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Zusatztext "This book is for anyone seeking to understand how cost/price relationships involved in electrical energy production and distribution may ideally be determined." (Electrical Apparatus! August 2002) Informationen zum Autor STEVEN STOFT has a BS in engineering mathematics and a PhD in economics from the University of California at Berkeley, and over ten years of experience in power market analysis and design. He has held positions at FERC, the University of California's Energy Institute, and the Lawrence Berkeley National Laboratory. He is currently a consultant to the Pennsylvania-New Jersey-Maryland ISO (PJM), California's Electricity Oversight Board, the U.S. Department of Energy, and an independent power producer. Klappentext The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. The book reveals for the first time how uncoordinated regulatory and engineering policies cause boom-bust investment swings and provides guidance and tools for fixing broken markets. It also takes a provocative look at the operation of pools and power exchanges.* Part 1 introduces key economic, engineering and market design concepts.* Part 2 links short-run reliability policies with long-run investment problems.* Part 3 examines classic designs for day-ahead and real-time markets.* Part 4 covers market power, and* Part 5 covers locational pricing, transmission right and pricing losses.The non-technical introductions to all chapters allow easy access to the most difficult topics. Steering an independent course between ideological extremes, it provides background material for engineers, economists, regulators and lawyers alike. With nearly 250 figures, tables, side bars, and concisely-stated results and fallacies, the 44 chapters cover such essential topics as auctions, fixed-cost recovery from marginal cost, pricing fallacies, real and reactive power flows, Cournot competition, installed capacity markets, HHIs, the Lerner index and price caps.About the AuthorSteven Stoft has a Ph.D. in economics (U.C. Berkeley) as well as a background in physics, math, engineering, and astronomy. He spent a year inside FERC and now consults for PJM, California and private generators. Learn more at www.stoft.com. Zusammenfassung The first systematic presentation of electricity market design-from the basics to the cutting edge. Unique in its breadth and depth. Using examples and focusing on fundamentals, it clarifies long misunderstood issues-such as why today's markets are inherently unstable. Inhaltsverzeichnis List of Results and Fallacies xiv Preface xviii Acronyms and Abbreviations xx Symbols xxii Part 1. Power Market Fundamentals Prologue 2 Why Deregulate? 6 What to Deregulate 17 Pricing Power, Energy, and Capacity 30 Power Supply and Demand 40 What Is Competition? 49 Marginal Cost in a Power Market 60 Market Structure 74 Market Architecture 82 Designing and Testing Market Rules 93 Part 2. Reliability, Price Spikes and Investment Reliability and Investment Policy 108 Price Spikes Recover Fixed Costs 120 Reliability and Generation 133 Limiting the Price Spikes 140 Value-of-Lost-Load Pricing 154 Operating-Reserve Pricing 165 Market Dynamics and the Profit Function 174 Requirements for Installed Capacity 180 Inter-System Competition for Reliability 188 Unsolved Problems 194 Part 3. Market Architecture Introduction 202 The Two-Settlement System 208 Day-Ahead Market Designs 217 Ancillary Services 232 The Day-Ahead Market in Theory 243 The Rea...
