Financial Transmission Rights

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Financial Transmission Rights

Author : Juan Rosellón
Publisher : Springer Science & Business Media
ISBN 13 : 1447147871
Total Pages : 442 pages
Book Rating : 4.4/5 (471 download)

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Book Synopsis Financial Transmission Rights by : Juan Rosellón

Download or read book Financial Transmission Rights written by Juan Rosellón and published by Springer Science & Business Media. This book was released on 2013-03-15 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whilst financial rights have appeared as a successful ingredient in North-American power markets, they have their shortcomings both theoretically and in practice. Financial Transmission Rights: Analysis, Experiences and Prospects present a systematic and comprehensive overview of financial transmission rights (FTRS). Following a general introduction to FTRs, including chapters to explain transmission pricing and the general properties of FTRS, experts in the field provide discussions on wide scope of topics. These include: Varying perspectives on FTRS: from electrical engineers to economists, Different mathematical formulations of FTRS Financial Hedging using FTRS, and Alternative solutions to FTRs The detail, expertise and range of content makes Financial Transmission Rights: Analysis, Experiences and Prospect an essential resource for electricity market specialists both at academic and professional levels. “This is THE BOOK we were all expecting to address all key ‘Financial Transmission Rights’ issues. It is comprehensive and reader friendly. You can pick at will in its menu: more or less theory, a bit of maths or none, empirical review of real cases or numerical simulations of many feasible options. Big names rally there to delight you like: Hogan , Oren, Perez-Arriaga, Smeers, Hobbs and... Rosellón. More than a must read: a light house, a map and a survival kit.” Jean – Michel Glachant, Director Florence School, Holder Loyola de Palacio Chair, Chief-editor Economics of Energy & Environmental Policy. "In the last two decades, economists have developed a better understanding of the impact of financial rights on risk management, market power and network expansion in electricity markets, while power systems have experimented with such rights. Striking a good balance between academics and practitioners, always at the frontier of the field, written by the best experts, this volume is essential reading for all those- power systems’ managers and users, regulators, students and researchers- who want to understand the new electricity environment and predict its evolution." Jean Tirole, Toulouse School of Economics and Institute for Industrial Economics (IDEI) Further comments inside.

Financial Transmission Rights

Author : Devendra Canchi
Publisher :
ISBN 13 :
Total Pages : 133 pages
Book Rating : 4.:/5 (898 download)

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Book Synopsis Financial Transmission Rights by : Devendra Canchi

Download or read book Financial Transmission Rights written by Devendra Canchi and published by . This book was released on 2010 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:

How Financial Transmission Rights Curb Market Power

Author :
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (684 download)

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Book Synopsis How Financial Transmission Rights Curb Market Power by :

Download or read book How Financial Transmission Rights Curb Market Power written by and published by . This book was released on 1997 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper demonstrates that financial transmission rights allow their owners to capture at least a portion, and sometimes all, of the congestion rents. This extends work in this area by Shmuel Oren which was limited to the case in which generators could not purchase financial transmission rights. One form of financial rights, Transmission Congestion Contracts (TCCs), is shown to be so effective in reducing market power that as few as two generators facing a demand curve with zero elasticity may be forced to sell at marginal cost. The extent to which market power is limited depends on the extent to which total generation capacity exceeds export capacity and on the size of individual generators. A relationship is derived that determines when TCCs will eliminate market power. In the case of a three line network, it is shown that the reduction in market power that can be accomplished with {open_quotes}active transmission rights{close_quotes} can also be accomplished with simple contracts for differences.

Simulating Participants' Behaviour in New Zealand Financial Transmission Rights Market

Author : Michael Leon
Publisher :
ISBN 13 :
Total Pages : 101 pages
Book Rating : 4.:/5 (911 download)

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Book Synopsis Simulating Participants' Behaviour in New Zealand Financial Transmission Rights Market by : Michael Leon

Download or read book Simulating Participants' Behaviour in New Zealand Financial Transmission Rights Market written by Michael Leon and published by . This book was released on 2014 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work offers a model that can be used to generate Financial Transmission Right (FTR) bids in the New Zealand electricity market. FTRs are a type of contract in the electricity market that a participant can purchase to hedge locational price risk. The first New Zealand FTR auction occurred in June 2013. Our aim with this work is to produce an implementable model that market participants can use to generate FTR bids. Using CVaR to encapsulate the risk aversion of participants, our model can be tailored for specific gentailers in New Zealand, depending on their generation assets as well as their retail obligations. The backbone of this work focuses on obligation FTRs, but an extension on option FTRs is also included. Using this model, we have simulated the bids for five major gentailers in New Zealand. These bids were then input into the FTR auction to determine how much FTR volume is allocated to each of the particpants, as well as the price of FTRs. In our main sce-nario month, July, we obtained a clearing price of $1.80/MWh for obligation FTRs from Otahuhu to Benmore. The importance of revenue adequacy in an FTR market has been confirmed by all the major gentailers. This has been included in our bid model by using scale factors on FTR payments.

Financial Derivatives on Energy Markets

Author : United States. Congress. Senate. Committee on Energy and Natural Resources
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Financial Derivatives on Energy Markets by : United States. Congress. Senate. Committee on Energy and Natural Resources

Download or read book Financial Derivatives on Energy Markets written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 2010 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Transmission Rights and Market Power on Electric Power Networks I

Author : Paul L. Joskow
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Transmission Rights and Market Power on Electric Power Networks I by : Paul L. Joskow

Download or read book Transmission Rights and Market Power on Electric Power Networks I written by Paul L. Joskow and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Estimating the Value of Financial Transmission Rights for Transmission Expansion

Author : Youngho Kwon
Publisher :
ISBN 13 :
Total Pages : 209 pages
Book Rating : 4.:/5 (643 download)

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Book Synopsis Estimating the Value of Financial Transmission Rights for Transmission Expansion by : Youngho Kwon

Download or read book Estimating the Value of Financial Transmission Rights for Transmission Expansion written by Youngho Kwon and published by . This book was released on 2009 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Electricity Markets

Author : Darryl R. Biggar
Publisher : John Wiley & Sons
ISBN 13 : 1118775724
Total Pages : 493 pages
Book Rating : 4.1/5 (187 download)

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Book Synopsis The Economics of Electricity Markets by : Darryl R. Biggar

Download or read book The Economics of Electricity Markets written by Darryl R. Biggar and published by John Wiley & Sons. This book was released on 2014-07-10 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Modern Energy Market Manipulation

Author : Andrew N. Kleit
Publisher : Emerald Group Publishing
ISBN 13 : 1787433862
Total Pages : 240 pages
Book Rating : 4.7/5 (874 download)

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Book Synopsis Modern Energy Market Manipulation by : Andrew N. Kleit

Download or read book Modern Energy Market Manipulation written by Andrew N. Kleit and published by Emerald Group Publishing. This book was released on 2018-11-15 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the important economic and legal questions of market manipulation that have arisen in restructured energy markets, paying particular attention to the actions of the Federal Energy Regulatory Commission.

LMP and financial transmission rights

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis LMP and financial transmission rights by :

Download or read book LMP and financial transmission rights written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Electricity Transmission Investment and Financial Transmission Rights

Author : Wenzhuo Shang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (143 download)

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Book Synopsis Essays on Electricity Transmission Investment and Financial Transmission Rights by : Wenzhuo Shang

Download or read book Essays on Electricity Transmission Investment and Financial Transmission Rights written by Wenzhuo Shang and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Government policy statement on electricity financial transmission rights

Author : New Zealand. Ministry of Economic Development
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (113 download)

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Book Synopsis Government policy statement on electricity financial transmission rights by : New Zealand. Ministry of Economic Development

Download or read book Government policy statement on electricity financial transmission rights written by New Zealand. Ministry of Economic Development and published by . This book was released on 2002* with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Derivatives on Energy Markets

Author : United States Congress
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781978318052
Total Pages : 94 pages
Book Rating : 4.3/5 (18 download)

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Book Synopsis Financial Derivatives on Energy Markets by : United States Congress

Download or read book Financial Derivatives on Energy Markets written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-17 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial derivatives on energy markets: hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred Eleventh Congress, second session, to examine financial transmission rights and other electricity market mechanisms, March 9, 2010.

Alternative Models to Analyze Market Power and Financial Transmission Rights in Electricity Markets [electronic Resource]

Author : Bautista Alderete, Guillermo
Publisher : University of Waterloo
ISBN 13 :
Total Pages : 166 pages
Book Rating : 4.:/5 (715 download)

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Book Synopsis Alternative Models to Analyze Market Power and Financial Transmission Rights in Electricity Markets [electronic Resource] by : Bautista Alderete, Guillermo

Download or read book Alternative Models to Analyze Market Power and Financial Transmission Rights in Electricity Markets [electronic Resource] written by Bautista Alderete, Guillermo and published by University of Waterloo. This book was released on 2005 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main concerns with the introduction of competition in the power sector is the strategic behaviour of market participants. Computable models of strategic behaviour are becoming increasingly important to understand the complexities of competition. Such models can help analyze market designs and regulatory policies. In this thesis, further developments on the modelling and analysis of strategic behaviour in electricity markets are presented. This thesis work has been conducted along three research lines. In the first research line, an oligopolistic model of a joint energy and spinning reserve market is formulated to analyze imperfect competition. Strategic behaviour is introduced by means of conjectured functions. With this integrated formulation for imperfect competition, the opportunity cost between generation and spinning reserve has been analytically derived. Besides, inter-temporal and energy constraints, and financial transmission rights are taken into account. Under such considerations, competition in electricity markets is modelled with more realism. The oligopolistic model is formulated as an equilibrium problem in terms of complementarity conditions. In the second research line, a methodology to screen and mitigate the potential exacerbation of market power due to the ownership of financial transmission rights is presented. Hedging position ratios are computed to quantify the hedging level of financial transmission rights. They are based on the actual impact that each participant has in the energy market, and on the potential impact that it would have with the ownership of financial transmission rights. Thus, hedging position ratios are used to identify the potential gambling positions from the transmission rights bidders, and, therefore, used to prioritize critical positions in the auction for transmission rights. In the last research line, alternative equilibrium models of markets for financial transmission rights are formulated. The proposed equilibrium framework is more natural and flexible for modelling markets than the classic cost-minimization markets. Different markets for financial transmission rights are modelled, namely: i) forwards, ii) options, and iii) joint forwards and options. Moreover, one-period, multi-period and multi-round markets for forwards are derived. These equilibrium models are proposed to analyze the bidding strategies of market participants. The potential impact of bidders on congestion prices is modelled by means of conjectured transmission price functions.

US Financial Transmission Rights

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (836 download)

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Book Synopsis US Financial Transmission Rights by :

Download or read book US Financial Transmission Rights written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Analysis of Financial Transmission Rights (FTRs) with Specific Reference to the Transpower Proposal for New Zealand

Author : Lewis Evans
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (155 download)

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Book Synopsis Economic Analysis of Financial Transmission Rights (FTRs) with Specific Reference to the Transpower Proposal for New Zealand by : Lewis Evans

Download or read book Economic Analysis of Financial Transmission Rights (FTRs) with Specific Reference to the Transpower Proposal for New Zealand written by Lewis Evans and published by . This book was released on 2001 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Spot Pricing of Electricity

Author : Fred C. Schweppe
Publisher : Springer Science & Business Media
ISBN 13 : 1461316839
Total Pages : 362 pages
Book Rating : 4.4/5 (613 download)

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Book Synopsis Spot Pricing of Electricity by : Fred C. Schweppe

Download or read book Spot Pricing of Electricity written by Fred C. Schweppe and published by Springer Science & Business Media. This book was released on 2013-03-07 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a need for fundamental changes in the ways society views electric energy. Electric energy must be treated as a commodity which can be bought, sold, and traded, taking into account its time-and space-varying values and costs. This book presents a complete framework for the establishment of such an energy marketplace. The framework is based on the use of spot prices. In general terms: o An hourly spot price (in dollars per kilowatt hour) reflects the operating and capital costs of generating, transmitting and distributing electric energy. It varies each hour and from place to place. o The spot price based energy marketplace involves a variety of utility-customer transactions (ranging from hourly varying prices to long-term, multiple-year contracts), all of which are based in a consistent manner on hourly spot prices. These transactions may include customers selling to, as well as buying from, the utility. The basic theory and practical implementation issues associated with a spot price based energy marketplace have been developed and discussed through a number of different reports, theses, and papers. Each addresses only a part of the total picture, and often with a somewhat different notation and terminology (which has evolved in parallel with our growing experience). This book was xvii xviii Preface written to serve as a single, integrated sourcebook on the theory and imple mentation of a spot price based energy marketplace.