Essays on Electricity Market Reforms PDF Download
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Author: Erkan Erdogdu
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Languages : en
Pages :
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Author: Erkan Erdogdu
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Languages : en
Pages :
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Author: Fereidoon Sioshansi
Publisher: Elsevier
ISBN: 0080462715
Category : Technology & Engineering
Languages : en
Pages : 687
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Since the late 1980s, policy makers and regulators in a number of countries have liberalized, restructured or “deregulated their electric power sector, typically by introducing competition at the generation and retail level. These experiments have resulted in vastly different outcomes - some highly encouraging, others utterly disastrous. However, many countries continue along the same path for a variety of reasons. Electricity Market Reform examines the most important competitive electricity markets around the world and provides definitive answers as to why some markets have performed admirably, while others have utterly failed, often with dire financial and cost consequences. The lessons contained within are direct relevance to regulators, policy makers, the investment community, industry, academics and graduate students of electricity markets worldwide. Covers electicity market liberalization and deregulation on a worldwide scale Features expert contributions from key people within the electricity sector
Author: Rabindra Nepal
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Category :
Languages : en
Pages :
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Author: Fereidoon P. Sioshansi
Publisher: Elsevier Science Limited
ISBN: 9780080471723
Category : Business & Economics
Languages : en
Pages : 582
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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." This volume 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: Lev S. Belyaev
Publisher: Springer Science & Business Media
ISBN: 1441956123
Category : Political Science
Languages : en
Pages : 258
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With the global demand for energy skyrocketing, over the past twenty years many countries have restructured their electric power industries, typically moving from a regulated monopoly to a competitive market structure. The results of these reforms vary significantly from country to country depending on the market organization model and national conditions. This book examines the restructuring in both developed and developing nations, with particular focus on the United States, Great Britain, China, and Russia, and addresses the problems arising from these transitions. The book also contains a comprehensive analysis of different electricity market models and their compatibility with the properties of electric power systems and country conditions. As the most thorough and up to date analysis of the theory and practical experience of electricity deregulation, this book is a must-read for academics, students and researchers with an interest in electric power industry restructuring. It also has direct relevance for engineers, regulators and other decision makers in companies and governmental agencies concerned with energy issues.
Author: Ömer Karaduman
Publisher:
ISBN:
Category :
Languages : en
Pages : 228
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This thesis contains two chapters on the Electricity Markets and a chapter on Matching Markets. In the first chapter, I study how an energy storage affects the wholesale electricity market. The transition to a low-carbon electricity system is likely to require grid-scale energy storage to smooth the variability and intermittency of renewable energy. I investigate whether private incentives for operating and investing in grid-scale energy storage are optimal and the need for policies that complement investments in renewables with encouraging energy storage. In a wholesale electricity market, energy storage systems generate profit by arbitraging inter-temporal electricity price differences. In addition, storage induces non-pecuniary externalities due to production efficiency and carbon emissions. I build a new dynamic equilibrium framework to quantify the effects of grid-scale energy storage and apply it to study the South Australian Electricity Market. This equilibrium framework computes a supply function equilibrium using estimated best responses from conventional sources to observed variation in the residual demand volatility. Accounting for storage’s effect on equilibrium prices is quantitatively important: previous methods that ignore this channel overestimate the profitability of operating a storage unit. The first set of results shows that although entering the electricity market is not profitable for privately operated storage, such entry would increase consumer surplus and total welfare and reduce emissions. A storage operator that minimizes the cost of acquiring electricity could further improve consumer surplus by twice as much. Importantly, a competitive storage market cannot achieve this outcome because other power plants distort prices. These results argue for a capacity market to compensate for a private firm for investing in storage. The second set of results shows that at moderate levels of renewable power, introducing grid-scale storage to the system reduces renewable generators’ revenue by decreasing average prices. For high levels of renewable generation capacity, storage increases the return to renewable production and decreases CO2 emissions by preventing curtailment during low-demand periods. In the second chapter, I study how a large scale wind power investment affects the wholesale electricity market. Renewable subsidies have been an influential device for wind power investment in many parts of the world. These policies help to lower emissions by offsetting high-emitting electricity generation with clean energy. For zero-emission targets, this transition towards renewable power should be accompanied by thermal generators’ retirement to set clean the energy mix in the power sector. In this paper, I build a framework to quantify the offset and revenue impact of large-scale wind power investment in a wholesale electricity market and apply it to study the South Australian Electricity Market. This equilibrium framework computes a supply function equilibrium using estimated best responses from conventional sources to observed variation in the residual demand volatility. I first show that reduced-form methods are biased as the scale of the additional capacity increases. My results highlight that with different investment sizes, the substitution patterns and negative revenue impact for wind power differ considerably. As the penetration level of wind power increases, the electricity becomes cheaper. The offset and negative shock shifts from low-cost inflexible generators to high-cost flexible generators, while the revenue impact is the highest on existing renewable generation. I also show quite a bit heterogeneity in price impact among different potential wind power projects. These results have some policy implications on renewable targets’ long-run effects and the project selection given the subsidy scheme. In the third chapter, joint with Nikhil Agarwal, Itai Ashlagi, Eduardo Azevedo and Clayton Featherstone, I study the market failure in kidney exchange. We show that kidney exchange markets suffer from market failures whose remedy could increase transplants by 30 to 63 percent. First, we document that the market is fragmented and inefficient; most transplants are arranged by hospitals instead of national platforms. Second, we propose a model to show two sources of inefficiency: hospitals only partly internalize their patientsâǍŹ benefits from exchange, and current platforms suboptimally reward hospitals for submitting patients and donors. Third, we calibrate a production function and show that individual hospitals operate below efficient scale. Eliminating this inefficiency requires either a mandate or a combination of new mechanisms and reimbursement reforms.
Author: Carlos Suárez
Publisher:
ISBN:
Category :
Languages : en
Pages : 174
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"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.
Author: Fereidoon Sioshansi
Publisher: Academic Press
ISBN: 0123979064
Category : Science
Languages : en
Pages : 867
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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
Author: Jonas David Savelsberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Fereidoon P. Sioshansi
Publisher: Academic Press
ISBN: 9780123979063
Category : Science
Languages : en
Pages : 0
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Book Description
Get the latest on rapidly evolving global electricity markets direct from the scholars and thought leaders who are shaping reform. In this volume, dozens of world-class experts from diverse regions provide a comprehensive assessment of the relevant issues in today’s electricity markets. Amid a seething backdrop of rising energy prices, concerns about environmental degradation, and the introduction of distributed sources and smart grids, increasingly stringent demands are being placed on the electric power sector to provide a more reliable, efficient delivery infrastructure, and more rational, cost-reflective prices. This book maps out the electric industry’s new paradigms, challenges and approaches, providing invaluable global perspective on this host of new and pressing issues being investigated by research institutions worldwide. Companies engaged in the power sector’s extensive value chain including utilities, generation, transmission & distribution companies, retailers, suppliers, regulators, market designers, and the investment & financial rating community will benefit from gaining a more nuanced understanding of the impacts of key market design and restructuring choices. How can problems be avoided? Why do some restructured markets appear to function better than others? Which technological implementations represent the best investments? Which regulatory mechanisms will best support these new technologies? What lessons can be learned from experiences in Norway, Australia, Texas, or the U.K.? These questions and many more are undertaken by the brightest minds in the industry in this one 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
