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The Impact Of Market Design On Transmission And Generation Investments In Liberalized Electricity Markets With Zonal Pricing
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Book Synopsis The Impact of Market Design on Transmission and Generation Investments in Liberalized Electricity Markets with Zonal Pricing by : Christian Sölch
Download or read book The Impact of Market Design on Transmission and Generation Investments in Liberalized Electricity Markets with Zonal Pricing written by Christian Sölch and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Market Design on Transmission and Generation Investment in Electricity Markets by : Veronika Grimm
Download or read book The Impact of Market Design on Transmission and Generation Investment in Electricity Markets written by Veronika Grimm and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we propose an equilibrium model in order to analyze the impact of electricity market design on generation and transmission expansion in liberalized electricity markets. In a multi-level structure, our framework takes into account that generation investment and operation is decided by private investors, while network expansion and redispatch is decided by a regulated transmission system operator - as well as the different objectives of firms (profit maximization) and the regulator (welfare maximization). In order to illustrate the possibilities to quantify long term economic effects with our framework, we calibrate our model for the German electricity market. We consider various moderate adjustments of the market design: (i) the division of the market area into two price zones, (ii) the efficient curtailment of renewable production and (iii) a cost-benefit-driven balance between network expansion and network management measures. We then analyze the impact of these market designs on generation and transmission investment in case those design elements are anticipated upon network development planning. The resulting investment and production decisions are compared to a benchmark that reflects the current German electricity market design and to an overall optimal first-best benchmark. Our results reveal that price zones do have a significant impact on locational choice of generators and result in a reduced need for network expansion, but lead to only moderate annual welfare gains of approximately 0.9% of annual total system costs. Anticipation of optimal curtailment of renewables and a cost-benefit-driven use of redispatch operations upon network expansion planning, however, implies a welfare gain of over 4.9% of annual total system costs per year as compared to the existing market design, which equals 85% of the maximal possible welfare gain of the first-best benchmark.
Book Synopsis Transmission Network Investment in Liberalized Power Markets by : Mohammad Reza Hesamzadeh
Download or read book Transmission Network Investment in Liberalized Power Markets written by Mohammad Reza Hesamzadeh and published by Springer Nature. This book was released on 2020-09-10 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a systematic overview of transmission network investment in liberalized power markets. Recent government policies to increase the share of intermittent renewable power generation and other technological innovations present new theoretical as well as practical challenges for transmission investments. Written by experts with a background in both economics and engineering, the book examines the economic and technical fundamentals of regulated and merchant transmission investment, and includes case studies of transmission investment in a number of countries. The book is divided into four parts: Part 1 introduces the basic economics and engineering of transmission network investment, while Part 2 discusses merchant investment in the transmission network. Part 3 then examines transmission investment coordination and smart grids, and lastly, Part 4 describes practical experiences of transmission network investment in power market in various countries.
Book Synopsis Transmission Investment, Access and Pricing in Bilateral Electricity Markets with Significant Intermittent Generation by : Christos Vasilakos Konstantinidis
Download or read book Transmission Investment, Access and Pricing in Bilateral Electricity Markets with Significant Intermittent Generation written by Christos Vasilakos Konstantinidis and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to achieve the European and national decarbonization targets and ensure the development of a flexible and secure electricity system significant grid expansion will be necessary so as to connect the usually remotely located renewable generation and geographically optimize access to flexible generation. However, the current technical, market and regulatory frameworks that support the investment and operation of the transmission system both in Great Britain and continental Europe were devised for a system without this significant penetration of intermittent generation. This thesis focuses on the necessary changes of the transmission investment, access and pricing arrangements of bilateral electricity markets, as opposed to centralized pools, so as to facilitate the triptych of decarbonization, security of supply and cost efficiency. The main research topics are: 1) Short term transmission access pricing 2) Transmission tariff design 3) Transmission rights market design 4) Transmission investment pricing signals This analysis has resulted for the first time in the development of a theoretically optimum set of arrangements for short term transmission access pricing in bilateral electricity markets, which is compatible with the markets found in Great Britain and Europe. Furthermore, a complete modelling framework has been developed for evaluating the long-term welfare effects of different transmission tariff designs capturing the dynamic relationship between transmission and generation investment through transmission pricing. An extensive analysis is carried out on transmission rights market design options for cross-border power trading and a set of policy proposals is presented. Lastly, the transmission investment pricing signals in bilateral electricity markets are examined and it is proved that transmission planning based on a Cost Benefit Analysis between balancing mechanism and transmission investment cost, as is currently the practice, will lead to sub-optimal system expansion. Based on this conclusion a number of policy proposals are put forward.
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.
Book Synopsis Competitive Electricity Markets by : Fereidoon Sioshansi
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 :Organisation for Economic Co-operation and Development Publisher :Paris, France : OECD/IEA ISBN 13 : Total Pages :136 pages Book Rating :4.3/5 (91 download)
Book Synopsis Distributed Generation in Liberalised Electricity Markets by : Organisation for Economic Co-operation and Development
Download or read book Distributed Generation in Liberalised Electricity Markets written by Organisation for Economic Co-operation and Development and published by Paris, France : OECD/IEA. This book was released on 2002 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surveys the current situation and market status of distributed generation in selected OECD countries, including the impact of current energy policies.
Book Synopsis Endogenous Price Zones and Investment Incentives in Electricity Markets by : Mirjam Ambrosius
Download or read book Endogenous Price Zones and Investment Incentives in Electricity Markets written by Mirjam Ambrosius and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the course of the energy transition, load and supply centers are growing apart in electricity markets worldwide, rendering regional price signals even more important to provide adequate locational investment incentives. This paper focuses on electricity markets that operate under a zonal pricing market design. For a fixed number of zones, we endogenously derive the optimal configuration of price zones and available transfer capacities on a network in order to optimally govern investment and production decisions in the long run. In a multilevel mixed-integer nonlinear model that contains a graph partitioning problem on the first level, we determine welfare-maximizing price zones and available transfer capacities for a given electricity market and analyze their impact on market outcomes. Using a generalized Benders decomposition approach developed in Grimm et al. (2019) and a problem-tailored scenario clustering for reducing the input data size, we are able to solve the model to global optimality even for large instances. We apply the approach to the German electricity market as an example to examine the impact of optimal zoning on key performance indicators such as welfare, generation mix and locations, or electricity prices. It turns out that even for a small number of price zones, an optimal configuration of zones induces a welfare level that almost approaches the first best.
Book Synopsis The Impact of Market Design on the Coordination of Agents in Liberalized Electricity Markets by : Bastian Rückel
Download or read book The Impact of Market Design on the Coordination of Agents in Liberalized Electricity Markets written by Bastian Rückel and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Designing Competitive Electricity Markets by : Hung-po Chao
Download or read book Designing Competitive Electricity Markets written by Hung-po Chao and published by Springer Science & Business Media. This book was released on 2013-12-01 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors are prominent economists, operation researchers, and engineers who have been instrumental in the development of the conceptual framework for electric power restructuring both in the United States and in other countries. Rather than espousing a particular market design for the industry's future, each author focuses on an important issue or set of issues and tries to frame the questions for designing electricity markets using an international perspective. The book focuses on the economic and technical questions important in understanding the industry's long-term development rather than providing immediate answers for the current political debates on industry competition.
Book Synopsis Lessons from Liberalised Electricity Markets by : International Energy Agency
Download or read book Lessons from Liberalised Electricity Markets written by International Energy Agency and published by . This book was released on 2005 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: "After a decade or more of experiences in reforming electricity markets in several pioneer regions, some important lessons can now be drawn. This book gives an assessment of these developments, focusing on the issues that are critical for successful electricity market liberalization. One lesson is that it is a long process which requires strong on-going government involvement and commitment. Experiences and examples in the study are mainly drawn from the UK, Australian, Nordic and North Eastern United States (the PJM interconnection) markets, which have all operated with considerable success for a number of years. They have improved efficiency without jeopardizing system security. These markets are described in greater detail in annexes of the book but the main analysis focuses on key issues rather than on specific countries and regions or specific market models. The study explores different solutions used in those relatively robust markets and the remaining challenges."--Publisher description.
Book Synopsis Production Or Transmission Investments? A Comparative Analysis by : Mario Blazquez de Paz
Download or read book Production Or Transmission Investments? A Comparative Analysis written by Mario Blazquez de Paz and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: A successful transformation to a carbon neutral energy system requires the correct investments in transmission and production capacity. In a zonal pricing electricity market, the one proposed by the European Commission to integrate the European electricity markets, I analyze the effects that investments in transmission and production capacity have on consumer welfare and suppliers' profits. In the specific setting of this paper, I show that when the competition is perfect, an investment in transmission capacity between zones (inter Transmission System Operator (TSO) investment) and an investment in production capacity generate the same equilibrium outcome allocations. In contrast, when the competition is imperfect, an inter TSO investment and an investment in production capacity generate different equilibrium outcome allocations.
Book Synopsis From Regulation to Competition: New frontiers in electricity markets by : Michael A. Einhorn
Download or read book From Regulation to Competition: New frontiers in electricity markets written by Michael A. Einhorn and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electric utilities throughout the world continue to face new challenges involving ownership, market structure, and regulation. There are three related issues at hand. First, should ownership be private or public? Second, what operations should be integrated and where is competition feasible? Third, where is regulation necessary and can it be made more efficient? This volume bears directly upon these concerns. The book contains two sections. The first six articles discuss the British electricity experiment that has privatized and disintegrated the nation's generation, transmission, and distribution companies, introduced market competition for power purchases, and implemented incentive regulation for monopolized transmission and distribution grids. The remaining articles focus on the theater in which significant microeconomic issues will continue to emerge, most immediately in the U.K. and U.S.A. -- the coordination and pricing of transmission.
Book Synopsis Deregulation, Innovation and Market Liberalization by : L. Lynne Kiesling
Download or read book Deregulation, Innovation and Market Liberalization written by L. Lynne Kiesling and published by Routledge. This book was released on 2008-09-03 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 50 years the US economy has experienced economic dynamism and technological change at a dizzying pace, driven substantially by innovation in digital communication technology. This dynamism has had limited effects in the electricity industry, and institutional change within the industry to adapt to these changes has been variable. Many states in the U.S. do not participate in open wholesale markets, and even more states have either no retail markets or have implemented such a restricted and politicized version of retail markets that potential retail market entrants still face substantial entry barriers. This book explores institutional design and regulatory policies in the US electricity industry that can adapt to unknown and changing conditions produced by economic, social, and technological change. Whereas the dominant regulatory paradigm has traditionally been centralized economic and physical control based on natural monopoly theory and power systems engineering, the ideas presented and synthesized by Kiesling compose a different paradigm – decentralized economic and physical coordination through contracts, transactions, price signals, and integrated intertemporal wholesale and retail markets. Digital communication technology, and its increasing pervasiveness and affordability, make this decentralized coordination possible. Kiesling argues that with decentralized coordination, distributed agents themselves control part of the system, and in aggregate their actions produce order. Technology makes this order feasible, but the institutions, the rules governing the interaction of agents in the system, contribute substantially to whether or not order can emerge from this decentralized coordination process.
Book Synopsis The Potential Impact of Cross-ownership in Transmission by : Guido Pepermans
Download or read book The Potential Impact of Cross-ownership in Transmission written by Guido Pepermans and published by . This book was released on 2005 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Regulation, Liberalization and Privatization in Energy Markets by : Carlos Suárez
Download or read book Essays on Regulation, Liberalization and Privatization in Energy Markets written by Carlos Suárez and published by . This book was released on 2020 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The general motivation of this research is to explore the effects of the coexistence of public and private companies on the allocative efficiency of the supply of electricity. In particular, this thesis investigates from an empirical perspective to what extent the distinction between private and public companies is relevant to understand the competition in the wholesale electricity generation markets. I apply several econometric techniques and theory advances in industrial organization branch on data of the firms of the Colombian market. The case of the Colombian electricity market is suitable to study this issues for four reasons: i) It is an oligopoly in which private and public companies compete under the same rules. ii) The most important firms in the Colombian electricity sector are mature organizations, with a conventional business vision. In fact, many of these companies belong to transnational capital that carry out activities in several continents. iii) The market setting have a conventional design similar to other liberalized electricity markets. It operates as a multi-unit uniform-price auction. iv) There is available information with daily and even hourly resolution of the generation market variables. I consider that these are key elements for justifying the external validity of the results. This thesis presents three essays that aim to answer three questions related to the interaction between competition in electricity markets and their ownership structure. Chapter 1 addresses the question: Do the switch from public to private management have impacts in the bidding strategy of specific generation assets? Chapter 2 explores the question: Do public and private generation companies respond the same to the incentives to relax competition? Chapter 3 focuses on the question: Do private companies have a greater propensity to establish coordination relationships in comparison to public firms? In the first chapter of this thesis I evaluate the impact of privatization on the bidding of electricity units participating in a liberalized wholesale electricity market. The results of this evaluation contribute to better understand whether privatization is the right decision in an environment of imperfect competition. In this essay I adopt a policy evaluation approach to estimate the impact of changes from public to private management on the bidding prices of electricity generation units. I use information of bidding prices of the Colombian wholesale electricity market and exploit the changes of management of generation units documented in the period 2006 - 2018. The methodologies and results presented in this thesis contributes to the literature of mixed oligopoly because they place special emphasis on the behavioral differences between private and public companies and studies a field experience in which they compete in the same relevant market. The empirical evidence resultant from the policy evaluation method is aligned with the theoretical predictions of comparative statics arising from the behavioral differences of mixed oligopoly models. The second chapter of this dissertation proposes a methodology in order to find differences between the reactions of private and public firms when they face incentives to exercises unilateral market power. Several common events in the electricity industry such as transmission restrictions, the concentration of generation property within specific areas, the non-storage capacity of electricity and the low elasticity of demand, provide opportunities to exert market power. That is why this issue has been widely studied and discussed theoretically and empirically. The novel element of this essay in relation to this strand of the literature is accounting for the distinction between private and public companies regarding competitive behavior. Chapter 3 investigates from an empirical perspective the role of disclosure information in the stability of informal coordination agreements. Particularly, this chapter focuses in the economic effects of the announcement and the put into effect of a non-transparency policy implemented in the Colombian wholesale electricity market in 2009. We propose an identification strategy for isolating the effect of a coordinating relation from the confusion factors related with unilateral market power. The characteristics of the reform of the transparency policy allow to link the simple announcement of the policy change with the collapse of a coordinated strategy of private firms in a repeated interaction context. We use several empirical tools to assess the impact of the simple announcement of a modification in the transparency conditions on the average bidding price of private firms. We present an empirical analysis of the average bidding price data over August 2008 - July 2009. Overall, the evidence presented in the three essays of this dissertation indicates that the distinction between public and private companies may be a relevant aspect for explaining the functioning of competition in liberalized industries." -- TDX.
Book Synopsis The Power to Choose by : International Energy Agency
Download or read book The Power to Choose written by International Energy Agency and published by International Energy Agency. This book was released on 2003 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: On cover and title page: Energy market reform.
