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Estimating The Customer Level Demand For Electricity Under Real Time Market Prices
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Book Synopsis Estimating the Customer-level Demand for Electricity Under Real-time Market Prices by : Robert H. Patrick
Download or read book Estimating the Customer-level Demand for Electricity Under Real-time Market Prices written by Robert H. Patrick and published by . This book was released on 2001 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents estimates of the customer-level demand for electricity by industrial and commercial customers purchasing electricity according to the half-hourly energy prices from the England and Wales (E&W) electricity market. These customers also face the possibility of a demand charge on their electricity consumption during the three half-hour periods that are coincident with E&W system peaks. Although energy charges are largely known by 4 PM the day prior to consumption, a fraction of the energy charge and the identity of the half-hour periods when demand charges occur are only known with certainty ex post of consumption. Four years of data from a Regional Electricity Company (REC) in the United Kingdom is used to quantify the half-hourly customer-level demands under this real-time pricing program. The econometric model developed and estimated here quantifies the extent of intertemporal substitution in electricity consumption across pricing periods within the day due to changes in all components of day-ahead E&W electricity prices, the level of the demand charge and the probability that a demand charge will be imposed. The results of this modeling framework can be used by distribution companies supplying consumers purchasing electricity according to real-time market prices to construct demand-side bids into a competitive electricity market. The paper closes with several examples of how this might be done
Book Synopsis Pricing in Competitive Electricity Markets by : Ahmad Faruqui
Download or read book Pricing in Competitive Electricity Markets written by Ahmad Faruqui and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 An Analysis of Time-Based Pricing in Retail Electricity Markets by : Baris Ata
Download or read book An Analysis of Time-Based Pricing in Retail Electricity Markets written by Baris Ata and published by . This book was released on 2018 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem Definition: We empirically evaluate the short-term effects of time-based tariffs on the electricity demand, consumer welfare, retailers and the environment.Academic/Practical Relevance: Electricity retailers around the world have been introducing time-based pricing programs. We study the short-term impact of such tariffs empirically.Methodology: We build a structural estimation model of household electricity demand and analyze a data set from an Irish field experiment, consisting of the half-hourly electricity consumption of over three thousand households, combined with the wholesale price, system load and generation data. Using the estimates from the structural model, we conduct a counterfactual study to explore various questions of practical importance.Results: Our empirical analysis reveals that focusing on the peak-load reduction metric, one can design a flexible time-of-use (TOU) tariff that is simple and predictable yet performs as well as real-time pricing (RTP) given a fixed time horizon for evaluation. The annual electricity bills of consumers decrease only slightly when they switch from the flat rate to time-based tariffs, but there can be significant volatility in month to month bills under time-based tariffs. In contrast, the more flexible a tariff in terms of pricing, the less volatility it creates in retailer's profits throughout the year. Finally, switching from the flat rate to time-based tariffs would not change the carbon dioxide emissions from electricity generation in Ireland significantly.Managerial Implications: We find that time-based tariffs are effective in peak load reduction. However, the most appropriate time-based tariff depends on the context. If the goal is mitigating demand spikes over very short time spans, e.g. hours, then RTP is the most effective one. If the performance-relevant time horizon is longer, e.g. a month or a season, then a carefully designed TOU tariff with pre-determined rates can be just as effective as RTP. Consumers and retailers are largely unaffected by time-based tariffs which suggests that their adoption may be harder under opt-in policies, compared to opt-out policies. From an environmental perspective, our result that the carbon dioxide emissions do not increase facilitates the adoption of time-based tariffs.
Book Synopsis Efficient Pricing in Electricity Markets by : Michelle Fontana
Download or read book Efficient Pricing in Electricity Markets written by Michelle Fontana and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When prices are set properly, they serve as important signals to guide customers to consume the efficient quantity of a good. However, in electricity markets many consumers do not pay prices that reflect the scarcity of power. The true social cost of power varies throughout a typical day; power is usually low cost during off-peak periods in the night but it is high cost during a hot July afternoon. Economists have argued for several decades that consumers should pay a price that varies with the true social cost of power. However, the vast majority of consumers pay a fixed price whether they use power at midnight or noon. This can create a host of economic inefficiencies. Fortunately, this is beginning to change. In many states, including Texas, large commercial and industrial users of electricity pay prices that reflect the social cost of power at the time of consumption. This pricing mechanism is called "real-time pricing" (RTP) in electricity markets. I have access to a unique, new dataset of virtually all 8000 commercial and industrial users in Texas that includes information on both whether they pay real-time prices and their hourly consumption for one year. First, I econometrically estimate the types of commercial and industrial firms that are likely to "sign up" for time-varying prices. Second, I test whether the customers on real-time prices reduce demand substantially in response to higher prices. I find that customers with greater total hourly consumption are more likely to be on real-time pricing. Customers with more "peaky" load profiles are less likely to be on real-time pricing. Customers in south and west Texas have a greater probability of being on RTP than customers in Houston. I also study whether customers on RTP decrease consumption on hot summer days when electricity is scare. These results have important implications for the design of both deregulated electricity markets and policies that seek to increase the amount of electricity generated with renewable sources of energy.
Book Synopsis Meeting the Balance of Electricity Supply and Demand in Latin America and the Caribbean by : Rigoberto Ariel Yépez-García
Download or read book Meeting the Balance of Electricity Supply and Demand in Latin America and the Caribbean written by Rigoberto Ariel Yépez-García and published by World Bank Publications. This book was released on 2011-06-24 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the coming decades, the supply of electric power will need to expand to meet the growing demand for electricity, but how the production and use of electricity develops will have broad ramifications for the diverse economies and societies of Latin America and the Caribbean. This report discusses the critical issues for the power sector considering a baseline scenario to 2030 for countries and sub-regions. Among these critical issues are the demand for electricity, the total new supply of electric generating capacity needed, the technology and fuel mix of the generating capacity, and the CO2 emissions of the sector. Under modest GDP growth assumptions, the demand for electricity in Latin America and the Caribbean would more than double by 2030. The analysis suggests that under any economic scenario, it will be challenging for the Region to meet future electricity demand. The report shows that meeting the demand for electricity in Latin America and the Caribbean can be achieved by not only building new generating capacity by the expansion of hydropower and natural gas, but by relying on an increased supply of non-hydro renewables, expanding electricity trade, and making use of supply and demand-side energy efficiency to lower the overall demand for electricity. Some recommendations derived from the report are the need for strengthening regulations and market design of hydropower and gas power generation projects and the need to design supportive policies to develop renewable energy technologies and promote energy efficiency measures. The primary audience to which this report is addressed are policy makers, power sector planners and stakeholders.
Book Synopsis Electricity Pricing in Transition by : Ahmad Faruqui
Download or read book Electricity Pricing in Transition written by Ahmad Faruqui and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity Pricing In Transition is written to address the new issues facing utilities, retailers, regulators, and customers in the changing electricity market. It is organized into five sections. Section I deals with the new restructured organization that has emerged from yesterday's vertically integrated, regulated monopoly company. Section II deals with issues in competitive pricing. Section III reviews the role of demand response and product design in today's chaotic marketplace. Given the single importance of California's energy crisis and the fact that it will be studied for years to come, Section IV is devoted to studying the lessons learned from this crisis. The final section of the book deals with markets and regulations. This book will provide practitioners with guidance on how to avoid the major pitfalls in pricing electricity while the market is in transition by drawing upon the insights and lessons learned from the experience of others that are documented in this book.
Book Synopsis Regulation Under Increasing Competition by : Michael A. Crew
Download or read book Regulation Under Increasing Competition written by Michael A. Crew and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulation Under Increasing Competition brings together practitioners, regulators, and economists to examine the important policy and regulatory issues facing the telecommunications and electricity industries. This volume reviews such topics as competitive entry, stranded costs, pricing and market mechanisms. It provides a unique perspective on problems in a newly deregulated environment.
Book Synopsis Measuring Demand Responses to Wholesale Electricity Prices Using Market Power Indices by : Talat Genc
Download or read book Measuring Demand Responses to Wholesale Electricity Prices Using Market Power Indices written by Talat Genc and published by . This book was released on 2016 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate wholesale demand response to hourly price movements in the Ontario wholesale electricity market using detailed generator and market level data. We calculate hourly market power measures such as the Lerner Index and the Residual Supplier Index, which are utilized in a Cournot competition model to structurally estimate price elasticity of demand during peak hours of days, seasons and years. We find that price elasticities are small and statistically significant, and they exhibit large variations over the times of days/seasons and show differences over the years. For instance, while the elasticity estimates fall into the range [-0.021, -0.133] in 2007, they are in the interval of [-0.013, -0.053] in 2008. We also extend the study period to include 2006 (during which extreme weather conditions occurred) and 2009 (when the economic crisis hit and natural gas prices plummeted) to measure the demand responses to irregular price movements and find that price elasticities during the economic crisis were higher than a year earlier. Comparing high demand winter hours to high demand summer hours indicates that consumers' price responsiveness is lower in summer than in winter during 2006-2009. Moreover, we employ these indices along with the estimated price elasticities to project the likely impact of interconnection capacity expansions on market prices. Our calibrations show that even a small amount of transmission investment (and hence trade activity) can result in substantial market price reductions. In addition, we discuss how our approach could be used to estimate price elasticities for other goods such as crude oil and gasoline.
Book Synopsis Real Time Pricing and the Real Live Firm by :
Download or read book Real Time Pricing and the Real Live Firm written by and published by . This book was released on 2004 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy economists have long argued the benefits of real time pricing (RTP) of electricity. Their basis for modeling customers response to short-term fluctuations in electricity prices are based on theories of rational firm behavior, where management strives to minimize operating costs and optimize profit, and labor, capital and energy are potential substitutes in the firm's production function. How well do private firms and public sector institutions operating conditions, knowledge structures, decision-making practices, and external relationships comport with these assumptions and how might this impact price response? We discuss these issues on the basis of interviews with 29 large (over 2 MW) industrial, commercial, and institutional customers in the Niagara Mohawk Power Corporation service territory that have faced day-ahead electricity market prices since 1998. We look at stories interviewees told about why and how they respond to RTP, why some customers report that they can't, and why even if they can, they don't. Some firms respond as theorized, and we describe their load curtailment strategies. About half of our interviewees reported that they were unable to either shift or forego electricity consumption even when prices are high ($0.50/kWh). Reasons customers gave for why they weren't price-responsive include implicit value placed on reliability, pricing structures, lack of flexibility in adjusting production inputs, just-in-time practices, perceived barriers to onsite generation, and insufficient time. We draw these observations into a framework that could help refine economic theory of dynamic pricing by providing real-world descriptions of how firms behave and why.
Book Synopsis Policy Evaluation with Computable General Equilibrium Models by : Amedeo Fossati
Download or read book Policy Evaluation with Computable General Equilibrium Models written by Amedeo Fossati and published by Routledge. This book was released on 2003-09-02 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computable General Equilibrium (CGE) modelling is a relatively new field in economics, however, it is rapidly becoming one of the most useful tools for policy evaluation. This book applies CGE modelling to some of the most urgent international economic policy problems, including the Kyoto Protocol, pension reform, and income taxation, and also analyses the methodological issues that arise.
Book Synopsis Estimating Residential Electricity Demand Under Declining-block Tariffs by : Jan Paul Acton
Download or read book Estimating Residential Electricity Demand Under Declining-block Tariffs written by Jan Paul Acton and published by . This book was released on 1978 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Future of Electricity Retailing and How We Get There by : Frank A. Wolak
Download or read book The Future of Electricity Retailing and How We Get There written by Frank A. Wolak and published by Springer Nature. This book was released on 2021-09-28 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the current trends and challenges faced by regulators, policymakers, and researchers in the field of retail electricity market design and regulation. It addresses the role that “smart” technologies are playing in reshaping how utilities and consumers interact with each other and with their generating technologies. The book covers topics including smart meter adoption, dynamic pricing, demand response, distributed and utility-scale solar, technology costs trends, and the microeconomic theory that governs our understanding of retailer and consumer incentives. Existing inefficiencies of transmission and distribution network pricing as well as the potential regulatory approaches that can be used to remedy them are discussed along with the advantages of retail competition and draw attention to the barriers that currently are preventing all of the benefits of retail competition from materializing. The book uses very recent data to provide the most up-to-date overview of retailing trends and policies in the USA, Europe, Asia, Oceania, and Latin America. The book will be useful for researchers and regulators and policymakers.
Author :United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on Consumer Affairs, Foreign Commerce, and Tourism Publisher : ISBN 13 : Total Pages :152 pages Book Rating :4.:/5 (51 download)
Book Synopsis Examining Enron by : United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on Consumer Affairs, Foreign Commerce, and Tourism
Download or read book Examining Enron written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on Consumer Affairs, Foreign Commerce, and Tourism and published by . This book was released on 2005 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Study in Econometrics: the Demand for Electricity in the United States by : Franklin M. Fisher
Download or read book A Study in Econometrics: the Demand for Electricity in the United States written by Franklin M. Fisher and published by . This book was released on 1962 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electricity Markets written by Jeremy Lin and published by John Wiley & Sons. This book was released on 2017-08-30 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive resource that provides the basic concepts of electric power systems, microeconomics, and optimization techniques Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors—noted experts in the field—cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with the tremendous amount of economic data related to power systems that is now available. This important resource: Introduces fundamental economic concepts necessary to understand the operations and functions of electricity markets Presents basic characteristics of power systems and physical laws governing operation Includes mathematical optimization methods related to electricity markets and their applications to practical market clearing issues Electricity Markets: Theories and Applications is an authoritative text that explores the basic concepts of the economic theories and key information on advanced optimization methods of electricity markets.
Book Synopsis Demand Conditions in the Electrical Power Industry by : Rufus Ashley Lyman
Download or read book Demand Conditions in the Electrical Power Industry written by Rufus Ashley Lyman and published by . This book was released on 1972 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
