Restructured Electrical Power Systems: Operation: Trading, and Volatility

Front Cover
CRC Press, Jun 6, 2001 - Technology & Engineering - 534 pages
2 Reviews
An examination of key issues in electric utilities restructuring. It covers: electric utility markets in and out of the USA; the Open Access Same-time Information System; tagging transactions; trading energy; hedging tools for managing risks in various markets; pricing volatility, risk and forecasting; regional transmission organization; and more. The text contains acronyms, a contract specifications sample, examples, and nearly 500 bibliographic citations, tables, and drawings.
 

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Contents

OVERVIEW OF KEY ISSUES IN ELECTRIC UTILITIES RESTRUCTURING
1
12 RESTRUCTURING MODELS
5
121 PoolCo Model
7
122 Bilateral Contracts Direct Access Model
10
123 Hybrid Model
11
13 INDEPENDENT SYSTEM OPERATOR ISO
12
132 The Role of ISO
15
14 POWER EXCHANGE PX
22
52 ESSENCE OF ELECTRIC ENERGY TRADING
223
THE QUALIFYING FACTORS
226
54 DERIVATIVES INSTRUMENTS OF ENERGY TRADING
228
541 Forward Contracts
230
542 Futures Contracts
234
543 Options
237
544 Swaps
249
545 Applications of Derivatives in Electric Energy Trading
250

141 Market Clearing Price MCP
26
152 Elastic and Inelastic Markets
28
16 MARKET POWER
38
17 STRANDED COSTS
45
181 Contract Path Method
46
182 The MWMile Method
50
19 CONGESTION PRICING
53
191 Congestion Pricing Methods
56
192 Transmission Rights
57
1101 Solution Procedure
58
1102 Formulation of InterZonal Congestion
61
1103 Formulation of IntraZonal Congestion Subproblem
62
ELECTRIC UTILITY MARKETS IN THE UNITED STATES
75
211 ISO
77
212 Generation
78
214 Scheduling Coordinator
79
215 UDCs Retailers and Customers
83
217 Block Forwards Market
99
218 Transmission Congestion Contracts TCCs
101
219 Comments
103
222 Market Operations
105
223 Comments
109
24 ERCOT ISO
112
25 NEW ENGLAND ISO
116
26 MIDWEST ISO
121
261 MISOs Functions
122
262 Transmission Management
123
264 Congestion Management
124
265 Ancillary Services Coordination
125
27 SUMMARY OF FUNCTIONS OF US ISOs
126
OASIS OPEN ACCESS SAMETIME INFORMATION SYSTEM
129
311 What is OASIS?
131
32 FERC ORDER 889
133
33 STRUCTURE OF OASIS
134
332 Functionality and Architecture of OASIS
137
34 IMPLEMENTATION OF OASIS PHASES
143
341 Phase 1
144
342 Phase 1A
145
343 Phase 2
146
352 Information Requirements of OASIS
149
353 Users of OASIS
151
36 TRANSFER CAPABILITY ON OASIS
158
362 Transfer Capability Issues
159
363 ATC Calculation
160
364 TTC Calculation
161
365 TRM Calculation
163
366 CBM Calculation
164
37 TRANSMISSION SERVICES
165
38 METHODOLOGIES TO CALCULATE ATC
169
39 EXPERIENCES WITH OASIS IN SOME RESTRUCTURING MODELS
179
392 ERCOT OASIS
181
TAGGING ELECTRICITY TRANSACTIONS Transaction Information System
185
42 DEFINITION OF TAGGING
186
43 HISTORICAL BACKGROUND ON TAGGING
187
44 HOW DOES A TAGGING PROCESS WORK?
189
441 Electronic Tagging Services
191
442 Sequence of Tagging Process
196
443 Transaction Scheduling
198
45 IDENTIFYING TAGS
199
46 DATA ELEMENTS OF A TAG
202
47 COMMUNICATION DURING FAILURE RECOVERY
211
48 TRANSACTION STATES
212
49 IMPLEMENTATION CURTAILMENT AND CANCELLATION OF TRANSACTIONS
215
492 Curtailment and Cancellation of Transactions
219
ELECTRIC ENERGY TRADING
221
51 INTRODUCTION
222
55 PORTFOLIO MANAGEMENT
266
551 Effect of Positions on Risk Management
268
56 ENERGY TRADING HUBS
271
57 BROKERS IN ELECTRICITY TRADING
273
HEDGING TOOLS FOR MANAGING RISKS IN ELECTRICITY MARKETS
277
61 INTRODUCTION
278
62 RISK
281
63 DEFINITION OF HEDGE
282
64 SOURCES OF ELECTRICITY MARKET RISKS
284
643 Transmission Constraints
285
65 VALUEatRISK VaR
286
66 COUNTERPARTY RISK The Midwest Case
288
661 What Did Happen in the Midwest?
290
662 Factor Contributing to Counterparty Risk
291
663 Managing Counterparty Risk
292
664 CalPX and Counterparty Risk
293
665 Lessons Learned in Risk Management
295
67 THE GREEKS
297
68 RISK EVALUATION IN ELECTRICITY TRADING
300
681 Swap Transaction as a Hedging Instrument
304
682 Additional Hedging Tools
308
69 HEDGING WEATHER RISKS
310
691 Background
312
692 Weather Hedging Tools
325
693 Examples
328
610 CONCLUSIONS
332
ELECTRICITY PRICING Volatility Risk and Forecasting
337
71 INTRODUCTION
338
72 ELECTRICITY PRICE VOLATILITY
339
721 Factors in Volatility
342
722 Measuring Volatility
345
73 ELECTRICITY PRICE INDEXES
349
Volatility of Prices in California
352
732 Basis Risk
354
74 CHALLENGES TO ELECTRICITY PRICING
357
742 Reliable Forward Curves
358
75 CONSTRUCTION OF FORWARD PRICE CURVES
359
76 SHORTTERM PRICE FORECASTING
363
762 Forecasting Methods
365
763 ANALYZING FORECASTING ERRORS
366
764 Practical Data Study
367
7641 Impact of Data PreProcessing
368
7642 Impact of Training Vectors
371
7643 Impact of Adaptive Forecasting
373
77 CONCLUSIONS
374
RTO REGIONAL TRANSMISSION ORGANIZATION
377
82 HISTORICAL PERSPECTIVES FOR ESTABLISHING RTOS
379
83 FERC NOPR ON RTO
381
84 FERCS FINAL RULE ON RTO
383
841 Organization of an RTO
384
85 MINIMUM CHARACTERISTICS OF AN RTO
385
86 MINIMUM FUNCTIONS OF AN RTO
390
87 BENEFITS OF RTO
394
ELECTRIC UTILITY MARKETS OUTSIDE THE UNITED STATES
397
911 Congestion Management
402
912 Bilateral Contracts
405
913 Marketplace for Electric Power Options
407
92 AUSTRALIA NATIONAL ELECTRICITY MARKET
409
93 RESTRUCTURING IN CANADA
422
932 The Independent Electricity Market Operator IMO
433
94 ELECTRICITY INDUSTRY IN ENGLAND AND WALES
438
ACRONYMS
445
A SAMPLE OF ELECTRICITY CONTRACT SPECIFICATIONS
451
BIBLIOGRAPHY
463
INDEX
489
Copyright

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Page 468 - Promoting Wholesale Competition Through Open Access Non-discriminatory Transmission Services by Public Utilities; Recovery of Stranded Costs by Public Utilities and Transmitting Utilities" and 889 "Open Access Same-Time Information System and Standards of Conduct.
Page 478 - Reliability Test System Task Force of the Application of Probability Methods Subcommittee, "IEEE Reliability Test System", IEEE Transactions on Power Apparatus and Systems, Vol.
Page 479 - Evaluation of alternatives for power system coordination and pooling in a competitive environment', IEEE Transactions on Power Systems, Vol.l2, 1997, pp.605-613.

Bibliographic information