Does Locational Marginal Pricing Impact Generation Investment Location Decisions
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Locational Marginal Pricing (LMP) in Electricity Markets
| Author | : Zuyi Li |
| Publisher | : Wiley-IEEE Press |
| Total Pages | : 0 |
| Release | : 2021-09-07 |
| Genre | : Technology & Engineering |
| ISBN | : 9781118359426 |
Presents a detailed and in-depth introduction to the economic and technical foundations of modern electricity markets operating with locational marginal price (LMP). Based on the author’s graduate-level course and written to fill the gap in the market for a book that not only describes the fundamentals of LMP but also the most up-to-date research. It analyses the planning and operation of an electricity markets cleared through locational marginal prices (LMPs). Microeconomic background is provided, also a number of decision-making models relevant for electricity market operations and for long-term planning. These models are related to the market operator and to the market agents. After an introduction to power system economics and market operations, the book covers the fundamentals in Microeconomics in Chapter Two. Power market architecture and the fundamentals of locational marginal price (LMP) are presented in detail next. Chapter Five discusses advanced models for LMP. Market power and bidding strategy is looked at in the middle of the book, then LMP in practices. The last chapter covers market-based integrated planning for generation and transmission. Presents a detailed and in-depth introduction to the economic and technical foundations of modern electricity markets operating with locational marginal price (LMP), the key to understanding today’s market operation Covers the important topics of transmissions and financial transmission rights (FTR), planning issues, and the relation to renewable sources Includes various illustrative examples and end-of-chapter problems for use as homework exercises Companion website holds a link to the author’s own page which includes further research in power markets and LMP, class projects, MATLAB code and an solutions manual Essential reading for Senior undergraduate students and graduate students in electrical power engineering, smart grid and renewable energy, as well as Professionals, practicing engineers and analysts in power utilities and independent system operators (ISO) who would like to understand how LMPs are calculated.
Modern Economic Regulation
| Author | : Christopher Decker |
| Publisher | : Cambridge University Press |
| Total Pages | : 780 |
| Release | : 2023-06-08 |
| Genre | : Business & Economics |
| ISBN | : 1009092553 |
Economic regulation affects us all, shaping how we access essential services such as water, energy and transport, as well as how we communicate with one another in the digital world. Modern Economic Regulation describes the core insights of economic theory on which regulatory policies are based and connects this with evidence of how regulation is applied. It focuses on fundamental questions such as: why are certain industries regulated? What principles can inform regulation? How is regulation implemented? Which regulatory policies have been more, or less, effective in practice? All chapters in this second edition are fully updated to reflect the latest research and evidence, while five new chapters cover behavioural economics and the regulation of rail, aviation, payment systems and digital platforms. Each chapter contains discussion questions and topical case studies, and online materials include over 60 applied exercises that explore real-life regulatory problems from around the world.
Issues in Specialized Economic Research and Application: 2013 Edition
| Author | : |
| Publisher | : ScholarlyEditions |
| Total Pages | : 359 |
| Release | : 2013-05-01 |
| Genre | : Business & Economics |
| ISBN | : 149010819X |
Issues in Specialized Economic Research and Application: 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Economic Psychology. The editors have built Issues in Specialized Economic Research and Application: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Economic Psychology in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Specialized Economic Research and Application: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Spot Pricing of Electricity
| Author | : Fred C. Schweppe |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 362 |
| Release | : 2013-03-07 |
| Genre | : Business & Economics |
| ISBN | : 1461316839 |
There is a need for fundamental changes in the ways society views electric energy. Electric energy must be treated as a commodity which can be bought, sold, and traded, taking into account its time-and space-varying values and costs. This book presents a complete framework for the establishment of such an energy marketplace. The framework is based on the use of spot prices. In general terms: o An hourly spot price (in dollars per kilowatt hour) reflects the operating and capital costs of generating, transmitting and distributing electric energy. It varies each hour and from place to place. o The spot price based energy marketplace involves a variety of utility-customer transactions (ranging from hourly varying prices to long-term, multiple-year contracts), all of which are based in a consistent manner on hourly spot prices. These transactions may include customers selling to, as well as buying from, the utility. The basic theory and practical implementation issues associated with a spot price based energy marketplace have been developed and discussed through a number of different reports, theses, and papers. Each addresses only a part of the total picture, and often with a somewhat different notation and terminology (which has evolved in parallel with our growing experience). This book was xvii xviii Preface written to serve as a single, integrated sourcebook on the theory and imple mentation of a spot price based energy marketplace.
Investment in Electricity Generation and Transmission
| Author | : Antonio J. Conejo |
| Publisher | : Springer |
| Total Pages | : 389 |
| Release | : 2016-06-10 |
| Genre | : Business & Economics |
| ISBN | : 3319295012 |
This book provides an in-depth analysis of investment problems pertaining to electric energy infrastructure, including both generation and transmission facilities. The analysis encompasses decision-making tools for expansion planning, reinforcement, and the selection and timing of investment options. In this regard, the book provides an up-to-date description of analytical tools to address challenging investment questions such as: How can we expand and/or reinforce our aging electricity transmission infrastructure? How can we expand the transmission network of a given region to integrate significant amounts of renewable generation? How can we expand generation facilities to achieve a low-carbon electricity production system? How can we expand the generation system while ensuring appropriate levels of flexibility to accommodate both demand-related and production-related uncertainties? How can we choose among alternative production facilities? What is the right time to invest in a given production or transmission facility? Written in a tutorial style and modular format, the book includes a wealth of illustrative examples to facilitate comprehension. It is intended for advanced undergraduate and graduate students in the fields of electric energy systems, operations research, management science, and economics. Practitioners in the electric energy sector will also benefit from the concepts and techniques presented here.
Competitive Electricity Markets
| Author | : Fereidoon Sioshansi |
| Publisher | : Elsevier |
| Total Pages | : 625 |
| Release | : 2011-10-10 |
| Genre | : Technology & Engineering |
| ISBN | : 0080557716 |
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
Handbook of Energy Economics and Policy
| Author | : Alessandro Rubino |
| Publisher | : Academic Press |
| Total Pages | : 692 |
| Release | : 2021-05-01 |
| Genre | : Business & Economics |
| ISBN | : 012814713X |
Handbook of Energy Economics and Policy: Fundamentals and Applications for Engineers and Energy Planners presents energy engineers and managers with analytical skills and concepts that enable them to apply simple economic logic to understand the interrelations between energy technologies, economics, regulation and governance of the industry. Sections cover the origins, types and measurement of energy sources, transportation networks, and regulatory and policy issues on electricity and gas at a global level, new economic and policy issues, including innovation processes in the energy industry and economic and policy implications. Final sections cover state-of-the-art methods for modeling and predicting the dynamics of energy systems. Its unique approach and learning path makes this book an ideal resource for energy engineering practitioners and researchers working to design, develop, plan or deploy energy systems. Energy planners and policymakers will also find this to be a solid foundation on which to base decisions. Presents key-concepts and their interrelation with energy technologies and systems in a clear way for ready application during planning and deployment of energy technologies and systems Includes global case studies covering a wide array of energy sources and regulatory models Explores methodologies for modeling and forecasting the impacts of energy technologies and systems, as well as their costs and possible business models
Regulation of the Power Sector
| Author | : Ignacio J. Pérez-Arriaga |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 735 |
| Release | : 2014-02-26 |
| Genre | : Business & Economics |
| ISBN | : 1447150341 |
Regulation of the Power Sector is a unified, consistent and comprehensive treatment of the theories and practicalities of regulation in modern power-supply systems. The need for generation to occur at the time of use occasioned by the impracticality of large-scale electricity storage coupled with constant and often unpredictable changes in demand make electricity-supply systems large, dynamic and complex and their regulation a daunting task. Arranged in four parts, this book addresses both traditional regulatory frameworks and also liberalized and re-regulated environments. First, an introduction gives a full characterization of power supply including engineering, economic and regulatory viewpoints. The second part presents the fundamentals of regulation and the third looks at the regulation of particular components of the power sector in detail. Advanced topics and subjects still open or subject to dispute form the content of Part IV. In a sector where regulatory design is the key driver of both the industry efficiency and the returns on investment, Regulation of the Power Sector is directed at regulators, policy decision makers, business managers and researchers. It is a pragmatic text, well-tested by the authors’ quarter-century of experience of power systems from around the world. Power system professionals and students at all levels will derive much benefit from the authors’ wealth of blended theory and real-world-derived know-how.
