Download or read book Two Essays on Problems of Deregulated Electricity Markets written by Dmitri Perekhodtsev and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Essays on Wholesale Auctions in Deregulated Electricity Markets written by Rimvydas Baltaduonis and published by . This book was released on 2007 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last chapter of my dissertation, I use laboratory experiments to contrast the performance of two complex-offer auctions against the performance of a simple-offer auction, in which the sellers have to recover all their generation costs - fixed and variable - through a uniform market-clearing price. I find that a simple-offer auction significantly reduces consumer prices and lowers price volatility. It mitigates anti-competitive effects that are present in the complex-offer auctions and achieves allocative efficiency more quickly.
Download or read book Three Essays on the Incentive for Generation Investment in Deregulated Electricity Markets written by Yun Liu and published by . This book was released on 2016 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three essays discussing the incentive for generation investment in deregulated electricity markets in Texas and California. Essay one: Ex post payoffs of a tolling agreement for natural-gas-fired generation in Texas. To explore the problem of insufficient investment incentive for natural-gas-fired generation in Electricity Reliability Council of Texas (ERCOT), I use a large sample of over 134,000 15-minute observations in the 46-month period of 01/01/2011 – 10/31/2014 to estimate the effects of several fundamental drivers on the ex post payoffs of three hypothetical tolling agreements by heat rate. Our assumed heat rates reflect those of a new combined cycle gas turbine (CCGT), a new combustion turbine (CT) and an old CT. The fundamental drivers are postulated to be the natural-gas price, regional loads, nuclear generation, and wind generation. We find rising natural-gas price and non-West regional loads tend to increase the agreements’ ex post payoffs. These payoff increases, however, were reduced by rising West regional load, nuclear generation and wind generation. Finally, we find a substantial payoff decline due to large-scale wind generation development in Texas, lending support to the suggestion of ERCOT’s transition from an energy-only market to an energy-and-capacity market. Essay two: Wind generation’s effect on the ex post variable profit of compressed air energy storage: Evidence from Texas. We use 1401 daily observations in the 46-month period of 01/01/2011 – 10/31/2014 to estimate wind generation’s effect on the daily per MWH arbitrage profits of compressed air energy storage (CAES) in the four regions of Houston, North, South, and West in the Electricity Reliability Council of Texas (ERCOT). We find an increase in wind generation’s MWH output in the discharge hours tends to reduce a CAES system’s profits. The same MWH increase in the charge hours, however, tends to increase profits. Hence, a wind generation capacity expansion that increases wind MWH in both discharge and charge hours has offsetting profit effects, implying that a CAES unit’s profitability is unlikely affected by wind generation development. Sharply contrasting the “gone with the wind” profitability problem faced by natural-gas-fired generation, our findings lend support to the financial attractiveness of CAES, whose development is useful for integrating a rising share of wind generation capacity into an electric grid. Essay three: Renewable generation’s impact on pumped hydro storage’s profitability in California. We use a sample of 860 daily observations over the 28-month period of 12/12/2012 – 04/30/2015 to estimate the effect of renewable generation development on pumped hydro storage’s (PHS’s) profitability in California. We find that rising renewable generation does not significantly (a = 0.01) diminish a PHS system’s daily operating profits from energy sales at the California Independent System Operator’s (CAISO’s) day-head and real-time market prices, chiefly because renewable generation’s merit-order effect on the market prices cuts the system’s output revenue in a discharge period and input cost in a charge period. The system, however, faces severely inadequate investment incentive because its annual operating profit can hardly pay for its annual fixed cost. Hence, California should continue its adopted procurement process for long-term contracts with adequate fixed cost recovery, so as to promote PHS to reliably integrate increasing amount of renewable generation into the state’s electric grid.
Download or read book Essays on Electricity Markets written by Mahdi Chahkandi and published by . This book was released on 2020 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debates about the utility death spiral have gained momentum as the increasing adoption of distributed generation (DG) during the past decade is threatening the traditional business model of electric utilities. Since most jurisdictions have implemented policies that encourage adoption of DG, it seems that the best approach for utilities to deal with the issue of the utility death spiral is to incorporate DG into their business models. In this dissertation, I analyze two policies that can resolve the death spiral problem. The first policy involves levying an option charge on consumers for the right to use the grid when their DG devices are not generating enough electricity. The other policy involves using smart meters to charge retail consumers different per unit prices in different demand periods. My theoretical results show that these two policies can resolve the death spiral problem and my simulation results confirm that the option charge and variable pricing indeed resolve a death spiral situation that I simulate for the case of California. The option charge, however, outperforms the variable pricing policy in terms of increasing consumer welfare.
Download or read book Two Essays on Electricity Markets written by Rodrigo Menon Simoes Moita and published by . This book was released on 2006 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is about the electricity industry and the problems that arise with the liberalization and de-regulation of the industry. Characteristics intrinsic to the electricity market create problems that can compromise an efficient functioning of this market. Each of the two chapters of this dissertation focus on a specific aspect of this industry.
Download or read book From Regulation to Competition New frontiers in electricity markets written by Michael A. Einhorn and published by Springer. This book was released on 2012-09-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electric utilities throughout the world continue to face new challenges involving ownership, market structure, and regulation. There are three related issues at hand. First, should ownership be private or public? Second, what operations should be integrated and where is competition feasible? Third, where is regulation necessary and can it be made more efficient? This volume bears directly upon these concerns. The book contains two sections. The first six articles discuss the British electricity experiment that has privatized and disintegrated the nation's generation, transmission, and distribution companies, introduced market competition for power purchases, and implemented incentive regulation for monopolized transmission and distribution grids. The remaining articles focus on the theater in which significant microeconomic issues will continue to emerge, most immediately in the U.K. and U.S.A. -- the coordination and pricing of transmission.
Download or read book Essays on Pricing Electricity and Electricity Derivatives in Deregulated Markets written by Julia Popova and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2007 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Market Power Mitigation and Supply Function Equilibrium written by Thiagarajah Natchie Subramaniam and published by . This book was released on 2014 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market power mitigation has been an integral part of wholesale electricity markets since deregulation. In wholesale electricity markets, different regions in the US take different approaches to regulating market power. While the exercise of market power has received considerable attention in the literature, the issue of market power mitigation has attracted scant attention. In the first chapter, I examine the market power mitigation rules used in New York ISO (Independent System Operator) and California ISO (CAISO) with respect to day-ahead and real-time energy markets. I test whether markups associated with New York in-city generators would be lower with an alternative approach to mitigation, the CAISO approach. Results indicate the difference in markups between these two mitigation rules is driven by the shape of residual demand curves for suppliers. Analysis of residual demand curves faced by New York in-city suppliers show similar markups under both mitigation rules when no one supplier is necessary to meet the demand (i.e., when no supplier is pivotal). However, when some supplier is crucial for the market to clear, the mitigation rule adopted by the NYISO consistently leads to higher markups than would the CAISO rule. This result suggest that market power episodes in New York is confined to periods where some supplier is pivotal. As a result, I find that applying the CAISOs' mitigation rules to the New York market could lower wholesale electricity prices by 18%. The second chapter of my dissertation focuses on supply function equilibrium. In power markets, suppliers submit offer curves in auctions, indicating their willingness to supply at different price levels. Although firms are allowed to submit different offer curves for different time periods, surprisingly many firms stick to a single offer curve for the entire day. This essentially means that firms are submitting a single offer curve for multiple demand realizations. A suitable framework to analyze such oligopolistic competition between power market suppliers is supply function equilibrium models. Using detailed bidding data, I develop equilibrium in supply functions by restricting supplier offers to a class of supply functions. By collating equilibrium supply functions corresponding to different realizations of demand, I obtain a single optimal supply function for the entire day. Then I compare the resulting supply function with actual day-ahead offers in New York. In addition to supply function equilibrium, I also develop a conservative bidding approach in which each firm assumes that rivals bid at marginal costs. Results show that the supply functions derived from equilibrium bidding model in this paper is not consistent with actual bidding in New York. This result is mainly driven by the class of supply functions used in this study to generate the equilibrium. Further, actual offers do not resemble offers generated by the conservative bidding algorithm.
Download or read book Essays in the California Electricity Reserves Markets written by Konstantinos Metaxoglou and published by . This book was released on 2006 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays on the Impact of Deregulation on Labor in the Electric Power Industry written by Chiung-Ying Cheng and published by . This book was released on 2002 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Markets for Power written by Paul L. Joskow and published by . This book was released on 1985 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Gravity Energy Storage written by Asmae Berrada and published by Elsevier. This book was released on 2019-05-21 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gravity Energy Storage provides a comprehensive analysis of a novel energy storage system that is based on the working principle of well-established, pumped hydro energy storage, but that also recognizes the differences and benefits of the new gravity system. This book provides coverage of the development, feasibility, design, performance, operation, and economics associated with the implementation of such storage technology. In addition, a number of modeling approaches are proposed as a solution to various difficulties, such as proper sizing, application, value and optimal design of the system. The book includes both technical and economic aspects to guide the realization of this storage system in the right direction. Finally, political considerations and barriers are addressed to complement this work. Discusses the feasibility of gravity energy storage technology Analyzes the storage system by modelling various system components Uniquely discusses the characteristics of this technology, giving consideration to its use as an attractive solution to the integration of large-scale, intermittent renewable energy
Download or read book The End of a Natural Monopoly written by Daniel H. Cole and published by Routledge. This book was released on 2003-07-17 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the fundamental issues underlying the debate over electric power regulation and deregulation. After decades of the presumption that the electric power industry was a natural monopoly, recent times have seen a trend of deregulation followed by panicked re-regulation.
Download or read book Competitive Electricity Markets written by Fereidoon Sioshansi and published by Elsevier. This book was released on 2011-10-10 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Government Failure Versus Market Failure written by Clifford Winston and published by Brookings Institution Press and AEI. This book was released on 2006 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: When should government intervene in market activity? When is it best to let market forces simply take their natural course? How does existing empirical evidence about government performance inform those decisions? Brookings economist Clifford Winston uses these questions to frame a frank empirical assessment of government economic intervention in Government Failure vs.
