Vertical Market Power in Interconnected Natural Gas and Electricity Markets

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Publisher :
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Vertical Market Power in Interconnected Natural Gas and Electricity Markets by : Levi Marks

Download or read book Vertical Market Power in Interconnected Natural Gas and Electricity Markets written by Levi Marks and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: New England is at the leading edge of an energy transition in which natural gas is playing an increasingly important role in the US electricity generation mix. In recent years, the region's wholesale natural gas and electricity markets have experienced severe, simultaneous price spikes. While frequently attributed to limited pipeline capacity serving the region, we demonstrate that such price spikes have been exacerbated by some gas distribution firms scheduling deliveries without actually owing gas. This behavior blocks other firms from utilizing pipeline capacity, which artificially limits gas supply to the region and drives up gas and electricity prices. The firms observed to withhold pipeline capacity also own non-gas electricity generation assets in New England that benefit from their gas-fired competitors paying higher fuel input costs. We estimate that capacity withholding increased average gas and electricity prices by 38% and 20%, respectively, over the three-year period we study. As a result, customers paid $3.6 billion more for electricity. While the studied behavior may have been within the firms' contractual rights, the significant impacts in both the gas and electricity markets show the need to consider improvements to market design and regulation as these two energy markets become increasingly interlinked.

Competitive Electricity Markets: The Power of Choice

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Publisher : Lulu.com
ISBN 13 : 0557160170
Total Pages : 224 pages
Book Rating : 4.5/5 (571 download)

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Book Synopsis Competitive Electricity Markets: The Power of Choice by : Joseph L. Welch, PE

Download or read book Competitive Electricity Markets: The Power of Choice written by Joseph L. Welch, PE and published by Lulu.com. This book was released on 2009 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Critique of the US Electricity Industry. Analysis of derailed industry deregulation initiatives. Sketches a new, competitively structured Energy Policy Template.

Evolution of Global Electricity Markets

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Publisher : Academic Press
ISBN 13 : 0123979064
Total Pages : 867 pages
Book Rating : 4.1/5 (239 download)

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Book Synopsis Evolution of Global Electricity Markets by : Fereidoon Sioshansi

Download or read book Evolution of Global Electricity Markets written by Fereidoon Sioshansi and published by Academic Press. This book was released on 2013-06-10 with total page 867 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get the latest on rapidly evolving global electricity markets direct from the scholars andthought leaders who are shaping reform. In this volume, dozens of world-class expertsfrom diverse regions provide a comprehensive assessment of the relevant issues intoday’s electricity markets. Amid a seething backdrop of rising energy prices, concerns about environmentaldegradation, and the introduction of distributed sources and smart grids, increasinglystringent demands are being placed on the electric power sector to provide a morereliable, efficient delivery infrastructure, and more rational, cost-reflective prices. Thisbook maps out the electric industry’s new paradigms, challenges and approaches,providing invaluable global perspective on this host of new and pressing issues beinginvestigated by research institutions worldwide. Companies engaged in the powersector’s extensive value chain including utilities, generation, transmission & distributioncompanies, retailers, suppliers, regulators, market designers, and the investment &financial rating community will benefit from gaining a more nuanced understanding ofthe impacts of key market design and restructuring choices. How can problems beavoided? Why do some restructured markets appear to function better than others?Which technological implementations represent the best investments? Whichregulatory mechanisms will best support these new technologies? What lessons canbe learned from experiences in Norway, Australia, Texas, or the U.K.? Thesequestions and many more are undertaken by the brightest minds in the industry in thisone comprehensive, cutting-edge resource. Features a unique global perspective from more than 40 recognized experts and scholars around the world, offering opportunities to compare and contrast a wide range of market structures Analyzes how the implementation of existing and developing market designs impacts real-world issues such as pricing and reliability Explains the latest thinking on timely issues such as current market reform proposals, restructuring, liberalization, privatization, capacity and energy markets, distributed and renewable energy integration, competitive generation and retail markets, and disaggregated vs. vertically integrated systems

From Regulation to Competition: New frontiers in electricity markets

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Publisher : Springer Science & Business Media
ISBN 13 : 9401113688
Total Pages : 286 pages
Book Rating : 4.4/5 (11 download)

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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.

The Transformation of American Energy Markets and the Problem of Market Power

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Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Transformation of American Energy Markets and the Problem of Market Power by : David B. Spence

Download or read book The Transformation of American Energy Markets and the Problem of Market Power written by David B. Spence and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, American energy markets have been regulated using a combination of antitrust law and public utility law: the former has predominated in oil markets and the latter in markets for natural gas and electricity. Over time, energy markets have grown increasingly complex and competitive, due partly to changing market conditions (for example, in oil markets) and partly to the regulation (in natural gas and electricity markets). Increasingly competitive energy markets meant increased risk for energy companies, who turned to energy derivatives as a way to hedge that risk. High energy prices and charges of manipulation in 21st-century energy markets have led regulators to a new approach, one that borrows from securities regulation and focuses attention and "manipulation and deceit" by energy market participants. However, the securities model may be a bad fit for energy markets, because reliance on this new approach exposes consumers to price risks associated with the exercise of market power by sellers, risks to which they were not subject under traditional approaches to regulation. Specifically, the securities regulation model overlooks important ways in which sellers can exert market power at the expense of consumers in the absence of fraud or deceit, partly because of the way securities case law interprets "manipulation," and partly because some of the common assumptions regulators employ about the ways in which market participants respond to price changes do not apply, or apply only weakly, in some energy markets. We explore the origins of these "bad fit" problems, and their implications, in this article.

Handbook on Electricity Markets

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Publisher : Edward Elgar Publishing
ISBN 13 : 1788979958
Total Pages : 672 pages
Book Rating : 4.7/5 (889 download)

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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.

Horizontal Market Power in Restructured Electricity Markets

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Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (436 download)

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Book Synopsis Horizontal Market Power in Restructured Electricity Markets by : United States. Department of Energy. Office of Economic, Electricity and Natural Gas Analysis

Download or read book Horizontal Market Power in Restructured Electricity Markets written by United States. Department of Energy. Office of Economic, Electricity and Natural Gas Analysis and published by . This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding Today's Electricity Business

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Publisher : Bookrenter
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis Understanding Today's Electricity Business by : Bob Shively

Download or read book Understanding Today's Electricity Business written by Bob Shively and published by Bookrenter. This book was released on 2004 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Designing Competitive Electricity Markets

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Publisher : Springer Science & Business Media
ISBN 13 : 1461555477
Total Pages : 213 pages
Book Rating : 4.4/5 (615 download)

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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.

Market Power and Market Manipulation in Energy Markets

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Publisher :
ISBN 13 : 9780910325349
Total Pages : pages
Book Rating : 4.3/5 (253 download)

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Book Synopsis Market Power and Market Manipulation in Energy Markets by : Gary Taylor (Consultant)

Download or read book Market Power and Market Manipulation in Energy Markets written by Gary Taylor (Consultant) and published by . This book was released on 2015-04-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Vertical Integration and Market Power in Electricity Markets

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Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Vertical Integration and Market Power in Electricity Markets by : Seamus Hogan

Download or read book Vertical Integration and Market Power in Electricity Markets written by Seamus Hogan and published by . This book was released on 2019 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Vertical separation of generation from electricity retailing has often been required as a condition of electricity market liberalisation. A well-developed and liquid contracts market is similarly suggested as necessary to manage the resulting wholesale market risks, which risks are further exacerbated by competition. Such contracts markets are rare, however, and increasingly evidence is emerging that vertical integration is associated not just with improved wholesale market risk management, but also reduced wholesale market power. This paper develops a theoretical model showing that non-vertically integrated generators will over-report their inverse supply curves, with the incentive to over-report increasing with the firm's share of generating capacity. Conversely, in a vertically integrated industry, no over-reporting occurs when integrated firms have balanced shares in wholesale and retail markets. In general, firms whose share of generating capacity is higher (lower) than their retail market share will over-report (under-report) their inverse supply functions. Integration is found to affect retail electricity prices only via its effect on retail marginal costs. We find that retail prices are higher with vertical separation than with either balanced integration, or full integration without a wholesale market. These results suggest a re-evaluation of the importance of generator wholesale market power in vertically integrated electricity industries, and of measures to improve retail market competitiveness under either vertical integration or separation.

Micro and Local Power Markets

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Publisher : John Wiley & Sons
ISBN 13 : 1119434505
Total Pages : 282 pages
Book Rating : 4.1/5 (194 download)

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Book Synopsis Micro and Local Power Markets by : Andreas Sumper

Download or read book Micro and Local Power Markets written by Andreas Sumper and published by John Wiley & Sons. This book was released on 2019-07-22 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduces readers to micro and local power markets and their use for local initiatives, grid integration, and future applications This book provides the basis for understanding micro power markets, emphasizing its application for local initiatives, the grid integration of renewable-based generation, and facilitating the decarbonization of the future electrical networks. It gives readers a comprehensive overview of the market operation, and highlights the basis of the design of local and micro markets. Micro and Local Power Markets starts by covering the economics and basic principle of power markets, including the fundamentals of the power trading (for both wholesale and local markets). Following a definition of both micro and local (technical and economic aspects) power markets, the book then looks at the organization of such markets. It describes the design of those power markets, isolated from the wholesale markets, and examines the methodologies of the interaction between these power markets and wholesale markets. The book also presents cognitive business models for micro and local power markets, as well as the regulatory issues concerning them. Introduces the basic principle of power markets Defines micro and local power markets Outlines the design of micro and local power markets, including the principles, as well as the trading schemes, flexibility, and services Discusses methodologies of the interaction between micro and local power markets and wholesale markets Presents business models for micro and local power markets Summarizes regulatory issues around micro and local power markets Micro and Local Power Markets is an ideal book for upper undergraduate students in engineering, as well as for early researchers in the energy sector. It is also recommended for any scientist and engineer being introduced to the field of power systems and their organization.

Electricity Deregulation

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Publisher : University of Chicago Press
ISBN 13 : 0226308588
Total Pages : 453 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis Electricity Deregulation by : James M. Griffin

Download or read book Electricity Deregulation written by James M. Griffin and published by University of Chicago Press. This book was released on 2009-11-15 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electricity market has experienced enormous setbacks in delivering on the promise of deregulation. In theory, deregulating the electricity market would increase the efficiency of the industry by producing electricity at lower costs and passing those cost savings on to customers. As Electricity Deregulation shows, successful deregulation is possible, although it is by no means a hands-off process—in fact, it requires a substantial amount of design and regulatory oversight. This collection brings together leading experts from academia, government, and big business to discuss the lessons learned from experiences such as California's market meltdown as well as the ill-conceived policy choices that contributed to those failures. More importantly, the essays that comprise Electricity Deregulation offer a number of innovative prescriptions for the successful design of deregulated electricity markets. Written with economists and professionals associated with each of the network industries in mind, this comprehensive volume provides a timely and astute deliberation on the many risks and rewards of electricity deregulation.

Terrorism and the Electric Power Delivery System

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Publisher : National Academies Press
ISBN 13 : 0309114047
Total Pages : 165 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Terrorism and the Electric Power Delivery System by : National Research Council

Download or read book Terrorism and the Electric Power Delivery System written by National Research Council and published by National Academies Press. This book was released on 2012-11-25 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: The electric power delivery system that carries electricity from large central generators to customers could be severely damaged by a small number of well-informed attackers. The system is inherently vulnerable because transmission lines may span hundreds of miles, and many key facilities are unguarded. This vulnerability is exacerbated by the fact that the power grid, most of which was originally designed to meet the needs of individual vertically integrated utilities, is being used to move power between regions to support the needs of competitive markets for power generation. Primarily because of ambiguities introduced as a result of recent restricting the of the industry and cost pressures from consumers and regulators, investment to strengthen and upgrade the grid has lagged, with the result that many parts of the bulk high-voltage system are heavily stressed. Electric systems are not designed to withstand or quickly recover from damage inflicted simultaneously on multiple components. Such an attack could be carried out by knowledgeable attackers with little risk of detection or interdiction. Further well-planned and coordinated attacks by terrorists could leave the electric power system in a large region of the country at least partially disabled for a very long time. Although there are many examples of terrorist and military attacks on power systems elsewhere in the world, at the time of this study international terrorists have shown limited interest in attacking the U.S. power grid. However, that should not be a basis for complacency. Because all parts of the economy, as well as human health and welfare, depend on electricity, the results could be devastating. Terrorism and the Electric Power Delivery System focuses on measures that could make the power delivery system less vulnerable to attacks, restore power faster after an attack, and make critical services less vulnerable while the delivery of conventional electric power has been disrupted.

Natural Gas & Electric Power Industries Analysis

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Publisher :
ISBN 13 : 9781930578012
Total Pages : 532 pages
Book Rating : 4.5/5 (78 download)

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Book Synopsis Natural Gas & Electric Power Industries Analysis by : Robert E. Willett

Download or read book Natural Gas & Electric Power Industries Analysis written by Robert E. Willett and published by . This book was released on 2002-04 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Regulating Gas Supply to Power Markets

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Publisher : Kluwer Law International B.V.
ISBN 13 : 9041199098
Total Pages : 362 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Regulating Gas Supply to Power Markets by : Tade Oyewunmi

Download or read book Regulating Gas Supply to Power Markets written by Tade Oyewunmi and published by Kluwer Law International B.V.. This book was released on 2018-05-08 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural gas, a vital primary source of energy for the twenty-first century economy, is poised to play a major role in the medium- to long-term outlook of energy systems worldwide. Its supply to power markets for electricity generation and other energy purposes through the stages of exploration, production, gathering, processing, transmission, and distribution have been a key driver in gas commercialisation over the past two to three decades. This book discusses insights from law and economics pertaining to gas and energy supply contracts, regulation, and institutions. It provides an in-depth ‘law-in-context’ analysis of the approaches to developing competitive and secure gas-to-power markets in an increasingly international, interrelated, and interconnected value chain. Recognising a general move towards structural reforms and economic regulation of gas and energy markets globally, the author incisively addresses the following questions: – Is there a single ‘ideal’ model or approach for ensuring effectiveness in the restructuring and regulation of gas supply to power markets? If not, then what constitutes the matrix of models and approaches? – What are the underlying principles, assumptions, and institutional structures that will enhance the modern approaches to developing competitive, secure, and sustainable gas supply to power markets? – What are the factors that determine or affect the effectiveness and efficiency of such approaches and regulatory frameworks? The book critically explores the instrumental role of regulation and organisational institutions in the restructuring and development of gas supply markets. It examines the evolution of economic approaches to regulation, competitiveness, and security of gas supply in the United States and the United Kingdom. It considers the EU as a supranational union of developed economies and Nigeria as a developing economy, in the process of applying these paradigms of economic regulation and restructuring of gas-to-power markets. In a law and policy environment where training and educational centres, lawyers, and public and corporate energy advisors are becoming more concerned about competitiveness and efficiency in gas resource allocation and pricing – and about high-quality governance frameworks for industries that depend on reliable gas supplies – this vital book will be warmly welcomed by lawyers, policymakers, energy consultants, analysts, regulators, corporate investors, academics, and institutions concerned with and engaged in the business of exploration, production, and supply of gas for energy purposes.

Strategies for Natural Gas Reform

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Publisher :
ISBN 13 :
Total Pages : 142 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Strategies for Natural Gas Reform by :

Download or read book Strategies for Natural Gas Reform written by and published by . This book was released on 1998 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: