Transmission Rights and Market Power on Electric Power Networks II PDF Download
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Author: Paul Joskow
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 35
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Book Description
Author: Paul Joskow
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 35
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Book Description
Author: Paul L. Joskow
Publisher:
ISBN:
Category : Electric networks
Languages : en
Pages : 58
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Book Description
We analyze whether and how the allocation of transmission rights associated with the use of electric power networks affects the behavior of electricity generators and electricity consumers with market power. We consider two alternative types of transmission rights: (1) financial rights which give the owner a share of the congestion charges which accrue to the network operator when the network is congested and (2) physical rights which give the owner the right to utilize scarce transmission capacity without paying additional congestion charges. The analysis first focuses on a two-node network where there are cheap generation supplies available in an exporting region, expensive generation supplies controlled by a single firm in an importing region, and a congested transmission link between the two regions. We find that holding financial rights enhances the market power of a monopoly generator in the importing region. The ultimate allocation of rights depends on the microstructure of the rights market through the ability of initial rights holders to free ride on generators with market power enhancing the value of the transmission rights. We next examine whether and how reliance on physical rather than financial rights affects these results. We find that holding physical rights can both enhance the market power of a generator in the importing region and lead it inefficiently to restrict imports of cheap power from the exporting region by "withholding" some physical rights from the rights market. Inefficient withholding of physical rights leads us to consider "capacity release" rules which mitigate withholding. These results are summarized with a comparison of the welfare properties of financial and physical rights with and without capacity release rules. The paper concludes with discussions of extensions to alternative buyer and seller market power configurations and to a three-node network to incorporate loop flow considerations. The extension to the three-node network does not change the basic conceptual results, but does reveal complications with the use of physical rights in the presence of loop flow.
Author: Paul L. Joskow
Publisher:
ISBN:
Category : Electric networks
Languages : en
Pages : 56
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Book Description
Author: Paul L. Joskow
Publisher:
ISBN:
Category : Electric networks
Languages : en
Pages : 52
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Book Description
Author: Juan Rosellón
Publisher: Springer Science & Business Media
ISBN: 1447147871
Category : Business & Economics
Languages : en
Pages : 442
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Book Description
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.
Author: Paul Joskow
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages :
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Book Description
Author: Xiao-Ping Zhang
Publisher: John Wiley & Sons
ISBN: 1118017072
Category : Technology & Engineering
Languages : en
Pages : 292
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Book Description
The latest practical applications of electricity market equilibrium models in analyzing electricity markets Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets. Drawing upon the extensive involvement in the research and industrial development of the leading experts in the subject area, the book starts by explaining the current developments of electrical power systems towards smart grids and then relates the operation and control technologies to the aspects in electricity markets. It explores: The problems of electricity market behavior and market power Mathematical programs with equilibrium constraints (MPEC) and equilibrium problems with equilibrium constraints (EPEC) Tools and techniques for solving the electricity market equilibrium problems Various electricity market equilibrium models State-of-the-art techniques for computing the electricity market equilibrium problems The application of electricity market equilibrium models in assessing the economic benefits of transmission expansions for market environments, forward and spot markets, short-term power system security, and analysis of reactive power impact Also featured are computational resources to allow readers to develop algorithms on their own, as well as future research directions in modeling and computational techniques in electricity market analysis. Restructured Electric Power Systems is an invaluable reference for electrical engineers and power system economists from power utilities and for professors, postgraduate students, and undergraduate students in electrical power engineering, as well as those responsible for the design, engineering, research, and development of competitive electricity markets and electricity market policy.
Author: Michael A. Einhorn
Publisher: Springer Science & Business Media
ISBN: 9401113688
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
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.
Author: Fereidoon Sioshansi
Publisher: Elsevier
ISBN: 0080557716
Category : Technology & Engineering
Languages : en
Pages : 625
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Book Description
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: National Research Council
Publisher: National Academies Press
ISBN: 0309114047
Category : Political Science
Languages : en
Pages : 165
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Book Description
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.
