Electricity Markets

Investment, Performance and Analysis

Inbunden, Engelska, 1998

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The impact of deregulation on the theory and practice of investment appraisal is addressed in this comprehensive treatment of the restructuring of the electricity supply industry. Demonstrating that the classical approach to generation investment appraisal is no longer valid, a new approach is developed using three economic models to represent differing market conditions. Highlighting the impact on the organisation of the utilities and their suppliers, Electricity Markets offers essential advice for survival in the deregulated environment worldwide. Features include:* Examination of the alternative market structures and their mechanisms* Methods for investment appraisal and market simulation to support the assessment of market strategies by generators, distributors and suppliers* Use of game theory to predict market behaviour and competitive interaction* Coverage of the analytical and technical aspects of grid deregulation plus a look ahead to the long term productivity and structure of the industry* Discussion of the regulatory framework and its limitations in improving efficiency and encouraging optimum levels of investmentThis timely book will enlighten a broad audience ranging from utility managers and suppliers involved in deregulation to consultants and academics concerned with managing change.

Produktinformation

Utgivningsdatum1998-10-29
Mått194 x 242 x 25 mm
Vikt765 g
FormatInbunden
SpråkEngelska
Antal sidor304
FörlagJohn Wiley & Sons Inc
ISBN9780471985075

Tillhör följande kategorier

Preface xvSymbols xviiPart One A Review Of Market Structures And Mechanisms 1Chapter 1 Introduction 3Objectives 3International Perspectives 4Commercial Arrangements 7Implications 8The Analysis 9Chapter 2 Alternative Market Structures 11The Gross Pool 11Bilateral Trading – The Net Pool 13The Single Buyer 14Zonal Pools 15Mixed Generation 16State Utility 16Transmission Issues 17Supply Issues 18Stranded Assets 18Market Comparisons 19Chapter 3 Market Mechanisms 21Price Setting 21Securing Availability 22Accommodating Transmission Constraints 23Enabling Demand Side Participation 24Capturing Data for Settlement 25Calculating Payments 25Unit Commitment 29Conclusion 30Chapter 4 Markets in Operation 33Reliability 33Competition 35Price Trends 38SMP V Demand 39Investment 40Efficiency in Operation 43Conclusions 44Chapter 5 Market Modelling 47Solution Process 47Production Modelling 51Conclusions 55Chapter 6 SMP Theory and Optimal Plant Mix 57SMP Derivation 57Derivation of Optimal Plant Mix 58SMP Estimation 61Conclusions 62Chapter 7 LOLP Theory and Optimal Margin 65Theory 65Lolp V Margin 66Comparison of Theory With Model And Actual 68Lolp and Pooling 68Optimum Investment Level 70Conclusion 71Chapter 8 Idealised Tariffs 73Basic Principle 73Ideal Price Derivation 74Actual SMP Prices 75Lolp and Capacity Charge 76BST 78Comparison of Actual PSP With BST 79The Open Supply Market 80Conclusions 81Chapter 9 Review of Market Shortcomings 83Marginal Pricing 83Plant Mix 84Plant Margins 85Transmission Management 86Consumers 86Security of Supply 87Conclusions 88Chapter 10 A Medium-Term Market Based on Lagrangian Relaxation 89The Requirements 90The Process 91The Theory 91Commercial Arrangements 94Other Improvements 95Benefits 96Conclusion 96Part Two Generation Investment Appraisal 99Chapter 11 Basic Principles 101Classical Approach 101Pre-Privatisation Approach 102Post-Privatisation Approach 103Shortcomings 105Conclusion 105Chapter 12 Predicting SMP and Income 107Estimation of Income 107Bidding Strategy 108Generator Costs 108Profit Forecast 109Predicting Utilisation 110Predicting SMP 113Results 114Forward Pricing 115Conclusions 119Chapter 13 Market Share and Appraisal Process 121The Profit Function 121Calculating Total Profit 122Overview of Process 125Modelling Uncertainty 126Alternative Company Interaction Models 128Comparison With Actual 130Conclusions 130Chapter 14 Predicting Multiple Company Interaction 133The System Merit Order 133Theoretical Derivation of Profit Function 134Results 135Changing Capacity and Demand 135Multiple Interaction 136Modelling Interactive Expansion 138Risk and Option Evaluation 139Conclusions 140Part Three Transmission Investment Appraisal 143Chapter 15 Review of International Structures 145The Regulated Monopoly 145Objectives of a Market Structure 146International Practice 146Discussion 151Chapter 16 Cost Apportionment And Benefit 153Cost Apportionment of Existing System 155The Benefit Function 155Assessment of Global Benefit 157New Investment Types 160Conclusions 161Chapter 17 Interconnection Evaluation 163Income and Costs 164Effect of Interconnection 164The Optimal Wheel 165Example 166Transmission Profit 168System Wheeling 169Consumer Reaction 170Discussion 171Chapter 18 Managing Constraints 173Constraint Costs 174Post-Market Settlement – Uplift Definition 175Commercial Arrangements 176Transaction Model 177Theoretical Formulation 178Modelling In Operation 180Conclusion 182Chapter 19 Optimal Investment and Outage Planning 183Modelling 184Loading Programme 184The Cost Function 185Derivation of Optimal Outage Pattern 186Example 187Full-Year Assessment 188Investment Evaluation 189Commercial Arrangements 190Conclusion 191Part Four The Impact On Utility Operations 193Chapter 20 Impact on System Operation 195Keeping The Lights On 196Facilitating The Market 199The Independent System Operator 201Conclusions 202Chapter 21 Impact on System Development 203Generation Planning 203Transmission 205Distribution Planning 207Conclusions 208Chapter 22 The Commercial Infrastructure 209Generation 210Transmission 211Distribution 212Supplier Income 212Licenced/Unlicenced 213Culture 213Take-Overs and Mergers 213Conclusion 214Chapter 23 The IT/Communications Infrastructure 215Background 215New Requirements 216Design Considerations 217Structure 217Station Links 219Conclusions 219Part Five The Changing Market For Facility Providers 221Chapter 24 New Businesses and Drivers 223New Interfaces and Drivers 224New Needs 224Supplier Response 225Future 226Chapter 25 Primary Plant for Generation, Transmission and Distribution 229Actual Developments 230Projected Market Needs 233Conclusions 237Chapter 26 IT Metering And Telecommunications 239Metering Systems 240Commercial Data Handling Systems 242Settlement Systems 242Asset Management Systems 243Operational Systems 244Conclusions 245Part Six The Market And The Future 247Chapter 27 The Role And Effect Of Regulation 249International Practice 250Experience 251Impact on Generation And Transmission 252The Nuclear Position 252Gas Electricity Arbitrage 253Impact on Investment 254Chapter 28 Conclusions 255The Market 255Generation Investment Appraisal 256Transmission Investment Appraisal 258The Impact on Utility Operations 259The Changing Market for Facility Providers 260Chapter 29 The Future 261Are Markets Delivering Benefit? 261The Economic Theory 262Alternative Structures 263Alternative Working Arrangements 264The Way Forward 265Further Developments 266Conclusion 266Select Bibliography 267Glossary 271Index 273