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Dynamic Pricing And The Peak Electricity Load Problem
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Book Synopsis Dynamic Pricing and the Peak Electricity Load Problem by : Paul Simshauser
Download or read book Dynamic Pricing and the Peak Electricity Load Problem written by Paul Simshauser and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reforms to Australia's 45,000 MW electricity market were met with remarkable success, but wholesale market gains have been largely exhausted. Above-trend growth in investment in energy infrastructure is driving retail prices to levels that triggered the sectoral assault in the first place. This pressure should initiate the last piece of the reform puzzle - removing price regulation, installing smart meters and implementing dynamic pricing to halt the primary cause of the problem, rapidly rising peak demand. We find that such a change can lead to non-trivial reductions in household peak demand, with our sample load factor improving by 9 percentage points.
Book Synopsis The Power of Dynamic Pricing by : Ahmad Faruqui
Download or read book The Power of Dynamic Pricing written by Ahmad Faruqui and published by . This book was released on 2015 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the Smart Grid takes shape, it opens new vistas for change. One of those salient opportunities for change that is enabled by the Smart Grid is the pricing of electricity. By and large, existing rate designs hide the temporal variation in the cost of electricity and thereby promote over-consumption of electricity during peak times and under-consumption during off-peak times. In much of North America, the problem is especially pronounced during the top 60-100 hours of the year which may account for as much as 10-18 percent of system peak load. In order to meet this critical peak load, expensive combustion turbines are purchased and installed, raising rates for all customers. Dynamic pricing rate designs can remedy this problem and enhance economic efficiency. For that reason, they are receiving increased attention by state commissions throughout the country. California has made a major commitment to it, by approving the deploying of advanced metering infrastructure (AMI) and by establishing critical-peak pricing (CPP) rates as the default tariff for all non-residential customer classes with AMI. Other smart rate designs, such as real-time pricing, may be provided as options.To show the power of dynamic pricing, we develop a set of illustrative rates using data from a generic California utility and compute the benefits that would accrue to the state's economy from widespread deployment of these rates. While the numbers are specific to California, the process and methodology are perfectly general and should be of interest to utilities and regulatory bodies throughout North America.We develop dynamic pricing rates for four customer classes: Residential, Medium Commercial and Industrial (Camp;I), Large Commercial, and Large Industrial. In order to show the development of these rates, we begin with a discussion of existing rates. All the dynamic pricing rates are developed to be revenue neutral to these existing rates.
Book Synopsis Dynamic Peak Load Pricing and Investment Policies of a Nationalized Electric Utility by : Hongzhang Zhang
Download or read book Dynamic Peak Load Pricing and Investment Policies of a Nationalized Electric Utility written by Hongzhang Zhang and published by . This book was released on 1978 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Household Response to Dynamic Pricing of Electricity - A Survey of the Empirical Evidence by : Ahmad Faruqui
Download or read book Household Response to Dynamic Pricing of Electricity - A Survey of the Empirical Evidence written by Ahmad Faruqui and published by . This book was released on 2010 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the energy crisis of 2000-2001 in the western United States, much attention has been given to boosting demand response in electricity markets. One of the best ways to let that happen is to pass through wholesale energy costs to retail customers. This can be accomplished by letting retail prices vary dynamically, either entirely or partly. For the overwhelming majority of customers, that requires a changeout of the metering infrastructure, which may cost as much as $40 billion for the US as a whole. While a good portion of this investment can be covered by savings in distribution system costs, about 40 percent may remain uncovered. This investment gap could be covered by reductions in power generation costs that could be brought about through demand response. Thus, state regulators in many states are investigating whether customers will respond to the higher prices by lowering demand and if so, by how much. To help inform this assessment, we survey the evidence from the 15 most recent pilots, experiments and full-scale implementations of dynamic pricing of electricity. We find conclusive evidence that households (residential customers) respond to higher prices by lowering usage. The magnitude of price response depends on several factors, such as the magnitude of the price increase, the presence of central air conditioning and the availability of enabling technologies such as two-way programmable communicating thermostats and always-on gateway systems that allow multiple end-uses to be controlled remotely. They also vary with the design of the studies, the tools used to analyze the data and the geography of the assessment. Across the range of experiments studied, time-of-use rates induce a drop in peak demand that ranges between three to six percent and critical-peak pricing tariffs induce a drop in peak demand that ranges between 13 to 20 percent. When accompanied with enabling technologies, the latter set of tariffs lead to a drop in peak demand in the 27 to 44 percent range.
Book Synopsis The Proceedings of the 18th Annual Conference of China Electrotechnical Society by : Qingxin Yang
Download or read book The Proceedings of the 18th Annual Conference of China Electrotechnical Society written by Qingxin Yang and published by Springer Nature. This book was released on with total page 866 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Peak Energy Demand and Demand Side Response by : Jacopo Torriti
Download or read book Peak Energy Demand and Demand Side Response written by Jacopo Torriti and published by Routledge. This book was released on 2015-07-16 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: With different intensities, depending on the season, every morning and evening of any weekday there are the same peaks in electricity demand. Peaks can bring about significantly negative environmental and economic impacts. Demand Side Response is a relatively recent solution in Europe which has the potential to reduce peak demand and ease impending capacity shortages. Peak Energy Demand and Demand Side Response presents evidence on a set of Demand Side Response activities, ranging from price-based to incentive-based programmes and policies. Examples are drawn from different programmes for both residential and non-residential sectors of electricity demand, including Time of Use tariffs, Critical Peak Pricing Automated Demand Controllers and Ancillary Services. The book also looks at the actual energy saving impacts of smart meters, the activities which constitute peak demand and the potential opportunities associated with European smart grids and Capacity Markets. This is the first book presenting comprehensive analysis of the impacts, cost benefits and risks associated with Demand Side Response programmes and policies. It should be of interest to students, scholars and policy-makers in the areas of energy, environmental economics and applied economics.
Book Synopsis Control Applications in Modern Power System by : Arun Kumar Singh
Download or read book Control Applications in Modern Power System written by Arun Kumar Singh and published by Springer Nature. This book was released on 2020-11-26 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents select proceedings of the Electric Power and Renewable Energy Conference 2020 (EPREC 2020). This book provides rigorous discussions, case studies, and recent developments in emerging areas of control systems, especially, load frequency control, wide-area monitoring, control & instrumentation, optimization, intelligent control, energy management system, SCADA systems, etc. The contents of this book will be useful to researchers and professionals interested in control theory and its applications to power grids and systems. The book can also be used by policy makers and power engineers involved in power generation and distribution.
Book Synopsis Real Time Pricing and Deregulating the Electricity Market by : David Leinweber
Download or read book Real Time Pricing and Deregulating the Electricity Market written by David Leinweber and published by . This book was released on 1980 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real-time pricing of electricity may result in major efficiency improvements in the consumption and production of electric power. It can be realized by using current microelectronic technology to implement a dynamic power marketplace, with low entrance barriers and adaptive pricing reflecting the marginal costs of generation. A complex and interrelated set of technical, political, economic, and regulatory questions surround the notion of real-time pricing of electricity. They are briefly outlined in this paper. A current bibliography of material relevant to these studies is also included. (Author).
Book Synopsis Economically Enabled Energy Management by : Takeshi Hatanaka
Download or read book Economically Enabled Energy Management written by Takeshi Hatanaka and published by Springer Nature. This book was released on 2020-04-21 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers contributions from a multidisciplinary research team comprised of control engineering and economics researchers and formed to address a central interdisciplinary social issue, namely economically enabled energy management. The book’s primary focus is on achieving optimal energy management that is viable from both an engineering and economic standpoint. In addition to the theoretical results and techniques presented, several chapters highlight experimental case studies, which will benefit academic researchers and practitioners alike. The first three chapters present comprehensive overviews of respective social contexts, underscore the pressing need for economically efficient energy management systems and academic work on this emerging research topic, and identify fundamental differences between approaches in control engineering and economics. In turn, the next three chapters (Chapters 4–6) provide economics-oriented approaches to the subject. The following five chapters (Chapters 7–11) address optimal energy market design, integrating both physical and economic models. The book’s last three chapters (Chapters 12–14) mainly focus on the engineering aspects of next-generation energy management, though economic factors are also shown to play important roles.
Book Synopsis Forecasting Models of Electricity Prices by : Javier Contreras
Download or read book Forecasting Models of Electricity Prices written by Javier Contreras and published by MDPI. This book was released on 2018-04-06 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Forecasting Models of Electricity Prices" that was published in Energies
Book Synopsis Revenue Management by : Robert G. Cross
Download or read book Revenue Management written by Robert G. Cross and published by Crown Currency. This book was released on 2011-04-27 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the man the Wall Street Journal hailed as "the guru of Revenue Management" comes revolutionary ways to recover from the after effects of downsizing and refocus your business on growth. Whatever happened to growth? In Revenue Management, Robert G. Cross answers this question with his ground-breaking approach to revitalizing businesses: focusing on the revenue side of the ledger instead of the cost side. The antithesis of slash-and-burn methods that left companies with empty profits and dissatisfied stockholders, Revenue Management overturns conventional thinking on marketing strategies and offers the key to initiating and sustaining growth. Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line by meeting the challenge of matching supply with demand.
Book Synopsis Mathematical Modelling of Contemporary Electricity Markets by : Athanasios Dagoumas
Download or read book Mathematical Modelling of Contemporary Electricity Markets written by Athanasios Dagoumas and published by Academic Press. This book was released on 2021-01-30 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. 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 modeling, including discussions 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 (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity. Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets Familiarizes energy experts with the quantitative skills needed in competitive electricity markets Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets
Book Synopsis Deregulation of Electric Utilities by : Georges Zaccour
Download or read book Deregulation of Electric Utilities written by Georges Zaccour and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deregulation of Electric Utilities reviews the main issues relating to the changing environment in the utility industry. Topics covered in depth include compensation for stranded costs, efficiency gains, institutional design, pricing, economics of scale, and network externalities. In addition, this book assesses early experiences in electricity deregulation in continental Europe, New Zealand, North America, and the United Kingdom.
Book Synopsis Distributed Energy Resources Management by : Pedro Faria
Download or read book Distributed Energy Resources Management written by Pedro Faria and published by MDPI. This book was released on 2019-03-21 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: At present, the impact of distributed energy resources in the operation of power and energy systems is unquestionable at the distribution level, but also at the whole power system management level. Increased flexibility is required to accommodate intermittent distributed generation and electric vehicle charging. Demand response has already been proven to have a great potential to contribute to an increased system efficiency while bringing additional benefits, especially to the consumers. Distributed storage is also promising, e.g., when jointly used with the currently increasing use of photovoltaic panels. This book addresses the management of distributed energy resources. The focus includes methods and techniques to achieve an optimized operation, to aggregate the resources, namely, by virtual power players, and to remunerate them. The integration of distributed resources in electricity markets is also addressed as a main drive for their efficient use.
Book Synopsis Electricity Marginal Cost Pricing by : Monica Greer
Download or read book Electricity Marginal Cost Pricing written by Monica Greer and published by Elsevier. This book was released on 2012-03-13 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Packed with case studies and practical real-world examples, Electricity Marginal Cost Pricing Principles allows regulators, engineers and energy economists to choose the pricing model that best fits their individual market. Written by an author with 13 years of practical experience, the book begins with a clear and rigorous explanation of the theory of efficient pricing and how it impacts investor-owned, publicly-owned, and cooperatively-owned utilities using tried and true methods such as multiple-output, functional form, and multiproduct cost models. The author then moves on to include self-contained chapters on applying estimating cost models, including a cubic cost specification and policy implications while supplying actual data and examples to allow regulators, energy economists, and engineers to get a feel for the methods with which efficient prices are derived in today’s challenging electricity market. A guide to cost issues surrounding the generation, transmission, and distribution of electricity Clearly explains cost models which can yield the marginal cost of supplying electricity to end-users Real-world examples that are practical, meaningful, and easy to understand Explans the policy implications of each example Provide suggestions to aid in the formation of the optimal market price
Book Synopsis Advances in Internet, Data & Web Technologies by : Leonard Barolli
Download or read book Advances in Internet, Data & Web Technologies written by Leonard Barolli and published by Springer. This book was released on 2018-02-23 with total page 1108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents original contributions on the theories and practices of emerging Internet, data and Web technologies and their applicability in businesses, engineering and academia, focusing on advances in the life-cycle exploitation of data generated from the digital ecosystem data technologies that create value, e.g. for businesses, toward a collective intelligence approach. The Internet has become the most proliferative platform for emerging large-scale computing paradigms. Among these, data and web technologies are two of the most prominent paradigms and are found in a variety of forms, such as data centers, cloud computing, mobile cloud, and mobile Web services. These technologies together create a digital ecosystem whose cornerstone is the data cycle, from capturing to processing, analyzing and visualizing. The investigation of various research and development issues in this digital ecosystem are made more pressing by the ever-increasing requirements of real-world applications that are based on storing and processing large amounts of data. The book is a valuable resource for researchers, software developers, practitioners and students interested in the field of data and web technologies.
Book Synopsis Pricing and Revenue Optimization by : Robert L. Phillips
Download or read book Pricing and Revenue Optimization written by Robert L. Phillips and published by Stanford University Press. This book was released on 2021-05-18 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the first introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. With updates to every chapter, this second edition covers topics such as estimation of price-response functions and machine-learning-based price optimization. New discussions of applications of dynamic pricing and revenue management by companies such as Amazon, Uber, and Disney, and in industries such as sports, theater, and electric power, are also included. In addition, the book provides current coverage of important applications such as revenue management, markdown management, customized pricing, and the behavioral economics of pricing.
