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Portfolio Theory and Electricity Forward Markets
B-L equilibrium model Electricity forward markets Portfolio theory
2016/1/27
In the discussion on the relationship between spot and forward prices in electricity markets, the equilibrium approach has an unambiguous prevalence. It is the relative recency of this market that giv...
Spot market power is
mitigated by putting suppliers and demanders in a more balanced position at the time of the spot
market. The markets also reduce transaction costs and improve liquidity and tran...
This paper examines principles of market design as
applied to electricity markets. I illustrate the principles
with examples of both good and bad designs. I discuss one
of the main design challe...
Pricing in the California Power Exchange Electricity Market: Should California Switch from Uniform Pricing to Pay-as-Bid Pricing?
Exchange Electricity Market Pay-as-Bid Pricing
2015/9/18
In mid-November, this Panel was constituted to investigate “whether the current rules for
determining the market price in the California Power Exchange Day-Ahead market results in a
fair and effic...
Electricity Unit Value Prices and Purchase Quantities: U.S. Manufacturing Plants, 1963-2000
changing structure unit value prices
2015/9/18
We measure unit value electricity prices using 2 million annual
observations on U.S. manufacturing plants from 1963 to 2000. These
prices display tremendous cross-sectional dispersion, 85–95% of whi...
Economic and political constraints on the demandside of electricity industry restucturing processes
electricity industry political constraints
2015/7/31
Economic and political constraints on the demandside of electricity industry restucturing processes。
Testing for Market Efficiency with Transactions Costs: An Application to Convergence Bidding in Wholesale Electricity Markets
Market Efficiency Transactions Cost
2015/7/31
With risk neutral traders and zero transactions costs, the expected value of the
di erence between the current forward price and the spot price of a commodity at the
delivery date of the forward con...
Capacity payments in a cost-based wholesale electricity market: the case of Chile
Capacity payments Energy-only market
2015/7/31
This paper compares the long-run generator
revenues implications of a capacity payment mechanism relative
to an energy-only market mechanism for the Chilean wholesale
electricity supply industry...
Carbon in the Classroom: Lessons from a Simulation of California’s Electricity Market Under a Stringent Cap-and Trade System
Classroom Electricity Market
2015/7/31
To better understand how a cap-and-trade market might
function under high-carbon-price conditions, the authors
ran a simulation called the ‘Electricity Strategy Game’
created by Severin Borenstein ...
Simulating the Interaction of a Renewable Portfolio Standard with Electricity and Carbon Markets
Electricity and Carbon Markets Renewable Portfolio Standard
2015/7/31
The authors ran a game-based simulation of an electricity
market with both an RPS and a cap-and-trade market for
greenhouse gas emissions allowances. High renewable
energy shares reduced and shifte...
Simulating the Interaction of a Renewable Portfolio Standard with Electricity and Carbon Markets
Electricity and Carbon Markets Renewable Portfolio Standard
2015/7/31
The authors ran a game-based simulation of an electricity
market with both an RPS and a cap-and-trade market for
greenhouse gas emissions allowances. High renewable
energy shares reduced and shifte...
A Comparison of Ex Ante versus Ex Post Vertical Market Power: Evidence from the Electricity Supply Industry
Post Vertical Market Power Electricity Supply Industry
2015/7/31
This paper provides a prospective and retrospective quantitative assessment of the impact
of a passive vertical integration between a large electricity retailer and a large electricity
generator i...
Using Environmental Emissions Permit Prices to Raise Electricity Prices: Evidence from the California Electricity Market
Raise Electricity Prices California Electricity Market
2015/7/31
This paper analyzes the extent to which the conditions in the emissions permit market for
nitrogen oxides (NOx) operated by the South Coast Air Quality Management District
(SCAQMD) in the Los Ange...
Managing Demand-Side Economic and Political Constraints on Electricity Industry Restructuring Processes
Demand-Side Economi Political Constraints
2015/7/31
This paper identifies the major political and economic constraints that impact the
demand side of electricity industry restructuring processes. Demand-side
constraints have been a major barrier to...
Upstream vs. downstream CO2 trading: A comparison for the electricity context
Emissions trading Greenhouse Gas regulation
2015/7/31
In electricity, ‘‘downstream’’ CO2 regulation requires retail suppliers to buy energy from a mix of
sources so that their weighted emissions satisfy a standard. It has been argued that such ‘‘load-ba...