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Market power and price volatility in restructured markets for electricity

Tim Mount
2001 Decision Support Systems  
The restructured market for electricity in the UK has experienced a systematic pattern of price spikes associated with the use of market power by the two dominant generators.  ...  This paper argues that the use of a uniform price auction for electricity markets exacerbates price volatility.  ...  In general, market power will make prices more volatile when a uniform price auction is used, and all restructured markets for electricity have adopted this type of auction.  ... 
doi:10.1016/s0167-9236(00)00108-1 fatcat:lf4knmo5dfhdtj7egeziauytiy

Market power and price volatility in restructured markets for electricity

T. Mount
Proceedings of the 32nd Annual Hawaii International Conference on Systems Sciences. 1999. HICSS-32. Abstracts and CD-ROM of Full Papers  
The restructured market for electricity in the UK has experienced a systematic pattern of price spikes associated with the use of market power by the two dominant generators.  ...  This paper argues that the use of a uniform price auction for electricity markets exacerbates price volatility.  ...  In general, market power will make prices more volatile when a uniform price auction is used, and all restructured markets for electricity have adopted this type of auction.  ... 
doi:10.1109/hicss.1999.772841 dblp:conf/hicss/Mount99 fatcat:k7cx3gjxuzccpatb325wisre5a

Restructured Electric Power Systems: Operation, Trading, and Volatility [Book Review]

M. Shahidehpour, M. Alomoush
2002 IEEE Computer Applications in Power  
The chapter presents electricity price volatility and means of measuring volatility in electricity market prices.  ...  B O O K R E V I E W Restructured Electric Power Systems; Operation, Trading, and Volatility is suitable for electrical and nonelectrical faculty and students interested in the restructuring of the electric  ... 
doi:10.1109/mcap.2002.993762 fatcat:3bg6zc3nyngtrl6stj63mwntvm

Two-settlement electric power markets with dynamic-price customers

Huan Zhao, Auswin Thomas, Pedram Jahangiri, Chengrui Cai, Leigh Tesfatsion, Dionysios Aliprantis
2011 2011 IEEE Power and Energy Society General Meeting  
Index Terms-Restructured electric power markets, twosettlement system, locational marginal pricing, retail dynamic pricing, agent-based testbed I.  ...  These adverse technical and economical performance characteristics suggest the need for an integrated restructuring of both retail and wholesale power markets.  ...  Index Terms-Restructured electric power markets, twosettlement system, locational marginal pricing, retail dynamic pricing, agent-based testbed I.  ... 
doi:10.1109/pes.2011.6038991 fatcat:ismohz5mavddbpnframkts3e2e

Electricity Troubles In California: Who's Next?

M. Ilic, P. Skantz, P. Visudhiphan
2001 IEEE spectrum  
and taking on the risk of volatile electricity prices.  ...  Utilities, with Pacific Gas & Electric and Southern California Edison among them, ended up having to purchase from volatile electricity markets and sell their power at their production cost.  ... 
doi:10.1109/mspec.2001.898804 fatcat:hdvz7nxwxjaahkg5744kjecuuq

The Electricity System at the Crossroads - Policy Choices and Pitfalls

Rick Mattoon
2003 Social Science Research Network  
What is the role for existing regulatory institutions? I Should restructuring expose consumers to changes in electricity prices, even when those prices can be volatile?  ...  For restructuring to succeed, consumers need to be exposed and to respond to legitimate market-based changes in electricity prices.  ... 
doi:10.2139/ssrn.377761 fatcat:7wmwjbxqgnbsfg33bvnrydkkc4

Price discovery in restructured electricity markets

Gregory Dempster, Justin Isaacs, Narin Smith
2008 Resource and Energy Economics  
in the California market.  ...  However, price effects throughout the region were often only unidirectional, did not exhibit the characteristics of perfect substitutability, and were significantly influenced by institutional changes  ...  However, the California wholesale electricity market has often been dysfunctional since the completion of its restructuring in 1998, suffering from extremely high and volatile prices for sustained periods  ... 
doi:10.1016/j.reseneeco.2007.08.001 fatcat:6gd2ca6pxbaqlcy7olwaqa5s3y

Spot Price Forecasting in a Restructured Electricity Market: An Artificial Neural Network Approach

Dr. Sanjay B. Warkad
2019 International Journal for Research in Applied Science and Engineering Technology  
In restructured electricity markets, market participants' mainly utilities, power producers, and traders are shown to increased risks due to spot price volatility.  ...  Recently ANN techniques are emerged as the best technique and suitable for restructured power system problems.  ...  In restructured electricity markets, market participants' mainly utilities, power producers, and traders are shown to increased risks due to spot price volatility.  ... 
doi:10.22214/ijraset.2019.4049 fatcat:puvbzgmpwndjle6f5yftvbstki

Policymaking benefits and limitations from using financial methods and modelling in electricity markets

Richard Green, Benjamin Hobbs, Shmuel Oren, Afzal Siddiqui
2010 Energy Economics  
We include three papers studying aspects of electricity pricing, and in particular ways of hedging power prices.  ...  Their analysis of forward price data from these markets from March 2001 to June 2005 show positive impact of return and volatility shocks on adjacent markets which they quantify in terms of volatility  ...  The authors show that the value of waiting for improvements in the new technology rises if this is likely to lead to a significant reduction in the technology's costs, but decreases as the price of energy  ... 
doi:10.1016/j.eneco.2010.04.012 fatcat:gyappyddtbcktopjkiu4q4xhda

Costs of electricity deregulation

C WOO, M KING, A TISHLER, L CHOW
2006 Energy  
Failings of deregulation are found to center around the following problems: high set-up cost; complicated market design; inevitable spot price volatility; market power abuse; inefficient investment; difficulty  ...  in reducing generation cost; dysfunctional input markets; stranded cost; unequal distribution of benefits.  ...  The MPMA reduced the demand for forward contracts and increased the demand in the electricity spot market, thus raising spot price volatility in the province.  ... 
doi:10.1016/j.energy.2005.03.002 fatcat:2ylmkmo73jb4tpixzbnv3epay4

Electricity market reform failures: UK, Norway, Alberta and California

Chi-Keung Woo, Debra Lloyd, Asher Tishler
2003 Energy Policy  
Thus, it is imprudent to implement such a reform in countries with limited sites for new generation and no indigenous fuels (e.g., Israel and Hong Kong).  ...  The paper then explains why an electricity market reform can easily fail to deliver the promised gains of better service at lower and more stable prices.  ...  Acknowledgements We thank Professor Ferdinand Banks for his helpful comments on an earlier draft of the paper. All remaining errors are ours.  ... 
doi:10.1016/s0301-4215(02)00211-2 fatcat:latekamkafeyppf3uozkeylweu

A review of electricity industry restructuring in Australia

Hugh Outhred
1998 Electric power systems research  
The end point will be, for the southern and eastern states, a multi-region 'National Electricity Market' (NEM) which is regulated at the federal government level, and retail electricity markets which are  ...  The Australian electricity industry restructuring process involves functional separation, corporatisation and, in some cases, privatization of the pre-existing state-owned supply authorities.  ...  Both average spot prices and price volatility have dropped since the joint market, NEM1, commenced in May 1997.  ... 
doi:10.1016/s0378-7796(97)01210-8 fatcat:ssndojqnqnef5diztgp6wxdno4

Restructuring of the electricity market in view of transformation and pricing challenges

Anastasiia Koliesnichenko, National Technical University «Kharkiv Polytechnic Institute», Iryna Yuryeva, National technical University «Kharkiv Polytechnic Institute»
2019 Economic Annals-ХХI  
the electricity sector, as well as the consequences for pricing.  ...  with this framework, as well as to establish the dependence between reforms, structural transformations and price volatility in the energy market.  ...  for analysis of price policy volatility in this sector, has been revealed.  ... 
doi:10.21003/ea.v178-04 fatcat:pur2db5m2fespjezmvklnq7dcu

Does Indian Spot Electricity Price Series Exhibit Inverse-Leverage Effect?

G. P. Girish, S. Vijayalakshmi
2018 Theoretical Economics Letters  
Energy Exchange from January 1 st 2014 to 31 st December 2015 accounting for 730 days and 17,520 hourly spot prices for all the five regions of Indian electricity market.  ...  The results of the study provide crucial insights for power market participants/open access consumers whose numbers have surpassed 3530 in Indian Energy Exchange to strategically plan their exposure in  ...  Acknowledgements This paper was presented in 13 th International Conference on Business and Finance (ICBF 2017) which was held in IBS Hyderabad in December, 2017 organized jointly by IBS Hyderabad, IFHE  ... 
doi:10.4236/tel.2018.83017 fatcat:nhtzbcz3erfxrerg4zzyq27afm

Markets and regulation

R. Tabors, R. Schuler
2003 36th Annual Hawaii International Conference on System Sciences, 2003. Proceedings of the  
Within the US there is increased pressure for reregulation of the commodities and for regulation of the derivative markets that have been established to hedge commodity price volatility.  ...  Whether under the title of privatization, deregulation or restructuring, the movement has been toward allowing competitive market forces to set prices for essential commodities that in the past were actively  ...  analysis of both producer and consumer behavior in response to volatile or variable commodity prices.  ... 
doi:10.1109/hicss.2003.1173852 fatcat:2ll5dv5xzza33mxidtx7uvhldu
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