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Transmission Pricing and Incentives for Investments Under Uncertainty in the Deregulated Power Industry

1999
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Release : 1999
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Book Synopsis Transmission Pricing and Incentives for Investments Under Uncertainty in the Deregulated Power Industry by : Jean-Pierre Frederic Léotard

Download or read book Transmission Pricing and Incentives for Investments Under Uncertainty in the Deregulated Power Industry written by Jean-Pierre Frederic Léotard. This book was released on 1999. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Electricity Markets

2014-07-10 Science
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Release : 2014-07-10
Genre : Science
Kind : eBook
Book Rating : 724/5 ( reviews)

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Book Synopsis The Economics of Electricity Markets by : Darryl R. Biggar

Download or read book The Economics of Electricity Markets written by Darryl R. Biggar. This book was released on 2014-07-10. Available in PDF, EPUB and Kindle. Book excerpt: Bridges the knowledge gap between engineering and economics in a complex and evolving deregulated electricity industry, enabling readers to understand, operate, plan and design a modern power system With an accessible and progressive style written in straight-forward language, this book covers everything an engineer or economist needs to know to understand, operate within, plan and design an effective liberalized electricity industry, thus serving as both a useful teaching text and a valuable reference. The book focuses on principles and theory which are independent of any one market design. It outlines where the theory is not implemented in practice, perhaps due to other over-riding concerns. The book covers the basic modelling of electricity markets, including the impact of uncertainty (an integral part of generation investment decisions and transmission cost-benefit analysis). It draws out the parallels to the Nordpool market (an important point of reference for Europe). Written from the perspective of the policy-maker, the first part provides the introductory background knowledge required. This includes an understanding of basic economics concepts such as supply and demand, monopoly, market power and marginal cost. The second part of the book asks how a set of generation, load, and transmission resources should be efficiently operated, and the third part focuses on the generation investment decision. Part 4 addresses the question of the management of risk and Part 5 discusses the question of market power. Any power system must be operated at all times in a manner which can accommodate the next potential contingency. This demands responses by generators and loads on a very short timeframe. Part 6 of the book addresses the question of dispatch in the very short run, introducing the distinction between preventive and corrective actions and why preventive actions are sometimes required. The seventh part deals with pricing issues that arise under a regionally-priced market, such as the Australian NEM. This section introduces the notion of regions and interconnectors and how to formulate constraints for the correct pricing outcomes (the issue of "constraint orientation"). Part 8 addresses the fundamental and difficult issue of efficient transmission investment, and finally Part 9 covers issues that arise in the retail market. Bridges the gap between engineering and economics in electricity, covering both the economics and engineering knowledge needed to accurately understand, plan and develop the electricity market Comprehensive coverage of all the key topics in the economics of electricity markets Covers the latest research and policy issues as well as description of the fundamental concepts and principles that can be applied across all markets globally Numerous worked examples and end-of-chapter problems Companion website holding solutions to problems set out in the book, also the relevant simulation (GAMS) codes

Transmission Pricing and Stranded Costs in the Electric Power Industry

1995 Business & Economics
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Release : 1995
Genre : Business & Economics
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Book Synopsis Transmission Pricing and Stranded Costs in the Electric Power Industry by : William J. Baumol

Download or read book Transmission Pricing and Stranded Costs in the Electric Power Industry written by William J. Baumol. This book was released on 1995. Available in PDF, EPUB and Kindle. Book excerpt: Stranded costs are those costs that electric utilities currently permitted to recover through their rates but whose recovery may be impeded or prevented by the advent of competition in the industry. Estimates of those costs run from the tens to the hundreds of billions of dollars. Should regulators permit utilities to recover stranded costs while they take steps to promote competition in the electric power industry? William J. Baumol and J. Gregory Sidak argue that on both efficiency and equity grounds the answer to that question should be yes. The authors show that a transmission price, the price for sending electricity over the transmission grid, can be determined in a manner that is compatible with economic efficiency and clearly neutral in its effects upon all competitors in electricity generation. A correctly constructed regime of transmission pricing may in fact achieve the efficiency and equity goals that justify the recovery of stranded costs.

Financial Transmission Rights

2013-03-15 Business & Economics
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Release : 2013-03-15
Genre : Business & Economics
Kind : eBook
Book Rating : 871/5 ( reviews)

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Book Synopsis Financial Transmission Rights by : Juan Rosellón

Download or read book Financial Transmission Rights written by Juan Rosellón. This book was released on 2013-03-15. 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.

Transmission Expansion Planning in a Restructured Electricity Market

2017-01-27
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Release : 2017-01-27
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Book Rating : 835/5 ( reviews)

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Book Synopsis Transmission Expansion Planning in a Restructured Electricity Market by : Cheuk-Wing Lee

Download or read book Transmission Expansion Planning in a Restructured Electricity Market written by Cheuk-Wing Lee. This book was released on 2017-01-27. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Transmission Expansion Planning in a Restructured Electricity Market" by Cheuk-wing, Lee, 李卓穎, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of thesis entitled "Transmission Expansion Planning in a Restructured Electricity Market" Submitted by Lee Cheuk Wing for the degree of Master of Philosophy at The University of Hong Kong in June 2007 Transmission expansion planning has been transformed by the restructuring of the power industry, and has become much more complicated as a result of the conflicting objectives and uncertainties which have been exposed by the electricity market. Transmission expansion planning has to change to deal with these new challenges. This thesis first organizes and classifies existing methods of transmission expansion planning, including both transmission planning and transmission investment in both regulated and deregulated environments, so as to facilitate future research in this area. Due to the restructuring of the power industry, transmission companies have lost their incentive to invest in transmission systems. Therefore, a value-based transmission expansion planning algorithm is proposed. The algorithm uses the probability density functions of locational marginal prices to handle the changes in power flow patterns due to the varied offering prices set by generation companies strategically. Unfortunately, it does not consider non-random uncertainties, and a scenario technique has therefore been included into the proposed algorithm to make it more realistic. In the thesis, transmission investment is assumed to be open to the public in a merchant and regulated transmission investment pattern in both risk-free and risky investing environments. In a risk-free investing environment, a transmission company is able to increase revenue with increased risk. In a risky investing environment, transmission companies can increase return with higher risk, reduce their return with lower risk or fix their return with original risk. Public investors have fixed a rate of return in a risk-free environment, but face an uncertain rate of return in a risky environment. By using the portfolio theory, public investors can hedge their risks by investing in transmission expansion projects and other assets. In conclusion, both transmission planning and transmission investment should be studied and improved to meet the challenges facing the power industry and enhance market performance. Both areas are investigated in this thesis, and new ideas in both areas are proposed. DOI: 10.5353/th_b3895941 Subjects: Electric power transmission - Econometric models Electric power distribution - Econometric models Electric industries - Deregulation

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