Our unique contributions to the GEP literature include the explicit consideration of risk due to volatilities in profit and individual risk preference of generators. We also consider transmission constraints, multi-year planning horizon, and multiple generation technologies. The applicability of the twotier model is demonstrated using a sample power network from PowerWorld software. A detailed analysis of the model is performed, which examines the results with respect to the nature of Nash equilibrium solutions obtained, nodal prices, factors affecting nodal prices, potential for market power, and variations in risk preferences of investors. Future research directions include the incorporation of comprehensive cap-and-trade and renewable portfolio standards components in the GEP model.
Download or read book Generation Capacity Expansion in Imperfectly Competitive Restructured Electricity Markets written by Frederic H. Murphy and published by . This book was released on 2002 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Generation Capacity Expansion Planning in Deregulated Electricity Markets written by Deepak Sharma and published by . This book was released on 2009 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: With increasing demand of electric power in the context of deregulated electricity markets, a good strategic planning for the growth of the power system is critical for our tomorrow. There is a need to build new resources in the form of generation plants and transmission lines while considering the effects of these new resources on power system operations, market economics and the long-term dynamics of the economy. In deregulation, the exercise of generation planning has undergone a paradigm shift. The first stage of generation planning is now undertaken by the individual investors. These investors see investments in generation capacity as an increasing business opportunity because of the increasing market prices. Therefore, the main objective of such a planning exercise, carried out by individual investors, is typically that of long-term profit maximization. This thesis presents some modeling frameworks for generation capacity expansion planning applicable to independent investor firms in the context of power industry deregulation. These modeling frameworks include various technical and financing issues within the process of power system planning. The proposed modeling frameworks consider the long-term decision making process of investor firms, the discrete nature of generation capacity addition and incorporates transmission network modeling. Studies have been carried out to examine the impact of the optimal investment plans on transmission network loadings in the long-run by integrating the generation capacity expansion planning framework within a modified IEEE 30-bus transmission system network. The work assesses the importance of arriving at an optimal IRR at which the firm's profit maximization objective attains an extremum value. The mathematical model is further improved to incorporate binary variables while considering discrete unit sizes, and subsequently to include the detailed transmission network representation. The proposed models are novel in the sense that the planning horizon is split into plan sub-periods so as to minimize the overall risks associated with long-term plan models, particularly in the context of deregulation.
Download or read book Markets for Power written by Paul L. Joskow and published by MIT Press (MA). This book was released on 1988-08-01 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely study evaluates four generic proposals for allowing free market forces toreplace government regulation in the electric power industry and concludes that none of thederegulation alternatives considered represents a panacea for the performance failures associatedwith things as they are now. It proposes a balanced program of regulatory reform and deregulationthat promises to improve industry performance in the short run, resolve uncertainties about thecosts and benefits of deregulation, and positions the industry for more extensive deregulation inthe long run should interim experimentation with deregulation, structural, and regulatory reformsmake it desirable.The book integrates modern microeconomic theory with a comprehensive analysis ofthe economic, technical, and institutional characteristics of modern electrical power systems. Itemphasizes that casual analogies to successful deregulation efforts in other sectors of the economyare an inadequate and potentially misleading basis for public policy in the electric power industry,which has economic and technical characteristics that are quite different from those in otherderegulated industries.Paul L. Joskow is Professor of Economics at MIT, author of ControllingHospital Costs (MIT Press 1981) and coauthor with Martin L. Baughman and Dilip P. Kamat of ElectricPower in the United States (MIT Press 1979). Richard Schmalensee, also at MIT, is Professor ofApplied Economics, author of The Economics of Advertising and The Control of Natural Monopolies, andeditor of The MIT Press Series, Regulation of Economic Activity.
Download or read book RESTRUCTURED ELECTRICITY MARKETS Three States Experiences in Adding Generating Capacity written by and published by . This book was released on 2002 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the Energy Policy Act of 1992, the Federal Energy Regulatory Commission, 24 states, and Washington, D.C., restructured electricity markets by shifting from service provided through a regulated monopoly-the local electric utility-to service provided through open competition among the local utility and its competitors. The 24 states and Washington, D.C., accounted for about 55 percent of total U.S. electricity retail sales in 1999. The restructuring was intended to increase competition and expand consumer choice in order to lead to increased efficiency and lower prices. In states that have restructured, decisions about whether to build new power plants to add to a region's generating capacity are made by independent developers-private companies not regulated by state utility commissions. Previously, the utilities and states' utility regulators made these decisions. To evaluate the adequacy of supplies of electricity, the North American Electricity Reliability Council- a voluntary organization of utilities-forecasts the generating capacity needed to meet future electricity demand.
Download or read book Electricity Restructuring written by Laura Lynne Kiesling and published by A E I Press. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how Texas's groundbreaking program of electricity restructuring has become a model for truly competitive energy markets in the United States. The authors contend that restructuring in Texas has been successful because the industry is free from federal over...
Download or read book Generation and Interconnection Capacity Expansion in Cross border Electricity Markets written by María Camila Ochoa and published by . This book was released on 2015 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2015
Download or read book Electricity Deregulation written by James M. Griffin and published by University of Chicago Press. This book was released on 2009-11-15 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electricity market has experienced enormous setbacks in delivering on the promise of deregulation. In theory, deregulating the electricity market would increase the efficiency of the industry by producing electricity at lower costs and passing those cost savings on to customers. As Electricity Deregulation shows, successful deregulation is possible, although it is by no means a hands-off process—in fact, it requires a substantial amount of design and regulatory oversight. This collection brings together leading experts from academia, government, and big business to discuss the lessons learned from experiences such as California's market meltdown as well as the ill-conceived policy choices that contributed to those failures. More importantly, the essays that comprise Electricity Deregulation offer a number of innovative prescriptions for the successful design of deregulated electricity markets. Written with economists and professionals associated with each of the network industries in mind, this comprehensive volume provides a timely and astute deliberation on the many risks and rewards of electricity deregulation.
Download or read book Rethinking Power Sector Reform in the Developing World written by Vivien Foster and published by World Bank Publications. This book was released on 2019-12-05 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1990s, a new paradigm for power sector reform was put forward emphasizing the restructuring of utilities, the creation of regulators, the participation of the private sector, and the establishment of competitive power markets. Twenty-five years later, only a handful of developing countries have fully implemented these Washington Consensus policies. Across the developing world, reforms were adopted rather selectively, resulting in a hybrid model, in which elements of market orientation coexist with continued state dominance of the sector. This book aims to revisit and refresh thinking on power sector reform approaches for developing countries. The approach relies heavily on evidence from the past, drawing both on broad global trends and deep case material from 15 developing countries. It is also forward looking, considering the implications of new social and environmental policy goals, as well as the emerging technological disruptions. A nuanced picture emerges. Although regulation has been widely adopted, practice often falls well short of theory, and cost recovery remains an elusive goal. The private sector has financed a substantial expansion of generation capacity; yet, its contribution to power distribution has been much more limited, with efficiency levels that can sometimes be matched by well-governed public utilities. Restructuring and liberalization have been beneficial in a handful of larger middle-income nations but have proved too complex for most countries to implement. Based on these findings, the report points to three major policy implications. First, reform efforts need to be shaped by the political and economic context of the country. The 1990s reform model was most successful in countries that had reached certain minimum conditions of power sector development and offered a supportive political environment. Second, countries found alternative institutional pathways to achieving good power sector outcomes, making a case for greater pluralism. Among the top performers, some pursued the full set of market-oriented reforms, while others retained a more important role for the state. Third, reform efforts should be driven and tailored to desired policy outcomes and less preoccupied with following a predetermined process, particularly since the twenty-first-century century agenda has added decarbonization and universal access to power sector outcomes. The Washington Consensus reforms, while supportive of the twenty-first-century century agenda, will not be able to deliver on them alone and will require complementary policy measures
Download or read book Power Generation Investment in Electricity Markets written by International Energy Agency and published by International Energy Agency. This book was released on 2003 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: On cover and title page: Energy market reform.
Download or read book The California Electricity Crisis written by Christopher Weare and published by Public Policy Instit. of CA. This book was released on 2003 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Demand Response and Generation Capacity Investment in the Electricity Market written by Xu Chen and published by . This book was released on 2013 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook on Electricity Markets written by Glachant, Jean-Michel and published by Edward Elgar Publishing. This book was released on 2021-11-12 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.
Download or read book Electricity Generation and Transmission Planning in Deregulated Power Markets written by Yang He and published by . This book was released on 2007 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation addresses the long-term planning of power generation and transmission facilities in a deregulated power market. Three models with increasing complexities are developed, primarily for investment decisions in generation and transmission capacity. The models are presented in a two-stage decision context where generation and transmission capacity expansion decisions are made in the first stage, while power generation and transmission service fees are decided in the second stage. Uncertainties that exist in the second stage affect the capacity expansion decisions in the first stage. The first model assumes that the electric power market is not constrained by transmission capacity limit. The second model, which includes transmission constraints, considers the interactions between generation firms and the transmission network operator. The third model assumes that the generation and transmission sectors make capacity investment decisions separately. These models result in Nash-Cournot equilibrium among the unregulated generation firms, while the regulated transmission network operator supports the competition among generation firms. Several issues in the deregulated electric power market can be studied with these models such as market powers of generation firms and transmission network operator, uncertainties of the future market, and interactions between the generation and transmission sectors. Results deduced from the developed models include (a) regulated transmission network operator will not reserve transmission capacity to gain extra profits; instead, it will make capacity expansion decisions to support the competition in the generation sector; (b) generation firms will provide more power supplies when there is more demand; (c) in the presence of future uncertainties, the generation firms will add more generation capacity if the demand in the future power market is expected to be higher; and (d) the transmission capacity invested by the transmission network operator depends on the characteristic of the power market and the topology of the transmission network. Also, the second model, which considers interactions between generation and transmission sectors, yields higher social welfare in the electric power market, than the third model where generation firms and transmission network operator make investment decisions separately.
Download or read book Restructured Electricity Markets written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-02-03 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Restructured Electricity Markets: Three States' Experiences in Adding Generating Capacity
Download or read book Generation Expansion Planning in a Competitive Electric Power Industry written by Angela Shu-woan Chuang and published by . This book was released on 1999 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electricity Market Reforms written by Lev S. Belyaev and published by Springer Science & Business Media. This book was released on 2010-10-17 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the global demand for energy skyrocketing, over the past twenty years many countries have restructured their electric power industries, typically moving from a regulated monopoly to a competitive market structure. The results of these reforms vary significantly from country to country depending on the market organization model and national conditions. This book examines the restructuring in both developed and developing nations, with particular focus on the United States, Great Britain, China, and Russia, and addresses the problems arising from these transitions. The book also contains a comprehensive analysis of different electricity market models and their compatibility with the properties of electric power systems and country conditions. As the most thorough and up to date analysis of the theory and practical experience of electricity deregulation, this book is a must-read for academics, students and researchers with an interest in electric power industry restructuring. It also has direct relevance for engineers, regulators and other decision makers in companies and governmental agencies concerned with energy issues.
