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| Author | : Luiz Maurer |
| Publisher | : World Bank Publications |
| Total Pages | : 181 |
| Release | : 2011-07-25 |
| Genre | : Business & Economics |
| ISBN | : 082138824X |
Electricity-contract auctions have been getting increased attention as they have emerged as a successful mechanism to procure new generation capacity and. This book presents a comprehensive overview of international experiences in auction design and implementation.
| Author | : Stefan Schöne |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 230 |
| Release | : 2009-01-06 |
| Genre | : Business & Economics |
| ISBN | : 3540853650 |
Electricity is an essential commodity traded at power exchanges. Its price is very volatile within a day and over the year. This raises questions about the efficiency of the trading rules. The author develops a non-cooperative auction model analyzing the bidding behavior of producers at power exchanges. Producers are limited by the production capacity of their power plants. Production costs are affiliated. This allows for independence or positive correlation. The author analyzes and compares a uniform-price, a discriminatory, and a generalized second-price auction. Optimal bids, cost efficiency, profits, and consumer prices are examined. A simple probability density function of affiliated production costs is given and used for examples. Numerical results are presented. The results of the analysis can help improving the bidding strategies of producers, selecting the best auction type at power exchanges or detecting price manipulations.
| Author | : Luiz Maurer |
| Publisher | : World Bank Publications |
| Total Pages | : 181 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 0821388223 |
Virtually every country in the world faces the challenge of designing the regulatory and financial mechanisms that ensure cost-effective procurement of generation to supply electricity demand. Historically, procurement of generation has been particularly difficult in the emerging economies of Asia, Latin America and Africa. High and usually volatile load growth rates, limited access to financing and immature electricity markets have presented obstacles that have introduced challenges to the procurement process. More recently, environmental concerns regarding land use, impact on biodiversity, indigenous populations, and greenhouse gasses emissions have added layers of complexity. Over the last 7 years, auctions for long-term electricity contracts have been getting increased attention within the electricity sector community as thet have emerged as a successful mechanism to procure new generation capacity. Among the reasons for such widespread interest is the large amount of capacity that has been already contracted from diverse technologies (conventional generation, large hydroelectric plants, renewable), under a variety of innovative auction arrangements and mechanisms, sometimes with multiple buyers and sellers taking part in the process. Auctions have been attracting a broad range of investors, from large established companies to new local and foreign independent power producers, and first-time power system investors. This book presents a comprehensive overview of the international experience in electricity auctions, focusing on the procurement of long-term electricity contracts to foster new generation capacity. To this end, several relevant case studies were selected. While focus is given to emerging countries, insightful experiences from developed markets are reported as well. The book reveals the subtlety and complexity of trading and contracting for firm generation in the current power industry and the multiplicity of formats that the corresponding regulatory instruments may adopt. Lessons learned - both positive and negative - regarding policy formulation and implementation which should be of interest to policy makers, government authorities, regulators and power sector stakeholders.
| Author | : Stefan Schöne |
| Publisher | : Springer |
| Total Pages | : 218 |
| Release | : 2008-12-19 |
| Genre | : Business & Economics |
| ISBN | : 9783540853640 |
Electricity is an essential commodity traded at power exchanges. Its price is very volatile within a day and over the year. This raises questions about the efficiency of the trading rules. The author develops a non-cooperative auction model analyzing the bidding behavior of producers at power exchanges. Producers are limited by the production capacity of their power plants. Production costs are affiliated. This allows for independence or positive correlation. The author analyzes and compares a uniform-price, a discriminatory, and a generalized second-price auction. Optimal bids, cost efficiency, profits, and consumer prices are examined. A simple probability density function of affiliated production costs is given and used for examples. Numerical results are presented. The results of the analysis can help improving the bidding strategies of producers, selecting the best auction type at power exchanges or detecting price manipulations.
| Author | : Gerald B. Sheblé |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 348 |
| Release | : 2012-12-06 |
| Genre | : Technology & Engineering |
| ISBN | : 1461551579 |
`Electric energy must be treated as a commodity which can be bought, sold, and traded, taking into account its time- and space-varying values and costs.` Spot Pricing of Electricity, Schweppe et al, 1988. Computational Auction Mechanisms for Restructured Power Industry Operation outlines the application of auction methods for all aspects of power system operation, primarily for a competitive environment. A complete description of the industry structure as well as the various markets now being formed is given. A thorough introduction to auction basics is included to explain how auctions have grown in other industries. Auction methods are compared to classical techniques for power system analysis, operations, and planning. The traditional applications of economic dispatch, optimal power flow and unit commitment are compared to auction mechanisms. Algorithms for auctions using linearized power flow equations, DC power flow equations, and AC power flow equations are included. The bundling of supportive services, known as ancillary services within the United States, is discussed. Extensions to the basic auction algorithms for inclusion of supportive services as well as algorithms for scheduling and bidding on generation for GENCOs or independent power producers are presented. Algorithms for scheduling and contracting with customers are also presented for energy service companies. An introduction to the various commodity and financial market products includes the use of futures and options for GENCOs. The material is useful for students performing research on the new business environment based on competition. Regulators will find information on initial methods of designing and evaluating market systems, and power exchange and financial analysts will find information on the interdependence of markets and power system-based techniques for risk management. This information compares the new business environment solutions with old business environment solutions. Computational Auction Mechanisms for Restructured Power Industry Operation provides a first introduction to how electricity will be traded as a commodity in the future.
| Author | : Anton Eberhard |
| Publisher | : Oxford University Press |
| Total Pages | : 513 |
| Release | : 2024-02-16 |
| Genre | : Business & Economics |
| ISBN | : 0192871706 |
Renewable Energy Auctions provides an overview of renewable energy auctions globally, focusing on the Global South, since this is where auctions have been pioneered and provided most transformative results. Renewable energy auctions have become the dominant method for contracting utility-scale renewable energy projects, in large part due to the cost-efficient tariffs secured through this method. The ascent of auctions has been particularly rapid and transformative in the Global South, where many countries have secured renewable energy supplies at record-breaking prices. This book analyses the experiences of frontier auction markets in Latin America, sub-Saharan Africa, and India, with the aim of improving how auctions are designed and implemented globally. The book goes beyond the topic of auction design - which is concerned with the micro-economics of design choices - to include auction implementation. Across ten chapters, the authors argue that choices around the auction implementing institution and the procurement process are overlooked in most publications on the subject, yet this is often a key factor for determining outcomes. Moving beyond the program level of analysis (auction design and implementation), the book includes both country and project level factors' impacts on auction outcomes, ultimately highlighting that successful price and investment outcomes are dependent upon integration of all three levels of auction design and implementation.
| Author | : Emre Yucel |
| Publisher | : |
| Total Pages | : 242 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
Faced with uncertainty of future electricity generation supply, many regional electricity markets have adopted or considered adopting capacity markets for electricity. We study the structure of these markets and in particular capacity supply auctions such as the one implemented by PJM Interconnection (PJM), a regional transmission organization. Participants bid generation capacity into the auction, and those that win receive a capacity payment in return for having this capacity available for generation at a future delivery date. The auctions can be classified as multi-unit uniform price auctions, though price is set according to a demand curve rather than by participants' bids. We find closed-form solutions for the optimal bids as a function of cost, study welfare impacts of the auction, and show how the results can be extended numerically for more complex situations. We then use these optimal bid functions in an agent-based simulation of electricity markets, comparing energy-only markets to capacity markets and measuring the impact on both the generators and consumers of electricity. Lastly we use our agent-based simulation model coupled with reinforcement learners to determine whether or not the optimal bid strategy discovered in the beginning can be learned over time by agents participating in the energy and capacity markets
| Author | : Zhongjing Ma |
| Publisher | : Springer Nature |
| Total Pages | : 266 |
| Release | : 2020-02-13 |
| Genre | : Technology & Engineering |
| ISBN | : 9811526397 |
This book focuses on the design of efficient & dynamic methods to allocate divisible resources under various auction mechanisms, discussing their applications in power & microgrid systems and the V2G & EV charging coordination problems in smart grids. It describes the design of dynamic methods for single-sided and double-sided auction games and presents a number of simulation cases verifying the performances of the proposed algorithms in terms of efficiency, convergence and computational complexity. Further, it explores the performances of certain auction mechanisms in a hierarchical structure and with large-scale agents, as well as the auction mechanisms for the efficient allocation of multi-type resources. Lastly, it generalizes the main and demonstrates their application in smart grids. This book is a valuable resource for researchers, engineers, and graduate students in the fields of optimization, game theory, auction mechanisms and smart grids interested in designing dynamic auction mechanisms to implement optimal allocation of divisible resources, especially electricity and other types of energy in smart grids.
| Author | : Michael Hochberg |
| Publisher | : |
| Total Pages | : 54 |
| Release | : 2018 |
| Genre | : Clean energy industries |
| ISBN | : 9781784671068 |
| Author | : Hassan Qudrat-Ullah |
| Publisher | : Springer Nature |
| Total Pages | : 193 |
| Release | : 2022-05-14 |
| Genre | : Business & Economics |
| ISBN | : 3031043413 |
This books explains a strategy that a country can meet its CO2 emission reduction targets (e.g., as are in Paris Agreement) with a dominant share of nuclear power with a balanced energy supply mix. The book starts with an introduction to the subject of energy policy, mechanisms, and CO2 emissions, and the complexity of the CO2 reduction goal. It introduces the system dynamics approach as a solution modeling approach for dealing with the complexity of CO2 reducing policies and mechanisms. The book presents the dynamic model and its key parameters and then elaborates the structural and behavioral validity of the dynamic model. The book gives an intensive review to do that comparative analysis involving China, India, Saudi Arabia, UAE, and Pakistan. The last half of the book focuses on the case in Pakistan. The author reviews Pakistan’s Intended Nationally Determined Contribution and other key sources from Pakistan’s Ministry of Energy and related institutions. Using Pakistan’s case data, the author applies the system dynamics modeling approach whereby a dynamic model, capable of representing the important interactions among various sectors of the electricity supply sector of Pakistan. This book is intended to be of use to policymakers, managers and practitioners, teachers, researchers, and students of design and assessment of policymaking for the complex, dynamic energy systems
