Strategic price risk in wholesale power markets:
Gespeichert in:
| Weitere beteiligte Personen: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
London
Risk Books
1999
|
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019924542&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | X, 83 S. graph. Darst. |
| ISBN: | 1899332332 |
Internformat
MARC
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| 245 | 1 | 0 | |a Strategic price risk in wholesale power markets |c edited by Derek W. Bunn; with contributions from John Bower, Christopher Day and Kiriakos Vlahos |
| 264 | 1 | |a London |b Risk Books |c 1999 | |
| 300 | |a X, 83 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 700 | 1 | |a Bunn, Derek W. |4 edt | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019924542&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-019924542 | |
Datensatz im Suchindex
| _version_ | 1819302657588723712 |
|---|---|
| adam_text | List of figures IV
List of tables V
Preface VII
Executive Summary IX
1: Electricity Markets are Different 1
2: The Persistence of Market Power 9
Introduction 9
Latent market power and market concentration 11
Latent market power in the UK duopoly 17
Comments on latent market power analysis 20
3: Simulating Dynamic Market Behaviour 23
Introduction 23
Computational details of the agent-based simulation model 25
Application to the England and Wales Pool 27
4: New Models for New Markets 35
Introduction 35
The agent-based simulation model 35
Simulation insights 39
Explaining the results 40
Conclusions 43
5: Market Structure is Fundamental 45
Introduction 45
Using agent-based simulation 46
Analysis of the 1999 plant divestment issue in England and Wales 48
Summary and conclusions 50
6: Market Power in European Electricity 55
Lessons from the UK market 55
Development of EU electricity market legislation 58
Background to the liberalisation of the EU electricity market 63
Potential sources of residual market power 70
Mitigating the effects of market power 73
Conclusion 78
Appendix 1: Main Sources of Statistics, Prices and Legislation 81
Appendix 2: Abbreviations and Acronyms 83^
List of figures
Fig. 1.1 Monthly pool prices in England and Wales 3
Fig. 1.2 Nord Pool prices, 1992-97 4
Fig. 1.3 Daily price variability in the Nord Pool 5
Fig. 1.4 Daily price variability in the England and Wales Pool 5
Fig. 1.5 National Grid Company representative bidding function 5
Fig. 1.6 Prices for the PJM market 6
Fig. 1.7 Representative supply function for the PJM market 7
Fig. 1.8 Prices for the England and Wales Pool for two similar winter days 7
Fig. 1.9 Supply functions for the England and Wales Pool for two
similar winter days 8
Fig. 2.1 National Grid Company representative bidding function 12
Fig. 2.2 Marginal cost bidding function 13
Fig. 2.3 Simulated profitability of bidding up 13
Fig. 2.4 Simulated system marginal price effects of bidding up 14
Fig. 2.5 Simulated output effects of bidding up 14
Fig. 2.6 Simulated revenue effects of bidding up 15
Fig. 2.7 Hypothetical profitability of National Power bidding up 18
Fig. 2.8 Hypothetical profitability of PowerGen bidding up 18
Fig. 2.9 Hypothetical profitability of National Power bidding up after
divestment 19
Fig. 2.10 Hypothetical profitability of PowerGen bidding up after divestment 19
Fig. 3.1 Aggregate supply function bid by National Power, PowerGen and
Eastern Group on January 20, 1997 with demand range indicated 23
Fig. 3.2 Aggregate short-run marginal cost function for National Power,
PowerGen and Eastern Group 24
Fig. 3.3 Actual system supply functions created from bids by National Power,
PowerGen and Eastern Group for business days between January 20
and February 14, 1997 24
Fig. 3.4 An illustration of the piece-wise linear supply function
representation 26
Fig. 3.5 Simulated aggregate short-run marginal cost function for National
Power, PowerGen and Eastern Group 28
Fig. 3.6 Simulated time-averaged market price with peaking gensets set to
£90/MWh 29
Fig. 3.7 Simulated time-averaged market price with peaking gensets set to
£50/MWh 30
Fig. 3.8 Simulated days 170-190 of the system supply function with the
scenario of 0% contracted, 7-14 optimising iterations and
peaking gensets set to £50/MWh 30
Fig. 3.9 Simulated days 350-370 of the system supply function with the
scenario of 0% contracted, 7-14 optimising iterations and
peaking gensets set to £50/MWh 31
Fig. 3.10 Simulated days 250-300 of the system supply function with the
scenario of 0% contracted, 54-104 optimising iterations and
peaking gensets set to £50/MWh 31
Fig. 3.11 Simulated days 100-150 of the system supply function with the
scenario of 75% contracted, 7-14 optimising iterations and
peaking gensets set to £50/MWh 32
Fig. 4.1 Simulated market clearing prices for alternative trading arrangements 40
Fig. 4.2 Simulated supply functions for alternative trading arrangements 40
Fig. 4.3 Impact of target utilisation rate on simulated supply functions for
Pool pay SMP 41
Fig. 5.1 Aggregate short-run marginal cost function for National Power,
PowerGen and Eastern Group 47
Fig. 5.2 Simulated average percentage bid above short-run marginal cost
using demand functions with slopes of -50MW/£ 49
Fig. 5.3 Simulated average percentage bid above short-run marginal cost
using demand functions with slopes of -100MW/£ 49
Fig. 6.1 Projected rate of market opening for EU member states by
February 19, 2003 62
Fig. 6.2 Expected extent of European interconnected transmission systems
and electricity market by 2003 64
Fig. 6.3 Electricity import-export balance among EUR 21 countries in 1997 67
Fig. 6.4a Retail electricity prices for OECD countries in 1997 68
Fig. 6.4b Industrial electricity prices for OECD countries in 1997 68
Fig. 6.5 Share of national consumption produced by the largest generator
in each EUR 21 country during 1997 71
Fig. 6.6 Location of European electricity industry shareholdings by National
Power and Electricite de France 72
Fig. 6.7 Cross-border transmission import capacity as percentage of annual
peak load in EUR 21 countries 76
List of tables
Table 2.1 Simulated percentage change in generation (for marginal cost merit
order) 15
Table 2.2 Simulated percentage change in profit contribution (for marginal
cost merit order) 15
Table 2.3 Simulated percentage change in revenue (for marginal cost
merit order) 16
Table 2.4 Simulated percentage change in system marginal price (for marginal
cost merit order) 16
Table 2.5 The Herfindahl-Hirschman index (non-nuclear companies) 16
Table 2.6 Simulated percentage change in generation (using NGC data) 17
Table 2.7 Simulated percentage change in profit contribution (using NGC data) 17
Table 2.8 Simulated profit contribution results 20
Table 2.9 Simulated generation results 20
Table 4.1 Alternative auction models tested 35
Table 4.2 Summary of agent bidding rules and objectives 37
Table 4.3 Simulated sales-weighted average off-peak and peak bid prices under
alternative trading arrangements 41
Table 4.4 Simulated generator average daily output under alternative trading
arrangements 42
Table 5.1 Simulated average percentage bid above short-run marginal cost for
the existing market structure 51
Table 5.2 Simulated average percentage bid above short-run marginal cost for
the scenario of abolishing earn-out payments 51
Table 5.3 Simulated average percentage bid above short-run marginal cost for
the scenario of National Power and PowerGen divesting 25% of
their coal plants 51
Table 5.4 Simulated average percentage bid above short-run marginal cost for
the scenario of National Power and PowerGen divesting 50% of
their coal plants 51
Table 6.1 Strategic dimensions of market power 55
Table 6.2 Key EU instruments relevant to the creation of a competitive
European electricity market 59
Table 6.3 European electricity industry structure in EUR 21 countries as at
January 1, 1997 66
Table 6.4 Potential cost savings from lower electricity prices in EUR 21
countries 69
|
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| id | DE-604.BV025291414 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T14:25:08Z |
| institution | BVB |
| isbn | 1899332332 |
| language | English |
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| physical | X, 83 S. graph. Darst. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
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| spellingShingle | Strategic price risk in wholesale power markets |
| title | Strategic price risk in wholesale power markets |
| title_auth | Strategic price risk in wholesale power markets |
| title_exact_search | Strategic price risk in wholesale power markets |
| title_full | Strategic price risk in wholesale power markets edited by Derek W. Bunn; with contributions from John Bower, Christopher Day and Kiriakos Vlahos |
| title_fullStr | Strategic price risk in wholesale power markets edited by Derek W. Bunn; with contributions from John Bower, Christopher Day and Kiriakos Vlahos |
| title_full_unstemmed | Strategic price risk in wholesale power markets edited by Derek W. Bunn; with contributions from John Bower, Christopher Day and Kiriakos Vlahos |
| title_short | Strategic price risk in wholesale power markets |
| title_sort | strategic price risk in wholesale power markets |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=019924542&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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