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Author: Paul L. Joskow
Publisher: MIT Press (MA)
ISBN: 9780262600187
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
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.
Author: Paul L. Joskow
Publisher: MIT Press (MA)
ISBN: 9780262600187
Category : Business & Economics
Languages : en
Pages : 269
Get Book Here
Book Description
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.
Author: Steven Stoft
Publisher: Wiley-IEEE Press
ISBN: 9780471150404
Category : Technology & Engineering
Languages : en
Pages : 498
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Book Description
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.
Author: Chris Harris
Publisher: John Wiley & Sons
ISBN: 0470011580
Category : Business & Economics
Languages : en
Pages : 550
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Book Description
Understand the electricity market, its policies and how they drive prices, emissions, and security, with this comprehensive cross-disciplinary book. Author Chris Harris includes technical and quantitative arguments so you can confidently construct pricing models based on the various fluctuations that occur. Whether you?re a trader or an analyst, this book will enable you to make informed decisions about this volatile industry.
Author: Barrie Murray
Publisher: John Wiley & Sons
ISBN: 9780470743010
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
It is now almost twenty years since liberalisation and the introduction of competition was proposed for electricity utilities. Some form of restructuring has been widely adopted around the world to suit local objectives. The industry now faces new challenges associated with global warming, rising prices and escalating energy demand from developing countries like China and India. The industry will have to cope with; managing emissions; managing variable energy sources like wind, dev eloping clean coal technology; accommodating distributed generation and new nuclear stations and managing the impact of these developments on the distribution and transmission networks. It is now necessary to consider how the various market structures that were adopted have performed and how they will address some of these new issues and what further changes might be necessary. This volume presents an all-inclusive analysis of the electricity market structures that have been adopted around the world and how they are performing. It provides an up-to-date analysis of the cost of competing technologies, the operation of energy and ancillary service markets and the impact of renewable sources and emission restrictions. It takes a forward look at likely future developments necessary to cope with the new emerging issues. Part One introduces industry infrastructure, analysing state utilities, the motives behind liberalisation and the resulting structures. Part Two considers generation costs, including renewable generation costs, and investigates the cost of restricting emissions as well as transmission and distribution costs. Part Three discusses market operation, describing how costs affect the organisation of power generation. It covers trading arrangements, ancillary services, international trading and investment. Part Four looks to future markets and technological developments that will shape the industry through the next twenty years. This includes the appraisal of investment opportunities for global power companies and implications for market performance. Written by an internationally renowned consultant engineer, this book is full of expert insight and balances fundamental methodology and academic theory with practical information and diverse worked examples. This is an excellent reference on the topic for power system engineers, regulators, banks, investors, and government energy agencies. With its many worked examples, it is also a brilliant tutorial accessible for postgraduates and senior undergraduates in electrical and power engineering.
Author: Eric A. Schutz
Publisher: Routledge
ISBN: 1315501112
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
In what ways do the actions and economic behavior of today's multinational corporations resemble the functioning and processes of the old command economics of the Soviet Union? By ignoring questions about power relations in markets, mainstream neoclassically-oriented economists conclude that there are no significant power structures operating in market systems to control allocation and distribution. This book argues to the contrary that there are fundamental and systemic power structures - monopoly, access to information or finance, employer power, etc. - at work in market economies, which affects their ability to achieve real "competition" in much the same way as state-controlled, command economies hinder business activities. Thus, for example, the biggest firms at the hubs of financial "networks" wield a kind of "shaping power" upon large numbers of relatively autonomous firms, not only upon those that belong to the networks but also on the many firms outside them that are also affected.
Author: James F. Dalton
Publisher: Wiley
ISBN: 9781118531730
Category : Business & Economics
Languages : en
Pages : 368
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Book Description
A timely update to the book on using the Market Profile method to trade Emerging over twenty years ago, Market Profile analysis continues to realize a strong following among active traders. The approach explains the underlying dynamics and structure of markets, identifies value areas, price rejection points, and measures the strength of buyers and sellers. Unlike more conventional forms of technical analysis, Market Profile is an all-encompassing approach, and Mind Over Markets, Updated Edition provides traders with a solid understanding of it. Since the first edition of Mind Over Markets—considered the best book on applying Market Profile analysis to trading—was published over a decade ago, much has changed in the worlds of finance and investing. That's why James Dalton, a pioneer in the popularization of Market Profile, has returned with a new edition of this essential guide. Written to reflect today's dynamic market conditions, Mind Over Markets, Updated Edition clearly puts this unique method of interpreting market behavior and identifying trading/investment opportunities in perspective. Includes new chapters on Market Profile-based trading strategies, using Market Profile in connection with other market indicators, and much more Explains how the Market Profile approach has evolved over the past twenty-five years and how it is used by contemporary traders Written by a leading educator and authority on the Market Profile One of the key elements that has long separated successful traders from the rest is their intuitive understanding that time regulates all financial opportunities. The ability to record price information according to time has unleashed huge amounts of useful market information. Mind Over Markets, Updated Edition will show you how to profitably put this information to work for you.
Author: Fred I. Denny
Publisher: CRC Press
ISBN: 1420058452
Category : Technology & Engineering
Languages : en
Pages : 147
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Book Description
The electric power industry in the U.S. has undergone dramatic changes in recent years. Tight regulations enacted in the 1970's and then de-regulation in the 90's have transformed it from a technology-driven industry into one driven by public policy requirements and the open-access market. Now, just as the utility companies must change to ensure their survival, engineers and other professionals in the industry must acquire new skills, adopt new attitudes, and accommodate other disciplines. Power System Operations and Electricity Markets provides the information engineers need to understand and meet the challenges of the new competitive environment. Integrating the business and technical aspects of the restructured power industry, it explains, clearly and succinctly, how new methods for power systems operations and energy marketing relate to public policy, regulation, economics, and engineering science. The authors examine the technologies and techniques currently in use and lay the groundwork for the coming era of unbundling, open access, power marketing, self-generation, and regional transmission operations. The rapid, massive changes in the electric power industry and in the economy have rendered most books on the subject obsolete. Based on the authors' years of front-line experience in the industry and in regulatory organizations, Power System Operations and Electricity Markets is current, insightful, and complete with Web links that will help readers stay up to date.
Author: Deqiang Gan
Publisher: CRC Press
ISBN: 1466501707
Category : Computers
Languages : en
Pages : 212
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Book Description
After the first power plant in history was commissioned for commercial operation by Thomas Edison on Pearl Street in New York in 1882, electricity was sold as a consumer product at market prices. After a period of rapid development, electricity had become such a fundamental product that regulation was believed to be necessary. Since then, the power
Author: Randall Bartlett
Publisher: Cambridge University Press
ISBN: 0521355621
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
When a marketplace is considered in isolation, the implicit conclusion is that markets are a sufficient defence against the exercise of power. But market transactions do not occur in isolation: they are defined by rules, property rights, prior events and social values. This book widens the focus of traditional economic analysis to examine the ways in which people may affect each other within and around markets to give rise to real power. Using conventional neoclassical assumptions about human behaviour, the book begins by developing a workable concept of power, allowing for its presence in a variety of forms and degrees. It examines the conditions under which power would necessarily be absent from market transactions and those under which it would be possible. It considers the decision processes of potential exercisers and subjects of power to determine when the exercise and success of power would be rational.
Author: Thomas-Olivier Leautier
Publisher: MIT Press
ISBN: 0262039281
Category : Business & Economics
Languages : en
Pages : 413
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Book Description
The first textbook to present a comprehensive and detailed economic analysis of electricity markets, analyzing the tensions between microeconomics and political economy. The power industry is essential in our fight against climate change. This book is the first to examine in detail the microeconomics underlying power markets, stemming from peak-load pricing, by which prices are low when the installed generation capacity exceeds demand but can rise a hundred times higher when demand is equal to installed capacity. The outcome of peak-load pricing is often difficult to accept politically, and the book explores the tensions between microeconomics and political economy. Understanding peak-load pricing and its implications is essential for designing robust policies and making sound investment decisions. Thomas-Olivier Léautier presents the model in its simplest form, and introduces additional features as different issues are presented. The book covers all segments of electricity markets: electricity generation, under perfect and imperfect competition; retail competition and demand response; transmission pricing, transmission congestion management, and transmission constraints; and the current policy issues arising from the entry of renewables into the market and capacity mechanisms. Combining anecdotes and analysis of real situations with rigorous analytical modeling, each chapter analyzes one specific issue, first presenting findings in nontechnical terms accessible to policy practitioners and graduate students in management or public policy and then presenting a more mathematical analytical exposition for students and researchers specializing in the economics of electricity markets and for those who want to understand and apply the underlying models.
