Competitive electricity markets and sustainability
This book responds to the opening up of electricity markets to competition, which has completely changed the nature of power generation. The building of new generation and transmission capacity and the setting of the energy mix between nuclear, gas and renewable resources are mainly left to private initiative and investors. The authors and editors of this book explore whether or not market forces offer a sustainable future for electricity generation. They employ economic theory and method to answer questions such as: Will the market be able to ensure adequacy of generation capacity and security of supply? Can price signals from future electricity markets lead to an acceptable level of investment for society? How can market and public intervention combine to deliver the right signal to invest in expanding and reinforcing the grid? How can two complementary investments such as the building of power plants and the expansion of the network be coordinated successfully? With a focus on the EU and US liberalised electricity markets, these questions, and others, are answered by leading thinkers in the field, and offer a much-needed assessment of the long-term consequences of liberalisation.
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Investment and generation capacity
Generation technology mix in competitive electricity markets
Problems of transmission investment in a deregulated power
4 other sections not shown
agents allocation average base-load plants benefit capacity change capacity margin CCGT cent coal congestion costs congestion rents constraints consumers countries CRRs decisions demand economic efficient electric power industry electricity markets Electricity Networks expansion expected facilities financial transmission rights fixed costs flows FTRs HVDC incentives industry inter-TSO interconnection investment in transmission IPPs load locational prices locational signals long-term losses lumpy marginal cost market power mechanism ment merchant investors merchant transmission network users nodal prices node Ofgem optimal option payment peaking plants Perez-Arriaga PJM Interconnection planners power plant power system problem profit projects reduce regulated reliability criteria result returns to scale revenue Stoft system operator tion total cost trans transco transmission capacity transmission charges transmission investment transmission network transmission planning transmission pricing transmission rights transmission service transmission system transmission tariffs tricity upgrade variable vertically integrated wholesale market