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Author : Reynolds
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Measuring market power in wholesale electricity markets : a Dynamic competition approach written by Reynolds and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anna Cretì
Publisher : Cambridge University Press
ISBN 13 : 1107185653
Total Pages : 369 pages
Book Rating : 4.1/5 (71 download)
Download or read book Economics of Electricity written by Anna Cretì and published by Cambridge University Press. This book was released on 2019-05-30 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains the economics of electricity at each step of the supply chain: production, transportation and distribution, and retail.
Author : C. Andrea Bollino
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (129 download)
Download or read book Measuring Market Power in Wholesale Electricity Italian Market written by C. Andrea Bollino and published by . This book was released on 2019 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the new deregulated competitive Italian electricity many interesting issues arise as the market complexity, the firm strategic behavior, the market power size, and so on. Effective competition in the electricity market is a necessary features of a successful supply industry restructuring. In this paper we examine the degree of competition in the Italian market during the period April 2004 to December 2004 in two principal ways. In the first one we estimate a very intuitive relation among the differences between the hourly equilibrium price (ph) and the individual hourly bids that the competitors offer around ph, and a large set of structural and behavioral variables. In the second one the aim is twofold. The first one is to build the residual demand for each Italian Generation Company. The construction of the residual demand curve system is the necessary condition to get the second aim which is to measure the unilateral market power for the Italian Generation Companies. Following Wolak (2003) approach the appropriate measure of the unilateral market power is the Lerner index based on the residual demand curve elasticity which is computed as arc elasticity. The expected results is a deeper understanding of the Wholesale Italian Electricity Markets and of its mechanism in order to enhance competition and to design appropriate market surveillance.
Author : Ignacia Mercadal
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (13 download)
Download or read book Dynamic Competition and Arbitrage in Electricity Markets written by Ignacia Mercadal and published by . This book was released on 2018 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study the role of purely financial players in electricity markets, where they trade alongside physical buyers and sellers. In this context, physical sellers intertemporally price discriminate, leading to price differences that financial traders arbitrage, thus restricting producers' market power. Using detailed individual data, I examine physical and financial firms' response to regulation that exogenously increased financial trading. I show that the effect of financial traders on generators' market power depends on whether firms are in a static Nash equilibrium or not. I then develop a structural test of static Nash equilibrium and show the null of static Nash does not hold during the period of reduced financial trading. To implement the test, I present a new method to study the competitive structure of electricity markets using machine learning tools to define markets. I find that increased financial trading reduced generators' market power and increased consumer surplus.
Author : Frank A. Wolak
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4./5 ( download)
Download or read book Managing Unilateral Market Power in Electricity written by Frank A. Wolak and published by World Bank Publications. This book was released on 2005 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper first describes those features of the electricity supply industry that make a prospective market monitoring process essential to a well-functioning wholesale market. Some of these features are shared with the securities industry, although the technology of electricity production and delivery make a reliable transmission network a necessary condition for an efficient wholesale market. These features of the electricity supply industry also make antitrust or competition law alone an inadequate foundation for an electricity market monitoring process.
Author : Fiona Woolf
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book Integrating Independent Power Producers Into Emerging Wholesale Power Markets written by Fiona Woolf and published by World Bank Publications. This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers wishing to introduce wholesale competition into the electricity industry must often reconcile existing independent power producer contracts with new market structures and trading arrangements. For the new market arrangements to bring the benefits of competition to consumers, enough participants must be willing to take market risk. A combination of measures (adaptation of specific market rule, contractual alternatives for enhancing market liquidity, contract buyout provisions, transitional mechanisms) offer promise for reconciling existing contracts with new market structures and reducing the magnitude of above-market costs associated with the contracts.
Author : Ahmad Faruqui
Publisher : Springer Science & Business Media
ISBN 13 : 9780792378396
Total Pages : 502 pages
Book Rating : 4.3/5 (783 download)
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 2000-05-31 with total page 502 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.
Author : Severin Borenstein
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Understanding Competitive Pricing and Market Power in Wholesale Electricity Markets written by Severin Borenstein and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussions of competition in restructured electricity markets have revealed many misunderstandings about the definition, diagnosis, and implications of market power. In this paper, I attempt to clarify the meaning of market power and show how it can be distinguished from competitive pricing in markets with significant short-run supply constraints. I also address two common myths about market power: (a) that it is present in all markets and (b) that it must be present in order for firms to remain profitable in markets with significant fixed costs. I conclude by arguing that, while a finding of market power in an industry does not necessarily indicate that government intervention is warranted, such analysis is an important part of creating sound public policy.
Author : Panagiotis Tsangaris
Publisher : Springer
ISBN 13 : 3662555131
Total Pages : 213 pages
Book Rating : 4.6/5 (625 download)
Download or read book Capacity Withdrawals in the Electricity Wholesale Market written by Panagiotis Tsangaris and published by Springer. This book was released on 2017-08-30 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the issue of capacity withdrawals in the electricity wholesale market. Electricity generators can exercise market power in the wholesale market either by withdrawing generation capacity, or by pricing above competitive levels in order to achieve a higher market price and, thereby, increase revenues. After a comprehensive explanation of capacity withdrawal practices and the issues that arise when proceeding under competition law, the book analyses whether an increased state of transparency, as provided for in the REMIT and Regulation 543/2013, could facilitate the efficient functioning of electricity wholesale markets and the investigation of capacity withdrawal practices. It also examines the effect of the prohibition of market manipulation as prescribed in the REMIT in dealing with abusive capacity withdrawals in the electricity wholesale market.
Author : Hannes Weigt
Publisher : Sudwestdeutscher Verlag Fur Hochschulschriften AG
ISBN 13 : 9783838122601
Total Pages : 180 pages
Book Rating : 4.1/5 (226 download)
Download or read book Modeling Competition and Investment in Liberalized Electricity Markets written by Hannes Weigt and published by Sudwestdeutscher Verlag Fur Hochschulschriften AG. This book was released on 2010 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis current questions regarding the functionality of liberalized electricity markets are studied addressing different topics of interest in two main directions: market power and competition policy on electricity wholesale markets, and network investments and incentive regulation. The former is studied based on the case of the German electricity market with respect to ex-post market power analysis and ex-ante remedy development. First an optimization model is designed to obtain the competitive benchmark which can be compared to the observed market outcomes between 2004 and 2006. In a second step the horizontal breaking up of dominant firms (divestiture) is simulated applying equilibrium techniques (the classical Cournot approach and the Supply Function Equilibrium approach). The later issue of transmission capacity investment is addressed by highlighting the complexity of network investments in electricity markets and by analyzing a regulatory mechanism with a two part tariff approach. The technical characteristics of power flows are combined with economic criteria and tested for different network settings.
Author : David Watts
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (891 download)
Download or read book Competition and Equilibria in Electricity Markets Based on Two-settlement System written by David Watts and published by . This book was released on 2007 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fereidoon Sioshansi
Publisher : Elsevier
ISBN 13 : 0080557716
Total Pages : 625 pages
Book Rating : 4.0/5 (85 download)
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
Author : Severin Bornstein
Publisher :
ISBN 13 : 9780756709846
Total Pages : 51 pages
Book Rating : 4.7/5 (98 download)
Download or read book Diagnosing Market Power in California's Deregulated Wholesale Electricity Market written by Severin Bornstein and published by . This book was released on 2000-02-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the degree of competition in the Cal. wholesale electricity market during the period June 1998 to Sep. 1999 by comparing the market prices with estimates of the prices that would have resulted if owners of instate fossil fuel generating facilities behaved as price takers. There were significant departures from competitive pricing and these departures are most pronounced during the highest demand periods, which tend to occur during the months of July-Sep. Through most of the winter and spring of 1999 there was little evidence of the exercise of market power. The exercise of market power raised the cost of power purchases by about 16% above the competitive level.
Author : Sebastian Eyre
Publisher :
ISBN 13 : 9781783479771
Total Pages : 0 pages
Book Rating : 4.4/5 (797 download)
Download or read book Competition and Regulation in Electricity Markets written by Sebastian Eyre and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Featuring an original introduction by the editors, these carefully-selected essays explore the main issues surrounding competition and regulation in electricity markets. The industry is experiencing irresistible forces of change, driven by energy policy objectives; a reassessment of market regulation in the face of high-energy prices; and the response to consumer pressure to agree on what constitutes a fair price for energy. This volume identifies the key articles that underpin the debate across the industries supply chain (generation, supply and networks) from a regulatory perspective (including market power and incentive regulation). The collection then considers the overall impact of liberalisation and future developments.
Author : Derek W. Bunn
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.:/5 (321 download)
Download or read book Modelling Prices in Competitive Electricity Markets written by Derek W. Bunn and published by John Wiley & Sons. This book was released on 2004-04-02 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity markets are structurally different to other commodities, and the real-time dynamic balancing of the electricity network involves many external factors. Because of this, it is not a simple matter to transfer conventional models of financial time series analysis to wholesale electricity prices. The rationale for this compilation of chapters from international authors is, therefore, to provide econometric analysis of wholesale power markets around the world, to give greater understanding of their particular characteristics, and to assess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the book an invaluable guide to the most important state-of-the-art modelling techniques which are converging to define the special approaches necessary for unravelling and forecasting the behaviour of electricity prices. It is a high-quality synthesis of the work of financial engineering, industrial economics and power systems analysis, as they relate to the behaviour of competitive electricity markets.
Author : Severin Borenstein
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (247 download)
Download or read book Diagnosing Market Power in California's Restructured Wholesale Electricity Market written by Severin Borenstein and published by . This book was released on 2000 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective competition in wholesale electricity markets is a necessary feature of a successful electricity supply industry restructuring. We examine the degree of competition in the California wholesale electricity market during the period June 1998 to September 1999 by comparing the market prices with estimates of the prices that would have resulted if owners of instate fossil fuel generating facilities behaved as price takers. We find that there were significant departures from competitive pricing and that these departures are most pronounced during the highest demand periods, which tend to occur during the months of July through September. Through most of the winter and spring of 1999 there was little evidence of the exercise of market power. Overall, the exercise of market power raised the cost of power purchases by about 16% above the competitive level. Following the presentation of our methodology for computing the counterfactual price-taking market price, we describe why our calculation represents a lower bound on the extent of market power and why the observed market prices cannot by attributed to competitive peak-lead pricing
Author : Kenneth L. Judd
Publisher : MIT Press
ISBN 13 : 0262547740
Total Pages : 657 pages
Book Rating : 4.2/5 (625 download)
Download or read book Numerical Methods in Economics written by Kenneth L. Judd and published by MIT Press. This book was released on 2023-04-04 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses. The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n, including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A website contains supplementary material including programs and answers to exercises.
