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Wholesale marginal prices in competitive generation markets
SciTech Connect (OSTI)
Wholesale marginal electricity prices are being used in several actual competitive generation markets worldwide, both to remunerate generators and to charge consumption. These prices must account not only for energy, but also for guarantee of supply in the long and the short term. This paper: (a) provides a sound conceptual and quantitative foundation for wholesale pricing based on generation services, where any existing restrictions in operation or planning in real power markets are accounted for, (b) clearly establishes the relationship between short term marginal costs, long term marginal costs and optimal wholesale electricity prices, and (c) identifies the reasons for mismatches in cost recovery with marginal generation prices. The theoretical results are verified with a detailed realistic power system model.
Perez-Arriaga, I.J. [National Electric Regulatory Commission, Madrid (Spain)] [National Electric Regulatory Commission, Madrid (Spain); Meseguer, C. [Univ. Pontificia Comillas, Madrid (Spain). Inst. de Investigacion Tecnologica] [Univ. Pontificia Comillas, Madrid (Spain). Inst. de Investigacion Tecnologica
Price Responsive Demand in New York Wholesale Electricity Market using OpenADR
E-Print Network [OSTI]
3. Price Variations of Wholesale Electricity Markets for NYC4. Price Variations of Wholesale Electricity Markets for NYCDemand in New York Wholesale Electricity Market using
Kim, Joyce Jihyun
Auction Basics for Wholesale Power Markets: Objectives and Pricing Rules
1 Auction Basics for Wholesale Power Markets: Objectives and Pricing Rules Leigh Tesfatsion, Member to U.S. restructured wholesale power markets, i.e., centrally-administered wholesale power markets and illustrated. Complicating factors specific to wholesale power markets are clarified, and recent advances
Tesfatsion, Leigh
Scenario Generation for Price Forecasting in Restructured Wholesale Power Markets
1 Scenario Generation for Price Forecasting in Restructured Wholesale Power Markets Qun Zhou--In current restructured wholesale power markets, the short length of time series for prices makes are fitted between D&O and wholesale power prices in order to obtain price scenarios for a specified time
Derivation of Locational Marginal Prices for Restructured Wholesale Power Markets
Derivation of Locational Marginal Prices for Restructured Wholesale Power Markets Haifeng Liu restructured wholesale power markets, the detailed derivation of LMPs as actually used in industry practice Operator (MISO). Keywords: Locational marginal pricing, wholesale power market, AC optimal power flow, DC
Customer reponse to day-ahead wholesale market electricity prices: Case study of RTP program experience in New York
Response to Day-ahead Wholesale Market Electricity Prices:Response to Day-ahead Wholesale Market Electricity Prices:Mitigating Price Spikes in Wholesale Markets through Market-
Understanding Competitive Pricing and Market Power in Wholesale Electricity Markets
and Market Power in Wholesale Electricity Markets SeverinM a r k e t Power i n Wholesale Electricity Markets Severinthe competitiveness of the wholesale electricity market i n
Borenstein, Severin
A Quantitative Analysis of Pricing Behavior In California's Wholesale Electricity Market During Summer 2000
A Quantitative Analysis of Pricing Behavior In California's Wholesale Electricity Market During Summer 2000...
Joskow, Paul; Kahn, Edward
Pricing trends in the US market for wholesale power
Electricity markets in the United States have undergone an interesting transformation over the last several years. With the Energy Policy Act of 1992, Congress set the stage for competition in the wholesale market for electricity. No longer could one utility hold another utility hostage by denying it transmission access. Through increased choices of suppliers, purchasers of wholesale power have, in many cases, been able to lower their power costs by purchasing power on the open market, rather than purchasing power solely from an adjacent utility. Burns & McDonnell has worked with many wholesale power purchasers over recent years to evaluate the available options for lowering their power costs. In many of these evaluations, bid solicitations were conducted to identify specific wholesale power purchase options. Through these projects, Burns & McDonnell has been able to collect a substantial amount of data on the offered prices for wholesale power over the last several years. The purpose of this paper is to compare the purchase power data collected by Burns & McDonnell over the last several years in evaluating resource options for electric utilities. Reviews of this data suggest a declining pricing trend that reflects increasing levels of competition in the wholesale power market. The paper also illustrates the difficulty in constructing new generation that can produce electricity at a cost below that of the wholesale power market. Finally, the paper addresses the difference between average cost and marginal cost pricing as it relates to the cost of producing wholesale power for sale. The paper discusses the idea that some participants in the wholesale power market may actually be offering power for prices that are lower than their cost of producing electricity. The advantages and disadvantages of this pricing approach are examined.
Geschwind, D.P.; Flucke, J.M. [Burns & McDonnell, Kansas City, MO (United States)
Fulton Fish Market: Wholesale Prices for Clams 2003 Aquaculture Survey 1
Fulton Fish Market: Wholesale Prices for Clams 2003 Aquaculture Survey 1 Fulton Fish Market Prices or by accessing www.nass.usda.gov/fl. The wholesale selling prices listed by the New York Fulton Fish Market are for a 400-count bag. The average wholesale price for a Florida clam has dropped from 22.8 to 15.7 cents
Florida, University of
Effects of Price-Responsive Residential Demand on Retail and Wholesale Power Market Operations
1 Effects of Price-Responsive Residential Demand on Retail and Wholesale Power Market Operations/C) on integrated retail and wholesale power market operations. The physical operations of the A/C sys- tem at wholesale conditional on A/C load, and the retail energy prices offered to residential A/C consumers
Separation and Volatility of Locational Marginal Prices in Restructured Wholesale Power Markets
1 Separation and Volatility of Locational Marginal Prices in Restructured Wholesale Power Markets (LMPs) in an ISO-managed restructured wholesale power market operating over an AC transmission grid-determining) generation companies induce correlations among neighboring LMPs. Index Terms--Restructured wholesale power
Reformulating Competition? Gasoline Content Regulation and Wholesale Gasoline Prices
Regulation and Arbitrage in Wholesale Gasoline Markets,Content Regulation and Wholesale Gasoline Prices JenniferCONTENT REGULATION AND WHOLESALE GASOLINE PRICES by Jennifer
Brown, Jennifer; Hastings, Justine; Mansur, Erin T.; Villas-Boas, Sofia B
The role of content regulation on pricing and market power in regional retail and wholesale gasoline markets
Since 1999, regional retail and wholesale gasoline markets in the United States have experienced significant price volatility, both intertemporally and across geographic markets. This paper focuses on one potential explanation ...
Muehlegger, Erich J.
On the stability of wholesale electricity markets under real-time pricing
The paper proposes a mathematical model for the dynamic evolution of supply, demand, and clearing prices under a class of real-time pricing mechanisms characterized by passing on the real-time wholesale prices to the end ...
Roozbehani, Mardavij
Wholesale Electricity Price Forecast This appendix describes the wholesale electricity price forecast of the Fifth Northwest Power
Wholesale Electricity Price Forecast This appendix describes the wholesale electricity price as traded on the wholesale, short-term (spot) market at the Mid-Columbia trading hub. This price represents noted. BASE CASE FORECAST The base case wholesale electricity price forecast uses the Council's medium
Diagnosing Market Power in California's Deregulated Wholesale Electricity Market
in dereg- ulated wholesale electricity markets," RANDin California's Deregulated Wholesale Electricity MarketEffective competition in wholesale electricity markets is
Borenstein, Severin; Bushnell, James; Wolak, Frank
Measuring Market Inefficiencies in California's Restructured Wholesale Electricity Market
Behavior In Califor- nia's Wholesale Electricity Marketin deregu- lated wholesale electricity markets," RANDin California�s Restructured Wholesale Electricity Market
Borenstein, Severin; Bushnell, Jim; Wolak, Frank A.
2007 Wholesale Power Rate Case Final Proposal : Market Price Forecast Study.
This study presents BPA's market price forecasts for the Final Proposal, which are based on AURORA modeling. AURORA calculates the variable cost of the marginal resource in a competitively priced energy market. In competitive market pricing, the marginal cost of production is equivalent to the market-clearing price. Market-clearing prices are important factors for informing BPA's power rates. AURORA was used as the primary tool for (a) estimating the forward price for the IOU REP Settlement benefits calculation for fiscal years (FY) 2008 and 2009, (b) estimating the uncertainty surrounding DSI payments and IOU REP Settlements benefits, (c) informing the secondary revenue forecast and (d) providing a price input used for the risk analysis. For information about the calculation of the secondary revenues, uncertainty regarding the IOU REP Settlement benefits and DSI payment uncertainty, and the risk run, see Risk Analysis Study WP-07-FS-BPA-04.
United States. Bonneville Power Administration.
2007 Wholesale Power Rate Case Initial Proposal : Market Price Forecast Study.
This chapter presents BPA's market price forecasts, which are based on AURORA modeling. AURORA calculates the variable cost of the marginal resource in a competitively priced energy market. In competitive market pricing, the marginal cost of production is equivalent to the market-clearing price. Market-clearing prices are important factors for informing BPA's rates. AURORA is used as the primary tool for (a) calculation of the demand rate, (b) shaping the PF rate, (c) estimating the forward price for the IOU REP settlement benefits calculation for fiscal years 2008 and 2009, (d) estimating the uncertainty surrounding DSI payments, (e) informing the secondary revenue forecast and (f) providing a price input used for the risk analysis.
Financial Bilateral Contract Negotiation in Wholesale Electricity Markets
1 Financial Bilateral Contract Negotiation in Wholesale Electricity Markets Using Nash Bargaining and a load-serving entity in a wholesale electric power market with congestion managed by locational marginal and price biases. Index Terms--Wholesale electricity market, financial bilateral contract, negotiation
Customer response to day-ahead wholesale market electricity prices: Case study of RTP program experience in New York
There is growing interest in policies, programs and tariffs that encourage customer loads to provide demand response (DR) to help discipline wholesale electricity markets. Proposals at the retail level range from eliminating fixed rate tariffs as the default service for some or all customer groups to reinstituting utility-sponsored load management programs with market-based inducements to curtail. Alternative rate designs include time-of-use (TOU), day-ahead real-time pricing (RTP), critical peak pricing, and even pricing usage at real-time market balancing prices. Some Independent System Operators (ISOs) have implemented their own DR programs whereby load curtailment capabilities are treated as a system resource and are paid an equivalent value. The resulting load reductions from these tariffs and programs provide a variety of benefits, including limiting the ability of suppliers to increase spot and long-term market-clearing prices above competitive levels (Neenan et al., 2002; Boren stein, 2002; Ruff, 2002). Unfortunately, there is little information in the public domain to characterize and quantify how customers actually respond to these alternative dynamic pricing schemes. A few empirical studies of large customer RTP response have shown modest results for most customers, with a few very price-responsive customers providing most of the aggregate response (Herriges et al., 1993; Schwarz et al., 2002). However, these studies examined response to voluntary, two-part RTP programs implemented by utilities in states without retail competition.1 Furthermore, the researchers had limited information on customer characteristics so they were unable to identify the drivers to price response. In the absence of a compelling characterization of why customers join RTP programs and how they respond to prices, many initiatives to modernize retail electricity rates seem to be stymied.
Goldman, C.; Hopper, N.; Sezgen, O.; Moezzi, M.; Bharvirkar, R.; Neenan, B.; Boisvert, R.; Cappers, P.; Pratt, D.
Dynamic Testing of Wholesale Power Market Designs
Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework1 Junjie Sun the Wholesale Power Market Platform (WPMP) for common adoption by all U.S. wholesale power markets. Versions development and open-source implementation (in Java) of a computational wholesale power market organized
zonal day-ahead locational based marginal pricing (DA LBMP),provides zonal Locational Based Marginal Pricing (LBMP) inzonal day-ahead locational based marginal pricing (DA LBMP),
Measuring Unilateral Market Power in Wholesale Electricity Markets: The California Market 1998 - 2000
in California�s Restructured Wholesale Electricity Market,�Remedies for California Wholesale Electric Markets (IssuedUnilateral Market Power in Wholesale Electricity Markets:
Wolak, Frank
Marketing Practices and Costs of Texas Egg Producer-Wholesalers.
the ungraded, loose desirable in order to take advantage of both labor wholesale alternative and the gra(lPr,, specialization in egg processing and market out- lets which require large volumes. Producers cartoned retailer-consumer alternative. Groupretail A, B and C's presence in the market may be outlets at wholesale prices and/or directly to explained in part by their accepting low returnc for their labor and investment and/or the receipt consumers at prices...
Shafer, Carl E.
Price discovery in the wholesale markets for maize and beans in Uganda
......... 6 2.1 Overview of Uganda and agriculture .................................................6 2.2 Production and marketing of maize and beans...................................8 2.3 Insecurity.......................................................................15 2.4.3 Western markets...................................................................16 2.4.4 Central markets....................................................................17 III THEORY OF PROCEDURES AND APPLICATIONS...
Kuteesa, Annette
IV. v. Retail Marketers . . Wholesale Marketers Explanationof Supportive Data Wholesale and Retail Fuel Oil MarketPRICES II-1 II-3 II-3 Wholesale Prices to Wholesalers and
Hopelain, D.G.
Advanced Metering, and Demand Response in Electricity2006. Benefits of Demand Response in Electricity Markets and2010. Open Automated Demand Response Technologies for
Predicting market power in wholesale electricity markets
Predicting market power in wholesale electricity markets#3; David M Newbery Faculty of Economics, University of Cambridge August 26, 2008 Abstract The traditional measure of market power is the HHI, which gives implausible results given the low... elasticity of demand in electricity spot markets, unless it is adapted to take account of contracting. In its place the Residual Supply Index has been proposed as a more suitable index to measure potential market power in electricity markets, notably...
Newbery, David
Price and Inventory Competition in Oligopoly TV White Space Markets
's wholesale pricing strategy on the market equilibrium. Specifically, we analytically show how the wholesale further propose two different spectrum wholesale pricing strategies that maximize the database manager between these two wholesale pricing strategies. Index Terms--TV White Space, Price and Inventory
Huang, Jianwei
Retrospective modeling of the merit-order effect on wholesale electricity prices from distributed photovoltaic generation in the
Retrospective modeling of the merit-order effect on wholesale electricity prices from distributed, the depression in wholesale prices has significant value. c 5 GW of solar generation would have saved $1.8 billion in the market over two years. c The depression of wholesale prices offsets the cost of support
Sandiford, Mike
Impact on retail prices of non-neutral wholesale prices for content providers
Impact on retail prices of non-neutral wholesale prices for content providers Giuseppe D Atlantique Rennes, France Email: email@example.com Abstract--The impact of wholesale prices is examined equal wholesale prices to the two content providers), the benefits coming from wholesale price
Paris-Sud XI, Université de
An Empirical Investigation of the Welfare Effects of Banning Wholesale Price Discrimination
legislation, which bans wholesale price discrimination, in awhere manufacturers wholesale price discriminate amongNo. 92-466 (1993); for wholesale pharmaceutics see http://
Villas-Boas, Sofia B
Broader source: Energy.gov (indexed) [DOE]
REPORT TO CONGRESS ON COMPETITION IN WHOLESALE AND RETAIL MARKETS FOR ELECTRIC ENERGY REPORT TO CONGRESS ON COMPETITION IN WHOLESALE AND RETAIL MARKETS FOR ELECTRIC ENERGY The...
The role of vibrant retail electricity markets in assuring that wholesale power markets operate effectively
Barriers to competitive supplier entry such as California's wholesale-price pass-through model can provide an almost insurmountable barrier to effective retail competition. The telecommunications, airline, and software industries provide lessons--positive and negative--on how creating competitive wholesale markets is insufficient to bring the benefits of competition to smaller consumers.
Goulding, A.J.; Rufin, C.; Swinand, G.
Supreme court agrees: FERC must regulate wholesale markets
The author believes that wholesale markets in the United States would have a greater likelihood of ultimately benefiting consumers if the Federal Energy Regulatory Commission did not have the mandate under the Federal Power Act (FPA) to ensure that wholesale prices are ''just and reasonable.'' However, he continues to believe that the FERC cannot avoid having an ex post criteria for asssessing whether market prices are just and reasonable. Moreover, changes in the design and regulatory oversight of U.S. wholesale electricity markets in recent years, including the recent Supreme Court decision, have caused him to believe even more strongly in the guardrails-for-market-outcomes approach. Finally, several questions are addressed which relate to the pricing of fixed-price, long-term contracts and the impact of these obligations on the behavior of suppliers in short-term wholesale markets that are directly relevant to answering the two major questions that the Supreme Court remanded to FERC in its recent decision.
Wolak, Frank A. (Holbrook Working Professor of Commodity Price Studies, Department of Economics, Stanford University)
Coordinating a Constrained Channel with Linear Wholesale Price Contracts.
Coordinating a Constrained Channel with Linear Wholesale Price Contracts. Navid Sabbaghi, Yossi, there is a set of linear wholesale price contracts that coordinates the channel while allowing the supplier-supplier/one-newsvendor channel configuration (with each supplier selling a unique product). We analyze how this set of wholesale
Tsitsiklis, John
Abstract--Although Locational Marginal Pricing (LMP) plays an important role in many restructured wholesale power
1 Abstract-- Although Locational Marginal Pricing (LMP) plays an important role in many Terms-- Locational marginal pricing, wholesale power market, AC optimal power flow, DC optimal power congestion by means of Locational Marginal Pricing (LMP), i.e., the pricing of power by the location
A Threshold Autoregressive Model for Wholesale Electricity Prices
A Threshold Autoregressive Model for Wholesale Electricity Prices B. Ricky Rambharat Carnegie of wholesale electricity soared to an unprecedented $7,500 per megawatt-hour (MwH) (see FERC, 1998). Models
Empirical Evidence on the Role of Non Linear Wholesale Pricing and Vertical Restraints on Cost Pass-Through
Welfare E?ects of Banning Wholesale Price Discrimination,�non linear contracts when wholesale price discrimination ison the role of non- linear wholesale pricing and vertical
Celine, Bonnet; Dubois, Pierre; Villas-Boas, Sofia B.
of Residential Response in Time of Use Pricing Experiments�An Application to Time-of-Use Electricity Pricing� The RandAcross Time-of-Use Electricity Pricing Experiments�
CSEM WP 114 Measuring Unilateral Market Power in Wholesale
CSEM WP 114 Measuring Unilateral Market Power in Wholesale Electricity Markets: The California, Suite 5 Berkeley, California 94720-5180 www.ucei.org #12;Measuring Unilateral Market Power in Wholesale electricity suppliers in the California had to exercise market power in the state's wholesale market during
California at Berkeley. University of
Texas Wholesale Market for Christmas Trees.
Wholesale Market for 7 :. @EXAS A&M UNIVERSITY . TEXAS AGRICULTURAL EXPERIMENT STATION R. E. Patterson, Director, College Station, Texas trees might capture as much as one-half of the more than 2 million Texas evergreen tree market. Wl... metropolitan areas and to Fort Wortl~. The study was performed at the request of the Texas Forest Service to provide information about the feasiblity and direction of Cl~ristmas tree man- agement research. Fi~zdings A market exists in the wholesale trade...
Sorensen, H. B. (Harold B.); Smith, W. A.
A Study of Central Auction Based Wholesale Electricity Markets
A Study of Central Auction Based Wholesale Electricity Markets S. Ceppi and N. Gatti Dipartimento is the automation of such markets. In particular, we focus our attention on wholesale elec- tricity markets based works presented in the literature model wholesale markets as oligopolies, neglecting thus the specific
Gatti, Nicola
Hedging Quantity Risks with Standard Power Options in a Competitive Wholesale Electricity Market
Hedging Quantity Risks with Standard Power Options in a Competitive Wholesale Electricity MarketScience (www.interscience.wiley.com). Abstract: This paper addresses quantity risk in the electricity market-serving entity, which provides electricity service at a regulated price in electricity markets with price
Oren, Shmuel S.
Energy Factors, Leasing Structure and the Market Price of Office Buildings in the U.S.
contractual, energy and market-related characteristics. Alocal-level wholesale energy market price dynamics and localof the relationship between energy factor markets, leasing
Jaffee, Dwight M.; Stanton, Richard; Wallace, Nancy E.
contractual, energy and market-related characteristics. Alocal-level wholesale energy market price dynamics and localfunction of local energy-market and weather characteristics
Jaffee, Dwight; Stanton, Richard; Wallace, Nancy
REVIEW OF MAE RULES FOR THE BRAZILIAN WHOLESALE ELECTRICITY MARKET Prepared by Shmuel S. Oren, Ph MAE rules for the Brazilian wholesale electricity market as described in the document distributed and calculation of capacity payments to generators, which are augmented on a prorata basis to the wholesale
Retailer-Wholesaler Response to State-Sponsored Marketing
Retailer-Wholesaler Response to State-Sponsored Marketing Programs: The Case of Jersey Fresh Ramu #12;Retailer-Wholesaler Response to State-Sponsored Marketing Programs: The Case of Jersey Fresh Ramu is expressed to each and every participant of the retailer and wholesaler focus group meeting and mail survey
Neimark, Alexander V.
A Threshold Autoregressive Model for Wholesale Electricity Prices B. Ricky Rambharat, Department, 2003 Abstract We introduce a discrete-time model for electricity prices, which accounts for both spikes Introduction The study of electricity price dynamics has attracted significant attention from researchers
Protecting the Market from ``Hockey Stick'' Pricing: How
monitoring activity in Texas' deregulated wholesale power market, investigating anticompetitive practices and market abuses, and reviewing rules governing the wholesale power market. He holds a doctorate from for these services are exhausted. In markets where energy or capacity is pur- chased through a uniform price auction
The potential impacts of a competitive wholesale market in the midwest: A preliminary examination of centralized dispatch
Impacts of a Competitive Wholesale Market in the Midwest: AImpacts of a Competitive Wholesale Market in the Midwest: AImpacts of a Competitive Wholesale Market in the Midwest: A
Lesieutre, Bernard C.; Bartholomew, Emily; Eto, Joseph H.; Hale, Douglas; Luong, Thanh
The Speed of Gasoline Price Response in Markets With and Without Edgeworth Cycles
An Examination of the Retail Gasoline Market,� July 2005.OH. , �Temporary Wholesale Gasoline Price Spikes have Long-from the Toronto Retail Gasoline Market,� Journal of
Lewis, Matt; Noel, Michael
The Implementation of California AB 32 and its Impact on Wholesale Electricity Markets
AB 32 and its Impact on Wholesale Electricity Markets JamesAB 32 and its Impact on Wholesale Electricity Markets Jamesand performance of the wholesale electricity market. One key
Bushnell, Jim B
Optimal Static Hedging of Volumetric Risk in a Competitive Wholesale Electricity Market
Optimal Static Hedging of Volumetric Risk in a Competitive Wholesale Electricity Market Yumi Oum wholesale electricity markets, regulated load serving entities (LSEs) and marketers with default service their obligation through combinations of long-term contracts, wholesale purchases and self
An empirical investigation of the price linkages between wholesale beef and slaughter cattle prices
AN EMPIRICAL INVESTIGATION OF THE PRICE LINKAGES BETWEEN WHOLESALE BEEF AND SLAUGHTER CATTLE PRICES. A Thesis by CYNTHIA jANE OWEN Submitted to the Graduate College of Texas ASM University in partial fulfilment of the requirements... ~) Roy F. Gilbert ~) I. (Head of Departmen ) May 1987 ABSTRACT An Empirical Investigation of The Price Linkages Between Wholesale Beef and Slaughter Cattle Prices, (May 1987) Cynthia Jane Owen, B. S. . Univeristy of Guelph Chair of Advisory...
Owen, Cynthia Jane
Measuring efficiency in wholesale electricity markets
The mechanisms of the bid-based economic dispatch and market power mitigation algorithms which result in the market clearing price epitomize the complexity of the new regulatory regime. The augmented Lerner Index presented here offers a method to objectively assess the efficiency of the new structure. (author)
Bowden, Nicholas S.
its Impact on Wholesale Electricity Markets James Bushnellits Impact on Wholesale Electricity Markets James Bushnell *gas emissions from electricity and perhaps other industries.
Using Laboratory Experiments to Design Efficient Market Institutions The case of wholesale electricity markets
1 Using Laboratory Experiments to Design Efficient Market Institutions The case of wholesale is dedicated to wholesale markets, and reviews the results accumulated to date concerning both the general
Nordic Market Report 2009
Eric S. Schubert is a Senior Market Economist at the Wholesale Market Oversight of the Public
Eric S. Schubert is a Senior Market Economist at the Wholesale Market Oversight of the Public Utility Commission of Texas in Austin with expertise on wholesale market design and resource adequacy from the University of Illinois at Urbana-Champaign. David Hurlbut is Senior Economist at the Wholesale
An Agent-Based Computational Laboratory for Wholesale Power Market Design
1 An Agent-Based Computational Laboratory for Wholesale Power Market Design Junjie Sun and Leigh (in Java) of an agent-based compu- tational wholesale power market organized in accordance with core the Wholesale Power Market Platform (WPMP) as a template for all U.S. wholesale power markets (FERC [1
Open Automated Demand Response Dynamic Pricing Technologies and Demonstration
in Demand Response for Wholesale Ancillary Services. � Incan be used to link wholesale and retail real-time prices.11 Wholesale Electricity Market Information
Ghatikar, Girish
Uncertainties in the Value of Bill Savings from Behind-the-Meter, Residential Photovoltaic Systems: The Roles of Electricity Market Conditions, Retail Rate Design, and Net Metering
s PV generation in hour h, ? is wholesale price in hourload purchased in the wholesale market in hour h,economic value in wholesale energy markets. Progress in
Darghouth, Naim Richard
Market power in the England and Wales wholesale electricity [market, 1995-2000
This paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was ...
Sweeting, Andrew
Market Power in the England and Wales Wholesale Electricity Market 1995-2000
This paper shows that generators exercised increasing market power in the England and Wales wholesale electricity market in the second half of the 1990s despite declining market concentration. It examines whether this was consistent with static, non...
The Impact of Carbon Pricing on Wholesale Electricity Prices, Carbon Pass-Through Rates and Retail Electricity Tariffs in Australia.1
1 The Impact of Carbon Pricing on Wholesale Electricity Prices, Carbon Pass-Through Rates that the introduction of a carbon price signal will have on wholesale electricity prices, carbon-pass-through rates is used to determine optimal dispatch of generation plant and wholesale prices within the ANEM model. We
Financial Risk Management in Restructured Wholesale Power Markets: Concepts and Tools
1 Financial Risk Management in Restructured Wholesale Power Markets: Concepts and Tools Nanpeng Yu by explaining and illustrating basic financial risk management concepts relevant for wholesale power markets--Financial Risk Management, Restructured Wholesale Power Markets, Agent-Based Test Bed I. INTRODUCTION
The AMES Wholesale Power Market Test Bed as a Stochastic Dynamic State-Space Game
The AMES Wholesale Power Market Test Bed as a Stochastic Dynamic State-Space Game Leigh Tesfatsion.econ.iastate.edu/tesfatsi/ firstname.lastname@example.com Last Revised: August 5, 2008 Abstract: The AMES Wholesale Power Market Test Bed wholesale power markets. These notes show how AMES can be recast in more standard state-space equation form
The Potential Impacts of a Competitive Wholesale Market in the Midwest: A Preliminary Examination of
LBNL-56503 The Potential Impacts of a Competitive Wholesale Market in the Midwest: A Preliminary-56503 The Potential Impacts of a Competitive Wholesale Market in the Midwest: A Preliminary Examination Wholesale Market in the Midwest: A Preliminary Examination of Centralized Dispatch ii Acknowledgements
Capacity Withholding in Restructured Wholesale Power Markets: An Agent-Based Test Bed Study
1 Capacity Withholding in Restructured Wholesale Power Markets: An Agent-Based Test Bed Study test case imple- mented via the AMES Wholesale Power Market Test Bed to investigate strategic capacity withholding by generation compa- nies (GenCos) in restructured wholesale power markets under systematically
An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures
1 An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures Abhishek Somani and Leigh Tesfatsion, Member, IEEE Abstract--Wholesale power markets operating over trans- mission grids and operational inefficiency. This study uses a wholesale power market test bed with strategically learning
Edgeworth Price Cycles, Cost-based Pricing and Sticky Pricing in Retail Gasoline Markets
Johnson. �Gas Wars: Retail Gasoline Price Fluctua- tions�,were collected on retail gasoline prices, wholesale (rack)ancillary information. Retail gasoline prices, RET AIL mt ,
Noel, Michael
Understanding the Benefits of Dispersed Grid-Connected Photovoltaics: From Avoiding the Next Major Outage to Taming Wholesale Power Markets
Thanks to new solar resource assessment techniques using cloud cover data available from geostationary satellites, it is apparent that grid-connected PV installations can serve to enhance electric grid reliability, preventing or hastening recovery from major power outages and serving to mitigate extreme price spikes in wholesale energy markets. (author)
Letendre, Steven E.; Perez, Richard
Electricity price forecasting in a grid environment.
??Accurate electricity price forecasting is critical to market participants in wholesale electricity markets. Market participants rely on price forecasts to decide their bidding strategies, allocate� (more)
Li, Guang, 1974-
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. Estimating the Volatility of Wholesale Electricity Spot Prices in the US
permission. Estimating the Volatility of Wholesale Electricity Spot Prices in the US Lester Hadsell; Achla
Marathe, Achla
Columbus, OH. , �Temporary Wholesale Gasoline Price Spikesrespond fairly slowly to wholesale price changes. This doesand asymmetrically to wholesale costs, with cost increases
Integrating Renewable Energy Contracts and Wholesale Dynamic Pricing to Serve Aggregate
1 Integrating Renewable Energy Contracts and Wholesale Dynamic Pricing to Serve Aggregate Flexible energy, dynamic programming. I. INTRODUCTION Dynamic pricing has the potential to materialize the poten many of the operational problems that arise from renewable energy integration through dynamic pricing
The AMES Wholesale Power Market Test Bed: A Computational Laboratory for
1 The AMES Wholesale Power Market Test Bed: A Computational Laboratory for Research, Teaching, and Training Hongyan Li, Student Member, IEEE, and Leigh Tesfatsion, Member, IEEE Abstract--Wholesale power suitable for the objective study of this restructuring process. This study reports on the AMES Wholesale
Open Automated Demand Response Technologies for Dynamic Pricing and Smart Grid
6/16/2010. OASIS SDO. �Energy Market Information Exchange (of Prices CAISO�s Wholesale Energy Market Prices PG&E�s PDPWe used the CAISO wholesale energy market prices for the RTP
The robustness of agent-based models of electricity wholesale markets
The robustness of agent-based models of electricity wholesale markets David Newberry May 2012 CWPE 1228 & EPRG 1213 The robustness of agent-based model of electricity wholesale markets... David Newberry May 2012 CWPE 1228 & EPRG 1213 www.eprg.group.cam.ac.uk E P R G W O R K IN G P A P E R Abstract The robustness of agent-based models of electricity wholesale markets EPRG Working Paper 1213 Cambridge...
Newberry, David
Price Discovery in Dynamic Power Markets with Low-Voltage Distribution-Network Participants
but not least distribution network rent. Keywords-distribution network locational marginal prices; power flow application to Electric Power [2, 3] dynamic Locational-Marginal-Price (LMP) based Wholesale Power Markets load-side market participation and the use of Distribution network Locational Marginal Prices (DLMP
Caramanis, Michael
-distribution network locational marginal prices; power flow; reactive power compensation; voltage control; distributed application to Electric Power [2, 3] dynamic Locational-Marginal-Price (LMP) based Wholesale Power Markets to clear markets and discover dynamic Locational Marginal Prices (LMPs) that promoted more efficient
Simulation of the Rungis Wholesale Market: lessons on the calibration, validation and usage of a Cognitive Agent-based Simulation
Simulation of the Rungis Wholesale Market: lessons on the calibration, validation and usage on a simulation of the Rungis Wholesale Market (in France) using cognitive agents. The implication of using of the system. Our case, the Fruits and Vegetables wholesale market of the Rungis Food Market, constitutes
Impact of U.S. Wholesale Demand for Canned Sardines on Market Accessibility of Potential Gulf of Mexico Products
Impact of U.S. Wholesale Demand for Canned Sardines on Market Accessibility of Potential Gulf market, three product groups, which comprise the market, are analyzed at the wholesale level to detennine can to a 425 round no. 1 tall can (Lanier, 1981). In this paper we examine the U.S. wholesale demand
Sup) # Sup Squared Crude Oil Price Constant Years of Datafactors using the price of crude oil (Cushings, O K ) . AsN and N-squared. The price of crude oil is a significant and
Market behavior under partial price controls: the case of the retail gasoline market
The use of firm-specific controls on the price of gasoline during 1979 and 1980, at both the wholesale and the retail level, dramatically affected the retail market for gasoline. The most visible effect was a diversity of monetary prices across service stations within particular retail market areas. Price could no longer play its usual role in clearing the retail market for gasoline. Queues and other changes in quality of service at stations arose to maintain the balance of market demand and supply. This report examines the behavior of an otherwise competitive market in the presence of such regulation-induced nonprice phenomena. In such a market, consumers consider both monetary prices and costs imposed by queues in deciding where to buy gasoline and how much to buy. Using a price-theoretic model of behavior, this paper predicts how various changes in effective price regulation affect consumers. 14 references, 7 figures, 2 tables.
Camm, F.
Pricing of Fluctuations in Electricity Markets John N. Tsitsiklis and Yunjian Xu
generation may result in (i) higher energy costs due 1 #12;Tsitsiklis and Xu: Pricing of Fluctuations, and lowering volatility in wholesale prices (US Department of Energy 2006, Spees and Lave 2008, Chao 2010Pricing of Fluctuations in Electricity Markets John N. Tsitsiklis and Yunjian Xu Laboratory
and Heterogeneity in U.S. Gasoline Prices, working paper,and J. M . Perloff, 2002. Gasoline Price Differences: Taxes,Gardner, K.W. , 2004. U.S. Gasoline Requirements, ExxonMobil
Gasoline Price Differences: Taxes, Pollution Regulations, Mergers, Market Power, and Market Conditions
of Information and Retail Gasoline Price Behavior: Anform wholesale and retail gasoline price equations usingfor some of the retail gasoline price dispersion within a
Chouinard, Hayley; Perloff, Jeffrey M.
The wholesale market for electricity in England and Wales : recent developments and future reforms
The England and Wales wholesale electricity market is about to undergo major reform (NETA). I describe and analyse the proposed arrangements, contrasting them with those currently in operation. I argue that while NETA will ...
Customer Risk from Real-Time Retail Electricity Pricing: Bill Volatility and Hedgability
Options in a Competitive Wholesale Electricity Market,�cases to cover the full wholesale cost of the power. Fromusing three di?erent wholesale price scenarios. The ?rst is
New wholesale power market design using linked forward markets : a study for the DOE energy storage systems program.
This report proposes a reformulation of U.S. ISO/RTO-managed wholesale electric power mar- kets for improved reliability and e ciency of system operations. Current markets do not specify or compensate primary frequency response. They also unnecessarily limit the participation of new technologies in reserve markets and o er insu cient economic inducements for new capacity invest- ment. In the proposed market reformulation, energy products are represented as physically-covered rm contracts and reserve products as physically-covered call option contracts. Trading of these products is supported by a backbone of linked ISO/RTO-managed forward markets with planning horizons ranging from multiple years to minutes ahead. A principal advantage of this reformulation is that reserve needs can be speci ed in detail, and resources can o er the services for which they are best suited, without being forced to conform to rigid reserve product de nitions. This should improve the business case for electric energy storage and other emerging technologies to provide reserve. In addition, the facilitation of price discovery should help to ensure e cient energy/reserve procurement and adequate levels of new capacity investment.
Silva Monroy, Cesar Augusto; Loose, Verne William; Ellison, James F.; Elliott, Ryan Thomas; Byrne, Raymond Harry; Guttromson, Ross; Tesfatsion, Leigh S. [Iowa State University, Ames, IA
Managing transmission curtailment risk in wholesale power markets
Risk resulting from transmission loading relief calls made by transmission system operators can be managed with information estimated by a statistical model capable of predicting one day in advance the probability that a particular wholesale power transaction might be curtailed. The model predicts this probability with a reasonable degree of accuracy using information on variables that can be obtained publicly. (author)
Morey, Mathew J.; Kirsch, Laurence D.
USAEE/IAEE North American Conference, Washington, D.C., July 8-10, 2004 Testing the Reliability of FERC's Wholesale Power Market Platform
the Reliability of FERC's Wholesale Power Market Platform: An Agent-Based Computational Economics Approach email@example.com Abstract: In April 2003 the U.S. Federal Energy Regulatory Commission proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market
Convex Hull Pricing in Electricity Markets: Formulation, Analysis ...
Mar 26, 2015 ... starting with a discussion of basic electricity market processes and ending ... Most participants in wholesale electricity markets desire the �right�...
Dane Schiro
In March 2005, the Midwest Independent System Operator (MISO) will begin operating the first-ever wholesale market for electricity in the central and upper Midwestern portion of the United States. Region-wide, centralized, security-constrained, bid-based dispatch will replace the current system of decentralized dispatch by individual utilities and control areas. This report focuses on how the operation of generators may change under centralized dispatch. We analyze a stylized example of these changes by comparing a base case dispatch based on a ''snapshot'' taken from MISO's state estimator for an actual, historical dispatch (4 p.m., July 7, 2003) to a hypothetical, centralized dispatch that seeks to minimize the total system cost of production, using estimated cost data collected by the EIA. Based on these changes in dispatch, we calculate locational marginal prices, which in turn reveals the location of congestion within MISO's footprint, as well as the distribution of congestion revenues. We also consider two sensitivity scenarios that examine (1) the effect of changes in MISO membership (2003 vs. 2004 membership lists), and (2) different load and electrical data, based on a snapshot from a different date and time (1 p.m., Feb. 18, 2004). Although our analysis offers important insights into how the MISO market could operate when it opens, we do not address the question of the total benefits or costs of creating a wholesale market in the Midwest.
3, 2009 Abstract Retail gasoline prices are known to respondspeed with which retail gasoline prices respond to wholesaleDeltas, George, �Retail Gasoline Price Dynamics and Local
Price changes in the gasoline market: Are Midwestern gasoline prices downward sticky?
This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they`re rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears.
Evolution of Wholesale Electricity Market Design with Increasing Levels of Renewable Generation
Variable generation such as wind and photovoltaic solar power has increased substantially in recent years. Variable generation has unique characteristics compared to the traditional technologies that supply energy in the wholesale electricity markets. These characteristics create unique challenges in planning and operating the power system, and they can also influence the performance and outcomes from electricity markets. This report focuses on two particular issues related to market design: revenue sufficiency for long-term reliability and incentivizing flexibility in short-term operations. The report provides an overview of current design and some designs that have been proposed by industry or researchers.
Ela, E.; Milligan, M.; Bloom, A.; Botterud, A.; Townsend, A.; Levin, T.
Feasibility of Wholesale Electricity Competition in a Developing Country: Insights from Simulating a Market in Maharashtra State, India
I assume that private firms in the MH electricity market actand private firms will play important roles in the electricityand private firms operate in the sector at the same time) on wholesale electricity
Phadke, Amol
Modeling of sorption isotherms of dried vegetable wastes from wholesale market
The moisture sorption isotherms of dried vegetable wastes (based on green leaves and fruits) from wholesale market were determined at 25, 40, 60 and 90 C by the static gravimetric method. Experimental data were fit by using several mathematical models. The G.A.B. and the Halsey model gave the minimum mean square error. G.A.B. parameters were related with temperature by Arrhenius expressions.
Lopez, A.; Iguaz, A.; Esnoz, A.; Virseda, P.
alcohol marketing predicts: Topics by E-print Network
Broader source: All U.S. Department of Energy (DOE) Office Webpages (Extended Search)
response programs in wholesale power markets with congestion managed by locational marginal prices are derived from DC optimal power flow solutions for day-ahead energy markets....
Essays on Price Dynamics
2.3 Wholesale Price vs. Retailof Adjustment - Regular Price, Sales Price and Wholesaleand Vertical Structure -Wholesale price (Weeks)100 Price
Hong, Gee Hee
Effects of Demand Response on Retail and Wholesale Power Markets
Demand response has grown to be a part of the repertoire of resources used by utilities to manage the balance between generation and load. In recent years, advances in communications and control technology have enabled utilities to consider continuously controlling demand response to meet generation, rather than the other way around. This paper discusses the economic applications of a general method for load resource analysis that parallels the approach used to analyze generation resources and uses the method to examine the results of the US Department of Energy�s Olympic Peninsula Demonstration Testbed. A market-based closed-loop system of controllable assets is discussed with necessary and sufficient conditions on system controllability, observability and stability derived.
Chassin, David P.; Kalsi, Karanjit
Rethinking Real Time Electricity Pricing
Most US consumers are charged a near-constant retail price for electricity, despite substantial hourly variation in the wholesale market price. This paper evaluates the .rst program to expose residential consumers to hourly ...
Allcott, Hunt
locational marginal price (LMP) for the Hourly DA_RTP pricingpricing structure for wholesale markets. For example, ISO-NE�s hourly locational marginal
Robbery, An Analysis of the Gasoline Crisis�, Bloomington:Dynamic Pricing in Retail gasoline Markets�, RAND Journal ofR. Gilbert. �Do Gasoline Markets Respond Asymmetrically to
Edgeworth price cycles in retail gasoline markets
In this dissertation, I present three essays that are motivated by the interesting and dynamic price-setting behavior of firms in Canadian retail gasoline markets. In the first essay, I examine behavior at the market level ...
Noel, Michael David, 1971-
Market concentration, strategic suppliers, and price dispersion
locations. In the decentralized market structure, suppliers allocate goods among the local markets without knowing the realized prices (or allocation strategies of the other firms) in the economy. The mechanism by which suppli- ers determine the delivery... that the relative prices of these commodities does not fluctuate around a mean, but are serially correlated or influenced heavily by the exchange...
Wade, Chad R.
Conservation Market Price Adder Wally Gibson
Conservation Market Price Adder Wally Gibson Power Committee Web meeting May 19, 2009 May 19, 2009 relevant for resource choices · Conservation market price adder · Not the same as the 10% credit in the Act · Not the source of the surplus · Allows going further up the conservation supply curve · Captures difference
State Electricity Regulatory Policy and Distributed Resources: Accommodating Distributed Resources in Wholesale Markets
Distributed resources can provide cost-effective reliability and energy services - in many cases, obviating the need for more expensive investments in wires and central station electricity generating facilities. Given the unique features of distributed resources, the challenge facing policymakers today is how to restructure wholesale markets for electricity and related services so as to reveal the full value that distributed resources can provide to the electric power system (utility grid). This report looks at the functions that distributed resources can perform and examines the barriers to them. It then identifies a series of policy and operational approaches to promoting DR in wholesale markets. This report is one in the State Electricity Regulatory Policy and Distributed Resources series developed under contract to NREL (see Annual Technical Status Report of the Regulatory Assistance Project: September 2000-September 2001, NREL/SR-560-32733). Other titles in this series are: (1) Distributed Resource Distribution Credit Pilot Programs - Revealing the Value to Consumers and Vendors, NREL/SR-560-32499; (2) Distributed Resources and Electric System Reliability, NREL/SR-560-32498; (3) Distribution System Cost Methodologies for Distributed Generation, NREL/SR-560-32500; (4) Distribution System Cost Methodologies for Distributed Generation Appendices, NREL/SR-560-32501
Weston, F.; Harrington, C.; Moskovitz, D.; Shirley, W.; Cowart, R.; Sedano, R.
Empirical Analysis of the Spot Market Implications ofPrice-Responsive Demand
Regardless of the form of restructuring, deregulatedelectricity industries share one common feature: the absence of anysignificant, rapid demand-side response to the wholesale (or, spotmarket) price. For a variety of reasons, most electricity consumers stillpay an average cost based regulated retail tariff held over from the eraof vertical integration, even as the retailers themselves are oftenforced to purchase electricity at volatile wholesale prices set in openmarkets. This results in considerable price risk for retailers, who aresometimes additionally forbidden by regulators from signing hedgingcontracts. More importantly, because end-users do not perceive real-time(or even hourly or daily) fluctuations in the wholesale price ofelectricity, they have no incentive to adjust their consumptionaccordingly. Consequently, demand for electricity is highly inelastic,which together with the non storability of electricity that requiresmarket clearing over very short time steps spawn many other problemsassociated with electricity markets, such as exercise of market power andprice volatility. Indeed, electricity generation resources can bestretched to the point where system adequacy is threatened. Economictheory suggests that even modest price responsiveness can relieve thestress on generation resources and decrease spot prices. To quantify thiseffect, actual generator bid data from the New York control area is usedto construct supply stacks and intersect them with demand curves ofvarious slopes to approximate the effect of different levels of demandresponse. The potential impact of real-time pricing (RTP) on theequilibrium spot price and quantity is then estimated. These resultsindicate the immediate benefits that could be derived from a moreprice-responsive demand providing policymakers with a measure of howprices can be potentially reduced and consumption maintained within thecapability of generation assets.
Siddiqui, Afzal S.; Bartholomew, Emily S.; Marnay, Chris
Electricity Bill Savings from Residential Photovoltaic Systems: Sensitivities to Changes in Future Electricity Market Conditions
in wholesale energy markets. Progress in Photovoltaics:designs (e.g. , an energy market with a price cap, combinedmarket designs feature an energy market with a lower price
Darghouth, Naim
Thin-layer drying behavior of vegetable wastes from wholesale market
The thin-layer drying behavior of vegetable wastes (as a mix of lettuce and cauliflower leaves) from wholesale market for a temperature range of 50--150 C was determined. Drying of this material was found to take part only in the falling-rate period. The experimental data were fitted to the simple exponential model and the Page model. Both models have good prediction capability. Effective diffusion coefficient varied from 6.03 x 10{sup {minus}9} to 3.15 x 10{sup {minus}8} m{sup 2}/s with an activation energy of diffusion of 19.82 kJ/mol. The temperature dependence of the effective diffusion coefficient was expressed by an Arrhenius-type relationship.
Center for the Study of Energy Markets Paper CSEMWP-105.OASIS SDO. 2010b. �Energy Market Information Exchange (eMIX)charges. � Wholesale energy market prices are volatile, and
System dynamics, market microstructure and asset pricing
Traditional asset pricing approaches are not able to explain extreme volatility and tail events that characterized financial markets in the past decade. System Dynamics theory, which is still underutilized in financial ...
Leika, Mindaugas
Reforming TSOs: using the 'third package' Legislation to promote efficiency and accelerate regional integration in EU wholesale power markets
The EU is developing new legislation - the so-called ''Third Package'' - to foster competition in its electric power markets. These proposals could be improved by adding more focus on regional integration of wholesale power markets, allowing more leeway for arrangements that fit the diverse existing patterns of transmission ownership and control, and addressing upfront new regulatory concerns that arise when transmission is divested as an independent, for-profit business. (author)
Moselle, Boaz
Essays on gasoline price spikes, environmental regulation of gasoline content, and incentives for refinery operation
Since 1999, regional retail and wholesale gasoline markets in the United States have experienced significant price volatility, both intertemporally and across geographic markets. In particular, gasoline prices in California, ...
Muehlegger, Erich J
analysis indicates that wholesale competition could be oneCSEM WP 152 Feasibility of Wholesale Electricity CompetitionFeasibility of Wholesale Electricity Competition in a
Perturbation Analysis of the Wholesale Energy Market Equilibrium in the Presence of Renewables
One of the main challenges in the emerging smart grid is the integration of renewable energy resources (RER). The latter introduces both intermittency and uncertainty into the grid, both of which can affect the underlying energy market. An interesting concept that is being explored for mitigating the integration cost of RERs is Demand Response. Implemented as a time-varying electricity price in real-time, Demand Response has a direct impact on the underlying energy market as well. Beginning with an overall model of the major market participants together with the constraints of transmission and generation, we analyze the energy market in this paper and derive conditions for global maximum using standard KKT criteria. The effect of uncertainties in the RER on the market equilibrium is then quantified, with and without real-time pricing. Perturbation analysis methods are used to compare the equilibria in the nominal and perturbed markets. These markets are also analyzed using a game-theoretic point of view. Suff...
Kiani, Arman
First evidence of asymmetric cost pass-through of Eu emissions allowances : examining wholesale electricity prices in Germany
This paper applies the literature on asymmetric price transmission to the emerging commodity market for EU emissions allowances (EUA). We utilize an error correction model and an autoregressive distributed lag model to ...
Zachmann, Georg
PSERC 98-22 "Market Power and Price Volatility in
PSERC 98-22 "Market Power and Price Volatility in Restructured Markets for Electricity" Tim Mount-562-3966. #12;MARKET POWER AND PRICE VOLATILITY IN RESTRUCTURED MARKETS FOR ELECTRICITY Tim Mount School.edu Abstract The restructured market for electricity in the UK has experienced a systematic pattern of price
International black tea market integration and price discovery
(2000) considered price relationships among three milk markets in Kyrgyzstan. They used cointegration analysis to see if milk market prices of two private sector and one government sector markets are integrated. They concluded that two private sector...
Dharmasena, Kalu Arachchillage Senarath Dhananjaya Bandara
Assessing the Impact of Economically Dispatchable Wind Resources on the New England Wholesale Electricity Market.
??Among renewable energy resources, wind power is poised to contribute most significantly to meeting future wholesale electricity demand. However, the intermittent nature of wind power� (more)
Goggins, Andrew
A uniform price auction with locational price adjustments for competitive electricity markets
; Competitive electricity markets; Poolco Alternatively, the Market Coordinator could ask the private generatingA uniform price auction with locational price adjustments for competitive electricity markets b School of Electrical Engineering, Phillips Hall, Cornell University, Ithaca, NY 14853, USA c
Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market
Environmental Emissions Permit Prices to Raise ElectricityEnvironmental Emissions Permit Prices to Raise Electricitythe conditions in the emissions permit market for oxides of
Kolstad, Jonathan; Wolak, Frank
Small Regular Price Changes . . . . . . . . . . . . . . .4 The Cyclicality of Effective Prices2.3 Wholesale Price vs. Retail
Space weather and the electricity market: An initial assessment
price (as established in the day ahead market) for wholesale electricity. Several econometric analyses Institute on the hypothesis that the wholesale price of electricity is affected by space weather conditionsSpace weather and the electricity market: An initial assessment Kevin F. Forbes Department
Schrijver, Karel
Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market
Utility Marketing Strategies & Pricing Trends
Marketing seems to have come out of the utility closet once again, but it is a far sight different from that of the 1970s. While some are still on a �sell, Sell, SELL!� campaign, most are soberly looking at their customers from a different...
Gilbert, J. S.
Market Design and Price Behavior in Restructured Electricity Markets: An International Comparison
PWP-051 Market Design and Price Behavior in Restructured Electricity Markets: An International of market- clearing prices. Using evidence on the design of electricity markets in England and Wales, Norway rules are important drivers of the behavior of prices in a competitive electricity market. The paper
Wealth Transfers Among Large Customers from Implementing Real-Time Retail Electricity Pricing
to re?ect changing wholesale prices � removes existingdisproportionately more when wholesale prices are highest.hour-to-hour, re?ecting wholesale price variation. Among
VaR Constrained Hedging of Fixed Price Load-Following Obligations in Competitive
VaR Constrained Hedging of Fixed Price Load-Following Obligations in Competitive Electricity , and marketers at the prices determined by supply and demand equilibrium. Electricity mar- ket participants are exposed to risks in their net earnings due to uncertain wholesale market prices. Electricity market prices
Index Revision, House Price Risk, and the Market for House Price Derivatives
bias in repeat-sales home price indices. Freddie Mac workingpaper #05�03. Index Revision, House Price Risk, and theMarket for House Price Derivatives Calhoun, C. A. (1996).
Deng, Yongheng; Quigley, John M.
Sixth Northwest Conservation & Electric Power Plan Draft Wholesale Power Price Forecasts
Price Forecasts 4. Updated load-resource balance by zones\\ regions � Energy � Capacity 5. Impact Higher Coal Prices Medium Long-term Trend Forecasts for PNW Zones 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1 Northwest Power and Conservation Council Comparison of Annual Average Energy Draft 6th Plan vs. Interim
Dynamic pricing and stabilization of supply and demand in modern electric power grids
The paper proposes a mechanism for real-time pricing of electricity in smart power grids, with price stability as the primary concern. In previous publications the authors argued that relaying the real-time wholesale market ...
An Empirical Study of Pricing Strategies in an Online Market with High-Frequency Price Information
), and British shipping cartels by Scott Morton (1997); research on Edgeworth cycles in retail gasoline pricing pricing data on rivals would not have been viewed as suspicious. The retail gasoline pricing data usedAn Empirical Study of Pricing Strategies in an Online Market with High-Frequency Price Information
Lotko, William
May market review. [Spot market prices for uranium (1993)
Seven uranium transactions totalling nearly three million pounds equivalent U3O8 were reported during May, but only two, totalling less than 200 thousand pounds equivalent U3O8, involved concentrates. As no discretionary buying occurred during the month, and as near-term supply and demand were in relative balance, prices were steady, while both buyers and sellers appeared to be awaiting some new market development to signal the direction of future spot-market prices. The May 31, 1993, Exchange Value and the Restricted American market Penalty (RAMP) for concentrates were both unchanged at $7.10, and $2.95 per pound U3O8, respectively. NUEXCO's judgement was that transactions for significant quantities of uranium concentrates that were both deliverable in and intended for consumption in the USA could have been concluded on May 31 at $10.05 per pound U3O8. Two near-term concentrate transactions were reported in which one US utility purchased less than 200 thousand pounds equivalent U3O8 from two separate sellers. These sales occurred at price levels at or near the May 31 Exchange Value plus RAMP. No long-term uranium transactions were reported during May. Consequently, the UF6 Value decreased $0.20 to $24.30 per kgU as UF6, reflecting some weakening of the UF6 market outside the USA.
Not Available
CSEM WP 117 Vertical Integration in Restructured Electricity Markets
Markets (CSEM) Working Paper Series. CSEM is a program of the University of California Energy Institute wholesale elec- tricity markets in several U.S. states and in other countries. Policy makers believed producers' interest in setting high prices: Producers sell into the wholesale market and also are required
Carbon pricing, nuclear power and electricity markets
In 2010, the NEA in conjunction with the International Energy Agency produced an analysis of the Projected Costs of Electricity for almost 200 power plants, covering nuclear, fossil fuel and renewable electricity generation. That analysis used lifetime costs to consider the merits of each technology. However, the lifetime cost analysis is less applicable in liberalised markets and does not look specifically at the viewpoint of the private investor. A follow-up NEA assessment of the competitiveness of nuclear energy against coal- and gas-fired generation under carbon pricing has considered just this question. The economic competition in electricity markets is today between nuclear energy and gas-fired power generation, with coal-fired power generation not being competitive as soon as even modest carbon pricing is introduced. Whether nuclear energy or natural gas comes out ahead in their competition depends on a number of assumptions, which, while all entirely reasonable, yield very different outcomes. The analysis in this study has been developed on the basis of daily data from European power markets over the last five-year period. Three different methodologies, a Profit Analysis looking at historic returns over the past five years, an Investment Analysis projecting the conditions of the past five years over the lifetime of plants and a Carbon Tax Analysis (differentiating the Investment Analysis for different carbon prices) look at the issue of competitiveness from different angles. They show that the competitiveness of nuclear energy depends on a number of variables which in different configurations determine whether electricity produced from nuclear power or from CCGTs generates higher profits for its investors. These are overnight costs, financing costs, gas prices, carbon prices, profit margins (or mark-ups), the amount of coal with carbon capture and electricity prices. This paper will present the outcomes of the analysis in the context of a liberalised electricity market, looking at the impact of the seven key variables and provide conclusions on the portfolio that a utility would be advised to maintain, given the need to limit risks but also to move to low carbon power generation. Such portfolio diversification would not only limit financial investor risk, but also a number of non-financial risks (climate change, security of supply, accidents). (authors)
Cameron, R.; Keppler, J. H. [OECD Nuclear Energy Agency, 12, boulevard des Iles, 92130 Issy-les-Moulineaux (France)
The efficiency of wholesale vs. retail competition in electricity
If markets are sufficiently competitive, the retail model of restructuring is likely to produce a greater array of products and services and lower electricity prices, but the wholesale model may yield lower transaction costs and better encourage transmission investment. Which model is best? The answer is not known yet. A central issue in the debate over restructuring the electric power industry is the extent to which the market should be opened to competition. One aspect of this debate is whether competition ought to be restricted to the wholesale power market or extended all the way to retail customers. Some state regulators have recommended retail competition, while others, including the U.S. Department of Energy, prefer to limit competition to the wholesale level, at least until experience warrants taking the additional step. The purpose of this paper is to describe some of the potential differences in economic efficiency that could arise between the wholesale and retail competition models. The comparison is limited to the qualitative properties of two hypothetical market structures that are intended to reflect the essential differences between wholesale and retail competition. The authors are not concerned with problems of getting from today`s market structure to either end state.
Bohi, D.R.; Palmer, K. [Resources for the Future, Washington, DC (United States)] [Resources for the Future, Washington, DC (United States)
Abstract--Load serving entities (LSE) and holders of default service obligations, in restructured electricity markets, provide
, in restructured electricity markets, provide electricity service at regulated or contracted fixed prices while standard forward contracts and commodity derivatives. Keywords: Electricity Markets, Risk Management, Volumetric hedging, I. INTRODUCTION The introduction of competitive wholesale markets in the electricity
Does dynamic pricing make sense for mass market customers?
The added incentive to modify electric use under hourly versus monthly market-based pricing is small for most mass market customers in Upstate New York. If the ultimate policy goal of demand-response programs is to reduce peak load, then promoting conservation measures under monthly market-based pricing holds more promise. (author)
McDonough, Catherine; Kraus, Robert
Hedging Quantity Risks with Standard Power Options in a Competitive Wholesale Electricity
Hedging Quantity Risks with Standard Power Options in a Competitive Wholesale Electricity Market, GA, 30332-0205 USA March 3, 2005 Abstract This paper addresses quantity risk in the electricity of a load serving entity, which provides electricity service at a regulated price in electricity markets
FIRST PRICE AND SECOND PRICE AUCTION MODELLING FOR ENERGY CONTRACTS IN LATIN AMERICAN ELECTRICITY and capacity markets have been investigated for this purpose. Latin American mar- kets are exploring energy object first-price auction and single object second- price auction. These formats are analyzed under
Catholic University of Chile (Universidad Católica de Chile)
Optimization Online - Convex Hull Pricing in Electricity Markets ...
Mar 19, 2015 ... Convex Hull Pricing in Electricity Markets: Formulation, Analysis, and Implementation Challenges. Dane Schiro (dschiro ***at*** iso-ne.com)
Electricity markets in the western United States
This article introduces the use of rigorous econometric tools to understand the geographic scope of the market for generation services. These tools are applied to data from the current wholesale electricity market in the western United States. The behavior of the current wholesale electricity market and the methods used to assess the expanse of the geographic market in the current wholesale electricity market can go a long way toward informing the discussion of pricing behavior and performance in a restructured electricity industry. First, the current wholesale electricity market is already effectively unregulated and suffers from the same technical complexities that face a retail electricity market. Consequently, understanding the supply and demand conditions that cause the extent of the geographic market for generation services to narrow in the current wholesale electricity market can shed light on which times the geographic expanse of the market may narrow in a restructures electricity market. Second, the techniques developed in this paper to assess the extent of the current wholesale electricity market can be applied readily to a restructured electricity market. Finally, because market conditions in the electricity industry are likely to change significantly in the next few years, as the structure of the electricity sector changes dramatically, this analysis of the geographic expanse of the market can provide a useful benchmark against which to compare post-restructuring wholesale price relationships.
Bailey, E.M.
An Empirical Study of Pricing Strategies in an Online Market with High Frequency Price Information
We study competition among a score of firms participating in an online market for a commodity-type memory module. Firms were able to adjust prices continuously; prices determined how the firms were ranked and listed (lowest ...
Ellison, Sara Fisher
Price-elastic demand in deregulated electricity markets
The degree to which any deregulated market functions efficiently often depends on the ability of market agents to respond quickly to fluctuating conditions. Many restructured electricity markets, however, experience high prices caused by supply shortages and little demand-side response. We examine the implications for market operations when a risk-averse retailer's end-use consumers are allowed to perceive real-time variations in the electricity spot price. Using a market-equilibrium model, we find that price elasticity both increases the retailers revenue risk exposure and decreases the spot price. Since the latter induces the retailer to reduce forward electricity purchases, while the former has the opposite effect, the overall impact of price responsive demand on the relative magnitudes of its risk exposure and end-user price elasticity. Nevertheless, price elasticity decreases cumulative electricity consumption. By extending the analysis to allow for early settlement of demand, we find that forward stage end-user price responsiveness decreases the electricity forward price relative to the case with price-elastic demand only in real time. Moreover, we find that only if forward stage end-user demand is price elastic will the equilibrium electricity forward price be reduced.
Siddiqui, Afzal S.
March market review. [Spot market prices for uranium (1993)
The spot market price for uranium in unrestricted markets weakened further during March, and at month end, the NUEXCO Exchange Value had fallen $0.15, to $7.45 per pound U3O8. The Restricted American Market Penalty (RAMP) for concentrates increased $0.15, to $2.55 per pound U3O8. Ample UF6 supplies and limited demand led to a $0.50 decrease in the UF6 Value, to $25.00 per kgU as UF6, while the RAMP for UF6 increased $0.75, to $5.25 per kgU. Nine near-term uranium transactions were reported, totalling almost 3.3 million pounds equivalent U3O8. This is the largest monthly spot market volume since October 1992, and is double the volume reported in January and February. The March 31 Conversion Value was $4.25 per kgU as UF6. Beginning with the March 31 Value, NUEXCO now reports its Conversion Value in US dollars per kilogram of uranium (US$/kgU), reflecting current industry practice. The March loan market was inactive with no transactions reported. The Loan Rate remained unchanged at 3.0 percent per annum. Low demand and increased competition among sellers led to a one-dollar decrease in the SWU Value, to $65 per SWU, and the RAMP for SWU declined one dollar, to $9 per SWU.
April market review. [Spot market prices for uranium (1993)
The spot market price for uranium outside the USA weakened further during April, and at month end, the NUEXCO Exchange Value had fallen $0.35, to $7.10 per pound U3O8. This is the lowest Exchange Value observed in nearly twenty years, comparable to Values recorded during the low price levels of the early 1970s. The Restricted American Market Penalty (RAMP) for concentrates increased $0.40, to $2.95 per pound U3O8. Transactions for significant quantities of uranium concentrates that are both deliverable in and intended for consumption in the USA could have been concluded on April 30 at $10.05 per pound U3O8, up $0.05 from the sum of corresponding March Values. Four near-term concentrates transactions were reported, totalling nearly 1.5 million pounds equivalent U3O8. One long-term sale was reported. The UF6 Value also declined, as increased competition among sellers led to a $0.50 decrease, to $24.50 per kgU as UF6. However, the RAMP for UF6 increased $0.65, to $5.90 per kgU as UF6, reflecting an effective US market level of $30.40 per kgU. Two near term transactions were reported totalling approximately 1.1 million pounds equivalent U3O8. In total, eight uranium transactions totalling 28 million pounds equivalent U3O8 were reported, which is about average for April market activity.
The effect of falling market concentration on prices, generator behaviour and productive efficiency in the England and Wales electricity market
A universal prediction of the various oligopoly models used to predict and explain behaviour in the England and Wales (E&W) electricity wholesale market is that divestiture of plants by the two large incumbent generators ...
Commitment of Electric Power Generators under Stochastic Market Prices
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Mazumdar, Mainak
Pricing and Firm Conduct in California's Deregulated Electricity Market
sector to competitive forces by restructuring the method of procuring electricity. Private electricPWP-080 Pricing and Firm Conduct in California's Deregulated Electricity Market Steven L. Puller.ucei.berkeley.edu/ucei #12;Pricing and Firm Conduct in California's Deregulated Electricity Market Steven L. Puller August
Market Maker Inventories and Stock Prices Terrence Hendershott
Market Maker Inventories and Stock Prices Terrence Hendershott U.C. Berkeley Mark S. Seasholes U.C. Berkeley This Version March 3, 2006 Abstract This paper examines daily inventory/asset price dynamics using longer horizon testing of market making inventory models--e.g., Grossman and Miller (1988). We confirm
Kearns, Michael
Multi-objective Optimization for Pricing System Security in Electricity Markets
marginal prices throughout the system. Keywords--Electricity markets, locational marginal prices, maximum1 Multi-objective Optimization for Pricing System Security in Electricity Markets Federico Milano while yielding better market conditions through increased transaction levels and improved locational
Cañizares, Claudio A.
Countervailing Power in Wholesale Pharmaceuticals Sara Fisher Ellison Christopher M. Snyder
Countervailing Power in Wholesale Pharmaceuticals Sara Fisher Ellison Christopher M. Snyder M liter- ature. We test the theories using data on wholesale prices for antibiotics sold to large
the dynamic variation in wholesale energy costs. This can be accomplished by letting retail prices varyHOUSEHOLD RESPONSE TO DYNAMIC PRICING OF ELECTRICITY A SURVEY OF SEVENTEEN PRICING EXPERIMENTS Ahmad Faruqui and Sanem Sergici1 November 13, 2008 Since the energy crisis disrupted markets
Nonlinear Pricing in Energy and Environmental Markets
of households know their marginal price of electricity, andhouseholds experience substantially different nonlinear electricity pricehouseholds experience substantially different nonlinear electricity price
Ito, Koichiro
Integrated Retail & Wholesale Power System Operation
Integrated Retail & Wholesale Power System Operation with Smart-Grid Functionality PIs: Dionysios Retail/Wholesale Power System Operation with Smart-Grid Functionality Project PIs: Dionysios Aliprantis (open-source release): AMES Wholesale Power Market Testbed (ISU) + GridLAB-D distribution platform (DOE
Demand Response in U.S. Electricity Markets: Empirical Evidence
the second half of the wholesale electric market equation.response with Midwest ISO wholesale markets, report no.DR Programs in Wholesale Markets 18
Cappers, Peter
flow directly from the refinery to wholesaler, to retailer,of No. 2 heating oil for the refinery, wholesale and retailfirst system monitored refinery, wholesale and retail price
1 2. A Reduced-Form Gasoline PriceThe Case of Retail Gasoline Markets,� The Journal of Law andof Organizational Form in Gasoline Retailing and the Costs
Price analysis in electronic marketing of Texas feeder cattle
ANALYSIS IN ELECTRONIC MARKETING OF TEXAS FEEDER CATTLE A Thesis by KATHLEEN ANN MAHONEY Approved as to style and content by: Chairman of Co ttee) ead of De rtment (Me r) ( r) December 1981 1. 11 Price Analysis in Electronic Marketing of Texas... Feeder Cattle (December 1981) Kathleen Mahoney, B. S. , Western Illinois University The feeder cattle marketing segment is characterized by many small, independent producers. Over time the industry has moved away from large central markets. It can...
Mahoney, Kathleen Ann
Causes, Magnitude and Consequences of Price Variability in Agricultural Commodity Market: An African Perspective
unbridled population growth, oil price fluctuations, importation policies, water availability and political market, hunger, undernourishment in Africa, food productivity, population growth, oil price, importation1 Causes, Magnitude and Consequences of Price Variability in Agricultural Commodity Market
Modeling of GE Appliances: Cost Benefit Study of Smart Appliances in Wholesale Energy, Frequency Regulation, and Spinning Reserve Markets
This report is the second in a series of three reports describing the potential of GE�s DR-enabled appliances to provide benefits to the utility grid. The first report described the modeling methodology used to represent the GE appliances in the GridLAB-D simulation environment and the estimated potential for peak demand reduction at various deployment levels. The third report will explore the technical capability of aggregated group actions to positively impact grid stability, including frequency and voltage regulation and spinning reserves, and the impacts on distribution feeder voltage regulation, including mitigation of fluctuations caused by high penetration of photovoltaic distributed generation. In this report, a series of analytical methods were presented to estimate the potential cost benefit of smart appliances while utilizing demand response. Previous work estimated the potential technical benefit (i.e., peak reduction) of smart appliances, while this report focuses on the monetary value of that participation. The effects on wholesale energy cost and possible additional revenue available by participating in frequency regulation and spinning reserve markets were explored.
Fuller, Jason C.; Parker, Graham B.
Chapter 4. Participating in Markets for Electrical Energy
Chapter 4. Participating in Markets for Electrical Energy 1 #12;Previously: we have discussed on the wholesale market and sell it a fixed price at the retail level. The quantity-weighted average price at which the basic principles of electricity markets. Now: we discuss the decisions that generators, consumers
Ernst, Damien
Contrasts in restructuring wholesale electric markets: England/Wales, California, and the PJM
The ways in which the British, the Californians, and the members of the Pennsylvania-Jersey-Maryland Pool (PJM) are restructuring their electric industries and designing markets provide fascinating political and technical contrasts with each other, particularly insofar as all three markets are roughly the same size, with energy sales of about 250--300 terawatt hours (TWh) annually. There have been significant differences in the drivers of change, objectives, and leadership, the legacies of the past, and the process of design, which are discussed in the first three sections. The fourth section describes the market designs in England and Wales, California, and the PJM, while the concluding section draws out the lessons of experience. While these lessons include specific principles regarding the objectives and structure of power exchanges, the maintenance of system stability and power transport, and the achieving of generation reliability, they also include several overarching conclusions. Perhaps chief among them, as will be clear from the discussion of the restructuring experience on both sides of the Atlantic, is that major restructurings can only be led by a public authority and will be successful in implementation only if that authority has a clear and realistic vision of where it wants to go.
Henney, A.
When prices are set properly, they serve as important signals to guide customers to consume the efficient quantity of a good. However, in electricity markets many consumers do not pay prices that reflect the scarcity of power. The true social cost...
Fontana, Michelle
Beyond Market Prices: Improving Productivity and Profitability of Small Farmers
Beyond Market Prices: Improving Productivity and Profitability of Small Farmers Tapan S. Parikh of the poorest countries (WDR 2008) · Doing so more efficiently can reduce natural resource consumption - Quality Control, Certification and Marketing for Cooperatives · Avaaj Otalo - Farmer to Farmer Knowledge
Parikh, Tapan S.
Advance Booking Programs for Managing Supply, Demand, and Price Risks
the manufacturer sets his wholesale price and the retailerto Yadav (2009), the wholesale price for pre-book orderscan be lower but the wholesale price for regular orders can
Cho, S.-H.; Tang, C. S.
Price controls and international petroleum product prices
The effects of Federal refined-product price controls upon the price of motor gasoline in the United States through 1977 are examined. A comparison of domestic and foreign gasoline prices is made, based on the prices of products actually moving in international trade. There is also an effort to ascribe US/foreign market price differentials to identifiable cost factors. Primary emphasis is on price comparisons at the wholesale level, although some retail comparisons are presented. The study also examines the extent to which product price controls are binding, and attempts to estimate what the price of motor gasoline would have been in the absence of controls. The time period under consideration is from 1969 through 1977, with primary focus on price relationships in 1970-1971 (just before US controls) and 1976-1977. The foreign-domestic comparisons are made with respect to four major US cities, namely, Boston, New York, New Orleans, and Los Angeles. 20 figures, 14 tables.
Deacon, R.T.; Mead, W.J.; Agarwal, V.B.
A k-factor GIGARCH process: Estimation and Application on electricity market spot prices.
A k-factor GIGARCH process: Estimation and Application on electricity market spot prices. Abdou Kâ time series of market data, such as electricity spot price, exhibit long-memory, in the sense of slowly this approach to electricity prices (spot prices) from the German energy market (European Energy e
Market power analysis in the EEX electricity market : an agent-based simulation approach.
In this paper, an agent-based modeling and simulation (ABMS) approach is used to model the German wholesale electricity market. The spot market prices in the European Energy Exchange (EEX) are studied as the wholesale market prices. Each participant in the market is modeled as an individual rationality-bounded agent whose objective is to maximize its own profit. By simulating the market clearing process, the interaction among agents is captured. The market clearing price formed by agentspsila production cost bidding is regarded as the reference marginal cost. The gap between the marginal cost and the real market price is measured as an indicator of possible market power exertion. Various bidding strategies such as physical withholding and economic withholding can be simulated to represent strategic bidding behaviors of the market participants. The preliminary simulation results show that some generation companies (GenCos) are in the position of exerting market power by strategic bidding.
Wang, J.; Botterud, A.; Conzelmann, G.; Koritarov, V.; Decision and Information Sciences
Prices for the Year 2007-08 Coal Prices Coal India Ltd. , aof coal in Indiaand sets coal prices for most of the coalCoal India Ltd. revises coal prices based on the trends in
Conduct and Impact vs. State of the Market Triggers for Automatic Market Mitigation Shmuel S. Oren
competitive wholesale electricity industry: the lack of price-responsive demand and generation concentration the price signals for efficient investment and demand response." The immediate consequence of market objectives and at containing the potential adverse economic impact of such imperfections. In most markets
Green Pricing Program Marketing Expenditures: Finding the Right Balance
In practice, it is difficult to determine the optimal amount to spend on marketing and administering a green pricing program. Budgets for marketing and administration of green pricing programs are a function of several factors: the region of the country; the size of the utility service area; the customer base and media markets encompassed within that service area; the point or stage in the lifespan of the program; and certainly, not least, the utility's commitment to and goals for the program. All of these factors vary significantly among programs. This report presents data on programs that have funded both marketing and program administration. The National Renewable Energy Laboratory (NREL) gathers the data annually from utility green pricing program managers. Programs reporting data to NREL spent a median of 18.8% of program revenues on marketing their programs in 2008 and 16.6% in 2007. The smallest utilities (those with less than 25,000 in their eligible customer base) spent 49% of revenues on marketing, significantly more than the overall median. This report addresses the role of renewable energy credit (REC) marketers and start-up costs--and the role of marketing, generally, in achieving program objectives, including expansion of renewable energy.
Friedman, B.; Miller, M.
Asymmetric Price Adjustment and Consumer Search: An Examination of the Retail Gasoline Market
and R. Gilbert (1997) �Do Gasoline Prices Respond Asymmet-George. (2004) �Retail Gasoline Price Dynamics and LocalAsymmetries in Local Gasoline Markets� Energy Economics
Lewis, Matt
PJM's Capacity Market in a Price-Spike World Steven Stoft
PWP-077 PJM's Capacity Market in a Price-Spike World Steven Stoft May, 2000 This paper is part, California 94720-5180 www.ucei.org #12;PJM's Capacity Market in a Price-Spike World Steven Stoft 1 May 7, 2000 Abstract PJM's market was designed to rely on a capacity market instead of price-spikes to induce
Laboratory in the course of performing work contracted for and sponsored by the New York State Energy
and provide demand response (DR) through building controland provide demand response (DR) through building controlDemand Response Automation Server (DRAS) in a 15-minute interval. This allows the continuous monitoring of the building's
Pricing in the Market for Anticancer Drugs
In 2011, Bristol-Myers Squibb set the price of its newly approved melanoma drug ipilimumab� brand name Yervoy�at $120,000 for a course of therapy. The drug was associated with an incremental increase in life expectancy of ...
Howard, David H.
Examination of the rationality of real estate market pricing : focusing on the US office property market
This study examines whether or not investors behave rationally when they price the U.S. office properties. After reviewing several previous studies on the market efficiency, this paper makes three new attempts: first, we ...
Jeong, Jinbae
Price distortions in the commodity futures markets
Speculation is not monolithic; it comes in many forms. A certain level of speculation is required for commodity futures markets to function. On the other hand, certain types of trading activities by speculators may damage ...
Helfrich, Devin B
Essays on equity prices and market structures
to contemporaneous returns, and cross-sectional evidence suggests this relationship is likely to be the result of firm-specific information institutions have. Individuals, specialists, and other market makers appear to provide liquidity to these actively trading...
Wu, Juan
Technique for estimating jet fuel prices from energy futures market
This report presents a statistical analysis of future prices of petroleum products for use in predicting the monthly average retail price of kerosene-type jet fuel. The method of least squares was employed to examine the relationship between kerosene-type jet fuel retail prices and energy futures prices. Regression equations were constructed for four of the petroleum commodities traded on the energy futures market: heating oil No. 2, leaded regular gasoline, crude oil, and unleaded gasoline. Thirty-nine regression equations were estimated by the method of least squares to relate the cash price of kerosene-type jet fuel to the futures prices of the above four petroleum commodities for contract periods of 1 to 12 months. The analysis revealed that 19 of the 39 first-order linear regression equations provided a good fit to the data. Specifically, heating oil No. 2 performed better than the order energy futures in predicting the price of kerosene-type jet fuel. The only information required to use these regression equations are energy futures prices which are available daily from the Wall Street Journal. 5 refs., 4 tabs.
Vineyard, T.A.
CSEM WP 129 Reliability and Competitive Electricity Markets*
and retail electricity markets. These mechanisms include: wholesale market price caps, capacity obligationsCSEM WP 129 Reliability and Competitive Electricity Markets* Paul Joskow and Jean Tirole April 2004 This paper is part of the Center for the Study of Energy Markets (CSEM) Working Paper Series. CSEM
and Matthew Lewis May 2004 This paper is part of the Center for the Study of Energy Markets (CSEM) Working the potential for firms in the CaRFG wholesale gasoline industry to exercise market power, examining pricing and market power. Borenstein: Director, University of California Energy Institute (www
1 ANALYSIS OF FUTURE PRICES AND MARKETS FOR HIGH TEMPERATURE SUPERCONDUCTORS BY JOSEPH MULHOLLAND temperature superconductors (HTS) may impact the national electrical system over the next 25 years dollars. However, the savings from superconductivity are offset somewhat by the high cost of manufacturing
Crude oil prices: Are our oil markets too tight?
The answer to the question posed in the title is that tightness in the market will surely prevail through 1997. And as discussed herein, with worldwide demand expected to continue to grow, there will be a strong call on extra oil supply. Meeting those demands, however, will not be straightforward--as many observers wrongly believe--considering the industry`s practice of maintaining crude stocks at ``Just in time`` inventory levels. Further, impact will be felt from the growing rig shortage, particularly for deepwater units, and down-stream capacity limits. While these factors indicate 1997 should be another good year for the service industry, it is difficult to get any kind of consensus view from the oil price market. With most observers` information dominated by the rarely optimistic futures price of crude, as reflected by the NYMEX, the important fact is that oil prices have remained stable for three years and increased steadily through 1996.
Simmons, M.R. [Simmons and Co. International, Houston, TX (United States)
Price Dispersion in the Housing Market: The Role of Bargaining and Search Costs
Price Dispersion in the Housing Market: The Role of Bargaining and Search Costs Gaetano Lisi a basic fact of housing markets: price dispersion. The variance in house prices is basically due to both the deal. Furthermore, the house price is substantially determined by bargaining between the parties
Boyer, Edmond
Participatory Sensing in Commerce: Using Mobile Camera Phones to Track Market Price Dispersion
Participatory Sensing in Commerce: Using Mobile Camera Phones to Track Market Price Dispersion In economics, price dispersion refers to the price difference of a homogeneous good across different vendors. According to [1] "The empirical evidence suggests that price dispersion in both online and offline markets
Bulusu, Nirupama
Cournot Equilibrium in Price-capped Two-Settlement Electricity Markets
Cournot Equilibrium in Price-capped Two-Settlement Electricity Markets Jian Yao1, Bert Willems2 compare two alternative mechanisms for cap- ping prices in two-settlement electricity markets. Alternatively, regulators in many restructured electricity markets have imposed price or offer caps in the spot
1 Cournot Equilibrium in Price-capped Two-Settlement Electricity Markets Jian Yao1, Bert Willems2-- We compare two alternative mechanisms for cap- ping prices in two-settlement electricity markets. Alternatively, regulators in many restructured electricity markets have imposed price or offer caps in the spot
Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random Process
Quantitative Model of Price Diffusion and Market Friction Based on Trading as a Mechanistic Random 2002; published 13 March 2003) We model trading and price formation in a market under the assumption for the most basic properties of markets, such as the diffusion rate of prices (which is the standard measure
IEEE TRANSACTIONS ON POWER SYSTEMS 1 Economic Impact of Electricity Market Price
IEEE TRANSACTIONS ON POWER SYSTEMS 1 Economic Impact of Electricity Market Price Forecasting Errors to forecast electricity market prices and improve forecast accuracy. However, no studies have been reported, the application of electricity market price forecasts to short-term operation scheduling of two typical
A Market-Based Mechanism for Providing Demand-Side Regulation Service Ioannis Ch. Paschalidis, Binbin Li, Michael C. Caramanis
obligation of fast response to commands issued by the wholesale market Independent System Operator (ISO) who provides energy and purchases reserves. The proposed market-based mechanism allows the SMO to control, and command market clearing prices comparable to the price of energy, an increase in RS requirements without
A Regional Approach to Market Monitoring in the West
in California's Wholesale Electricity Industry,� AmericanCommission (CPUC) 2002. Wholesale Generator InvestigationBehavior in California�s Wholesale Electricity Market during
Barmack, Matthew; Kahn, Edward; Tierney, Susan; Goldman, Charles
Bill Bradbury Jennifer Anders
/Exports Wholesale Electricity Market Prices These These inputsinputs Wholesale Electricity Market Prices Including Market Price Caps on Wholesale Electricity Market Prices Annual Limits on Retrofit Conservation
Statistical Analyses of the Geographic Market Delineation with an Application to the U.S. Natural Gas Markets
.S. wholesale market for natural gas following deregulation in the 1980s. Third, we carry out a new statistical Integration L11: Production, Pricing, and Market Structure Q40: Energy: General #12;1 Under current federalStatistical Analyses of the Geographic Market Delineation with an Application to the U.S. Natural
ACCEPTED TO IEEE TRANSACTIONS ON POWER SYSTEMS 1 Application of Public-Domain Market Information
forecasts, comparisons with respect to ARIMA models developed for locational marginal prices (LMPs to Forecast Ontario's Wholesale Electricity Prices H. Zareipour, Student Member, IEEE, C.A. Ca~nizares, Senior price (HOEP). In order to do so, relevant data from Ontario and its neighboring electricity markets
Forecasting electricity spot market prices with a k-factor GIGARCH process.
Forecasting electricity spot market prices with a k-factor GIGARCH process. Abdou Kâ Diongue this method to the German electricity price market for the period August 15, 2000 - De- cember 31, 2002 and we; Electricity prices; Forecast; GIGARCH process. Corresponding author: Universite Gaston Berger de Saint
On the relationship between world oil prices and GCC stock markets
On the relationship between world oil prices and GCC stock markets Mohamed El Hedi Arouri Associate ABSTRACT We provide comprehensive evidence on the relationship between oil prices and stock mar- kets to be more sensitive to negative than to positive oil shocks. Keywords: oil prices, stock markets, GCC
Draft 1e ESTIMATING THE VOLATILITY OF SPOT PRICES IN RESTRUCTURED ELECTRICITY MARKETS path. Accurate valuation of claims based on competitive electricity prices has proved problematic, as electricity price data are not well represented by traditional commodity price models of Brownian motion
Price dynamics in a Markovian limit order market Rama CONT & Adrien de LARRARD
Price dynamics in a Markovian limit order market Rama CONT & Adrien de LARRARD December 2010 expressions for various quantities of interest such as the distribution of the duration between price changes, the distribution and autocorrelation of price changes, and the probability of an upward move in the price
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Analysis of Competitive Electricity Markets under a New Model of Real-Time Retail Pricing with
Analysis of Competitive Electricity Markets under a New Model of Real-Time Retail Pricing with Ex for Information and Decision Systems, Massachusetts Institute of Technology, Cambridge, MA, USA {mardavij, mdrine loop system. Under this pricing mechanism, electricity is priced at the exant´e price (calculated based
Bhatia, Sangeeta
Vertical Integration and Market Power in Electricity Markets Seamus Hogan
the resulting wholesale market risks, which risks are further exacerbated by competition. Such contracts markets with improved wholesale market risk management, but also reduced wholesale market power. This paper develops shares in wholesale and retail markets. In general, firms whose share of generating capacity is higher
Hickman, Mark
An empirical evaluation of trader reputation and market structure on market efficiency and price in commodity markets
volume also declined, but prices dropped. These effects were roughly proportional to the value of the expected loss. These results suggest that reputation does have an effect on price and quantity. With CATTLEX, sellers often specified "no... not know who the seller (buyer) will be and therefore does not know what the reputation that party will possess. Trader performance is very impor- tant to the success of electronic markets (Sporleder). Because of uncertainty, buyers (sellers) could...
Colling, Phil Lewis
How low-skilled immigration is changing US prices and labor markets : three essays
This dissertation consists of three essays on the effects of low-skilled immigration on US prices and labor markets. The first essay uses confidential data from the Consumer Price Index to estimate the causal effect of ...
Cortes, Patricia, Ph. D. Massachusetts Institute of Technology
A statistical analysis of the natural gas futures market : the interplay of sentiment, volatility and prices
This paper attempts to understand the price dynamics of the North American natural gas market through a statistical survey that includes an analysis of the variables influencing the price and volatility of this energy ...
Fazzio, Thomas J. (Thomas Joseph)
Adjustment of U.K. Retail Gasoline Prices to Cost Changes. �C. and R. Gilbert (1997) �Do Gasoline Prices Respond Asym-Asymmetries in Local Gasoline Markets� Energy Economics
India looking at 2 mt more LNG from RasGas�. August 29 thhas planned for major LNG imports. Minimum flow constraintsbasis. Liquefied Natural Gas (LNG) Prices India is currently
WORKING PAPER N 2013 27 Evaluating the law of one price using micro panel data
François-Charles Wolff Patrice Guillotreau JEL Codes: L11, Q22, R32 Keywords: Fish, Commodity price, Local This paper investigates spatial variations in product prices using an exhaustive micro dataset on fish transactions. The data record all transactions between vessels and wholesalers that occur on local fish markets
Optimal Residential Load Control with Price Prediction in Real-Time
for both end users and utility companies. Keywords: Wholesale electricity market, real-time pricing, inclin and automatic residential energy con- sumption scheduling framework which attempts to achieve a desired trade to be used by the price predictor filter. Simulation results show that the combination of the proposed energy
Mohsenian-Rad, Hamed
Johnson. �Gas Wars: Retail Gasoline Price Fluctua- tions�,Canadian cities, retail gasoline prices are very volatileset of twelve-hourly retail gasoline prices for 22 service
Relationship Between Wind Generation and Balancing Energy Market Prices in ERCOT: 2007-2009
This paper attempts to measure the average marginal effects of wind generation on the balancing-energy market price in ERCOT with the help of econometric analysis.
Nicholson, E.; Rogers, J.; Porter, K.
Japan's Solar Photovoltaic (PV) Market: An Analysis of Residential System Prices (Presentation)
This presentation summarizes market and policy factors influencing residential solar photovoltaic system prices in Japan, and compares these factors to related developments in the United States.
James, T.
On the shortterm influence of oil price changes on stock markets in GCC countries: linear and nonlinear analyses
1 On the shortterm influence of oil price changes on stock markets in GCC countries the short-run relationships between oil prices and GCC stock markets. Since GCC countries are major world energy market players, their stock markets may be susceptible to oil price shocks. To account
Integrated Retail and Wholesale Power System Operation with Smart-Grid Functionality
1 Integrated Retail and Wholesale Power System Operation with Smart-Grid Functionality Dionysios of retail and wholesale power markets operating over transmission and distribution networks with smart-grid functionality. This test bed seams together two existing test beds, the AMES Wholesale Power Market Test Bed
A Probability Theory Based Price Determination Framework for Utility Companies in an Oligopolistic Energy Market
non-cooperative utility companies that offer time-of-use dependent energy prices to energy consumers to determine the energy price for utility companies in an oligopolistic energy market. At the beginning of each to minimize the expected energy cost. The energy pricing competition among utility companies forms an n
Pedram, Massoud
OIL PRICE IMPACT ON FINANCIAL MARKETS: CO-SPECTRAL ANALYSIS FOR EXPORTING VERSUS IMPORTING://www.economie.polytechnique.edu/ mailto:firstname.lastname@example.com hal-00822070,version1-14May2013 #12;1 Oil price impact Khaled Guesmi3 Abstract The aim of this paper is to study the degree of interdependence between oil price
An overview of global gold market and gold price forecasting Shahriar Shafiee a,n
into the relationship between gold price and other key influencing variables, such as oil price and global inflationAn overview of global gold market and gold price forecasting Shahriar Shafiee a,n , Erkan Topal b history: Received 6 February 2009 Received in revised form 20 April 2010 Accepted 17 May 2010 Jel
Boisvert, Jeff
Futures pricing in electricity markets based on stable CARMA spot models
Futures pricing in electricity markets based on stable CARMA spot models Gernot M¨uller Vortrag im years, electricity markets throughout the world have undergone massive changes due to deregulations risk but also against price movements. Consequently, statistical modeling and estimation of electricity
Gerkmann, Ralf
Competition and price discrimination in the market for mailing lists
Katz, M. L. (1984). Price discrimination and monopolistic395�416. Shepard, A. (1991). Price discrimination and retailJ. (1952). The theory of price. New York: Macmillan. Stole,
Borzekowski, Ron; Thomadsen, Raphael; Taragin, Charles
Volume 29, Issue 2 On the short-term influence of oil price changes on stock markets in gcc
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Linear Clearing Prices in Non-Convex European Day-Ahead Electricity Markets
The European power grid can be divided into several market areas where the price of electricity is determined in a day-ahead auction. Market participants can provide continuous hourly bid curves and combinatorial bids with associated quantities given the prices. The goal of our auction is to maximize the economic surplus of all participants subject to transmission constraints and the existence of linear prices. In general strict linear prices do not exist in non-convex markets. Therefore we enforce the existence of linear prices where no one incurs a loss and only combinatorial bids might see a not realized gain. The resulting optimization problem is an MPEC that can not be solved efficiently by a standard solver. We present an exact algorithm and a fast heuristic for this type of problem. Both algorithms decompose the MPEC into a master MIP and price subproblems (LPs). The modeling technique and the algorithms are applicable to all MIP based combinatorial auctions.
Martin, Alexander; Pokutta, Sebastian
The Impact of Market Clearing Time and Price Signal Delay on the Stability of Electric Power Markets
We generalize a model, proposed by Alvarado, of the electric power market by including the effects of control and communication. To simulate realistic markets, our model issues control signals only at given times and those signals are delayed during transmission. These two effects transform Alvarado's continuous system into a hybrid system, with consequential effects. The stability analysis of the new system reveals two important properties. First, there is an upper limit on the market clearing time and the delay of the price signal beyond which the system becomes unstable. Second, there is a counter-intuitive relationship between the market clearing time and price signal delay: when the market clearing time is relatively long, delaying the price signal can improve the market's stability while reducing the communication delay can destabilize the market. This counter-intuitive effect shows that the full impact of information technology on power markets can be significant and difficult to anticipate. Therefore, as markets are designed and regulated, careful attention should be paid to the effects of information technology on the market's dynamic behavior.
Nutaro, James J [ORNL; Protopopescu, Vladimir A [ORNL
Auctions and trading in energy markets -- an economic analysis
-generators that set the price more than 90% of the time (Newbery, 1995). Subsequent substantial entry by �Independent� Power Producers (IPPs) who built Combined Cycle Gas Turbine (CCGT) plant gradually eroded the market share of the incumbents, but almost all... complex computer program designed for the old vertically-integrated Central Electricity Generating Board (and which had no use for half-hourly wholesale prices in any case). The fact that buyers and sellers could always trade in the spot market reduced...
Newbery, David; McDaniel, Tanga
2007 Wholesale Power Rate Case Initial Proposal : Wholesale Power Rate Development Study.
The Wholesale Power Rate Development Study (WPRDS) calculates BPA proposed rates based on information either developed in the WPRDS or supplied by the other studies that comprise the BPA rate proposal. All of these studies, and accompanying documentation, provide the details of computations and assumptions. In general, information about loads and resources is provided by the Load Resource Study (LRS), WP-07-E-BPA-01, and the LRS Documentation, WP-07-E-BPA-01A. Revenue requirements information, as well as the Planned Net Revenues for Risk (PNNR), is provided in the Revenue Requirement Study, WP-07-E-BPA-02, and its accompanying Revenue Requirement Study Documentation, WP-07-E-BPA-02A and WP-07-E-BPA-02B. The Market Price Forecast Study (MPFS), WP-07-E-BPA-03, and the MPFS Documentation, WP-07-E-BPA-03A, provide the WPRDS with information regarding seasonal and diurnal differentiation of energy rates, as well information regarding monthly market prices for Demand Rates. In addition, this study provides information for the pricing of unbundled power products. The Risk Analysis Study, WP-07-E-BPA-04, and the Risk Analysis Study Documentation, WP-07-E-BPA-04A, provide short-term balancing purchases as well as secondary energy sales and revenue. The Section 7(b)(2) Rate Test Study, WP-07-E-BPA-06, and the Section 7(b)(2) Rate Test Study Documentation, WP-07-E-BPA-06A, implement Section 7(b)(2) of the Northwest Power Act to ensure that BPA preference customers firm power rates applied to their general requirements are no higher than rates calculated using specific assumptions in the Northwest Power Act.
Three Essays on Price Dynamics and Causations among Energy Markets and Macroeconomic Information
This dissertation examines three important issues in energy markets: price dynamics, information flow, and structural change. We discuss each issue in detail, building empirical time series models, analyzing the results, and interpreting...
Hong, Sung Wook 1977-
Outline Introduction Literature Review Electric Power Supply Chains Empirical Examples Conclusions An Integrated Electric Power Supply Chain and Fuel Market
Supply Chains and Fuel Markets In the U.S., electric power generation accounts for 30% of the natural gas demand (over 50% in the summer), 90% of the coal demand, and over 45% of the residual fuel oil demand, the wholesale electricity price in New England decreased by 38% mainly because the delivered natural gas price
Nagurney, Anna
Reforming Household Energy Markets: Some Welfare Effects in the United Catherine Waddams Price
final energy prices (though those of monopoly inputs such as transmission and distribution remainReforming Household Energy Markets: Some Welfare Effects in the United Kingdom by Catherine Waddams Price Centre for Competition and Regulation and School of Management University of East Anglia, UK
Feigon, Brooke
HOUSES!an independent view of the property market Prices Affordability Lending Activity Supply The Economy
investment returns and rents Paul Royston How easy is it to have solar panels? Tanya Rountree MeetHOUSES!an independent view of the property market Prices Affordability Lending Activity Supply The Economy Investment Green Houses Meet the Team and Contributors August2010 European House Prices Comparing
Evans, Paul
FirstChoice Wholesale Investments
FirstChoice Wholesale Investments Product Disclosure Statement Including FirstRate Wholesale Saver Colonial First State 1 2 Benefits of investing in FirstChoice Wholesale Investments 1 3 How FirstChoice Wholesale Investments works 2 4 Risks of investing 2 5 Fees and other costs 6 6 How managed investment
Peters, Richard
Market monitoring involves the systematic analysis of pricesand behavior in wholesale power markets to determine when and whetherpotentially anti-competitive behavior is occurring. Regional TransmissionOrganizations (RTOs) typically have a market monitoring function. Becausethe West does not have active RTOs outside of California, it does nothave the market monitoring that RTOs have. In addition, because the Westoutside of California does not have RTOs that perform centralized unitcommitment and dispatch, the rich data that are typically available tomarket monitors in RTO markets are not available in the West outside ofCalifornia. This paper examines the feasibility of market monitoring inthe West outside of California given readily available data. We developsimple econometric models of wholesale power prices in the West thatmight be used for market monitoring. In addition, we examine whetherproduction cost simulations that have been developed for long-runplanning might be useful for market monitoring. We find that simpleeconometric models go a long ways towards explaining wholesale powerprices in the West and might be used to identify potentially anomalousprices. In contrast, we find that the simulated prices from a specificset of production cost simulations exhibit characteristics that aresufficiently different from observed prices that we question theirusefulness for explaining price formation in the West and hence theirusefulness as a market monitoring tool.
Credit Market Distortions, Asset Prices and Monetary Policy
. In their sticky price framework a shock to asset prices increases aggregate demand, hence driving up the price level. Bernanke and Gertler (1999, 2001) conclude that there is no need for a direct response to asset prices, as a central bank that responds to general... are ours. yFaculty of Economics, Austin Robinson Building, Sidgwick Avenue, Cambridge CB3 9DD, UK. E-mail : email@example.com. Web: http://www.econ.cam.ac.uk/phd/dp316/. zFaculty of Economics, Austin Robinson Building, Sidgwick Avenue, Cambridge CB3 9DD, UK...
Pfajfar, D; Santoro, E
An Analysis of Price Volatility in Different Spot Markets for Electricity in the U.S.A.
An Analysis of Price Volatility in Different Spot Markets for Electricity in the U.S.A. by Tim important feature. Spot prices for electricity have been very volatile with dramatic price spikes occurring insight into the behavior of spot prices for electricity, and in particular, to model the type
Abstract--This paper introduces the fundamental concept of locational marginal price (LMP) in the electricity markets, and
1 Abstract--This paper introduces the fundamental concept of locational marginal price (LMP Terms-- Congestion charge, locational marginal price, LMP difference, nodal price. NOMENCLATURE ba) are to implement the locational marginal pricing [1-3]. Under Standard Market Design (SMD) issued by FERC in July
Fu, Yong
Essays on price dynamics, discovery, and dynamic threshold effects among energy spot markets in North America
Pool (SPP), Entergy (ENT), and Electric Reliability Council of Texas (ERCOT). Approximate locations of the spot markets are shown in Figure 2.1. Plots of the price series for each market are provided in Figure 2.2. One day lagged U.S. aggregate...
Park, Haesun
Paying for demand-side response at the wholesale level
The recent FERC Notice of Public Rulemaking regarding the payment to demand-side resources in wholesale markets has engendered a great deal of comments including FERC's obligation to ensure just and reasonable rates in the wholesale market and criteria for what FERC should do (on grounds of economic efficiency) without any real focus on what that commitment would really mean if FERC actually pursued it. (author)
Falk, Jonathan
Want to Put an End to Capacity Markets? Think Real-Time Pricing
The amount of generation capacity that must be installed to meet resource adequacy requirements often causes the energy market to be suppressed to the point that it fails to produce sufficient revenues to attract new entry. A significant expansion in the use of real-time pricing can, over time, cause the energy market to become a more bountiful source of revenues for generators, allowing the elimination of the capacity market. (author)
Reeder, Mark
Pricing Schemes for Metropolitan Traffic Data Markets Negin Golrezaei1
online market such as Inter- net advertising and cloud computing, data market- places are still, but also increases air pollution. According to Texas Transportation Institute, the number of hours wasted
Shahabi, Cyrus
Analysis on various pricing scenarios in a deregulated electricity market
The electricity pricing structure in Texas has changed after deregulation (January 2002). The Energy Systems Laboratory has served as a technical consultant on electricity purchases to several universities in the Texas A&M University System since...
Afanador Delgado, Catalina
Essays on oil price shocks and financial markets�
This thesis is composed of three chapters, which can be read independently. The first chapter investigates how oil price volatility affects the investment decisions for a panel of Japanese firms. The model is estimated ...
Wang, Jiayue
Proc. Bulk Power Systems Dynamics and Control{V, Onomichi, Japan, August 2001. Pricing System Security in Electricity Markets
the pro- posed techniques. Keywords|Electricity markets, locational marginal prices (LMP), security of the presented techniques, a methodology to deter- mine \
The Potential Impact of Increased Renewable Energy Penetrations on Electricity Bill Savings from Residential Photovoltaic Systems
model to project hourly wholesale electricity market pricesSecond, based on the wholesale electricity market pricesthe temporal trends in wholesale market electricity prices.
Barbose, Galen
asymmetric price responses: Topics by E-print Network
has been documented that retail gasoline prices respond more quickly to increases in wholesale price than to decreases. However, there is very little theoretical or empirical...
asymmetric price adjustments: Topics by E-print Network
Model documentation: Electricity market module, electricity finance and pricing submodule
The purpose of this report is to define the objectives of the model, describe its basic approach, and provide detail on how it works. The EFP is a regulatory accounting model that projects electricity prices. The model first solves for revenue requirements by building up a rate base, calculating a return on rate base, and adding the allowed expenses. Average revenues (prices) are calculated based on assumptions regarding regulator lag and customer cost allocation methods. The model then solves for the internal cash flow and analyzes the need for external financing to meet necessary capital expenditures. Finally, the EFP builds up the financial statements. The EFP is used in conjunction with the National Energy Modeling System (NEMS). Inputs to the EFP include the forecast generating capacity expansion plans, operating costs, regulator environment, and financial data. The outputs include forecasts of income statements, balance sheets, revenue requirements, and electricity prices.
2007 Wholesale Power Rate Case Final Proposal : Risk Analysis Study Documentation.
The RiskMod Model is comprised of a set of risk simulation models, collectively referred to as RiskSim; a set of computer programs that manages data referred to as Data Management Procedures; and RevSim, a model that calculates net revenues. RiskMod interacts with the AURORA Model, the RAM2007, and the ToolKit Model during the process of performing the Risk Analysis Study. AURORA is the computer model being used to perform the Market Price Forecast Study (see Market Price Forecast Study, WP-07-FS-BPA-03); the RAM2007 is the computer model being used to calculate rates (see Wholesale Power Rate Development Study, WP-07-FS-BPA-05); and the ToolKit is the computer model being used to develop the risk mitigation package that achieves BPA's 92.6 percent TPP standard (see Section 3 in the Risk Analysis Study, WP-07-FS-BPA-04). Variations in monthly loads, resources, natural gas prices, forward market electricity prices, transmission expenses, and aluminum smelter benefit payments are simulated in RiskSim. Monthly spot market electricity prices for the simulated loads, resources, and natural gas prices are estimated by the AURORA Model. Data Management Procedures facilitate the format and movement of data that flow to and/or from RiskSim, AURORA, and RevSim. RevSim estimates net revenues using risk data from RiskSim, spot market electricity prices from AURORA, loads and resources data from the Load Resource Study, WP-07-FS-BPA-01, various revenues from the Revenue Forecast component of the Wholesale Power Rate Development Study, WP-07-FSBPA-05, and rates and expenses from the RAM2007. Annual average surplus energy revenues, purchased power expenses, and section 4(h)(10)(C) credits calculated by RevSim are used in the Revenue Forecast and the RAM2007. Heavy Load Hour (HLH) and Light Load Hour (LLH) surplus and deficit energy values from RevSim are used in the Transmission Expense Risk Model. Net revenues estimated for each simulation by RevSim are input into the ToolKit Model to develop the risk mitigation package that achieves BPA's 92.6 percent TPP standard. The processes and interaction between each of the models and studies are depicted in Graph 1.
2007 Wholesale Power Rate Case Initial Proposal : Risk Analysis Study Documentation.
The RiskMod Model is comprised of a set of risk simulation models, collectively referred to as RiskSim; a set of computer programs that manages data referred to as Data Management Procedures; and RevSim, a model that calculates net revenues. RiskMod interacts with the AURORA Model, the RAM2007, and the ToolKit Model during the process of performing the Risk Analysis Study. AURORA is the computer model being used to perform the Market Price Forecast Study (see Market Price Forecast Study, WP-07-E-BPA-03); the RAM2007 is the computer model being used to calculate rates (see Wholesale Power Rate Development Study, WP-07-E-BPA-05); and the ToolKit is the computer model being used to develop the risk mitigation package that achieves BPA's 92.6 percent TPP standard (see Section 3 in the Risk Analysis Study, WP-07-E-BPA-04). Variations in monthly loads, resources, natural gas prices, forward market electricity prices, transmission expenses, and aluminum smelter benefit payments are simulated in RiskSim. Monthly spot market electricity prices for the simulated loads, resources, and natural gas prices are estimated by the AURORA Model. Data Management Procedures facilitate the format and movement of data that flow to and/or from RiskSim, AURORA, and RevSim. RevSim estimates net revenues using risk data from RiskSim, spot market electricity prices from AURORA, loads and resources data from the Load Resource Study, WP-07-E-BPA-01, various revenues from the Revenue Forecast component of the Wholesale Power Rate Development Study, WP-07-E-BPA-05, and rates and expenses from the RAM2007. Annual average surplus energy revenues, purchased power expenses, and section 4(h)(10)(C) credits calculated by RevSim are used in the Revenue Forecast and the RAM2007. Heavy Load Hour (HLH) and Light Load Hour (LLH) surplus and deficit energy values from RevSim are used in the Transmission Expense Risk Model. Net revenues estimated for each simulation by RevSim are input into the ToolKit Model to develop the risk mitigation package that achieves BPA's 92.6 percent TPP standard. The processes and interaction between each of the models and studies are depicted in Graph 1.
California is about to complete its third year of a deregulated competitive wholesale power market. During the first two years of the competitive market, power prices averaged between 2 and 3�/kWh. During 2000, electric supply to California was constrained a number of times causing maximum the price of power to peak over 100�/kWh, and the average price of power to quadruple. The power output from solar plants tends to coincide with the high power demand periods in California. This fact had been demonstrated by the solar electric generating stations (SEGS) located in the California Mojave Desert, which operate under specific contracts signed in the 1980�s and early 1990�s with the local utility. This paper, on the other hand, examines how new parabolic trough solar plants would have faired on the wholesale competitive power market during 1999 and 2000.
An Agent-Based Test Bed for the Integrated Study of Retail and Wholesale Power System Operations
An Agent-Based Test Bed for the Integrated Study of Retail and Wholesale Power System Operations D study of retail and wholesale power markets operating over transmission and distribution networks with smart-grid functionality. The test bed will seam together two existing test beds, the AMES Wholesale
Oil Prices, Stock Markets and Portfolio Investment: Evidence from Sector Analysis in Europe over the Last Decade
Oil Prices, Stock Markets and Portfolio Investment: Evidence from Sector Analysis in Europe over This article extends the understanding of oil�stock market relationships over the last turbulent decade. Unlike returns to oil price changes differ greatly depending on the activity sector. In the out
Paris-Sud XI, Universit� de
The evolving price of household LED lamps: Recent trends and historical comparisons for the US market
In recent years, household LED light bulbs (LED A lamps) have undergone a dramatic price decline. Since late 2011, we have been collecting data, on a weekly basis, for retail offerings of LED A lamps on the Internet. The resulting data set allows us to track the recent price decline in detail. LED A lamp prices declined roughly exponentially with time in 2011-2014, with decline rates of 28percent to 44percent per year depending on lumen output, and with higher-lumen lamps exhibiting more rapid price declines. By combining the Internet price data with publicly available lamp shipments indices for the US market, it is also possible to correlate LED A lamp prices against cumulative production, yielding an experience curve for LED A lamps. In 2012-2013, LED A lamp prices declined by 20-25percent for each doubling in cumulative shipments. Similar analysis of historical data for other lighting technologies reveals that LED prices have fallen significantly more rapidly with cumulative production than did their technological predecessors, which exhibited a historical decline of 14-15percent per doubling of production.
Gerke, Brian F.; Ngo, Allison T.; Alstone, Andrea L.; Fisseha, Kibret S.
Customer Strategies for Responding to Day-Ahead Market HourlyElectricity Pricing
Real-time pricing (RTP) has been advocated as an economically efficient means to send price signals to customers to promote demand response (DR) (Borenstein 2002, Borenstein 2005, Ruff 2002). However, limited information exists that can be used to judge how effectively RTP actually induces DR, particularly in the context of restructured electricity markets. This report describes the second phase of a study of how large, non-residential customers' adapted to default-service day-ahead hourly pricing. The customers are located in upstate New York and served under Niagara Mohawk, A National Grid Company (NMPC)'s SC-3A rate class. The SC-3A tariff is a type of RTP that provides firm, day-ahead notice of hourly varying prices indexed to New York Independent System Operator (NYISO) day-ahead market prices. The study was funded by the California Energy Commission (CEC)'s PIER program through the Demand Response Research Center (DRRC). NMPC's is the first and longest-running default-service RTP tariff implemented in the context of retail competition. The mix of NMPC's large customers exposed to day-ahead hourly prices is roughly 30% industrial, 25% commercial and 45% institutional. They have faced periods of high prices during the study period (2000-2004), thereby providing an opportunity to assess their response to volatile hourly prices. The nature of the SC-3A default service attracted competitive retailers offering a wide array of pricing and hedging options, and customers could also participate in demand response programs implemented by NYISO. The first phase of this study examined SC-3A customers' satisfaction, hedging choices and price response through in-depth customer market research and a Constant Elasticity of Substitution (CES) demand model (Goldman et al. 2004). This second phase was undertaken to answer questions that remained unresolved and to quantify price response to a higher level of granularity. We accomplished these objectives with a second customer survey and interview effort, which resulted in a higher, 76% response rate, and the adoption of the more flexible Generalized Leontief (GL) demand model, which allows us to analyze customer response under a range of conditions (e.g. at different nominal prices) and to determine the distribution of individual customers' response.
Goldman, Chuck; Hopper, Nicole; Bharvirkar, Ranjit; Neenan,Bernie; Boisvert, Dick; Cappers, Peter; Pratt, Donna; Butkins, Kim
Market and Policy Barriers for Demand Response Providing Ancillary Services in U.S. Markets
Organized Wholesale Energy Markets. FERC (2011b) Order 755:co-optimization with the energy markets) of the marginalcompared to the wholesale energy markets in these ISO/RTOs.
Final Report on Transmission Pricing in the Western Interconnection
Under this project, the Committee on Regional Electric Power Cooperation (CREPC) of the Western Interstate Energy Board developed a ''western pricing and congestion management proposal'' in order to foster efficient wholesale power markets and efficient use and expansion of the transmission grid. Drafts of this paper provided useful information to states/provinces in the Western Interconnection as Western Regional Transmission Organization (RTO) transmission pricing proposals have continued to evolve. Throughout the project there has been a gradual, but incomplete agreement on pricing systems to be used by RTOs in the West.
Douglas C. Larson; Lawrence Nordell
PWP-063 ZONAL PRICING AND DEMAND-SIDE BIDDING IN THE NORWEGIAN ELECTRICITY MARKET Tor Arnt Johnsen of the Program on Workable Energy Regulation (POWER). POWER is a program of the University of California Energy. University of California Energy Institute 2539 Channing Way Berkeley, California 94720-5180 www
Reviewing progress in PJM's capacity market structure via the new reliability pricing model
The Reliability Pricing Model introduces significant changes to the capacity market structure of PJM. The main feature of the RPM design is a downward-sloping demand curve, which replaces the highly volatile vertical demand curve. The authors review the latest RPM structure, results of the auctions, and the future course of the implementation process. (author)
Sener, Adil Caner; Kimball, Stefan
A SURVEY OF COMMODITY MARKETS AND STRUCTURAL MODELS FOR ELECTRICITY PRICES RENE CARMONA AND MICHAEL attention to the most idiosyncratic of all: electricity mar- kets. Following a discussion of traded. In doing so, we present a detailed analysis of the structural approach for electricity, arguing for its
Carmona, Rene
1977-1978 HEATING OIL PRICES II-1 II-3 II-3 Wholesale PricesMonthly U.S. Heating Oil Prices, 1970 - 1978 . . A-16 .H-3 .continuous No. 2 heating oil price information from 1970 to
Demand responsive programs - an emerging resource for competitive electricity markets?
The restructuring of regional electricity markets in the U.S. has been accompanied by numerous problems, including generation capacity shortages, transmission congestion, wholesale price volatility, and reduced system reliability. These problems have created significant new opportunities for technologies and business approaches that allow load serving entities and other aggregators, to control and manage the load patterns of their wholesale or retail end-users. These technologies and business approaches for manipulating end-user load shapes are known as Load Management or, more recently, Demand Responsive programs. Lawrence Berkeley National Laboratory (LBNL) is conducting case studies on innovative demand responsive programs and presents preliminary results for five case studies in this paper. These case studies illustrate the diversity of market participants and range of technologies and business approaches and focus on key program elements such as target markets, market segmentation and participation results; pricing scheme; dispatch and coordination; measurement, verification, and settlement; and operational results where available.
Heffner, Grayson C. Dr.; Goldman, Charles A.
Utility Marketing Strategies and Pricing Trends (An Overview)
utility's costs and provide a sound fiscal footing for the utility, and yet still be attractive to industry and encourage the economic development of the region. However, lower rates are simply not the only answer in a sound marketing strategy. Rather than...
Reynolds, S.
Weighing the Costs and Benefits of Renewables Portfolio Standards: A Comparative Analysis of State-Level Policy Impact Projections
24 Wholesale Energy and Capacity Price Changes Projected byImpacts to Alternative Wholesale Electric Price Scenarios..24 Effect of Wholesale Market Price Reductions on RPS Rate
Chen, Cliff; Wiser, Ryan; Bolinger, Mark
Vertical relationships between manufacturers and retailers: inference with limited data
erent supply models when wholesale prices are not observed.States the results imply that wholesale prices are close tofor a particular market. Wholesale price data are typically
Villas-Boas, Sofia B.
Effects of Temporal Wind Patterns on the Value of Wind-Generated Electricity at Different Sites in California and the Northwest
power system�s load and wholesale market prices (Burton etgeographical area on wholesale market value or capacityMontana and Wyoming) with wholesale power prices and loads
Fripp, Matthias; Wiser, Ryan
Addressing Energy Demand through Demand Response: International Experiences and Practices
DEMAND RESPONSE .7 Wholesale Marketuse at times of high wholesale market prices or when systemenergy expenditure. In wholesale markets, spot energy prices
Shen, Bo
Operation of Distributed Generation Under Stochastic Prices
We model the operating decisions of a commercial enterprisethatneeds to satisfy its periodic electricity demand with either on-sitedistributed generation (DG) or purchases from the wholesale market. Whilethe former option involves electricity generation at relatively high andpossibly stochastic costs from a set of capacity-constrained DGtechnologies, the latter implies unlimited open-market transactions atstochastic prices. A stochastic dynamic programme (SDP) is used to solvethe resulting optimisation problem. By solving the SDP with and withoutthe availability of DG units, the implied option values of the DG unitsare obtained.
Siddiqui, Afzal S.; Marnay, Chris
An Equilibrium Model of Investment in Restructured Electricity Markets
in Deregulated Wholesale Electricity Markets,� RAND JournalBehavior in a Competitive Electricity Market,� InternationalMarket Power in Electricity Markets: Beyond Concentration
Bushnell, Jim B; Ishii, Jun
The impact of market structure on price determination : a simulation approach using multi-agent reinforcement learning in continuous state and action space
This thesis proposes a simulation tool to study the question of how market structure and market players' behavior affect price movements. The adaptive market simulation system consists of multiple agents and a centralized ...
Shu, Buliao
International market integration for natural gas? : a cointegration analysis of priced in Europe, North America and Japan
We examine the degree of natural gas market integration in Europe, North America and Japan, between the mid 1990?s and 2002. Our hypothesis is that there was a certain split of prices between Europe and North America. The ...
L'Hegaret, Guillaume
Empirical analysis of the spot market implications ofprice-elastic demand
Regardless of the form of restructuring, deregulated electricity industries share one common feature: the absence of any significant, rapid demand-side response to the wholesale (or, spotmarket) price. For a variety of reasons, electricity industries continue to charge most consumers an average cost based on regulated retail tariff from the era of vertical integration, even as the retailers themselves are forced to purchase electricity at volatile wholesale prices set in open markets. This results in considerable price risk for retailers, who are sometimes forbidden by regulators from signing hedging contracts. More importantly, because end-users do not perceive real-time (or even hourly or daily) fluctuations in the wholesale price of electricity, they have no incentive to adjust their consumption in response to price signals. Consequently, demand for electricity is highly inelastic, and electricity generation resources can be stretched to the point where system stability is threatened. This, then, facilitates many other problems associated with electricity markets, such as market power and price volatility. Indeed, economic theory suggests that even modestly price-responsive demand can remove the stress on generation resources and decrease spot prices. To test this theory, we use actual generator bid data from the New York control area to construct supply stacks, and intersect them with demand curves of various slopes to approximate different levels of demand elasticity. We then estimate the potential impact of real-time pricing on the equilibrium spot price and quantity. These results indicate the immediate benefits that could be derived from a more price-elastic demand. Such analysis can provide policymakers with a measure of how effective price-elastic demand can potentially reduce prices and maintain consumption within the capability of generation resources.
Energy Information Administration/Petroleum Marketing Annual
U.S. Energy Information Administration (EIA) Indexed Site
50 60 J F M A M J J A S O N D 1999 Cents per Gallon Excluding Taxes Retail < or 1% Wholesale < or 1% Retail > 1% Wholesale > 1% Figure 7. U.S. Refiner Residual Fuel Oil Prices...
Annual Energy Outlook 2013 [U.S. Energy Information Administration (EIA)]
45 50 J F M A M J J A S O N D 1998 Cents per Gallon Excluding Taxes Retail < or 1% Wholesale < or 1% Retail > 1% Wholesale > 1% Figure 7. U.S. Refiner Residual Fuel Oil Prices...
Nonlinear Pricing in Markets with Interdependent Demand Author(s): Shmuel S. Oren, Stephen A. Smith and Robert B. Wilson
Nonlinear Pricing in Markets with Interdependent Demand Author(s): Shmuel S. Oren, Stephen A. Smith S. OREN, t STEPHEN A. SMITH, t AND ROBERT B. WILSON? This paper provides a mathematical framework Sciences #12;S. S. OREN, S. A. SMITH AND R. B. WILSON demand externalities. Nonlinear pricing, defined
Price Differences in a Durable Products Secondary Market: A Hedonic Price Analysis
IrJRoFtino&GIryNiso88mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmBB LNNN PRICE DFN NSEDAUBPENAS A Disertaonby eRoebtrOL oNiieyoJrtH FyoUrM oO soSt Ib sFLaoyFbeu eoOry eoiso FU utomiF sFurLo SS DFyoisoJrtH Fomid torseomtuD oeuyDtuJusrFuisousoFU omtuJrtaoJrtH Fo n h...DrmuFrLoitoF DUsuDrLo .m tFuy odU soDiJmrt eoFios doDrtoe rL tyh kUuL oJrsaorFFtuObF yoiSoby eoebtrOL oJrtH FyYousDLbeusNoFU oby eoDrtoJrtH FYo yFuLLo .uyFoFieraYoFU ousF ts Foy JyoFioUrM oO NbsoFioDUrsN oFU oJrtH FoLrseyDrm hooAuF yo ybDUoryodddh Brah...
Fumasi, Roland J
Cheese Prices
Cheese prices are derived from the USDA Agricultural Marketing Service Market News, the National Agricultural Statistics Service, and the Chicago Mercantile Exchange. This publication explains the process of cheese pricing. It includes information...
Schwart Jr., Robert B.; Anderson, David P.; Knutson, Ronald D.
Copyright George Gross, 2004 1 Evolving Nature of Electricity Market Design in the U.S.
of the wholesale electricity industry including · the structure of wholesale energy markets; · transmission a robust wholesale market via the so-called standard design (SMD) proposed rule making. The SMD was a bold on the Wholesale Power Market Platform (WPM). While many of the underlying SMD aspects were kept, the overall
adapted swimming pool reactor austria: Topics by E-print Network
Summary: participation in wholesale energy markets; and sponsored abe indexed to wholesale energy market prices (i.e. eitherWholesale Markets in the Southwest Power Pool SPP...
Demand Response Valuation Frameworks Paper
37 3.8.1. Impacts of DR programs on Wholesale MarketPrice Response on Wholesale Markets.in Organized Wholesale Markets .19
Heffner, Grayson
The price fluctuations of the stock market display fascinating properties. The volatility is around one order of magnitude too large than what is predicted
Abstract The price fluctuations of the stock market display fascinating properties. The volatility decisions. We also study the price formation and the microstructure of financial markets, at the level of the order book which organizes transactions. We explain why the price is diffusive despite the fact
Electricity prices in a competitive environment: Marginal cost pricing of generation services and financial status of electric utilities. A preliminary analysis through 2015
The emergence of competitive markets for electricity generation services is changing the way that electricity is and will be priced in the United States. This report presents the results of an analysis that focuses on two questions: (1) How are prices for competitive generation services likely to differ from regulated prices if competitive prices are based on marginal costs rather than regulated {open_quotes}cost-of-service{close_quotes} pricing? (2) What impacts will the competitive pricing of generation services (based on marginal costs) have on electricity consumption patterns, production costs, and the financial integrity patterns, production costs, and the financial integrity of electricity suppliers? This study is not intended to be a cost-benefit analysis of wholesale or retail competition, nor does this report include an analysis of the macroeconomic impacts of competitive electricity prices.
Transmission grid access and pricing in Norway, Spain, and California: A comparative study
The openness of the transmission grid and the incentives given by transmission pricing form the foundation for retail and wholesale competition in the electricity market. The deregulated markets of Norway, Spain, and California all have introduced retail access and wholesale competition, although with different approaches to pricing of transmission grid services. This paper will briefly describe the three different solutions, and discuss some of their implications. Of the three electricity systems, Norway was the first to open the grid to competition in electricity trade. The Norwegian Energy Law of 1990 introduced open competition to wholesale and retail trade starting January 1991. In Spain, the Electricity Law of 1997 came into force early in 1998. Wholesale and retail markets in California were opened for competition on April 1, 1998, following the passage of Assembly Bill 1890, in August 1996. Introducing competition in electricity markets also implies introducing Third Party Access to the transmission grid. All potential competitors have to be given access to the grid in order to compete, no matter who owns the actual wires. This principle raises several challenges, notably, how to price transmission services. Who is to pay for which transmission services? The Norwegian grid is divided into three levels depending on its function. The transmission grid includes all parts of the national grid having a transmission function, meaning that some lower voltage levels also are included. In Spain, the definition of the transmission grid is similar, including the 400 kV and 220 kV national grid as well as lower voltage installations that could affect transmission operation or generation dispatch. For historic reasons, wholesale electricity transactions in the US are regulated by the federal government through the FERC. However, operations of utility systems within one state fall primarily under state jurisdiction. Because the utility systems in California generally are large and exchanges between them limited, the role of FERC was small prior to restructuring, although the state is a large importer of power.
Gronli, H.; Gomez San Ramon, T.; Marnay, C.
Assessing the Degree of Spot Market Integration For U.S. Natural Gas: Evidence from Daily Price Data
following the FERC's `open access' reforms of the late 1980s. Daily spot prices at 76 market locations from segmented from the more loosely integrated Western market. Thus, although the FERC reforms have contributed Commission (FERC) implemented a series of far-reaching regulatory reforms. These reforms were designed
One Market or Many? Labor Market Integration in the Late Nineteenth-Century United States
are Boston, New York, Philadelphia, Baltimore, and Pittsburgh. The midwestern cities are Cincinnati, Chicago, St. Louis, and St. Paul. 13 Philip R. P. Coelho and James F. Shepherd, "Differences in Regional Prices: The Untied States, 1851... between cities than did wholesale prices. Data collected by the Department of Agriculture indicate that wholesale prices of pork and wheat varied by only 2 or 3 percentage points between Chicago, St. Louis, and Cincinnati, while wholesale prices...
Rosenbloom, Joshua L.
On the Allocative Efficiency of Competitive Prices in Economies with Incomplete Markets
Radner-GEI economy (an economy with incomplete markets and sequential trade), defines Allais-Malinvaud efficiency, and shows the Allais- Malinvaud efficiency of every equilibrium in a Radner-GEI economy. Section 5 defines a 6 Radner-GEI economy in which... for commodities in that subset alone, and not for commodities in the other subset.6 Prices for commodities in one subset cannot allocate commodities in the other subset, because they cannot reflect relative value of those commodities, so a more relevant measure...
Sabarwal, Tarun
Application of neural networking in live cattle futures market: an approach to price-forecasting
. For this reason, cattle futures contracts are not traded on a cash- and-cany basis. The futures prices are foimed through human decision-making based on available information about supply and demand and past conditions on the market (Kofi, 1973). The beef...'s expiration date for cattle is usually around the 20th in the delivery month. A trader who does not want to deliver or receive will liquidate his position before the expiration date. Traders can obtain information of trading from publications...
Chou, Chien-Ju
The structure of international beef markets and effects of imports on United States beef prices
and Effects of Deports on United States Beef prices. (May 1972) Kenneth Earl Graeber, B. S. , Texas A&M University Directed by: Dr. Donald E. Farris This study was designed to examine the structure of international beef markets and analyze the effects... 30 perrsnt change would result in a dinge in the opposite direction of 81. 28 per hundred- weight. I am especially indebted to Dr. Donald E. Farris, chairman of my advisory mmnittee, for his counseling and guidance during my graduate program...
Graeber, Kenneth Earl
2007 Wholesale Power Rate Case Initial Proposal : Risk Analysis Study.
The Federal Columbia River Power System (FCRPS), operated on behalf of the ratepayers of the PNW by BPA and other Federal agencies, faces many uncertainties during the FY 2007-2009 rate period. Among these uncertainties, the largest revolve around hydro conditions, market prices and river operations for fish recovery. In order to provide a high probability of making its U.S. Treasury payments, BPA performs a Risk Analysis as part of its rate-making process. In this Risk Analysis, BPA identifies key risks, models their relationships, and then analyzes their impacts on net revenues (total revenues less expenses). BPA subsequently evaluates in the ToolKit Model the Treasury Payment Probability (TPP) resulting from the rates, risks, and risk mitigation measures described here and in the Wholesale Power Rate Development Study (WPRDS). If the TPP falls short of BPA's standard, additional risk mitigation revenues, such as PNRR and CRAC revenues are incorporated in the modeling in ToolKit until the TPP standard is met. Increased wholesale market price volatility and six years of drought have significantly changed the profile of risk and uncertainty facing BPA and its stakeholders. These present new challenges for BPA in its effort to keep its power rates as low as possible while fully meeting its obligations to the U.S. Treasury. As a result, the risk BPA faces in not receiving the level of secondary revenues that have been credited to power rates before receiving those funds is greater. In addition to market price volatility, BPA also faces uncertainty around the financial impacts of operations for fish programs in FY 2006 and in the FY 2007-2009 rate period. A new Biological Opinion or possible court-ordered change to river operations in FY 2006 through FY 2009 may reduce BPA's net revenues included Initial Proposal. Finally, the FY 2007-2009 risk analysis includes new operational risks as well as a more comprehensive analysis of non-operating risks. Both the operational and non-operational risks will be described in Section 2.0 of this study. Given these risks, if rates are designed using BPA's traditional approach of only adding Planned Net Revenues for Risk (PNRR), power rates would need to recover a much larger ''risk premium'' to meet BPA's TPP standard. As an alternative to high fixed risk premiums, BPA is proposing a risk mitigation package that combines PNRR with a variable rate mechanism similar to the cost recovery adjustment mechanisms used in the FY 2002-2006 rate period. The proposed risk mitigation package is less expensive on a forecasted basis because the rates can be adjusted on an annual basis to respond to uncertain financial outcomes. BPA is also proposing a Dividend Distribution Clause (DDC) to refund reserves in excess of $800M to customers in the event net revenues in the next rate period exceed current financial forecasts.
Customer Strategies for Responding to Day-Ahead Market Hourly Electricity Pricing
of Residential Time-of- Use Pricing Experiments�, Journal ofof Residential Response in Time of Use Pricing Experiments�,of Residential Response in Time of Use Pricing Experiments�,
The Behavior of Retail Gasoline Prices: Symmetric or Not? �Adjustment of U.K. Retail Gasoline Prices to Cost Changes. �documented that retail gasoline prices respond more quickly
George. (2004) �Retail Gasoline Price Dynamics and Localof Information and Retail Gasoline Price Behavior: Andocumented that retail gasoline prices respond more quickly
2007 Wholesale Power Rate Case Final Proposal : Load Resource Study and Documentation.
The Load Resource Study (Study) represents the compilation of the load and contract obligations, contact purchases, and resource data necessary for developing BPA's wholesale power rates. The results of this Study are used to: (1) provide data to determine resource costs for the Revenue Requirement Study, WP-07-FS-BPA-02; (2) provide data to derive billing determinants for the revenue forecast in the Wholesale Power Rate Development Study (WPRDS), WP-07-FS-BPA-05; (3) provide load and resource data for use in the Risk Analysis Study, WP-07-FS-BPA-04; and (4) provide regional hydro data for use in the secondary revenue forecast for the Market Price Forecast Study, WP-07-FS-BPA-03. This Study provides a synopsis of BPA's load resource analyses. This Study illustrates how each component is completed, how components relate to each other, and how each component fits into the rate development process. Details and results supporting this Study are contained in the Load Resource Study Documentation, WP-07-FS-BPA-01A.
U.S. Residential Photovoltaic (PV) System Prices, Q4 2013 Benchmarks: Cash Purchase, Fair Market Value, and Prepaid Lease Transaction Prices
The price of photovoltaic (PV) systems in the United States (i.e., the cost to the system owner) has dropped precipitously in recent years, led by substantial reductions in global PV module prices. This report provides a Q4 2013 update for residential PV systems, based on an objective methodology that closely approximates the book value of a PV system. Several cases are benchmarked to represent common variation in business models, labor rates, and module choice. We estimate a weighted-average cash purchase price of $3.29/W for modeled standard-efficiency, polycrystalline-silicon residential PV systems installed in the United States. This is a 46% decline from the 2013-dollar-adjusted price reported in the Q4 2010 benchmark report. In addition, this report frames the cash purchase price in the context of key price metrics relevant to the continually evolving landscape of third-party-owned PV systems by benchmarking the minimum sustainable lease price and the fair market value of residential PV systems.
Davidson, C.; James, T. L.; Margolis, R.; Fu, R.; Feldman, D.
An institutional frame to compare alternative market designs in EU electricity balancing
The so-called "electricity wholesale market" is, in fact, a sequence of several markets. The chain is closed with a provision for "balancing," in which energy from all wholesale markets is balanced under the authority of ...
Glachant, Jean-Michel
allowance price drivers: Topics by E-print Network
First evidence of asymmetric cost pass-through of Eu emissions allowances : examining wholesale electricity prices in Germany MIT - DSpace Summary: This paper applies the...
Prices J F M A M J J A S O N D
7 Cents per Gallon Excluding Taxes Retail < or 1% Wholesale < or 1% Retail > 1% Wholesale > 1% 7. U.S. Refiner Residual Fuel Oil Prices and Volumes Figure Volumes J F M A M J J...
6 Cents per Gallon Excluding Taxes Retail < or 1% Wholesale < or 1% Retail > 1% Wholesale > 1% 7. U.S. Refiner Residual Fuel Oil Prices and Volumes Figure Volumes J F M A M J J...
No-Arbitrage Pricing for Dividend-Paying Securities in Discrete-Time Markets with Transaction Costs
We prove a version of First Fundamental Theorem of Asset Pricing under transaction costs for discrete-time markets with dividend-paying securities. Specifically, we show that the no-arbitrage condition under the efficient friction assumption is equivalent to the existence of a risk-neutral measure. We derive dual representations for the superhedging ask and subhedging bid price processes of a derivative contract. Our results are illustrated with a vanilla credit default swap contract.
Bielecki, Tomasz R; Rodriguez, Rodrigo
The importance of vehicle costs, fuel prices, and fuel efficiency to HEV market success.
Toyota's introduction of a hybrid electric vehicle (HEV) named ''Prius'' in Japan and Honda's proposed introduction of an HEV in the United States have generated considerable interest in the long-term viability of such fuel-efficient vehicles. A performance and cost projection model developed entirely at Argonne National Laboratory (ANL) is used here to estimate costs. ANL staff developed fuel economy estimates by extending conventional vehicle (CV) modeling done primarily under the National Cooperative Highway Research Program. Together, these estimates are employed to analyze dollar costs vs. benefits of two of many possible HEV technologies. We project incremental costs and fuel savings for a Prius-type low-performance hybrid (14.3 seconds zero to 60 mph acceleration, 260 time) and a higher-performance ''mild'' hybrid vehicle, or MHV (11 seconds 260 time). Each HEV is compared to a U.S. Toyota Corolla with automatic transmission (11 seconds 260 time). The base incremental retail price range, projected a decade hence, is $3,200-$3,750, before considering battery replacement cost. Historical data are analyzed to evaluate the effect of fuel price on consumer preferences for vehicle fuel economy, performance, and size. The relationship between fuel price, the level of change in fuel price, and consumer attitude toward higher fuel efficiency is also evaluated. A recent survey on the value of higher fuel efficiency is presented and U.S. commercial viability of the hybrids is evaluated using discount rates of 2090 and 870. Our analysis, with our current HEV cost estimates and current fuel savings estimates, implies that the U.S. market for such HEVS would be quite limited.
Santini, D. J.; Patterson, P. D.; Vyas, A. D.
Dynamic Conic Finance: Pricing and Hedging in Market Models with Transaction Costs via Dynamic Coherent Acceptability Indices
In this paper we present a theoretical framework for determining dynamic ask and bid prices of derivatives using the theory of dynamic coherent acceptability indices in discrete time. We prove a version of the First Fundamental Theorem of Asset Pricing using the dynamic coherent risk measures. We introduce the dynamic ask and bid prices of a derivative contract in markets with transaction costs. Based on these results, we derive a representation theorem for the dynamic bid and ask prices in terms of dynamically consistent sequence of sets of probability measures and risk-neutral measures. To illustrate our results, we compute the ask and bid prices of some path-dependent options using the dynamic Gain-Loss Ratio.
Bielecki, Tomasz R; Iyigunler, Ismail; Rodriguez, Rodrigo
Milk Pricing
This publication discusses the federal orders that govern the marketing of milk. The production location and form of the milk product affect the way it is priced. The different classes of milk and their prices are explained in detail....
Anderson, David P.; Haigh, Michael; Stockton, Matthew; Schwart Jr., Robert B.
Price regulation for waste hauling franchises in California: an examination of how regulators regulate pricing and the effects of competition on regulated markets
Thomadakis, Stavros. �Price Regulation Under Uncertainty in698. B�s, Dieter. Pricing and Price Regulation. Elsevier.Optimal Structure of Public Prices. � The American Economic
Seltzer, Steven A.
10/02/2007 07:40 PMStock market news and prices Page 1 of 3http://markets.chron.com/chron?ChannelID=3206&GUID=3074055&Page=MediaViewer
10/02/2007 07:40 PMStock market news and prices Page 1 of 3http 2747.11 S&P 500 1546.63 OIL 45.50 Presence Of Essential Molecule In Space Could Support Life On Other & Public Notices #12;10/02/2007 07:40 PMStock market news and prices Page 2 of 3http
Glaser, Rainer
World Food Crisis: Imperfect Markets Starving Development, A Decomposition of Recent Food Price Increases.
??The recent decade has experienced two rather substantial food price spikes. This thesis sets out to provide an in-depth look at the recent food price� (more)
Costello, Christine
Reliability and competitive electricity markets
Despite all of the talk about ?deregulation? of the electricity sector, a large number of non-market mechanisms have been imposed on emerging competitive wholesale and retail markets. These mechanisms include spot market ...
Joskow, Paul L.
94.2 89.0 81.6 75.6 84.7 103.4 101.5 95.7 84.9 - 90.7 See footnotes at end of table. 56 Energy Information AdministrationPetroleum Marketing Annual 2002 Table 31. Motor Gasoline...
74.2 67.4 60.1 55.9 62.4 84.5 82.2 74.2 62.7 - 68.9 See footnotes at end of table. 56 Energy Information AdministrationPetroleum Marketing Annual 1999 Table 31. Motor Gasoline...
63.0 58.0 50.7 47.4 53.6 73.5 71.8 64.8 55.2 - 60.8 See footnotes at end of table. 56 Energy Information AdministrationPetroleum Marketing Annual 1998 Table 31. Motor Gasoline...
105.1 96.8 85.5 74.5 87.9 117.2 114.6 104.5 91.4 - 97.7 See footnotes at end of table. 56 Energy Information AdministrationPetroleum Marketing Annual 2001 Table 31. Motor Gasoline...
Docket No. PA02-2-000 Price Manipulation in Western MarketsV-1 V. The Influence of Electricity Spot Prices on Electricity
of Electricity Spot Prices on Electricity Forward Prices Summary of Results The vital link between the spot price electric prices today and the forward price of electricity. Instead, forward prices should mostly reflect electricity in the West, forward gas prices should, in large part, explain forward electricity prices. Our
Laughlin, Robert B.
NREL: Transmission Grid Integration - Wholesale Electricity Market
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr MayAtmosphericNuclear Security Administration the Contributions andData and ResourcesOtherForecasting NRELResearchWebinarsStudy Phase
Coordination of Retail Demand Response with Midwest ISO Markets
M T E P 06 - The Midwest ISO Transmission Expansion Plan,Demand Response in Midwest ISO Market," Presentation at MISODemand Response with Midwest ISO Wholesale Markets Ranjit
Bharvirkar, Ranjit
The efficiency of the U.S. cotton futures market (1986-2006): normal backwardation, co-integration, and asset pricing
The efficiency of commodity futures markets is a widely debated topic in academia. The cotton futures market is no exception. The existence of trends in the futures market is characterized as a price bias, which is a testable trait. When analyzed...
Chavez, Marissa Joyce
10.1177/0092070304267108 ARTICLEJOURNAL OF THE ACADEMY OF MARKETING SCIENCE WINTER 2005Fibich et al. / PRICE ELASTICITY OF DEMAND The Dynamics of Price Elasticity
. / PRICE ELASTICITY OF DEMAND The Dynamics of Price Elasticity of Demand in the Presence of Reference Price derive an expression for the price elasticity of demand in the presence of reference price effects. The effectof reference price is most noticeable immediately after a price change, before consumers have had
Fibich, Gadi
Natural Gas Prices Forecast Comparison--AEO vs. Natural Gas Markets
This paper evaluates the accuracy of two methods to forecast natural gas prices: using the Energy Information Administration's ''Annual Energy Outlook'' forecasted price (AEO) and the ''Henry Hub'' compared to U.S. Wellhead futures price. A statistical analysis is performed to determine the relative accuracy of the two measures in the recent past. A statistical analysis suggests that the Henry Hub futures price provides a more accurate average forecast of natural gas prices than the AEO. For example, the Henry Hub futures price underestimated the natural gas price by 35 cents per thousand cubic feet (11.5 percent) between 1996 and 2003 and the AEO underestimated by 71 cents per thousand cubic feet (23.4 percent). Upon closer inspection, a liner regression analysis reveals that two distinct time periods exist, the period between 1996 to 1999 and the period between 2000 to 2003. For the time period between 1996 to 1999, AEO showed a weak negative correlation (R-square = 0.19) between forecast price by actual U.S. Wellhead natural gas price versus the Henry Hub with a weak positive correlation (R-square = 0.20) between forecasted price and U.S. Wellhead natural gas price. During the time period between 2000 to 2003, AEO shows a moderate positive correlation (R-square = 0.37) between forecasted natural gas price and U.S. Wellhead natural gas price versus the Henry Hub that show a moderate positive correlation (R-square = 0.36) between forecast price and U.S. Wellhead natural gas price. These results suggest that agencies forecasting natural gas prices should consider incorporating the Henry Hub natural gas futures price into their forecasting models along with the AEO forecast. Our analysis is very preliminary and is based on a very small data set. Naturally the results of the analysis may change, as more data is made available.
Wong-Parodi, Gabrielle; Lekov, Alex; Dale, Larry
Markets for power in the United States : an interim assessment
The transition to competitive wholesale and retail markets for electricity in the U.S. has been a difficult and contentious process. This paper examines the progress that has been made in the evolution of wholesale and ...
An analysis of cattle feedlot placement, feeding and marketing strategies under alternative price relationships
FEEDERS RELATIVE TO OPTIMUM STRATEGIES UNDER PROJECTED SLAUGHTER PRICES 51 Forecasted Slaughter Steer and Heifer Prices Decision Model for Cattle Feeders Under Pro- jected Fed Slaughter Steer and Heifer Prices 51 56 ix Page ST RATE GIES FOR USE..., strong demand for beef growing out of a serious escalation of the Vietnam conflict and an abundance of low-priced feedgrains were important factors in explaining continued feedlot expansion. The cattle feeding industry functioned under gen- erally...
Clary, Gregory Michael
Rates and technologies for mass-market demand response
Roger. 2002. Using Demand Response to Link Wholesale andfor advanced metering, demand response, and dynamic pricing.EPRI. 2001. Managing Demand-Response To Achieve Multiple
Herter, Karen; Levy, Roger; Wilson, John; Rosenfeld, Arthur
Thermal plant bids and market clearing in an electricity pool minimization of costs vs. minimization of consumer payments
The Spanish wholesale electricity market has started on January 1, 1998. Though it is based on simple price/quantity bids, it incorporates some provisions to take thermal plant running requirements into account. This paper presents these rules and its mathematical treatment, focusing on a possible implementation of the minimum income condition, which allows thermal generators to declare minimum stable loads. It also shows another key point in the debate: whether the algorithm should minimize costs or consumer payments.
Alonso, J.; Trias, A.; Gaitan, V.; Alba, J.J.
Mathematics, Pricing, Market Risk Management and Trading Strategies for Financial Derivatives (2/3)
ScienceCinema (OSTI)
Market Trading and Risk Management of Vanilla FX Options - Measures of Market Risk - Implied Volatility - FX Risk Reversals, FX Strangles - Valuation and Risk Calculations - Risk Management - Market Trading Strategies
Energy markets Academic year 2014-2015
). Sells electrical energy through competition in wholesale market. Could compete also to sell ancillary in fully deregulated environment). Retailer: buys electrical energy on wholesale markets. ResellsEnergy markets Academic year 2014-2015 Damien Ernst University of Li`ege Email: dernst
Optimal Spot Market Inventory Strategies in the Presence of Cost and Price Risk
1966. A Continous Time Inventory Model. Jounal of Applied4] Berling, P. Holding Inventory with Stochastically Mean-6] Chaouc, B . 2006. Inventory Control and Periodic Price
Guo, Xin; Kaminsky, Philip; Tomecek, Pascal; Yuen, M.
Optimal Capacity Investment, and Pricing Across International Markets Under Exchange Rate Uncertainty and Duopoly Competition.
??In this dissertation we investigate joint optimal capacity investment, pricing and production decisions for a multinational manufacturer who faces exchange rate uncertainties. We consider a� (more)
Ahmed, Anas A.
Effects of futures market manipulation on crude oil prices: An empirical examination.
??Crude oil prices moved irregularly in the period leading to the financial meltdown in the beginning of 2008. This research paper deals with the explaining� (more)
Elhelou, Rami
York (several hubs), Ontario, PJM, MISO, ERCOT South, Intocontract delivering into the PJM Western hub. Assuming thatpeak real-time prices posted by PJM Interconnection, LLC, on
The level crossing analysis of German stock market index (DAX) and daily oil price time series
The level crossing analysis of DAX and oil price time series are given. We determine the average frequency of positive-slope crossings, $\
Shayeganfar, F; Peinke, J; Tabar, M Reza Rahimi
2 2. Annual Energy Outlook (Administration�s Annual Energy Outlook forecasted price (of Energy, Annual Energy Outlook 2004 with Projections to
Abstract--We consider the management of electric vehicle (EV) loads within a market-based Electric Power System
battery charging while engaging in energy and reserve capacity transactions in the wholesale power market. Given the important role of the wholesale market in the ESCo costs and revenues, we describe next observing feeder congestion constraints. B. Day-Ahead and Real-Time Wholesale Markets We assume an operative
in wholesale energy markets. Progress in Photovoltaics:The Economics of Energy Market Transformation Programs. TheCalifornia's current energy market, for example, allows
Analysis of leaded and unleaded gasoline pricing. Final report
This report summarizes the evaluation of the cost price relation between the two fuels. The original scope of work identified three separate categories of effort: Gather and organize available data on the wholesale and retail prices of gasoline at a national level for the past 5 years. Using the data collected in Subtask 1, develop models of pricing practices that aid in explaining retail markups and price differentials for different types and grades of gasoline at different retail outlets in the current gasoline market. Using the data from Subtask 1 and the analysis framework from Subtask 2, analyze the likely range of future retail markups and price differentials for different grades of leaded and unleaded gasoline. The report is organized in a format that is different than suggested by the subtasks outlined above. The first section provides a characterization of the problem - data available to quantify cost and price of the fuels as well as issues that directly affect this relationship. The second section provides a discussion of issues likely to affect this relation in the future. The third section postulates a model that can be used to quantify the relation between fuels, octane levels, costs and prices.
Efficiency Impact of Convergence Bidding on the California Electricity Market
or producing energy. In this paper, we analyze market data in the CAISO electric power markets, and empirically- erator (ISO) was formed to administer regional wholesale electricity markets, and ensure reliability for grid operations. Several regional wholesale electricity markets were established under the management
area southwest wyoming: Topics by E-print Network
to wholesale energy market prices (i.e. eitherWholesale Markets in the Southwest Power Pool SPP administers an Energy Imbalance Service (EIS) market; Bharvirkar, Ranjit...
CSEM WP 126 Market Structure and Competition: A Cross-Market
for the Study of Energy Markets (CSEM) Working Paper Series. CSEM is a program of the University of California (electricity) wholesale market designs work reasonably well in the short run when demand is low or moderate. The performance challenges of wholesale market institutions arise during the relatively small number of hours when
Gasoline price data systems
Timely observation on prices of gasoline at the wholesale and retail level by geographical area can serve several purposes: (1) to facilitate the monitoring of compliance with controls on distributor margins; (2) to indicate changes in the competitive structure of the distribution system; (3) to measure the incidence of changes in crude oil and refiner costs on retail prices by grade of gasoline, by type of retail outlet, and by geographic area; (4) to identify anomalies in the retail pricing structure that may create incentives for misfueling; and (5) to provide detailed time series data for use in evaluating conservation response to price changes. In order to provide the needed data for these purposes, the following detail on gasoline prices and characteristics of the sampling procedure appear to be appropriate: (1) monthly sample observations on wholesale and retail prices by gasoline grade and type of wholesale or retail dealer, together with volume weights; (2) sample size sufficient to provide detail by state and large cities; (3) responses to be tabulated and reports provided within 30 days after date of observation; and (4) a quick response sampling procedure that can provide weekly data, at least at the national level, when needed in time of rapidly changing prices. Price detail by state is suggested due to its significance for administrative purposes and since gasoline consumption data are estimated by state from other sources. Price detail for large cities are suggested in view of their relevancy as problem areas for vehicle emissions, reflecting one of the analytical uses of the data. In this report, current reporting systems and data on gasoline prices are reviewed and evaluated in terms of the needs outlined above. Recommendations are made for ways to fill the gaps in existing data systems to meet these needs.
Comparison of AEO 2008 Natural Gas Price Forecast to NYMEX Futures Prices
On December 12, 2007, the reference-case projections from Annual Energy Outlook 2008 (AEO 2008) were posted on the Energy Information Administration's (EIA) web site. We at LBNL have, in the past, compared the EIA's reference-case long-term natural gas price forecasts from the AEO series to contemporaneous natural gas prices that can be locked in through the forward market, with the goal of better understanding fuel price risk and the role that renewables can play in mitigating such risk. As such, we were curious to see how the latest AEO reference-case gas price forecast compares to the NYMEX natural gas futures strip. This brief memo presents our findings. Note that this memo pertains only to natural gas fuel price risk (i.e., the risk that natural gas prices might differ over the life of a gas-fired generation asset from what was expected when the decision to build the gas-fired unit was made). We do not take into consideration any of the other distinct attributes of gas-fired and renewable generation, such as dispatchability (or lack thereof) or environmental externalities. A comprehensive comparison of different resource types--which is well beyond the scope of this memo--would need to account for differences in all such attributes, including fuel price risk. Furthermore, our analysis focuses solely on natural-gas-fired generation (as opposed to coal-fired generation, for example), for several reasons: (1) price volatility has been more of a concern for natural gas than for other fuels used to generate power; (2) for environmental and other reasons, natural gas has, in recent years, been the fuel of choice among power plant developers (though its appeal has diminished somewhat as prices have increased); and (3) natural gas-fired generators often set the market clearing price in competitive wholesale power markets throughout the United States. That said, a more-complete analysis of how renewables mitigate fuel price risk would also need to consider coal and other fuel prices. Finally, we caution readers about drawing inferences or conclusions based solely on this memo in isolation: to place the information contained herein within its proper context, we strongly encourage readers interested in this issue to read through our previous, more-detailed studies, available at http://eetd.lbl.gov/ea/EMS/reports/53587.pdf or http://eetd.lbl.gov/ea/ems/reports/54751.pdf.
Bolinger, Mark A; Bolinger, Mark; Wiser, Ryan
The impact of information signals on market prices when agents have non-linear trading rules
system of market dynamics because of the non-proportional character of non-linearity. Thus, taking theory of efficient markets assumes identical investors having rational expectations of future stock
Agricultural commodity price forecasting accuracy: futures markets versus commercial econometric models
versus commercial econometric models Gordon C. RausserMARKETS VERSUS COM4ERCIAL ECONOMETRIC IDDELS by Gordon C.Futures Markets, snd Econometric Models Deeember, 19'7'6,
Rausser, Gordon C.; Just, Richard E.
An analysis of appraised values and actual transaction prices in the US CMBS market
This thesis addresses the characteristics of transaction-based indices and appraisal-based indices and compares the difference between appraisal and transaction price in the United States Commercial Mortgage-Backed Securities ...
Dolan, Yili Zhong
Short-Term Energy Outlook Model Documentation: Petroleum Product Prices Module
Reports and Publications (EIA)
The petroleum products price module of the Short-Term Energy Outlook (STEO) model is designed to provide U.S. average wholesale and retail price forecasts for motor gasoline, diesel fuel, heating oil, and jet fuel.
The Difficult Transition to Competitive Electricity Markets in the U.S.
This paper discusses the causes and consequences of state and federal initiatives to introduce wholesale and retail competition into the U.S. electricity sector from 1995. The development and performance of wholesale market institutions...
Joskow, Paul
Comparison of AEO 2009 Natural Gas Price Forecast to NYMEX Futures Prices
On December 17, 2008, the reference-case projections from Annual Energy Outlook 2009 (AEO 2009) were posted on the Energy Information Administration's (EIA) web site. We at LBNL have, in the past, compared the EIA's reference-case long-term natural gas price forecasts from the AEO series to contemporaneous natural gas prices that can be locked in through the forward market, with the goal of better understanding fuel price risk and the role that renewables can play in mitigating such risk. As such, we were curious to see how the latest AEO reference-case gas price forecast compares to the NYMEX natural gas futures strip. This brief memo presents our findings. Note that this memo pertains only to natural gas fuel price risk (i.e., the risk that natural gas prices might differ over the life of a gas-fired generation asset from what was expected when the decision to build the gas-fired unit was made). We do not take into consideration any of the other distinct attributes of gas-fired and renewable generation, such as dispatchability (or lack thereof), differences in capital costs and O&M expenses, or environmental externalities. A comprehensive comparison of different resource types--which is well beyond the scope of this memo--would need to account for differences in all such attributes, including fuel price risk. Furthermore, our analysis focuses solely on natural-gas-fired generation (as opposed to coal-fired or nuclear generation, for example), for several reasons: (1) price volatility has been more of a concern for natural gas than for other fuels used to generate power; (2) for environmental and other reasons, natural gas has, in recent years, been the fuel of choice among power plant developers; and (3) natural gas-fired generators often set the market clearing price in competitive wholesale power markets throughout the United States. That said, a more-complete analysis of how renewables mitigate fuel price risk would also need to consider coal, uranium, and other fuel prices. Finally, we caution readers about drawing inferences or conclusions based solely on this memo in isolation: to place the information contained herein within its proper context, we strongly encourage readers interested in this issue to read through our previous, more-detailed studies, available at http://eetd.lbl.gov/ea/EMS/reports/53587.pdf or http://eetd.lbl.gov/ea/ems/reports/54751.pdf.
Bolinger, Mark; Wiser, Ryan
Exemption from Wholesale Energy Transaction Tax (Montana)
Broader source: Energy.gov [DOE]
Electricity from wind generation on state lands is exempt from the wholesale energy transaction tax of $0.00015/kWh transmitted. Electricity from any source, including renewables, that is generated...
2012 Wholesale Power and Transmission Rate
the meaning given such term in section 3.3.5. "COU Parties' PF Rate" means any BPA wholesale power rate for service to COUs' "general requirements" (as defined in section...
Optimal spot market inventory strategies in the presence of cost and price risk
Optimal spot market inventory strategies in the presence ofeither increase or decrease inventory by buying or sellingof actively managing inventory during the period rather than
Guo, X.; Kaminsky, P.; Tomecek, P.; Yuen, M.
??Many firms employ Cause-Related Marketing (CRM) strategies that link product sales to the support of a charity to generate positive brand images. The global objective� (more)
Kim, Eun Kyoo
Price discrimination and limits to arbitrage: An analysis of global LNG markets
-ful?lling properties. 2 large-scale emergence of shale gas over the last few years has put strong downward pressure on US natural gas prices. Second, the US at present only has very limited LNG export capability; its infrastructure still re?ects the assumption... -seller pairings, but information on such individual transactions is generally unavailable. Also widely reported is an LNG price based on the Japanese Crude Cocktail (JCC); this re?ects oil-linked pric- ing formulae that underlie long-term supply contracts? rather...
Ritz, Robert A.
Open Automated Demand Response Communications in Demand Response for Wholesale Ancillary Services
in Demand Response for Wholesale Ancillary Services Silain Demand Response for Wholesale Ancillary Services Silasuccessfully in the wholesale non- spinning ancillary
Kiliccote, Sila
Two-Settlement Electric Power Markets with Dynamic-Price Contracts
system conditional on contract terms, prices, outdoor temperature, and other forcing terms Assoc's: Dr. Junjie Sun (Fin. Econ, OCC, U.S. Treasury, Wash, D.C.) Dr. Hongyan Li (Consulting Eng., ABB-Serving Entities") and retail energy consumers - integration of distributed renewable energy resources, e
Developing a Marketing Plan
Developing a good marketing plan will help you identify and quantify costs, set price goals, determine potential price outlook, examine production and price risk, and develop a strategy for marketing your crop. This publication describes...
Bevers, Stan; Waller, Mark L.; Amosson, Stephen H.; McCorkle, Dean
Microsoft Word - Enable New Products Services and Markets_Final...
(e.g., ability to accommodate disturbances or frequency variations). Retail and wholesale markets can play a major role in the management of these variables. The challenge...
supply models when wholesale prices are not observed. TheU.S. the results imply that wholesale prices are close tofor a particular market. Wholesale price data are typically
Effects of Temporal Wind Patterns on the Value of Wind-Generated Electricity in California and the Northwest
power system�s load and wholesale market prices [7-11]; thisgeographical area on the wholesale market value or capacityMontana and Wyoming) with wholesale power prices and loads
Wiser, Ryan H
The European carbon market (2005-2007): banking, pricing and risk-hedging strategies
. Keywords: Climate Change Policy; Emissions Trading; EU ETS; European carbon market; Banking Borrowing2010 #12;2 1 Introduction The European Union Emissions Trading Scheme (EU ETS) has been created
Comparing Price Forecast Accuracy of Natural Gas Models and Futures Markets
Update on Petroleum, Natural Gas, Heating Oil and Gasoline.of the Market for Natural Gas Futures. Energy Journal 16 (Modeling Forum. 2003. Natural Gas, Fuel Diversity and North
Wong-Parodi, Gabrielle; Dale, Larry; Lekov, Alex
Marketing involves the design, pricing, promotion and distribution of goods and services for consumers.
with the Elliott School of Communication, a new minor in Personal Selling is now available. Personal Selling to the $44,000 Clay Barton Scholarship. Admission When you choose to major in Marketing, you are admitted
2007 Wholesale Power Rate Case Initial Proposal : Revenue Requirement Study.
The purpose of this Study is to establish the level of revenues from wholesale power rates necessary to recover, in accordance with sound business principles, the Federal Columbia River Power System (FCRPS) costs associated with the production, acquisition, marketing, and conservation of electric power. The generation revenue requirement includes: recovery of the Federal investment in hydro generation, fish and wildlife and conservation costs; Federal agencies' operations and maintenance (O&M) expenses allocated to power; capitalized contract expenses associated with non-Federal power suppliers such as Energy Northwest (EN); other power purchase expenses, such as short-term power purchases; power marketing expenses; cost of transmission services necessary for the sale and delivery of FCRPS power; and all other generation-related costs incurred by the Administrator pursuant to law.
Market efficiency and the long-memory of supply and demand: Is price impact variable and permanent or fixed and temporary?
Market efficiency and the long-memory of supply and demand: Is price impact variable and permanent vs. seller initiated transactions. For example, during a period where there is an excess of buyer initiated transactions, there is also more liquidity for buy orders than sell orders, so that buy orders
Diagnosing Unilateral Market Power in Electricity Reserves Market
to diagnose allocative ine ciencies in the state's wholesale reserve markets. Material that has been largely in the state's energy markets (Hildebrandt [2001]; She rin [2001]; Borenstein, Bushnell and Wolak [2002Diagnosing Unilateral Market Power in Electricity Reserves Market Christopher R. Knittel
Rothman, Daniel
Market power and electricity market reform in Northeast China
The Northeast region of China has been used as a testing ground for creation of a functioning wholesale electric power market. We describe the ownership structure of the generation assets for those plants participating in ...
Zhang, Xiaochun
Taxes Motor Gasoline No. 2 Distillate Residual Fuel Oil Figure 4. U.S. Refiner Wholesale Petroleum Product Prices 0 20 40 60 80 100 120 J F M A M J J A S O N D 1998 Cents...
Gasoline and Diesel Fuel Update (EIA)
Taxes Motor Gasoline No. 2 Distillate Residual Fuel Oil Figure 4. U.S. Refiner Wholesale Petroleum Product Prices 0 20 40 60 80 100 120 J F M A M J J A S O N D 1999 Cents...
Finite utility on financial markets with asymmetric information and structure properties of the price
Finite utility on financial markets with asymmetric information and structure properties utility. We show that whenever an agent's expected utility is finite, S is a semimartingale with a DoobMeyer de composition featuring a martingale part and an information drift. The expected utility gain
Imkeller, Peter
Finite utility on financial markets with asymmetric information and structure properties utility. We show that whenever an agent's expected utility is finite, S is a semimartingale with a Doob-Meyer de- composition featuring a martingale part and an information drift. The expected utility gain
Santee-3-E Wholesale Power Rate Schedule | Department of Energy
Office of Energy Efficiency and Renewable Energy (EERE) Indexed Site
Santee-3-E Wholesale Power Rate Schedule Santee-3-E Wholesale Power Rate Schedule Area: None System: Georgia-Alabama-South Carolina This rate schedule shall be available to public...
The Minimum Price Contract
A minimum price contract is one of many tools a marketer may use to better manage price and production risk while trying to achieve financial goals and objectives. This publication discusses the advantages and disadvantages involved...
Waller, Mark L.; Amosson, Stephen H.; Welch, Mark; Dhuyvetter, Kevin C.
Safeguarding Truck-Shipped Wholesale and Retail Fuels (STSWRF)
Safeguarding Truck-Shipped Wholesale and Retail Fuels (STSWRF) Oak Ridge National Laboratory at the wholesaler/distributor level or below. This presents additional challenges in tracking untaxed fuel after approved ORNL's plan to conduct a Phase II Pilot Test titled Safeguarding Truck-Shipped Wholesale
Dutch Wholesale Company Highway 57 North Elnora, IN 47529
2011 Dutch Wholesale Company Highway 57 North · Elnora, IN 47529 TOLL FREE: (800) 472-9178 · FAX States only. J enclosed is a check payable to Dutch Wholesale Company J J please send payment with your! Thank You! Dutch Wholesale Company Highway 57 North Elnora, IN 47529 Phone: (800) 472-9178 Fax: (812
Integrating Small Scale Distributed Generation into a Deregulated Market: Control Strategies and Price Feedback
Small scale power generating technologies, such as gas turbines, small hydro turbines, photovoltaics, wind turbines and fuel cells, are gradually replacing conventional generating technologies, for various applications, in the electric power system. The industry restructuring process in the United States is exposing the power sector to market forces, which is creating competitive structures for generation and alternative regulatory structures for the transmission and distribution systems. The potentially conflicting economic and technical demands of the new, independent generators introduce a set of significant uncertainties. What balance between market forces and centralized control will be found to coordinate distribution system operations? How will the siting of numerous small scale generators in distribution feeders impact the technical operations and control of the distribution system? Who will provide ancillary services (such as voltage support and spinning reserves) in the new competitive environment? This project investigates both the engineering and market integration of distributed generators into the distribution system. On the technical side, this project investigates the frequency performance of a distribution system that has multiple small scale generators. Using IEEE sample distribution systems and new dynamic generator models, this project develops general methods for
Judith Cardell; Marija Ili?; Richard D. Tabors
Update On The Wholesale Electricity Price Forecast & Modeling Results
Control Board adopted a statewide water quality control policy on the use of Once Through Cooling (OTC Continue to Operate San Onofre 2,3 2,150 Continue to Operate Total 10,797 Continue to Operate Haynes CC 1,334 Retirement Scattergood 1-3 817 Retirement South Bay 1-4 693 Retirement Total 11,127 Retirement Alamitos 1-6 R
Wholesale Heating Oil Weekly Heating Oil and Propane Prices (October -
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr May Jun Jul(Summary) " ,"ClickPipelines About U.S. NaturalA. Michael SchaalNovember1. Foreign salesWestern Hemisphere4 Paul
Wholesale Propane Weekly Heating Oil and Propane Prices (October - March)
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr May Jun Jul(Summary) " ,"ClickPipelines About U.S. NaturalA. Michael SchaalNovember1. Foreign salesWestern Hemisphere4 Paul0.751
Power marketing and renewable energy
Power marketing refers to wholesale and retail transactions of electric power made by companies other than public power entities and the regulated utilities that own the generation and distribution lines. The growth in power marketing has been a major development in the electric power industry during the last few years, and power marketers are expected to realize even more market opportunities as electric industry deregulation proceeds from wholesale competition to retail competition. This Topical Issues Brief examines the nature of the power marketing business and its relationship with renewable power. The information presented is based on interviews conducted with nine power marketing companies, which accounted for almost 54% of total power sales by power marketers in 1995. These interviews provided information on various viewpoints of power marketers, their experience with renewables, and their respective outlooks for including renewables in their resource portfolios. Some basic differences exist between wholesale and retail competition that should be recognized when discussing power marketing and renewable power. At the wholesale level, the majority of power marketers stress the commodity nature of electricity. The primary criteria for developing resource portfolios are the same as those of their wholesale customers: the cost and reliability of power supplies. At the retail level, electricity may be viewed as a product that includes value-added characteristics or services determined by customer preferences.
Fang, J.M.
Price Discovery in the Natural Gas Markets of the United States and Canada
of stored natural gas. Weather variations have an obvious effect on natural gas prices. According to U.S. Department of Energy (U.S. Department of Energy (U.S.DOE), 2003), natural gas demand during winter months is more than 1.5 times daily winter... Deviation Minimum (Date) Maximum (Date) Henry Huba 4.54 2.71 1.03 (12/04/1998) 19.38 (02/25/2003) Chicago 4.55 2.64 1.23 (12/04/1998) 23.00 (02/02/1996) New York 5.36 3.61 1.34 (12/04/1998) 55.00 (01/14/2004) Malin 4.22 2.97 0.93 (02...
Olsen, Kyle
Consumer Demand under Price Uncertainty: Empirical Evidence from the Market for Cigarettes
NY,t#5;1 #1; di#15;pChi,t#5;1 #1; ei#15;pLA,t#5;1 #1; eit. (9) 13 We observe prices in the BLS data set for a much longer time period than we observe smoking choices in the NELS. Thus our analysis of smoking behavior reported in section IV of this paper...-test for the null hypothesis that ci #2; di #2; ei #2; 0 for the 24 cities that are not New York, Chicago, or Los Angeles. We find that the null hypothesis is rejected for 15 out the 24 cities at 5%. But we can only reject the null at 1% three times. We then pick...
Coppejans, Mark; Gilleskie, Donna; Sieg, Holger; Strumpf, Koleman
Testing The Effects Of Price Responsive Demand On Uniform Price And Soft-Cap Electricity Auctions
Testing The Effects Of Price Responsive Demand On Uniform Price And Soft-Cap Electricity Auctions R. The soft-cap market has not worked well. Spot prices for electricity in California remained consistently of different electric power markets with respect to price volatility and average market price. In particular
Fewer Prices than Zones Steven Stoft
of the FERC or of its Office of Economic Policy. Nodal energy spot prices induce a least-cost dispatch are priced explicitly instead of implicitly through nodal energy price differences. Pricing transmission energy spot market. Even including the hub price, there are fewer CP+Hub prices than zonal prices
Relative efficiency benefits of wholesale and retail competition in electricity: An analysis and a research agenda
A central issue in the debate over restructuring the electric power industry is the extent to which the market should be open to competition. One aspect of this debate is whether competition ought to be restricted to the whole sale power market or be extended to final retail consumers. This report begins to explore the potential differences in economic efficiency between wholesale and retail competition in the electric power industry. The two market-structure scenarios are defined and the factors responsible for differences in efficiency are described. The report also contains an assessment of the relative importance of the factors and recommendations for pursuing further research.
Bohi, D.R.; Palmer, K.L. [Resources for the Future, Inc., Washington, DC (United States)] [Resources for the Future, Inc., Washington, DC (United States)
Wholesale Power and Transmission Rate Projections 1993--2014 and Historical Wholesale Power Rates 1939--1992.
This document provides a range of high, medium, and low case long-term projections of Bonneville Power Administration`s (BPA) wholesale power rates and a medium case long-term projection of BPA`s wheeling rates. These projections are produced annually by BPA. BPA uses these projections in long-term marketing, resource, transmission, and financial planning assessments. BPA`s projections also are used by public utility commissions, utilities, and others for a variety of planning purposes. The analysis used for these rate projections assumes that current rate making methodologies continue into the future and are further based on certain assumptions about regional loads, extra-regional markets, the costs of resources, BPA`s financial requirements, and the capability of the region`s power plants. While these projections are intended to address the overall uncertainty in rate levels, BPA realizes that the future will not reflect any specific set of assumptions. The rate projections in this document have been prepared prior to the Draft 1993 BPA Marketing Plan, the implementation of which is almost certain to push BPA away from any set of assumptions in this document. Therefore, this document can be thought of as representing the ``old`` BPA with its products and policies. It can be viewed as a starting point or reference point to measure the impact of the ``new`` BPA with its Marketing Plan, and the broader undertaking referred to as the Competitiveness Project.
US Bonneville Power Administration
A review of the monitoring of market power : the possible roles of TSOs in monitoring for market power issues in congested transmission systems
The paper surveys the literature and publicly available information on market power monitoring in electricity wholesale markets. After briefly reviewing definitions, strategies and methods of mitigating market power we ...
Twomey, Paul
Risk Analysis of Interruptible Load Contracts Paula Rocha
that the retailer absorbs the entire risk of volatile wholesale prices. Since customers are unaware of wholesale and volatile wholesale prices were averaged and spread out over long periods. In restructured power markets
Guillas, Serge
Postgraduate Scholarship Pricing temperature derivatives and modelling
the volumetric risk of the energy units sold, rather than the price risk of each unit. Weather derivativesPostgraduate Scholarship Pricing temperature derivatives and modelling the market price of risk: Pricing temperature derivatives and modelling the market price of risk. Main Supervisor: A. Alexandridis
Banaji,. Murad
Petroleum Marketing Monthly, April 1984
The preliminary statistics for April 1984 show that total refiner/gas plant operator sales of selected petroleum products (measured in gallons per day) decreased by 8.6% compared with final March sales. Declines in sales were reported for all products except premium motor gasoline, aviation gasoline, and No. 2 diesel. Refiner/gas plant operator price changes were mixed in April. At the retail level, No. 2 distillate prices were down, as were retail prices for kerosene-type jet fuel, kerosene, No. 1 distillate, and No. 4 fuel oil. Retail prices for motor gasoline, aviation gasoline, high-sulfur residual fuel oil, and propane increased. Motor gasoline prices also increased at the wholesale level, as did wholesale prices of No. 2 fuel oil and high-sulfur residual fuel. The April sales activity for each of the principal product groups is summarized. 12 figures, 59 tables.
The world price of coal
A significant increase in the seaborne trade for coal over the past twenty years has unified formerly separate coal markets into a world market in which prices move in tandem. Due to its large domestic market, the United ...
Ellerman, A. Denny
??In the extensive literature on price dispersions that exists to date, there is a gap in the analysis of how market structure affects prices as� (more)
Bhattacharya, Tanmoy
Costs and Benefits of Renewables Portfolio Standards in the United States
reductions to wholesale energy market clearing prices areSystem Operator (CAISO) energy market In general, costhistorical Midwest energy spot-market prices as the basis
RETAIL PRICES CONTENTS Page Tuna, Canned White Meat Tuna. (Albacore), Solid Pack, In Oil All BrandsCANNED FISH RETAIL PRICES UNITED STATES DEPARTMENT OF THE INTERIOR FISH AND WILDLIFE SERVICE BUREAU PRICES APRIL 1959 Prepared in the Bureau of Commercial Fisheries Branch of Market Development FISHERY
Designing pricing strategies for coordination of networked distributed energy resources
Designing pricing strategies for coordination of networked distributed energy resources Bahman, by a group of distributed energy resources (DERs). The aggregator interacts with the wholesale electricity. The objective is for the aggregator to design a pricing strategy for incentivizing DERs to modify their active
Liberzon, Daniel
Modeling intraurban price competition: an example of gasoline pricing
Three interacting market models are considered as models for intraurban retail price variation for a single homogenous good, price-posted gasoline. Modifications include spatial markets instead of interacting economic sectors and supply functions independent of price levels in other markets. The final section discusses the results of fitting one of the models to gasoline data for the city of Sheffield during a period of intensifying price competition in the first quarter of 1982. It is concluded, with respect to gasoline price modeling, both independent and interacting market models exist but at different intraurban scales. 15 references, 1 figure, 1 table.
Haining, R.
Not All Large Customers are Made Alike: Disaggregating Response toDefault-Service Day-Ahead Market Pricing
For decades, policymakers and program designers have gone onthe assumption that large customers, particularly industrial facilities,are the best candidates for realtime pricing (RTP). This assumption isbased partly on practical considerations (large customers can providepotentially large load reductions) but also on the premise thatbusinesses focused on production cost minimization are most likely toparticipate and respond to opportunities for bill savings. Yet fewstudies have examined the actual price response of large industrial andcommercial customers in a disaggregated fashion, nor have factors such asthe impacts of demand response (DR) enabling technologies, simultaneousemergency DR program participation and price response barriers been fullyelucidated. This second-phase case study of Niagara Mohawk PowerCorporation (NMPC)'s large customer RTP tariff addresses theseinformation needs. The results demonstrate the extreme diversity of largecustomers' response to hourly varying prices. While two-thirdsexhibitsome price response, about 20 percent of customers provide 75-80 percentof the aggregate load reductions. Manufacturing customers are mostprice-responsive as a group, followed by government/education customers,while other sectors are largely unresponsive. However, individualcustomer response varies widely. Currently, enabling technologies do notappear to enhance hourly price response; customers report using them forother purposes. The New York Independent System Operator (NYISO)'semergency DR programs enhance price response, in part by signaling tocustomers that day-ahead prices are high. In sum, large customers docurrently provide moderate price response, but there is significant roomfor improvement through targeted programs that help customers develop andimplement automated load-response strategies.
Hopper, Nicole; Goldman, Charles; Neenan, Bernie
Price-Responsive Load (PRL) Program - Framing Paper No.1
By definition, effective and efficient competitive markets need a supply side and a demand side. One criticism of electric restructuring efforts in many states is that most of the attention has been focused on the supply side, in a market focused on the short term. In general, the demand side of the market has been under-addressed. The objective of the New England Demand Response Initiative (NEDRI) is to develop a comprehensive, coordinated set of demand response programs for the New England regional power markets. NEDRI aims to maximize the capability of demand response to compete in the wholesale market and to improve the economic efficiency and environmental profile of the electric sector. To those ends, NEDRI is focusing its efforts in four interrelated areas: (1) ISO-level reliability programs, (2) Market-based price-responsive load programs, (3) Demand response at retail through pricing, rate design, and advanced metering, and (4) End-use energy efficiency resources as demand response. The fourth area, energy efficiency, is the subject of this framing paper. Energy efficiency reduces the energy used by specific end-use devices and systems, typically without affecting the level of service and without loss of amenity. Energy savings and peak load reductions are achieved by substituting technically more advanced equipment, processes, or operational strategies to produce the same or an improved level of end-use service with less electricity. In contrast, load management programs lower peak demand during specific, limited time periods by either (1) influencing the timing of energy use by shifting load to another time period, or (2) reducing the level of energy use by curtailing or interrupting the load, typically with some loss of service or amenity.
Goldman, Charles A.
Configuring load as a resource for competitive electricity markets--Review of demand response programs in the U.S. and around the world
The restructuring of regional and national electricity markets in the U.S. and around the world has been accompanied by numerous problems, including generation capacity shortages, transmission congestion, wholesale price volatility, and reduced system reliability. These problems have created new opportunities for technologies and business approaches that allow load serving entities and other aggregators to control and manage the load patterns of wholesale and retail end-users they serve. Demand Response Programs, once called Load Management, have re-emerged as an important element in the fine-tuning of newly restructured electricity markets. During the summers of 1999 and 2001 they played a vital role in stabilizing wholesale markets and providing a hedge against generation shortfalls throughout the U.S.A. Demand Response Programs include ''traditional'' capacity reservation and interruptible/curtailable rates programs as well as voluntary demand bidding programs offered by either Load Serving Entities (LSEs) or regional Independent System Operators (ISOs). The Lawrence Berkeley National Lab (LBNL) has been monitoring the development of new types of Demand Response Programs both in the U.S. and around the world. This paper provides a survey and overview of the technologies and program designs that make up these emerging and important new programs.
Heffner, Grayson C.
A Dynamic Supply-Demand Model for Electricity Prices Manuela Buzoianu
A Dynamic Supply-Demand Model for Electricity Prices Manuela Buzoianu , Anthony E. Brockwell, and Duane J. Seppi Abstract We introduce a new model for electricity prices, based on the principle in a study of Californian wholesale electricity prices over a three-year period including the crisis period
784 IEEE TRANSACTIONS ON SUSTAINABLE ENERGY, VOL. 3, NO. 4, OCTOBER 2012 Market Solutions for Managing Ramp Flexibility
uncertainty and variability, too. Current practices in wholesale energy markets to compen- sate for such ramp784 IEEE TRANSACTIONS ON SUSTAINABLE ENERGY, VOL. 3, NO. 4, OCTOBER 2012 Market Solutions- nomic dispatch (SCED). I. INTRODUCTION THE wholesale electricity markets administered by Inde- pendent
McCalley, James D.
Analysis of Residential Demand Response and Double-Auction Markets
Demand response and dynamic pricing programs are expected to play increasing roles in the modern Smart Grid environment. While direct load control of end-use loads has existed for decades, price driven response programs are only beginning to be explored at the distribution level. These programs utilize a price signal as a means to control demand. Active markets allow customers to respond to fluctuations in wholesale electrical costs, but may not allow the utility to control demand. Transactive markets, utilizing distributed controllers and a centralized auction can be used to create an interactive system which can limit demand at key times on a distribution system, decreasing congestion. With the current proliferation of computing and communication resources, the ability now exists to create transactive demand response programs at the residential level. With the combination of automated bidding and response strategies coupled with education programs and customer response, emerging demand response programs have the ability to reduce utility demand and congestion in a more controlled manner. This paper will explore the effects of a residential double-auction market, utilizing transactive controllers, on the operation of an electric power distribution system.
Fuller, Jason C.; Schneider, Kevin P.; Chassin, David P.
Commerical Price - Marketers
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr May Jun Jul(Summary) " ,"ClickPipelines About U.S.30Natural Gas Glossary529 633 622 56623 4623 42 180 208Summaary99
851 S.W. Sixth Avenue, Suite 1100 Steve Crow 503-222-5161 Portland, Oregon 97204-1348 Executive Director 800-452-5161
wholesale power market prices. These forecasts provide current projections of the long-term trend of future wholesale electricity prices. Uncertainty regarding the future trend of wholesale power prices is a source of risk for resource development in the Northwest. Staff will input the long-term wholesale power market
An Institutional Frame to Compare Alternative Market Designs in EU Electricity Balancing
The so-called � electricity wholesale market� is, in fact, a sequence of several markets. The chain is closed with a provision for � balancing,� in which energy from all wholesale markets is balanced under the authority of the Transmission...
Glachant, Jean-Michel; Saguan, Marcelo
Prices and Price Setting.
??abstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects� (more)
R.P. Faber (Riemer)
Demand Response Assessment INTRODUCTION
-time prices can give these customers incentives that follow wholesale market costs very precisely every hour and transparent real-time wholesale prices for our region. Any application of real-time retail prices will need all parties' trust that the prices are fair representations of the wholesale market. The hourly prices
The geographic expanse of the market for wholesale electricity
This paper exploits a large mine-level database to contribute to our understanding of the micro-sources of productivity growth. The database contains observations for labor input and coal output at every mine in the United ...
Bailey, Elizabeth M.
Electric Wholesale Market Regimes in the United States: Implications for
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr May Jun Jul(Summary) "ofEarly Career Scientists'Montana.Program - LibbyofThisStatement
Revisiting the Long-Term Hedge Value of Wind Power in an Era of Low Natural Gas Prices
wear and tear on gas-fired power plants from the increasedon natural gas and wholesale power prices has also made itcheap natural gas and wind power in the years ahead (Lee et
Bolinger, Mark
The Allocative Cost of Price Ceilings: Lessons to be Learned from the U.S. Residential Market for Natural Gas,� Unpublished paper
Following a Supreme Court decision in 1954, natural gas markets in the U.S. were subject to 35 years of intensive federal regulation. Several studies have measured the deadweight loss from the price ceilings that were imposed during this period. This paper concentrates on an additional component of welfare loss that is rarely discussed. In particular, when there is excess demand for a good such as natural gas for which secondary markets do not exist, an additional welfare loss occurs when the good is not allocated to the buyers who value it the most. We quantify the overall size of this allocative cost, its evolution during the post-war period, and its geographical distribution across states, and we highlight implications of our analysis for the regulation of other markets. Using a household-level, discrete-continuous model of natural gas demand we estimate that the allocative cost averaged $8.1 billion annually in the U.S. residential market for natural gas during 1950-2000, effectively doubling previous estimates of the total welfare losses from natural gas regulation. We find that these allocative costs were borne disproportionately by households in the Northeast, Midwest, and South Atlantic states.
Lucas W. Davis; Lutz Kilian; Jel D; Comments William; James Adams; James R. Hines
What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
is Sovereign Credit Risk? � American Economic Journal:3), (August, Part 1). Amato, Jeffry D. 2005 �Risk Aversionand Risk Premia in the CDS Market�, BIS Quarterly Review,
Aizenman, Joshua; Hutchison, Michael; Jinjarak, Yothin
airport portland oregon: Topics by E-print Network
Oregon February 25, 2009 MEMORANDUM TO: Power Committee FROM: Maury Galbraith wholesale power market prices. Under "medium" fuel price and carbon dioxide (CO2) emission price...
Vertical Integration in Gasoline Supply: An Empirical Test of Raising Rivals' Costs
erentials in wholesale and retail gasoline prices, sometimesand control retail gasoline prices, while still permittingnopolize retail gasoline markets and raise prices. Several
Gilbert, Richard; Hastings, Justine
select h.*, p.Price as Price, NestXML(p.PricingConditions,
select h.*, p.Price as Price, NestXML(p.PricingConditions, p.PNGImage) as AdditionalData from Hyper Passau, Germany New Supplier Market Place select p.ProductDescription, c.Supplier, c.AdditionalData, c.Price by p.ProductDescription, c.Price expires Friday, March 29, 2002 5:00:00 PM CET Register Products XML
Kemper, Alfons
Fiber to the Premise (FTTP) Industry Structure: Implications of a Wholesale-Retail Split
Fiber to the Premise (FTTP) Industry Structure: Implications of a Wholesale-Retail Split Anupam. In other cases, either out of choice or regulation, we observe the network owner (the wholesaler) leasing the shared network (wholesale-retail split). The network owner can either wholesale dark fiber or "lit
Sirbu, Marvin
Company Name: C&S Wholesale Grocers Web Site: http://weselectthebest.com/
Company Name: C&S Wholesale Grocers Web Site: http://weselectthebest.com/ Industry: Wholesale and rewarding. New England-based C&S Wholesale Grocers is the leading supply chain company in the food industry. It is the largest wholesale grocery supplier in the U.S and the 9th-largest privately held company in the nation
New Hampshire, University of
Energy Spot Price Models and Spread Options Pricing Samuel Hikspoors and Sebastian Jaimungal a
Energy Spot Price Models and Spread Options Pricing Samuel Hikspoors and Sebastian Jaimungal In this article, we construct forward price curves and value a class of two asset exchange options for energy the implied market prices of risk for this commodity. 1. Introduction The energy commodity markets
Jaimungal, Sebastian
What is the Price of Carbon? Five definitions
. The social cost of carbon, 4. The politically negotiated value and 5. CO2 market prices. TABLE OF CONTENTS 1. The social cost of carbon: SCC 5. Politically negotiated value: the "shadow price" 6. CO2 market prices 7. The social cost of carbon, 4. The politically negotiated value and 5. CO2 market prices. 2. THE EXPECTED
Experimental Markets for Product Concepts
Market prices are well known to efficiently collect and aggregate diverse information regarding the value of commodities and assets. The role of markets has been particularly suitable to pricing financial securities. This ...
Chan, Nicholas T.
Market Design Test Environments
Power industry restructuring continues to evolve at multiple levels of system operations. At the bulk electricity level, several organizations charged with regional system operation are implementing versions of a Wholesale Power Market Platform (WPMP) in response to U.S. Federal Energy Regulatory Commission initiatives. Recently the Energy Policy Act of 2005 and several regional initiatives have been pressing the integration of demand response as a resource for system operations. These policy and regulatory pressures are driving the exploration of new market designs at the wholesale and retail levels. The complex interplay among structural conditions, market protocols, and learning behaviors in relation to short-term and longer-term market performance demand a flexible computational environment where designs can be tested and sensitivities to power system and market rule changes can be explored. This paper presents the use of agent-based computational methods in the study of electricity markets at the wholesale and retail levels, and distinctions in problem formulation between these levels.
Widergren, Steven E.; Sun, Junjie; Tesfatsion, Leigh
Annual Report on U.S. Wind Power Installation, Cost, and Performance Trends: 2006
levelized costs; (2) in regions where capacity markets exist, wholesale prices presumably reflect only the value of energy,
Trends in demand for retail and wholesale cuts of meat
TRENDS IN DEMAND FOR RETAIL AND WHOLESALE CUTS OF MEAT A Thesis by DAVID WAYNE HOLLOWAY Submitted to the Office of Graduate Studies of Texas ARM University in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE... December 1990 Major Subject: Agricultural Economics TRENDS IN DEMAND FOR RETAIL AND WHOLESALE CUTS OF MEAT A Thesis by DAVID WAYNE HOLLOWAY Approved as to style and content by: Donald E. Farris (Chair of Committee) Carl E. Shafer (Member) Rudo J...
Holloway, David Wayne
Pollution and the price of power
This study analyses the un-priced environmental harm caused by generating electricity from fossil fuels in the ECAR control region south of the Great Lakes in 2004 and again in 2015 when the recent Clean Air Interstate Rule will have its full effect. Using existing damage values, we estimate wholesale electricity under-pricing for coal-fired plants at about $40 per MWh in 2004, almost as much again as the $45/MWh actual price. Averaging across all fuels, the price of electricity was more than $30/MWh too low. The under-pricing will still be $18/MWh for coal plants and $15 for all generation sources in 2015, a decade after CAIR was adopted. Recognizing this environmental price now could reduce pollution levels, increase energy conservation and lead to wiser choices of new generation technology.
Dewees, D.N. [University of Toronto, Toronto, ON (Canada). Dept. of Economics
Market Technical Analysis for the iMarket Meter Data Management System
Based on recent success with Swift�s iMarket Meter Data Management System (MDMS) product in the Southwest Power Pool (SPP), additional wholesale energy markets need to be analyzed to determine the feasibility of marketing and selling the MDMS...
Lowe, Patrick
Two-Settlement Systems for Electricity Markets: Zonal Aggregation Under Network Uncertainty and Market Power
, wholesale electricity markets have gone through fundamental changes in the U.S. and around the world.1PWP-091 Two-Settlement Systems for Electricity Markets: Zonal Aggregation Under Network Uncertainty and Market Power Rajnish Kamat and Shmuel S. Oren February, 2002 This paper is part of the working papers
Market Power in California's Gasoline Market
Price Study Kayser, Hilke A. , 2000. Gasoline Demand andCar Choice: Estimating Gasoline Demand Using HouseholdIN GASOLINE MARKETS.
Borenstein, Severin; Bushnell, James; Lewis, Matthew
Table 19. U.S. Refiner Residual Fuel Oil Prices
Prices," source for backcast estimates prior to January 1983. 19. U.S. Refiner Residual Fuel Oil Prices 36 Energy Information Administration Petroleum Marketing Annual 1996...
Prices," source for backcast estimates prior to January 1983. 19. U.S. Refiner Residual Fuel Oil Prices 36 Energy Information Administration Petroleum Marketing Annual 1997...
Competitive electricity markets and investment in new generating capacity
Evidence from the U.S. and some other countries indicates that organized wholesale markets for electrical energy and operating reserves do not provide adequate incentives to stimulate the proper quantity or mix of generating ...
antiretroviral medicines markets: Topics by E-print Network
of China has been used as a testing ground for creation of a functioning wholesale electric power market. We describe the ownership structure of the generation assets for those...
Foreign Fishery Developments Aid Eyed for Italy's Ailing Marine Fishery
wholesale market prices, exvessel prices, landings, imports, and move- ments of fishery products both in wholesale prices for fresh and frozen fishery products traded in New York merchandising centers. The Boston in selected New England ports, Chicago market receipts, and frozen wholesale prices for the New England
IOWA STATE UNIVERSITY Department of Economics
for market participants in wholesale power markets that use Locational Marginal Prices (LMPs) to manage--Congestion forecasting, price forecasting, wholesale power market, locational marginal price, load partitioning, convex power markets is managed by Locational Marginal Prices (LMPs), the pricing of power in accordance
An Equilibrium Pricing Model for Weather Derivatives in a Multi-commodity Setting
earnings in many industries. [Dutton, 2002] es- timates that one third of private industry activities, the wholesale electricity price in the US Midwest rose to $7000/MWh, causing the default of two East Coast electricity companies. At that time the normal price range was around $30 $60. In Texas during a three
Real Time Pricing as a Default or Optional Service for C&ICustomers: A Comparative Analysis of Eight Case Studies
Demand response (DR) has been broadly recognized to be an integral component of well-functioning electricity markets, although currently underdeveloped in most regions. Among the various initiatives undertaken to remedy this deficiency, public utility commissions (PUC) and utilities have considered implementing dynamic pricing tariffs, such as real-time pricing (RTP), and other retail pricing mechanisms that communicate an incentive for electricity consumers to reduce their usage during periods of high generation supply costs or system reliability contingencies. Efforts to introduce DR into retail electricity markets confront a range of basic policy issues. First, a fundamental issue in any market context is how to organize the process for developing and implementing DR mechanisms in a manner that facilitates productive participation by affected stakeholder groups. Second, in regions with retail choice, policymakers and stakeholders face the threshold question of whether it is appropriate for utilities to offer a range of dynamic pricing tariffs and DR programs, or just ''plain vanilla'' default service. Although positions on this issue may be based primarily on principle, two empirical questions may have some bearing--namely, what level of price response can be expected through the competitive retail market, and whether establishing RTP as the default service is likely to result in an appreciable level of DR? Third, if utilities are to have a direct role in developing DR, what types of retail pricing mechanisms are most appropriate and likely to have the desired policy impact (e.g., RTP, other dynamic pricing options, DR programs, or some combination)? Given a decision to develop utility RTP tariffs, three basic implementation issues require attention. First, should it be a default or optional tariff, and for which customer classes? Second, what types of tariff design is most appropriate, given prevailing policy objectives, wholesale market structure, ratemaking practices and standards, and customer preferences? Third, if a primary goal for RTP implementation is to induce DR, what types of supplemental activities are warranted to support customer participation and price response (e.g., interval metering deployment, customer education, and technical assistance)?
Barbose, Galen; Goldman, Charles; Bharvirkar, Ranjit; Hopper,Nicole; Ting, Michael; Neenan, Bernie
Coal markets squeeze producers
Supply/demand fundamentals seem poised to keep prices of competing fossil fuels high, which could cushion coal prices, but increased mining and transportation costs may squeeze producer profits. Are markets ready for more volatility?
Ryan, M.
The U.S. wind industry experienced a banner year in 2008, again surpassing even optimistic growth projections from years past. At the same time, the last year has been one of upheaval, with the global financial crisis impacting near-term growth prospects for the wind industry, and with federal policy changes enacted to push the industry towards continued aggressive expansion. This rapid pace of development has made it difficult to keep up with trends in the marketplace. Yet, the need for timely, objective information on the industry and its progress has never been greater. This report - the third of an ongoing annual series - attempts to meet this need by providing a detailed overview of developments and trends in the U.S. wind power market, with a particular focus on 2008. As with previous editions, this report begins with an overview of key wind power installation-related trends: trends in wind capacity growth in the U.S., how that growth compares to other countries and generation sources, the amount and percentage of wind in individual states and serving specific utilities, and the quantity of proposed wind capacity in various interconnection queues in the United States. Next, the report covers an array of wind industry trends, including developments in turbine manufacturer market share, manufacturing and supply-chain investments, wind turbine and wind project size, project financing developments, and trends among wind power developers, project owners, and power purchasers. The report then turns to a discussion of wind project price, cost, and performance trends. In so doing, it reviews the price of wind power in the United States, and how those prices compare to the cost of fossil-fueled generation, as represented by wholesale power prices. It also describes trends in installed wind project costs, wind turbine transaction prices, project performance, and operations and maintenance expenses. Next, the report examines other policy and market factors impacting the domestic wind power market, including federal and state policy drivers, transmission issues, and grid integration. Finally, the report concludes with a preview of possible near- to medium-term market developments. This version of the Annual Report updates data presented in the previous editions, while highlighting key trends and important new developments from 2008. New to this edition is an executive summary of the report and an expanded final section on near- to medium-term market development. The report concentrates on larger-scale wind applications, defined here as individual turbines or projects that exceed 50 kW in size. The U.S. wind power sector is multifaceted, however, and also includes smaller, customer-sited wind turbines used to power the needs of residences, farms, and businesses. Data on these applications are not the focus of this report, though a brief discussion on Distributed Wind Power is provided on page 4. Much of the data included in this report were compiled by Berkeley Lab, and come from a variety of sources, including the American Wind Energy Association (AWEA), the Energy Information Administration (EIA), and the Federal Energy Regulatory Commission (FERC). The Appendix provides a summary of the many data sources used in the report. Data on 2008 wind capacity additions in the United States are based on information provided by AWEA; some minor adjustments to those data may be expected. In other cases, the data shown here represent only a sample of actual wind projects installed in the United States; furthermore, the data vary in quality. As such, emphasis should be placed on overall trends, rather than on individual data points. Finally, each section of this document focuses on historical market information, with an emphasis on 2008; with the exception of the final section, the report does not seek to forecast future trends.
Wiser, Ryan H.; Bolinger, Mark; Barbose, G.; Mills, A.; Rosa, A.; Porter, K.; Fink, S.; Tegen, S.; Musial, W.; Oteri, F.; Heimiller, D.; Rberts, B.; Belyeu, K.; Stimmel, R.
Charts and graphs: NUKEM Uranium price ange data; NUKEM Uranium historical price graph; U.S. DOE & euratom average contract prices for natural uranium; NUKEM SWU historical price graph; NUKEM SWU spot/secondary price range; U.S. DOE separative work prices data
This article is the uranium market data summary. It contains data for the following subjects: (1) March 1996 transactions, (2) Uranium price range data, (3) Historical uranium price range data, (4) DOE and Euratom average contract prices for natural uranium, (5) SWU historical price data, (6) SWU/spot/secondary price range data, and (7) DOE SWU prices data.
Fairness and dynamic pricing: comments
In ''The Ethics of Dynamic Pricing,'' Ahmad Faruqui lays out a case for improved efficiency in using dynamic prices for retail electricity tariffs and addresses various issues about the distributional effects of alternative pricing mechanisms. The principal contrast is between flat or nearly constant energy prices and time-varying prices that reflect more closely the marginal costs of energy and capacity. The related issues of fairness criteria, contracts, risk allocation, cost allocation, means testing, real-time pricing, and ethical policies of electricity market design also must be considered. (author)
Hogan, William W.
Energy Information Administration / Petroleum Marketing Annual...
55 Energy Information Administration Petroleum Marketing Annual 1997 Prices of Petroleum Products Table 31. Motor Gasoline Prices by Grade, Sales Type, PAD District, and State...
Fundamental Drivers of Pacific Northwest Power Markets
, utilities, power marketers, investors, and others on wholesale electricity and natural gas markets. Experts Load Transmission Thermal Hydro Wind (2005) #12;Natural Gas Capacity 6 5,000 MW of Natural Gas;Natural Gas Power Plant Production is Significantly Down 2010 to 2012 13 #12;Mid C Peak Heat Rates 14
Transmission Rights and Market Power James Bushnell
wholesale electricity markets, and their associated Independent System Operators (ISOs), now formingPWP-062 Transmission Rights and Market Power James Bushnell April, 1999 This paper is part of the working papers series of the Program on Workable Energy Regulation (POWER). POWER is a program
Definitions of Marketing Terms
Extension Service.. Dean McCorkle and Kevin Dhuyvetter* Cash Market Cash marketing basis ? the difference be- tween a cash price and a futures price of a par- ticular commodity on a given futures exchange. It is calculated as: Basis = cash price - futures... price. Basis can be positive or negative. Basis contract ? an agreement between a producer and a grain elevator (or feedlot) that specifi es the cash price upon future delivery as a fi xed amount in relation to the futures price (above or below...
McCorkle, Dean; Dhuyvetter, Kevin C.
The Role of Demand Response in Default Service Pricing
and Pennsylvania use the PJM real-time spot market price tosince the hourly real-time PJM prices are not known untilfive minutes. The hourly PJM price is a weighted average of
Barbose, Galen; Goldman, Chuck; Neenan, Bernie
2007 Wholesale Power Rate Case Final Proposal : Wholesale Power Rate Development Study.
The Wholesale Power Rate Development Study (WPRDS) serves two primary purposes. It synthesizes information supplied by the other final studies that comprise the BPA rate proposal and shows the actual calculations for BPA's power rates. In addition, the WPRDS is the primary source for certain information used in establishing the power rates. Information developed in the WPRDS includes rate design (including seasonal and diurnal shapes for energy rates, demand, and load variance rates), the risk mitigation tools (Cost Recovery Adjustment Clause (CRAC), along with the [N]ational Marine Fisheries Service [F]ederal Columbia River Power System [B]iological Opinion (NFB) Adjustment, the Emergency NFB Surcharge, and Dividend Distribution Clause (DDC)), development of the Slice rate, and all discounts and other adjustments that are included in the rate schedules and the General Rate Schedule Provisions. The WPRDS also includes the description of the methodology for the Cost of Service Analysis (COSA), and the various rate design steps necessary to establish BPA's power rates. The WPRDS also shows the calculations for inter-business line revenues and expenses, the revenue forecast and, finally, includes a description of all of the rate schedules. The actual rate schedules are shown in ''Administrator's Final Record of Decision (ROD), Appendix A: 2007 Wholesale Power Rate Schedules and General Rate Schedule Provisions, WP-07-A-02''. The WPRDS also includes the Partial Resolution of Issues, shown in Attachment 1 of the ROD. The Partial Resolution of Issues affected many of the features described in this study. These are noted where appropriate.
every five minutes. The hourly PJM real time market price iscomposite five-minute prices. PJM also administers a day-and Pennsylvania use the PJM real-time market as the basis
Barbose, Galen; Goldman, Charles; Neenan, Bernie
Robust management and pricing of LNG contracts with cancellation ...
account that price-risk is driven by international markets, while volume-risk depends .... In Europe and North America energy derivatives and physical markets�...
The Organization of Midwest ISO States (OMS) launched the Midwest Demand Resource Initiative (MWDRI) in 2007 to identify barriers to deploying demand response (DR) resources in the Midwest Independent System Operator (MISO) region and develop policies to overcome them. The MWDRI stakeholders decided that a useful initial activity would be to develop more detailed information on existing retail DR programs and dynamic pricing tariffs, program rules, and utility operating practices. This additional detail could then be used to assess any"seams issues" affecting coordination and integration of retail DR resources with MISO's wholesale markets. Working with state regulatory agencies, we conducted a detailed survey of existing DR programs, dynamic pricing tariffs, and their features in MISO states. Utilities were asked to provide information on advance notice requirements to customers, operational triggers used to call events (e.g. system emergencies, market conditions, local emergencies), use of these DR resources to meet planning reserves requirements, DR resource availability (e.g., seasonal, annual), participant incentive structures, and monitoring and verification (M&V) protocols. This report describes the results of this comprehensive survey and discusses policy implications for integrating legacy retail DR programs and dynamic pricing tariffs into organized wholesale markets. Survey responses from 37 MISO members and 4 non-members provided information on 141 DR programs and dynamic pricing tariffs with a peak load reduction potential of 4,727 MW of retail DR resource. Major findings of this study area:- About 72percent of available DR is from interruptible rate tariffs offered to large commercial and industrial customers, while direct load control (DLC) programs account for ~;;18percent. Almost 90percent of the DR resources included in this survey are provided by investor-owned utilities. - Approximately, 90percent of the DR resources are available with less than two hours advance notice and over 1,900 MW can be dispatched on less than thirty minutes notice. These legacy DR programs are increasingly used by utilities for economic in addition to reliability purposes, with over two-thirds (68percent) of these programs callable based on market conditions. - Approximately 60percent of DLC programs and 30percent of interruptible rate programs called ten or more DR events in 2006. Despite the high frequency of DR events, customer complaints remained low. The use of economic criteria to trigger DR events and the flexibility to trigger a large number of events suggests that DR resources can help improve the efficiency of MISO wholesale markets. - Most legacy DR programs offered a reservation payment ($/kW) for participation; incentive payment levels averaged about $5/kW-month for interruptible rate tariffs and $6/kW-month for DLC programs. Few programs offered incentive payments that were explicitly linked to actual load reductions during events and at least 27 DR programs do not have penalties for non-performance. - Measurement and verification (M&V) protocols to estimate load impacts vary significantly across MISO states. Almost half of the DR programs have not been evaluated in recent times and thus performance data for DR events is not available. For many DLC programs, M&V protocols may need to be enhancedin order to allow participation in MISO's proposed EDR schedule. System operators and planners will need to develop more accurate estimates of the load reduced capability and actual performance.
Bharvirkar, Ranjit; Bharvirkar, Ranjit; Goldman, Charles; Heffner, Grayson; Sedano, Richard
April 24, 2001 To all retail Providers/Wholesalers/Power Pools
April 24, 2001 To all retail Providers/Wholesalers/Power Pools: This letter is to alert you a tradable certificates program for use by generators, pools/wholesalers and retail providers for supporting
Essays on Pricing Behaviors of Energy Commodities
This dissertation investigates the pricing behaviors of two major energy commodities, U.S. natural gas and crude oil, using times series models. It examines the relationships between U.S. natural gas price variations and changes in market...
Qin, Xiaoyan
Transmission pricing has become a central issue in the discussions regarding the redesign of deregulated issues in electricity transmission pricing and their link with the energy market. Transmission short run
Essays on trades and security prices
This thesis consists of three chapters that investigate the complex relation between security prices and trades of market participants. In the first chapter, I study the evolution of stock prices after trades with different ...
Obizhaeva, Anna
2007 Wholesale Power Rate Case Initial Proposal : Load Resource Study and Documentation.
The Load Resource Study (Study) represents the compilation of the loads, sales, contracts, and resource data necessary for developing BPA wholesale power rates. The results of this Study are used to: (1) provide base data to determine resource costs for the Revenue Requirement Study, WP-07-E-BPA-02; (2) provide regional hydro data for use in the secondary revenue forecast for the Market Power Study, WP-07-E-BPA-03; (3) provide base data to derive billing determinants for the revenue forecast in the Wholesale Power Rate Development Study (WPRDS), WP-07-E-BPA-05; and (4) provide load and resource data for use in calculating risk in the Risk Analysis Study, WP-07-E-BPA-04. This Study provides a synopsis of BPA's load resource analyses. This Study illustrates how each component is completed, how components relate to each other, and how each component fits into the rate development process. Details and results supporting this Study are contained in the Load Resource Documentation, WP-07-E-BPA-01A.
Residential implementation of critical-peak pricing of electricity
B. , Kollman E. , Price S. Avoided cost estimation and post-and marketing costs. The costs avoided by CPP implementation
Herter, Karen
CSEM WP 113 Using Environmental Emissions Permit Prices to Raise
CSEM WP 113 Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market analyzes the extent to which the conditions in the emissions permit market for oxides of nitrogen (NOx
Analysis of direct selling methods employed by Texas Panhandle cattle feedlots
estimates the true value of fed cattle as reflected by the wholesale beef carcass price. Also studied by lots was the effect of marketing method, average U. S. quality grade, and average liveweight on the purchase price-wholesale price spread. Analysis... of the pricing accuracy associated with the various fed cattle marketing methods utilized in the Texas Panhandle during 1971 was accomplished as follows. The relationship of the carcass purchase price to the wholesale price was analyzed by marketing method via...
Riethmayer, Michael Robert
See More Jobs From Agrium Wholesale Truck Analyst (175535-001) -(Calgary, Alberta, Western Canada, Canada)
See More Jobs From Agrium Wholesale Truck Analyst (175535-001) - (Calgary, Alberta, Western Canada, Canada) Company: Agrium Wholesale Apply below Industry Sector: Agribusiness Industry Type: Agronomy a growing world. Growth is a top priority for Agrium Wholesale and it doesn't just apply to the nutrients we
Behmer, Spencer T.
SAMPLE INTERNSHIP DESCRIPTION NOT CURRENTLY OPEN FOR INFORMATION ONLY Online and Wholesale Internship
SAMPLE INTERNSHIP DESCRIPTION NOT CURRENTLY OPEN FOR INFORMATION ONLY Online and Wholesale individuals to help support the Online and Wholesale Divisions in Portland, Oregon who: · Have an interest, and a wholesale operation. Other Global Exchange programs include a Reality Tours travel program to both U
Integrated Retail and Wholesale (IRW) Power System Operations with Smart-Grid Functionality
Integrated Retail and Wholesale (IRW) Power System Operations with Smart-Grid Functionality Leigh of the Integrated Retail/Wholesale (IRW) project at Iowa State University · IRW Test Bed development · Integration-NE, MISO, XM, RTE, MEC IRW Project: Integrated Retail/Wholesale Power System Operation with Smart
851 S.W. Sixth Avenue, Suite 1100 Portland, Oregon 97204-1348 Executive Director
Assessment, staff is preparing a long term wholesale electricity market price forecast. A summary of the work on the Wholesale Electricity Price Forecast As part of the Mid Term Assessment, staff is preparing a long term wholesale electricity market price forecast. A summary of the work to date will be presented, including
Demand Response Programs for Oregon
wholesale prices and looming shortages in Western power markets in 2000-01, Portland General Electric programs for large customers remain, though they are not active at current wholesale prices. Other programs demand response for the wholesale market -- by passing through real-time prices for usage above a set
presented preliminary forecasts of future wholesale power market prices. The preliminary forecasts reflected of wholesale power market prices are also used by the Council, regional utilities, and other agencies to help determine the "avoided costs" of potential energy efficiency measures. The final wholesale power price
The Importance of High Temporal Resolution in Modeling Renewable Energy Penetration Scenarios
impacts wholesale power prices and wind energy curtailmentPrices and Incentives to Invest in Thermal Power Plants under Increasing Wind Energyprice discussion is the wholesale market value of wind energy,
Nicolosi, Marco
An Engineering Approach to Monitoring Market Power in Restructured Markets for Electricity
by resolving the dispatch using the optimal nodal prices as offers with no constraints on capacity. MarketAn Engineering Approach to Monitoring Market Power in Restructured Markets for Electricity C Abstract The high average prices and high volatility of prices in many restructured markets for electricity
Competitive Electricity Markets and System Reliability: The Case for New England's Proposed Locational Capacity Market
Clear evidence exists that the existing wholesale markets in New England are failing to provide sufficient incentives to invest. The ISO-NE LICAP proposal is designed to ensure that New England markets attract sufficient generation resources to protect reliability while being mindful of the added cost burden that it will produce.
Farr, John G.; Felder, Frank A.
EIS-0102: Bonneville Power Administration's 1983 Wholesale Power Rate
The U.S. Department of Energy's Bonneville Power Administration prepared this EIS to evaluate the potential environmental impacts associated with an increase in wholesale power rates that would become effective on November 1, 1983, including the effects of rate hikes in that year and the cumulative effects of previous rate hikes.
An internship in two market research studies: a Southwest Region Greenhouse Market Study and a local garden center market study
potted plants, foliage plants, bedding plants and cut flowers. Market outlets were direct to the consumer, garden center, broker, mass merchant, retail florist and wholesale florist. 40. 9% sold their potted plants, 22. 7% sold bedding plants and 29. 5... GARDEN CENTER N BEDDING FOLIAGE 1 2. 3 1 23 3 68 POTTED PLTS 3 6. 8 18 40. 9 10 22. 7 1 2. 3 13 29. 5 20. 5 25. 0 11. 4 TABLE 2B: FREQUENCIES FOR MARKET UTILIZATION OF MASS MERCHANT, RETAIL FLORIST AND WHOLESALE FLORIST MASS MERCHANTRETAIL...
Whisenant, Donna Kay
Demand Response - Policy | Department of Energy
prices or when grid reliability is jeopardized. In regions with centrally organized wholesale electricity markets, demand response can help stabilize volatile electricity prices...
Summary Statistics Table 1. Crude Oil Prices
Cost Report." Figure Energy Information Administration Petroleum Marketing Annual 1996 3 Table 2. U.S. Refiner Prices of Petroleum Products to End Users (Cents per Gallon...
Reactive Power Support Services in Electricity Markets
Reactive Power Support Services in Electricity Markets Costing and Pricing of Ancillary Services Final Project Report Power Systems Engineering Research Center A National Science Foundation Industry Reactive Power Support Services in Electricity Markets Costing and Pricing of Ancillary Services Project
The Value of Renewable Energy as a Hedge Against Fuel Price Risk: Analytic Contributions from Economic and Finance Theory
For better or worse, natural gas has become the fuel of choice for new power plants being built across the United States. According to the Energy Information Administration (EIA), natural gas-fired units account for nearly 90% of the total generating capacity added in the U.S. between 1999 and 2005 (EIA 2006b), bringing the nationwide market share of gas-fired generation to 19%. Looking ahead over the next decade, the EIA expects this trend to continue, increasing the market share of gas-fired generation to 22% by 2015 (EIA 2007a). Though these numbers are specific to the US, natural gas-fired generation is making similar advances in many other countries as well. A large percentage of the total cost of gas-fired generation is attributable to fuel costs--i.e., natural gas prices. For example, at current spot prices of around $7/MMBtu, fuel costs account for more than 75% of the levelized cost of energy from a new combined cycle gas turbine, and more than 90% of its operating costs (EIA 2007a). Furthermore, given that gas-fired plants are often the marginal supply units that set the market-clearing price for all generators in a competitive wholesale market, there is a direct link between natural gas prices and wholesale electricity prices. In this light, the dramatic increase in natural gas prices since the 1990s should be a cause for ratepayer concern. Figure 1 shows the daily price history of the 'first-nearby' (i.e., closest to expiration) NYMEX natural gas futures contract (black line) at Henry Hub, along with the futures strip (i.e., the full series of futures contracts) from August 22, 2007 (red line). First, nearby prices, which closely track spot prices, have recently been trading within a $7-9/MMBtu range in the United States and, as shown by the futures strip, are expected to remain there through 2012. These price levels are $6/MMBtu higher than the $1-3/MMBtu range seen throughout most of the 1990s, demonstrating significant price escalation for natural gas in the United States over a relatively brief period. Perhaps of most concern is that this dramatic price increase was largely unforeseen. Figure 2 compares the EIA's natural gas wellhead price forecast from each year's Annual Energy Outlook (AEO) going back to 1985 against the average US wellhead price that actually transpired. As shown, our forecasting abilities have proven rather dismal over time, as over-forecasts made in the late 1980's eventually yielded to under-forecasts that have persisted to this day. This historical experience demonstrates that little weight should be placed on any one forecast of future natural gas prices, and that a broad range of future price conditions ought to be considered in planning and investment decisions. Against this backdrop of high, volatile, and unpredictable natural gas prices, increasing the market penetration of renewable generation such as wind, solar, and geothermal power may provide economic benefits to ratepayers by displacing gas-fired generation. These benefits may manifest themselves in several ways. First, the displacement of natural gas-fired generation by increased renewable generation reduces ratepayer exposure to natural gas price risk--i.e., the risk that future gas prices (and by extension future electricity prices) may end up markedly different than expected. Second, this displacement reduces demand for natural gas among gas-fired generators, which, all else equal, will put downward pressure on natural gas prices. Lower natural gas prices in turn benefit both electric ratepayers and other end-users of natural gas. Using analytic approaches that build upon, yet differ from, the past work of others, including Awerbuch (1993, 1994, 2003), Kahn and Stoft (1993), and Humphreys and McClain (1998), this chapter explores each of these two potential 'hedging' benefits of renewable electricity. Though we do not seek to judge whether these two specific benefits outweigh any incremental cost of renewable energy (relative to conventional fuels), we do seek to quantify the magnitude of these two individual benefit
Bolinger, Mark A; Wiser, Ryan
2007 Wholesale Power Rate Case Initial Proposal : Wholesale Power Rate Development Study Documentation.
The Documentation for Wholesale Power Rate Development Study (WPRDS) shows the details of the calculation of the proposed rates. It contains the source data, the calculation, and the results. Section 1 contains an overview of the information used and developed in the various models used in the rate development process. Section 2 contains the documentation of the Rate Analysis Model (RAM2007). The RAM2007 is a group of computer applications that performs most of the computations that determine BPA's proposed rates. The output tables of RAM2007 show the source data, calculations (in sequence), and the results (rate charges) of the rate development process. Section 3 provides documentation of revenue forecasts for the 3-year rate test period FY 2007 through FY 2009 at both current and proposed rates and at current rates for the period immediately preceding the rate test period. Section 4 includes supporting data for rate calculations not performed in RAM2007 or revenue analyses. Each section draws data from difference sources and thus tables and/or charts are not always numbered in sequence. For purposes of this document, omitted tables will be listed as such in the Table of Contents.
United States. Bonneville Power Administration
2007 Wholesale Power Rate Case Final Proposal : Wholesale Power Rate Development Study Documentation, Volume 2.
The Documentation for Wholesale Power Rate Development Study shows the details of the calculation of the proposed rates. It contains the source data, the calculation, and the results. There are 2 Volumes, the first containing Sections 1, 2, and 3; the second containing Section 4 and 3 appendices. Section 1 contains an overview of the information used and developed in the various models used in the rate development process. Section 2 contains the documentation of the Rate Analysis Model (RAM2007). The RAM2007 is a group of computer applications that performs most of the computations that determine BPA's proposed rates. The output tables of RAM2007 show the source data, calculations (in sequence), and the results (rate charges) of the rate development process. Section 3 provides documentation of revenue forecasts for the three-year rate test period FY 2007 through FY 2009 at both current and proposed rates and at current rates for the period immediately preceding the rate test period. Section 4 includes supporting data for rate calculations not performed in RAM2007 or revenue analyses.
Export markets gain strength
The prices for internally traded coal in the USA have reached record levels and the future market fundamentals look very good. This is mainly due to Asian demand. The article discusses recent markets for US coal and summarizes findings of a recent study by Hill & Associates entitled 'International coal trade - supply, demand and prices to 2025'. 1 ref., 2 tabs.
Fiscor, S.
Appliance Efficiency Standards and Price Discrimination
I explore the effects of two simultaneous changes in minimum energy efficiency and ENERGY STAR standards for clothes washers. Adapting the Mussa and Rosen (1978) and Ronnen (1991) second-degree price discrimination model, I demonstrate that clothes washer prices and menus adjusted to the new standards in patterns consistent with a market in which firms had been price discriminating. In particular, I show evidence of discontinuous price drops at the time the standards were imposed, driven largely by mid-low efficiency segments of the market. The price discrimination model predicts this result. On the other hand, in a perfectly competition market, prices should increase for these market segments. Additionally, new models proliferated in the highest efficiency market segment following the standard changes. Finally, I show that firms appeared to use different adaptation strategies at the two instances of the standards changing.
Spurlock, Cecily Anna
The effects of oil prices and other economic indicators on housing prices in Calgary, Canada
This thesis aims to answer: (1) to what extent can oil prices and other economic indicators predict the changes in housing prices and rent in the Calgary single family housing market and (2) to determine what the lag time ...
Padilla, Mercedes A. (Mercedes Angeles)
Emission regulations in the electricity market : an analysis from consumers, producers and central planner perspectives
In the first part of this thesis, the objective is to identify optimal bidding strategies in the wholesale electricity market. We consider asymmetric producers submitting bids to a system operator. The system operator ...
Figueroa Rodriguez, Cristian Ricardo
Volatility and commodity price dynamics
Commodity prices tend to be volatile, and volatility itself varies over time. changes in volatility can affect market variables by directly affecting the marginal value of storage, and by affecting a component of the total ...
Pindyck, Robert S.
What's happening in Midwest ISO market?
attributable to significantly decreased natural gas, oil and coal prices. (fuel costs represent the vast of Presentation Introduction Energy prices in 2006 Day-Ahead Market Performance Real-Time Market Performance;Introduction 2006 is the first full year of market operations in Midwest ISO. Electricity prices in MISO
E-Print Network 3.0 - auto market takes Sample Search Results
of Calgary Collection: Computer Technologies and Information Sciences 32 European Bioenergy Markets: Integration and Price Convergence Summary: European Bioenergy Markets:...
E-Print Network 3.0 - assessment market model Sample Search Results
Mathematics and Statistics, University of Canterbury Collection: Mathematics 94 European Bioenergy Markets: Integration and Price Convergence Summary: market integration is...
E-Print Network 3.0 - awareness market potential Sample Search...
of Mechanical Engineering, Carnegie Mellon University Collection: Engineering 59 European Bioenergy Markets: Integration and Price Convergence Summary: European Bioenergy Markets:...
California's Evolving Energy Market California Power Market Symposium
-Minute Market, 5-minute market · Real-time fixed hourly-intertie transactions settled as price takersCalifornia's Evolving Energy Market California Power Market Symposium Portland, Oregon September 5, 2013 K ith CKeith Casey Vice President Market & Infrastructure Development California ISO #12
Gas Exports on Domestic Energy Markets. Produced by the EIAexports on domestic energy markets (EIA 2012c). These twentyeditions). Short-Term Energy Outlook, Market Prices and
alleviates short-term cyclosporin: Topics by E-print Network
allergen-dose short-term experimental: Topics by E-print Network
Vertical Relationships and Competition in Retail Gasoline Markets: An Empirical Evidence from Contract Changes in Southern California
The Behavior of Retail Gasoline Prices: Symmetric or Not? �vertical contracts and retail gasoline prices. The thirdthe differences in retail gasoline prices between markets is
Hastings, Justine
Empirical evidence concerning demand response (DR) resources is needed in order to establish baseline conditions, develop standardized methods to assess DR availability and performance, and to build confidence among policymakers, utilities, system operators, and stakeholders that DR resources do offer a viable, cost-effective alternative to supply-side investments. This paper summarizes the existing contribution of DR resources in U.S. electric power markets. In 2008, customers enrolled in existing wholesale and retail DR programs were capable of providing ~;;38,000 MW of potential peak load reductions in the United States. Participants in organized wholesale market DR programs, though, have historically overestimated their likely performance during declared curtailments events, but appear to be getting better as they and their agents gain experience. In places with less developed organized wholesale market DR programs, utilities are learning how to create more flexible DR resources by adapting legacy load management programs to fit into existing wholesale market constructs. Overall, the development of open and organized wholesale markets coupled with direct policy support by the Federal Energy Regulatory Commission has facilitated new entry by curtailment service providers, which has likely expanded the demand response industry and led to product and service innovation.
Cappers, Peter; Goldman, Charles; Kathan, David
Multicriteria Spatial Price Networks: Statics and Dynamics
: In this paper, we develop a spatial price network equilibrium model in which consumers at the demand marketsMulticriteria Spatial Price Networks: Statics and Dynamics Anna Nagurney Department of Finance commodity. We provide the governing equilibrium conditions for the multicriteria spatial price problem
Demand Response from Day-Ahead Hourly Pricing for Large Customers
Day-ahead default-service RTP for large customers not only improves the linkage between wholesale and retail markets, but also promotes the development of retail competition. The default service sets a standard for competitive alternatives and its structure shapes the types of retail market products that develop. (author)
Market Evolution: Wholesale Electricity Market Design for 21st Century Power Systems
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr MayAtmospheric Optical Depth7-1D: VegetationEquipment Surfaces andMapping the Nanoscale Landscape PrintSurvey |
Flexible procurement strategies smooth price spikes
Pace Global Energy Services has been predicting for some time that the recent peaks in spot coal prices were not sustainable and this has been borne out. The latest available data on coal supply and demand fundamental suggest that spot coal prices may decline even more rapidly than previously forecast. Price volatility over the last five years suggests that a flexible procurement strategy that is well adapted to volatile market conditions may be just as important as knowledge of market fundamentals. 3 figs.
Gaalaas, T. [Pace Global Energy Services LLC (United States)
Demand Response Providing Ancillary Services
Wholesale Markets Presentation by Jason MacDonald Grid Integration Group, Lawrence Berkeley National;Contents · Introduction Wholesale Markets and AS Why DR for AS? Market Clearing Price · Value/RTOs · ISO/RTOs are balancing authorities that run open wholesale markets for both energy and Ancillary
Emissions trading under market imperfections.
??In this thesis we consider emissions trading under various market imperfections such as uncertainty over permit price, imperfect competition and noncompliance. First, we study the� (more)
Lappi, Pauli
Market review - Market values summary/October market review/current market data
This article is the October 1995 uranium market summary. In this reporting period, there were four transactions in the natural uranium market, no activity in the spot UF6 market, no activity in the spot conversion market, and only a single activity in the enrichment services market. Spot uranium volume dropped sharply, and active uranium supply rose. The rise in demand, however, more than offset this increase. Unrestricted exchange prices rose slightly, as did the unrestricted UF6 value. All other prices remained steady.
Lessons from a Comparative Analysis of California and PJM Electricity
.4 Market Performance Before the State's Crisis:1998-1999......................11 2.4.1 Wholesale Market.1.1 High Wholesale Prices.................................................................15 3..................................................................................16 3.2.1 Mismatch: Wholesale and Retail Electricity Prices.....................17 3.2.2 Lack
Delaware, University of
Towards Optimal Capacity Segmentation with Hybrid Cloud Pricing
between periodic auctions and EC2 spot market. Furthermore, we formulate the optimal capacity segmentationTowards Optimal Capacity Segmentation with Hybrid Cloud Pricing Wei Wang, Baochun Li, and Ben Liang priced in multiple markets with different service guarantees. For example, Amazon EC2 prices virtual
Li, Baochun
E-Print Network 3.0 - australian wholesale spot Sample Search...
retail and wholesale energy... in trading software. tradeslot is a member of the Emissions Trading Panel of the Australian government... Department of Climate Change, advising on...
AES Southland, Inc. and Williams Energy Marketing & Trading Company, 94 FERC 61,248 (2001).
is a wholesale seller of electric energy in California with authority to charge market based rates. Williams has1 AES Southland, Inc. and Williams Energy Marketing & Trading Company, 94 FERC ¶ 61,248 (2001-3-001 Williams Energy Marketing & Trading Company ORDER APPROVING STIPULATION AND CONSENT AGREEMENT (Issued April
Regular price
D-LINK DWL-1000AP 802.11B Wireless LAN Access Point 11Mbps Best Deal On Earth! Regular price: $399.00. Sale price: $234.00. DWL-120> D-LINK�...
UNCORRECTED RDA ios2a v.2008/05/27 Prn:25/07/2008; 15:09 F:rda05.tex; VTEX/Aust p. 1
and to a volatile wholesale spot market price which is correlated with the load level. Such double exposure to price with a numerical example. Keywords: Energy risk, competitive electricity markets, volumetric hedging, incomplete markets 1. Introduction Electricity is traded in the wholesale markets by nu- merous market participants
October 2001 - September 2006 Wholesale Power Rates (rates/previous)
AFDC Printable Version Share this resource Send a link to EERE: Alternative Fuels Data Center Home Page to someone by E-mail Share EERE: Alternative Fuels Data Center Home Page on Facebook Tweet about EERE: Alternative Fuels Data Center Home Page on Twitter Bookmark EERE:1 First Use of Energy for All Purposes (Fuel and Nonfuel),Feet) Year Jan Feb Mar Apr MayAtmosphericNuclear Security Administration the1 - September 2006 The 2002 Wholesale Power Rate Schedules (base rates) for the FY
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