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The Future Of Power Markets In A Low Marginal Cost World
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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.
Book Synopsis Markets for Power by : Paul L. Joskow
Download or read book Markets for Power written by Paul L. Joskow and published by MIT Press (MA). This book was released on 1988-08-01 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely study evaluates four generic proposals for allowing free market forces toreplace government regulation in the electric power industry and concludes that none of thederegulation alternatives considered represents a panacea for the performance failures associatedwith things as they are now. It proposes a balanced program of regulatory reform and deregulationthat promises to improve industry performance in the short run, resolve uncertainties about thecosts and benefits of deregulation, and positions the industry for more extensive deregulation inthe long run should interim experimentation with deregulation, structural, and regulatory reformsmake it desirable.The book integrates modern microeconomic theory with a comprehensive analysis ofthe economic, technical, and institutional characteristics of modern electrical power systems. Itemphasizes that casual analogies to successful deregulation efforts in other sectors of the economyare an inadequate and potentially misleading basis for public policy in the electric power industry,which has economic and technical characteristics that are quite different from those in otherderegulated industries.Paul L. Joskow is Professor of Economics at MIT, author of ControllingHospital Costs (MIT Press 1981) and coauthor with Martin L. Baughman and Dilip P. Kamat of ElectricPower in the United States (MIT Press 1979). Richard Schmalensee, also at MIT, is Professor ofApplied Economics, author of The Economics of Advertising and The Control of Natural Monopolies, andeditor of The MIT Press Series, Regulation of Economic Activity.
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.
Book Synopsis Economics of Electricity by : Anna Cretì
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.
Book Synopsis Handbook on Electricity Markets by : Glachant, Jean-Michel
Download or read book Handbook on Electricity Markets written by Glachant, Jean-Michel and published by Edward Elgar Publishing. This book was released on 2021-11-12 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: With twenty-two chapters written by leading international experts, this volume represents the most detailed and comprehensive Handbook on electricity markets ever published.
Book Synopsis Power Market Structure by : Maria Vagliasindi
Download or read book Power Market Structure written by Maria Vagliasindi and published by World Bank Publications. This book was released on 2013-03-28 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current distribution of power markets around intermediate structures that fall between the two extremes of full integration and unbundling suggests that there has not been a linear path to power market structure reform. Rather, many developing countries may retain intermediate structures into the foreseeable future. This possibility exposes a gap in the understanding of power market structures, since most theoretical work has focused on the two extreme possibilities and there is limited evidence of the impact of unbundling for developing countries. Power Market Structure takes a novel analytical approach to modeling market structure, together with ownership and regulation, in determining performance across several indicators, including access, operational and financial performance, and environmental sustainability. Its conclusions--which will be of particular interest to policy makers, academics, and development practitioners--reflect evidence drawn from statistical analysis and a representative sample of 20 case studies, selected based on initial conditions such as income and power system size. The key result of the analysis is that unbundling delivers results when used as an entry point to implementing broader reforms, particularly introducing a sound regulatory framework, and reducing the degree of concentration of the generation and distribution segments of the market by attracting additional public and private players and greater private sector participation. In addition, there seems to be a credible empirical basis for selecting a threshold power system size and per capita income level below which unbundling of the power supply chain is not expected to be worthwhile. Partial forms of vertical unbundling do not appear to drive improvements. The most likely reason is that the owner was able to continue exercising control over the affairs of the sector and hinder the development of competitive pressure within the power market.
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
Author :International Renewable Energy Agency IRENA Publisher :International Renewable Energy Agency (IRENA) ISBN 13 :9292601989 Total Pages :145 pages Book Rating :4.2/5 (926 download)
Book Synopsis Future of solar photovoltaic by : International Renewable Energy Agency IRENA
Download or read book Future of solar photovoltaic written by International Renewable Energy Agency IRENA and published by International Renewable Energy Agency (IRENA). This book was released on 2019-11-01 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study presents options to fully unlock the world’s vast solar PV potential over the period until 2050. It builds on IRENA’s global roadmap to scale up renewables and meet climate goals.
Book Synopsis The Zero Marginal Cost Society by : Jeremy Rifkin
Download or read book The Zero Marginal Cost Society written by Jeremy Rifkin and published by Macmillan + ORM. This book was released on 2014-04-01 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New York Times–bestselling author describes how current trends will create an era when anything and everything is available for almost nothing. In The Zero Marginal Cost Society, New York Times–bestselling author Jeremy Rifkin uncovers a paradox at the heart of capitalism that has propelled it to greatness but is now taking it to its death—the inherent entrepreneurial dynamism of competitive markets that drives productivity up and marginal costs down, enabling businesses to reduce the price of their goods and services in order to win over consumers and market share. (Marginal cost is the cost of producing additional units of a good or service, if fixed costs are not counted.) While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring marginal costs to near zero, making goods and services priceless, nearly free, and abundant, and no longer subject to market forces. Now, a formidable new technology infrastructure—the Internet of things (IoT)—is emerging with the potential of pushing large segments of economic life to near zero marginal cost in the years ahead. Rifkin describes how the Communication Internet is converging with an Energy Internet and Logistics Internet to create a new technology platform that connects all. There are billions of sensors feeding Big Data into an IoT global neural network. Prosumers can connect to the network and use Big Data, analytics, and algorithms to accelerate efficiency, dramatically increase productivity, and lower the marginal cost of producing and sharing a wide range of products and services to near zero, just like they now do with information goods. The plummeting of marginal costs is spawning a hybrid economy—part capitalist market and part Collaborative Commons—with far reaching implications for society, according to Rifkin. Hundreds of millions of people are already transferring parts of their economic lives to the global Collaborative Commons. Prosumers are plugging into the IoT and making and sharing their own information, entertainment, green energy, and 3D-printed products at near zero marginal cost. Students are enrolling in free massive open online courses (MOOCs) that operate at near zero marginal cost. Social entrepreneurs are even bypassing the banking establishment and using crowdfunding to finance startup businesses as well as creating alternative currencies in the fledgling sharing economy. In this new world, social capital is as important as financial capital, access trumps ownership, sustainability supersedes consumerism, cooperation ousts competition, and “exchange value” in the capitalist marketplace is increasingly replaced by “sharable value” on the Collaborative Commons. Rifkin concludes that capitalism will remain with us, albeit in an increasingly streamlined role, primarily as an aggregator of network services and solutions, allowing it to flourish as a powerful niche player in the coming era. We are, however, says Rifkin, entering a world beyond markets where we are learning how to live together in an increasingly interdependent global Collaborative Commons.
Book Synopsis The Power of Transformation by : International Energy Agency
Download or read book The Power of Transformation written by International Energy Agency and published by . This book was released on 2014 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wind power and solar photovoltaics (PV) are crucial to meeting future energy needs while decarbonizing the power sector. Deployment of both technologies has expanded rapidly in recent years, one of the few bright spots in an otherwise bleak picture of clean energy progress. However, the inherent variability of wind power and solar PV raises unique and pressing questions. Can power systems remain reliable and cost-effective while supporting high shares of variable renewable energy (VRE)? And if so, how? Based on a thorough review of the integration challenge, this publication gauges the economic significance of VRE integration impacts, highlights the need for a system-wide approach to integrating high shares of VRE and recommends how to achieve a cost-effective transformation of the power system. This book summarizes the results of the third phase of the Grid Integration of VRE (GIVAR) project, undertaken by the IEA over the past two years. It is rooted in a set o
Book Synopsis Economic Market Design and Planning for Electric Power Systems by : James A. Momoh
Download or read book Economic Market Design and Planning for Electric Power Systems written by James A. Momoh and published by John Wiley & Sons. This book was released on 2009-11-19 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover cutting-edge developments in electric power systems Stemming from cutting-edge research and education activities in the field of electric power systems, this book brings together the knowledge of a panel of experts in economics, the social sciences, and electric power systems. In ten concise and comprehensible chapters, the book provides unprecedented coverage of the operation, control, planning, and design of electric power systems. It also discusses: A framework for interdisciplinary research and education Modeling electricity markets Alternative economic criteria and proactive planning for transmission investment in deregulated power systems Payment cost minimization with demand bids and partial capacity cost compensations for day-ahead electricity auctions Dynamic oligopolistic competition in an electric power network and impacts of infrastructure disruptions Reliability in monopolies and duopolies Building an efficient, reliable, and sustainable power system Risk-based power system planning integrating social and economic direct and indirect costs Models for transmission expansion planning based on reconfiguration capacitor switching Next-generation optimization for electric power systems Most chapters end with a bibliography, closing remarks, conclusions, or future work. Economic Market Design and Planning for Electric Power Systems is an indispensable reference for policy-makers, executives and engineers of electric utilities, university faculty members, and graduate students and researchers in control theory, electric power systems, economics, and the social sciences.
Download or read book The Economics of Wind Energy written by and published by EWEA. This book was released on 2009 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Electricity from Renewable Resources by : National Research Council
Download or read book Electricity from Renewable Resources written by National Research Council and published by National Academies Press. This book was released on 2010-04-05 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A component in the America's Energy Future study, Electricity from Renewable Resources examines the technical potential for electric power generation with alternative sources such as wind, solar-photovoltaic, geothermal, solar-thermal, hydroelectric, and other renewable sources. The book focuses on those renewable sources that show the most promise for initial commercial deployment within 10 years and will lead to a substantial impact on the U.S. energy system. A quantitative characterization of technologies, this book lays out expectations of costs, performance, and impacts, as well as barriers and research and development needs. In addition to a principal focus on renewable energy technologies for power generation, the book addresses the challenges of incorporating such technologies into the power grid, as well as potential improvements in the national electricity grid that could enable better and more extensive utilization of wind, solar-thermal, solar photovoltaics, and other renewable technologies.
Book Synopsis Power System Economics by : Steven Stoft
Download or read book Power System Economics written by Steven Stoft and published by Wiley-IEEE Press. This book was released on 2002-05-28 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. The book reveals for the first time how uncoordinated regulatory and engineering policies cause boom-bust investment swings and provides guidance and tools for fixing broken markets. It also takes a provocative look at the operation of pools and power exchanges. * Part 1 introduces key economic, engineering and market design concepts. * Part 2 links short-run reliability policies with long-run investment problems. * Part 3 examines classic designs for day-ahead and real-time markets. * Part 4 covers market power, and * Part 5 covers locational pricing, transmission right and pricing losses. The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps. About the Author Steven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com.
Book Synopsis World Energy Outlook 2019 by : International Energy Agency
Download or read book World Energy Outlook 2019 written by International Energy Agency and published by . This book was released on 2019-11-13 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Energy Outlook series is a leading source of strategic insight on the future of energy and energy-related emissions, providing detailed scenarios that map out the consequences of different energy policy and investment choices. This year's edition updates the outlooks for all fuels, technologies and regions, based on the latest market data, policy initiatives and cost trends. In addition, the 2019 report tackles some key questions in depth: (i) What do the shale revolution, the rise of liquefied natural gas, the falling costs of renewables and the spread of digital technologies mean for tomorrow's energy supply?; (ii) How can the world get on a pathway to meet global climate targets and other sustainable energy goals?; (iii) What are the energy choices that will shape Africa's future, and how might the rise of the African consumer affect global trends?; (iv) How large a role could offshore wind play in the transformation of the energy sector?; (v) Could the world's gas grids one day deliver low-carbon energy?
Book Synopsis Renewable Energy Sources and Climate Change Mitigation by : Ottmar Edenhofer
Download or read book Renewable Energy Sources and Climate Change Mitigation written by Ottmar Edenhofer and published by Cambridge University Press. This book was released on 2011-11-21 with total page 1088 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Intergovernmental Panel on Climate Change Special Report (IPCC-SRREN) assesses the potential role of renewable energy in the mitigation of climate change. It covers the six most important renewable energy sources - bioenergy, solar, geothermal, hydropower, ocean and wind energy - as well as their integration into present and future energy systems. It considers the environmental and social consequences associated with the deployment of these technologies, and presents strategies to overcome technical as well as non-technical obstacles to their application and diffusion. SRREN brings a broad spectrum of technology-specific experts together with scientists studying energy systems as a whole. Prepared following strict IPCC procedures, it presents an impartial assessment of the current state of knowledge: it is policy relevant but not policy prescriptive. SRREN is an invaluable assessment of the potential role of renewable energy for the mitigation of climate change for policymakers, the private sector, and academic researchers.
Book Synopsis The Economics of Renewable Energy by : Roger Fouquet
Download or read book The Economics of Renewable Energy written by Roger Fouquet and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This major reference work brings together for the first time key articles on the economics of renewable energy. From a modest role as a backstop technology in the 1970s to a central role in low carbon transitions today, this collection reveals the emergence and growing importance of this sub-field of economics. Topics covered in this timely volume include the costs of renewable power (taking account of issues related to technological development, intermittency and interconnection), policies that promote renewable energy development, its public and private demand, and its impact on the environment and the economy. This indispensable collection is complemented by a comprehensive introduction that will serve as an essential source of reference for students and researchers.
