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The inherent inefficiency of the point-to-point congestion revenue right auction

Shi-Jie Deng, S. Oren, S. Meliopoulos
2004 37th Annual Hawaii International Conference on System Sciences, 2004. Proceedings of the  
Empirical evidence shows that the clearing prices for point-to-point congestion revenue rights, also known as financial transmission rights (FTRs), resulting from centralized auctions conducted by Independent  ...  The question addressed by this paper is whether such deviations are due to price discovery errors which will eventually vanish or due to inherent inefficiencies in the auction structure.  ...  Introduction Point-to-point financial transmission rights (FTRs) (see [2] and [7] ) and flow-gate rights (FGRs) (see [3] , [4] , and [6] ) are two forms of Congestion Revenue Rights (CRRs) outlined  ... 
doi:10.1109/hicss.2004.1265168 dblp:conf/hicss/DengOM04 fatcat:22qr54ddzvehnedhaur2povkpa

The inherent inefficiency of simultaneously feasible financial transmission rights auctions

Shi-Jie Deng, Shmuel Oren, A.P. Meliopoulos
2010 Energy Economics  
Empirical evidence shows that the clearing prices for point-to-point congestion revenue rights, also known as financial transmission rights (FTRs), resulting from centralized auctions conducted by Independent  ...  The question addressed by this paper is whether such deviations are due to price discovery errors which will eventually vanish or due to inherent inefficiencies in the auction structure.  ...  The research assistance by Haibin Sun is gratefully acknowledged.  ... 
doi:10.1016/j.eneco.2010.01.010 fatcat:qhsi6bzjzjbvvgmrrikkf7gkvi

Optimum Airport Capacity Utilization under Congestion Management: A Case Study of New York LaGuardia Airport

Loan Le, George Donohue, Karla Hoffman, Chun-Hung Chen
2008 Transportation planning and technology (Print)  
and the fairness of the allocations.  ...  With a forecast 1.1 billion yearly air travelers within the U.S. by 2015, airport expansion and technology enhancement alone are not enough to cope with the competition-driven scheduling practices of the  ...  Comments of The US Department of Justice on congestion pricing [7] pointed out that "a drawback to congestion pricing is the regulator's lack of knowledge about what price to set.  ... 
doi:10.1080/03081060701835779 fatcat:5sdvmrfe5zcxxnii4e7ibre5qa

Using Virtual Bids to Manipulate the Value of Financial Transmission Rights

Shaun D. Ledgerwood, Johannes Pfeifenberger
2012 Social Science Research Network  
The example we use is the placement of "virtual" load or supply to enhance the value of financial transmission rights.  ...  We show that intentional uneconomic trading of virtual bids to trigger a manipulation causes the divergence of day-ahead and real-time nodal prices and thus creates market distortions and inefficiencies  ...  funds the auction revenue rights paid to LSEs.  ... 
doi:10.2139/ssrn.2050945 fatcat:fjj26rzmajhenpow75dbtaklba

A Comprehensive Assessment of the Evolution of Financial Transmission Rights

V. Sarkar, S.A. Khaparde
2008 IEEE Transactions on Power Systems  
The basic aim of the FTR mechanism is to guard forward contracts from uncertain congestion charges.  ...  Financial transmission rights (FTRs) are complementary to the locational marginal pricing of energy.  ...  A point-to-point transaction can be fully hedged by a certain portfolio of flowgate rights.  ... 
doi:10.1109/tpwrs.2008.2002182 fatcat:xhxaxeitlrhotg47vjp2py5sca

Rethinking Gas Markets--and Capacity

Larry E. Ruff
2012 Economics of Energy & Environmental Policy  
The "US Model" of natural gas markets is based on long-term, point-to-point commercial capacity rights (MDQ XY ) that reflect the physical capacity of the pipeline and are traded frequently among system  ...  users (shippers) in markets independent of the transmission system operator (TSO).  ...  The materiality of the avoidable inefficiencies inherent in point-to-point capacity will depend on the situation.  ... 
doi:10.5547/2160-5890.1.3.1 fatcat:hfst45a7vnb6tlh65hiajgrmt4

Flow-Based Transmission Rights and Congestion Management

Hung-po Chao, Stephen Peck, Shmuel Oren, Robert Wilson
2000 Electricity Journal  
transmission rights define a financial entitlement to sharing congestion revenues.  ...  Specifically, the value of a point-to-point right from any given bus to the reference bus is the sum of the values of the congested flowgate rights multiplied by the corresponding PTDF.  ... 
doi:10.1016/s1040-6190(00)00146-9 fatcat:kvj56f2jxrde7dhlzclexgskty

Market-based investment in electricity transmission networks: controllable flow

Gert Brunekreeft
2004 Utilities Policy  
The paper explores four areas: economies of scale, market power, detrimental investment and risks. The analysis argues for restricting market-based investment to controllable flow (DC or FACTS) only.  ...  The analysis is set against a European and Australian institutional background and focuses on interconnection of different systems.  ...  The opportunity transmission costs to be reflected rely on energy losses and congestion (also 10 Also known as Congestion Revenue Rights. called, constraints), which can be seen as the limiting case of  ... 
doi:10.1016/j.jup.2004.05.001 fatcat:t3i2jbwmuzhh5i7cij3i4jelie

Electricity transmission: An overview of the current debate

Gert Brunekreeft, Karsten Neuhoff, David Newbery
2005 Utilities Policy  
We conclude that signalling the efficient location of generation investment might require even a competitive LMP system to be complemented with deep connection charges.  ...  This paper surveys the issues currently under discussion and provides a framework for the remaining papers in this issue.  ...  They can be used to define so-called Auction Revenue Rights (ARRs).  ... 
doi:10.1016/j.jup.2004.12.002 fatcat:xv7ghewphvck3mfdkz5fmj6zwa

Implicit auctioning on the Kontek Cable: Third time lucky?

Leonardo Meeus
2011 Energy Economics  
Implicit auctioning is about eliminating these cross-border trade inefficiencies by internalizing the arbitrage into the auction procedures of the Power Exchanges that are organizing trade nationally.  ...  The objectives of the FSR are to promote informed discussion of key issues; to provide state-of-the-art training for practitioners; and to produce analytical studies in the field of regulation.  ...  Newbery and McDaniel (2002) observe that the prices that are paid in the explicit auctions for rights to trade between France and the UK are significantly lower than the revenue that could be made with  ... 
doi:10.1016/j.eneco.2010.10.008 fatcat:ujdvdotg3jh7pkoiihxxyta46m

Different Approaches Towards Electricity Transmission Expansion

Juan Rosellón
2003 Review of Network Economics  
The second provides a Transco with incentives to expand the network by making it face the entire social cost of congestion.  ...  The first approach derives optimal transmission expansion through auctions of longterm financial transmission rights by an independent system operator.  ...  He argues that "point-to-point" (PTP) forward obligations have demonstrated to be the most feasible instrument in practice, which is not the case for PTP options and flowgate rights (flowgate rights are  ... 
doi:10.2202/1446-9022.1028 fatcat:tfiseahi5jhddjb4gwv4qju3qu

Different Approaches Towards Electricity Transmission Expansion

Juan Rosellon
2003 Social Science Research Network  
The second provides a Transco with incentives to expand the network by making it face the entire social cost of congestion.  ...  The first approach derives optimal transmission expansion through auctions of longterm financial transmission rights by an independent system operator.  ...  He argues that "point-to-point" (PTP) forward obligations have demonstrated to be the most feasible instrument in practice, which is not the case for PTP options and flowgate rights (flowgate rights are  ... 
doi:10.2139/ssrn.447843 fatcat:a746yhu3vnbcfbvxeod4byhz5q

A study of electricity market design for systems with high wind power penetration

Richard Scharff, Mikael Amelin
2011 2011 8th International Conference on the European Energy Market (EEM)  
This literature review investigates the influence of intermittent wind power on the electricity market pointing out the importance of the market design along with presenting the Nordic, the German and  ...  Adaptations in the market design could improve the performance of systems with high wind power penetration levels. As a conclusion promising key-issues are listed.  ...  Here, a major argument against area pricing was the inherently higher risk of market power abuse: in case of congestion the number of competitors in each separated price area is reduced significantly  ... 
doi:10.1109/eem.2011.5953084 fatcat:dcfb5kp5zvfqxpuoxqk7dgupfa

Privatizing Highways in the United States

Eduardo Engel, Ronald Fischer, Alexander Galetovic
2006 Review of Industrial Organization  
The lessons of this paper are relevant since growing congestion and troubled government finances have made private toll-roads increasingly attractive in the United States.  ...  We also argue in favor of adjudicating private toll-roads via BOT-type contracts in competitive (Demsetz) auctions.  ...  Evidence" International Conference organized by the ADIS Center, University of Paris 11 -Sceaux.  ... 
doi:10.1007/s11151-006-9108-6 fatcat:avrs6alebffatfoji6uxyatfuq

Transmission Market Design

William W. Hogan
2003 Social Science Research Network  
Starting with financial congestion hedges, the design strategy is summarized as: "We propose that Congestion Revenue Rights be made available first in the form of receipt point-to-delivery point obligation  ...  rights, which we propose to mandate now, and later in the form of receipt point-to-delivery point option rights and flowgate rights." 16 This strategy is commendable.  ... 
doi:10.2139/ssrn.453483 fatcat:dltapurr5vhanjoxswe226ktue
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