WorldWideScience

Sample records for european electricity market

  1. Independent regulatory authorities in European electricity market

    DEFF Research Database (Denmark)

    Olsen, Ole Jess; Larsen, Anders; Sørensen, Eva Moll

    2006-01-01

    Liberalisation of the electricity market has taken place in most European countries within the last decade. It is considered a precondition of successful liberalisation to establish so-called independent regulatory authorities. In this article, we compare the status and practice of them in 16...

  2. European Electricity Market and EU Members'Energy Policies

    OpenAIRE

    Veselý, Aleš

    2012-01-01

    The main focus of this thesis is to find out what factors have the biggest influence on the price of electricity for household consumers in the European Union in the context of creating the internal electricity market in the EU. By means of the cluster analysis six EU Member States have been selected according to the following criteria: electricity consumption, electricity production, and the price of electricity. As a result of that Belgium, the Czech Republic, Estonia, Hungary, Malta and Sw...

  3. Energy efficiency and performance indicators of European electricity market

    Directory of Open Access Journals (Sweden)

    Constantin DUGULEANĂ

    2015-06-01

    Full Text Available The electric power system plays a vital role in the development of every country, ensuring the “fuel” which feeds its economic motor. The efficient functioning of this motor is essential for economy. The efficiency and the performances of electric power systems are reflected on the living level of population, through the money spent and the satisfaction level of their needs. The continuity of power distribution process, the good communication between the suppliers and consumers, the promptitude of interventions, the environment protection - all these are aspects characterizing the performance level of power distribution systems. The paper analyzes the evolution of quality indicators of power distribution systems both for countries’ level and for population on European market of electricity.

  4. Th european market of the electric power; Le marche europeen de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

  5. European Short-term Electricity Market Designs under High Penetration of Wind Power

    NARCIS (Netherlands)

    Chaves Avila, J.P.

    2014-01-01

    The EU has ambitious policies for decarbonization of the electricity sector. Due to recent technological developments, wind power already represents a significant share of the generation mix in some European countries. As a result, short-term electricity markets and balancing arrangements must be

  6. Congestion management in the European electricity market; Engpassmanagement im Europaeischen Strommarkt

    Energy Technology Data Exchange (ETDEWEB)

    Dieckmann, Birgit

    2008-11-24

    The author of the contribution under consideration reports on an assessment of methods of congestion management employed in Europe with respect to their effectiveness and identify possible reasons for the misallocation of cross-border transmission capacity. For this, generation structures of European countries and the resulting prices and load flows are analysed. Different power plants and bottlenecks in the transmission network currently cause structural price differences due to a low degree of integration of European electricity markets. By means of congestion management, the formation of a uniform electricity market will be created.

  7. Enabling demand response by extending the European electricity markets with a real-time market

    NARCIS (Netherlands)

    Nyeng, P.; Kok, K.; Pineda, S.; Grande, O.; Sprooten, J.; Hebb, B.; Nieuwenhout, F.

    2013-01-01

    The EcoGrid concept proposes to extend the current wholesale electricity market to allow participation of Distributed Energy Resources (DERs) and domestic end-consumers in system balancing. Taking advantage of the smart grid technology, the EcoGrid market publishes the real-time prices that entail

  8. Energy efficiency and performance indicators of European electricity market

    National Research Council Canada - National Science Library

    Constantin Duguleana; Liliana Duguleana

    2015-01-01

    .... The efficient functioning of this motor is essential for economy. The efficiency and the performances of electric power systems are reflected on the living level of population, through the money spent and the satisfaction level of their needs...

  9. Forecasting day ahead electricity spot prices: The impact of the EXAA to other European electricity markets

    OpenAIRE

    Ziel, Florian; Steinert, Rick; Husmann, Sven

    2015-01-01

    In our paper we analyze the relationship between the day-ahead electricity price of the Energy Exchange Austria (EXAA) and other day-ahead electricity prices in Europe. We focus on markets, which settle their prices after the EXAA, which enables traders to include the EXAA price into their calculations. For each market we employ econometric models to incorporate the EXAA price and compare them with their counterparts without the price of the Austrian exchange. By employing a forecasting study...

  10. Multi-agent simulation of competitive electricity markets: Autonomous systems cooperation for European market modeling

    DEFF Research Database (Denmark)

    Santos, Gabriel; Pinto, Tiago; Morais, Hugo

    2015-01-01

    , respecting to the reality of different countries. This integration is done through the development of an upper ontology which integrates the essential concepts necessary to interpret all the available information. The continuous development of Multi-Agent System for Competitive Electricity Markets platform......The electricity market restructuring, and its worldwide evolution into regional and even continental scales, along with the increasing necessity for an adequate integration of renewable energy sources, is resulting in a rising complexity in power systems operation. Several power system simulators...... have been developed in recent years with the purpose of helping operators, regulators, and involved players to understand and deal with this complex and constantly changing environment. The main contribution of this paper is given by the integration of several electricity market and power system models...

  11. Time-varying convergence in European electricity spot markets and their association with carbon and fuel prices

    OpenAIRE

    MENEZES, L. de M.; Houllier, M.; Tamvakis, M.

    2016-01-01

    Long-run dynamics of electricity prices are expected to reflect fuel price developments, since fuels generally account for a large share in the cost of generation. As an integrated European market for electricity develops, wholesale electricity prices should be converging as a result of market coupling and increased interconnectivity. Electricity mixes are also changing, spurred by a drive to significantly in-crease the share of renewables. Consequently, the electricity wholesale price dynami...

  12. Liberalisation of the European Electricity Industry: Internal Market or National Champions?

    Energy Technology Data Exchange (ETDEWEB)

    Domanico, F.

    2007-07-01

    This article offers an analysis of the present competitive and regulatory framework of the European electricity sector. Considering the complexity of this industry, the focus in this work is mainly on the problem of market concentration of incumbents in the sector as a result of the liberalisation process. The new trend toward the creation of ''national champions'' as well as recent mergers between gas suppliers and electricity producers raised serious concerns about abuses of market power and risks of future collusion. Taking account of investment in interconnection as well as other international and regional experiences, the internal market issue is investigated as the solution to the''risks'' from liberalisation. (auth)

  13. Towards a unified European electricity market: The contribution of data-mining to support realistic simulation studies

    DEFF Research Database (Denmark)

    Pinto, Tiago; Santos, Gabriel; Pereira, Ivo F.

    2014-01-01

    Worldwide electricity markets have been evolving into regional and even continental scales. The aim at an efficient use of renewable based generation in places where it exceeds the local needs is one of the main reasons. A reference case of this evolution is the European Electricity Market, where...

  14. Distributed generation in European electricity markets. Current challenges and future opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Ropenus, S. (Technical Univ. of Denmark, Risoe National Lab. for Sustainable Energy. Systems Analysis Div., Roskilde (Denmark))

    2010-07-01

    This Ph.D. thesis studies the role of distributed generation in European electricity markets. It focuses primarily on the interactions of economics and policy with the aim of contributing to the understanding of how distributed generation is embedded in the present regulatory and market framework, which barriers exist, and which role it may possibly play in the future. To capture the interdisciplinarity of the topic, a combination of qualitative and quantitative methods is applied. Subsequent to the identification of barriers, this thesis turns to the microeconomic perspective on the interplay of vertical structure, regulation and distributed generation. This is done through the application of quantitative methods in the form of partial equilibrium models focusing on the effects induced by the vertical structure of the network operator, either a combined operator or a distribution system operator, in a market with small distributed producers. In areas where the promotion of renewable energy sources and combined heat and power has induced a substantial increase in distributed generation, new challenges in system integration arise. In particular, high levels of generation from intermittent energy sources, such as wind, add to the complexity of network operation and control, which can hardly be tackled with the present 'fit and forget' approach. The conclusion is that distributed generation has great potential to enhance competitiveness, sustainability and security of supply in European electricity markets. A prerequisite is the removal of market and regulatory barriers, taking the interdependencies of vertical structure, support mechanisms and network access into account. In the future, higher penetration levels of distributed generation necessitate changes in the power system and the adoption of new technologies, where hydrogen production by grid connected electrolysis constitutes one example. (LN)

  15. European energy markets integration and its effects on prices and efficiency of electricity producing firms

    OpenAIRE

    Armada Ramírez, Ferran

    2016-01-01

    [eng] In this work we investigate the effect of energy (electricity) market integration in Europe and its effects on electricity prices and efficiency improvements in electricity producing firms. We first describe at detail the electricity sector, the role of electricity markets, the main characteristics of electricity as a commodity as well as the main features of this particular and strategic sector, we speak about the evolution of consumption of electricity in developed countries and parti...

  16. How to make a European integrated market in small and isolated electricity systems? The case of the Canary Islands

    Energy Technology Data Exchange (ETDEWEB)

    Perez, Yannick [Universite de Paris-Sud 11, Groupe Reseaux Jean-Monnet-ADIS, 27 Avenue Lombart Bureau C 309, 92260 Fontenay aux Roses Cedex (France); Ramos Real, Francisco Javier [Departamento de Analisis Economico e Instituto de Desarrollo Regional, Camino de La Hornera s/n, Campus de Guajara, Universidad de La Laguna, 38071 La Laguna. SC de Tenerife (Spain)

    2008-11-15

    This paper presents a geographic dimension not often studied in the dynamics of creating an internal market for electricity within the European Union, namely the case of small European electricity systems like those found on the Greek islands of Cyprus and Crete. Our question, then, is how to achieve a suitable internal market for electricity in small and isolated systems. To address this issue, we identify the main problems to be overcome by introducing a methodology in which the Canary Islands experience is taken as a case study for understanding the challenges in creating an 'EU-like market for electricity'. Our results show that the design of the vertical industrial structure and the figure of the grid operator and its attributes are key features for the proper operation of any electrical system. We also stress the minor roles of other possible options to achieve this EU-compatible market by highlighting first, in the wholesale market, the call-for-tender solution to introduce more generation and the risk of using safety requirements as barriers to entry in these small markets, and second, in the supply activities, the potential problems of an improperly regulated tariff scheme. (author)

  17. Green certificate trading in the Netherlands in the prospect of the European electricity market

    NARCIS (Netherlands)

    Dinica, V.; Arentsen, Maarten J.

    2002-01-01

    The support system for green electricity in the Netherlands has been one of the most complex and complicated systems across Europe. A voluntary trade of green certificates—or green labels—was one of the schemes used in the policy models of the 1990s. The liberalization of the electricity market has

  18. Possibilities and consequences of deregulation of the European electricity market for connection of heat sparse areas to district heating systems

    Energy Technology Data Exchange (ETDEWEB)

    Amiri, S. [Department of Technology and Built Environment, Division of Energy and Mechanical Engineering, University of Gaevle, SE-801 76 Gaevle (Sweden); Moshfegh, B. [Department of Technology and Built Environment, Division of Energy and Mechanical Engineering, University of Gaevle, SE-801 76 Gaevle (Sweden); Department of Management and Engineering, Division of Energy Systems, Linkoeping University, SE-581 83 Linkoeping (Sweden)

    2010-07-15

    The objective of the study is to analyse the conditions for connection of residential buildings in heat sparse areas to district heating systems in order to increase electricity production in municipal combined heat and power plants. The European electricity market has been assumed to be fully deregulated. The relation between connection of heat sparse areas, increased electricity and heat production as well as electricity prices, fuel prices and emissions rights is investigated. The results of the study show that there is potential to expand the district heating market to areas with lower heat concentrations in the cities of Gaevle, Sandviken and Borlaenge in Sweden, with both economic and environmental benefits. The expansion provides a substantial heat demand of approximately 181 GWh/year, which results in an electricity power production of approximately 43 GWh/year. Since the detached and stand-alone houses in the studied heat sparse areas have been heated either by oil boiler or by direct electricity, connection to district heating also provides a substantial reduction in emissions of CO{sub 2}. The largest reductions in CO{sub 2} emissions are found to be 211 ktonnes/year assuming coal-fired condensing power as marginal electricity production. Connection of heat sparse areas to district heating decrease the system costs and provide a profitability by approximately 22 million EURO/year for the studied municipalities if the price of electricity is at a European level, i.e. 110 EURO/MWh. Sensitivity analysis shows, among other things, that a strong relation exists between the price of electricity and the profitability of connecting heat sparse areas to district heating systems. (author)

  19. Design choices for electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    De Vries, Laurens

    2007-07-01

    Ten years after the first European Electricity Directive, the goal of creating a single European electricity market has not been reached, despite concerted efforts by the EU and certain member states to continue with the reforms. The policy of subsidiarity for many aspects of market design has as a consequence that member countries are implementing a variety of different market designs and are implementing the reforms at varying speeds. The Florence regulatory process, which was intended to provide a bottom-up approach for coordination and harmonization, has effectively stalled and been replaced by a series of 'mini fora' in which smaller groups of countries work on integrating their markets. At the same time, the European electricity supply industry is facing some significant challenges. This paper investigates the different choices that can be made in the design of electricity markets, how they relate to each other and how they relate to the policy goals. (auth)

  20. The Nordic financial electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2010-11-15

    NordREG is a cooperation of the Nordic energy regulators. The mission is to actively promote legal and institutional framework and conditions necessary for developing the Nordic and European electricity markets. The financial market is an important market for market participants to mitigate their risks. By providing tools for risk management, the financial market contributes to the efficient functioning of both wholesale and end-user markets. NordREG decided during 2009 to undertake a study on the Nordic financial electricity market. The aim of the report is to consider whether any improvements can be made to further increase the efficiency of the Nordic financial electricity market in order to secure an optimal price setting in the wholesale and the end-user markets

  1. Balancing reserves within a decarbonized European electricity system in 2050. From market developments to model insights

    Energy Technology Data Exchange (ETDEWEB)

    Lorenz, Casimir [German Institute for Economic Research (DIW Berlin), Berlin (Germany). Dept. of Energy, Transportation, Environment; Univ. of Technology, Berlin (Germany). Workgroup for Infrastructure Policy (WIP)

    2017-03-30

    This paper expands the discussion about future balancing reserve provision to the long-term perspective of 2050. Most pathways for a transformation towards a decarbonized electricity sector rely on very high shares of fluctuating renewables. This can be a challenge for the provision of balancing reserves, although their influence on the balancing cost is unclear. Apart from the transformation of the generation portfolio, various technical and regulatory developments within the balancing framework might further influence balancing costs: i) dynamic dimensioning of balancing reserves, ii) provision by fluctuating renewables or new (battery) storage technologies, and iii) exchange of balancing reserves between balancing zones. The first part of this paper discusses and transforms these developments into quantitative scenario definitions. The second part applies these scenarios to dynELMOD (dynamic Electricity Model), an investment model of the European electricity system that is extended to include balancing reserve provision. In contrast to other models applied in most papers on balancing reserves, this model is capable of evaluating the interdependencies between developments in balancing reserve provision and high shares of fluctuating renewables jointly. The results show that balancing reserve cost can be kept at current levels for a renewable electricity system until 2050, when using a dynamic reserve sizing horizon. Apart from the sizing horizon, storage capacity withholding duration and additional balancing demand from RES are the main driver of balancing costs. Renewables participation in balancing provision is mainly important for negative reserves, while storages play an important role for the provision of positive reserves. However, only on very few occasions, additional storage investments are required for balancing reserve provision, as most of the time sufficient storage capacities are available in the electricity system.

  2. Volatility transmission and volatility impulse response functions in European electricity forward markets

    Energy Technology Data Exchange (ETDEWEB)

    Le Pen, Yannick [Institut d' Economie et de Management de Nantes - IAE, Universite de Nantes, Chemin de la Censive du Tertre, BP 52231, 44322 Nantes cedex 3 (France); Sevi, Benoit [Universite d' Angers (GRANEM), Faculte de Droit, Economie et Gestion, Universite d' Angers, 13 allee Francois Mitterrand, BP 13633, 49036 Angers cedex 01 (France)

    2010-07-15

    Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740] Volatility Impulse Response Function (VIRF) to quantify the impact of shock on expected conditional volatility. We observe that a shock has a high positive impact only if its size is large compared to the current level of volatility. The impact of shocks are usually not persistent, which may be a consequence of the non-storability of power. Finally, we estimate the density of the VIRF at different forecast horizons. These fitted distributions are asymmetric and show that large increases in expected conditional volatilities are possible even if their probability is low. These results have interesting implications for market participants whose risk management policy depends on option prices which themselves depend on the characteristics of volatility. (author)

  3. Swedish electricity market 1996

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-11-01

    The organization of the Swedish electricity market has been in a state of continual change since the electricity market reform was started in the early 1990s. The conditions for the development of the electricity market have changed since the new Electricity Act came into force on 1 January 1996. The purpose of the reform is to introduce greater competition on the electricity market and provide the consumers with greater freedom of choice and, by open trade in electricity, to create the conditions for more efficient pricing. Being the central energy authority, the Swedish National Board for Industrial and Technical Development, NUTEK, was entrusted by the Government with the task of following developments on the Swedish electricity market. The Network Authority, which has the supervisory function for the new electricity market, were entrusted by the Government with the task of following developments on the Swedish electricity market and regularly compiling and reporting current market information. The new electricity market has now been operative for ten months. The Network Authority has submitted to the Government a detailed report entitled `Developments on the electricity market`, dealing with the experience gained from the electricity market reform. The purpose of the publication is to provide the players on the electricity market - the decision makers, the media and the general public - with comprehensive and easily accessible information on the market conditions. The publication includes summaries of information on electricity production and use in recent years, the structure of the electricity market from the perspective of a player, electricity trade in Sweden and in northern Europe, electricity prices in Sweden and other countries, and the impact of the electricity sector on the environment

  4. Future Electricity Markets

    DEFF Research Database (Denmark)

    Pinson, Pierre

    2015-01-01

    The changing face of energy production in Europe necessitates a rethink in the way that electricity markets are structured. The ‘5s’ (Future Electricity Markets) project is a multi-disciplinary project that is looking to challenge the current approach to the design and operation of electricity...... markets as penetration of renewable energy sources increases...

  5. Electricity market 2001

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-09-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have had a common electricity market since 1996. The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition, to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the 'Electricity market 2001' publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic market. Iceland is not included in the description. The publication also includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment. The publication contains data on electricity generation and use during the past years, structure of the electricity market, trade in electricity in the Nordic countries and northern Europe, electricity prices in the Nordic countries and other countries as well as impact of electricity generation system on the environment.

  6. Electricity market 2000

    Energy Technology Data Exchange (ETDEWEB)

    Korsfeldt, T.; Petsala, B.

    2000-08-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have a common electricity market since 1996.The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition,to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the present publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic markets.The publication includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment.

  7. USING THE GENERAL ELECTRIC / MCKINSEY MATRIX IN THE PROCESS OF SELECTING THE CENTRAL AND EAST EUROPEAN MARKETS

    Directory of Open Access Journals (Sweden)

    Nicolae Răzvan Decuseară

    2013-01-01

    Full Text Available Due to limited resources a company cannot serve all potential markets in the world in a manner that all the clients to be satisfied and the business goals achieved, which is why the company should select the most appropriate markets. It can focus on a single product market serving many geographic areas, but may also decide to serve different product markets in a group of selected geographic areas. Due to the large number and diversity of markets that can choose, analyze of the market attractiveness and the selection the most interesting is a complex process. General Electric Matrix/McKinsey has two dimensions, market attractiveness and the competitive strength of the firm, and aims to analyze the strengths and weaknesses of the company in a variety of areas, allowing the company to identify the most attractive markets and to guide managers in allocating resources to these markets, improve the weaker competitive position of the company in emerging markets, or to draw firm unattractive markets. We can say that it is a very efficient tool for the company being used by international market specialists, on one hand to select foreign markets for the company, and on the other hand, to determine the strategy that the firm will be using to internationalize on those markets. At the end of this paper we present a part of a larger study in which we showed how General Electric Matrix/McKinsey it is used specifically in select foreign markets.

  8. Electric glass capturing markets

    Energy Technology Data Exchange (ETDEWEB)

    Wikman, K.; Wikstroem, T.

    1996-11-01

    Electric glass has found its place on the construction market. In public buildings, electrically heatable windows are becoming the leading option for large glass walls. Studies on detached houses, both new and renovated, show that floor heating combined with electrically heatable windowpanes is the best choice with respect to resident`s comfort. (orig.)

  9. The impact of German CO{sub 2}-reduction targets on the European electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Lindenberger, Dietmar [Koeln Univ. (Germany). Energiewirtschaftliches Inst.

    2016-07-01

    The topic ''CO{sub 2}-reduction within the electric power system'' should actually be preceded by a more general remark on the efficiency of energy policy from a macroeconomic perspective. An efficient and effective energy policy necessitates that the primary targets of such an energy policy, namely safeguarding a sustainable energy supply as well as considering environmental and climate objectives, are attained at the lowest possible costs. This corresponds to the general economic principle according to which given goals are to be achieved with relatively little effort and/or investments. That is beyond doubt because it means nothing else than to avoid any unnecessary waste of resources in order to reach such objectives.

  10. Essays on electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Rud, Linda

    2009-07-01

    The report covers several topics of electricity markets: The first essay, 'Selected Topics on Early Electricity Market Design in Norway' studies market design issues in establishing the market-based Norwegian electricity market. Essays 2-4 focus on issues of network congestion: 'Capacity Charges: A Price Adjustment Process for Managing Congestion in Electricity Transmission Networks' presents the capacity charge approach for managing transmission constraints in electricity networks. 'Understanding the Stochastics of Nodal Prices: Price Processes in a Constrained Network' seeks a further understanding of stochastic nodal prices processes. 'Investment Evaluation in a Constrained Electricity Network with Stochastic Nodal Price Processes' studies how the interaction of the competitive market and the capacitated network affects the evaluation of investments under uncertainty, and points out potential pitfalls of evaluation. In the last essay, 'A Newsboy Model Perspective on the Power Market: The Case of a Wind Power Producer' we discuss aspects of optimal bidding for a wind power producer. (Author)

  11. Market forces in european soccer

    NARCIS (Netherlands)

    Haan, M.; Koning, Ruud H.; Witteloostuijn, A. van

    2003-01-01

    Recent decades have witnessed major changes in the market for European soccer. The most profound were the Bosman ruling, which lifted restrictions in the European labor market for soccer talent, and the introduction of the Champions' League, a high-profile international competition that generates

  12. Market forces in european soccer

    NARCIS (Netherlands)

    Haan, M.; Koning, Ruud H.; Witteloostuijn, A. van

    2002-01-01

    Recent decades have witnessed major changes in the market for European soccer. The most profound were the Bosman ruling, which lifted restrictions in the European labor market for soccer talent, and the introduction of the Champions' League, a high-profile international competition that generates

  13. Electricity market modeling trends

    Energy Technology Data Exchange (ETDEWEB)

    Ventosa, Mariano E-mail: mariano.ventosa@iit.upco.es; Baillo, Alvaro; Ramos, Andres; Rivier, Michel

    2005-05-01

    The trend towards competition in the electricity sector has led to efforts by the research community to develop decision and analysis support models adapted to the new market context. This paper focuses on electricity generation market modeling. Its aim is to help to identify, classify and characterize the somewhat confusing diversity of approaches that can be found in the technical literature on the subject. The paper presents a survey of the most relevant publications regarding electricity market modeling, identifying three major trends: optimization models, equilibrium models and simulation models. It introduces a classification according to their most relevant attributes. Finally, it identifies the most suitable approaches for conducting various types of planning studies or market analysis in this new context.

  14. Integration of European Bond Markets

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    2014-01-01

    I investigate the time variation in the integration of EU government bond markets. The integration is measured by the explanatory power of European factor portfolios for the individual bond markets for each year. The integration of the government bond markets is stronger for EMU than non...

  15. Renewables in Electricity Markets

    DEFF Research Database (Denmark)

    Ordoudis, Christos; Papakonstantinou, Athanasios; Pinson, Pierre

    2014-01-01

    Electricity is nowadays commonly exchanged through electricity markets, designed in a context where dispatchable generators, with non-negligible marginal costs, were dominating. By depending primarily on conventional (fossil, hydro and nuclear) power generation based on marginal pricing......, deterministic market designs were considered adequate with straightforward setups consisting of a forward optimal allocation accompanied by a real-time balancing mechanism. However, as the share of renewable sources of energy (RES) increases, such market designs tend to become inefficient since they were...... not designed to take into account the uncertainty brought by the substantial variability and limited predictability associated with stochastic sources, most notably wind power and solar energy. Due to these developments, the need for decision making models able to account for the uncertainty introduced by high...

  16. Electricity markets theories and applications

    CERN Document Server

    Lin, Jeremy

    2017-01-01

    Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors--noted experts in the field--cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with t...

  17. Essays on European bond markets

    NARCIS (Netherlands)

    Cheung, Y.C.

    2005-01-01

    This dissertation focused on a number of issues that are of importance in the current European bond market. In the past years, the fiscal policy of the Eurozone members, advances in the technology of trading platforms and the introduction of a single currency have reshaped the fixed income markets

  18. Electricity marketing and retailing

    Energy Technology Data Exchange (ETDEWEB)

    Kilby, M. [Canadian Meter Services, Toronto ON (Canada)

    2001-07-01

    Canadian Metering Services provides metrology expertise to power producers and has more than 40 years experience in the industry. The company is privately and nationally accredited in Canada and is an expert in data communications. This power point presentation focused on issues regarding prices and price stability. Graphs were included with the presentation which depicted the profiles of winners and losers in electricity marketing and retailing. The presentation also discussed the benefits of a market surveillance panel, AMV, and MDMA and how to go about choosing them. tabs., figs.

  19. Role of National Support Policy in the large-scale integration of DER into the European electricity market

    DEFF Research Database (Denmark)

    ten Donkelaar, Michael; Klinge Jacobsen, Henrik

    2008-01-01

    This report concerns a study of the DER support schemes in the different EU Member States, their effectiveness and if necessary how these might be moulded to become more cost-effective in the future to integrate much larger shares of DER in the European electricity supply system. The report is part...... of a set of reports on DER integration issues and together they present a full and complete report on key issues of policy support, required changes in regulation and other issues that hamper more DER integration in supply....

  20. Electricity and gas market observatory. 4. quarter 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Since July 1, 2004, all electricity and gas consumers can be eligible according to their consumption site, as long as all or part of the electricity or gas consumed is designed for non-residential use. The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web-site (www.cre.fr). It presents: The electricity market; The retail electricity market: Eligible customer segments and their respective weights, Status at January 1, 2007, Dynamic analysis: 4. Quarter 2007; The wholesale electricity market: Traded volumes on the French wholesale electricity market and comparison with European markets, Prices on the French wholesale electricity market and European comparison, Import and export volumes, Concentration of the French electricity market, Striking facts of the 4. 2006 quarter; The gas market; The retail gas market: The eligible customer segments and their respective weights, Status at January 1. 2007; The wholesale gas market: Gas pricing and gas markets in Europe,The wholesale market in France. Some glossaries are attached to the document: Electricity and gas market observatories combined glossary; Specific electricity market observatory glossary; Specific gas market observatory glossary.

  1. Electricity and gas market observatory. 1. quarter 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Since July 1, 2004, all electricity and gas consumers can be eligible according to their consumption site, as long as all or part of the electricity or gas consumed is designed for non-residential use. The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web-site (www.cre.fr). It presents: The electricity market; The retail electricity market: Eligible customer segments and their respective weights, Status at April 1, 2007, Dynamic analysis: 1. Quarter 2007; The wholesale electricity market: Traded volumes on the French wholesale electricity market and comparison with European markets, Prices on the French wholesale electricity market and European comparison, Import and export volumes, Concentration of the French electricity market, Striking facts of the 1. 2007 quarter; The gas market; The retail gas market: The eligible customer segments and their respective weights, Status at April 1. 2007; The wholesale gas market: Gas pricing and gas markets in Europe,The wholesale market in France. Some glossaries are attached to the document: Electricity and gas market observatories combined glossary; Specific electricity market observatory glossary; Specific gas market observatory glossary.

  2. Electric Vehicles in Imperfect Electricity Markets

    OpenAIRE

    Schill, Wolf-Peter

    2011-01-01

    We use a game-theoretic model to analyze the impacts of a hypothetical fleet of plug-in electric vehicles on the imperfectly competitive German electricity market. Electric vehicles bring both additional demand and additional storage capacity to the market. We determine the effects on prices, welfare, and electricity generation for various cases with different players in charge of vehicle operations. Vehicle loading increases generator profits, but decreases consumer surplus in the power mark...

  3. The globalization and Europeanization of mortgage markets

    NARCIS (Netherlands)

    Aalbers, M.B.

    2009-01-01

    Do globalization and Europeanization lead to the deterritorialization of European mortgage markets? Neither economic globalization nor EU policies have resulted in one European mortgage market. The various European mortgage markets are still quite different from one another in many respects. In most

  4. Design of Competitive Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    2009-07-01

    The design of electricity markets, from pioneers like England and Wales, the Nordic countries, parts of the US, to the more recent additions in Eastern Europe, Africa and South America, carry a lot of similarities. At the same time, there are also distinct differences in the choices made. Is it possible at this stage to conclude that one design works better than the others? In that case - what seems to be working and what remains to be solved? Other important topics to study within this field are optimal investments in interconnection capacities, integration of electricity markets, market power and demand response. The following presentations from the conference are available at the conference web site: Session 1: Market and Politics - from a bird's eye perspective: How liberalised have liberalised electricity markets become?; What is Driving Investments in the Power Sector; Electricity Market Design in the U.S.A.: More Market Or More Politics?; Politics of Energy Policy and Marketing of Energy Markets in the EU - Driving Forces Behind EU Energy Policy and Market Development; Session 2: Experiences from Different Models of Market Design: Using Forward Markets to Improve Electricity Market Design: examples from USA and Colombia; The Texas Deregulated Electricity Market; The Nordic Market Design - A Model For Others?; Designing Wholesale Electricity Markets: Integration with System Operations; Are the British Electricity Trading and Transmission Arrangements Future-Proof?; Session 3: Aspects of Liberalization and its Consequences for - Investments in Interconnection Capacity: Optimal investments in interconnectors and transmission capacity: Lessons from NorNed and the East-West interconnector; Transmission regulation of an integrated energy market; - Integration of Electricity Markets: The Integration of Electricity Markets in Ireland; What would be the ideal support scheme for wind power, in the context of large-scale wind integration and a regional electricity

  5. Price volatility in wind dominant electricity markets

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Chen, Zhe

    2013-01-01

    electricity markets. High price volatility is unappreciated because it imposes high financial risk levels to both electricity consumers and producers. Additionally high price variations impede tracking price signals by consumers in future smart grid and jeopardize implementation of demand response concepts......High penetration of intermittent renewable energy sources causes price volatility in future electricity markets. This is specially the case in European countries that plan high penetration levels. This highlights the necessity for revising market regulations and mechanisms in accordance....... The main contribution of this paper is to quantify volatility patterns of electricity price, as penetration level of wind power increases. Results explain a direct relationship between wind penetration and electricity price volatility in a quantitative manner....

  6. Energy and environment policy in the Czech Republic. Vol. 3: Liberalisation of the energy market for electricity and gas in the European Union. A survey and possible implications for the Czech Republic

    Energy Technology Data Exchange (ETDEWEB)

    Brauch, H.G.

    2002-01-01

    This study is organised in four parts. The first part deals with the political context of the EU: its widening and deepening and the evolution of its energy policy. The second part focuses on the liberalisation of the European market for electricity with a review of the structure of the electricity markets in Germany, France, Italy and Great Britain and of the three electricity networks, an assessment of EU liberalisation policy and its implementation in these four countries. The third part deals with the liberalisation of the European market for natural gas by offering an overview of EU liberalisation policy before the gas directive enters into force in August 2000. Finally part four discusses possible implications of energy liberalisation for the Czech Republic. The study concludes with a review of efforts by the Commission to resolve the conflict between liberalisation of energy markets and the climate policy driven sustainability goals. (orig.)

  7. MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

    Directory of Open Access Journals (Sweden)

    Andreea Avadanei

    2011-01-01

    Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

  8. Nordic Market report 2010. Development in the Nordic Electricity Market

    Energy Technology Data Exchange (ETDEWEB)

    2010-07-15

    The Nordic region is characterized by a unique mix of generation sources, with a very high share of hydropower. Hydropower accounts for virtually all of the Norwegian and nearly half of the Swedish generation capacity, making the level of precipitation vital when calculating and analysing potential generation levels. Climatic conditions such as, significantly colder winters than any other European country also influence consumption in the Nordic region, as many households are electrically heated. Overall electricity consumption in the Nordic region in 2009 was marked by decreasing consumption in every market - from a decrease of 1,5% in Denmark to a decrease of 5,5% in Finland. The Nordic transmission grid connects almost the entire region into one synchronous power system enabling increased security of supply as well as a more efficient use of the generation capacity, but congestion occurs. Congestions between the Nord Pool bidding areas are handled through market splitting, while internal congestions in general are handled through counter trade or by reducing interconnector capacity at the bidding area borders. The key future challenge for transmission network operations both in the Nordic area, and as well on the European level will be to facilitate the functioning of the pan-European wholesale electricity markets. The Nordic wholesale power market is well functioning. The volume traded at Nord Pool in 2009 was about the same share of total consumption as that of 2008. Although trading at Nord Pool is voluntary, significantly more power is traded on the power exchange than bilaterally. During 2009 average spot prices at Nord Pool were lower than prices in 2008 due to both lower demand and generation costs for thermal power plants for most of 2009. The Nordic retail markets are essentially four separate markets, influenced by national differences, but work on integration has started. Throughout 2009 retail prices in the Nordic region were lower than in 2008

  9. Capacity Remuneration Mechanisms for Reliability in the Integrated European Electricity Market: Effects on Welfare and Distribution through 2023

    DEFF Research Database (Denmark)

    Traber, Thure

    2017-01-01

    A reduced attractiveness of investments in reliable fossil power plants in liberalized markets on the background of a transition towards renewable energies has brought a discussion on capacity policies to Europe. I develop a partial equilibrium model to compare effects of three polar capacity...... emuneration mechanisms (CRMs) based on the assumption that a CRM is indicated. A strategic reserve (SR) policy with administratively set capacity targets, a capacity market (CM) based on public procurement, and a decentralized reserve market with the obligation of generators to finance reserves in relation...

  10. Electricity market module: Electricity fuel dispatch submodule

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-06-01

    In previous Annual Energy Outlooks (AEO), international electricity trade was represented in the National Energy Modeling System (NEMS) Electricity Market Module (EMM) modeling framework as an exogenous input. The exception to this exogenous treatment was for firm power projections, i.e., new Canadian hydroelectric model builds. The AEO95 implementation of EMM allowed Canadian hydroelectric projects to be selected in the Electricity Capacity Planning (ECP) submodule on an annual basis and otherwise addressed as any other purchased power commitments. This technical memorandum addresses modifications to the Electricity Fuel Dispatch Submodule implemented in AEO96 to enhance the treatment of international electricity trade through the representation of economy imports from Canada.

  11. Volatility Spillover Effects in European Equity Markets

    NARCIS (Netherlands)

    Baele, L.

    2003-01-01

    This paper quantifies the magnitude and time-varying nature of volatility spillovers from the aggregate European (EU) and US market to 13 local European equity markets.I develop a shock spillover model that decomposes local unexpected returns into a country speciffic shock, a regional European

  12. The Impact of Wind Power on European Natural Gas Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-09-06

    Due to its clean burning properties, low investment costs and flexibility in production, natural gas is often put forward as the ideal partner fuel for wind power and other renewable sources of electricity generation with strongly variable output. This working paper examines three vital questions associated with this premise: 1) Is natural gas indeed the best partner fuel for wind power? 2) If so, to what extent will an increasing market share of wind power in European electricity generation affect demand for natural gas in the power sector? and 3) Considering the existing European natural gas markets, is natural gas capable of fulfilling this role of partner for renewable sources of electricity?.

  13. Study on electricity markets in Romania

    Directory of Open Access Journals (Sweden)

    Alexandra FLOREA

    2017-03-01

    Full Text Available In this paper, we detail about the components of the wholesale electricity market in Romania: Market for Bilateral Contracts (Central Market with continuous double negotiation of bilateral electric energy contracts (CM - OTC, Centralized Market for bilateral electric energy contracts, Day-Ahead Market (DAM, Inter-Daily Market (IM, Balancing Market (BM, Centralized Market for universal service (CMUS. In addition, for each type of market we generated diagrams with the main business processes.

  14. The economics of electricity markets

    CERN Document Server

    Biggar, Darryl R

    2014-01-01

    With the transition to liberalized electricity markets in many countries, the shift to more environmentally sustainable forms of power generation and increasing penetration of electric vehicles and smart appliances, a fundamental understanding of the economic principles underpinning the electricity industry is vital. Using clarity and precision, the authors successfully explain economic theory of all liberalized electricity market types from a cross-disciplinary engineering and policy perspective. No prior engineering knowledge or economics expertise is assumed in introducing key ideas such as nodal pricing, optimal dispatch and efficient pricing or in extending those models to areas including investment, risk management and the handling of contingencies. Key features: Comprehensively covers the principles of all liberalized electricity market types, including the US, Europe, New Zealand and Australia. Provides up to date coverage of research and policy iss es, including design of financial transmission rig...

  15. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    National Research Council Canada - National Science Library

    Anoop S Kumar; Bandi Kamaiah

    2014-01-01

    This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania...

  16. Evidence of waste electrical and electronic equipment (WEEE) relevant substances in polymeric food-contact articles sold on the European market.

    Science.gov (United States)

    Puype, Franky; Samsonek, Jiří; Knoop, Jan; Egelkraut-Holtus, Marion; Ortlieb, Markus

    2015-01-01

    In order to confirm the possibility that recycled fractions from the waste electrical and electronic equipment (WEEE) stream were illegally entering the European market in black polymeric food-contact articles (FCAs), bromine quantification, brominated flame retardant (BFR) identification combined with WEEE-relevant elemental analysis and polymer impurity analysis were performed. From the 10 selected FCAs, seven samples contained a bromine level ranging from 57 to 5975 mg kg(-)(1), which is lower than expected to achieve flame retardancy. The BFRs that were present were tetrabromobisphenol A (TBBPA), decabromodiphenylether (decaBDE), decabromodiphenylethane (DBDPE) and 1,2-bis(2,4,6-tribromophenoxy)ethane (BTBPE). Typical elements used in electronic equipment and present in WEEE were detected either at trace level or at elevated concentrations. In all cases when bromine was detected at higher concentrations, concurrently antimony was also detected, which confirms the synergetic use of antimony in combination with BFRs. This study describes also the measurement of rare earth elements where combinations of cerium, dysprosium, lanthanum, neodymium, praseodymium and yttrium were detected in four of the seven BFR-positive samples. Additionally, polymer purity was investigated where in all cases foreign polymer fractions were detected. Despite the fact that this study was carried out on a very small amount of samples, there is a significant likelihood that WEEE has been used for the production of FCAs.

  17. Marketing of electric vehicles

    DEFF Research Database (Denmark)

    Gärling, Anita; Thøgersen, John

    In this paper, an outline of a two-phased strategy for the targeted marketing of EVs is developed based, first, on a discussion of the current and expected future characteristics of EVs and, second, on a review of research on the characteristics of early adopters of new products....

  18. Book Review: Diversity in European Marketing

    Directory of Open Access Journals (Sweden)

    Hana Machková

    2012-06-01

    Full Text Available The case book “Diversity in European Marketing” is the result of the scientific cooperation of the CEMS Marketing Faculty Group. Prestigious Central European Universities - Corvinius University of Budapest and University of Economic, Prague - are members of CEMS - the Global Alliance in Management Education of 26 leading business schools and 70 multinational companies. Four authors from these two Universities share in this book their experience of Central European Marketing specifics.

  19. European Market Making and Policy Duplication

    DEFF Research Database (Denmark)

    Frankel, Christian

    2013-01-01

    This paper argues that private regulation has been essential to the making of the common European market. The distinction between negative and positive integration, usually used to understand the making of the common European market, only gives us part of the picture, as it focuses on public...... authorities and the regulation issued by them, and tends to ignore private authorities. A focus on private regulation is suggested to enlarge the focus on positive and negative integration, and this is used in an analysis of EU's removal of barriers to trade from 1958 to 2000. The paper shows that private...... regulation in the form of technical standardisation has become essential to European market making....

  20. The strategy of players on the European gas market

    Energy Technology Data Exchange (ETDEWEB)

    Lecarpentier, A

    2006-07-01

    One result of opening up the European gas market to competition has been to increase the number and diversity of the players involved, whether producers, suppliers or electric utilities. However, while the gas on offer is still controlled by a handful of market players given the increasing importance of state-owned companies from exporting countries outside Europe, the downstream gas sector continues to show a strong concentration of incumbent operators seeking a dominant position in the supply of gas. (author)

  1. Nordic market report 2009 : Development in the Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2009-07-01

    The Nordic region is characterized by a unique mix of generation sources where the high share of hydropower, representing virtually all of the Norwegian and nearly half of the Swedish generation capacity, has a great influence on the market. The level of precipitation is thus vital when calculating and analysing potential generation levels. In addition, the Nordic region has significantly colder winters than any other European country, influencing the consumption as many households are electrically heated. In 2008 the overall electricity consumption in the Nordic region was slightly higher - 1.6 per cent - than in 2007. During periods of peak consumption the Nordic power system proved sufficient to ensure security of supply without restrictions on consumption. The Nordic region operates almost entirely as one synchronous power system through transmission grid. The continuous reinforcement of the Nordic transmission grid has enabled an increased security of supply as well as a more efficient use of the generation capacity. Increasing cross border power flows strain the transmission lines and increases the demand for transmission capacity. Possible congestions occurring between the Nord Pool bidding areas are handled through market splitting, while internal congestions in general are handled through counter trade or by reducing interconnector capacity at the bidding area borders. The Nordic wholesale power market is a well functioning electricity market. Trade at Nord Pool has increased steadily since it was established in 1993. Although trading at Nord Pool Spot is voluntary, significantly more physical power is now traded on the power exchange than bilaterally - from 42 per cent of total Nordic consumption in 2004 to 76 per cent in 2008. During 2008 average spot prices at Nord Pool were considerably higher (approximately 60 per cent) than prices in 2007. The Nordic retail markets are essentially four separate markets, influenced by national differences, but work on

  2. Nordic market report 2009. Development in the Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    2009-07-15

    The Nordic region is characterized by a unique mix of generation sources where the high share of hydropower, representing virtually all of the Norwegian and nearly half of the Swedish generation capacity, has a great influence on the market. The level of precipitation is thus vital when calculating and analysing potential generation levels. In addition, the Nordic region has significantly colder winters than any other European country, influencing the consumption as many households are electrically heated. In 2008 the overall electricity consumption in the Nordic region was slightly higher - 1.6 per cent - than in 2007. During periods of peak consumption the Nordic power system proved sufficient to ensure security of supply without restrictions on consumption. The Nordic region operates almost entirely as one synchronous power system through transmission grid. The continuous reinforcement of the Nordic transmission grid has enabled an increased security of supply as well as a more efficient use of the generation capacity. Increasing cross border power flows strain the transmission lines and increases the demand for transmission capacity. Possible congestions occurring between the Nord Pool bidding areas are handled through market splitting, while internal congestions in general are handled through counter trade or by reducing interconnector capacity at the bidding area borders. The Nordic wholesale power market is a well functioning electricity market. Trade at Nord Pool has increased steadily since it was established in 1993. Although trading at Nord Pool Spot is voluntary, significantly more physical power is now traded on the power exchange than bilaterally - from 42 per cent of total Nordic consumption in 2004 to 76 per cent in 2008. During 2008 average spot prices at Nord Pool were considerably higher (approximately 60 per cent) than prices in 2007. The Nordic retail markets are essentially four separate markets, influenced by national differences, but work on

  3. Absence of a market in the Dutch balancing mechanism: European rules versus specific investments

    NARCIS (Netherlands)

    Niesten, E.M.M.I.; Jolink, A.

    2013-01-01

    The European directives for the electricity industry prescribe the creation of a market for balancing electricity supply and demand. In this paper, we demonstrate that a market for balancing has not emerged in the Dutch electricity industry, and that, instead, the balancing transactions are

  4. The Western European Mobile Service Market

    DEFF Research Database (Denmark)

    Henten, Anders; Tadayoni, Reza; Hjarup, Søren

    The aim of the paper is to analyse the development of the structure in the Western European mobile services market, based primarily on technological and economic parameters. The focus of the analysis is on the market consolidation process, taking place horizontally, i.e. among the mobile network...

  5. A Survey of the European Security Market

    OpenAIRE

    Carlos Martí Sempere

    2011-01-01

    This document synthesizes the results of the research made on the European security market. It deals with questions of interest regarding the provision of security goods and services for protecting society from terrorism and organised crime. It explores issues such as market revenues, demand and supply, industrial capabilities, technology, research and development, innovation, business strategies, competition as well as market structure, agents' conduct and economic performance. The research ...

  6. Roadmap towards a competitive European energy market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2010-10-15

    With the financial crisis evolving into a severe, global economic recession, there have been growing doubts over whether energy markets can continue to operate efficiently under present conditions or whether the shift to non-market mechanisms would be a better choice. This question remains an ongoing source of debate in the recently liberalised electricity sector. Textbook wisdom says that the market is the most efficient place to allocate financial means for investments. Therefore, during a period of a crisis, it should follow that we actually need more market mechanisms, not fewer, if we want to stimulate investments in an economically efficient way. Regulated electricity prices and nationalistic thinking will not help to solve Europe's electricity challenges with regards to either the generation or the transportation of electricity.

  7. Wind power and a liberalised North European electricity exchange

    Energy Technology Data Exchange (ETDEWEB)

    Nielsen, L.H.; Morthorst, P.E.; Skytte, K. [and others

    1999-03-01

    Conditions for wind power on a liberalised North European electrical power market are addressed in the paper. Results are presented from a recently completed study carried out by Risoe National Laboratory in collaboration with the Danish electric utilities Eltra, Elsam and Elkraft. A main result from the study is, that the market will be able to provide the necessary power regulation, that will be required year 2005 as consequence of the expected wind power capacity extension, according to the Danish energy plan, Energy21. The averege sales price on the market for the wind-generated electricity is less than the average spot market price, due to provision of power regulation to balance the unpredictability of the wind power. This reduction in the market value of wind power has been calculated to 10-20 DKK/MWh of 1.3-2.7 EUR/MWh. (au)

  8. Risk Management in Electricity Markets : Hedging and Market Incompleteness

    NARCIS (Netherlands)

    Willems, Bert; Morbee, J.

    2008-01-01

    Abstract: The high volatility of electricity markets gives producers and retailers an incentive to hedge their exposure to electricity prices. This paper studies how welfare and investment incentives are affected when markets for derivatives are introduced, and to what extent this depends on market

  9. Examining market power in the European natural gas market

    Energy Technology Data Exchange (ETDEWEB)

    Egging, R.G. [Energy Research Centre of the Netherlands, Amsterdam (Netherlands). Policy Studies Group; Gabriel, S.A. [University of Maryland, College Park, MD (United States). Dept. of Civil and Environmental Engineering

    2006-11-15

    In this paper, we develop a mixed complementarity equilibrium model for the European natural gas market. This model has producers as Cournot players with conjectured supply functions relative to their rivals. As such, these producers can withhold production to increase downstream prices for greater profits. The other players are taken to be perfectly competitive and are combined with extensive pipeline, seasonal, and other data reflecting the current state of the market. Four market scenarios are run to analyze the extent of market power by these producers as well as the importance of pipeline and storage capacity. (author)

  10. The international electricity market infrastructure-insight from the nordic electricity market

    DEFF Research Database (Denmark)

    Ma, Zheng; Prljaca, Zerina; Jørgensen, Bo Nørregaard

    2016-01-01

    This paper aims to provide an overview of an international electricity market for the emerging market players to understand and manipulate their roles and relationships in the market by analyzing the former, present, and future Nordic electricity market. The emerging market players...... and their relationships are also discussed in the paper. This paper outlines several suggestions for the future Nordic electricity market development. Furthermore, this paper provides a recommendation for countries interested in participating and developing the cross-national electricity markets with the discussion...... of the historical development of the Nordic electricity market....

  11. THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Viorica CHIRILA

    2015-12-01

    Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

  12. Dynamics of electricity market correlations

    Science.gov (United States)

    Alvarez-Ramirez, J.; Escarela-Perez, R.; Espinosa-Perez, G.; Urrea, R.

    2009-06-01

    Electricity market participants rely on demand and price forecasts to decide their bidding strategies, allocate assets, negotiate bilateral contracts, hedge risks, and plan facility investments. However, forecasting is hampered by the non-linear and stochastic nature of price time series. Diverse modeling strategies, from neural networks to traditional transfer functions, have been explored. These approaches are based on the assumption that price series contain correlations that can be exploited for model-based prediction purposes. While many works have been devoted to the demand and price modeling, a limited number of reports on the nature and dynamics of electricity market correlations are available. This paper uses detrended fluctuation analysis to study correlations in the demand and price time series and takes the Australian market as a case study. The results show the existence of correlations in both demand and prices over three orders of magnitude in time ranging from hours to months. However, the Hurst exponent is not constant over time, and its time evolution was computed over a subsample moving window of 250 observations. The computations, also made for two Canadian markets, show that the correlations present important fluctuations over a seasonal one-year cycle. Interestingly, non-linearities (measured in terms of a multifractality index) and reduced price predictability are found for the June-July periods, while the converse behavior is displayed during the December-January period. In terms of forecasting models, our results suggest that non-linear recursive models should be considered for accurate day-ahead price estimation. On the other hand, linear models seem to suffice for demand forecasting purposes.

  13. ELECTRICITY DIRECTIVES AND EVOLUTION OF THE EU INTERNAL ELECTRICITY MARKET

    OpenAIRE

    Jakovac, Pavle

    2012-01-01

    The liberalization of the electricity market in the EU is aimed at creating a competitive market in order to increase economic efficiency and reduce the role of the state. For a long period of time, the electricity sector in the EU member states was organized in the form of a natural vertically integrated state-owned monopoly. It proved to be ineffective in terms of ensuring the (competitive) market price of electricity. With technological advances in electricity generation and transmission, ...

  14. The state of the North-European electricity market. Attempt to a problem-oriented analysis; Laeget paa den Nordeuropeiska elmarknaden. Ett foersoek till en problemorienterad analys

    Energy Technology Data Exchange (ETDEWEB)

    Kaerrmarck, U.

    2001-11-01

    This analysis covers the period 2000-2005, plus a few longer prognoses. Most analyses that preceded the deregulation of the electricity market in Europe, held the opinion that the market, due to the important over capacity, would be characterized by a severe price competition and lead to a market restructuration with only a few large producers surviving. The need for new investments was considered to be limited. Even a growing demand for electricity would not disturb the price reductions. The development followed this scheme to a certain extent. The restructuring is taking place. The utilities EdF (France), ENI (Italy), E.On, RWE (both Germany) and Vattenfall (Sweden) are obtaining dominant positions on their largely extended markets. But the prices have been stabilized on a level above the marginal production costs, and the power surplus has been halved compared to 1998. Northern Europe is approaching a state with increasing prices and threatening power shortages. The producers have adapted to the new situation by exploiting the differences in production- and demand-structure in the different countries and the associated price differences. Producers in Germany have instead of competing with the price chosen to close down a number of plants with large investment needs and high operating costs. The energy policy of all countries in the region gives highest priority to investment in renewable energy sources, which can not replace all the capacity lost by closing fossil and nuclear power plants. The ambition of the power producers to regain control of the market and the political inclination to prioritize CO{sub 2}-free power production has, in combination, led to a strengthening of the existing producers and denying market access for new larger actors. New base load production capacity will be needed in the long run, and investment decisions are needed in the near future, if risks for power shortages are to be avoided. Increasing prices will stimulate commercial

  15. Modeling Risk Convergence for European Financial Markets

    Directory of Open Access Journals (Sweden)

    Radu LUPU

    2014-09-01

    Full Text Available This article studies the convergence of risk on a sample of 13 European indexes. We use a set of 31 model specifications of a significant number of models belonging to the GARCH class and on their estimates we build an aggregate index in a Value-at-Risk approach. We use this index as a base for our convergence analysis. The results indicate a positive and significant tendency of convergence growth for the European financial market

  16. Using forward markets to improve electricity market design

    Energy Technology Data Exchange (ETDEWEB)

    Ausubel, Lawrence M.; Cramton, Peter [University of Maryland, College Park, MD 20742 (United States)

    2010-12-15

    Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the medium term, a forward energy market lets suppliers and demanders lock in energy prices and quantities for one to three years. In the long term, a forward reliability market assures adequate resources are available when they are needed most. The forward markets reduce risk for both sides of the market, since they reduce the quantity of energy that trades at the more volatile spot price. 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 transparency. Recent innovations to the Colombia market illustrate the basic elements of the forward markets and their beneficial role. (author)

  17. Modeling spot markets for electricity and pricing electricity derivatives

    Science.gov (United States)

    Ning, Yumei

    Spot prices for electricity have been very volatile with dramatic price spikes occurring in restructured market. The task of forecasting electricity prices and managing price risk presents a new challenge for market players. The objectives of this dissertation are: (1) to develop a stochastic model of price behavior and predict price spikes; (2) to examine the effect of weather forecasts on forecasted prices; (3) to price electricity options and value generation capacity. The volatile behavior of prices can be represented by a stochastic regime-switching model. In the model, the means of the high-price and low-price regimes and the probabilities of switching from one regime to the other are specified as functions of daily peak load. The probability of switching to the high-price regime is positively related to load, but is still not high enough at the highest loads to predict price spikes accurately. An application of this model shows how the structure of the Pennsylvania-New Jersey-Maryland market changed when market-based offers were allowed, resulting in higher price spikes. An ARIMA model including temperature, seasonal, and weekly effects is estimated to forecast daily peak load. Forecasts of load under different assumptions about weather patterns are used to predict changes of price behavior given the regime-switching model of prices. Results show that the range of temperature forecasts from a normal summer to an extremely warm summer cause relatively small increases in temperature (+1.5%) and load (+3.0%). In contrast, the increases in prices are large (+20%). The conclusion is that the seasonal outlook forecasts provided by NOAA are potentially valuable for predicting prices in electricity markets. The traditional option models, based on Geometric Brownian Motion are not appropriate for electricity prices. An option model using the regime-switching framework is developed to value a European call option. The model includes volatility risk and allows changes

  18. Effects of a Liberalized European Gas Market

    Energy Technology Data Exchange (ETDEWEB)

    Austvik, Ole Gunnar

    2003-07-01

    After World War II a position that for some time was called ''left-liberal'' tried to reconcile the values of individual freedom with social justice and a more egalitarian distribution of income. According to this perception, the government should let markets work if they satisfy social goals. However, if markets are non-competitive, either by nature or cartelization, often a public authority or a regulator must intervene in order to secure social goals, such as the provision of important goods and services, to avoid excessive pricing practices etc. If the results from competitive markets achieved either by actual competition or by public regulations bring about unacceptable injustice or inequality between persons, groups or regions, governments should intervene to correct this by redistributing income through taxes and subsidies, partnership schemes with the industry, and so on. For the functioning of natural gas markets, the most crucial element is the cost of, and access to, transportation. Cost of gas transportation is often characterized by strong elements of scale and scope economies, making transporting firms natural monopolies in the markets in which they operate. In Europe, many public utilities operating as natural monopolies were nationalized in the aftermath of World War II. Being monopolists by nature (but sometimes only by law) they were considered bottlenecks in the development of each nation's competitiveness. Probably the most frequently used argument explaining these firms' inefficient use of resources, has been the lack of competition. Liberalization of a market represents a departure from the ''one management'' approach. However, the particular aspect of by-nature non-competitive markets, such as major parts of the European gas market, is that the goals of competition cannot be achieved only by removal of trade barriers. If the most efficient operation of a market is done by one, or only a few

  19. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    Directory of Open Access Journals (Sweden)

    Anoop S Kumar

    2014-06-01

    Full Text Available This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the markets of Croatia, Czech Republic and Bulgaria may be weak form efficient at a shorter lag, the other six markets are not informationally efficient. In the next stage, we estimate a measure of relative efficiency to show the extent to which a market is weak-form inefficient. From the results, it is found that the forex markets of Croatia, Czech Republic and Bulgaria are least weak form inefficient compared to others. The findings of the study are of relevance as it shows that even after roughly two decades of free market economic policies, majority of the forex markets in the area remains informationally inefficient.

  20. Electric power market agent design

    Science.gov (United States)

    Oh, Hyungseon

    The electric power industry in many countries has been restructured in the hope of a more economically efficient system. In the restructured system, traditional operating and planning tools based on true marginal cost do not perform well since information required is strictly confidential. For developing a new tool, it is necessary to understand offer behavior. The main objective of this study is to create a new tool for power system planning. For the purpose, this dissertation develops models for a market and market participants. A new model is developed in this work for explaining a supply-side offer curve, and several variables are introduced to characterize the curve. Demand is estimated using a neural network, and a numerical optimization process is used to determine the values of the variables that maximize the profit of the agent. The amount of data required for the optimization is chosen with the aid of nonlinear dynamics. To suggest an optimal demand-side bidding function, two optimization problems are constructed and solved for maximizing consumer satisfaction based on the properties of two different types of demands: price-based demand and must-be-served demand. Several different simulations are performed to test how an agent reacts in various situations. The offer behavior depends on locational benefit as well as the offer strategies of competitors.

  1. Market Power in the German Wholesale Electricity Market

    OpenAIRE

    Müsgens, Felix

    2004-01-01

    This paper quantifies the degree of market power in the German wholesale electricity market. A fundamental model is used to derive competitive marginal cost estimators which are compared with observed electricity prices. Marginal costs are calculated focusing on market fundamentals such as plant capacities, fuel prices, and load structures. In addition, international power exchange and dynamic effects like start-up costs and hydro storage plant dispatch are incorporated. The comparison of mar...

  2. Electric Vehicles in Imperfect Electricity Markets: A German Case Study

    OpenAIRE

    Schill, Wolf-Peter

    2010-01-01

    We analyze the impacts of a hypothetical fleet of plug-in electric vehicles on the imperfectly competitive German electricity market with a game-theoretic model. Electric vehicles bring both additional demand and additional storage capacity to the market. We determine their effects on prices, welfare, and electricity generation for various cases with different players being in charge of vehicle operations. We find that vehicle loading increases generator profits, but decreases consumer surplu...

  3. Decoding restricted participation in sequential electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Knaut, Andreas; Paschmann, Martin

    2017-06-15

    Restricted participation in sequential markets may cause high price volatility and welfare losses. In this paper we therefore analyze the drivers of restricted participation in the German intraday auction which is a short-term electricity market with quarter-hourly products. Applying a fundamental electricity market model with 15-minute temporal resolution, we identify the lack of sub-hourly market coupling being the most relevant driver of restricted participation. We derive a proxy for price volatility and find that full market coupling may trigger quarter-hourly price volatility to decrease by a factor close to four.

  4. Three essays on "making" electric power markets

    Science.gov (United States)

    Kench, Brian Thomas

    2000-10-01

    Technological change over the past three decades has altered most of the basic conditions in the electric power industry. Because of technical progress, the dominant paradigm has shifted from the provision of electric power by regulated and vertically integrated local natural monopolies to competition and vertical separation. In the first essay I provide a historical context of the electric industry's power current deregulation debate. Then a dynamic model of induced institutional change is used to investigate how endogenous technological advancements have induced radical institutional change in the generation and transmission segments of the electric power industry. Because the Federal Energy Regulatory Commission (FERC) ordered regulated utilities to provide open access to their transmission networks and to separate their generation and transmission functions, transmission networks have been used more intensively and in much different ways then in the past. The second essay tests experimentally the predictions of neoclassical theory for a radial electric power market under two alternative deregulated transmission institutions: financial transmission rights and physical transmission rights. Experimental evidence presented there demonstrates that an electric power market with physical transmission rights governing its transmission network generates more "right" market signals relative to a transmission network governed by financial transmission rights. The move to a greater reliance on markets for electric power is an idea that has animated sweeping and dramatic changes in the traditional business of electric power. The third essay examines two of the most innovative and complex initiatives of making electric power markets in the United States: California and PJM. As those markets mature and others are made, they must revise their governance mechanisms to eliminate rules that create inefficiency and adopt rules that work efficiently elsewhere. I argue that

  5. TRADING FORWARD IN THE BRAZILIAN ELECTRICITY MARKET

    Directory of Open Access Journals (Sweden)

    Paulo Cesar Coutinho

    2013-01-01

    Full Text Available We study the interaction between forward and spot electricity markets in a scenario where buyers and sellers are price takers in the forward market and trade through marketers, who play a Cournot game. Our model’s main features come from the Brazilian electricity market, where a free contract market coexists with a regulated contract market, and the spot price is the output of a stochastic dynamic algorithm. We are able to show that the price of energy bought (sold forward decreases (increases with the number of marketers, and that, as a result, full hedging is achieved in the limit. We also investigate the effects on prices of changes in the number of market participants and in aggregate consumption and supply, an exercise that yields important policy recommendations for the Brazilian regulator.

  6. BUCHAREST HOTEL MARKET IN THE EUROPEAN CONTEXT

    Directory of Open Access Journals (Sweden)

    Silvia Patricia DODU

    2014-12-01

    Full Text Available The European hospitality industry currently sees an increase in all specific indicators, a fact that shows, on one hand, the ability of this sector to overcome the economic turbulences of recent years, but also the real perspectives for future growth. Today’s hotel industry can no longer rely on the traditional growth methods, and needs to prepare for the major confrontation with the next-generation technological developments that generate modern marketing channels but, by default, incur significantly higher costs for simply „being” on the market. The Bucharest hotel market is no exception; in the recent past, it has witnessed a slight upwards trend generated by the increase of demand in the business tourism area, while also facing the challenge of integration of modern technologies in the hotel business.

  7. Pricing in non-convex electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Araoz Castillo, Veronica

    2012-07-01

    Deregulation of the electricity markets has brought several interesting topics to the research agenda. Switching from a monopoly based industry to the free market industry has not been straight forward. The competitive segments of the deregulated electricity markets, the wholesale market and the retail market, have evolved in different ways across the globe, and consequently there are different market designs and different pricing mechanisms. In a competitive market, the price is given by the intersection of supply and demand. However, electricity treated as a commodity, open to the market forces, has several characteristics that do not fit into the classic economic model where prices are set by the intersection of supply and demand. This is due to non-convexities. This can be a challenge for the price discovery process, since the supply and demand curves may not intersect; or if they intersect, the price found may not be high enough to cover the total cost of production. In the dissertation, Araoz Castillo review previous work on setting prices for the day-ahead electricity market in a power pool auction. In addition, an alternative pricing mechanism is proposed. This mechanism employs a Semi-Lagrangian relaxation technique. This technique provides a price that can be applied in the electricity pool markets. In this type of markets a central system operator decides who produces and how much they should produce. The proposed pricing approach not only accommodates the non-convexities that the electricity market has, but also provides a price for the day-ahead electricity. At this price, the demand is fulfilled at minimum cost and all generators are covering their fixed costs. The technique is applied to a model without networks constraint, with network constraints and also to obtain capacity prices.(Author)

  8. Research document no.31. Integration of European gas markets: nascent competition in a diversity of models

    Energy Technology Data Exchange (ETDEWEB)

    Finon, D

    2002-07-01

    The idea of building an integrated European gas market based on competitive trade, like a gas lake supplied indifferently by remote, intra-European and national sources with the help of active market places allowing arbitration and price convergence, is far from being reached. In fact it depends upon two conditions: the deregulation of each gas market at national level, and at the upper level of the market the change in contractual relations between remote gas producers and buyers, who currently make the relations rigid with long-term transactions and limit opportunities for exchange on a competitive basis. This document analyses at two levels, namely national and European, the changing shape of the European gas markets under the effects of the market reforms and their chance of integration. Firstly the former two-level European gas market, the legacy of which determines the constraints on competition development more strongly than in electricity, are characterized. Secondly, in order to characterize the potential for development of competition, the main traits of each national gas market are identified in terms of market attractiveness and market accessibility for the incumbents competitors. Thirdly, dynamics of market development towards market integration are inferred at European level from these characteristics and from the possibility for development of new forms of gas trade between foreign producers, suppliers and users at national level. (A.L.B.)

  9. Predictability of Wave Energy and Electricity Markets

    DEFF Research Database (Denmark)

    Chozas, Julia Fernandez

    2012-01-01

    The articlw addresses an important challenge ahead the integration of the electricity generated by wave energy conversion technologies into the electric grid. Particularly, it looks into the role of wave energy within the day-ahead electricity market. For that the predictability of the theoretical...

  10. Market Model Considering Bilateral Transactions in the Deregulated Electricity Market

    Science.gov (United States)

    Ruiz Monroy, José Joaquín; Kita, Hiroyuki; Tanaka, Eiichi; Hasegawa, Jun

    This paper proposes an algorithm to simulate the transactions that take place in a free market of electricity. The algorithm presented is used for Bilateral Transaction Matrix (BTM) creation assuming that a day ahead load forecast is previously known. Bids can be made by both the generation side and the demand side to determine transaction prices, then the algorithm allocates the transactions according to market rules until the demand is satisfied. This creates feasible BTMs that can be used to study system security and to find future methods to regulate bilateral transactions through market mechanisms like the application of penalties to the transactions that affect the system’s security. Results show that the proposed algorithm is a good option for electricity market analysis. The proposed algorithm provides system planners with a practical tool for data creation to further study the effects of bilateral transactions in a deregulated electricity market.

  11. Restructured electric power systems analysis of electricity markets with equilibrium models

    CERN Document Server

    2010-01-01

    Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets.

  12. Use of demand response in electricity markets

    DEFF Research Database (Denmark)

    Singh, Sri Niwas; Østergaard, Jacob

    2010-01-01

    Demand response (DR) can provide sufficient measure, if implemented successfully, to provide economic, secure and stable supply to the customers even under the variability of the generated output from renewable energy source such as wind and solar. However, there are several issues to be analyzed...... market is analyzed. This paper also addresses the key issues and challenges in the implementation of DR in the electricity markets....... before DR implementation. This paper critically examines the present practices of the DR in the various electricity markets existing in the world including Europe. The prospect of DR in various market levels such as day-ahead (spot) market, hour-ahead market, real time/regulating market and ancillary...

  13. Dynamic Conditional Correlation between Electricity and Stock markets during the Financial Crisis in Greece

    OpenAIRE

    Papaioannou, Panagiotis G.; Papaioannou, George P.; Siettos, Kostas; Stratigakos, Akylas; Dikaiakos, Christos

    2017-01-01

    Liberalization of electricity markets has increasingly created the need for understanding the volatility and correlation structure between electricity and financial markets. This work reveals the existence of structural changes in correlation patterns among these two markets and links the changes to both fundamentals and regulatory conditions prevailing in the markets, as well as the current European financial crisis. We apply a Dynamic Conditional Correlation (DCC) GARCH model to a set of ma...

  14. European wood pellet market integration - A study of the residential sector

    Energy Technology Data Exchange (ETDEWEB)

    Olsson, Olle; Hillring, Bengt; Vinterbaeck, Johan [Swedish University of Agricultural Sciences, Department of Energy and Technology P.O. Box 7032 SE-750 07 Uppsala (Sweden)

    2011-01-15

    The integration of European energy markets is a key goal of EU energy policy, and has also been the focal point of many scientific studies in recent years. International markets for coal, oil, natural gas and electricity have previously been investigated in order to determine the extent of the respective markets. This study enhances this field of research to bioenergy markets. Price series data and time series econometrics are used to determine whether residential sector wood pellet markets of Austria, Germany and Sweden are integrated. The results of the econometric tests show that the German and Austrian markets can be considered to be integrated, whereas the Swedish market is separate from the other two countries. Although increased internationalization of wood pellet markets is likely to contribute to European price convergence and market integration, this process is far from completed. (author)

  15. Flight to Safety from European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte

    This paper investigates flight-to-safety from stocks to bonds in seven European markets. We use quantile regressions to identify flight-to-safety episodes. The simple risk-return trade-off on the stock markets is negative which is caused by flight-to-safety episodes: During normal periods, the risk......-return trade-off is positive and during flight-to-safety episodes it is negative. The effects of flight-to-safety episodes on the risk-return trade-off are qualitatively similar for own country flight-to-safety episodes, for flight from own country stock market to the US bond market, and for US flight......-to-safety. The strength of the trade-off is strongest for own country flight-to-safety episodes. The risk-return trade-off is not significantly influenced by recession periods or the recent sovereign debt crisis. The main results hold for flight to gold instead of to bonds....

  16. ANALYSIS OF LABOUR MARKET IN ROMANIA AND THE EUROPEAN UNION

    OpenAIRE

    Tanase Diana; Frant Florin,; Manciu Venera; Tanase Adrian

    2013-01-01

    The paper aims at analysing the labour market, one of the most complex forms of market in economy. The present work forwards a comparative survey regarding the labour market in Romania and in the other European Union member states. The paper starts by highlighting general aspects related to labour market and continues by the presentation of the European Union countries’ ranking according to the labour market efficiency, top elaborated on the basis of the World Economic Forum data. Furthermore...

  17. Electricity Market Manipulation: How Behavioral Modeling Can Help Market Design

    Energy Technology Data Exchange (ETDEWEB)

    Gallo, Giulia [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-12-18

    The question of how to best design electricity markets to integrate variable and uncertain renewable energy resources is becoming increasingly important as more renewable energy is added to electric power systems. Current markets were designed based on a set of assumptions that are not always valid in scenarios of high penetrations of renewables. In a future where renewables might have a larger impact on market mechanisms as well as financial outcomes, there is a need for modeling tools and power system modeling software that can provide policy makers and industry actors with more realistic representations of wholesale markets. One option includes using agent-based modeling frameworks. This paper discusses how key elements of current and future wholesale power markets can be modeled using an agent-based approach and how this approach may become a useful paradigm that researchers can employ when studying and planning for power systems of the future.

  18. Restructuring Electricity Markets when Demand is Uncertain

    DEFF Research Database (Denmark)

    Boom, Anette; Buehler, Stefan

    2006-01-01

    We examine the effects of reorganizing electricity markets on capacity investments, retail prices and welfare when demand is uncertain. We study the following market configurations: (i) integrated monopoly, (ii) integrated duopoly with wholesale trade, and (iii) separated duopoly with wholesale...... are such that the separated (integrated) duopoly with wholesale trade performs best (worst) in terms of welfare.Keywords: Electricity, Investments, Generating Capacities, Vertical Integration, Monopoly and Competition.JEL-Classification: D42, D43, D44, L11, L12, L13...

  19. 2015 electric vehicle market summary and barriers.

    Science.gov (United States)

    2016-06-01

    The object of this research report is to present the current market status of plug-in-electric : vehicles (PEVs) and to predict their future penetration within the world and U.S. markets. The : sales values for 2015 show that China leads in yearly sa...

  20. Constructing forward price curves in electricity markets

    DEFF Research Database (Denmark)

    Fleten, S.-E.; Lemming, Jørgen Kjærgaard

    2003-01-01

    We present and analyze a method for constructing approximated high-resolution forward price curves in electricity markets. Because a limited number of forward or futures contracts are traded in the market, only a limited picture of the theoretical continuous forward price curve is available...

  1. Modelling electricity forward markets by ambit fields

    DEFF Research Database (Denmark)

    Barndorff-Nielsen, Ole; Fred Espen Benth, Fred Espen; Veraart, Almut

    This paper proposes a new modelling framework for electricity forward markets, which is based on ambit fields. The new model can capture many of the stylised facts observed in energy markets. One of the main differences to the traditional models lies in the fact that we do not model the dynamics...

  2. Climate change: impacts on electricity markets in Western Europe.

    Science.gov (United States)

    Golombek, Rolf; Kittelsen, Sverre A C; Haddeland, Ingjerd

    This paper studies some impacts of climate change on electricity markets, focusing on three climate effects. First, demand for electricity is affected because of changes in the temperature. Second, changes in precipitation and temperature have impact on supply of hydro electric production through a shift in the inflow of water. Third, plant efficiency for thermal generation will decrease because the temperature of water used to cool equipment increases. To find the magnitude of these partial effects, as well as the overall effects, on Western European energy markets, we use the multi-market equilibrium model LIBEMOD. We find that each of the three partial effects changes the average electricity producer price by less than 2%, while the net effect is an increase of only 1%. The partial effects on total electricity supply are small, and the net effect is a decrease of 4%. The greatest effects are found for Nordic countries with a large market share for reservoir hydro. In these countries, annual production of electricity increases by 8%, reflecting more inflow of water, while net exports doubles. In addition, because of lower inflow in summer and higher in winter, the reservoir filling needed to transfer water from summer to winter is drastically reduced in the Nordic countries.

  3. Market Equilibrium and Impact of Market Mechanism Parameters on the Electricity Price in Yunnan’s Electricity Market

    Directory of Open Access Journals (Sweden)

    Chuntian Cheng

    2016-06-01

    Full Text Available In this paper, a two-dimensional Cournot model is proposed to study generation companies’ (GENCO’s strategic quantity-setting behaviors in the newly established Yunnan’s electricity market. A hybrid pricing mechanism is introduced to Yunnan’s electricity market with the aim to stimulate electricity demand. Market equilibrium is obtained by iteratively solving each GENCO’s profit maximization problem and finding their optimal bidding outputs. As the market mechanism is a key element of the electricity market, impacts of different market mechanism parameters on electricity price and power generation in market equilibrium state should be fully assessed. Therefore, based on the proposed model, we precisely explore the impacts on market equilibrium of varying parameters such as the number of GENCOs, the quantity of ex-ante obligatory-use electricity contracts (EOECs and the elasticity of demand. Numerical analysis results of Yunnan’s electricity market show that these parameters have notable but different effects on electricity price. A larger number of GENCOs or less EOEC contracted with GENCOs will have positive effects on reducing the price. With the increase of demand elasticity, the price falls first and then rises. Comparison of different mechanisms and relationship between different parameters are also analyzed. These results should be of practical interest to market participants or market designers in Yunnan’s or other similar markets.

  4. CROATIAN HONEY MARKET IN EUROPEAN ENVIRONMENT

    Directory of Open Access Journals (Sweden)

    Dragana Dukić

    2004-06-01

    Full Text Available This examination is based on comparison of honey production, in countries of European Union, transition countries and The Republic of Croatia. The situation in Croatia is shown with all information about honey production. All data are compared with already managed European countries. In comparison with registrated number of beekeepers and hives, Croatia belongs to transition countries with the smallest number of beekepers and hives. On the other hand, values, such as, number of hives per beekeper and average honey production by hive, classify Croatia ahead of transition countries. There are very few professional beekepers in Croatia, as well as in other transition countries, but not countries of The European Union. Honey production in Croatia has been increasing last seven years and in the last few it increased more than 50%. Export of honey in the last 2 years is half of the complete honey production, which accomplish conditions for export enlargement. At the same time, import of honey is considerable reduced. Conditions for export can be better with production of biological clean honey (eco-honey, since Croatia has great resources for it. Also, cost of Croatian honey on the foreign market, will be considerable higher.

  5. Model documentation: Electricity Market Module, Electricity Fuel Dispatch Submodule

    Energy Technology Data Exchange (ETDEWEB)

    1994-04-08

    This report documents the objectives, analytical approach and development of the National Energy Modeling System Electricity Fuel Dispatch Submodule (EFD), a submodule of the Electricity Market Module (EMM). The report catalogues and describes the model assumptions, computational methodology, parameter estimation techniques, model source code, and forecast results generated through the synthesis and scenario development based on these components.

  6. Towards electricity markets accommodating uncertain offers

    DEFF Research Database (Denmark)

    Papakonstantinou, Athanasios; Pinson, Pierre

    2014-01-01

    The use of renewable energy sources of energy and in particular wind and solar has been on the rise over the last decades with plans to increase it even more. Such developments introduce significant challenges in existing power systems and can result in high electricity prices and costly infrastr......The use of renewable energy sources of energy and in particular wind and solar has been on the rise over the last decades with plans to increase it even more. Such developments introduce significant challenges in existing power systems and can result in high electricity prices and costly...... formulation of an electricity market, based on the Continuous Ranked Probability Score (CRPS) reduces the impact of poor estimates for both the stochastic producers and the system operator. We introduce a simulation setting which first demonstrates that impact and then proceed to illustrate the main features...... our market setup and compare it with a conventional electricity market and a standard bilevel setup....

  7. Measuring market performance in restructured electricity markets: An empirical analysis of the PJM energy market

    Science.gov (United States)

    Tucker, Russell Jay

    2002-09-01

    Today the electric industry in the U.S. is transitioning to competitive markets for wholesale electricity. Independent system operators (ISOs) now manage broad regional markets for electrical energy in several areas of the U.S. A recent rulemaking by the Federal Energy Regulatory Commission (FERC) encourages the development of regional transmission organizations (RTOs) and restructured competitive wholesale electricity markets nationwide. To date, the transition to competitive wholesale markets has not been easy. The increased reliance on market forces coupled with unusually high electricity demand for some periods have created conditions amenable to market power abuse in many regions throughout the U.S. In the summer of 1999, hot and humid summer conditions in Pennsylvania, New Jersey, Maryland, Delaware, and the District of Columbia pushed peak demand in the PJM Interconnection to record levels. These demand conditions coincided with the introduction of market-based pricing in the wholesale electricity market. Prices for electricity increased on average by 55 percent, and reached the $1,000/MWh range. This study examines the extent to which generator market power raised prices above competitive levels in the PJM Interconnection during the summer of 1999. It simulates hourly market-clearing prices assuming competitive market behavior and compares these prices with observed market prices in computing price markups over the April 1-August 31, 1999 period. The results of the simulation analysis are supported with an examination of actual generator bid data of incumbent generators. Price markups averaged 14.7 percent above expected marginal cost over the 5-month period for all non-transmission-constrained hours. The evidence presented suggests that the June and July monthly markups were strongly influenced by generator market power as price inelastic peak demand approached the electricity generation capacity constraint of the market. While this analysis of the

  8. Analysis of electricity price in Danish competitive electricity market

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2012-01-01

    The Danish power system is currently the grid area in the world that has the largest share of wind power in its generation profiles, with around 20% of its annual consumption generated by wind turbines. In this paper, the Danish power system, which may represent the future of competitive...... electricity markets in some ways, is chosen as the studied power system. 10 year actual data from the Danish competitive electricity market are collected and analyzed. The relationship among the electricity price (both the spot price and the regulation price), the consumption and the wind power generation...... in an electricity market is investigated in this paper. The spot price and the regulation price generally decrease when the wind power penetration in the power system increases or the consumption of the power system decreases. The statistical characteristics of the spot price and the regulation price for different...

  9. Operation, Investment and Hedging in Electricity Markets

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal

    This thesis consists of an introduction as well as four papers. The papers concern different problems associated to future electricity markets and the topics include risk management, investment strategies, valuation and model calibration. Each paper is presented in a separate chapter and hence...... the chapters are self-contained and may be read individually. A more thorough overview is presented in Chapter 1. In Chapter 2 we consider a hedging problem for a power distributor delivering electricity on fixed price contracts in the Nordic electricity market and thereby being exposed to volume risk. We...... develop time series models for the electric load, system price and deviation from system price. The model is designed such that for independent electric load, system price and deviations from system price, the minimal variance hedge coincide with the standard practice of the industry. We extend the model...

  10. Modeling and assessment of electricity market initiatives

    Science.gov (United States)

    Mokrian, Pedram

    This body of work is dedicated to the modeling and assessment of initiatives within electricity markets using the underlying hourly market dynamics. The dissertation presents two separate frameworks that take a bottom-up approach for assessing benefits associated with various demand-side initiatives and other emerging interventions in power markets. Models in support of each framework are presented, and numerical results are used to highlight some impacts based on hourly dynamics. The first framework uses stochastic optimization models to explore the economic feasibility of grid-scale energy storage from the perspective of a price taking, profit maximizing firm facing uncertain market dynamics. This model is then extended to incorporate intermittent wind generation, demonstrating how storage can be used as a potential substitute for transmission capacity. The second framework uses a new dynamic market equilibrium simulation model to address broader economic and environmental impacts of various demand-side initiatives including: energy efficiency, distributed generation, and plug-in hybrid electric vehicles. The general model is calibrated for the California electricity market. The model is used to estimate impacts of the various interventions, taking into account varying market adoption levels and natural gas prices.

  11. Cost-Optimal ATCs in Zonal Electricity Markets

    DEFF Research Database (Denmark)

    Jensen, Tue Vissing; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    from the physical ATCs based on security indices only typically used in zonal electricity markets today. Determining cost-optimal ATCs requires viewing ATCs as an endogenous market construct, and leads naturally to the definition of a market entity whose responsibility is to optimize ATCs......-convex. On a European scaletest system, cost-optimal ATCs achieve expected total costs midway between those for non-integrated ATCs and a fully stochastic nodal setup. This benefit comes from qualitatively different ATCs compared to typical definitions, with ATCs which exceed the physical cross-border capacity...... by a factor of 2 or more, and ATCs which are zero between well-connected areas.Our results indicate that the perceived efficiency gap between zonal and nodal markets may be exagerrated if non-optimal ATCs are used....

  12. Identifying Lead Markets in the European Automotive Industry

    DEFF Research Database (Denmark)

    Cleff, Thomas; Grimpe, Christoph; Rammer, Christian

    2015-01-01

    This paper presents an indicator-based methodology to identify lead markets in the European automotive industry. The lead market approach tries to explain why certain countries are better positioned than others for developing and launching new products. While much research stresses the role...... design. We use an indicator-based approach which has been successfully employed for individual products as well as for various industries in order to identify lead markets in the European automotive industry. Employing five lead market factors, our results show that the EU is by far no homogeneous market...... for automobiles and national markets differ considerably in their lead market potential. The German market is found to be most promising to serve as a lead market, while other European countries with a strong automotive tradition like France, Italy, the UK, and Sweden score lower. Our findings suggest that firms...

  13. Real-Time Market Concept Architecture for EcoGrid EU—A Prototype for European Smart Grids

    DEFF Research Database (Denmark)

    Ding, Yi; Pineda Morente, Salvador; Nyeng, Preben

    2014-01-01

    ) to participate in electricity markets. Current electricity markets need to be tailored to incorporate these changes regarding how electricity will be generated and consumed in the future. The EcoGrid EU is a large-scale EU-funded project, which establishes the first prototype of the future European intelligent...... grids. In this project, small-scale DERs and small end-consumers can actively participate in a new real-time electricity market by responding to 5-min real time electricity prices. In this way, the market operator will also obtain additional balancing power to cancel out the production variation...... introduced by renewable electricity generation. The real-time market concept architecture for EcoGrid EU is introduced in this paper, which provides a market-based platform and information and communication technology (ICT) infrastructure that extends the current electricity market to a shorter time horizon...

  14. Integrating Renewables in Electricity Markets

    DEFF Research Database (Denmark)

    Morales González, Juan Miguel; Conejo, Antonio J.; Madsen, Henrik

    This addition to the ISOR series addresses the analytics of the operations of electric energy systems with increasing penetration of stochastic renewable production facilities, such as wind- and solar-based generation units. As stochastic renewable production units become ubiquitous throughout el...

  15. Predicting the Potential Market for Electric Vehicles

    DEFF Research Database (Denmark)

    Jensen, Anders Fjendbo; Cherchi, Elisabetta; Mabit, Stefan Lindhard

    2017-01-01

    Forecasting the potential demand for electric vehicles is a challenging task. Because most studies for new technologies rely on stated preference (SP) data, market share predictions will reflect shares in the SP data and not in the real market. Moreover, typical disaggregate demand models are sui....... Accounting for the diffusion effect, instead allows predicting the usual slow penetration of a new product in the initial years after product launch and a faster market share increase after diffusion takes place.......Forecasting the potential demand for electric vehicles is a challenging task. Because most studies for new technologies rely on stated preference (SP) data, market share predictions will reflect shares in the SP data and not in the real market. Moreover, typical disaggregate demand models...... are suitable to forecast demand in relatively stable markets, but show limitations in the case of innovations. When predicting the market for new products it is crucial to account for the role played by innovation and how it penetrates the new market over time through a diffusion process. However, typical...

  16. Flexibility-enabling Contracts in Electricity Markets

    DEFF Research Database (Denmark)

    Boscan, Luis; Poudineh, Rahmatallah

    power systems. However, due to presence of high transaction costs, relative to the size of resource, the emerging small resources cannot directly participate in an organised electricity market and/or compete. This paper asks the fundamental question of how should the provision of flexibility, as a multi....... Additionally, along with traditional sources, which already enable flexibility, a number of business models, such as thermostat-based demand response, aggregators and small storage providers, are emerging in electricity markets and expected to constitute important sources of flexibility in future decentralised...

  17. Essays on pricing electricity and electricity derivatives in deregulated markets

    Science.gov (United States)

    Popova, Julia

    2008-10-01

    This dissertation is composed of four essays on the behavior of wholesale electricity prices and their derivatives. The first essay provides an empirical model that takes into account the spatial features of a transmission network on the electricity market. The spatial structure of the transmission grid plays a key role in determining electricity prices, but it has not been incorporated into previous empirical models. The econometric model in this essay incorporates a simple representation of the transmission system into a spatial panel data model of electricity prices, and also accounts for the effect of dynamic transmission system constraints on electricity market integration. Empirical results using PJM data confirm the existence of spatial patterns in electricity prices and show that spatial correlation diminishes as transmission lines become more congested. The second essay develops and empirically tests a model of the influence of natural gas storage inventories on the electricity forward premium. I link a model of the effect of gas storage constraints on the higher moments of the distribution of electricity prices to a model of the effect of those moments on the forward premium. Empirical results using PJM data support the model's predictions that gas storage inventories sharply reduce the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. The third essay examines the efficiency of PJM electricity markets. A market is efficient if prices reflect all relevant information, so that prices follow a random walk. The hypothesis of random walk is examined using empirical tests, including the Portmanteau, Augmented Dickey-Fuller, KPSS, and multiple variance ratio tests. The results are mixed though evidence of some level of market efficiency is found. The last essay investigates the possibility that previous researchers have drawn spurious conclusions based on classical unit root tests incorrectly applied to

  18. Correlations and clustering in wholesale electricity markets

    Science.gov (United States)

    Cui, Tianyu; Caravelli, Francesco; Ududec, Cozmin

    2018-02-01

    We study the structure of locational marginal prices in day-ahead and real-time wholesale electricity markets. In particular, we consider the case of two North American markets and show that the price correlations contain information on the locational structure of the grid. We study various clustering methods and introduce a type of correlation function based on event synchronization for spiky time series, and another based on string correlations of location names provided by the markets. This allows us to reconstruct aspects of the locational structure of the grid.

  19. Empowering Customer Choice in Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-07-01

    Timely and effective deployment of demand response could greatly increase power system flexibility, electricity security and market efficiency. Considerable progress has been made in recent years to harness demand response. However, most of this potential remains to be developed. The paper draws from IEA experience to identify barriers to demand response, and possible enablers that can encourage more timely and effective demand response including cost reflective pricing, retail market reform, and improved load control and metering equipment. Governments have a key role to play in developing and implementing the policy, legal, regulatory and market frameworks needed to empower customer choice and accelerate the development and deployment of cost-effective demand response.

  20. Market integration of local energy systems: Is local energy management compatible with European regulation for retail competition?

    NARCIS (Netherlands)

    Eid, C.; Bollinger, L.A.; Koirala, B.P.; Scholten, D.J.; Facchinetti, E.; Lilliestam, J.; Hakvoort, R.A.

    2016-01-01

    The growing penetration of distributed energy resources is opening up opportunities for local energy management (LEM) – the coordination of decentralized energy supply, storage, transport, conversion and consumption within a given geographical area. Because European electricity market liberalization

  1. How to Organize Electricity Savings in a Liberalized Electricity Market

    DEFF Research Database (Denmark)

    Nørgaard, Jørgen

    1998-01-01

    The basic idea of Integrated Ressource Planning is described and it is demonstrated how this is in conflict with the sub-optimizing necessary in a liberalized market. Afterwards are outlined how the measuring of savings energy consumption constitutes a fundamental problem. Finally are dicussed...... the future actors in the electricity sector and their roles in implementing electricity savings, followed by some proposals for an energy policy....

  2. The OMEGA Project: Open Market Energy Generation Allocation in deregulated electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Contreras, J. [Universidad de Castilla-La Mancha, (Spain). Project Management Group, Escuela Tecnica Superior de Ingenieros Industriales; Conejo, A.J. [Universidad de Castilla-La Mancha, (Spain). Power Engineering Group, Escuela Tecnica Superior de Ingenieros Industriales

    2002-08-01

    The OMEGA project is part of the 5th Framework Programme for R and D that the European Union has started in the year 2000. It is a highly complex and interdisciplinary project, with five countries and several companies involved. The project aims at developing a decision support system for electricity producers to support energy management and energy trading groups within these companies in the commercial activities on open and competitive electricity markets using an e-commerce framework. This paper presents the OMEGA project, describes the objectives pursued, evaluates the project workplan, shows the complex project management structure, highlights the management problems, and presents relevant conclusions. (author)

  3. Risk-minimisation in electricity markets

    DEFF Research Database (Denmark)

    Tegner, Martin; Ernstsen, Rune Ramsdal; Skajaa, Anders

    2017-01-01

    This paper analyses risk management of fixed price, unspecified consumption contracts in energy markets. We model the joint dynamics of the spot-price and the consumption of electricity, study expected loss minimisation for different loss measures, and derive optimal static hedge strategies based...

  4. Green electricity in the market place revisited

    NARCIS (Netherlands)

    Arentsen, Maarten J.; Fuchs, Doris; Brunnengräber, Achim; Di Nucci, Maria Rosaria

    2014-01-01

    In 2002, we published a paper in Energy Policy under the title: Green electricity in the market place: the policy challenge (Fuchs & Arentsen 2002). In that paper, we used a co-evolutionary approach to show the extent to which producers and consumers were locked into technological and institutional

  5. Emissions markets, power markets and market power: A study of the interactions between contemporary emissions markets and deregulated electricity markets

    Science.gov (United States)

    Dormady, Noah Christopher

    Chapter 1: A Monte Carlo Approach. The use of auctions to distribute tradeable property rights to firms in already heavily concentrated markets may further exacerbate the problems of market power that exist within those markets. This chapter provides a model of a two-stage emissions market modeled after a contemporary regional permit trading market in the United States, the Regional Greenhouse Gas Initiative, Inc. (RGGI). It then introduces Oligopsony 1.0, a C# software package constructed in the .NET environment that simulates uniform-price auctions using stochastic Monte Carlo simulation for modeling market power in tradeable property rights auctions. Monte Carlo methods add a probabilistic element to standard auction theoretic equilibria. The results of these simulations indicate that there can be significant non-linearities between profit and market power as exercised through strategic demand reduction. This analysis finds the optimum point of strategic demand reduction that enables the firm to exploit these non-linearities, and it determines the probability distributions of these optima using kernel density analysis. Chapter 2: An Experimental Approach. How will emerging auction-based emissions markets function within the context of today's deregulated auction-based electricity markets? This chapter provides an experimental analysis of a joint energy-emissions market. The impact of market power and collusion among dominant firms is evaluated to determine the extent to which an auction-based tradeable permit market influences performance in an adjacent electricity market. The experimental treatment design controls for a variety of real-world institutional features, including variable demand, permit banking, inter-temporal (multi-round) dynamics, a tightening cap, and resale. Results suggest that the exercise of market power significantly increases electricity auction clearing prices, without significantly increasing emissions auction clearing prices, and in

  6. Optimal Charge control of Electric Vehicles in Electricity Markets

    DEFF Research Database (Denmark)

    Lan, Tian; Hu, Junjie; Wu, Guang

    2011-01-01

    Environment constraints, petroleum scarcity, high price on fuel resources and recent advancements in battery technology have led to emergence of Electric Vehicles (EVs). As increasing numbers of EVs enter the electricity market, these extra loads may cause peak load and need to be properly...... controlled. In this paper, an algorithm is presented for every individual vehicles to minimize the charging cost while satisfying the vehicle owner’s requirements. The algorithm is based on a given future electricity prices and uses dynamic programming. Optimization aims to find the economically optimal...... solution for each vehicle....

  7. Entomopathogenic nematodes in the European biocontrol market.

    Science.gov (United States)

    Ehlers, R U

    2003-01-01

    In Europe total revenues in the biocontrol market have reached approximately 200 million Euros. The sector with the highest turn-over is the market for beneficial invertebrates with a 55% share, followed by microbial agents with approximately 25%. Annual growth rates of up to 20% have been estimated. Besides microbial plant protection products that are currently in the process of re-registration, several microbial products have been registered or are in the process of registration, following the EU directive 91/414. Entomopathogenic nematodes (EPN) are exceptionally safe biocontrol agents. Until today, they are exempted from registration in most European countries, the reason why SMEs were able to offer economically reasonable nematode-based products. The development of technology for mass production in liquid media significantly reduced the product costs and accelerated the introduction of nematode products in tree nurseries, ornamentals, strawberries, mushrooms, citrus and turf. Progress in storage and formulation technology has resulted in high quality products which are more resistant to environmental extremes occurring during transportation to the user. The cooperation between science, industry and extension within the EU COST Action 819 has supported the development of quality control methods. Today four companies produce EPN in liquid culture, offering 8 different nematode species. Problems with soil insects are increasing. Grubs, like Melolontha melolontha and other scarabaeidae cause damage in orchards and turf. Since the introduction of the Western Corn Rootworm Diabrotica virgifera into Serbia in 1992, this pests as spread all over the Balkan Region and has reached Italy, France and Austria. These soil insect pests are potential targets for EPN. The development of insecticide resistance has opened another sector for EPN. Novel adjuvants used to improve formulation of EPN have enabled the foliar application against Western Flower Thrips and Plutella

  8. Electricity market design for the prosumer era

    Science.gov (United States)

    Parag, Yael; Sovacool, Benjamin K.

    2016-04-01

    Prosumers are agents that both consume and produce energy. With the growth in small and medium-sized agents using solar photovoltaic panels, smart meters, vehicle-to-grid electric automobiles, home batteries and other ‘smart’ devices, prosuming offers the potential for consumers and vehicle owners to re-evaluate their energy practices. As the number of prosumers increases, the electric utility sector of today is likely to undergo significant changes over the coming decades, offering possibilities for greening of the system, but also bringing many unknowns and risks that need to be identified and managed. To develop strategies for the future, policymakers and planners need knowledge of how prosumers could be integrated effectively and efficiently into competitive electricity markets. Here we identify and discuss three promising potential prosumer markets related to prosumer grid integration, peer-to-peer models and prosumer community groups. We also caution against optimism by laying out a series of caveats and complexities.

  9. Pan-European Management of Electricity Portfolios: Risks and Opportunities of Contract Bundling

    OpenAIRE

    Gampert, Markus; Madlener, Reinhard

    2010-01-01

    Today’s European utilities not only focus on electricity supply, but also offer exchange-traded “structured products” or portfolio management for unbundling financial and physical risk positions. Many utilities are only able to provide these services inside of their home markets, but in the globalized economy, the need for a centrally organized pan-European portfolio management has arisen. In this paper, we analyze the problems to be overcome for establishing a European-wide bundling of elect...

  10. Management and Marketing Elements in Maritime Cruises Industry. European Cruise Market

    National Research Council Canada - National Science Library

    Romeo Boşneagu; Carmen Elena Coca; Florin Sorescu

    2015-01-01

    European cruises market has a major impact on all aspects of maritime industry: boarding ports, ports of call, shipbuilding, ship maintenance, supplies, sales and marketing, ship crews and administrative facilities...

  11. ECOHEATCOOL Work Package 1. The European heat market. Final Report

    Energy Technology Data Exchange (ETDEWEB)

    Werner, Sven [Chalmers Univ. of Technology (Sweden)

    2005-07-01

    The main purpose with this report was to present an overall definition and description of the European heat market during 2003. The target area covers 32 countries, including the EU25 member states, the four accession countries, and three EFTA countries. The definition of the European heat market is the important foundation for the quantification of the benefits of an expanded use of district heating in Europe. This quantification will be performed in the fourth work package of the ECOHEATCOOL project. Focus was directed towards the demand side of the European energy system and not the supply side. All heat and electricity volumes consider heat (after energy conversion when fuels are used), which is beyond the interface of final consumption used in international energy statistics. However, the origin of the net heat supply is presented. The main information source for the analysis has been the IEA energy balances for OECD and non-OECD countries for 2003. The total heat demands in the target area have been estimated by the sum of net heat and electricity end use. Net heat has been estimated as the sum of geothermal heat, solar heat, district heat, and heat generated from the end use of fuels. Electricity use was included since some electricity is used for space heating and hot water preparation. Indoor use of electricity contributes also to the heat balances of buildings, since all electricity use converts into heat in the final end. Industrial demands have been estimated to be 8,7 EJ of net heat used and 4,4 EJ electricity. The industrial customers paid 120 billion EUR for these services, including national energy taxes and excluding VAT. The total demands in the residential, service, and agriculture sectors (also recognised as the others sector in international energy statistics) was 13,0 EJ of net heat and 5,9 EJ of electricity. The total corresponding customer cost was 270 billion EUR, including national energy taxes and excluding VAT. The demands in the others

  12. A regime-switching copula approach to modeling day-ahead prices in coupled electricity markets

    DEFF Research Database (Denmark)

    Pircalabu, Anca; Benth, Fred Espen

    2017-01-01

    to model pairs of day-ahead electricity prices in coupled European markets. While capturing key stylized facts empirically substantiated in the literature, this model easily allows us to 1) deviate from the assumption of normal margins and 2) include a more detailed description of the dependence between......The recent price coupling of many European electricity markets has triggered a fundamental change in the interaction of day-ahead prices, challenging additionally the modeling of the joint behavior of prices in interconnected markets. In this paper we propose a regime-switching AR–GARCH copula...

  13. ANALYSIS OF LABOUR MARKET IN ROMANIA AND THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Tanase Diana

    2013-07-01

    Full Text Available The paper aims at analysing the labour market, one of the most complex forms of market in economy. The present work forwards a comparative survey regarding the labour market in Romania and in the other European Union member states. The paper starts by highlighting general aspects related to labour market and continues by the presentation of the European Union countries’ ranking according to the labour market efficiency, top elaborated on the basis of the World Economic Forum data. Furthermore, the paper analyses labour productiveness, employment rate and unemployment rate both in Romania and in the other countries of the European Union. In the end the authors forward conclusions regarding the possibilities of increasing competitiveness on Romania’s labour market.

  14. Essays on competition in electricity markets

    Science.gov (United States)

    Bustos Salvagno, Ricardo Javier

    The first chapter shows how technology decisions affect entry in commodity markets with oligopolistic competition, like the electricity market. I demonstrate an entry deterrence effect that works through cost uncertainty. Technology's cost uncertainty affects spot market expected profits through forward market trades. Therefore, incentives to engage in forward trading shape firms' decisions on production technologies. I show that high-cost but low-risk technologies are adopted by risk-averse incumbents to deter entry. Strategic technology adoption can end in a equilibrium where high-cost technologies prevail over low-cost but riskier ones. In the case of incumbents who are less risk-averse than entrants, entry deterrence is achieved by choosing riskier technologies. The main results do not depend on who chooses their technology first. Chapter two examines the Chilean experience on auctions for long-term supply contracts in electricity markets from 2006 to 2011. Using a divisible-good auction model, I provide a theoretical framework that explains bidding behavior in terms of expected spot prices and contracting positions. The model is extended to include potential strategic behavior on contracting decisions. Empirical estimations confirm the main determinants of bidding behavior and show heterogeneity in the marginal cost of over-contracting depending on size and incumbency. Chapter three analyzes the lag in capacity expansion in the Chilean electricity market from 2000 to 2004. Regarded as a result of regulatory uncertainty, the role of delays in the construction of a large hydro-power plant has been overlooked by the literature. We argue that those delays postponed projected investment and gave small windows of opportunity that only incumbents could take advantage of. We are able to retrace the history of investments through real-time information from the regulator's reports and a simple model enables us to explain the effect of those delays on suggested and under

  15. A Market for Company Incorporations in the European Union?

    DEFF Research Database (Denmark)

    Birkmose, Hanne Søndergaard

    2005-01-01

    The article discuss the European market for company incorporation in light of the recent decisions of the European Court of Justice; Centros (1999 E.C.R. at I-1487), Überseering (2002 E.C.R. at I-9919) and Inspire Art (2003 E.C.R. at I-10155)......The article discuss the European market for company incorporation in light of the recent decisions of the European Court of Justice; Centros (1999 E.C.R. at I-1487), Überseering (2002 E.C.R. at I-9919) and Inspire Art (2003 E.C.R. at I-10155)...

  16. Capacity choices in liberalised electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Castro-Rodriguez, Fidel [Departamento de Fundamentos de Analisis Economico and RGEA, Facultad de Economicas, Universidad de Vigo (Spain); Marin, Pedro L. [Departamento de Economia, Universidad Carlos III de Madrid (Spain); CEPR (Spain); Siotis, Georges [Departamento de Economia, Universidad Carlos III de Madrid, Spain, European Commission (Spain)

    2009-07-15

    This paper addresses the issue of investment in electricity generation in the context of a liberalised market. We use the main results derived from a theoretical model where firms invest strategically to simulate the Spanish electricity system with real-world data. Our results indicate that, under reasonable parameter constellations regarding the number of agents, the level of capacity resulting from private decisions falls well short of the social optimum. Last, we show that two regulatory mechanisms that have been used to generate additional incentives for private agents to install capacity (capacity payment and price-adder) are ineffective and/or prohibitively costly. (author)

  17. Pan-European management of electricity portfolios: Risks and opportunities of contract bundling

    Energy Technology Data Exchange (ETDEWEB)

    Gampert, Markus [Institute for Future Energy Consumer Needs and Behavior, Faculty of Business and Economics/E.ON Energy Research Center, RWTH Aachen University, Mathieustrasse 6, 52074 Aachen (Germany); Madlener, Reinhard, E-mail: RMadlener@eonerc.rwth-aachen.d [Institute for Future Energy Consumer Needs and Behavior, Faculty of Business and Economics/E.ON Energy Research Center, RWTH Aachen University, Mathieustrasse 6, 52074 Aachen (Germany)

    2011-05-15

    Due to the liberalization of energy markets in the European Union, today's European utilities not only focus on electricity supply, but also offer exchange-traded 'structured products' or portfolio management for unbundling financial and physical risk positions. Many utilities are only able to provide these services in their domestic markets. In a globalized economy, the need for a centrally organized pan-European portfolio management has arisen, as it allows a simplified commodity sourcing in combination with an optimized risk management. In this paper, we examine the challenges to be overcome for establishing a European-wide bundling of electricity contracts. For this purpose, a case study based on the business perspective of RWE Supply and Trading in Central and Eastern Europe is carried out. In a first step, we analyze general requirements for a pan-European bundling of electricity contracts. Then, RWE's situation in Europe is examined, based on which we finally propose a concept to meet customer demands in Central and Eastern Europe. - Research highlights: {yields} Analysis of electricity market liberalization in Central and Eastern Europe. {yields} Identification of requirements and problems for pan-European bundling of contracts. {yields} Case study based on RWE Supply and Trading perspective in Central and Eastern Europe. {yields} Model development for pan-European unbundling of financial/physical risk positions.

  18. The Future of Michigan’s Electricity Market

    OpenAIRE

    Ferrer Falgueras, Marc

    2013-01-01

    In the US, fourteen states have introduced competition in their electricity markets. In competitive markets, any company can generate electricity and customers can choose from what supplier they receive electricity. Michigan introduced competition in its electricity market in 2000. But in 2008, the state restricted the competitive market to only 10% of its customers. Today, some people want to introduce complete competition again. This paper studies what is the best option for Michigan....

  19. Applying mathematical finance tools to the competitive Nordic electricity market

    OpenAIRE

    Vehviläinen, Iivo

    2004-01-01

    This thesis models competitive electricity markets using the methods of mathematical finance. Fundamental problems of finance are market price modelling, derivative pricing, and optimal portfolio selection. The same questions arise in competitive electricity markets. The thesis presents an electricity spot price model based on the fundamental stochastic factors that affect electricity prices. The resulting price model has sound economic foundations, is able to explain spot market price mo...

  20. Electricity Markets Ontology to Support MASCEM's Simulations

    DEFF Research Database (Denmark)

    Santos, Gabriel; Pinto, Tiago; Vale, Zita

    2016-01-01

    Power systems worldwide are complex and challenging environments. The increasing necessity for an adequate integration of renewable energy sources is resulting in a rising complexity in power systems operation. Multi-agent based simulation platforms have proven to be a good option to study...... the several issues related to these systems, including the involved players that act in this domain. To take better advantage of these systems, their integration is mandatory. The main contribution of this paper is the development of the Electricity Markets Ontology, which integrates the essential concepts...... necessary to interpret all the available information related to electricity markets, while enabling an easier cooperation and adequate communication between related systems. Additionally, the concepts and rules defined by this ontology can be extended and complemented according to the needs of other...

  1. Insuring unit failures in electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Pineda, S.; Conejo, A.J.; Carrion, M. [Univ. Castilla-La Mancha (Spain)

    2010-11-15

    An electric energy producer participates in futures markets in the hope of hedging the risk of trading in the pool. However, this producer is required to supply the energy associated with all its signed forward contracts even if some of its units are forced out due to unexpected failures. In this case, the producer must purchase some of the energy needed to meet its futures market commitments in the pool, which may result in high losses if the pool prices happen to be higher than the forward contract prices. To mitigate these losses, the producer can take out insurance against the forced outages of its units. Using a stochastic programming model, this paper analyzes the convenience of signing an insurance against unit failure by an electric energy producer and its impact on forward contracting decisions. Results from a realistic case study are provided and analyzed. (author)

  2. Electricity market equilibrium based on conjectural variations

    Energy Technology Data Exchange (ETDEWEB)

    Diaz, Cristian A.; Villar, Jose; Campos, Fco. Alberto; Reneses, Javier [Institute for Research in Technology, Technical School of Engineering, Comillas Pontifical University, Madrid 28015 (Spain)

    2010-12-15

    Many of the models used for the representation of the generation companies' behavior in oligopolistic electricity markets are based on conjectural variation equilibria, which are a generalization of the classic Cournot approach. However, one of the main drawbacks of these approaches is the complexity of assigning adequate values to the conjectures, which can dramatically affect the results obtained from these models. This paper reviews and analyses the main formulations of conjectural equilibria applied to electricity markets. The paper shows how these different formulations are equivalent, and presents the relationships among the conjectures they use. Finally, it presents a brief overview on the main methods to estimate or compute the conjectures of these types of models. (author)

  3. Electricity and gas market observatory. 4. Quarter 2006; Observatoire des marches de l'electricite et du gaz. 4. trimestre 2006

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    Since July 1, 2004, all electricity and gas consumers can be eligible according to their consumption site, as long as all or part of the electricity or gas consumed is designed for non-residential use. The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). It completes the information already published by CRE: - practical information for eligible customers: consumer guide, list of suppliers, - communications regarding markets running; CRE's annual activity report. Content: A - The electricity market: The retail electricity market (Introduction, Eligible customer segments and their respective weights, Status at January 1, 2007, Dynamic analysis: 4. Quarter 2006); The wholesale electricity market (Introduction, Traded volumes on the French wholesale electricity market and comparison with European markets, Prices on the French wholesale electricity market and European comparison, Import and export volumes, Concentration of the French electricity market, Striking facts of the 4. 2006 quarter); B - The gas market: The retail gas market (Introduction, The eligible customer segments and their respective weights, Status at January 1, 2007); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  4. Gas/electricity convergence: role of marketers

    Energy Technology Data Exchange (ETDEWEB)

    Peterson, K.G. [Powerex Corp., Inc., Youngwood, PA (United States)

    1997-04-01

    The role of marketers in the convergence of the gas and electricity industry was presented. Topics of discussion included types of convergence, such as wholesale price convergence, BTU convergence, energy information systems service convergence, and corporate convergence. Also discussed was a review of technical, economic, political and regulatory barriers to convergence. Implications for customers, regulators and vertically integrated utilities and trade associations were also assessed.

  5. 75 FR 4310 - Credit Reforms in Organized Wholesale Electric Markets

    Science.gov (United States)

    2010-01-27

    ... Energy Regulatory Commission 18 CFR Part 35 Credit Reforms in Organized Wholesale Electric Markets Issued... electric markets to ensure that credit practices result in jurisdictional rates that are just and... electric markets.\\2\\ While this matter has been one of ongoing Commission interest, the recent turmoil in...

  6. 77 FR 51795 - Coordination Between Natural Gas and Electricity Markets

    Science.gov (United States)

    2012-08-27

    ... Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets Supplemental Notice... Natural Gas and Electricity Markets, Docket No. AD12-12-000 (July 5, 2012) (Notice Of Technical... and Electricity Markets, Docket No. AD12-12-000 (July 17, 2012) (Supplemental Notice Of Technical...

  7. On Chaotic Nature of the Emerging European Forex Markets

    National Research Council Canada - National Science Library

    Anoop S Kumar; B Kamaiah

    2014-01-01

    This study attempts to analyze the presence deterministic chaos in the forex markets of select European countries namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia...

  8. The Effect of Divestitures in the German Electricity Market

    NARCIS (Netherlands)

    Weigt, H.; Willems, Bert

    2011-01-01

    In most liberalized electricity markets, abuse of market power is a concern related to oligopolistic market structures, flaws in market architecture, and the specific characteristics of electricity generation and demand. Several methods have been suggested to improve the competitiveness of the

  9. The Effect of Divestitures in the German Electricity Market

    NARCIS (Netherlands)

    Weigt, H.; Willems, Bert

    2011-01-01

    In the most liberalized electricity markets, abuse of market power is a concern related to oligopolistic market structures, flaws in market architecture, and the specific characteristics of electricity generation and demand. Several methods have been suggested to improve the competitiveness of the

  10. Distributed Generation in European Electricity Markets

    DEFF Research Database (Denmark)

    Ropenus, Stephanie

    This thesis describes the different steps needed to design a steadystate computational fluid dynamics (CFD) wind farm wake model. The ultimate goal of the project was to design a tool that could analyze and extrapolate systematically wind farm measurements to generate wind maps in order to calibr...

  11. European Globalisation Adjustment Fund-Assistance in the Labour Market

    Directory of Open Access Journals (Sweden)

    Ramona Mariana CALINICA

    2016-12-01

    Full Text Available The intensification of globalization and through intense manifestation of the effects on recent economic and financial crisis, employment market has been affected, and at European Union level was considered increasingly necessary granting support for counter of the negative effects of the two phenomena on this market. European Globalisation Adjustment Fund is designed for a rapid reintegration of fired workers and increase of the employment potential of the workforce, after mass dismissals linked to the two phenomena mentioned above.

  12. Financial methods in competitive electricity markets

    Science.gov (United States)

    Deng, Shijie

    The restructuring of electric power industry has become a global trend. As reforms to the electricity supply industry spread rapidly across countries and states, many political and economical issues arise as a result of people debating over which approach to adopt in restructuring the vertically integrated electricity industry. This dissertation addresses issues of transmission pricing, electricity spot price modeling, as well as risk management and asset valuation in a competitive electricity industry. A major concern in the restructuring of the electricity industries is the design of a transmission pricing scheme that will ensure open-access to the transmission networks. I propose a priority-pricing scheme for zonal access to the electric power grid that is uniform across all buses in each zone. The Independent System Operator (ISO) charges bulk power traders a per unit ex ante transmission access fee based on the expected option value of the generated power with respect to the random zonal spot prices. The zonal access fee depends on the injection zone and a self-selected strike price determining the scheduling priority of the transaction. Inter zonal transactions are charged (or credited) with an additional ex post congestion fee that equals the zonal spot price difference. The unit access fee entitles a bulk power trader to either physical injection of one unit of energy or a compensation payment that equals to the difference between the realized zonal spot price and the selected strike price. The ISO manages congestion so as to minimize net compensation payments and thus, curtailment probabilities corresponding to a particular strike price may vary by bus. The rest of the dissertation deals with the issues of modeling electricity spot prices, pricing electricity financial instruments and the corresponding risk management applications. Modeling the spot prices of electricity is important for the market participants who need to understand the risk factors in

  13. Realistic electricity market simulator for energy and economic studies

    Energy Technology Data Exchange (ETDEWEB)

    Bernal-Agustin, Jose L. [University of Zaragoza, C/Maria de Luna, 3, Zaragoza 50018 (Spain); Contreras, Javier; Conejo, Antonio J. [University of Castilla-La Mancha, Campus Universitario s/n, Ciudad Real 13071 (Spain); Martin-Flores, Raul [Airbus Spain S.L., Paseo John Lennon, Getafe 28906 (Spain)

    2007-01-15

    Electricity market simulators have become a useful tool to train engineers in the power industry. With the maturing of electricity markets throughout the world, there is a need for sophisticated software tools that can replicate the actual behavior of power markets. In most of these markets, power producers/consumers submit production/demand bids and the Market Operator clears the market producing a single price per hour. What makes markets different from each other are the bidding rules and the clearing algorithms to balance the market. This paper presents a realistic simulator of the day-ahead electricity market of mainland Spain. All the rules that govern this market are modeled. This simulator can be used either to train employees by power companies or to teach electricity markets courses in universities. To illustrate the tool, several realistic case studies are presented and discussed. (author)

  14. Essays in the California electricity reserves markets

    Science.gov (United States)

    Metaxoglou, Konstantinos

    This dissertation examines inefficiencies in the California electricity reserves markets. In Chapter 1, I use the information released during the investigation of the state's electricity crisis of 2000 and 2001 by the Federal Energy Regulatory Commission to diagnose allocative inefficiencies. Building upon the work of Wolak (2000), I calculate a lower bound for the sellers' price-cost margins using the inverse elasticities of their residual demand curves. The downward bias in my estimates stems from the fact that I don't account for the hierarchical substitutability of the reserve types. The margins averaged at least 20 percent for the two highest quality types of reserves, regulation and spinning, generating millions of dollars in transfers to a handful of sellers. I provide evidence that the deviations from marginal cost pricing were due to the markets' high concentration and a principal-agent relationship that emerged from their design. In Chapter 2, I document systematic differences between the markets' day- and hour-ahead prices. I use a high-dimensional vector moving average model to estimate the premia and conduct correct inferences. To obtain exact maximum likelihood estimates of the model, I employ the EM algorithm that I develop in Chapter 3. I uncover significant day-ahead premia, which I attribute to market design characteristics too. On the demand side, the market design established a principal-agent relationship between the markets' buyers (principal) and their supervisory authority (agent). The agent had very limited incentives to shift reserve purchases to the lower priced hour-ahead markets. On the supply side, the market design raised substantial entry barriers by precluding purely speculative trading and by introducing a complicated code of conduct that induced uncertainty about which actions were subject to regulatory scrutiny. In Chapter 3, I introduce a state-space representation for vector autoregressive moving average models that enables

  15. Electricity Markets, Smart Grids and Smart Buildings

    Science.gov (United States)

    Falcey, Jonathan M.

    A smart grid is an electricity network that accommodates two-way power flows, and utilizes two-way communications and increased measurement, in order to provide more information to customers and aid in the development of a more efficient electricity market. The current electrical network is outdated and has many shortcomings relating to power flows, inefficient electricity markets, generation/supply balance, a lack of information for the consumer and insufficient consumer interaction with electricity markets. Many of these challenges can be addressed with a smart grid, but there remain significant barriers to the implementation of a smart grid. This paper proposes a novel method for the development of a smart grid utilizing a bottom up approach (starting with smart buildings/campuses) with the goal of providing the framework and infrastructure necessary for a smart grid instead of the more traditional approach (installing many smart meters and hoping a smart grid emerges). This novel approach involves combining deterministic and statistical methods in order to accurately estimate building electricity use down to the device level. It provides model users with a cheaper alternative to energy audits and extensive sensor networks (the current methods of quantifying electrical use at this level) which increases their ability to modify energy consumption and respond to price signals The results of this method are promising, but they are still preliminary. As a result, there is still room for improvement. On days when there were no missing or inaccurate data, this approach has R2 of about 0.84, sometimes as high as 0.94 when compared to measured results. However, there were many days where missing data brought overall accuracy down significantly. In addition, the development and implementation of the calibration process is still underway and some functional additions must be made in order to maximize accuracy. The calibration process must be completed before a reliable

  16. Threshold Forecasting of Electricity Market Clearing Prices in Volatile Electricity Markets

    Science.gov (United States)

    Janjani, Arya

    Forecasting the hourly electricity prices has been a topic of interest since the introduction of deregulation and competition in electricity markets. This thesis introduces the new idea of "threshold forecasting" or "classification" of market prices as a new approach to electricity price prediction, versus point forecasting of prices, where the exact values of future prices are determined. The motivation for this idea is that the accuracy level presented in the literature for point price forecasting methods is usually low and not all market participants need to know the exact values of prices. Support Vector Machines (SVMs) are used as the core classifier in this work, and two alternative classification models are proposed. The classification results are compared with those of other alternative classifiers as well as those obtained using point forecasting methods in the previous literature. These comparisons verify the effectiveness of the proposed models.

  17. Why has the Nordic electricity market worked so well?

    OpenAIRE

    Amundsen, Eirik S.; Bergman, Lars

    2005-01-01

    The general opinion among power industry representatives and electricity market analysts is that the Nordic electricity market has worked well. The purpose of this paper is to explore why the Nordic electricity market has performed well and to consider to what extent the Nordic experiences are relevant for other countries. In particular, we investigate causes as to why the Nordic market managed to withstand the supply shock in 2002 – 2003. A comparison is made with the California case, and th...

  18. Turkey opens electricity markets as demand grows

    Energy Technology Data Exchange (ETDEWEB)

    McKeigue, J.; Da Cunha, A.; Severino, D. [Global Business Reports (United States)

    2009-06-15

    Turkey's growing power market has attracted investors and project developers for over a decade, yet their plans have been dashed by unexpected political or financial crises or, worse, obstructed by a lengthy bureaucratic approval process. Now, with a more transparent retail electricity market, government regulators and investors are bullish on Turkey. Is Turkey ready to turn the power on? This report closely examine Turkey's plans to create a power infrastructure capable of providing the reliable electricity supplies necessary for sustained economic growth. It was compiled with on-the-ground research and extensive interview with key industrial and political figures. Today, hard coal and lignite account for 21% of Turkey's electricity generation and gas-fired plants account for 50%. The Alfin Elbistan-B lignite-fired plant has attracted criticism for its lack of desulfurization units and ash dam facilities that have tarnished the industry's image. A 1,100 MW hard-coal fired plant using supercritical technology is under construction. 9 figs., 1 tab.

  19. Modeling and Forecasting the Volatility of Eastern European Emerging Markets

    Directory of Open Access Journals (Sweden)

    Sang Hoon Kang

    2009-06-01

    Full Text Available This study has attempted to seek a volatility forecasting model that can reflect sufficiently the long memory characteristic in the volatility of four Eastern European emerging stock markets, naThis study has attempted to seek a volatility forecasting model that can reflect sufficiently the long memory characteristic in the volatility of four Eastern European emerging stock markets, namely, Hungary, Poland, Russia, and Slovakia. From the results of our empirical analysis, we found that the FIGARCH model is better equipped to capture the long memory property in the volatility of these markets than the GARCH and IGARCH models. More importantly, the FIGARCH model is found to provide superior performance in one-day-ahead volatility forecasts. Thus, this study recommends researchers, portfolio managers, and traders to use the long memory FIGARCH model in analyzing and forecasting the volatility dynamics of Eastern European emerging markets.

  20. Deregulation of Electricity Market and Drivers of Demand for Electrical Energy in Industry

    OpenAIRE

    Bojnec Štefan; Papler Drago

    2016-01-01

    This paper investigates deregulation of electricity market focusing on electricity prices and drivers of demand for electrical energy in industry in Slovenia. The patterns in evolution of real electricity price developments and the three main components of the electricity price are calculated: liberalized market share for purchased electricity price, regulated infrastructure share for use of electricity network grids and mandatory state charges in the sale of electricity (duty, excise duty an...

  1. Multivariate long memory processes: applications to the EDF producer problematic in the context of the european electricity market liberalization; Modelisation longue memoire multivariee: applications aux problematiques du producteur d'EDF dans le cadre de la liberalisation du marche europeen de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Diongue, A.K

    2005-10-15

    Certain crucial financial time series, such as the interconnected european electricity market spot prices, exhibit long memory, in the sense of slowly decaying correlations combined with heteroskedasticity and periodic or none cycles. In modeling such behavior, we consider on one hand, the k factor GIGARCH process and additionally propose two methods to address the related parameter estimation problem. In each method, we explore the asymptotic theory for estimation. Moreover, the asymptotic properties are validated and compared via Monte Carlo simulations. On the other hand, we introduce a new multivariate long memory generalized model (k-factor MVGARMA) in order to model interconnected european electricity market spot prices. We suggest a practical framework to address the parameter estimation problem. We investigate the analytical expressions of the least squares predictors for the two proposed models and their confidence intervals. To finish, we apply the two proposed models to the french and german electricity market spot prices and a comparison is made between their forecasting abilities. (author)

  2. Adjustable consumption participating in the electricity markets

    DEFF Research Database (Denmark)

    Biegel, Benjamin; Hansen, Lars Henrik; Stoustrup, Jakob

    2013-01-01

    We consider a player managing a portfolio of flexible demand-side devices and examine the requirements for such a player to become an active player in the Nordic electricity system. In particular, we examine the regulatory requirements that must be satisfied to perform spot price optimization...... and to participate in the regulating power market. To conceptualize these requirements, we estimate the costs per consumer for honoring the given requirements, both under the current regulations but also under the planned future regulations. Finally, we consider a specific case study where domestic appliances...

  3. U.S. Renewable Electricity Market

    Science.gov (United States)

    The US green energy market is broken up into two main groups: the mandatory markets including state Renewable Portfolio Standards (RPS) and voluntary markets, also referred to as green power markets.  This page delineates this two markets.

  4. Labour Market Institutions and Labour Market Performance in the European Union

    OpenAIRE

    Michal, Tvrdon

    2008-01-01

    The presented article deals with labour market institutions and labour market performance in the European Union. The first chapter is devoted to theoretical and methodological background of labour market performance. Theoretical literature has created a set of institutional aspects such as employment protection legislation, structure of wage bargaining, taxation of labour, active labour market policy, the system of unemployment and social benefits. All these aspects determine the institutiona...

  5. Strategies for Charging Electric Vehicles in the Electricity Market

    DEFF Research Database (Denmark)

    Juul, Nina; Pantuso, Giovanni; Iversen, Jan Emil Banning

    2015-01-01

    This paper analyses different charging strategies for a fleet of electric vehicles. Along with increasing the realism of the strategies, the opportunity for acting on the regulating market is also included. We test the value of a vehicle owner that can choose when and how to charge; by presenting....... We show that all vehicle owners will benefit from acting more intelligently on the energy market. Furthermore, the high value of the stochastic solution shows that, in case the regulating price differs from the expected, the solution to the deterministic problem becomes infeasible....... a model of four alternative charging strategies. We think of them as increasing in sophistication from dumb via delayed to deterministic and stochastic model-based charging. We show that 29% of the total savings from ‘dumb’ are due to delayed charging and that substantial additional gains come charging...

  6. Essays on microgrids, asymmetric pricing and market power in electricity markets

    Science.gov (United States)

    Lo Prete, Chiara

    . Chapter 4 examines the possibility of asymmetric transmission of CO 2 and fuel prices to electricity futures prices in the second phase of the European Emission Trading Scheme. The goal is to assess whether output prices tend to respond more quickly to input price increases than decreases: this phenomenon is known as "rockets and feathers" in the literature. Results do not provide empirical evidence of statistically significant differences in the response of power prices to positive and negative shocks in CO 2 allowance and fuel markets. Chapter 5 re-examines the issue of the potential exercise of market power in California after liberalization, with a focus on its day-ahead energy market (the former PX) and its five largest thermal generators. The analysis focuses on a peak hour of operation (hour 18) and disregards hours in which congestion occurred. First, I define a direct measure of unilateral market power for each firm, equal to the hourly inverse elasticity of its residual demand function. The second part of the analysis aims at assessing whether the necessary conditions for the unilateral exercise of market power were satisfied in practice, based on a comparison of PX market-clearing prices, estimated marginal revenues and estimated bounds for the marginal costs of generation of each supplier. By conservatively assuming that the estimated upper bound is close to each firm's actual marginal cost of generation, the analysis suggests that in a large fraction of hours the thermal generators were acting less competitively that what implied by unilateral profit maximization. If instead I explicitly account for uncertainty in the marginal cost estimates with the introduction of a +/-10% margin on the estimated bounds, thermal generators are equally likely to bid close to their marginal costs or above them. Among the hours characterized by market-clearing prices above marginal costs, 64% present, on average, evidence of less competitive than Nash behavior. Two possible

  7. Using Intelligent System Approaches for Simulation of Electricity Markets

    Science.gov (United States)

    Hamagami, Tomoki

    Significances and approaches of applying intelligent systems to artificial electricity market is discussed. In recent years, with the moving into restructuring of electric system in Japan, the deregulation for the electric market is progressing. The most major change of the market is a founding of JEPX (Japan Electric Power eXchange.) which is expected to help lower power bills through effective use of surplus electricity. The electricity market designates exchange of electric power between electric power suppliers (supplier agents) themselves. In the market, the goal of each supplier agents is to maximize its revenue for the entire trading period, and shows complex behavior, which can model by a multiagent platform. Using the multiagent simulations which have been studied as “artificial market" helps to predict the spot prices, to plan investments, and to discuss the rules of market. Moreover, intelligent system approaches provide for constructing more reasonable policies of each agents. This article, first, makes a brief summary of the electricity market in Japan and the studies of artificial markets. Then, a survey of tipical studies of artificial electricity market is listed. Through these topics, the future vision is presented for the studies.

  8. Registries in European post-marketing surveillance

    DEFF Research Database (Denmark)

    Bouvy, Jacoline C; Blake, Kevin; Slattery, Jim

    2017-01-01

    in the post-marketing setting. Methodological challenges met in conducting this study highlighted the need for a clarification of definitions and epidemiological concepts around patient registries. The results will inform the EMA Patient Registry initiative to support use of existing patient registries......PURPOSE: Regulatory agencies and other stakeholders increasingly rely on data collected through registries to support their decision-making. Data from registries are a cornerstone of post-marketing surveillance for monitoring the use of medicines in clinical practice. This study was aimed...... for a registry was made as a condition of the marketing authorisation. All centrally authorised products that received a positive opinion of the EMA Committee for Medicinal Products for Human Use between 1 January 2005 and 31 December 2013 were included. Data regarding registry design and experiences were...

  9. Electricity and gas market observatory. 4. Quarter 2008; Observatoire des marches de l'electricite et du gaz 4. trimestre 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1 of July 2007, all customers can choose their gas and electricity suppliers. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status on December 31, 2008, Dynamic analysis: 4. Quarter 2008); The wholesale electricity market (Introduction, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on December 31, 2008, Dynamic analysis: 4. Quarter 2008); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France, Prices on the French wholesale market and European comparison, Concentration of the French gas market); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  10. Price determinants of the European carbon market and interactions with energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Schumacher, Katja; Cludius, Johanna; Matthes, Felix [Oeko Institut e.V., Berlin (Germany); Diekmann, Jochen; Zaklan, Aleksandar [Deutsches Institut fuer Wirtschaftsforschung, Berlin (Germany); Schleich, Joachim [Fraunhofer-Institut fuer Systemtechnik und Innovationsforschung (ISI), Karlsruhe (Germany)

    2012-06-15

    This report explores the determinants of short run price movements in the carbon market and their interaction with energy markets, in particular with the electricity market. Focusing on Phase 2 of the EU ETS we conduct econometric time series analysis based on continental EU and UK market data. Our findings suggest that market fundamentals have a dominant effect on the EUA price, but that non-fundamental factors may also play a role. We further found that the electricity price has a significant positive impact on the carbon price in the short run.

  11. Experimental Economics for Teaching the Functioning of Electricity Markets

    Science.gov (United States)

    Guevara-Cedeno, J. Y.; Palma-Behnke, R.; Uribe, R.

    2012-01-01

    In the field of electricity markets, the development of training tools for engineers has been extremely useful. A novel experimental economics approach based on a computational Web platform of an electricity market is proposed here for the practical teaching of electrical engineering students. The approach is designed to diminish the gap that…

  12. Electric power and gas markets; Marches de l'electricite et du gaz

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    These two days organized by EFE in Paris, dealt with the european market of the gas and the electrical power. The first day developed the actual situation and the tendencies. The french market deregulation, the possibility of a united market and the energy transportation sector are discussed. The second day dealt with the new commercial technologies, the convergence of Gas and Electricity and the competing in a change world, the opportunities of the NTIC (new technologies of the information and communication). (A.L.B.)

  13. Market liberalization in the European Natural Gas Market. The importance of capacity constraints and efficiency differences

    Energy Technology Data Exchange (ETDEWEB)

    Brakman, S. [University of Groningen, Faculty of Economics, Department of International Economics and Business, P.O. Box 800, 9700 AV Groningen (Netherlands); Van Marrewijk, C.; Van Witteloostuijn, A. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)

    2009-06-15

    In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen for at least two reasons. First, energy markets, including the market for natural gas, are characterized by imperfect competition and increasing costs to develop new energy sources. As a result, new entrants in the market are less efficient than incumbent firms. Second, energy markets, again including the market for natural gas, are associated with capacity constraints. Prices are determined in residual markets where the least efficient firms are active. This is likely to lead to price increases, rather than decreases.

  14. EU Energy Policy and Future European Energy Markets: Consequences for the Central and East European States

    OpenAIRE

    Margarita M. Balmaceda

    2002-01-01

    This working paper explores the European Union vector in the Central and East European (CEE) energy situation, in particular in terms of the CEE countries' energy relationship with Russia. Attention is paid not only to concrete EU energy policies but also to the larger question of European energy markets. EU policies impact the CEE states' energy relationship with Russia through specific EU requirements vis-à-vis the candidate countries, through the side-effects of other EU policies, through ...

  15. Market power in electric power markets: Indications of competitiveness in spatial prices for wholesale electricity

    Science.gov (United States)

    Denton, Michael John

    The issue of market delineation and power in the wholesale electric energy market is explored using three separate approaches: two of these are analyses of spatial pricing data to explore the functional size of the markets, and the third is a series of experimental tests of the effects of different cost structures and market mechanisms on oligopoly strength in those markets. An equilibrium model of spatial network competition is shown to yield linear relationships between spatial prices. A data set comprising two years of spatial weekly peak and off-peak prices and weather for 6 locations in the Western States Coordinating Council and the Southwest Power Pool is subjected to a pairwise cointegration analysis. The use of dummy variables to account the the flow directions is found to significantly improve model performance. The second analytical technique utilizes the extraction of principal components from a spatial price correlation matrix to identify the extent of natural markets. One year of daily price observations for eleven locations within the WSCC is compiled and eigenvectors are extracted and subjected to oblique rotation, each of which is then interpreted as representing a separate geographic market. The results show that two distinct natural markets, correlated at 84%, account for over 96% of the variation in the spatial prices in the WSSC. Together, the findings support the assertion that the wholesale electricity market in the Western U.S. is large and highly competitive. The experimental analysis utilizes a radial three node network in which suppliers located at the outer nodes sell to buyers located at the central node. The parameterization captures the salient characteristics of the existing bulk power markets, and includes cyclical demand, transmission losses, as well as fixed and avoidable fixed costs for all agents. Treatments varied the number of sellers, the avoidable fixed cost structures, and the trading mechanism. Results indicated that

  16. Metalearning to support competitive electricity market players' strategic bidding

    DEFF Research Database (Denmark)

    Pinto, Tiago; Sousa, Tiago M.; Morais, Hugo

    2016-01-01

    , such as the extension of national and regional markets to continental scales. Decision support tools have thereby become essential to help electricity market players in their negotiation process. This paper presents a metalearner to support electricity market players in bidding definition. The proposed metalearner uses......Electricity markets are becoming more competitive, to some extent due to the increasing number of players that have moved from other sectors to the power industry. This is essentially resulting from incentives provided to distributed generation. Relevant changes in this domain are still occurring....... The metalearner's performance is analysed in scenarios based on real electricity markets data using MASCEM (Multi-Agent Simulator for Competitive Electricity Markets). Results show that the proposed metalearner is able to provide higher profits to market players when compared to other current methodologies...

  17. The beef market in the European Union

    DEFF Research Database (Denmark)

    Nielsen, Niels Asger; Jeppesen, Lisbeth Fruensgaard

    of total meat consumption 3. As a consequence of the consumers' demand for convenient shopping, butcher's share of total beef sales is rapidly decreasing in Europe. 4. Changes in meat consumption have traditionally been explained by relative price and per capita income, but these economic demand analyses...... can explain a rapidly decreasing share of the variation in beef consumption. 5. Studies show that beef consumption tends to increase with age; the heavy users are found among middle-aged men. Beef consumption also increases with income and social class. 6. The most important user-oriented quality...... characteristics determining the consumers' value perception of a piece of meat appear to be fat, tenderness, taste and freshness. 7. The primary production of beef is fragmented in most European countries and the average number of cattle at a European cattle farm is only slowly rising. Two thirds of the cows...

  18. The beef market in the European Union

    DEFF Research Database (Denmark)

    Nielsen, Niels Asger

    's share of total meat consumption 3. As a consequence of the consumers' demand for convenient shopping, butcher's share of total beef sales is rapidly decreasing in Europe. 4. Changes in meat consumption have traditionally been explained by relative price and per capita income, but these economic demand...... analyses can explain a rapidly decreasing share of the variation in beef consumption. 5. Studies show that beef consumption tends to increase with age; the heavy users are found among middle-aged men. Beef consumption also increases with income and social class. 6. The most important user-oriented quality...... characteristics determining the consumers' value perception of a piece of meat appear to be fat, tenderness, taste and freshness. 7. The primary production of beef is fragmented in most European countries and the average number of cattle at a European cattle farm is only slowly rising. Two thirds of the cows...

  19. ASPECTS REGARDING THE ORGANIC FOOD MARKET IN SEVERAL EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    MANUELA-DORA ORBOI

    2008-05-01

    Full Text Available The global organic market is increasing constantly, organic sales reaching over USD 5 billion per year. Organic Monitor estimates that international sales amounted to about USD 38.6 billion in 2006, more than the double of USD 18 billion in 2000. The organic demand is concentrated in North America and Europe, these two regions comprising 97% of the global revenues. The European organic food and beverage market is the largest and most complex in the world, evaluated at USD 20 billion in 2006. Many European countries offer grants to organic farms to support organic production. This production-oriented strategy will have guaranteed success if the market structures and the marketing channels will be able to face the rapidly increasing demand and if the sellers adapt their products, sales channels and prices to the consumers’ demand.

  20. Efficiency of European emissions markets: Lessons and implications

    Energy Technology Data Exchange (ETDEWEB)

    Krishnamurti, Chandrasekhar [University of Southern Queensland (Australia); Hoque, Ariful, E-mail: Ariful.Hoque@unisa.edu.au [School of Commerce, University of South Australia, 37-44 North Terrace, Adelaide, SA 5000 (Australia)

    2011-10-15

    While prior studies have shown that emission rights and futures contracts on emission rights are efficiently priced, there are no studies on the efficiency of the options market. Therefore, this study fills the gap. We examine empirical evidence regarding the efficiency of the options market for emissions rights in Europe. We employ the put-call parity approach to test the efficiency of options on emission rights traded in the European market. This implies that firms can trade options on emission rights in addition to other existing strategies in order to manage their greenhouse gas emissions. - Highlights: > Efficiency of the European options market for emissions. > Design implications for the development of emissions trading schemes in other countries. > Governance issues pertaining to emissions trading.

  1. Risk-Return Trade-Off for European Stock Markets

    DEFF Research Database (Denmark)

    Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

    This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher......-order moments as additional measures of risk. The preferred combination of factors varies across countries. In the linear model, there is a strong but negative relation between conditional returns and conditional volatility. A Markov switching model describes the risk-return trade-off well. A number...... of variables have explanatory power for the states of the European stock markets....

  2. The Scale and Geography of Collusion in the European Market

    DEFF Research Database (Denmark)

    Buch-Hansen, Hubert; Levallois, Clement

    2015-01-01

    Europe has a long history of cartels, but the changes in the scale and geography of collusion in the European market from the post-war decades until the present have not been systematically investigated. Using network analysis methods and an original dataset based on decisions in EU cartel cases......, this paper maps the developments in detected collusion in the European market from 1958 to 2008 and tentatively explains these developments. It appears that collusive activities increased during the 1960s and after the mid-1980s and that a long decline in the scale of collusion began in the mid-1990s...

  3. Particle Swarm Optimization of Electricity Market Negotiating Players Portfolio

    DEFF Research Database (Denmark)

    Pinto, Tiago; Vale, Zita; Sousa, Tiago

    2014-01-01

    ’ research group has developed a multi-agent system: MASCEM (Multi- Agent System for Competitive Electricity Markets), which performs realistic simulations of the electricity markets. MASCEM is integrated with ALBidS (Adaptive Learning Strategic Bidding System) that works as a decision support system......, the type of day (business day, weekend, holiday, etc.) and most important, the renewable based distributed generation forecast. The proposed approach is tested and validated using real electricity markets data from the Iberian operator – MIBEL....

  4. Information Uncertainty in Electricity Markets: Introducing Probabilistic Offers

    DEFF Research Database (Denmark)

    Papakonstantinou, Athanasios; Pinson, Pierre

    2016-01-01

    We propose a shift from the current paradigm of electricity markets treating stochastic producers similarly to conventional ones in terms of their offers. We argue that the producers’ offers should be probabilistic to reflect the limited predictability of renewable energy generation, while we...... should design market mechanisms to accommodate such offers. We argue that the transition from deterministic offers is a natural next step in electricity markets, by analytically proving our proposal’s equivalence with a two-price conventional market....

  5. Constant Proportion Portfolio Insurance Strategy in Southeast European Markets

    OpenAIRE

    Agić-Šabeta, Elma

    2016-01-01

    Background: In today’s highly volatile and unpredictable market conditions, there are very few investment strategies that may offer a certain form of capital protection. The concept of portfolio insurance strategies presents an attractive investment opportunity. Objectives: The main objective of this article is to test the use of portfolio insurance strategies in Southeast European (SEE) markets. A special attention is given to modelling non-risky assets of the portfolio. Methods/Approach: Mo...

  6. International Financial Reporting Standards and Market Efficiency: A European Perspective

    OpenAIRE

    Lambert, M.; Hübner, G.; P.-A. Michel; Olivier, H.

    2006-01-01

    We investigate how the voluntary adoption of the International Financial Reporting Standards (IFRS) prior to 2005 has contributed to the informational efficiency regarding pan-European stock markets. We find evidence of the potential usefulness of the IFRS for making financial decisions. Taking a sample of IFRS early adopters, our study indicates that the new standards clearly support the semistrong-form of market efficiency for the firms disclosing good accounting news, while a more progress...

  7. Production inefficiency of electricity markets with hydro generation

    Energy Technology Data Exchange (ETDEWEB)

    Philpott, Andy; Guan, Ziming; Khazaei, Javad; Zakeri, Golbon [Electric Power Optimization Centre (EPOC), Department of Engineering Science, University of Auckland, 70 Symonds Street, Auckland (New Zealand)

    2010-12-15

    Electricity market designs that decentralize decision making for participants can lead to inefficiencies in the presence of nonconvexity or missing markets. This has been shown in the case of unit-commitment problems that can make a decentralized market equilibrium less efficient than a centrally planned solution. Less attention has been focused on systems with large amounts of hydro-electric generation. We describe the results of an empirical study of the New Zealand wholesale electricity market that attempts to quantify production efficiency losses by comparing market outcomes with a counterfactual central plan. (author)

  8. European airlines enter the biofuels market. Business Project Report

    Energy Technology Data Exchange (ETDEWEB)

    Van den Heuvel, E.

    2011-06-15

    Biofuels might offer opportunities for achieving improved balance of power to the European airlines in their market environment. The aviation sector in Europe is a high competitive market. It faces high rivalry and increasing fuel costs due to rising oil prices. Moreover, from 2012 the sector will be subject to stringent rules with respect to maximum allowed carbon emissions. Investigating the competitive forces in the aviation sector and executing a strategic group analysis maps the competitors and the major players in the supply chain and the options they have for using alternative fuels for low carbon performance. Both the market and non-market strategies of several European airlines have been studied. It appears that airlines are aiming at first mover advantage by moving upstream in the biofuel value chain. They search for collaboration with other stakeholders to change government regulation to their benefit and influence public opinion and research agendas. Airlines are late entrants in the biofuels market. This research has shown that biofuels can improve the market power balance for European airlines. Biofuels are key to improve the carbon performance of airlines. However, this implies that airlines take position at the resource side of the value chain for biojetfuels. This has the advantage of controlling the security of supply and managing biofuels production complying to ruling sustainability criteria.

  9. New market designs and their effect on economic performance in European Union's natural gas markets.

    NARCIS (Netherlands)

    Haase, N.; Bressers, Johannes T.A.; Arentsen, Maarten J.

    2008-01-01

    The European gas market reform triggered new market designs which aimed to achieve competitive natural gas prices, efficiency gains, and security of gas supply. The paper analyses to what extent the effects of regulation-for-competition on eco-nomic performance in the form of natural gas prices,

  10. Risk and investment management in liberalized electricity markets

    DEFF Research Database (Denmark)

    Lemming, Jacob Kjærgaard

    2005-01-01

    are relatively broad, however the two chapters and ve papers all share analyzes of nancial risk in liberalized electricity markets as a common underlying theme. The risk management part of the thesis focusses on modelling and measurement of financial risk in electricity markets. Key topics are electricity price......Electricity markets around the world are currently undergoing a liberalization process that changes the way electricity is traded and priced as a commodity. The electricity system has unique technical characteristics and the importance of electricity as a good in today's informational society...... will be held financial responsible for their decisions. Regulated system operators remain responsibility for the physical balancing and electricity markets will therefore remain strongly regulated even after liberalization. The combination of strongly regulated but competitive trading arrangements creates...

  11. RESTRUCTURED ELECTRICITY MARKETS: Three States' Experiences in Adding Generating Capacity

    National Research Council Canada - National Science Library

    2002-01-01

    ...., restructured electricity markets by shifting from service provided through a regulated monopoly-the local electric utility-to service provided through open competition among the local utility and its competitors...

  12. The value of online information for demand response in Walrasian electricity markets

    NARCIS (Netherlands)

    F.N. Claessen (Felix); B.J. Liefers (Bart); M. Kaisers (Michael); J.A. La Poutré (Han)

    2015-01-01

    textabstractSmart energy systems integrate renewables and demand response. Most European electricity markets coordinate the resulting time-varying flexibility in demand and supply by organising day-ahead trade with Walrasian mechanisms, using simultaneous call auctions and sealed bids. These

  13. Economic Discourse and European Market Integration: The Problem of Financial Market Infrastructures

    OpenAIRE

    Krarup, Troels

    2016-01-01

    European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “compe...

  14. Optimal charging of electric drive vehicles in a market environment

    DEFF Research Database (Denmark)

    Kristoffersen, Trine Krogh; Capion, Karsten Emil; Meibom, Peter

    2011-01-01

    With a potential to facilitate the integration of renewable energy into the electricity system, electric drive vehicles may offer a considerable flexibility by allowing for charging and discharging when desired. This paper takes the perspective of an aggregator that manages the electricity market...... on prices from the Nordic market. The results show that electric vehicles provide flexibility almost exclusively through charging. Moreover, the vehicles provide flexibility within the day but only limited flexibility from day to day when driving patterns are fixed....

  15. The surveillance of the electricity wholesale market and emission trading market; Die Ueberwachung von Stromgrosshandelsmarkt und Emissionshandelsmarkt

    Energy Technology Data Exchange (ETDEWEB)

    Luedemann, Volker [Hochschule Osnabrueck (Germany). Forschungszentrum Energiewirtschaft/Energierecht (fee); Hochschule Osnabrueck (Germany). Wirtschafts- und Wettbewerbsrecht; Konar, Selma [Sozietaet Becker Buettner Held, Muenchen (Germany)

    2015-05-15

    The Regulation on Wholesale Market Integrity and Transparency (REMIT) and the German Law on the Establishment of a Market Transparency Office for Wholesale Trade in Electricity and Gas (MTS-G) have fundamentally changed the surveillance of electricity wholesale trade in Germany. From now on the Federal Network Agency and the Federal Cartel Office will be jointly responsible for monitoring the electricity wholesale trade for suspicious market phenomena and abusive behaviour. The REMIT specifies that the electricity trade must be surveilled ''with due consideration to interactions'' with the emission trade system. However, occurrences observed in recent years have shown that the emission trading system is in need of reform. This has also been recognised and has prompted extensive corrective action by the regulatory authorities of the European Union. These changes have yet to be transposed into the national surveillance regimes. The present article explains why the new role accorded to the Federal Network Agency under the REMIT fails to eliminate the structural shortcomings of the old surveillance system. At least the decision to put the collection and evaluation of data exclusively in the hands of the market transparency office and the cooperation this will prompt between the supervisory authorities responsible will make the task of surveilling the energy wholesale trading market a lot easier for the authorities. The energy transition and its exigencies will yet lead to further changes in the market and its surveillance regime.

  16. The Effect of Divestitures in the German Electricity Market

    Energy Technology Data Exchange (ETDEWEB)

    Weigt, H. [Florence School of Regulation, Robert Schuman Centre for Advanced Studies, European University Institute, Florence (Italy); Willems, B. [Tilburg University, TILEC and CentER, Tilburg (Netherlands)

    2011-03-15

    In most liberalized electricity markets, abuse of market power is a concern related to oligopolistic market structures, flaws in market architecture, and the specific characteristics of electricity generation and demand. Several methods have been suggested to improve the competitiveness of the liberalized electricity markets and to reallocate rents from generators to consumers. In this paper we study to what extend divestitures can improve the competitiveness of the electricity market. We quantify the expected developments under different divestiture scenarios for the German market, using Cournot and Supply Function Equilibrium simulations. We find an overall welfare gain in both models and show that those gains are highest if the divested assets are sold to independent and small firms, preventing the formation of additional firms that set prices strategically.

  17. Strategies for Charging Electric Vehicles in the Electricity Market

    Directory of Open Access Journals (Sweden)

    Nina Juul

    2015-06-01

    Full Text Available This paper analyses different charging strategies for a fleet of electric vehicles. Along with increasing the realism of the strategies, the opportunity for acting on the regulating market is also included. We test the value of a vehicle owner that can choose when and how to charge; by presenting a model of four alternative charging strategies. We think of them as increasing in sophistication from dumb via delayed to deterministic and stochastic model-based charging. We show that 29% of the total savings from ‘dumb’ are due to delayed charging and that substantial additional gains come charging optimally in response to predicted spot prices, and – in some settings – additional gains from using the up and down regulating prices. Particularly, strategies are chosen from uncontrolled charging through deterministic optimization, to modelling the charging and bidding problem with stochastic programming. We show that all vehicle owners will benefit from acting more intelligently on the energy market. Furthermore, the high value of the stochastic solution shows that, in case the regulating price differs from the expected, the solution to the deterministic problem becomes infeasible.

  18. The Risk of Residential Peak Electricity Demand: A Comparison of Five European Countries

    Directory of Open Access Journals (Sweden)

    Jacopo Torriti

    2017-03-01

    Full Text Available The creation of a Europe-wide electricity market combined with the increased intermittency of supply from renewable sources calls for an investigation into the risk of aggregate peak demand. This paper makes use of a risk model to assess differences in time-use data from residential end-users in five different European electricity markets. Drawing on the Multinational Time-Use Survey database, it assesses risk in relation to the probability of electrical appliance use within households for five European countries. Findings highlight in which countries and for which activities the risk of aggregate peak demand is higher and link smart home solutions (automated load control, dynamic pricing and smart appliances to different levels of peak demand risk.

  19. Marketing approaches at European level – The case of Southern-European countries

    Directory of Open Access Journals (Sweden)

    Bianca TESCAŞIU

    2016-07-01

    Full Text Available The specialization of Marketing refers not only on specific focus on some domains, but, also, to its adaptation on regional issues. During the globalization process, marketers adapted their activity to new trends, such as: standardization, integrated distribution, production transfer, comparative advantage, etc. The common aspects of some regional markets determined the marketers to approach differently some homogeneous regions in the World economy. In this sense, the article intends to establish the main differences and the common aspects of a very important area in the European economy – The South East of Europe.

  20. The Limits of Europeanization: Regulatory Reforms in the Spanish and Portuguese Telecommunications and Electricity Sectors

    Directory of Open Access Journals (Sweden)

    Jordana

    2005-07-01

    Full Text Available The creation of an EU-level regulatory regimes for telecommunications and electricity was a highly successful political initiative of the European Commission. In promoting market liberalization for telecommunications (a key sector in the creation of the ‘information economy’ and electricity (one of the sectors most resistant to change the European Commission asserted the political importance of European project. Indeed, the two new regimes are commonly cited as successful cases of ‘Europeanization‘. However, this paper argues that the causal link between European initiatives and national policy change is weak. Building on an emerging tradition of cross-sector research of these two sectors, and considering two most-similar European countries, the paper examines commonalities and variations in the regulatory reforms of telecommunications and electricity in Spain and Portugal in the last two decades. It applies a series of comparisons, including a stepwise comparative analysis of two countries (one a reluctant liberalizer, the other an enthusiastic one, of two sectors (a pace-setter and a foot-dragger and of two time periods (before and after the regulatory reforms. We suggest that processes of Europeanization can impinge on the strategic capacities of European member states only to a limited degree. Spain and Portugal were able to shape their sectors according to the preferences of their national policy communities and in a context of a global shift in the way countries both within Europe and outside it defined their interests.

  1. The Limits of Europeanization: Regulatory Reforms in the Spanish and Portuguese Telecommunications and Electricity Sectors

    Directory of Open Access Journals (Sweden)

    Imma Puig

    2005-07-01

    Full Text Available The creation of an EU-level regulatory regimes for telecommunications and electricity was a highly successful political initiative of the European Commission. In promoting market liberalization for telecommunications (a key sector in the creation of the information economy and electricity (one of the sectors most resistant to change the European Commission asserted the political importance of European project. Indeed, the two new regimes are commonly cited as successful cases of Europeanization. However, this paper argues that the causal link between European initiatives and national policy change is weak. Building on an emerging tradition of cross-sector research of these two sectors, and considering two most-similar European countries, the paper examines commonalities and variations in the regulatory reforms of telecommunications and electricity in Spain and Portugal in the last two decades. It applies a series of comparisons, including a stepwise comparative analysis of two countries (one a reluctant liberalizer, the other an enthusiastic one, of two sectors (a pace-setter and a foot-dragger and of two time periods (before and after the regulatory reforms. We suggest that processes of Europeanization can impinge on the strategic capacities of European member states only to a limited degree. Spain and Portugal were able to shape their sectors according to the preferences of their national policy communities and in a context of a global shift in the way countries both within Europe and outside it defined their interests.

  2. Investing in European market real property through reits

    Science.gov (United States)

    Adamuscin, A.

    2010-03-01

    For institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.

  3. EIA model documentation: Electricity market module - electricity fuel dispatch

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-01-01

    This report documents the National Energy Modeling System Electricity Fuel Dispatch Submodule (EFD), a submodule of the Electricity Market Module (EMM) as it was used for EIA`s Annual Energy Outlook 1997. It replaces previous documentation dated March 1994 and subsequent yearly update revisions. The report catalogues and describes the model assumptions, computational methodology, parameter estimation techniques, model source code, and forecast results generated through the synthesis and scenario development based on these components. This document serves four purposes. First, it is a reference document providing a detailed description of the model for reviewers and potential users of the EFD including energy experts at the Energy Information Administration (EIA), other Federal agencies, state energy agencies, private firms such as utilities and consulting firms, and non-profit groups such as consumer and environmental groups. Second, this report meets the legal requirement of the Energy Information Administration (EIA) to provide adequate documentation in support of its statistical and forecast reports. Third, it facilitates continuity in model development by providing documentation which details model enhancements that were undertaken for AE097 and since the previous documentation. Last, because the major use of the EFD is to develop forecasts, this documentation explains the calculations, major inputs and assumptions which were used to generate the AE097.

  4. Patterns and Regularities in the European Marketing Academic Community

    DEFF Research Database (Denmark)

    Christensen, Katrine; Krystallis Krontalis, Athanasios; Ormrod, Robert P.

    2011-01-01

    Recent years have seen a growing interest in the nature of scientific collaboration, as researchers have become interested in how knowledge is generated in research communities. The aim of the current paper is to provide insights into the structure of the European Marketing Academy (EMAC) and to ...... partners is socio-cultural and geographical proximity rather than marketing sub-discipline, pointing towards a very systematic tendency for EMAC members to be organised around institutions in the same or culturally related countries.......Recent years have seen a growing interest in the nature of scientific collaboration, as researchers have become interested in how knowledge is generated in research communities. The aim of the current paper is to provide insights into the structure of the European Marketing Academy (EMAC...

  5. Patterns and Regularities in the European Marketing Academic Community

    DEFF Research Database (Denmark)

    Krystallis Krontalis, Athanasios; Ormrod, Robert P.; Christensen, Katrine

    2011-01-01

    Recent years have seen a growing interest in the nature of scientific collaboration, as researchers have become interested in how knowledge is generated in research communities. The aim of the current paper is to provide insights into the structure of the European Marketing Academy (EMAC) and to ...... partners is socio-cultural and geographical) proximity rather than marketing sub-discipline, pointing towards a very systematic tendency for EMAC members to be organised around institutions in the same or culturally related countries.......Recent years have seen a growing interest in the nature of scientific collaboration, as researchers have become interested in how knowledge is generated in research communities. The aim of the current paper is to provide insights into the structure of the European Marketing Academy (EMAC...

  6. Has the European union achieved a single pharmaceutical market?

    Science.gov (United States)

    Timur, Aysegul; Picone, Gabriel; DeSimone, Jeffrey

    2011-12-01

    This paper explores price differences in the European Union (EU) pharmaceutical market, the EU's fifth largest industry. With the aim of enhancing quality of life along with industry competitiveness and R&D capability, many EU directives have been adopted to achieve a single EU-wide pharmaceutical market. Using annual 1994-2003 data on prices of molecules that treat cardiovascular disease, we examine whether drug price dispersion has indeed decreased across five EU countries. Hedonic regressions show that over time, cross-country price differences between Germany and three of the four other EU sample countries, France, Italy and Spain, have declined, with relative prices in all three as well as the fourth country, UK, rising during the period. We interpret this as evidence that the EU has come closer to achieving a single pharmaceutical market in response to increasing European Commission coordination efforts.

  7. Hourly Electricity Prices in Day-Ahead Markets

    NARCIS (Netherlands)

    R. Huisman (Ronald); C. Huurman; R.J. Mahieu (Ronald)

    2007-01-01

    textabstractThis paper focuses on the characteristics of hourly electricity prices in day-ahead markets. In these markets, quotes for day-ahead delivery of electricity are submitted simultaneously for all hours in the next day. The same information set is used for quoting all hours of the day. The

  8. Solar and electric vehicles: A glimpse of the US market

    Energy Technology Data Exchange (ETDEWEB)

    Hazard, N.; Wills, R.

    1992-03-01

    This article examines the market for electric vehicles in the USA and what factors will affect it. The backdrop for the article is the 1991 solar and electric vehicle symposium. The topics discussed include the market, the exhibition, technical developments, questions of policy, industry association, press response and planning for the 1992 symposium.

  9. Relevant Market in Commercial Aviation of the European Union

    Directory of Open Access Journals (Sweden)

    Jakub Kociubiński

    2011-06-01

    Full Text Available The purpose of this paper is to provide a brief overview of the issue of definition of relevant market in civil aviation within the European Union. The liberalization of the market since the early 1990s has led to a rapid increase in the number of airlines operating in the EU. The increase in the competitiveness of the market has brought many positive changes for passengers, such as lower fares and a better network of connections. At the same time it has created a risk that the airlines, in order to gain a competitive edge, would infringe the rules of competition. This is especially important in the context of the phenomenon that is the development of the airline alliances, which could lead to an abuse of a dominant position. A clear definition of the relevant market is a first step in an assessment of whether such an abuse occurred. This paper focus on the elements that Internal Market regulator, the European Commission, takes into consideration when defining relevant market in the airline industry.

  10. Elspot: Nord Pool Spot Integration in MASCEM Electricity Market Simulator

    DEFF Research Database (Denmark)

    Fernandes, Ricardo; Santos, Gabriel; Praca, Isabel

    2014-01-01

    models and player types as possible. This paper presents a new negotiation model implemented in MASCEM based on the negotiation model used in day-ahead market (Elspot) of Nord Pool. This is a key module to study competitive electricity markets, as it presents well defined and distinct characteristics......The energy sector in industrialized countries has been restructured in the last years, with the purpose of decreasing electricity prices through the increase in competition, and facilitating the integration of distributed energy resources. However, the restructuring process increased the complexity...... (Multi-Agent Simulator of Competitive Electricity Markets), a multi-agent based simulator that models real electricity markets. To reinforce MASCEM with the capability of recreating the elect ricity markets reality in the fullest possible extent, it is crucial to make it able to simulate as many market...

  11. Cost-Optimal ATCs in Zonal Electricity Markets

    DEFF Research Database (Denmark)

    Jensen, Tue Vissing; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    from the physical ATCs based on security indices only typically used in zonal electricity markets today. Determining cost-optimal ATCs requires viewing ATCs as an endogenous market construct, and leads naturally to the definition of a market entity whose responsibility is to optimize ATCs...

  12. Market integration of wind power in electricity system balancing

    DEFF Research Database (Denmark)

    Sorknæs, Peter; Andersen, Anders N.; Tang, Jens

    2013-01-01

    In most countries markets for electricity are divided into wholesale markets on which electricity is traded before the operation hour, and real-time balancing markets to handle the deviations from the wholesale trading. So far, wind power has been sold only on the wholesale market and has been...... known to increase the need for balancing. This article analyses whether wind turbines in the future should participate in the balancing markets and thereby play a proactive role. The analysis is based on a real-life test of proactive participation of a wind farm in West Denmark. It is found...

  13. Unified Dispatch of Energy and Reserves in Electricity Markets

    Directory of Open Access Journals (Sweden)

    G. Gutiérrez–Alcaraz

    2009-10-01

    Full Text Available Ancillary services costs were included within the energy price in the first electricity market models. In a decentralized electricity market, it is conceive to have a separate market for energy and each one of the Ancillary Services. However, when the problem is solved jointly it seems to be a better alternative to optimize resources. This paper presents a unified formulation for solving the economic dispatch and reserve scheduling problems in electricity markets, in order to investigate the global efficiency of energy and reserve markets. The formulation allows generation and distribution companies to offer in the market reserve services. Concluding remarks are offered about the results obtained, which proves in a detailed way that these operated–simultaneously–markets provides more economical benefits for generation or distribution companies.

  14. FORECASTING ELECTRICITY PRICES IN DEREGULATED WHOLESALE SPOT ELECTRICITY MARKET - A REVIEW

    Directory of Open Access Journals (Sweden)

    Girish Godekere Panchakshara Murthy,

    2014-01-01

    Full Text Available In the new framework of competitive electricity markets, all power market participants need accurate price forecasting tools. Electricity price forecasts characterize significant information that can help captive power producer, independent power producer, power generation companies, power distribution companies or open access consumers in careful planning of their bidding strategies for maximizing their profits, benefits and utilities from long term, medium term and short term perspective. Short term spot electricity price forecasting techniques are either inspired from electrical engineering literature (i.e. load forecasting or from economics literature (i.e. game theory models and the time-series econometric models. In this study we investigate the emergence of spot electricity markets with particular emphasis on Indian electricity market which has never been done before and review selected finance and econometrics inspired literature and models for forecasting electricity spot prices in deregulated wholesale spot electricity markets.

  15. Meat export competitiveness of European Union countries on global markets

    Directory of Open Access Journals (Sweden)

    Štefan Bojnec

    2014-10-01

    Full Text Available The purpose of this research is to provide insight into the export competitiveness of meat products of the European Union (EU-27 member states on global markets. The revealed comparative advantage index is used to analyze the levels, compositions, and evolutions in patterns of development in the export competitiveness of meat products and their levels of stability at the product level. Except for some niche meat products, a larger number of the EU-27 member states have experienced comparative disadvantages on global markets over the analysed years of 2000 to 2011. The revealed comparative advantages on the global markets are the most robust for Ireland, Spain, the Netherlands, France, Belgium, Denmark, Poland, Cyprus and Hungary. The revealed comparative advantage indices and their survival rates differ across the meat product groups. The heterogeneity in export competitiveness of the EU-27 member states suggests the importance of the differentiation of meat products in competitive export specialization on global markets.

  16. E-laboratories : agent-based modeling of electricity markets.

    Energy Technology Data Exchange (ETDEWEB)

    North, M.; Conzelmann, G.; Koritarov, V.; Macal, C.; Thimmapuram, P.; Veselka, T.

    2002-05-03

    Electricity markets are complex adaptive systems that operate under a wide range of rules that span a variety of time scales. These rules are imposed both from above by society and below by physics. Many electricity markets are undergoing or are about to undergo a transition from centrally regulated systems to decentralized markets. Furthermore, several electricity markets have recently undergone this transition with extremely unsatisfactory results, most notably in California. These high stakes transitions require the introduction of largely untested regulatory structures. Suitable laboratories that can be used to test regulatory structures before they are applied to real systems are needed. Agent-based models can provide such electronic laboratories or ''e-laboratories.'' To better understand the requirements of an electricity market e-laboratory, a live electricity market simulation was created. This experience helped to shape the development of the Electricity Market Complex Adaptive Systems (EMCAS) model. To explore EMCAS' potential as an e-laboratory, several variations of the live simulation were created. These variations probed the possible effects of changing power plant outages and price setting rules on electricity market prices.

  17. Multiple Hub Network Choice in the Liberalized European Market

    Science.gov (United States)

    Berechman, Joseph; deWit, Jaap

    1997-01-01

    A key question that so far has received relatively little attention in the germane literature is that of the changes at various airports as a result of the EU liberalization policies. That is, presently, most major European airports still benefit from the so-called home-carrier phenomenon where the country's publicly or semi-publicly owned carrier uses the country's main airport as its gateway hub and, consequently, the home-carrier is also the principal user of this airport (in terms of proportion of total aircraft movements, number of passengers transported, connections, slots ownership, etc.). The country's main airport has substantially benefited from these monopoly conditions of airline captivity, strongly determined by the bilateral system of international air transport regulation. Therefore, European major airports were used to operate in essentially different markets, compared to the increasingly competitive markets of their home based carriers. This partly explains relative stability of transport volumes and financial results of European major airports compared to the relatively volatile financial results of most European national airlines. However, the liberalization of European aviation is likely to change this situation. Market access is open now to all community carriers, i.e. carriers with majority ownership and effective control in the hands of EU citizens. Ticket prices are free, governments can only intervene in case of dumping or excessive pricing. A community airline can choose its seat in any of the 15 member states. Licensing procedures are harmonized between member states. In the last few months community carriers have had unrestricted route access within the EU. Most probably this development will be extended to countries inside and outside Europe. Last year the European Commission got the mandate to start negotiations with 10 other European countries. In the meantime the EC has also started negotiations with the USA on so-called soft rights

  18. Portfolio Diversification in the South-East European Equity Markets

    Directory of Open Access Journals (Sweden)

    Zaimovic Azra

    2017-04-01

    Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.

  19. Electricity and gas market observatory. 3. Quarter 2007; Observatoire des marches de l'electricite et du gaz. 3. trimestre 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1 of July 2007, all customers can choose their gas and electricity suppliers. The present observatory is including residential customer's statistics. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status at September 30, 2007, Dynamic analysis: 3. Quarter 2007); The wholesale electricity market (Introduction, Wholesale market activity in France, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on September 30, 2007, Dynamic analysis: 3. Quarter 2007); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  20. Merchant electricity transmission expansion: A European case study

    Energy Technology Data Exchange (ETDEWEB)

    Kristiansen, T. [RBS Sempra Commodities, 155 Bishopsgate, London EC2M3TZ (United Kingdom); Rosellon, J. [Centro de Investigacion y Docencia Economicas (CIDE), Division de Economia, Carretera Mexico-Toluca 3655, Lomas de Santa Fe, 01210 Mexico D.F. (Mexico); German Institute for Economic Research (DIW Berlin), Mohrenstrasse 58, 10117, Berlin (Germany)

    2010-10-15

    We apply a merchant transmission model to the trilateral market coupling (TLC) arrangement among the Netherlands, Belgium and France as an example, and note that it could further be applied to other market splitting or coupling of Europe's different national power markets. In this merchant framework the system operator allocates financial transmission rights (FTRs) to investors in transmission expansion based upon their preferences, and revenue adequacy. The independent system operator (ISO) preserves some proxy FTRs to manage potential negative externalities that may result from expansion projects. This scheme could help European market coupling arrangements attract additional investment. (author)

  1. European Schemes for Promoting Renewables in Liberalised Markets

    DEFF Research Database (Denmark)

    Meyer, Niels I.

    2003-01-01

    with guaranteed minimum tariffs, tender models for different bands of technologies, and green certificates trading models with obligatory consumer quota. The paper describes the market situation in selected European countries, including Germany, the UK, Holland and Denmark.An EU directive from September 2001 has......The paper describes possibilities and problems for penetration of supply systems based on renewable energy sources in liberalised markets. The analysis is based on recent development in EU with different models for support of installations based on renewable energy. These include feed-in models...

  2. Locational marginal prices with SVC in Indian electricity market

    African Journals Online (AJOL)

    user

    2011 MultiCraft Limited. All rights reserved. Locational marginal prices with SVC in Indian electricity market. A. Kumar. 1. *, Punit Kumar. 2. 1*Department of Electrical Engineering, National Institute of Technology Kurukshetra, INDIA. 2 Department of Electrical Engineering, National Institute of Technology Kurukshetra, INDIA.

  3. Current and future market mechanism in electricity trading; Aktuelle und zukuenftige Marktmechanismen des Stromhandels

    Energy Technology Data Exchange (ETDEWEB)

    Paulun, Tobias [European Energy Exchange AG, Leipzig (Germany)

    2011-07-01

    European energy and climate policies are creating significant challenges for the electrical energy supply system. Technical as well as economic characteristics of power generating facilities based on renewable energies mainly differ notably from characteristics of conventional power generators. Hence new solutions for integrating renewable energies into the networks and markets are required. However the general call - which is often mentioned in the current discussion - for a ''new market design'' is misleading since the current market design already fulfills central tasks of the market in a convincing manner. Since those tasks will still be important during the next years, a more detailed examination of the current and future requirements for the market is needed. The aim of this evaluation should be to identify possible improvements and enhancements on the basis of the already existing market. (orig.)

  4. Adaptive Portfolio Optimization for Multiple Electricity Markets Participation.

    Science.gov (United States)

    Pinto, Tiago; Morais, Hugo; Sousa, Tiago M; Sousa, Tiago; Vale, Zita; Praca, Isabel; Faia, Ricardo; Pires, Eduardo Jose Solteiro

    2016-08-01

    The increase of distributed energy resources, mainly based on renewable sources, requires new solutions that are able to deal with this type of resources' particular characteristics (namely, the renewable energy sources intermittent nature). The smart grid concept is increasing its consensus as the most suitable solution to facilitate the small players' participation in electric power negotiations while improving energy efficiency. The opportunity for players' participation in multiple energy negotiation environments (smart grid negotiation in addition to the already implemented market types, such as day-ahead spot markets, balancing markets, intraday negotiations, bilateral contracts, forward and futures negotiations, and among other) requires players to take suitable decisions on whether to, and how to participate in each market type. This paper proposes a portfolio optimization methodology, which provides the best investment profile for a market player, considering different market opportunities. The amount of power that each supported player should negotiate in each available market type in order to maximize its profits, considers the prices that are expected to be achieved in each market, in different contexts. The price forecasts are performed using artificial neural networks, providing a specific database with the expected prices in the different market types, at each time. This database is then used as input by an evolutionary particle swarm optimization process, which originates the most advantage participation portfolio for the market player. The proposed approach is tested and validated with simulations performed in multiagent simulator of competitive electricity markets, using real electricity markets data from the Iberian operator-MIBEL.

  5. Engineering Electricity Markets for a Decarbonized Energy System

    DEFF Research Database (Denmark)

    Jenle, Rasmus Ploug; Pallesen, Trine

    Decarbonization of the Danish electricity sector has recently been sought achieved through the introduction of a novel retail electricity market, named EcoGrid, designed to create price responsive consumers. By following the market design process undertaken by engineers at the Technical University...... of Denmark, the analysis addresses the question: how do engineers make markets? The answer to this question as presented here is: engineers design control systems. By tracing the origins of EcoGrid, this paper documents the governing of electricity consumers through a ‘synthetic market’, i.e. a market...... artifact devised to attain specified objectives within a specific task environment. It is shown that EcoGrid has been designed by modelling a retail electricity market on three different concepts from control systems engineering. These findings are used as a springboard to discuss the implications...

  6. Shale gas. Opportunities and challenges for European energy markets

    Energy Technology Data Exchange (ETDEWEB)

    De Joode, J.; Plomp, A.J.; Ozdemir, O. [ECN Policy Studies, Petten (Netherlands)

    2013-02-15

    The outline of the presentation shows the following elements: Introduction (Shale gas revolution in US and the situation in the EU); What could be the impact of potential shale gas developments on the European gas market?; How may shale gas developments affect the role of gas in the transition of the power sector?; and Key messages. The key messages are (1) Prospects for European shale gas widely differ from US case (different reserve potential, different competition, different market dynamics); (2) Shale gas is unlikely to be a game changer in Europe; and (3) Impact of shale gas on energy transition in the medium and long term crucially depends on gas vs. coal prices and the 'penalty' on CO2 emissions.

  7. Optimization Under Uncertainty for Management of Renewables in Electricity Markets

    DEFF Research Database (Denmark)

    Zugno, Marco

    accuracy. As a result of their non-dispatchable and stochastic nature, the management of renewables poses new challenges as compared to conventional sources of electricity. Focusing in particular on short-term electricity markets, both the trading activities of market participants (producers, retailers......-by-price. In a similar setup, the optimal trading (and pricing) problem for a retailer connected to flexible consumers is considered. Finally, market and system operators are challenged by the increasing penetration of renewables, which put stress on markets that were designed to accommodate a generation mix largely...... and consumers) and the decision-making processes of system and market operators are challenged. As far as producers are concerned, participation in electricity markets imposes them to make their trading decisions with a certain advance in time as compared to energy delivery. Since their actual output...

  8. Efficiency of Electricity Utilisation in Households in the Context of European Energy Policy

    Directory of Open Access Journals (Sweden)

    Marek Kott

    2015-12-01

    Full Text Available Efficient use of electricity in every sector of a national economy is becoming increasingly significant. Energy efficiency concerns climate and energy policy, but it is also a significant factor influencing manufacturing costs for enterprises (and thus their profits, as well as socio-economic development. Irrational energy consumption leads to excessive consumption of primary energy sources, problems attributable to environment pollution, and limited competitiveness of national companies in global markets. For an individual consumer, energy efficiency is one of the key methods of reducing the share of electricity costs in the household budget. In recent years, the European Commission has made a lot of effort aimed at reducing electricity consumption in households, by promoting energy-saving lighting, subsidising renewable microgeneration systems, enforcing labelling appliances for their energy consumption and liberalisation of the electricity market, among other things. This paper presents the results of a comparative study on electricity consumption in Polish households in reference to selected European Union member states, in the context of European energy policy.

  9. More efficient policy of energy and regional electricity supply by the directive 96/92/EC of the European Parliament and of the Council of 10 december 1996 concerning common rules for the internal market in electricity; Effizientere Energiepolitik und regionale Elektrizitaetsversorgung durch die EU-Elektrizitaetsrichtlinie 1996. Politikfeldanalyse der europaeischen, deutschen und bayerischen Energiepolitik und Elektrizitaetswirtschaft im Zusammenhang mit der Entstehung und Umsetzung der EU-Richtlinie 96 sowie der Veraenderung der Effizienz in der traditionellen Elektrizitaetsversorgung unter supranationalem EU-Einfluss

    Energy Technology Data Exchange (ETDEWEB)

    Furtner, Franz

    2006-07-01

    The German energy policy and its main addressees, the regional electricity companies (EVU), are going through a critical phase at the beginning of the 21st century. The increasing complexity and inconsistency of energy issues have, in Germany and in other countries, led to decisions which again have produced extensive, but not yet foreseeable developments, as, for example, the liberalisation of the electricity and gas market within the European Union. The first objective of this paper is an empirical analysis of the regional electricity supply industry in Germany and particularly in Bavaria in so far as it is relevant for energy politics, as well as an introduction to the German energy policy up to approximately the time when the Directive 96/92/EC of the European Parliament and the Council of 19 December 1996 concerning common rules for the internal market in electricity, was passed. Moreover, findings for the definition of energy efficiency in electricity supply and of the policy analysis are outlined. The second objective of this paper is the analysis and evaluation of the European Union energy policy, in particular of the Directive 96/92/EC, its formation and how it has been put into action by the German and Bavarian electricity supply industry. Energy efficiency of the electricity supply serves as a yardstick, the research method employed is the policy analysis. The main part of this paper, by comparing objectives to effects and by evaluating interviews with energy experts, examines the questions if, in what ways and to what extent the Directive 96/92/EC has led to an increase of energy efficiency in the narrow as well as in the boarder sense, within the EU, Germany and Bavaria. Additionally, three hypotheses are tested: firstly the significance of energy efficiency (in the narrow sense), secondly the alignment of European energy supply, and thirdly the importance of supranational control through EU politics. The results are presented in tabular form, and the

  10. 75 FR 78980 - Application to Export Electric Energy; Direct Energy Marketing, Inc.

    Science.gov (United States)

    2010-12-17

    ... Application to Export Electric Energy; Direct Energy Marketing, Inc. AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of Application. SUMMARY: Direct Energy Marketing, Inc... surplus energy purchased from electric utilities, Federal power marketing agencies, and other entities...

  11. Demand response in experimental electricity markets

    Directory of Open Access Journals (Sweden)

    Barreda-Tarrazona, Iván

    2012-03-01

    Full Text Available We study consumers’ behavior in an experimental electricity market. Subjects make decisions concerning the quantity of electric energy they want to consume in three different pricing environments. In the baseline framework, they decide under a system of fixed prices, invariant to consumption schedule as well as to network restrictions. The other two environments correspond to dynamic pricing systems combined with incentives that aim at cutting energy consumption in a number of selected situations characterized by high network congestion. In such situations, in the first environment subjects get a bonus if they reduce their peak consumption below a certain level, while in the second one, consumers are sanctioned for consuming in peak times. From a social welfare perspective, our experimental data confirm that a dynamic system for prices is more efficient than a fixed one. Moreover, a dynamic scheme with sanctions, although less preferred by consumers, is more effective than the one with bonuses in order to reduce peak consumption. Dynamic pricing with bonuses reaches a good balance between efficiency and consumer acceptance.

    Estudiamos el comportamiento de los consumidores en un mercado de electricidad diseñado en el laboratorio. Los sujetos experimentales toman decisiones sobre la cantidad de electricidad que desean consumir en tres contextos diferentes. En el tratamiento base, los consumidores deciden bajo un sistema de precios fijos, en el que el precio es invariable tanto a la franja horaria de consumo como a las restricciones de la red. Los otros dos contextos corresponden a sistemas dinámicos de precios combinados con incentivos cuyo objetivo es la reducción del consumo en algunas situaciones seleccionadas caracterizadas por una alta congestión de la red. En estas situaciones, en el primer contexto, se bonifica la reducción del consumo en la hora punta por debajo de cierto nivel, mientras que en el segundo, los consumidores

  12. Modifications to incorporate competitive electricity prices in the annual energy outlook 1998 - electricity market module

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-02-01

    The purpose of this report is to describe modifications to the Electricity Market Module (EMM) for the Annual Energy Outlook 1998. It describes revisions necessary to derive competitive electricity prices and the corresponding reserve margins.

  13. The Interval Stability of an Electricity Market Model

    Directory of Open Access Journals (Sweden)

    Weijuan Wang

    2014-01-01

    Full Text Available Combined with the electric power market dynamic model put forward by Alvarado, an interval model of electricity markets is established and investigated in this paper pertaining to the range of demand elasticity with suppliers and consumers. The stability of an electricity market framework with demand elasticity interval is analyzed. The conclusions characterizing the interval model provided are derived by constructing a suitable Lyapunov function and using the theory of interval dynamical system in differential equations and matrix inequality theory and so forth. Applying the corollary obtained can judge the system stability by available data about demand elasticity. The obtained results are validated and illustrated by a case example.

  14. Electricity and gas market observatory. 1. Quarter 2008; Observatoire des marches de l'electricite et du gaz 1. trimestre 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1. of July 2007, all customers can choose their gas and electricity suppliers. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status at March 31, 2007, Dynamic analysis: 1. Quarter 2008); The wholesale electricity market (Introduction, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on March 31, 2008, Dynamic analysis: 1. Quarter 2008); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France, Striking fact of the first quarter 2008); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  15. Electricity and gas market observatory. 2. Quarter 2008; Observatoire des marches de l'electricite et du gaz 2. trimestre 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1 of July 2007, all customers can choose their gas and electricity suppliers. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status at June 30, 2008, Dynamic analysis: 2. Quarter 2008); The wholesale electricity market (Introduction, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on June 30, 2008, Dynamic analysis: 2. Quarter 2008); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  16. Electricity and gas market observatory. 3. Quarter 2008; Observatoire des marches de l'electricite et du gaz 3. trimestre 2008

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1 of July 2007, all customers can choose their gas and electricity suppliers. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status at September 30, 2008, Dynamic analysis: 3. Quarter 2008); The wholesale electricity market (Introduction, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on September 30, 2008, Dynamic analysis: 3. Quarter 2008); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  17. Electricity and gas market observatory. 4. Quarter 2007; Observatoire des marches de l'electricite et du gaz 4. trimestre 2007

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    The purpose of the observatory is to provide the general public with indicators for monitoring market deregulation. It both covers the wholesale and retail electricity and gas markets in Metropolitan France. This observatory is updated every three months and data are available on CRE web site (www.cre.fr). Since the 1. of July 2007, all customers can choose their gas and electricity suppliers. Content: A - The electricity market: The retail electricity market (Introduction, Customer segments and their respective weight, Status at December 31, 2007, Dynamic analysis: 4. Quarter 2007); The wholesale electricity market (Introduction, Wholesale market activity in France, Prices on the French wholesale market and European comparison, Import and export volumes, Concentration of the French electricity market, Striking fact of the fourth quarter 2007); B - The gas market: The retail gas market (Introduction, Customer segments and their respective weight, Status on December 31. 2007, Dynamic analysis: 4. Quarter 2007); The wholesale gas market (Gas pricing and gas markets in Europe, The wholesale market in France, Striking fact of the fourth quarter 2007); C - Appendices: Electricity and gas market observatories combined glossary, Specific electricity market observatory glossary, Specific gas market observatory glossary.

  18. Competition ambiguities. Electricite de France and the electricity market liberalization; Les ambiguites de la concurrence. Electricite de France et la liberalisation du marche de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Boiteux, M. [Electricite de France (EDF), 75 - Paris (France)

    2007-04-15

    The European Union decided to open the electricity market to the competition and the last step will be in July 2007. Meanwhile the first part, the opening to big consumers, is a deception. The market saw an increase of the electricity prices. The author explains the effects of the liberalization, presenting the inevitable limits of the competition, the disappointing evaluation, the historical aspects of the electric market facing the today situation. (A.L.B.)

  19. How Engineers Make Markets Organizing Electricity System Decarbonization

    DEFF Research Database (Denmark)

    Jenle, Rasmus Ploug; Pallesen, Trine

    2017-01-01

    construction process undertaken by scientists at the Technical University of Denmark, this article shows how engineers have approached the task by designing markets as technical control systems. It is demonstrated that EcoGrid has been designed by modeling a retail electricity market on three different...... conceptions of control systems as found in the discipline of control systems engineering. By tracing the origins of EcoGrid, this article documents the governing of electricity consumers through what we here call a synthetic market, i.e. a market artifact devised to attain goals. These findings about...

  20. Bidding in sequential electricity markets: The Nordic case

    DEFF Research Database (Denmark)

    Boomsma, Trine Krogh; Juul, Nina; Fleten, Stein-Erik

    2014-01-01

    For electricity market participants trading in sequential markets with differences in price levels and risk exposure, coordinated bidding is highly relevant. We consider a Nordic power producer who engages in the day-ahead spot market and the near real-time balancing market. In both markets......, clearing prices and dispatched volumes are unknown at the time of bidding. However, in the balancing market, the agent faces an additional risk of not being dispatched. Taking into account the sequential clearing of these markets and the gradual realization of market prices, we formulate the bidding...... problem as a multi-stage stochastic program. We investigate whether higher risk exposure can explain the hesitation, often observed in practice, to bid into the balancing market, even in cases of higher expected price levels. Furthermore, we quantify the gain from coordinated bidding, and by deriving...

  1. LEADING TRENDS IN THE EUROPEAN FUNCTIONAL FOOD MARKET

    Directory of Open Access Journals (Sweden)

    J. Kozonova

    2015-08-01

    Full Text Available Functional foods market is changing rapidly. Now the market has the highest growth. In the European Union food producers try to fit virtually every product under the "functional" definition. In this article we will review major trends in the EU functional foods market and try to analyze them. It is well known that foods fortified with nutritional and disease-preventing qualities are invigorating the world food industry. Health-conscious consumers are driving the demand for products that aim to promote better health, increase longevity and prevent the onset of chronic diseases. With a fast-emerging middle class, more disposable income, and a greater number of working/more educated women in emerging markets, the worldwide potential for functional foods/beverages is unprecedented. Milk formula, energy drinks, probiotic yogurt, juice drinks, sports drinks, cereal, and biscuits were among the top-performing functional global health and wellness food categories in 2014. There is a breakout of the year's top trends driving the market for functional foods and beverages. A review of recent deal drivers, the fastest-growing products and innovation trends can help businesses identify the most promising entry points to this market.

  2. Priority for import capacity. The fear of the European Union for a free European energy market; Voorrang aan importcapaciteit. Brussel vreest werking vrije Europese markt

    Energy Technology Data Exchange (ETDEWEB)

    Roggen, M. (ed.)

    2002-05-01

    Brussels (the seat of the European Union in Belgium) is worried about the performance of the liberalized European energy market. The natural gas and electricity networks are suffering from chronic congestion. Some areas are largely or even entirely cut off from the European energy infrastructure. Those problems must be addressed to realize the internal market. A package of reforms has been put forward by the European Commission the end of 2001 and 12 priority projects are identified and briefly discussed in this article. [Dutch] Brussel vreest dat een vrije Europese markt niet goed zal werken als grensoverschrijdende knelpunten met de transportcapaciteit voor aardgas en elektriciteit niet opgelost worden en geisoleerde landen geen adequate toegang krijgen met het buitenland. Eind 2001 heeft de Europese Commissie een pakket maatreglen voor de energie-infrastructuur voorgesteld. Twaalf projecten van Europees belang krijgen prioriteit.

  3. Equilibrium pricing in electricity markets with wind power

    Science.gov (United States)

    Rubin, Ofir David

    Estimates from the World Wind Energy Association assert that world total wind power installed capacity climbed from 18 Gigawatt (GW) to 152 GW from 2000 to 2009. Moreover, according to their predictions, by the end of 2010 global wind power capacity will reach 190 GW. Since electricity is a unique commodity, this remarkable expansion brings forward several key economic questions regarding the integration of significant amount of wind power capacity into deregulated electricity markets. The overall dissertation objective is to develop a comprehensive theoretical framework that enables the modeling of the performance and outcome of wind-integrated electricity markets. This is relevant because the state of knowledge of modeling electricity markets is insufficient for the purpose of wind power considerations. First, there is a need to decide about a consistent representation of deregulated electricity markets. Surprisingly, the related body of literature does not agree on the very economic basics of modeling electricity markets. That is important since we need to capture the fundamentals of electricity markets before we introduce wind power to our study. For example, the structure of the electric industry is a key. If market power is present, the integration of wind power has large consequences on welfare distribution. Since wind power uncertainty changes the dynamics of information it also impacts the ability to manipulate market prices. This is because the quantity supplied by wind energy is not a decision variable. Second, the intermittent spatial nature of wind over a geographical region is important because the market value of wind power capacity is derived from its statistical properties. Once integrated into the market, the distribution of wind will impact the price of electricity produced from conventional sources of energy. Third, although wind power forecasting has improved in recent years, at the time of trading short-term electricity forwards, forecasting

  4. Big Data and Insurance: Advantageous Selection in European Markets

    Directory of Open Access Journals (Sweden)

    Francesco Corea

    2017-06-01

    Full Text Available Rothschild and Stiglitz (1976 argued that people signal their risk profile through their insurance demand, i.e. individuals with a high risk profile would buy insurance as much as they can, while people who are not going to buy any insurance are the ones with a lower risk profile. This issue is commonly known as adverse selection. Even if their prediction seems to work quite well in a lot of different markets, Cutler et al. (2008 proved that there exist some insurance markets in United States in which the expected result is completely different. In the wake of this study, we provide empirical evidences that there are some European insurance markets in which the low risk profile agents are the ones who buy more insurance.

  5. Sufficient Flexibility and Capacity in Electricity Markets with Renewables: A Review of Innovative Market Mechanisms

    DEFF Research Database (Denmark)

    Sekamane, Jonas Khubute; Katz, Jonas; Skytte, Klaus

    2017-01-01

    This review of the literature collects innovative market mechanisms that tend to get overlooked in the discussion of whether unassisted energy-only markets can ensure sufficient capacity or if capacity remuneration mechanisms are required. The paper complements existing literature reviews...... and pinpoints advantageous research areas relating to the market design of electricity systems with high shares of variable renewable energy...

  6. Economic-efficiency considerations in restructuring electric markets

    Energy Technology Data Exchange (ETDEWEB)

    Hill, L.J.

    1996-12-01

    In response to the Energy Policy Act of 1992 and the Federal Energy Regulatory Commission`s subsequent rulemaking on transmission access, many states are exploring options to restructure their electric industries. In their deliberations on restructuring, policymakers should consider (1) the reliability of the electric system; (2) income-distribution effects on ratepayers and utilities; (3) social consequences such as effects on energy conservation, renewable energy, and the environment; and (4) economic efficiency. We address economic-efficiency considerations in this study. Economic efficiency is important because it is one of the primary reasons that policymakers should consider restructuring in the first place: improving the electric-industry`s efficiency lowers costs and, hence, electric prices. In this study, we look at the sources of (in)efficiency in existing and proposed electric markets with the objective of guiding policymakers to design efficient electric markets. The advantages of a competitive market are well known: it leads to lower costs for the utility, lower prices for consumers, more product choices, better customer service, and often the need for less regulation by federal and state agencies. In the short run, firms who cannot produce at the market-clearing price are forced to leave the industry, ensuring that customers have the lowest price possible. In the long run, competition promotes innovation and lower costs. The physical and institutional characteristics of the U.S. electric industry, however, could be impediments to attaining efficiently run, competitive markets. Because of these characteristics, there are multiple sources of efficiencies and inefficiencies in existing electric markets, and there will be multiple sources in restructured ones. The objective of policymakers should not be to trade one set of inefficiencies in existing electric markets for another set in restructured markets.

  7. Two essays on problems of deregulated electricity markets

    Science.gov (United States)

    Perekhodtsev, Dmitri

    Empirical test of models of unilateral and collusive market power in California's electricity market in 2000. The data from California energy crisis of 2000 suggests that the largest departures of observed electricity prices from the estimates of the competitive price occur when demand approaches market capacity. This paper studies models of unilateral and collusive market power applicable to electricity markets. Both suggest a unique mechanism explaining the increase of the price-cost margin with demand. The empirical test of these models provides more evidence for unilateral market power than for behavior suggesting tacit collusion. Economics of hydro generating plants operating in markets for energy and ancillary services. In order to preserve the stability of electricity supply, electric generators have to provide ancillary services in addition to energy production. Hydro generators are believed to be the most efficient source of ancillary services because of their good dynamic flexibility. This paper studies optimal operation decisions for river dams and pumped storage facilities operating in markets for energy and ancillary services as well as the change in the water shadow price in presence of ancillary services markets. The analysis is applied to valuation of the ancillary services provided by hydro resources in the Tennessee Valley Authority. A simulation of ancillary services markets shows that TVA's hydro resources providing ancillary services can allow for substantial savings in total costs of energy provision. Optimal hydro scheduling in markets for energy and ancillary services increases the value of TVA's hydro resources by 9% on average and up to 26% for particular units. As a result of hydro participation in ancillary services markets water shadow prices of river dams drop significantly allowing for tightening hydro constraints in favor of other water uses.

  8. Competitive Electricity Market Regulation in the United States: A Primer

    Energy Technology Data Exchange (ETDEWEB)

    Flores-Espino, Francisco [National Renewable Energy Lab. (NREL), Golden, CO (United States); Tian, Tian [National Renewable Energy Lab. (NREL), Golden, CO (United States); Chernyakhovskiy, Ilya [National Renewable Energy Lab. (NREL), Golden, CO (United States); Chernyakhovskiy, Ilya [National Renewable Energy Lab. (NREL), Golden, CO (United States); Miller, Mackay [National Grid, Warwick (United Kingdom)

    2016-12-01

    The electricity system in the United States is a complex mechanism where different technologies, jurisdictions and regulatory designs interact. Today, two major models for electricity commercialization operate in the United States. One is the regulated monopoly model, in which vertically integrated electricity providers are regulated by state commissions. The other is the competitive model, in which power producers can openly access transmission infrastructure and participate in wholesale electricity markets. This paper describes the origins, evolution, and current status of the regulations that enable competitive markets in the United States.

  9. European Sugar Market – Impact of Quota System

    Directory of Open Access Journals (Sweden)

    Irena Benešová

    2015-01-01

    Full Text Available The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one – nearly 75% (10 mil. tonnes of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance’s headquarters. The majority of production capacities are under (the control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system.

  10. Transmission-constrained oligopoly in the Japanese electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Tanaka, Makoto [National Graduate Institute for Policy Studies (GRIPS), 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677 (Japan)

    2009-09-15

    We simulate the Japanese wholesale electricity market as a transmission-constrained Cournot market using a linear complementarity approach. First, we investigate the effects of upgrading the bottleneck transmission line between the eastern and western regions, focusing on the mitigation of transmission congestion. Although increasing the bottleneck capacity would lead to welfare gains, they might not be substantial particularly when transmission capacity costs are taken into account. Second, we examine the effects of splitting the largest electric power company, which is located in the eastern region, focusing on the mitigation of market power. Splitting the largest company into two companies would lead to a 25% reduction in the eastern price, and a 50% reduction in deadweight loss. The divestiture of the largest company would have a significant effect of mitigating market power in the Japanese electricity market. (author)

  11. Electricity in Central Asia: Market and investment opportunity report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-09-15

    This WEC report examines the vast interdependent electricity systems of the Central Asian states; Kazakhstan, Kyrgyzstan (Kyrgyz Republic), Tajikistan, Turkmenistan, and Uzbekistan. The report outlines the progress of market reform in this region and identifies the potential for investment opportunities.

  12. Swiss hydropower production. Optimisation potentials in European electricity trading; Die Schweizer Wasserkrafterzeugung. Optimierungspotenziale im europaeischen Stromhandel

    Energy Technology Data Exchange (ETDEWEB)

    Pieper, Thomas; Laue, Dirk Simon [RWE Supply and Trading GmbH, Essen (Germany)

    2011-10-15

    Swiss hydropower plays a central role in the formation of electricity prices in Western Europe as well as in cross-border electricity transmission. Although subject to constraints relating to hydrology as well as energy economy, its inherent flexibility makes it possible to make use of the most profitable electricity price differences relative to neighbouring European electricity markets (referred to as location spreads), especially between France and Italy. In times of favourable framework conditions it is also possible to use location spread potentials in relation to Germany. Studies in electricity statistics permit analysis of cross-border transmission schedules and spot price differences as well as identification of behavioural patterns in history and thus of optimisation potentials of Swiss hydropower production.

  13. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    power in the spot market, indicating that misuse of market power in the forward market accompanied that which took place in the spot market, according to this ruling. This is consistent with the hypothesis that Elsam used the forward market to disguise its spot market manipulation. The findings......We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market...

  14. [European integration and health policies: repercussions of the internal European Market on access to health services].

    Science.gov (United States)

    Guimarães, Luisa; Giovanella, Lígia

    2006-09-01

    This article explores the health policy repercussions of countries' regional integration into the European Union. The aim is to review the regulation of access in other countries, with the conclusion of the single European market and the free circulation of persons, services, goods, and capital. The article begins by reviewing the various forms of integration and describes the expansion and institutionalization of Community agencies. The repercussions of European integration on health policies and regulation of access are analyzed. Market impacts on health result from Treaty directives and internal policy adjustments to free circulation. Health services access is gradually regulated and granted by rulings. Projects along borders illustrate the dynamics where differences are used to achieve comprehensive care. In the oldest integration experience, the market regulation has generated intentional and non-intentional impacts on the health policies of member states, regardless of the organizational model. Knowledge and analysis of this experience signals challenges for the Southern Cone Common Market (Mercosur) and adds to future debates and decisions.

  15. HOUSING MARKETS IN SELECTED EUROPEAN COUNTRIES AND THE USA

    Directory of Open Access Journals (Sweden)

    Magdalena Gostkowska-Drzewicka

    2012-04-01

    Full Text Available The aim of this article is to present the changes taking place in housing markets in selected European countries and in the USA. The basic research period covers the years 1998-2009. However, wherever availability of data allowed so, we covered with our research also the years 1963-2010. The development of domestic housing markets is determined both by specific features of local markets and by macroeconomic factors influencing the economic situation. The availability of capital to finance investment is of primary importance for the changes taking place in housing markets. This factor can be expressed by the volume of mortgage debt related to GDP and inflation and the level of interest rates on mortgage loans. The evaluation of the changes occurring in domestic housing markets was based on the identification of such structural characteristics as: the volume of the housing stock, the number of ready-to-use flats, the number of issued building permits, the indices of housing prices, and the number of transactions concerning purchase of flats or houses.

  16. On Chaotic Nature of the Emerging European Forex Markets

    Directory of Open Access Journals (Sweden)

    Anoop S Kumar

    2014-06-01

    Full Text Available This study attempts to analyze the presence deterministic chaos in the forex markets of select European countries namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia. Monthly NEER data ranging from jan-1994 to Dec-2013 is used for the purpose of analysis. A two step methodology is employed where in the first step, non-linear dependence structure in the underlying time series is verified using BDS test. The results show that all the markets under study exhibit non-linear dependence. In the next stage, it is enquired whether this non-linear behavior is due to the presence of chaotic dynamics in the markets. This is achieved by estimating Lyapunov exponents for the time series under analysis. An EGARCH (1, 1 filter is applied to see if the non-linearity could be explained by a GARCH process. From the Lyapunov exponent values, it is found that the GARCH process is unable to explain the forex markets behavior in a satisfying manner. It is concluded that the forex markets under study exhibit deterministic chaotic behavior.

  17. European Integration, Labour Market Dynamics and Migration Flows

    Directory of Open Access Journals (Sweden)

    Martinoia, Michela

    2011-06-01

    Full Text Available The paper has two objectives. Firstly, we wish to evaluate whether a greater economic integration has effects, and of what type, on migration flows from Central and Eastern Europe (New Member States of the EU, NMS towards the fifteen countries of the European Union (EU-15. Secondly, we wish to understand what effect the migration flows from the NMS have on the labour market of the receiving countries in the EU-15. The most suitable theoretical context that seems to summarise European labour market characteristics is that of the insider/outsider model by Layard, Nickell and Jackman (Layard et al., 1991. We have modified the above mentioned model by introducing two innovations. Firstly, we constructed three measures that act as a proxy for economic integration: the Intra Regional Trade Index (IRTI, Global Trade Index (GTI and Financial Market Integration (FMI. Then we placed the three indicators into the insider/outsider model to arrive at a modified version of Layard, Nickell and Jackman (Layard et al., 1991. The second innovative contribution was the introduction of an equation modelling migration flows. The creation of this equation is inspired by the neo-classical approach to migration theory (Harris-Todaro, 1970. The theoretical model, based on rational expectations, has been solved to find the equilibrium solution and the impact multipliers. We then carried out an empirical analysis, which involved estimating a Structural Vector Autoregression Model (SVAR. The aim of this estimation was to evaluate, on the one hand, the effect that greater European integration (a positive shock to the integration indicators has on migration flows, and, on the other, to measure the type of effect that migration flows could have on the labour market of the EU-15 countries, considered as a single entity. The results of our empirical evidence show that economic integration does generate significant effects on migration flows from the enlargement countries

  18. Electricity Market Stochastic Dynamic Model and Its Mean Stability Analysis

    Directory of Open Access Journals (Sweden)

    Zhanhui Lu

    2014-01-01

    Full Text Available Based on the deterministic dynamic model of electricity market proposed by Alvarado, a stochastic electricity market model, considering the random nature of demand sides, is presented in this paper on the assumption that generator cost function and consumer utility function are quadratic functions. The stochastic electricity market model is a generalization of the deterministic dynamic model. Using the theory of stochastic differential equations, stochastic process theory, and eigenvalue techniques, the determining conditions of the mean stability for this electricity market model under small Gauss type random excitation are provided and testified theoretically. That is, if the demand elasticity of suppliers is nonnegative and the demand elasticity of consumers is negative, then the stochastic electricity market model is mean stable. It implies that the stability can be judged directly by initial data without any computation. Taking deterministic electricity market data combined with small Gauss type random excitation as numerical samples to interpret random phenomena from a statistical perspective, the results indicate the conclusions above are correct, valid, and practical.

  19. Green electricity in the market place: the policy challenge

    NARCIS (Netherlands)

    Fuchs, D.A.; Arentsen, Maarten J.

    2002-01-01

    The paper explores the implications of the liberalization of electricity markets in Europe and North America for policy means and mechanisms to enhance the market penetration of renewables. Applying a (co-) evolutionary approach, the argument highlights the need for policy intervention to help

  20. Power marketers can serve the evolving electric utility industry

    Energy Technology Data Exchange (ETDEWEB)

    Rice, K.D.

    1996-06-01

    Power marketing has been around for a long time in one form or another, yet many traditional electric power industry participants argue that all a power marketer can do is to bring chaos to the market, and with that, a loss of control of the system and a future of unreliable electric service. However, electric power marketers not only can provide a wide range of new products and services, but they are also essential to the development of a more competitive and efficient industry. The paper defines the role of the power marketer. As one has seen in the telecommunications and natural gas industries, the framework of the industry will dramatically change; but, with that change will emerge a number of new competitors, each developing their own niches to create value and service for existing and future players in the marketplace. Power marketers will play a significant role in shaping the electric power industry of the future -- aggressively pursuing these opportunities and creating value through risk intermediation, marketing expertise, and application of new ways of thinking. In the end, one will see a more flexible, efficient, and reliable marketplace in which the driving forces will be competition and market forces rather than the regulatory forces of command and control.

  1. Market uptake of orphan drugs--a European analysis.

    Science.gov (United States)

    Picavet, E; Annemans, L; Cleemput, I; Cassiman, D; Simoens, S

    2012-12-01

    Variations in market uptake of an orphan drug have important implications with respect to access to care and inequality of treatment. Therefore, the aim of this study was to quantify both the sales and volume uptake of orphan drugs in Europe and to assess whether a country's gross domestic product (GDP) and/or health technology assessment (HTA) influences the orphan drugs' market uptake. We analysed the numbers of orphan drugs launched and the sales and volume uptake for 17 orphan drugs in 23 European countries from 2001 until the beginning of 2010 using the IMS Health database. Countries were clustered based on GDP and the availability of a formal HTA-organization. The uptake of orphan drugs varied across European countries. The highest volumes and contributions of orphan drugs in the first year occurred in countries with a high GDP (and implicitly, a higher budget for healthcare), independently of the existence of an HTA-organization. In contrast, in countries with a low GDP, orphan drugs were less available when there was a formal HTA-organization. There, budgetary restrictions can cause the exclusion of less cost-effective orphan drugs. We observed substantial variation in the market uptake of orphan drugs. Such variation may have important implications with respect to access to care and inequality of treatment. The uptake of orphan drugs could be promoted through the clinical added value of orphan drugs (CAVOD) project and various conditional pricing and reimbursement mechanisms. © 2012 Blackwell Publishing Ltd.

  2. The competitiveness of Slovak foreign trade in the European market

    Directory of Open Access Journals (Sweden)

    Pavličková Viera

    2013-01-01

    Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

  3. The internationalisation of the Spanish food industry: the home market effect and European market integration

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, R.; García-Casarejos, N.; Gil-Pareja, S.; Llorca-Vivero, R.; Pinilla, V.

    2015-07-01

    The objective of this study was to analyse, from a long-term perspective, the factors determining the process of the internationalisation of the Spanish agrifood industry. The paper concentrates on the empirical verification of the existence of a home market effect in the food and drink industries in Spain and on the effects on trade flows of integration into the European Union. With this aim in mind, we took into account the latest contributions to the estimation of the gravity equation for a sample of export flows from 13 agrifood subsectors between 1970 and 2012, with a destination of 175 markets. From the results of the study the existence of the “home market effect” stands out as the determining factor of the increasing process of internationalisation in the majority of the subsectors of the food industry. On this point, the presence of this effect is remarkable in the most dynamic industries, where the process of restructuring caused by the development of the internal market was more intense. Furthermore, the influence of the process of European integration has been shown by the literature to be a very important factor. Our results qualify in part the results of previous studies, since the positive effect appeared later than expected. The positive effects did not appear until the completion of the process of transition by the dismantling of the barriers established in the treaty of accession to the European Union. (Author)

  4. The electricity markets around the Baltic Sea; Elmarknaderna runt Oestersjoen

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-12-01

    A thorough description of the electric power markets in the countries surrounding the Baltic sea is given in this book. Environmental problems and regulations and nuclear power are surveyed. Factors that may affect an expanded trade of electricity between the countries are analyzed

  5. Agent-based simulation of electricity markets. A literature review

    Energy Technology Data Exchange (ETDEWEB)

    Sensfuss, F.; Ragwitz, M. [Fraunhofer-Institut fuer Systemtechnik und Innovationsforschung (ISI), Karlsruhe (Germany); Genoese, M.; Moest, D. [Karlsruhe Univ. (T.H.) (Germany). Inst. fuer Industriebetriebslehre und Industrielle Produktion

    2007-07-01

    Liberalisation, climate policy and promotion of renewable energy are challenges to players of the electricity sector in many countries. Policy makers have to con-sider issues like market power, bounded rationality of players and the appear-ance of fluctuating energy sources in order to provide adequate legislation. Fur-thermore the interactions between markets and environmental policy instru-ments become an issue of increasing importance. A promising approach for the scientific analysis of these developments is the field of agent-based simulation. The goal of this article is to provide an overview of the current work applying this methodology to the analysis of electricity markets. (orig.)

  6. Description of European policies and issues related to electricity pricing

    OpenAIRE

    Cech, Marel; Janda, Karel

    2016-01-01

    This paper is focused on the description of institutional, technical, economic, legal and other relevant issues of electricity pricing in the European Union connected with the increasing use of renewable energy sources in electricity production and consumption. It provides background information related to the types of energy sources along with the summary of their advantages and disadvantages regarding both the environmental impact and financial costs. Furthermore, it involves fundamental gl...

  7. Ownership Concentration and Market Value of European Banks

    DEFF Research Database (Denmark)

    Busta, Ildura; Sinani, Evis; Thomsen, Steen

    2014-01-01

    This paper investigates the relationship between ownership concentration and market value of European banks, and the role of the institutional environment in shaping this relationship. Using GMM dynamic estimator on a sample of European banks over a 13-year period (1993–2005) we find on average...... concentration is positive in Scandinavia. We propose that, besides the legal protection of small investors, the differences in the impact of ownership concentration across the countries could be due to the identity of the predominant owners, i.e. financial institutions in Germany and trusts and foundations...... a negative effect of ownership concentration on bank value, measured by Tobin's Q. However, this effect varies across different institutional settings; while higher ownership concentration results in a lower bank value particularly in the countries belonging to German legal family, the impact of ownership...

  8. Economic market design and planning for electric power systems

    CERN Document Server

    Mili, Lamine

    2010-01-01

    Discover cutting-edge developments in electric power systems. Stemming from cutting-edge research and education activities in the field of electric power systems, this book brings together the knowledge of a panel of experts in economics, the social sciences, and electric power systems. In ten concise and comprehensible chapters, the book provides unprecedented coverage of the operation, control, planning, and design of electric power systems. It also discusses:. A framework for interdisciplinary research and education;. Modeling electricity markets;. Alternative economic criteria and proactiv.

  9. Sharing wind power forecasts in electricity markets: A numerical analysis

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Pinson, Pierre; Kazempour, Jalal

    2016-01-01

    In an electricity pool with significant share of wind power, all generators including conventional and wind power units are generally scheduled in a day-ahead market based on wind power forecasts. Then, a real-time market is cleared given the updated wind power forecast and fixed day......-ahead decisions to adjust power imbalances. This sequential market-clearing process may cope with serious operational challenges such as severe power shortage in real-time due to erroneous wind power forecasts in day-ahead market. To overcome such situations, several solutions can be considered such as adding...... flexible resources to the system. In this paper, we address another potential solution based on information sharing in which market players share their own wind power forecasts with others in day-ahead market. This solution may improve the functioning of sequential market-clearing process through making...

  10. European market developments in prebiotic- and probiotic-containing foodstuffs.

    Science.gov (United States)

    Young, J

    1998-10-01

    A growing number of food manufacturers in western Europe are beginning to explore the commercial opportunities for foodstuffs containing health-promoting microbial food supplements (probiotics) and health-promoting non-digestible food ingredients (prebiotics). A prebiotic is considered to affect the host beneficially by selectively stimulating the growth and/or activity of one or a limited number of naturally present or introduced bacterial species in the colon, also leading to a claimed improvement in host health. Increasingly, probiotics and prebiotics are used in combination, this being termed a synbiotic (Gibson & Roberfroid, 1995). Throughout European history, fermented milk products in particular have been considered beneficial to health, but only in recent years has there been scientific support for these beliefs. Issues considered important to the continuing development of this growing market are proof of safety, proof of efficacy, consumer education, market positioning, price and appropriate health claims strategies. Until recently, much of the innovation in the use of probiotics and prebiotics has been in the dairy cabinet, with an ever-growing number and range of 'health-promoting' yoghurts and yoghurt-type fermented milk being made available to the European consumer, a market which is currently estimated to be worth in excess of $US2 billion per annum (Hilliam et al. 1997). However, prebiotics are beginning to find increasing application outside the dairy sector, particularly in baked goods. A key driver behind the broadening application of prebiotics has been the pro-active stance taken by key prebiotic suppliers such as Beghin-Say, Orafti and Cosucra. To date, market activity in probiotic- and prebiotic-containing foods has centred around three health propositions, namely improving general gut health, lowering blood cholesterol and improving the body's natural defences.

  11. Hourly Electricity Prices in Day-Ahead Markets

    OpenAIRE

    Huisman, Ronald; Huurman, C.; Mahieu, Ronald

    2007-01-01

    textabstractThis paper focuses on the characteristics of hourly electricity prices in day-ahead markets. In these markets, quotes for day-ahead delivery of electricity are submitted simultaneously for all hours in the next day. The same information set is used for quoting all hours of the day. The dynamics of hourly electricity prices does not behave as a time series process. Instead, these prices should be treated as a panel in which the prices of 24 cross-sectional hours vary from day to da...

  12. Ambush Marketing in Poland Before the 2012 European Football Championship

    Directory of Open Access Journals (Sweden)

    Marcin Gębarowski

    2013-01-01

    Full Text Available Activities belonging to ambush marketing (parasite marketing are more and more widely undertaken with regard to subsequent, huge sports events. Therefore, this article analyzes the scope of using this form of promotion in the period that preceded the 2012 European Football Championship. A reference has been made to Poland – a country which was a co-host of the championship. On the Polish market, owners of many brands performed actions that aimed at “stealing” image effects which should be achieved only by official sponsors who support such huge tournament (which is considered to be one of the three greatest sports events all around the world – apart from the Summer Olympic Games and the Football World Cup. The article has two objectives. First, it describes a concept of promoting selected brands (based on relation to the EURO 2012, identifying the scope of using ambush marketing forms in relation to Polish consumers. Second, it presents results of research which illustrates differences in conceiving the brands of both official sponsors and those – to whom one can attribute a name of ambushers.

  13. Electric retail market options: The customer perspective

    Energy Technology Data Exchange (ETDEWEB)

    Hadley, S.W.; Hillsman, E.L.

    1995-07-01

    This report describes various options that are now available for retail electric customers, or that may become available during the next few years as the electric utility industry restructures. These options include different ways of meeting demand for energy services, different providers of service or points of contact with providers, and different pricing structures for purchased services. Purpose of this document is to examine these options from the customer`s perspective: how might being a retail electric customer in 5--10 years differ from now? Seizing opportunities to reduce cost of electric service is likely to entail working with different service providers; thus, transaction costs are involved. Some of the options considered are speculative. Some transitional options include relocation, customer-built/operated transmission lines, municipalization, self-generation, and long-term contracts with suppliers. All these may change or diminish in a restructured industry. Brokers seem likely to become more common unless restructuring takes the form of mandatory poolcos (wholesale). Some options appear robust, ie, they are likely to become more common regardless of how restructuring is accomplished: increased competition among energy carriers (gas vs electric), real-time pricing, etc. This report identified some of the qualitative differences among the various options. For customers using large amounts of electricity, different alternatives are likely to affect greatly service price, transaction costs, tailoring service to customer preferences, and risks for customer. For retail customers using small amounts of electricity, there may be little difference among the options except service price.

  14. Economic Assessment of Hydrogen Technologies Participating in California Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    Eichman, Joshua [National Renewable Energy Lab. (NREL), Golden, CO (United States); Townsend, Aaron [National Renewable Energy Lab. (NREL), Golden, CO (United States); Melaina, Marc [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-02-19

    As the electric sector evolves and increasing amounts of variable renewable generation are installed on the system, there are greater needs for system flexibility and sufficient capacity, and greater concern for overgeneration from renewable sources not well matched in time with electric loads. Hydrogen systems have the potential to support the grid in each of these areas. However, limited information is available about the economic competitiveness of hydrogen system configurations. This paper quantifies the value for hydrogen energy storage and demand response systems to participate in select California wholesale electricity markets using 2012 data. For hydrogen systems and conventional storage systems (e.g., pumped hydro, batteries), the yearly revenues from energy, ancillary service, and capacity markets are compared to the yearly cost to establish economic competitiveness. Hydrogen systems can present a positive value proposition for current markets. Three main findings include: (1) For hydrogen systems participating in California electricity markets, producing and selling hydrogen was found to be much more valuable than producing and storing hydrogen to later produce electricity; therefore systems should focus on producing and selling hydrogen and opportunistically providing ancillary services and arbitrage. (2) Tighter integration with electricity markets generates greater revenues (i.e., systems that participate in multiple markets receive the highest revenue). (3) More storage capacity, in excess of what is required to provide diurnal shifting, does not increase competitiveness in current California wholesale energy markets. As more variable renewable generation is installed, the importance of long duration storage may become apparent in the energy price or through additional markets, but currently, there is not a sufficiently large price differential between days to generate enough revenue to offset the cost of additional storage. Future work will involve

  15. The Nordic electricity market and how it can be improved

    Energy Technology Data Exchange (ETDEWEB)

    Togeby, M.

    2012-05-15

    The Nordic electricity market is acknowledged worldwide as being successful. However, the market is not perfect. In this report we emphasise the consumer perspective of the electricity market - it seems clear that further development is required here. Challenges to the Nordic electricity market include: 1) Efficient involvement of the consumer in the market and consumer trust in the market. 2) Efficient integration of large scale renewable energy - e.g. 15,000 MW wind power in 2020. 3) Limited competition in peak load situations, in situations with little hydro availability and in situations with congestions in the transmission system. This analysis recommends three areas as focus points for future market development: 4) Ways to radically increase the volume of demand response. 5) Ways to improve the system of default suppliers. 6) Ways to improve the regulation of distribution companies. The issues related to these three focus points differ from country to country, but the overarching issues are relevant in all market areas. (Author)

  16. Renewable energy sources offering flexibility through electricity markets

    DEFF Research Database (Denmark)

    Soares, Tiago

    All over the world, penetration of renewable energy sources in power systems has been increasing, creating new challenges in electricity markets and for operation and management of power systems, since power production from these resources is by nature uncertain and variable. New methods and tools...... in the day-ahead market and to correct for potential energy imbalances in the intraday market and ultimately in the balancing market. However, the design and rules of electricity markets do not support the transition from conventional generation to renewable energy sources as recently sought by many...... governments. Renewable energy sources are characterized by their uncertain and variable production that limits the current operation and management tools of the power system. Nevertheless, recent developments of renewable energy technologies enable these resources to provide, to some extent, ancillary...

  17. Capacity investment and competition in decentralized electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Fehr, Nils-Henrik von der; Harbord, David Cameron

    1997-11-01

    With particular reference to the recently deregulated and market-based electricity industries in Norway, the UK and elsewhere the report analyses oligopoly entry and capacity investment decisions as a non-cooperative game in a decentralized electricity market. A two-stage game is considered, with multiple capacity types and uncertain demand, in which capacity decisions are made prior to spot-market, or price competition. Equilibrium outcomes for different pricing mechanisms or regulatory regimes are analysed. The following questions are dealt with in particular: Will industry capacity be sufficient to ensure adequate supply security? Does imperfect competition in the spot-market lead to an inefficient mix of base-load and peak-load technologies? How do different regulatory policies affect the market outcomes? 24 refs., 2 figs., 1 tab.

  18. Impact of Public Aggregate Wind Forecasts on Electricity Market Outcomes

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    Following a call to foster a transparent and more competitive market, member states of the European transmission system operator are required to publish, among other information, aggregate wind power forecasts. The publication of the latter information is expected to benefit market participants b...... that favor social welfare, while over-forecasts will cause the opposite effect. Furthermore, energy and reserve market prices can also be affected by deviations in aggregate wind forecasts altering, inevitably, the profits of all power producers.......Following a call to foster a transparent and more competitive market, member states of the European transmission system operator are required to publish, among other information, aggregate wind power forecasts. The publication of the latter information is expected to benefit market participants...... by offering better knowledge of the market operation, leading subsequently to a more competitive energy market. Driven by the above regulation, we consider an equilibrium study to address how public information of aggregate wind power forecasts can potentially affect market results, social welfare as well...

  19. U.S. Electricity Grid & Markets

    Science.gov (United States)

    Renewable Energy Certificates (RECs), are tradable, non-tangible energy commodities in the United States that represent proof that 1 megawatt-hour (MWh) of electricity was generated from an eligible renewable energy resource.

  20. MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Cn#259;pun#351;an Rn#259;zvan

    2012-07-01

    Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

  1. Croatian Railways as a Subject in the European Transport Market

    Directory of Open Access Journals (Sweden)

    Blaž Bogović

    2012-10-01

    Full Text Available The paper considers the environment and the tasks that theCroatian railways need to carry out in order to gain importancewithin the European transport market. It deals with the economicvalues that may be expected from the modernised railways.Therefore, the Croatian railways will have to undergotechnical, technological and organisational restructuring. Themarketing concept of meeting the customers' needs and demandshas to be developed. The marketing is meant and,among other things, the selection and definition of those segmentsin which the Croatian railways could do business successfully.These include: passenger traffic - suburban, then interurban(domestic and international in and out and, accordingto the needs of the European railways, transit traffic. Ingoods transport - to identify the needs of big users and define thesize of the offer accordingly.Although the paper could not deal with concrete restructuringtasks (which is the first and foremost task of the CroatianRailways, it indicates the main directions. These include redefiningof the local traffic on railway lines class I!, then the employees,reorganisation and all the other transformations whichwill be carried out in continuity.

  2. 75 FR 38514 - Application to Export Electric Energy; Brookfield Energy Marketing LP

    Science.gov (United States)

    2010-07-02

    ... Application to Export Electric Energy; Brookfield Energy Marketing LP AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: Brookfield Energy Marketing LP... power marketing agencies and other entities within the United States. The existing international...

  3. Deregulation of Electricity Market and Drivers of Demand for Electrical Energy in Industry

    Directory of Open Access Journals (Sweden)

    Bojnec Štefan

    2016-09-01

    Full Text Available This paper investigates deregulation of electricity market focusing on electricity prices and drivers of demand for electrical energy in industry in Slovenia. The patterns in evolution of real electricity price developments and the three main components of the electricity price are calculated: liberalized market share for purchased electricity price, regulated infrastructure share for use of electricity network grids and mandatory state charges in the sale of electricity (duty, excise duty and value-added tax. To calculate the real value of electricity prices, producer price index of industrial commodities for electricity prices in industry is used as deflator and implicit deflator of gross domestic product for the size of the economy. In the empirical econometric part is used regression analysis for the amount electricity consumption in the industry depending on the real gross domestic product, direct and cross-price elasticity for natural gas prices in the industry. The results confirmed volatility in real electricity price developments with their increasing tendency and the increasing share of different taxes and state charges in the electricity prices for industry. Demand for electrical energy in industry is positively associated with gross domestic product and price of natural gas as substitute for electrical energy in industry use, and negatively associated with prices of electrical energy for industry.

  4. Growth strategies of electric utilities in context of deregulation and liberalization of electricity market

    Directory of Open Access Journals (Sweden)

    Maria Đogić

    2017-01-01

    Full Text Available This paper identifies the growth strategies adopted by the electric utilities sector in the context of changes resulting from the deregulation and liberalization of the electricity market. Strategies pursued by the electric utilities sector were rarely the subject of research in the field of strategic management despite the fact that electricity is an indispensable element of everyday life and the economy as a whole. Therefore, a case study of the largest incumbent electric utilities in the Republic of Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia has been conducted, and differences in the degree of market liberalization and core features of these companies have been noted. Research findings have shown that the degree of deregulation can affect the growth strategies of electric utilities. In those countries where the degree of deregulation is lower, electric utilities focus on the domestic market. On the other hand, a higher level of deregulation enables electric utilities to achieve their growth through diversification or innovation. Given the fact that the analyzed electric utilities are operating within relatively small economies, they cannot compete with electric utilities in developed countries, and, apart from international electricity trading, are mostly focused on their domestic markets.

  5. Electricity and energy policy: french specificities and challenges in the european framework; Electricite et politique energetique: specificites francaises et enjeux dans le cadre europeen

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-11-15

    In the today context of the electric power european market deregulation and the increase of the energy prices, the energy policy must change. The increase of the energy prices makes wonder the question of the competitiveness of the french economy: what type of supplies and which technological orientations will allow to reduce the constraints. After a presentation of the today electric power french market and the recently modifications bond to the deregulation, this note aims to describe the evolutions, since the first petroleum crisis, of the place given to the electric power in the energy policy, as the technological choices explaining the today structure he electricity production, characterized by the major part of the nuclear. Then the energy policy in matter of the electric power is discussed in the european context, to present the choices impacts facing the european objectives of energy security, environment and market liberalization. (A.L.B.)

  6. Electricity spot price forecasting in free power market

    Energy Technology Data Exchange (ETDEWEB)

    Lilleberg, J.; Laitinen, E.K. [Vaasa Univ. (Finland)

    1998-08-01

    Deregulation has brought many changes to the electricity market. Freedom of choice has been granted to both the consumers and the utilities. Consumers may choose the seller of their energy. Utilities have a wider array of sources to acquire their electricity from. Also the types of sales contracts used are changing to fill the needs of this new situation. The consumers` right to choose has introduced a new risk uncertainty of volume, which was not true during the times of monopoly. As sold volume is unsure and the energy is not sold on same terms as it is bought, a price risk has to be dealt with also. The electric utility has to realize this, select a risk level that suits its business strategy and optimize its actions according to the selected risk level. The number of participants will grow as the electricity market integrates into a common market for Scandinavia and even Europe. Big customers are also taking a more active role in the market, further increasing the number of participants. This makes old bilateral arrangements outdated. New tools are needed to control the new business environment. The goal of this project has been to develop a theoretical model to predict the price in the Finnish electricity exchange, El-Ex Oy. An extensive literature review was conducted in order to (1) examine the solutions in deregulation of electricity markets in other countries, esp. in Norway and UK, (2) find similarities and differences in electricity exchange and exchanges generally and (3) find major sources of problems and inefficiency in the market

  7. Feedback, competition and stochasticity in a day ahead electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Giabardo, Paolo; Zugno, Marco; Pinson, Pierre; Madsen, Henrik [DTU Informatics, Technical University of Denmark, Richard Petersens Plads 305, DK-2800 Kgs. Lyngby (Denmark)

    2010-03-15

    Major recent changes in electricity markets relate to the process for their deregulation, along with increasing participation of renewable (stochastic) generation e.g. wind power. Our general objective is to model how feedback, competition and stochasticity (on the production side) interact in electricity markets, and eventually assess what their effects are on both the participants and the society. For this, day ahead electricity markets are modeled as dynamic closed loop systems, in which the feedback signal is the market price. In parallel, the Cournot competition model is considered. Mixed portfolios with significant share of renewable energy are based on stochastic threshold cost functions. Regarding trading strategies, it is assumed that generators are looking at optimizing their individual profits. The point of view of the society is addressed by analyzing market behavior and stability. The performed simulations show the beneficial effects of employing long term bidding strategies for both generators and society. Sensitivity analyses are performed in order to evaluate the effects of demand elasticity. It is shown that increase in demand elasticity reduces the possibility for the generators to exploit their market power. Furthermore, the results suggest that introduction of wind power generation in the market is beneficial both for the generators and the society. (author)

  8. Grid Integration of Electric Vehicles in Open Electricity Markets

    DEFF Research Database (Denmark)

    companies with the knowledge they need when facing the challenges introduced by large scale EV deployment, and demonstrates how transmission system operators (TSOs) can develop the existing system service market in order to fully utilize the potential of EV flexibility. With thorough coverage...

  9. Electricity Market Optimization of Heat Pump Portfolio

    DEFF Research Database (Denmark)

    Biegel, Benjamin; Andersen, Palle; Pedersen, Tom S.

    2013-01-01

    We consider a portfolio of domestic heat pumps controlled by an aggregator. The aggregator is able to adjust the consumption of the heat pumps without affecting the comfort in the houses and uses this ability to shift the main consumption to hours with low electricity prices. Further, the aggrega......We consider a portfolio of domestic heat pumps controlled by an aggregator. The aggregator is able to adjust the consumption of the heat pumps without affecting the comfort in the houses and uses this ability to shift the main consumption to hours with low electricity prices. Further...

  10. Optimal Operation of Electric Vehicles in Competitive Electricity Markets and Its Impact on Distribution Power Systems

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2011-01-01

    represent the future of electricity markets in some ways, is chosen as the studied power system in this paper. The impact of the optimal operation strategy for electric vehicles together with the optimal load response to spot market price on the distribution power system with high wind power penetrations......Since the hourly spot market price is available one day ahead in Denmark, the electricity price could be transferred to the consumers and they may make some optimal charge and discharge schedules for their electric vehicles in order to minimize their energy costs. This paper presents an optimal...... operation strategy for a Plug-In Electric Vehicle (PEV) in relation to the hourly electricity price in order to achieve minimum energy costs of the PEV. The western Danish power system, which is currently the grid area in the world that has the largest share of wind power in its generation profiles and may...

  11. The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

    OpenAIRE

    Oranen, Anna

    2006-01-01

    The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market ...

  12. Historical study regarding the protection of consumers within the electric energy and natural gas markets

    Directory of Open Access Journals (Sweden)

    Ramona Pîrvu

    2013-06-01

    Full Text Available The supply of electric energy and natural gas is a service of general interest, with a vital importance in satisfying the consumer’s basic needs. The conducted research is descriptive and its main focus is on the study of the field literature, aiming at aspects such as identifying the historic evolution of the electric energy and natural gas markets in Romania, the behaviour of companies operating on these markets and their impact on the consumers’ rights. The research methodology has been established starting from a synthetic analysis of the most recent published studies on the observation of the European policy in the energy field and EU’s efforts to build up a single, competitive market, including two sectors that not long ago were dominated by monopolistic national actors: electric energy and gas. The research methods imply study monitoring and reports as well as forecast analyses regarding the capacity of the Three Energy Packages, once implemented, to support the creation of competitive, transparent and uniformly regulated energy markets within the EU countries, in order to ensure the protection of the consumers of these general interest services. The research has a dual approach, combining quantitative and qualitative elements as well as conducting the analysis of the correlations between the efforts and effects registered in the field of consumer protection. The first section of the article offers conceptual clarifications regarding both the European policy in the energy field and the consumers of general economic services. The second section gives an insight into the energy and gas markets in Romania as well as the main obstacles in the way of their liberalization. The third section presents the efforts made with respect to consumer protection in the field of energy, analyzing the European Directives’ fundamental ideas regarding the protection of consumers and the phase of their embedment into our legislation in order to achieve

  13. Operation, Investment and Hedging in Electricity Markets

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal

    in the payoff distribution. In Chapter 3 we consider an investment problem for a strategic investor and a social planner with the opportunity to invest in inflexible and flexible generation. We study the impact of market power and conjectured market changes with a simple price model based on linear demand...... of two normal distributions. We show that each step of the EM-algorithm increases the log-likelihood of the observed data by maximizing the expectation of the log-likelihood for the complete data conditional on the observed data. We determine explicit expressions for the maximization step in terms...... to include price and load correlation which results in an explicit strategy that reduces the variance. To further improve the strategy we include autocorrelation and solve the hedging problem numerically and show that there is a large potential in changing risk measure and utilizing the skewness...

  14. THE UK ELECTRICITY MARKET EVOLUTION DURING THE LIBERALIZATION PROCESS

    Directory of Open Access Journals (Sweden)

    Delia Vasilica Rotaru

    2013-07-01

    Full Text Available This paper offers an insight on the liberalization process that took place in the United Kingdom starting with 1990 until now. The electricity market in the United Kingdom made incredible progress in the road to reaching a full level of liberalization where customers are free to choose between suppliers and services. An analysis of the most important indicators for the electricity market evolution such as electricity price, the market share of the largest generator, the energy efficiency indicator shows that the liberalization process brought many advantages starting with 2001. Also, UK has to face new challenges in order to keep the development of the industry on the right path, challenges that are presented in the final part of the paper.

  15. Competition in electricity spot markets. Economic theory and international experience

    Energy Technology Data Exchange (ETDEWEB)

    Fehr, Nils-Henrik von der; Harbord, David

    1998-09-01

    This publication gives a survey of economic theory and international experience connected to electricity spot markets. The main purpose is to consider the attempts that have been made to apply economic theory and empirical methods to the analysis of electricity markets, and to evaluate them in light of theoretical considerations and empirical evidence. The publication describes in simple terms the basic pool pricing mechanism, and experience with pools in a number of countries. It is worth emphasizing that it is not the purpose to treat in extensive detail the structure of electricity pools around the world. Key factors of the markets in England and Wales, Norway and Australia are described in order to allow for a comparison of design issues and evaluation of competitive performance. 80 refs., 14 figs., 15 tabs.

  16. Misconceptions of Electric Propulsion Aircraft and Their Emergent Aviation Markets

    Science.gov (United States)

    Moore, Mark D.; Fredericks, Bill

    2014-01-01

    Over the past several years there have been aircraft conceptual design and system studies that have reached conflicting conclusions relating to the feasibility of full and hybrid electric aircraft. Some studies and propulsion discipline experts have claimed that battery technologies will need to improve by 10 to 20 times before electric aircraft can effectively compete with reciprocating or turbine engines. However, such studies have approached comparative assessments without understanding the compelling differences that electric propulsion offers, how these technologies will fundamentally alter the way propulsion integration is approached, or how these new technologies can not only compete but far exceed existing propulsion solutions in many ways at battery specific energy densities of only 400 watt hours per kilogram. Electric propulsion characteristics offer the opportunity to achieve 4 to 8 time improvements in energy costs with dramatically lower total operating costs, while dramatically improving efficiency, community noise, propulsion system reliability and safety through redundancy, as well as life cycle Green House Gas emissions. Integration of electric propulsion will involve far greater degrees of distribution than existing propulsion solutions due to their compact and scale-free nature to achieve multi-disciplinary coupling and synergistic integration with the aerodynamics, highlift system, acoustics, vehicle control, balance, and aeroelasticity. Appropriate metrics of comparison and differences in analysis/design tools are discussed while comparing electric propulsion to other disruptive technologies. For several initial applications, battery energy density is already sufficient for competitive products, and for many additional markets energy densities will likely be adequate within the next 7 years for vibrant introduction. Market evolution and early adopter markets are discussed, along with the investment areas that will fill technology gaps and

  17. Strategy of investment in electricity sources--Market value of a power plant and the electricity market

    Science.gov (United States)

    Bartnik, R.; Hnydiuk-Stefan, A.; Buryn, Z.

    2017-11-01

    This paper reports the results of the investment strategy analysis in different electricity sources. New methodology and theory of calculating the market value of the power plant and value of the electricity market supplied by it are presented. The financial gain forms the most important criteria in the assessment of an investment by an investor. An investment strategy has to involve a careful analysis of each considered project in order that the right decision and selection will be made while various components of the projects will be considered. The latter primarily includes the aspects of risk and uncertainty. Profitability of an investment in the electricity sources (as well as others) is offered by the measures applicable for the assessment of the economic effectiveness of an investment based on calculations e.g. power plant market value and the value of the electricity that is supplied by a power plant. The values of such measures decide on an investment strategy in the energy sources. This paper contains analysis of exemplary calculations results of power plant market value and the electricity market value supplied by it.

  18. The electricity sector susceptibility of European countries to climate change

    Science.gov (United States)

    Klein, Daniel R.; Olonscheck, Mady; Walther, Carsten; Kropp, Jürgen P.

    2014-05-01

    Due to the close relationship between electricity consumption, production and temperature, the electricity systems of countries are particularly susceptible to climate change. Based on a number of quantitative influencing factors, we provide a relative index for 21 European countries. This allows relevant stakeholders to identify the main influencing factors that determine the electricity system susceptibility of their country. The index was determined using 14 influencing factors that include those that increase or decrease susceptibility. This includes information on monthly mean temperature, electricity consumption, import, export and production by energy source for the period 2000-2011. Moreover, we consider the results of nine global climate models regarding future temperature changes as well as data on air conditioner prevalence by country. A quantitative relative ranked index describing the susceptibility of each country's electricity system is provided. In both Luxembourg and Greece, which top the list, the inability to meet electricity demand with inland production as well as a heavy reliance on combustible fuel electricity production explain part of the high relative susceptibility. Summer electricity consumption (another influencing factor) is expected to increase in Greece where current relatively warm temperatures, in the context of the countries included in this study, are expected to increase in the future. Comparatively, Norway was the least susceptible country based on our index. Norway is expected to benefit from rising projected temperatures, which will decrease winter electricity consumption and limit susceptibility. Furthermore, Norway's current electricity production exceeds consumption demand and is largely based on hydro, which also decreases susceptibility. The findings of this study enable policy makers, scientists and energy managers to examine the most important influencing factors that increase susceptibility and focus their adaptation

  19. Analyzing interaction of electricity markets and environmental policies using equilibrium models

    Science.gov (United States)

    Chen, Yihsu

    Around the world, the electric sector is evolving from a system of regulated vertically-integrated monopolies to a complex system of competing generation companies, unregulated traders, and regulated transmission and distribution. One emerging challenge faced by environmental policymakers and electricity industry is the interaction between electricity markets and environmental policies. The objective of this dissertation is to examine these interactions using large-scale computational models of electricity markets based on noncooperative game theory. In particular, this dissertation is comprised of four essays. The first essay studies the interaction of the United States Environmental Protection Agency NOx Budget Program and the mid-Atlantic electricity market. This research quantifies emissions, economic inefficiencies, price distortions, and overall social welfare under various market assumptions using engineering-economic models. The models calculate equilibria for imperfectly competitive markets---Cournot oligopoly---considering the actual landscape of power plants and transmission lines, and including the possibility of market power in the NOx allowances market. The second essay extends the results from first essay and models imperfectly competitive markets using a Stackelberg or leader-follower formulation. A leader in the power and NO x markets is assumed to have perfect foresight of its rivals' responses. The rivals' best response functions are explicitly embedded in the leader's constraints. The solutions quantify the extent to which a leader in the markets can extract economic rents on the expense of its followers. The third essay investigates the effect of implementing the European Union (EU) CO2 Emissions Trading Scheme (ETS) on wholesale power prices in the Western European electricity market. This research uses theoretical and computational modeling approaches to quantify the degree to which CO2 costs were passed on to power prices, and quantifies the

  20. Iglesia, electrónica y marketing

    Directory of Open Access Journals (Sweden)

    Hugo Assmann

    2015-01-01

    Full Text Available Solamente nos ocuparemos en esta primera entrega de la así llamada "Iglesia Electrónica" en los EUA por algunas razones bastante obvias. Queremos dejar bien claro que esta sección tiene su razón de ser, no tanto en referencia a la realidad norteamericana, sino en el significado de ella para la mejor comprensión de lo que sucede en nuestros países latinoamericanos.

  1. Optimal contracts for wind power producers in electricity markets

    KAUST Repository

    Bitar, E.

    2010-12-01

    This paper is focused on optimal contracts for an independent wind power producer in conventional electricity markets. Starting with a simple model of the uncertainty in the production of power from a wind turbine farm and a model for the electric energy market, we derive analytical expressions for optimal contract size and corresponding expected optimal profit. We also address problems involving overproduction penalties, cost of reserves, and utility of additional sensor information. We obtain analytical expressions for marginal profits from investing in local generation and energy storage. ©2010 IEEE.

  2. Cross-border electricity market effects due to price caps in an emission trading system : An agent-based approach

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2014-01-01

    The recent low CO2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based

  3. Gas/electric convergence: the role of marketers

    Energy Technology Data Exchange (ETDEWEB)

    Merritt, M. [Westcoast Gas Services, Vancouver, BC (Canada)

    1997-04-01

    The role of marketers in the convergence of the gas and electric power industry was discussed. Marketers are a byproduct of deregulation. They create competition, increase industry efficiency and lower customer and regulatory costs. To stay in business, marketers must provide customers with what they want. To achieve this, electricity, which is now fully bundled (capacity, generation, energy, transmission, VAR`s, and reliability) must be unbundled. This means that the marketer must strip down the bundle and repackage the components into bundles that meet the customers` needs. The nature of convergence (retailing efficiencies of scale, leveraged growth, price correlation, risk management, arbitrage opportunities) and the forces driving it (the emergence of natural gas as the fuel of choice, marketer`s requirements to manage risk, the influence of arbitrage, consumer-driven price, and the demand for choice) were reviewed. Two practical illustrations, one from Alberta and one from the California/Oregon border area of how gas/electric convergence works in the real world, were described. 4 figs.

  4. Consumption, price asymmetries, transmission congestion and market power in the Norwegian electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Mirza, Faisal Mehmood

    2011-07-01

    The results from this dissertation add to the ongoing debate in Norway if NordPool spot should shift from zonal price scheme to the nodal price scheme. Academically, the individual papers provide a number of theoretical frameworks that are helpful in analyzing electricity markets around the world. The PhD dissertation investigates price determination process in the Norwegian electricity market and evaluates if the market works at perfectly competitive level or producers exercise market power to drive prices away from their marginal cost of production. Using aggregate hourly electricity supply and demand data, the empirical analysis carried out in this dissertation leads to the following conclusions. 1. Market power at the generation level is not a major problem for the Norwegian electricity market. On average, when we consider the events of binding transmission capacity as exogenous, the average markup in economic terms is small and has not exceeded one percent. 2. Producers can use the information on available transmission capacity between different price areas in Norway and restrict their output to induce transmission congestion in their price area to exercise market power. Average markup during such instances has remained high at 20 percent. 3. Transmission capacity in Norway is not being optimally utilized as import capacity remains at its lowest level during the hours when southern Norway is generally a net importer of electricity, when compared to the rest of the hours of the day. 4. A segment of electricity retailers in the Norwegian electricity market exercises its market power by controlling the pass-through of price changes in the wholesale market to the retail market for variable price contract consumers. The pass-through is asymmetric, whereby cost increase is transmitted completely and quickly when compared to the case of cost decrease. 5.The Daylight saving time (Summer time) policy is helpful in ensuring energy efficiency. It results in electricity

  5. Electricity market clearing with improved dispatch of stochastic production

    DEFF Research Database (Denmark)

    Morales González, Juan Miguel; Zugno, Marco; Pineda, Salvador

    2014-01-01

    In this paper, we consider an electricity market that consists of a day-ahead and a balancing settlement, and includes a number of stochastic producers. We first introduce two reference procedures for scheduling and pricing energy in the day-ahead market: on the one hand, a conventional network...... attains higher market efficiency in expectation than the conventional day-ahead auction, it suffers from fundamental drawbacks with a view to its practical implementation. In particular, it requires flexible producers (those that make up for the lack or surplus of stochastic generation) to accept losses...

  6. Research on service strategy of electricity selling company under the reform of electricity market

    Science.gov (United States)

    Long, Zhuhan; Meng, Shiyu; Dou, Jinyue; Zeng, Ming; Sun, Chenjun

    2017-10-01

    The opening of the sale side of electricity market is an important goal of the new round of power system reform in China, and it is necessary to speed up the establishment and development of the electricity selling companies to achieve this goal. First of all, this paper defines the key problems, which are needed to be solved in the establishment of the sale side market, such as demand side response, optimization of users' power consumption mode, profit mode of electricity selling companies and fair competition in the market. On this basis, this paper analyzes the business of electricity selling company, from the aspects of the transition of business ideas, improving the energy efficiency level, providing integrated energy solutions and innovating business management mode; and then, the service strategies of electricity selling companies are put forward.

  7. LIBERALISATION OF THE ELECTRICITY SECTOR IN THE EUROPEAN UNION: PRESENT STATE AND SOME OPEN QUESTIONS

    Energy Technology Data Exchange (ETDEWEB)

    Nunez, A.

    2007-07-01

    The liberalisation of the electricity sector started approximately 10 to 15 years ago, depending on the country. Nonetheless, there is still no general agreement on the liberalisation model this sector should follow, mainly because of the discussion of whether the liberalisation is an end in itself, or a means for -basically- lower energy prices. The complexity of the sector and the resilience of the incumbents' market power have currently placed the liberalisation process at a crossroad. In the EU, entrenched national interests are another obstacle to deal with. In this article, we first give an overview of the different liberalisation processes in the electricity sector and then summarize the pending challenges from an EU perspective. Next, we argue that the EU should focus on conditions aiming at implementing an effective liberalisation process, rather than on a formal liberalisation approach. We show how asymmetries between non-sector regulations in the European states and among companies create an uneven playing field, contrary to the European vision of an internal competitive energy market. We end the article studying the compatibility of the current European regulatory framework with the upcoming challenges in the energy sector. (auth)

  8. Does permit price reflect fundamentals in the European Union emissions trading market? Theory and econometric analysis

    Energy Technology Data Exchange (ETDEWEB)

    Aatola, P.; Ollikainen, M. [Univ. of Helsinki (Finland). Dept. of Economics and Management

    2007-07-01

    The European Union launched the carbon dioxide (CO{sub 2}) emissions trading system (EU ETS) to alleviate climate change and reach its Kyoto commitment. The EU ETS is the largest and most ambitious emissions trading program in the world. Its development, price fluctuations and volumes exchanged have been of great interest before the start of the program and during the almost three years of trading. Most of the interest has focused on the following questions: Can the EU ETS actually achieve the desired reduction in CO{sub 2} emissions, given the heterogeneity of countries and industries involved? Does the permit price follow fundamentals, given that the system is politically created and subject to all uncertainties associated with climate policies? Does the EU ETS provide sufficient incentives to invest in greener technologies and in renewable energy sources? The authors investigate how closely the price of emission permits reflects market fundamentals in the EU ETS. They postulate uncertain permit price and risk-averse firms. The firms produce final goods, abate their emissions and trade permits in the permit market. The dependence of the equilibrium permit price on exogenous variables is studied in a permit market model. They test their theoretical findings with empirical data from 2005--2006 in the EU ETS. They use forward prices of both EUA07 and EUA08 as their dependent variable. Given the dominant role of energy sector in the emissions trading market, they use electricity price as a representative of the price of final good and prices of fuels as the relevant cost items. They use an econometric model with stationary time series to discover that there is a strong relationship between the fundamentals, such as German electricity price and gas and coal prices and the price of EUA. The authors find that both EUA forward prices reflect the fundamentals, especially price of electricity, clean dark and clean spark spreads, as well as the gas-coal difference.

  9. Load As A Reliability Resource in the Restructured Electricity Market

    Energy Technology Data Exchange (ETDEWEB)

    Kueck, J.D.

    2002-06-10

    Recent electricity price spikes are painful reminders of the value that meaningful demand-side responses could bring to the restructuring US electricity system. Review of the aggregate offers made by suppliers confirms that even a modest increase in demand elasticity could dramatically reduce these extremes in price volatility. There is a strong need for dramatically increased customer participation in these markets to enhance system reliability and reduce price volatility. Indeed, allowing customers to manage their loads in response to system conditions might be thought of as the ultimate reliability resource. Most would agree that meaningful demand-side responses to price are the hallmark of a well-functioning competitive market [1]. Yet, in today's markets for electricity, little or no such response is evident. The reason is simple: customers currently do not experience directly the time-varying costs of their consumption decisions. Consequently, they have no incentive to modify these decisions in ways that might enhance system reliability or improve the efficiency of the markets in which electricity is traded. Increased customer participation is a necessary step in the evolution toward more efficient markets for electricity and ancillary services. This scoping report provides a three-part assessment of the current status of efforts to enhance the ability of customer's load to participate in competitive markets with a specific focus on the role of customer loads in enhancing electricity system reliability. First, this report considers the definitions of electricity-reliability-enhancing ancillary services (Section 2) and a preliminary assessment of the ability of customer's loads to provide these services. Second, is a review a variety of programs in which load has been called on as a system reliability resource (Section 3). These experiences, drawn from both past and current utility and ISO programs, focus on programs triggered by system

  10. Welfare Impact of Virtual Trading on Wholesale Electricity Markets

    Science.gov (United States)

    Giraldo, Juan S.

    Virtual bidding has become a standard feature of multi-settlement wholesale electricity markets in the United States. Virtual bids are financial instruments that allow market participants to take financial positions in the Day-Ahead (DA) market that are automatically reversed/closed in the Real-Time (RT) market. Most U.S. wholesale electricity markets only have two types of virtual bids: a decrement bid (DEC), which is virtual load, and an increment offer (INC), which is virtual generation. In theory, financial participants create benefits by seeking out profitable bidding opportunities through arbitrage or speculation. Benefits have been argued to take the form of increased competition, price convergence, increased market liquidity, and a more efficient dispatch of generation resources. Studies have found that price convergence between the DA and RT markets improved following the introduction of virtual bidding into wholesale electricity markets. The improvement in price convergence was taken as evidence that market efficiency had increased and many of the theoretical benefits realized. Persistent price differences between the DA and RT markets have led to calls to further expand virtual bidding as a means to address remaining market inefficiencies. However, the argument that price convergence is beneficial is extrapolated from the study of commodity and financial markets and the role of futures for increasing market efficiency in that context. This viewpoint largely ignores details that differentiate wholesale electricity markets from other commodity markets. This dissertation advances the understanding of virtual bidding by evaluating the impact of virtual bidding based on the standard definition of economic efficiency which is social welfare. In addition, an examination of the impacts of another type of virtual bid, up-to-congestion (UTC) transactions is presented. This virtual product significantly increased virtual bidding activity in the PJM interconnection

  11. European Transition into a Socio-ecological Market Economy

    Directory of Open Access Journals (Sweden)

    Erich Hoedl

    2014-10-01

    Full Text Available The European Union has introduced the Europe 2020 Strategy and Horizon 2020, which contain several elements for a transition into a Socio-ecological Market Economy. But their implementations are mainly hampered by the unduly large financial sector and the political striving for high economic growth. A turn into low growth equilibrium needs a reduction of total capital inputs, which are composed of financial, man-made and natural capital. Whereas the reduction of financial capital needs a strong, but actually lacking political will, the reduction of man-made and natural capital depends on a real capital saving innovation system, which should partly be financed by a transfer of financial capital to the real productive sector. Beyond a strong reduction of financial capital and depending on existing ecological, social and economic problems, the innovation system should save man-made and natural capital accordingly. In all cases these innovations need higher qualification by means of a human-centered educational system. Higher educational investments, i.e. augmented “human capital,” are decisive for a transition into a Socio-ecological Market Economy for two reasons: First, higher qualification will augment the wage-profit relation and second, capital saving innovations will reduce productive capital inputs without reducing the profit rate on the reduced real capital stock. Increasing “human capital” intensity will accelerate the transition into low growth equilibrium with a higher consumption-investment relation, which creates more domestic final demand and needs lower export surpluses. Starting from existing high productive and financial capital intensity, during the transition saving surpluses in Europe will decline only step by step; they should not be allocated in financial markets, but for a considerably more human-centered education and real investments in Europe and the Third World.

  12. Essays on carbon abatement and electricity markets

    Science.gov (United States)

    Taber, John Timothy

    In the first chapter of this dissertation, I study the effects of a number of policies which affect the electric grid using the SuperOPF, a full AC optimization/simulation framework with optimal investment developed at Cornell University. A 36-node model of the Northeast Power Coordinating Council is used to test policies that aim to reduce CO2, other emissions, or otherwise impact the operation of the electric grid: a base case, with no new environmental legislation; enactment of the Kerry-Lieberman CO2 allowance proposal in 2012; following Fukishima, a retirement of all US nuclear plants by 2022 with and without Kerry-Lieberman; marginal damages from SO2 and NOX emissions charged to coal, gas and oil-fired generation; plug-in hybrid electric vehicle load filling; wind incentives in place; and two cases which combine these. The cases suggest that alternative policies may have very different outcomes in terms of electricity prices, emissions, and health outcomes. In all cases, however, the optimal strategy for future investment is investment in new natural gas combined cycle plants. Policies can change how much new generation is built, whether other plants are built, or what types of plants are retired. The second chapter of my dissertation utilizes the SuperOPF and the model of the Northeast Power Coordinating Council to analyze the issue of carbon leakage. I analyze the effects of a regionally-limited carbon cap and trade program, the Regional Greenhouse Initiative (RGGI), when additional generating assets in non-affected states are included in the analysis. In the face of different carbon prices on generating assets in covered and non-covered states, generation is expected to shift from states bound by RGGI to states outside of RGGI. This carbon leakage may undermine some or all of the benefits of RGGI while simultaneously increasing prices for customers in the area. Even though carbon prices under RGGI are very low, some leakage is occurring, and this leakage

  13. Market power and price structure in the electricity market; Markedsmakt og prisstruktur i kraftmarkedet

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve

    1998-12-01

    This report evaluates the importance of market power on price formation and price structure in the Norwegian electricity market. A simple oligopoly model is used to show how the equilibrium is affected by demand, distribution of capacity between two major suppliers, and marginal production costs, given that the suppliers do not cooperate. Two important conclusions can be drawn from the calculations: (1) a high concentration on the supply side does not necessarily lead to essential market power, and (2) market power may contribute to increased stability and predictability. The main conclusion is that market power can be positive for society and it is not uniquely associated with a high concentration on the supply side. If emphasis is placed on stability and predictability, market power should not be defined as deviation from prices under free competition but rather should be related to the requirement that the suppliers should not obtain unreasonably high profit with unreasonably little utilization of capacity. 10 refs., 11 figs.

  14. HERDING BEHAVIOR UNDER MARKETS CONDITION: EMPIRICAL EVIDENCE ON THE EUROPEAN FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Moatemri Ouarda

    2013-01-01

    Full Text Available This study presents four main contributions to the literature of behavior herding. Firstly, it extends the behavioral researches of herding of the investors on a developed market and mainly on a European market as a whole. Secondly, we are interested in examination of herding behavior at the level of sectors by using data at the levels of companies. Thirdly, this document estimates the implications of herding behavior in terms of returns, volatility and volume of transaction. Fourthly, the herding behavior is revealed as well during the period of the recent global financial crisis in 2007-2008 and of Asian crisis. Our results reveal a strong evidence of herding behavior sharply contributed to a bearish situation characterized by a strong volatility and a trading volume. The repercussion of herding during the period of the recent financial crisis is clearly revealed for the sectors of the finance and the technology.

  15. The Future of Centrally-Organized Wholesale Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    Glazer, Craig [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Morrison, Jay [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Breakman, Paul [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Clements, Allison [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Schwartz, Lisa [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-06-21

    The electricity grid in the United States is organized around a network of large, centralized power plants and high voltage transmission lines that transport electricity, sometimes over large distances, before it is delivered to the customer through a local distribution grid. This network of centralized generation and high voltage transmission lines is called the “bulk power system.” Costs relating to bulk power generation typically account for more than half of a customer’s electric bill.1 For this reason, the structure and functioning of wholesale electricity markets have major impacts on costs and economic value for consumers, as well as energy security and national security. Diverse arrangements for bulk power wholesale markets have evolved over the last several decades. The Southeast and Western United States outside of California have a “bilateral-based” bulk power system where market participants enter into long-term bilateral agreements — using competitive procurements through power marketers, direct arrangements among utilities or with other generation owners, and auctions and exchanges.

  16. Optimal Wind Power Uncertainty Intervals for Electricity Market Operation

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Ying; Zhou, Zhi; Botterud, Audun; Zhang, Kaifeng

    2018-01-01

    It is important to select an appropriate uncertainty level of the wind power forecast for power system scheduling and electricity market operation. Traditional methods hedge against a predefined level of wind power uncertainty, such as a specific confidence interval or uncertainty set, which leaves the questions of how to best select the appropriate uncertainty levels. To bridge this gap, this paper proposes a model to optimize the forecast uncertainty intervals of wind power for power system scheduling problems, with the aim of achieving the best trade-off between economics and reliability. Then we reformulate and linearize the models into a mixed integer linear programming (MILP) without strong assumptions on the shape of the probability distribution. In order to invest the impacts on cost, reliability, and prices in a electricity market, we apply the proposed model on a twosettlement electricity market based on a six-bus test system and on a power system representing the U.S. state of Illinois. The results show that the proposed method can not only help to balance the economics and reliability of the power system scheduling, but also help to stabilize the energy prices in electricity market operation.

  17. CO2-emission trading and green markets for renewable electricity. Wilmar - deliverable 4.1

    DEFF Research Database (Denmark)

    Azuma-Dicke, N.; Morthorst, Poul Erik; Ravn, H.F.

    2004-01-01

    This report is Deliverable 4.1 of the EU project “Wind Power Integration in Liberalised Electricity Markets” (WILMAR) and describes the application of two policy instruments, Tradable Emissions Permits (TEP’s) and Tradable Green Certificates (TGC’s) forelectricity produced from renewable energy...... sources in the European Union and the implications for implementation in the Wilmar model. The introduction of a common emission-trading system in the EU is expected to have an upward effect on the spot pricesat the electricity market. The variations of the spot price imply that some types of power...... generation may change the situation from earning money to losing money despite the increasing spot price. Heavy restrictions on emissions penalise thefossil-fuelled technologies significantly, and the associated increase in the spot price need not compensate for this. Therefore, a market of TEP’s is expected...

  18. Value of flexible consumption in the electricity markets

    DEFF Research Database (Denmark)

    Biegel, Benjamin; Hansen, Lars Henrik; Stoustrup, Jakob

    2014-01-01

    A transition from an oil and coal based energy system to a systems based on renewable and sustainable energy sources has begun in many countries throughout the developed world. As a pioneer, Denmark currently has a wind energy penetration of 30% in the electricity sector and an end goal of 100......% renewables in all energy sectors by 2050. The main elements in this transition are an increase in the wind energy production and electrification of main energy sectors such as transport and heating. Activation of flexible consumption in the electricity markets is believed to be one of the means to compensate...... for the growth of fluctuating renewables and the decrease of conventional power plants providing system-stabilizing services. In this work, we examine the requirements for flexible consumption to be active in the spot market and the regulating power market in the Nordic system and estimate the costs of entering...

  19. Draft for an European Parliament and Council directive to foster domestic market of electricity produced from renewable energy resources; Proposition de Directive du Parlement Europeen et du Conseil relative a la promotion de l'electricite produite a partir de sources d'energie renouvelables sur le marche interieur de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-06-06

    This document contains two parts, an exposition of motives and the proposal. The draft of directive has as objective the creation of an EU frame for boosting on a medium term the electricity production from renewable energy resources (RER). It presents a number of important measures to implement the commitment of reducing the greenhouse gas releases accepted by EU in Kyoto, particularly to increase twice, i.e., from 6% to 12%, the net domestic energy consumption, as established by the White Book on renewable energies and approved by the European Council in May 1998. RER include: Wind Power, Solar Energy, Geothermal Energy, Wave Power, Tidal Power, Hydroelectric Power (of capacity lower than 10 MW) and Biomass The exposition of motives contains six sections: - 1. Introduction; - 2. Detailed outlook of the proposal;- 3. Expertise panel; - 4. Impact on enterprises; - 5. Consulting during drafting the proposal; - 6. Conclusions. The second part displays the proposal in the following six chapters: - 1. Domain of application and definitions; -2. National objectives of the consumption of electricity produced from renewable energy resources; -3. Access of electricity produced from renewable energy resources to the interior domestic energy market; -4. Management procedures; -5. Questions concerning the distribution grid; -6. Final directions. An Appendix is given presenting the indicative figures as objectives of the Member States. So, the RER fraction in the total electricity consumption in the Member States in 2010 as percentage/TWh should looks like: Austria, 78.1/55.3; Belgium, 6.0/6.3; Denmark, 29.0/12.9; Finland, 35.0/33.7; France, 21.0/112.9; Germany, 12.5/76.4; Greece, 20.1/14.5; Ireland, 13.2/4.5; Italy, 25.0/89.6; Luxemburg, 5.7/0.5; Netherlands, 12.0/15.9; Portugal, 45.6/28.3; Spain, 29.4/76.6; Sweden, 60.0/97.5; United Kingdom, 10.0/50.0. Thus, the global figures for the European Union would be 22.1/674.9.

  20. From the ecological niche to the mass market with 'Green Power Marketing' - 1{sup st} European Conference on Green Power Marketing 2001; Mit 'Green Power Marketing' von der Oeko-Nische zum Massenmarkt

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    This report summarises the information presented at the European Conference on Green Power Marketing held in 2001 in St. Moritz, Switzerland. It takes a look at the market chances of ecologically produced electricity for use in Switzerland and for export. The opinions of experts from the areas of research, business, politics, marketing and non-governmental organisations that were presented at the meeting are summarised. European perspectives and trends in the USA are discussed and examples of green power marketing in the USA and Holland are given. Marketing issues and price policies are discussed, as are labelling strategies and customer perception of 'Green Power' issues. Also, sales issues including e-marketing, power-market rules and certificate trading are dealt with.

  1. Assessing the options for a competitive electricity market in Israel

    Energy Technology Data Exchange (ETDEWEB)

    Tishler, A. [Faculty of Management, Tel Aviv University, Ramat Aviv, Tel Aviv 69978 (Israel); Newman, J.; Spekterman, I. [Israel Electric Corporation Ltd, Haifa (Israel); Woo, C.K. [Energy and Environmental Economics, Inc., 101 Montgomery Street, Suite 1600, San Francisco, CA 94104 (United States)

    2008-03-15

    In July 2006, the Israeli government affirmed its 2003 decision to reform the Israeli electricity industry, currently dominated by the Israel Electric Corporation (IEC), a government-owned vertically integrated electric utility. The reform calls for the deregulation and privatization of the generation and customer service segments of the industry, leaving transmission and distribution (T and D) regulated to provide open access to all end-users. This paper projects the performance of the post-reform market structure for the period 2007-2030 relative to that of the status quo. The post-reform generation market's prices are determined according to the Cournot conjecture. To mitigate excessive price volatility and surges, the generation market also includes a firm that is contracted to make peak electricity sales to customers at a pre-determined price, only when the competitive price exceeds the pre-determined level. Our results show (a) the post-reform retail prices for end-users will exceed those under the status quo; (b) the post-reform profits may not be sufficient to keep firms operating combined cycle generation units financially viable; and (c) the net benefit from deregulating the electricity sector in Israel will most likely be negative. (author)

  2. Generation Companies’ Operative Strategies in the Spot Electricity Market

    Directory of Open Access Journals (Sweden)

    Tovar-Hernández J.H.

    2012-07-01

    Full Text Available In traditional regulation the obligation to meet the consumer demand was assumed, this guaranteed to generation companies the full recovery of their costs. However, in order to achieve greater efficiency, reduce the price of electricity, meet the continuously growing electricity consumption, and equalize prices in different regions, a new structure of the electricity industry has been created, where electric energy is traded through a market. Generation company’s future cash flows depend on day to day market participation, in order to satisfy all of their financial and economic requirements. In this paper, future cash flows required to fulfill with economic and financial commitments by a generation company immerse in this new market structure are studied. For this purpose, future cash flows are considered to be dependent on a single asset: electricity. Several scenarios with different fuel prices are generated in order to estimate the generation company’s future cash flows. The response of the competing generation companies is taken into account at each scenario. The fuel price changes are modelled using a concurrent binary tree.

  3. Operation of Modern Distribution Power Systems in Competitive Electricity Markets

    DEFF Research Database (Denmark)

    Hu, Weihao

    , DG units, loads and electricity price are studied. Further, the effect of energy storage systems will be considered, and an optimal operation strategy for energy storage devices in a large scale wind power system in the electricity market is proposed. The western Danish power system, which has large...... maximum profit of the BESS is proposed. Two kinds of BESS, based on polysulfide-bromine (PSB) and vanadium redox (VRB) battery technologies, are studied. Optimal operation strategies of PEV in the spot market are then proposed in order to decrease the energy cost for PEV owners. Furthermore......In this dissertation, the characteristics of a distribution system under a dynamic electricity-pricing, load management system and under a large number of power electronic interfaced distributed generation units are investigated. The operation characteristics of a power system with wind turbines...

  4. A multi-regional framework for China's electric power market

    Science.gov (United States)

    Xie, Zhijun

    2000-10-01

    China faces the challenging task of substantially increasing its generation of electricity within economic, energy, political, and environmental constraints. Some of the most immediate issues are the decentralization of the utility decision making process, the creation of electricity markets over large geographic areas, the establishment of pricing mechanisms, and the maintenance of reasonable levels of air quality. This research develops a multi-regional optimization model to analyze these issues in the North China Power System. The model minimizes the total delivery cost of electric power for a multi-regional grid subject to the constraints of power flow, generation and transmission capacities and emission limits. Benders' decomposition is used to decompose the model into a two-level structure an inter-regional Power exchange module and an intra-regional power dispatch and transmission module The intra-regional market contains the least cost power dispatch based on bids from generators bidding and on users, insurance of their power consumption, all within local emission limits. The inter-regional market balances power exchange among regions. The results indicate that a decentralized, competitive electricity market has significant economic and environmental benefits to the entire region. Regional competition brings more cheap electric power from remote regions to urban demand centers. The expansion of power exchange reduces sulfur emissions without significantly increasing cost. The results demonstrate that without congestion, the nodal and transmission prices can be effectively separated, an important criterion for decentralization and competition. Transmission prices are related only to the wire and topological characteristics of the network. The effects of electricity loop flow on transmission prices are reflected through a multiplier that is specific to each loop. A priori calculation of the congestion and loop multipliers under congestion is possible with

  5. A stock market for the electric power to the french market opening service; Une bourse de l'electricite au service de l'ouverture du marche francais

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-07-01

    Less than two years after the european directive of 1996 application in France, the electricity trading operators can dispose of a new negotiation tool. The Powernext society manages the electric power exchange market. This document gives a presentation of Powernext and its main missions and offers. (A.L.B.)

  6. Mid-Term Electricity Market Clearing Price Forecasting with Sparse Data: A Case in Newly-Reformed Yunnan Electricity Market

    Directory of Open Access Journals (Sweden)

    Chuntian Cheng

    2016-10-01

    Full Text Available For the power systems, for which few data are available for mid-term electricity market clearing price (MCP forecasting at the early stage of market reform, a novel grey prediction model (defined as interval GM(0, N model is proposed in this paper. Over the traditional GM(0, N model, three major improvements of the proposed model are: (i the lower and upper bounds are firstly identified to give an interval estimation of the forecasting value; (ii a novel whitenization method is then established to determine the definite forecasting value from the forecasting interval; and (iii the model parameters are identified by an improved particle swarm optimization (PSO instead of the least square method (LSM for the limitation of LSM. Finally, a newly-reformed electricity market in Yunnan province of China is studied, and input variables are contrapuntally selected. The accuracy of the proposed model is validated by observed data. Compared with the multiple linear regression (MLR model, the traditional GM(0, N model and the artificial neural network (ANN model, the proposed model gives a better performance and its superiority is further ensured by the use of the modified Diebold–Mariano (MDM test, suggesting that it is suitable for mid-term electricity MCP forecasting in a data-sparse electricity market.

  7. Comparative Study between Two Market Clearing Schemes in Wind Dominant Electricity Markets

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Hu, Weihao; Chen, Zhe

    2015-01-01

    . According to the proposed agent-based approach, electricity market agents (here generation units) learn from their previous bidding experience to obtain maximum financial. A comparative study is then conducted to investigate the impact of mentioned pricing schemes on price volatility and average price level......High price volatility and excessive price reduction are introduced as two emerging problems in wind dominant electricity markets. In this study, an agent-based simulation methodology is employed to investigate the impact of two pricing mechanisms, uniform and pay-as-bid, on the mentioned problems...

  8. Dynamic Interaction between Cap & Trade and Electricity Markets

    Science.gov (United States)

    Jeev, Kumar

    Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

  9. Homogeneity of the European Union from the Point of View of Labour Market

    OpenAIRE

    Marianna Siničáková

    2011-01-01

    The paper deals with the idea of the European Union labour market homogeneity from the perspective of employment, unemployment, earnings and gender pay gap. Due to integration procedures within Europe, important mutual trade, capital and labour force mobility; it can be expected that labour market phenomena are gradually transmitted from western European countries to new member states. The paper proves a certain rate of labour market mimicking within Europe. Tendencies in unemployment, employ...

  10. Analyses of demand response in Denmark[Electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Moeller Andersen, F.; Grenaa Jensen, S.; Larsen, Helge V.; Meibom, P.; Ravn, H.; Skytte, K.; Togeby, M.

    2006-10-15

    Due to characteristics of the power system, costs of producing electricity vary considerably over short time intervals. Yet, many consumers do not experience corresponding variations in the price they pay for consuming electricity. The topic of this report is: are consumers willing and able to respond to short-term variations in electricity prices, and if so, what is the social benefit of consumers doing so? Taking Denmark and the Nord Pool market as a case, the report focuses on what is known as short-term consumer flexibility or demand response in the electricity market. With focus on market efficiency, efficient allocation of resources and security of supply, the report describes demand response from a micro-economic perspective and provides empirical observations and case studies. The report aims at evaluating benefits from demand response. However, only elements contributing to an overall value are presented. In addition, the analyses are limited to benefits for society, and costs of obtaining demand response are not considered. (au)

  11. Bayesian Analysis of Demand Elasticity in the Italian Electricity Market

    Directory of Open Access Journals (Sweden)

    Maria Chiara D'Errico

    2015-09-01

    Full Text Available The liberalization of the Italian electricity market is a decade old. Within these last ten years, the supply side has been extensively analyzed, but not the demand side. The aim of this paper is to provide a new method for estimation of the demand elasticity, based on Bayesian methods applied to the Italian electricity market. We used individual demand bids data in the day-ahead market in the Italian Power Exchange (IPEX, for 2011, in order to construct an aggregate demand function at the hourly level. We took into account the existence of both elastic and inelastic bidders on the demand side. The empirical results show that elasticity varies significantly during the day and across periods of the year. In addition, the elasticity hourly distribution is clearly skewed and more so in the daily hours. The Bayesian method is a useful tool for policy-making, insofar as the regulator can start with a priori historical information on market behavior and estimate actual market outcomes in response to new policy actions.

  12. Competitive electricity markets, prices and generator entry and exit

    Science.gov (United States)

    Ethier, Robert George

    The electric power industry in the United States is quickly being deregulated and restructured. In the past, new electric generation capacity was added by regulated utilities to meet forecasted demand levels and maintain reserve margins. With competitive wholesale generation, investment will be the responsibility of independent private investors. Electricity prices will assume the coordinating function which has until recently been the responsibility of regulatory agencies. Competitive prices will provide the entry and exit signals for generators in the future. Competitive electricity markets have a distinctive price formation process, and thus require a specialized price model. A mean-reverting price process with stochastic jumps is proposed as an appropriate long-run price process for annual electricity prices. This price process is used to develop an analytic real options model for private investment decisions. The required recursive infinite series solutions have not been widely used for real option models. Entry thresholds and asset values for competitive wholesale electricity markets, and exit decisions for plants with significant retirement costs (i.e. nuclear power plants), are examined. The proposed model results in significantly lower trigger prices for both entry and exit decisions, and higher asset values, when compared with other standard models. The model is used to show that the incentives for retiring a nuclear plant are very sensitive to the treatment of decommissioning costs (e.g. if plant owners do not face full decommissioning costs, retirement decisions may be economically premature.) An econometric model of short-run price behavior is estimated by the method of maximum likelihood using daily electricity prices from markets in the USA and Australia. The model specifies two mean reverting price processes with stochastic Markov switching between the regimes, which allows discontinuous jumps in electricity prices. Econometric tests show that a two

  13. Green power and the liberalisation of the UK electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Elliott, D. [Open University, Milton Keynes (United Kingdom). Technology Policy Group

    1999-01-01

    The UK electricity market is being opened up to full competition in stages, starting in September 1998. This radical change means that consumers can contract with suppliers of their choice, rather than just with their local Regional Electricity Companies. It also makes it possible for purveyors of renewable energy to offer green power from renewable energy sources direct to consumers, although they are likely, at least initially, to have to be charged a premium price. While some hope that this new green power market will expand so that renewable energy technology can begin to make a significant contribution to the UK's electricity supplies, there are several problems with this new scheme, not least the fact that it relies on the voluntary support of altruistic consumers. Can they be relied on to provide sufficient surplus to fund the expansion of renewables? Shouldn't this be the responsibility of the government? Or the energy companies? Some renewable energy proponents even fear that, since liberalisation may drive down the price of conventional electricity, renewables will be left looking expensive, and, far from expanding, could be wiped out entirely. This paper explores the potential and limits of the green market approach to renewable energy development, and looks at some of the alternative, or complementary, approaches that might be used to help stimulate the development and use of renewable energy technologies. In this paper the term liberalisation is used to mean giving consumers the opportunity to buy electricity from whom they please by removing restraints on competition. In the US the term deregulation is sometimes used. However, liberalisation is not necessarily synonymous with abandoning regulation. Nevertheless, there is clearly a debate over how much freedom should be given to the market, and how much regulation should be relaxed. (author)

  14. Financing Renewable Energy in the European Energy Market

    Energy Technology Data Exchange (ETDEWEB)

    De Jager, D.; Klessmann, C.; Stricker, E.; Winkel, T.; De Visser, E.; Koper, M. [Ecofys, Utrecht (Netherlands); Ragwitz, M.; Held, A. [Fraunhofer ISI, Karlsruhe (Germany); Resch, G.; Busch, S.; Panzer, C. [Energy Economics Group EEG, Vienna University of Technology, Vienna (Austria); Gazzo, A.; Roulleau, T.; Gousseland, P.; Henriet, M.; Bouille, A. [Ernst and Young, London (United Kingdom)

    2011-01-15

    The Directive 2009/28/EC on the promotion of the use of energy from renewable sources (RES) sets the overall target to reach 20% renewable energy in gross final energy consumption in 2020. This target is broken down into binding individual Member State targets. Reaching these targets will require a huge mobilization of investments in renewable energies in the coming decade. In order to improve financing and coordination with a view to the achievement of the 20 % target, Article 23 (7) of the Directive requires the Commission to present an analysis and action plan with a view to: (a) The better use of structural funds and framework programmes; (b) The better and increased use of funds from the European Investment Bank and other public finance institutions; (c) Better access to risk capital; (d) The better coordination of Community and national funding and other forms of support; (e) The better coordination in support of renewable energy initiatives whose success depends on action by actors in several Member States. This report presents the results of the title project. The study provides an up to date and thorough assessment of the costs of renewable energy and the support and financing instruments available for renewable energy R and D, demonstration projects and large-scale deployment. This includes details of each Member State's expenditure (via grants, support schemes, loans etc.) and use of Community funds, including loans of the EIB (European Investment Bank) and the EBRD (European Bank for Reconstruction and Development). It also explores the possible instruments for use in the future and constraints in the capital market, which hinder the development of renewable energy. Finally, it develops recommendations for improving financing and support instruments, improving the sector's access to capital, and closing the financing gap for reaching the 2020 targets. The chapters of the report represent separate tasks: (1) Costs of renewable energy

  15. Intercultural aspects and success factors of European companies entering the Indian market

    OpenAIRE

    Pilný, Ondřej

    2015-01-01

    This bachelor thesis focuses on the Intercultural aspects and success factors of European companies entering the Indian market. Its main objective is to evaluate Intercultural aspects and success factors. Partial aims are to evaluate attractive-ness of chosen emerging segments in Indian market. Analyse external business environment in India. Recommend market entry strategy, business communica-tion and Intercultural management.

  16. Co-Movements Of U.S. And European Stock Markets Before And After The 2008 Gloal Stock Market Crash

    Directory of Open Access Journals (Sweden)

    Meric Ilhan

    2015-08-01

    Full Text Available Empirical studies show that correlation between national stock markets increased and the benefits of global portfolio diversification decreased significantly after the global stock market crash of 1987. The 1987 and 2008 crashes are the two most important global stock market crashes since the 1929 Great depression. Although the effects of the 1987 crash on the comovements of national stock markets have been investigated extensively, the effects of the 2008 crash have not been studied sufficiently. In this paper we study this issue with a research sample that includes the U.S stock market and twenty European stock markets. We find that correlation between the twenty-one stock markets increased and the benefits of portfolio diversification decreased significantly after the 2008 stock market crash.

  17. Fast Change Point Detection for Electricity Market Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Berkeley, UC; Gu, William; Choi, Jaesik; Gu, Ming; Simon, Horst; Wu, Kesheng

    2013-08-25

    Electricity is a vital part of our daily life; therefore it is important to avoid irregularities such as the California Electricity Crisis of 2000 and 2001. In this work, we seek to predict anomalies using advanced machine learning algorithms. These algorithms are effective, but computationally expensive, especially if we plan to apply them on hourly electricity market data covering a number of years. To address this challenge, we significantly accelerate the computation of the Gaussian Process (GP) for time series data. In the context of a Change Point Detection (CPD) algorithm, we reduce its computational complexity from O($n^{5}$) to O($n^{2}$). Our efficient algorithm makes it possible to compute the Change Points using the hourly price data from the California Electricity Crisis. By comparing the detected Change Points with known events, we show that the Change Point Detection algorithm is indeed effective in detecting signals preceding major events.

  18. Progress of electricity from biomass, wind and photovoltaics in the European Union

    Energy Technology Data Exchange (ETDEWEB)

    Jaeger-Waldau, A.; Ossenbrink, H. [European Commission, Joint Research Centre, Ispra (Italy). Renewable Energies Unit

    2004-04-01

    The world market for renewable energies is continuously growing. In particular, the wind energy and photovoltaic markets show yearly growth rates between 20 and over 30% in the last few years. Despite the fact that there are still discrepancies between the European Union and the USA how to deal with climate change, renewable energies will play an important role for the implementation of the Kyoto Protocol and the worldwide introduction of tradable green certificates. Apart from the electricity sector, renewable energy sources for the generation of heat and the use of environmental friendly bio-fuels for the transport sector will become more and more important in the future. This article tries to give an overview about the progress of renewable energies in Europe. (author)

  19. Stratum Electricity Markets: Toward Multi-temporal Distributed Risk Management for Sustainable Electricity Provision

    Science.gov (United States)

    Wu, Zhiyong (Richard)

    Motivated by the overall challenge of ensuring long-term sustainable electricity service, we view this challenge as a long-term decision making problem under uncertainties. We start by recognizing that, independent of the industry organization, the uncertainties are enormous and often exogenous to the energy service providers. They are multi-dimensional and are result of fundamental drivers, ranging from the supply side, through the demand side, to the regulatory and policy sides. The basic contribution of this thesis comes from the recognition that long-term investments for ensuring reliable and stable electricity service critically depend on how these uncertainties are perceived, valued and managed by the different stakeholders within the complex industry organization such as the electric power industry. We explain several reasons why price signals obtained from current short-term electricity markets alone are not sufficient enough for long-term sustainable provision. Some enhancements are presented in the thesis to improve the short-term electricity market price signals to reflect the true cost of operation. New market mechanisms and instruments are needed to facilitate the stakeholders to better deal with long-term risks. The problems of ensuring long-term stable reliable service in the sense of the traditional resource adequacy requirements are revisited in both the restructuring industry and regulated industry. We introduce a so-called Stratum Electricity Market (SEM) design as the basic market mechanism for solving the problem of long-term reliable electricity service through a series of interactive multi-lateral market exchange platforms for risks communication, management and evaluations over various time horizons and by the different groups of stakeholders. In other words, our proposed SEM is a basic IT-enabled framework for the decision making processes by various parties over different time. Because of the uniqueness of electricity as a commodity, the

  20. 78 FR 28583 - Coordination Between Natural Gas and Electricity Markets; Notice of Commission Meeting

    Science.gov (United States)

    2013-05-15

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Notice of... necessary. Commission members will be present. \\1\\ Coordination between Natural Gas and Electricity Markets...

  1. An Empirical Study of the Factors Influencing Consumer Behaviour in the Electric Appliances Market

    National Research Council Canada - National Science Library

    Małgorzata Łatuszyńska

    2012-01-01

    ... (as the dependent variable) in the electric appliances market. The purpose of this study is to determine the factors affecting consumer preferences and behaviour in the electric appliances market in Iraq...

  2. Staff Report to the Secretary on Electricity Markets and Reliability

    Energy Technology Data Exchange (ETDEWEB)

    None

    2017-08-01

    Energy Secretary Rick Perry issued a memo in April of 2017 requesting a study and directing his staff to develop a report to include an assessment of the reliability and resilience of the electric grid and an overview of the evolution of electricity markets. Various factors have emerged over the past 15 years which have impacted power supply and demand in different ways. This study, prepared by experts throughout the Department, contains a comprehensive analysis of these factors and the corresponding data, and presents a series of recommendations meant to inform and guide policy makers, regulators, and the general public. Potential areas for further research are also presented.

  3. Markets and policy measures in the evolution of electric mobility

    CERN Document Server

    Hülsmann, Michael

    2016-01-01

    This edited monograph collects theoretical, empirical and political contributions from different fields, focusing on the commercial launch of electric mobility, and intending to shed more light on the complexity of supply and demand. It is an ongoing discussion, both in the public as well as in academia, whether or not electric mobility is capable of gaining a considerable market share in the near future. The target audience primarily comprises researchers and practitioners in the field, but the book may also be beneficial for graduate students.

  4. Lithium Battery Power Delivers Electric Vehicles to Market

    Science.gov (United States)

    2008-01-01

    Hybrid Technologies Inc., a manufacturer and marketer of lithium-ion battery electric vehicles, based in Las Vegas, Nevada, and with research and manufacturing facilities in Mooresville, North Carolina, entered into a Space Act Agreement with Kennedy Space Center to determine the utility of lithium-powered fleet vehicles. NASA contributed engineering expertise for the car's advanced battery management system and tested a fleet of zero-emission vehicles on the Kennedy campus. Hybrid Technologies now offers a series of purpose-built lithium electric vehicles dubbed the LiV series, aimed at the urban and commuter environments.

  5. Large-scale integration of renewable energy into international electricity markets

    DEFF Research Database (Denmark)

    Lund, Henrik

    2004-01-01

    The paper presents the ability of different energy systems and regulation strategies to integrate renewable energy sources (RES) into the electricity supply system. The fluctuating electricity production from renewable energy must interact with the rest of the production units in order to make it...... capacity. Such investments are feasible because the ability to benefit from trade of electricity on the exchange is improved. At the same time the economic advantage of renewable energy is increased.......The paper presents the ability of different energy systems and regulation strategies to integrate renewable energy sources (RES) into the electricity supply system. The fluctuating electricity production from renewable energy must interact with the rest of the production units in order to make...... it possible for the system to secure a balance between supply and demand. At the same time most European electricity systems are in the process of being transformed into competitive electricity markets. Already today, the annual share of wind power in the western part of Denmark is nearly 20 percent, which...

  6. Electric vehicle integration in a real-time market

    DEFF Research Database (Denmark)

    Pedersen, Anders Bro

    This project is rooted in the EDISON project, which dealt with Electrical Vehicle (EV) integration into the existing power grid, as well as with the infrastructure needed to facilitate the ever increasing penetration of fluctuating renewable energy resources like e.g. wind turbines. In the EDISON...... with an externally simulated model of the power grid, it is be possible, in real-time, to simulate the impact of EV charging and help to identify bottlenecks in the system. In EDISON the vehicles are aggregated using an entity called a Virtual Power Plant (VPP); a central server monitoring and controlling...... the distributed energy resources registered with it, in order to make them appear as a single producer in the eyes of the market. Although the concept of a VPP is used within the EcoGrid EU project, the idea of more individual control is introduced through a new proposed real-time electricity market, where...

  7. Windonomics. Empirical essays on the economics of wind power in the Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Mauritzen, Johannes

    2012-07-01

    From the introduction: The following chapters in this dissertation take up three topics surrounding the interaction of wind power investment in Denmark and the functioning of the deregulated Nordic electricity market. The first two chapters take up the issue of how wind power a affects prices in the deregulated market. I find that electricity price variation in the spot market is lower in days with more wind power. In the following chapter I extend this analysis to see how wind power in Denmark affects prices in neighbouring hydro power dominated Norway. I find that wind power affects the magnitude of trade between the countries asymmetrically - dependent on the net direction of trade. I also find that wind power has a slight but statistically significant negative effect on prices in Norway, likely due to a slackening of hydro power producers supply constraints. The last chapter starts with the observation that most turbines are scrapped in order to make room for a newer turbine. An opportunity cost that comes from the interaction of scarce land resources, technological change and government policy is then a dominant reason for the scrapping of wind turbines. This leads to the implication that turbines located on windier, better situated land have a higher risk of being scrapped. Policy is also shown to have a strong and in some respects unexpected effect on scrappings. Over the last two decades two major trends have taken place in power markets around the world. The first has been a movement towards market based power systems. Vertically integrated power companies have been split into component generation, transmission and retailing companies. Generation and retailing have been opened to competition. Increasingly, regulated prices and bilateral trade are being replaced by regulated markets that establish prices through auction mechanisms. The second trend has been investment in renewable and intermittent energy sources - notably wind power. What started as

  8. Natural gas market - Market opening in Switzerland and a selection of European Union countries; Erdgasmarkt Schweiz. Ermittlung des Bedarfs einer Marktoeffnung aus der Sicht der Akteure und Analyse der Marktoeffnung in ausgewaehlten EU-Laendern

    Energy Technology Data Exchange (ETDEWEB)

    Wild, J.; Vaterlaus, S.; Worm, H.; Spielmann, Ch. [Plaut Economics, Regensdorf (Switzerland); Finger, M. [Swiss Federal Institute of Technology (EPFL), Lausanne (Switzerland)

    2007-02-15

    This comprehensive report for the Swiss Federal Office of Energy (SFOE) takes a look at the situation in Switzerland and Europe as far as the liberalisation of the natural gas market is concerned. Comparisons are made between the situation for natural gas and electricity markets. The report discusses the economical and technical characteristics of the gas business such as gas sources, transport, storage and trading as well as the associated investment risks. The gas and electricity supply systems are compared from the supply and demand viewpoints and as far as trading and the increasing of efficiency are concerned. The Swiss gas market is compared with those of selected European countries. Market structures and regulatory aspects are examined and the resulting effects on the market and gas prices are reviewed. The effects of market opening are discussed from both the supplier and consumer points of view.

  9. 77 FR 41184 - Coordination Between Natural Gas and Electricity Markets; Notice of Technical Conferences

    Science.gov (United States)

    2012-07-12

    ... Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Notice of... regional technical conferences on Coordination between Natural Gas and Electricity Markets. The regional... jurisdiction over the rates or terms of service in wholesale electricity markets doing business wholly within...

  10. 77 FR 50100 - Coordination Between Natural Gas and Electricity Markets; Supplemental Notice of Technical...

    Science.gov (United States)

    2012-08-20

    ... Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Supplemental... the conference. \\1\\ Coordination between Natural Gas and Electricity Markets, Docket No. AD12-12-000.../2012-16997.pdf ). \\2\\ Coordination between Natural Gas and Electricity Markets, Docket No. AD12-12-000...

  11. 77 FR 45600 - Coordination Between Natural Gas and Electricity Markets; Supplemental Notice of Technical...

    Science.gov (United States)

    2012-08-01

    ...] Coordination Between Natural Gas and Electricity Markets; Supplemental Notice of Technical Conference As... Natural Gas and Electricity Markets, Docket No. AD12-12-000 (July 5, 2012) (Notice of Technical... and Electricity Markets, Docket No. AD12-12-000 (July 17, 2012) (Supplemental Notice of Technical...

  12. 77 FR 50684 - Coordination Between Natural Gas and Electricity Markets; Supplemental Notice of Technical...

    Science.gov (United States)

    2012-08-22

    ... Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Supplemental... participate in the conference. \\1\\ Coordination between Natural Gas and Electricity Markets, Docket No. AD12...-07-12/pdf/2012-16997.pdf ). \\2\\ Coordination between Natural Gas and Electricity Markets, Docket No...

  13. 75 FR 12737 - Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp.

    Science.gov (United States)

    2010-03-17

    ... Applications To Export Electric Energy; Noble Energy Marketing and Trade Corp. AGENCY: Office of Electricity... applications, Noble Energy Marketing and Trade Corp. (NEMT) has applied for authority to transmit electric... Marketing and Trade Corp., 333 Ludlow Street, Suite 1230, Stamford, CT 06902. A final decision will be made...

  14. 77 FR 11515 - Application to Export Electric Energy; NRG Power Marketing LLC

    Science.gov (United States)

    2012-02-27

    ... Application to Export Electric Energy; NRG Power Marketing LLC AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ] ACTION: Notice of application. SUMMARY: NRG Power Marketing LLC (NRGPML) has... would be surplus energy purchased from electric utilities and Federal power marketing agencies within...

  15. 75 FR 80482 - Application To Export Electric Energy; TransCanada Power Marketing Ltd.

    Science.gov (United States)

    2010-12-22

    ... Application To Export Electric Energy; TransCanada Power Marketing Ltd. AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of Application. SUMMARY: TransCanada Power Marketing Ltd... electric utilities, Federal power marketing agencies, and other entities within the United States. The...

  16. Optimising waste from electric and electronic equipment collection systems: a comparison of approaches in European countries.

    Science.gov (United States)

    Friege, Henning; Oberdörfer, Michael; Günther, Marko

    2015-03-01

    The first European waste from electric and electronic equipment directive obliged the Member States to collect 4 kg of used devices per inhabitant and year. The target of the amended directive focuses on the ratio between the amount of waste from electric and electronic equipment collected and the mass of electric and electronic devices put on the market in the three foregoing years. The minimum collection target is 45% starting in 2016, being increased to 65% in 2019 or alternatively 85% of waste from electric and electronic equipment generated. Being aware of the new target, the question arises how Member States with 'best practice' organise their collection systems and how they enforce the parties in this playing field. Therefore the waste from electric and electronic equipment schemes of Sweden, Denmark, Switzerland, Germany and the Flemish region of Belgium were investigated focusing on the categories IT and telecommunications equipment, consumer equipment like audio systems and discharge lamps containing hazardous substances, e.g. mercury. The systems for waste from electric and electronic equipment collection in these countries vary considerably. Recycling yards turned out to be the backbone of waste from electric and electronic equipment collection in most countries studied. For discharge lamps, take-back by retailers seems to be more important. Sampling points like special containers in shopping centres, lidded waste bins and complementary return of used devices in all retail shops for electric equipment may serve as supplements. High transparency of collection and recycling efforts can encourage ambition among the concerned parties. Though the results from the study cannot be transferred in a simplistic manner, they serve as an indication for best practice methods for waste from electric and electronic equipment collection. © The Author(s) 2015.

  17. Hierarchical energy management mechanisms for an electricity market with microgrids

    Directory of Open Access Journals (Sweden)

    Hong-Tzer Yang

    2014-08-01

    Full Text Available This study addresses a micro-grid electricity market (MGEM with day-ahead (DA and real-time market mechanisms integrated. The bidding mechanisms for the market are described in this study, considering the generation cost of different distributed energy resources (DERs, like distributed generator, energy storage system and demand response. Including load and renewable generation forecasting systems and a fuzzy decision supporting system, a hierarchical micro-grid energy management system (MG-EMS is then proposed to ensure the benefits of involved micro-grid central controller, DER owners and customers. To verify the feasibility of the proposed system, the whole-year historical pricing and load data for New England independent system operator are employed. The numerical results show that the proposed MG-EMS is promising and effective for the operations of MGEM.

  18. Electricity generation and transmission planning in deregulated power markets

    Science.gov (United States)

    He, Yang

    This dissertation addresses the long-term planning of power generation and transmission facilities in a deregulated power market. Three models with increasing complexities are developed, primarily for investment decisions in generation and transmission capacity. The models are presented in a two-stage decision context where generation and transmission capacity expansion decisions are made in the first stage, while power generation and transmission service fees are decided in the second stage. Uncertainties that exist in the second stage affect the capacity expansion decisions in the first stage. The first model assumes that the electric power market is not constrained by transmission capacity limit. The second model, which includes transmission constraints, considers the interactions between generation firms and the transmission network operator. The third model assumes that the generation and transmission sectors make capacity investment decisions separately. These models result in Nash-Cournot equilibrium among the unregulated generation firms, while the regulated transmission network operator supports the competition among generation firms. Several issues in the deregulated electric power market can be studied with these models such as market powers of generation firms and transmission network operator, uncertainties of the future market, and interactions between the generation and transmission sectors. Results deduced from the developed models include (a) regulated transmission network operator will not reserve transmission capacity to gain extra profits; instead, it will make capacity expansion decisions to support the competition in the generation sector; (b) generation firms will provide more power supplies when there is more demand; (c) in the presence of future uncertainties, the generation firms will add more generation capacity if the demand in the future power market is expected to be higher; and (d) the transmission capacity invested by the

  19. Study 5: certification and green electric power market; Etude 5: certification et marche de l'electricite ''Verte''

    Energy Technology Data Exchange (ETDEWEB)

    Martin, P.E. [Observ' ER, 75 - Paris (France)

    2000-07-01

    The term green electric power, characterizes today the electric power development, from the renewable energies. Whether this development is governed by the market, the government intervention is always necessary. The fiscality is a preferential way where this complementarity between policy and market may hold. The ADEME asks for a study which presents the californian market of the green electric power, the netherlands system of green certificates and the extension to the european scale. This report deals with these three scopes after a recall and the clarification of the concepts. (A.L.B.)

  20. Thermal energy storage for electricity-driven space heating in a day-ahead electricity market

    DEFF Research Database (Denmark)

    Pensini, Alessandro

    2012-01-01

    Thermal Energy Storage (TES) in a space heating (SH) application was investigated. The study aimed to determine the economic benefits of introducing TES into an electricity-driven SH system under a day-ahead electricity market. The performance of the TES was assessed by comparing the cost...... of electricity in a system with a TES unit to the case where no storage is in use and the entire heat requirement is fulfilled by purchasing electricity according to the actual load. The study had two goals: 1. Determining how the size – in terms of electricity input (Pmax) and energy capacity (Emax......) – of the TES unit influences the savings. For this purpose, a reference price signal was used. Results show that it is possible to save up to approximately 14% of the electricity costs. In general, savings increase with Pmax and Emax. However, the benefit of increasing these two values ceases when certain...

  1. North-south polarization of European electricity consumption under future warming.

    Science.gov (United States)

    Wenz, Leonie; Levermann, Anders; Auffhammer, Maximilian

    2017-09-19

    There is growing empirical evidence that anthropogenic climate change will substantially affect the electric sector. Impacts will stem both from the supply side-through the mitigation of greenhouse gases-and from the demand side-through adaptive responses to a changing environment. Here we provide evidence of a polarization of both peak load and overall electricity consumption under future warming for the world's third-largest electricity market-the 35 countries of Europe. We statistically estimate country-level dose-response functions between daily peak/total electricity load and ambient temperature for the period 2006-2012. After removing the impact of nontemperature confounders and normalizing the residual load data for each country, we estimate a common dose-response function, which we use to compute national electricity loads for temperatures that lie outside each country's currently observed temperature range. To this end, we impose end-of-century climate on today's European economies following three different greenhouse-gas concentration trajectories, ranging from ambitious climate-change mitigation-in line with the Paris agreement-to unabated climate change. We find significant increases in average daily peak load and overall electricity consumption in southern and western Europe (∼3 to ∼7% for Portugal and Spain) and significant decreases in northern Europe (∼-6 to ∼-2% for Sweden and Norway). While the projected effect on European total consumption is nearly zero, the significant polarization and seasonal shifts in peak demand and consumption have important ramifications for the location of costly peak-generating capacity, transmission infrastructure, and the design of energy-efficiency policy and storage capacity.

  2. Chilean wine in the european market : a positioning mapping approach from Germany

    OpenAIRE

    Díaz Osorio, José; Valdés, Rodrigo; Hernández, Nicole

    2015-01-01

    Current wine marketing requires a rethinking of business strategy in order to increase the current market share and international prestige. This paper provides a comparative diagnosis of the positioning of Chilean wine in the European market, focusing on the case of Germany. The working methodology was based on the registering and market segmentation of the selection of wines on display on the shelves of supermarkets, hypermarkets and specialt...

  3. The liberalization of the European gas market and its consequences for Russia

    Energy Technology Data Exchange (ETDEWEB)

    Finon, D.; Locatelli, C

    2002-07-01

    Russia is the world biggest natural gas producer, with output of 581 bn m{sup 3} in 2001, and is also a key supplier of the European gas market (around 30% of current European Union gas imports). Therefore gas exports rank with oil exports as an essential variable of Russian economic policy, and any institutional evolution of its gas export markets is crucial for Russia's economy as well as its gas industry. Liberalization of the European gas market will have major consequences for main suppliers, and therefore for Russia. (author)

  4. Open lean electricity supply communities. A paradigm shift for mass customizing electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Tsigkas, Alexander [Democritus University of Thrace, Department of Production Engineering and Management, Xanthi (Greece)

    2011-11-15

    The purpose of this paper is to uncover the social, technological and environmental need for the development of Open Lean Electricity Supply Communities (OLESC). It is argued that the development of such communities in the future should focus on increasingly serving markets of one for lean and green electricity. Within these markets electricity service providers will offer the opportunity to their customers to design individual demand load profiles through setting up virtual private networks to fit individual needs. Communities of this kind will enable just-in-time, mass customized, as opposed to just-in-case, mass supplied electricity. Integration of locally available renewable energy sources upon demand will enhance openness and customizability of electricity generated. Mass customizing electricity reduces the environmental impact and lowers electricity needs with respect to mass production due to just-in-time on demand production and elimination of all types of waste. A combination of appropriate distributed energy systems and leading edge information and communication technology to provide customized electricity is necessary. The fundamental components of the required information systems architecture in order to enable OLESC are presented. (orig.)

  5. Classifying Returns as Extreme: European Stock and Bond Markets

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    whereby a shorter sample period is needed. For the bond markets the simultaneous extreme return variable (used for analyzing integration and contagion of financial markets) is not statistically different for the two schemes. For the stock markets there are differences, but they are disappearing......I consider the stock and bond markets of 14 EU countries. I use two classification schemes for defining extreme returns: One, the existing univariate classification scheme which considers each market separately. Two, the new multivariate classification scheme that considers all the markets jointly...

  6. Electricity sector liberalization in the European Union: The political economy of regulatory reform

    Science.gov (United States)

    Infante Durana, Maria Dolores

    This dissertation looks into the reasons that pushed European countries to liberalize their electricity industries. The analysis of the political process leading to that decision in the areas pioneers of regulatory reform in this sector (United Kingdom, Sweden and the European Commission) shows that the liberalization of the European power sectors does not conform to the traditional theoretical explanations for regulatory reform that put interests and industry-specific considerations at the forefront of the explanation. The central argument of this dissertation is that, contrary to what most of the literature assumes and the theories predict, the primary impetus for the reforms in European electricity sectors did not come from industrial or economic worries, but rather from a neo-liberal turn to the ideas shared by European intellectual and political elites. The reform followed a political spill-over process by which the liberalization policy was emulated and introduced as a direct result of the international and sectoral diffusion of the new "efficiency regime" and the belief in the economic superiority of free markets over any form of government intervention. As an idea-driven policy, liberalization was not always coherent with the stated goals and, with means and ends that were not always consistent with each other, the reforms were often hampered and their results ambiguous. Liberalization transformed energy policy priorities in member states by adding the promotion and development of market-based mechanisms to the previous two of ensuring that security of supply, was adequate and of achieving ambitious environmental targets. By adding economic efficiency (and its political corollary, low prices) to its policy goals, governments effectively rendered the realization of the other two goals all the more difficult. As a result, liberalization did not entail the expected government disengagement from the affairs of the industry. On the contrary, it became

  7. Clean Energy Generation and Dispatch in Reformed Wholesale Electricity Markets: Experience in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Zhou, Shengru [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Hurlbut, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Li, Ma [State Grid Energy Research Institute; Fan, Zhang [State Grid Energy Research Institute; Menghua, Fan [State Grid Energy Research Institute; Jing, Li [State Grid Energy Research Institute; Haoyuan, Qu [State Grid Energy Research Institute

    2017-04-01

    In recent years, the US electricity market has undergone several stages of reform, and gradually formed the market where the wholesale electricity price is determined by the supply and demand. The US electricity market also changes along with the rapid development of clean energy, forming a number of the market mechanisms that is specifically developed for clean energy power generation characteristics. On the basis of discussing the pricing mechanism of US electricity market, this paper analyzes the experience and practice of encouraging renewable energy development policy and clean energy dispatch from the angle of market mechanism and dispatching decision, and puts forward the reference for clean energy dispatching in China.

  8. Market Evolution: Wholesale Electricity Market Design for 21st Century Power Systems

    Energy Technology Data Exchange (ETDEWEB)

    Cochran, Jaquelin [National Renewable Energy Lab. (NREL), Golden, CO (United States); Miller, Mackay [National Renewable Energy Lab. (NREL), Golden, CO (United States); Milligan, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Ela, Erik [National Renewable Energy Lab. (NREL), Golden, CO (United States); Arent, Douglas [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bloom, Aaron [National Renewable Energy Lab. (NREL), Golden, CO (United States); Futch, Matthew [IBM, Northcastle, NY (United States); Kiviluoma, Juha [VTT Technical Research Centre of Finland, Espo (Finland); Holtinnen, Hannele [VTT Technical Research Centre of Finland, Espo (Finland); Orths, Antje [Energinet.dk (Denmark); Gomez-Lazaro, Emilio [University of Castilla-La Mancha, Real (Spain); Martin-Martinez, Sergio [University of Castilla-La Mancha, Real (Spain); Kukoda, S. [International Copper Association, New York, NY (United States); Garcia, Glycon [International Copper Association, New York, NY (United States); Mikkelsen, Kim M. [Global Green Growth Inst., Seoul (Korea); Yongqiang, Zhao [China National Renewable Energy Center, Beijing (China); Sandholt, Kaare [China National Renewable Energy Center, Beijing (China)

    2013-10-01

    Demand for affordable, reliable, domestically sourced, and low-carbon electricity is on the rise. This growing demand is driven in part by evolving public policy priorities, especially reducing the health and environmental impacts of electricity service and expanding energy access to under-served customers. Consequently, variable renewable energy resources comprise an increasing share ofelectricity generation globally. At the same time, new opportunities for addressing the variability of renewables are being strengthened through advances in smart grids, communications, and technologies that enable dispatchable demand response and distributed generation to extend to the mass market. A key challenge of merging these opportunities is market design -- determining how to createincentives and compensate providers justly for attributes and performance that ensure a reliable and secure grid -- in a context that fully realizes the potential of a broad array of sources of flexibility in both the wholesale power and retail markets. This report reviews the suite of wholesale power market designs in use and under consideration to ensure adequacy, security, and flexibilityin a landscape of significant variable renewable energy. It also examines considerations needed to ensure that wholesale market designs are inclusive of emerging technologies, such as demand response, distributed generation, and storage.

  9. The value of electricity storage in energy-only electricity markets

    Science.gov (United States)

    McConnell, D.; Forcey, T.; Sandiford, M.

    2015-12-01

    Price volatility and the prospect of increasing renewable energy generation have raised interest in the potential opportunities for storage technologies in energy-only electricity markets. In this paper we explore the value of a price-taking storage device in such a market, the National Electricity Market (NEM) in Australia. Our analysis suggests that under optimal operation, there is little value in having more than six hours of storage in this market. However, the inability to perfectly forecast wholesale prices, particularly extreme price spikes, may warrant some additional storage. We found that storage devices effectively provide a similar service as peak generators (such as Open Cycle Gas Turbines) and are similarly dependent on and exposed to extreme price events, with revenue for a merchant generator highly skewed to a few days of the year. In contrast to previous studies, this results in the round trip efficiency of the storage being relatively insignificant. Financing using hedging strategies similar to a peak generator effectively reduces the variability of revenue and exposure of storage to extreme prices. Our case study demonstrates that storage may have a competitive advantage over other peaking generators on the NEM, due to its ability to earn revenue outside of extreme peak events. As a consequence the outlook for storage options on the NEM is dependent on volatility, in turn dependent on capacity requirements. Further to this, increased integration of renewable energy may both depend on storage and improve the outlook for storage in technologies in electricity markets.

  10. Optimal control of an electric vehicle’s charging schedule under electricity markets

    DEFF Research Database (Denmark)

    Lan, Tian; Hu, Junjie; Kang, Qi

    2013-01-01

    ), since the hourly electricity prices are different in the market. In this paper, the problem is formulated into an optimal control one and solved by dynamic programming. Optimization aims to find the economically optimal charging solution for each vehicle. In this paper, a nonlinear battery model...

  11. UK electricity `94

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1994-12-31

    A detailed factual account is presented of the achievements of the UK electricity industry in 1994. The review is divided into sections headed: the UK energy market and electricity`s share; the electricity market; electricity prices; the electric power supply system; quality of service; protection of the environment; manpower and safety trends; business diverisification and the electricity industry in the European Union. Statistical tables are presented on power stations in the UK and key electricity and energy statistics.

  12. Are European Equity Style Indexes Mean Reverting? Testing the Validity of the Efficient Market Hypothesis

    OpenAIRE

    Berneburg, Marian

    2004-01-01

    The article tests for a random walk in European equity style indexes. After briefly introducing the efficient market hypothesis, equity styles in general and the used statistical techniques (Variance Ratio Test and modified Rescaled Range Test) it is shown that a random walk in European equity style indexes cannot be rejected. At least in the period since the mid 70s, for which this research has been conducted, the weak form efficient market hypothesis seems to hold.

  13. Towards an international health market with the European Court

    DEFF Research Database (Denmark)

    Martinsen, Dorte Sindbjerg

    2005-01-01

    This article examines the process through which a European healthcare dimension has been established and which has gradually extended the rights of European patients to cross-border healthcare. The integrative course has been charted by the legal activism of the European Court of Justice, whereas...... by national authorities can be challenged. Through the indeterminacy of European rules, open to continuous contestation and clarification, healthcare institutionalisation has proceeded and the European Union has extended into the core of the welfare state....... evolution of Community law has increasingly challenged the national instrument to retain health supply within own borders. Furthermore, the position of the European patient has been empowered by new individual rights, emanating from a supranational locus of rights against which the discretion exerted...

  14. Hierarchical dispatch using two-stage optimisation for electricity markets in smart grid

    Science.gov (United States)

    Yang, Jie; Zhang, Guoshan; Ma, Kai

    2016-11-01

    This paper proposes a hierarchical dispatch method for the electricity markets consisting of wholesale markets and retail markets. In the wholesale markets, the generators and the retailers decide the generation and the purchase according to the market-clearing price. In the retail markets, the retailers set the retail price to adjust the electricity consumption of the consumers. Due to the two-way communications in smart grid, the retailers can decide the electricity purchase from the wholesale markets based on the information on electricity usage of consumers in the retail markets. We establish the hierarchical dispatch model for the wholesale markets and the retail markets and develop distributed algorithms to search for the optimal generation, purchase, and consumption. Numerical results show the balance between the supply and demand, the profits of the retailers, and the convergence of the distributed algorithms.

  15. The market effectiveness of electricity reform: A case of carbon emissions trading market of Shenzhen city

    Science.gov (United States)

    Wang, Yongli; Wang, Gang; Zuo, Yi; Fan, Lisha; Xiao, Yao

    2017-03-01

    In the 13th Five-Year Plan, the Chinese government proposed to achieve the national carbon emission trading market established by 2017. The establishment of carbon emission trading market is the most important one in power reform, which helps to promote the power reform and achieve the goal of energy saving and emission reduction. As the bond of connecting environment energy issues and the economic development, carbon emissions trading market has become a hot research topic in the related fields, by market means, it incentive the lower cost subject emissions to undertake more reductions and therefore to benefit, the body of the high cost finished the task by buying quota reduction, to achieve the effect of having the least social total cost. Shenzhen has become the first city in China to start carbon trading pilot formally on June 16, 2013, online trading on June 18. The paper analyzes the market effectiveness of electricity reform in China, which takes carbon emissions trading market of Shenzhen city for example, and gives some suggestions for future development.

  16. Second European symposium `Solar and electric-powered vehicles`. Proceedings; Zweites Europaeisches Symposium Solar- und Elektromobile. Vortraege

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1994-12-31

    This book contains 30 scripts of the talks, which were given at the Second European symposium ``Solar and electric-powered vehicles``. For each of the 30 scripts a separate abstract has been written. The main emphasis of the symposium was on: Marginal conditions and an overview of the market; Aspects of the energy storage; Safety aspects; Comfort of solar and electric-powered vehicles. (HW) [Deutsch] Das vorliegende Buch enthaelt die 30 Manuskripte der Vortraege, die anlaesslich des zweiten europaeischen Symposiums `Solar- und Elektromobile` gehalten wurden. Fuer die 30 Manuskripte wurde eine gesonderte inhaltliche Erschliessung erarbeitet. Schwerpunkte der Tagung: - Rahmenbedingungen und Marktuebersicht; - Aspekte der Energiespeichers; - Sicherheitsfragen; - Komfort von Solar- und Elektromobilen. (HW)

  17. On the Inefficiency of the Merit Order in Forward Electricity Markets with Uncertain Supply

    OpenAIRE

    Morales, Juan M.; Pineda, Salvador

    2015-01-01

    This paper provides insight on the economic inefficiency of the classical merit-order dispatch in electricity markets with uncertain supply. For this, we consider a power system whose operation is driven by a two-stage electricity market, with a forward and a real-time market. We analyze two different clearing mechanisms: a conventional one, whereby the forward and the balancing markets are independently cleared following a merit order, and a stochastic one, whereby both market stages are co-...

  18. A local energy market for electricity and hydrogen

    DEFF Research Database (Denmark)

    Xiao, Yunpeng; Wang, Xifan; Pinson, Pierre

    2017-01-01

    ), loads, hydrogen vehicles (HVs), and a hydrogen storage system (HSS) operated by a HSS agent (HSSA). An iterative LEM clearing method is proposed based on the merit order principle. Players submit offers/bids with consideration of their own preferences and profiles according to the utility functions......The proliferation of distributed energy resources entails efficient market mechanisms in distribution-level networks. This paper establishes a local energy market (LEM) framework in which electricity and hydrogen are traded. Players in the LEM consist of renewable distributed generators (DGs....... Sensitivity analysis is then implemented to discuss the influences on the LEM clearing results of capacities of DGs, Loads, and the HSS, as well as price of hydrogen from the hydrogen station (HS)....

  19. A Hybrid Setarx Model for Spikes in Tight Electricity Markets

    Directory of Open Access Journals (Sweden)

    Carlo Lucheroni

    2012-01-01

    Full Text Available The paper discusses a simple looking but highly nonlinear regime-switching, self-excited threshold model for hourly electricity prices in continuous and discrete time. The regime structure of the model is linked to organizational features of the market. In continuous time, the model can include spikes without using jumps, by defining stochastic orbits. In passing from continuous time to discrete time, the stochastic orbits survive discretization and can be identified again as spikes. A calibration technique suitable for the discrete version of this model, which does not need deseasonalization or spike filtering, is developed, tested and applied to market data. The discussion of the properties of the model uses phase-space analysis, an approach uncommon in econometrics. (original abstract

  20. ASPECTS REGARDING LABOUR MARKET IN ROMANIA AND OTHER EUROPEAN STATES

    Directory of Open Access Journals (Sweden)

    Adrian TĂNASE

    2014-06-01

    Full Text Available This paper aims at analysing the main aspects related to the labour market. It starts by several theoretical aspects in relation with the human capital and labour market, and continues by the investigation of labour productiveness and of unemployment rate, revealing at the same time the correlation between the education level and the insertion to the labour market. Furthermore, a comparative survey is conducted regarding the efficiency of the labour market in Romania and in the other EU countries. The paper ends by forwarding a series of conclusions related to the labour market in Romania, identifying several measures meant to boost the labour market competitiveness in our country. The methods used in the present paper are the interpretative method, the structural-systemic approach, as well as the epistemological method.

  1. LABOR MARKET DEVELOPMENT UNDER ROMANIA'S INTEGRATION IN THE EUROPEAN UNION

    OpenAIRE

    NĂSTASIE MIHAELA – ANDREEA

    2014-01-01

    In all conditions of time and space, economic activity involving work objectively factor designed to exploit natural resources and monetary system in its interest. According to Adam Smith, the work is a primary factor, the original production was considered by him as the sole source of national wealth. This factor of production can be achieved through labor market that is in a competitive market economy. Transactions in this market have as their object or labor work. Employment...

  2. Population ageing and labour market in Slovenia and European Union

    OpenAIRE

    Tomaž Kofalt; Žiga Čepar

    2015-01-01

    In this paper we investigate the influence and importance of population ageing for labour market. Particularly we focus on unemployment, salaries and population education level. After reviewing some of the previous research on the influence of demographic ageing on labour market, we set three hypotheses, referring to the three above mentioned specific aspects of labour market, which were tested using multivariate regression analysis. Based on demographic and socio-economic panel data on Slove...

  3. The Role of Marketization in the Europeanization of Defense Industry Policy

    Science.gov (United States)

    Britz, Malena

    2010-01-01

    European integration has increased to encompass security-related policies. One such policy is defense industry policy, which traditionally has been a national concern rooted in defense and security policy. Efforts have been made since the 1990s to create a European defense industry market. However, there have been different ideas of how this goal…

  4. The Microstructure of the European Sovereign Bond Market

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    We explore the interaction between credit risk and liquidity, during the Euro-zone crisis, in the Italian sovereign bond market, using a unique tick-by-tick dataset, from the period June 2011-December 2012. We document a strong, dynamic relationship between changes in sovereign credit risk...... and market liquidity, conditional on the credit default swap (CDS) spread: When the CDS is above 500 basis points (bp), market liquidity adjusts more rapidly and signicantly to changes in the credit risk. Other global systemic factors also aect market liquidity, while, surprisingly, the specic credit risk...

  5. Extreme negative coexceedances in South Eastern European stock markets

    DEFF Research Database (Denmark)

    Tevdovski, Dragan

    The aim of this paper is to analyze the financial integration of the South Eastern Europe (SEE) stock markets. We use a multinomial logistic regression to analyze how persistence, asset class and volatility effects are related with negative coexceedances in SEE markets. We find evidence in favor...... of the continuation hypothesis in SEE stock markets. However, the factors associated with the coexceedances differ between the EU member countries from SEE and EU accession countries from SEE stock markets.The EU member countries are more dependent from the signals from major EU economies, while the accession...

  6. Determining the Effects on Residential Electricity Prices and Carbon Emissions of Electricity Market Restructuring in Alberta

    Science.gov (United States)

    Jahangir, Junaid Bin

    When electricity restructuring initiatives were introduced in Alberta, and finalized with the institution of retail electricity market competition in 2001, it was argued that the changes would deliver lower electricity prices to residential consumers. However, residential electricity prices in Alberta increased dramatically in 2001, and have never returned to their pre-restructuring levels. Proponents of restructuring argue that electricity prices would have been even higher under continued regulation, citing the effect of considerably higher natural gas prices and the roles of other variables. However, many Alberta residential electricity consumers tend to attribute their higher electricity prices to factors such as market power and manipulation associated with restructuring. Since the effects of restructuring on electricity prices cannot be evaluated by simply comparing prices before and after it occurred, the main objective of this thesis is to determine what electricity prices would have been under continued regulation, and to compare them with what was actually observed. To determine these counterfactual electricity prices, a structural model of the determinants of Alberta residential electricity prices is developed, estimated for the prerestructuring period, and used to forecast (counterfactual) prices in the postrestructuring period. However, in forming these forecasts it is necessary to separately account for changes in explanatory variables that could be viewed as occurring due to the restructuring (endogenous) from those changes that would Since the effects of restructuring on electricity prices cannot be evaluated by simply comparing prices before and after it occurred, the main objective of this thesis is to determine what electricity prices would have been under continued regulation, and to compare them with what was actually observed. To determine these counterfactual electricity prices, a structural model of the determinants of Alberta residential

  7. Evaluating multivariate GARCH models in the Nordic electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Malo, P.; Kanto, A.

    2005-07-01

    This paper considers a variety of specification tests for multivariate GARCH models that are used in dynamic hedging in the electricity markets. The test statistics include the robust conditional moments tests for sign-size bias along with the recently introduced copula tests for an appropriate dependence structure. We consider this effort worthwhile, since quite often the tests of multivariate GARCH models are easily omitted and the models become selected ad-hoc depending on the results they generate. Hedging performance comparisons, in terms of unconditional and conditional ex-post variance portfolio reduction, are conducted. (orig.)

  8. Finding uncontested markets for European Fruit and Vegetables through applying the Blue Ocean Strategy

    NARCIS (Netherlands)

    Wubben, E.F.M.; Düsseldorf, S.; Batterink, M.H.

    2012-01-01

    Purpose – The purpose of this paper is to discover an uncontested market space in the European fruit and vegetables industry (EFVI), and thereby assess the ex-ante applicability of the Blue Ocean Strategy of Kim and Mauborgne. Design/methodology/approach – The search for an untapped market space

  9. Competition in the European aviation market: the entry of low-cost airlines

    NARCIS (Netherlands)

    Alderighi, M.; Cento, A.; Nijkamp, P.; Rietveld, P.

    2012-01-01

    This paper investigates the price-setting behavior of full-service airlines in the European passenger aviation market. We develop a model of airline competition, which accommodates various market structures, some of which include low-cost players. Using data on published airfares of Lufthansa,

  10. Liberalisation versus national protectionism: the European liberalised postal market: finalisation by whom?

    NARCIS (Netherlands)

    Versteegh, L.

    2010-01-01

    The new European Postal Directive of 2008 provides the postal market with new opportunities as it allows for the gradual development of competition of services of general interests in Europe. However, the directive leaves room for uncertainties and the full opening of the postal market is hampered

  11. The Electricity Usage Pattern for Cooker Manufacturing in Three European Countries. A Benchmarking Study of Electrolux Factories

    Energy Technology Data Exchange (ETDEWEB)

    Nord-Aagren, Elisabet

    2002-12-01

    The European electricity market became deregulated by January 1999 and it is now free to trade electricity across borders. The price of electricity varies to a great extent among the countries within the European Union. Swedish electricity will increasingly be an export product on the European electricity market, due to the lower price compared with other countries in Europe. Energy statistics and studies indicate a clear relation between electricity price and electricity use. For the industrial sector in countries with low electricity prices, electricity is a major energy source. Electricity is the dominant energy source, not only for industrial processes but also for support processes, e.g. process heating and heating of the premises. The situation is quite different for industry in countries with high electricity prices. Electricity is sparingly used and only for electricity-specific processes. This thesis presents a benchmarking study of the electricity usage pattern for Electrolux cooker manufacturing in three European cities, i.e. Fredericia in Denmark, Spennymoor in England and Motala in Sweden. The basic idea is to investigate the relation between electricity price and use for cooker manufacturing and explain the differences. The results show that a high electricity price corresponds to a low electricity use and vice versa. Motala has the highest electricity use and the lowest electricity price. Spennymoor's electricity use is half of Motala's and the electricity price is about double Motala's. Spennymoor and Fredericia have about the same electricity price. They differ mainly in which energy source is used for process heating. The total energy use per cooker at Motala is rather close to that of Fredericia. They use less energy than Spennymoor, which has a high gas use. The total energy cost for Fredericia is 45.9 SEK/unit, Motala is 23.7 SEK/unit and Spennymoor is 40.9 SEK/unit. In this study the unit process method was used. The method is a

  12. Time-varying long term memory in the European Union stock markets

    Science.gov (United States)

    Sensoy, Ahmet; Tabak, Benjamin M.

    2015-10-01

    This paper proposes a new efficiency index to model time-varying inefficiency in stock markets. We focus on European stock markets and show that they have different degrees of time-varying efficiency. We observe that the 2008 global financial crisis has an adverse effect on almost all EU stock markets. However, the Eurozone sovereign debt crisis has a significant adverse effect only on the markets in France, Spain and Greece. For the late members, joining EU does not have a uniform effect on stock market efficiency. Our results have important implications for policy makers, investors, risk managers and academics.

  13. Support Vector Machines for decision support in electricity markets׳ strategic bidding

    DEFF Research Database (Denmark)

    Pinto, Tiago; Sousa, Tiago M.; Praça, Isabel

    2015-01-01

    by being included in ALBidS and then compared with the application of an Artificial Neural Network (ANN), originating promising results: an effective electricity market price forecast in a fast execution time. The proposed approach is tested and validated using real electricity markets data from MIBEL......׳ research group has developed a multi-agent system: Multi-Agent System for Competitive Electricity Markets (MASCEM), which simulates the electricity markets environment. MASCEM is integrated with Adaptive Learning Strategic Bidding System (ALBidS) that works as a decision support system for market players....... The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from the market context. This paper presents the application of a Support Vector Machines (SVM) based approach to provide decision support to electricity market players. This strategy is tested and validated...

  14. Adaptive learning in agents behaviour: A framework for electricity markets simulation

    DEFF Research Database (Denmark)

    Pinto, Tiago; Vale, Zita; Sousa, Tiago M.

    2014-01-01

    Electricity markets are complex environments, involving a large number of different entities, playing in a dynamic scene to obtain the best advantages and profits. MASCEM (Multi-Agent System for Competitive Electricity Markets) is a multi-agent electricity market simulator that models market...... players and simulates their operation in the market. Market players are entities with specific characteristics and objectives, making their decisions and interacting with other players. This paper presents a methodology to provide decision support to electricity market negotiating players. This model...... allows integrating different strategic approaches for electricity market negotiations, and choosing the most appropriate one at each time, for each different negotiation context. This methodology is integrated in ALBidS (Adaptive Learning strategic Bidding System) – a multiagent system that provides...

  15. Consumers` Attitude towards Consumer Protection in the Digital Single Market, as Reflected by European Barometers

    Directory of Open Access Journals (Sweden)

    Doru Alexandru Pleşea

    2014-05-01

    Full Text Available The European Single Market is an ongoing project that will continue to further develop and adapt to changing realities. Traditional economic activities, and the administrative rules governing them, face the challenge of adapting to developments that blur the dividing lines, for example, between shop and online sales or between traditional media and Internet communication. Convergence of this type will lead to a European Digital Single Market. A genuine Digital Single Market would generate new types of growth and also sustainable economic and social benefits for all European citizens. There are still a number of barriers which impose obstacles for the development of the digital market in Europe. Obstacles which can be identified include national differences regarding data protection rules, e-commerce rules, consumer protection rules and other legislation pertaining to information flows. The paper brings in discussion the advantages of a Digital Single Market, the obstacles in developing it in connection with e-commerce regulations, consumer protection and information flows legislation and also the premises for implementing a Digital Single Market. Consumers’ trust in on-line commerce results as one of the driving factors in implementing a Digital Single Market. These are some of the main obstacles for the boosting consumers’ confidence in the European Single Market. Improving consumer confidence in cross-border shopping online by taking appropriate policy action could provide a major boost to economic growth in Europe. Empowered and confident consumers can drive forward the European economy. Starting from the results of the Flash Euro-barometer survey „Consumer attitudes towards cross-border trade and consumer protection this study analyzes consumer`s readiness for the European Digital Single Market

  16. LABOR MARKET DEVELOPMENT UNDER ROMANIA'S INTEGRATION IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    NĂSTASIE MIHAELA – ANDREEA

    2014-10-01

    Full Text Available In all conditions of time and space, economic activity involving work objectively factor designed to exploit natural resources and monetary system in its interest. According to Adam Smith, the work is a primary factor, the original production was considered by him as the sole source of national wealth. This factor of production can be achieved through labor market that is in a competitive market economy. Transactions in this market have as their object or labor work. Employment policy work focus on boosting production and the flexibility of labor market through an easy tax for economic entities to make hiring, increasing the occupancy of the active population. In Romania, the pressures exerted on the labor market increasingly higher while the economy is subject to extensive qualitative transformations concerning privatization, restructuring and upgrading.

  17. 78 FR 65978 - Application to Export Electric Energy; Brookfield Energy Marketing Inc.

    Science.gov (United States)

    2013-11-04

    ... Application to Export Electric Energy; Brookfield Energy Marketing Inc. AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: Brookfield Energy Marketing Inc... President of Legal Services and General Counsel, Brookfield Energy Marketing Inc., 480 de la Cite Blvd...

  18. 75 FR 75994 - Application To Export Electric Energy; NRG Power Marketing LLC

    Science.gov (United States)

    2010-12-07

    ... Application To Export Electric Energy; NRG Power Marketing LLC AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: NRG Power Marketing LLC (NRGPML) has..., Federal power marketing agencies, and other entities within the United States. The existing international...

  19. 76 FR 20651 - Application To Export Electric Energy; Cargill Power Markets, LLC

    Science.gov (United States)

    2011-04-13

    ... utilities, Federal power marketing agencies and other entities within the United States. The existing... Application To Export Electric Energy; Cargill Power Markets, LLC AGENCY: Office of Electricity Delivery and Energy Reliability, DOE. ACTION: Notice of application. SUMMARY: Cargill Power Markets, LLC (CPM) has...

  20. An overview on the supply chain for European organic food market

    Directory of Open Access Journals (Sweden)

    DOVLEAC Lavinia

    2017-01-01

    Full Text Available European organic food market is very dynamic both due to the consumers’ preferences and requests and due to the supply chain members who focus more and more on satisfying the market needs. Organic food has emerged as an important segment of food retailing in recent years. The supply chain management for organic food was first based on the conventional methods, but the products’ particular characteristics determined some specific changes. This paper aims to evaluate the supply chain challenges on the European and Romanian organic food market, trying to offer some solutions for the sector’ sustainable development.

  1. Pedelec, the electric assisted bike : market and product opportunities in Canada 2002

    Energy Technology Data Exchange (ETDEWEB)

    Russel, A. [Airstream Technologies Corp., Mississauga, ON (Canada)

    2002-05-01

    The mission statement of Airstream Technologies Corp. is to become the Canadian leader in marketing and distribution of advanced personal hybrid electric vehicles. This Power Point presentation describes the trends of the bicycle industry, with reference to environment, air pollution and urban transport. A new role is emerging for the bicycle as society ages and peoples' attitudes towards health awareness changes. A graph depicting the bicycle market size in major countries around the world showed that China is the world leader in market size, followed by the European Union, United States and Japan, with Canada ranking at number 12 out of 17 countries. The paper presented the Pedelec electric bike, a completely new class of vehicle which is neither a motorcycle nor a bicycle. The idea was first developed by Panasonic/National Bicycle Co. in 1978. Since then, the technology has evolved, enabling lightweight, long-range bikes. In a Pedelec, the motor is linked to muscle power, unlike a classic electric bike in which the motor is independent from pedalling. The pedal electric cycle helps the user by delivering aid when pedaling becomes strenuous. The electric motor augments the pedaling action and is only active while pedaling. The intelligent battery system allows for greater range and more precise readout of remaining charge. In major cities in Japan and China, there are currently many parking facilities with outlets for charging these bikes. The environmental benefits of these bikes include zero emission transportation and no noise. The bikes range in price from $1500 to $3000 CDN. They are perceived to be just as safe as regular bicycles. The market outlook for the bikes appears promising with potential buyers being enthusiastic baby boomers, retirees, and youth. The paper describes some of the current and future models suitable for the Canadian marketplace and describes a possible rental infrastructure. Pedelec is already federally legislated. The bikes are

  2. 75 FR 57912 - Application To Export Electric Energy; Rainbow Energy Marketing Corporation

    Science.gov (United States)

    2010-09-23

    ... electric energy that Rainbow proposes to export to Mexico would be surplus energy purchased from electric... on the Rainbow application to export electric energy to Mexico should be clearly marked with Docket... Application To Export Electric Energy; Rainbow Energy Marketing Corporation AGENCY: Office of Electricity...

  3. 18 CFR 42.1 - Requirement that Transmission Organizations with Organized Electricity Markets Offer Long-Term...

    Science.gov (United States)

    2010-04-01

    ... Transmission Organizations with Organized Electricity Markets Offer Long-Term Firm Transmission Rights. 42.1... ELECTRICITY MARKETS § 42.1 Requirement that Transmission Organizations with Organized Electricity Markets... with one or more organized electricity markets (administered either by it or by another entity) to make...

  4. RE-Europe, a large-scale dataset for modeling a highly renewable European electricity system

    Science.gov (United States)

    Jensen, Tue V.; Pinson, Pierre

    2017-11-01

    Future highly renewable energy systems will couple to complex weather and climate dynamics. This coupling is generally not captured in detail by the open models developed in the power and energy system communities, where such open models exist. To enable modeling such a future energy system, we describe a dedicated large-scale dataset for a renewable electric power system. The dataset combines a transmission network model, as well as information for generation and demand. Generation includes conventional generators with their technical and economic characteristics, as well as weather-driven forecasts and corresponding realizations for renewable energy generation for a period of 3 years. These may be scaled according to the envisioned degrees of renewable penetration in a future European energy system. The spatial coverage, completeness and resolution of this dataset, open the door to the evaluation, scaling analysis and replicability check of a wealth of proposals in, e.g., market design, network actor coordination and forecasting of renewable power generation.

  5. 77 FR 52020 - Coordination Between Natural Gas and Electricity Markets; Supplemental Notice for Mid-Atlantic...

    Science.gov (United States)

    2012-08-28

    ... Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Supplemental... Electricity Markets, Docket No. AD12-12-000 (July 5, 2012) (Notice Of Technical Conferences) ( http://elibrary.../fdsys/pkg/FR-2012-07-12/pdf/2012-16997.pdf ). \\2\\ Coordination between Natural Gas and Electricity...

  6. Economic and financial integration in emerging markets: A European policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2005-01-01

    Full Text Available This paper extends to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging markets". This work finds signs that, contrary to other emerging markets, this does not happen: for the future member states financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.

  7. U.S. subprime financial crisis contagion on BRIC and European Union stock markets

    Directory of Open Access Journals (Sweden)

    Daniel Reed Bergmann

    2015-06-01

    Full Text Available ABSTRACT The Copula Theory was used to analyze contagion among the BRIC (Brazil, Russia, India and China and European Union stock markets with the U.S. Equity Market. The market indexes used for the period between January 01, 2005 and February 27, 2010 are: MXBRIC (BRIC, MXEU (European Union and MXUS (United States. This article evaluated the adequacy of the main copulas found in the financial literature using log-likelihood, Akaike information and Bayesian information criteria. This article provides a groundbreaking study in the area of contagion due to the use of conditional copulas, allowing to calculate the correlation increase between indexes with non-parametric approach. The conditional Symmetrized Joe-Clayton copula was the one that fitted better to the considered pairs of returns. Results indicate evidence of contagion effect in both markets, European Union and BRIC members, with a 5% significance level. Furthermore, there is also evidence that the contagion of U.S. financial crisis was more pronounced in the European Union than in the BRIC markets, with a 5% significance level. Therefore, stock portfolios formed by equities from the BRIC countries were able to offer greater protection during the subprime crisis. The results are aligned with recent papers that present an increase in correlation between stock markets, especially in bear markets.

  8. Electricity market integration: Redistribution effect versus resource reallocation

    Energy Technology Data Exchange (ETDEWEB)

    Finon, Dominique [Gis LARSEN (Laboratoire d' Analyse economique des Reseaux et des Systemes Energetiques) (France); CIRED (Centre International de Recherche sur l' Environnement et le Developpement) (France)], E-mail: finon@centre-cired.fr; Romano, Elliot [Commission de Regulation de l' Energie (France)

    2009-08-15

    Summary: In countries with a significant amount of low variable cost generation capacity, the integration of electricity markets poses a real problem with respect to consumers' interests. In such cases, consumers face a significant price rise compared with consumers in countries where low-cost capacities are lacking. This paper analyses this problem both in the short and long term, focusing on a market dominated by nuclear and hydro production. When there are too many restrictions on new capacity developments in low-cost technologies, market integration will lead to surplus redistribution without any production reallocation. This really makes it legitimate to contemplate redistributive compensations towards local consumers in countries which benefited from low variable cost generators at the moment of liberalisation. This paper examines two alternative ways of rent reallocation, one by income with a windfall tax on nuclear producers and the allocation of this revenue to energy efficiency policy funds, and another by price by giving drawing rights on the existing nuclear generators' production to small commercial and domestic consumers, at a level equivalent to the one necessary to maintain regulated prices.

  9. Oligopoly market models applied to electric utilities: How will generating companies behave in a deregulated industry?

    Science.gov (United States)

    Cunningham, Lance Brian

    An oligopoly market is analyzed which compares the oligopoly uniform market price to a fully competitive market price. The oligopoly consists of three electric utilities that behave as Cournot and Stackelberg leader---followers. A market simulation of the ERCOT market is also presented which includes the impact on market price when there are new market entrants into the oligopoly. The two case studies analyze the market with and without transmission constraints and identify how various transmission limitations can support strategic behavior by the utilities and ultimately impact the market price.

  10. Generation capacity expansion planning in deregulated electricity markets

    Science.gov (United States)

    Sharma, Deepak

    With increasing demand of electric power in the context of deregulated electricity markets, a good strategic planning for the growth of the power system is critical for our tomorrow. There is a need to build new resources in the form of generation plants and transmission lines while considering the effects of these new resources on power system operations, market economics and the long-term dynamics of the economy. In deregulation, the exercise of generation planning has undergone a paradigm shift. The first stage of generation planning is now undertaken by the individual investors. These investors see investments in generation capacity as an increasing business opportunity because of the increasing market prices. Therefore, the main objective of such a planning exercise, carried out by individual investors, is typically that of long-term profit maximization. This thesis presents some modeling frameworks for generation capacity expansion planning applicable to independent investor firms in the context of power industry deregulation. These modeling frameworks include various technical and financing issues within the process of power system planning. The proposed modeling frameworks consider the long-term decision making process of investor firms, the discrete nature of generation capacity addition and incorporates transmission network modeling. Studies have been carried out to examine the impact of the optimal investment plans on transmission network loadings in the long-run by integrating the generation capacity expansion planning framework within a modified IEEE 30-bus transmission system network. The work assesses the importance of arriving at an optimal IRR at which the firm's profit maximization objective attains an extremum value. The mathematical model is further improved to incorporate binary variables while considering discrete unit sizes, and subsequently to include the detailed transmission network representation. The proposed models are novel in the

  11. The European Market for Animal-Friendly Products in a Societal Context

    Science.gov (United States)

    Ingenbleek, Paul T. M.; Harvey, David; Ilieski, Vlatko; Immink, Victor M.; de Roest, Kees; Schmid, Otto

    2013-01-01

    Simple Summary This article takes a future focus on the direction in which social forces develop the market for animal-friendly products in Europe. Although many stakeholders believe that the market is the most viable direction to improve farm animal welfare, economic productivity of the chain remains an issue that on a fundamental level conflicts with the objective to improve animal welfare. The European market for animal-friendly products is still largely fragmented and the differences between European countries are considerable. A more animal-friendly future that is achieved through the market will therefore need substantial policy attention from stakeholders in society. Abstract This article takes a future focus on the direction in which social forces develop the market for animal-friendly products in Europe. On the basis of qualitative data gathered in the context of the European EconWelfare project, the differences across eight European countries are studied. The findings suggest that, given international trade barriers that prevent an improvement of animal welfare through legislation, many stakeholders believe that the market is the most viable direction to improve farm animal welfare. Economic productivity of the chain remains, however, an issue that on a fundamental level conflicts with the objective to improve animal welfare. With the help of a deeper conceptual understanding of willingness to pay for animal welfare, the paper finds that the European market for animal-friendly products is still largely fragmented and that the differences between European countries are considerable. A more animal-friendly future that is achieved through the market will therefore need substantial policy attention from stakeholders in society. PMID:26479535

  12. Strategic marketing types: Evidence from the European meat processing industry

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    marketing strategies, (2) places these clusters in a strategic typology in order to better understand their position in the marketplace, and (3) analyses these strategic marketing types in terms of performance outcomes and differences in corporate attitudes and goals. 3. The meat processing sector in Europe......Executive summary 1. The discovery of a small number of generic strategies or competitive positions that would work equally well across product-markets, businesses and industries, would be an extremely important finding for business practicians. In particular the question of whether or why...... of specialisation, vertical integration, international orientation, relationship with the retail sector etc. 4. Based on related literature, two main hypotheses1 are formulated regarding the relationship between strategic marketing types on the one hand and performance and corporate attitudes on the other hand...

  13. Investing in European market real property through reits

    National Research Council Canada - National Science Library

    Adamuscin, A

    2010-01-01

    .... The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment...

  14. European gas markets and Russian LNG. Prospects for the development of European gas markets and model simulations of possible new LNG supplies from year 2000

    Energy Technology Data Exchange (ETDEWEB)

    Eldegard, Tom [Foundation for Research in Economics and Business Administration, Bergen (Norway)

    1996-07-01

    The study aims at clarifying the framework for possible LNG exports from Northern Russia and focuses on the European natural gas markets. The first stage provides general background information on the market structure and related topics. In the second stage this information is used to develop a formal market model and subject it to simulations with various assumptions of the future gas supply. The model is described and results from simulations are given. In the first stage facts from the history of the European natural gas market are outlined. Underlying conditions for the development of natural gas markets in Europe are addressed. The EU has been promoting trade liberalisation in the energy sector but most counties resist freer gas trade across the boarders. New infrastructure development for natural gas are either underway or planned. Some important projects are mentioned. Gas in a global perspective is discussed. The cost structure of the LNG chain is mentioned and an overview of existing LNG export capacities world-wide and major reception terminals in Europe and the USA is given. The second stage employs a scenario analysis to evaluate the economic effects of hypothetical LNG deliveries from Northern Russia. The model is developed for the analysis of West European natural gas markets and designed to allow users to create a structural system of interconnected producers and market regions. Basic assumptions for the evolution of natural gas markets till 2005 is developed and base case scenarios calculated for the years 2000 and 2005 and used as a point of reference for the alternative scenarios considered. According to the analysis the introduction of a new LNG supplier in the European gas market will inflict a substantial loss upon all the existing producers. The primary keys to this result are the assumptions made for gas demand and supply capacity. The LNG alternative will hardly be approved for purely economic reasons as long as the Russians maintain

  15. CO{sub 2}-emission trading and green markets for renewable electricity. WILMAR - deliverable 4.1

    Energy Technology Data Exchange (ETDEWEB)

    Azuma-Dicke, N.; Weber, C. [Univ. of Stuttgart, IER (Germany); Morthorst, P.E. [Risoe National Lab., Roskilde (Denmark); Ravn, H.F.; Schmidt, R. [Technical Univ. of Denmark, Lyngby (Denmark)

    2004-06-01

    This report is Deliverable 4.1 of the EU project 'Wind Power Inte-gration in Liberalised Electricity Markets' (WILMAR) and de-scribes the application of two policy instruments, Tradable Emis-sions Permits (TEPs) and Tradable Green Certificates (TGCs) for electricity produced from renewable energy sources in the European Union and the implications for implementation in the Wilmar model. The introduction of a common emission-trading system in the EU is expected to have an upward effect on the spot prices at the electric-ity market. The variations of the spot price imply that some types of power generation may change the situation from earning money to losing money despite the increasing spot price. Heavy restrictions on emissions penalise the fossil-fuelled technologies significantly, and the associated increase in the spot price need not compensate for this. Therefore, a market of TEPs is expected to have a signifi-cant influence on the electricity spot price. However, the expected price level of TEPs are met with great uncertainty and a study of a number of economical studies shows a price span between zero and 270 USD per ton of CO{sub 2} depending on the participation or non-participation of countries in the scheme. The price-determination at the TGC market is expected to be closely related to the price at the power spot market as the RE-producers of electricity will have expectations to the total price paid for the energy produced, i.e., for the price of electricity at the spot market plus the price per kWh obtained at the green certificate mar-ket. In the Wilmar model, the TGC market can either be handled exogenously, i.e., the increase in renewable capacity and an average annual TGC price are determined outside the model, or a simple TGC module is developed, including the long-term supply functions for the most relevant renewable technologies and an overall TGC quota. Both solutions are rather simple, but to develop a more ad-vanced model for the TGC

  16. How to promote electromobility for European car drivers? Obstacles to overcome for a broad market penetration

    National Research Council Canada - National Science Library

    Bühne, Jan-André; Gruschwitz, Dana; Hölscher, Jana; Klötzke, Matthias; Kugler, Ulrike; Schimeczek, Christoph

    2015-01-01

    .... The objective of this paper covers the investigation of consumer’s attitude towards electric vehicles and their opinion on potential promotion measures and its impact on market penetration scenarios in different...

  17. The Risk Assessment Study for Electric Power Marketing Competitiveness Based on Cloud Model and TOPSIS

    Science.gov (United States)

    Li, Cunbin; Wang, Yi; Lin, Shuaishuai

    2017-09-01

    With the rapid development of the energy internet and the deepening of the electric power reform, the traditional marketing mode of electric power does not apply to most of electric power enterprises, so must seek a breakthrough, however, in the face of increasingly complex marketing information, how to make a quick, reasonable transformation, makes the electric power marketing competitiveness assessment more accurate and objective becomes a big problem. In this paper, cloud model and TOPSIS method is proposed. Firstly, build the electric power marketing competitiveness evaluation index system. Then utilize the cloud model to transform the qualitative evaluation of the marketing data into quantitative values and use the entropy weight method to weaken the subjective factors of evaluation index weight. Finally, by TOPSIS method the closeness degrees of alternatives are obtained. This method provides a novel solution for the electric power marketing competitiveness evaluation. Through the case analysis the effectiveness and feasibility of this model are verified.

  18. Norms and economic motivation in the Swedish green electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Ek, Kristina; Soederholm, Patrik [Luleaa University of Technology, Economics Unit, 971 87 Luleaa (Sweden)

    2008-12-01

    The purpose of this paper is to provide an econometric analysis of the most important determinants of Swedish households' choice to pay a price premium for 'green' electricity. We draw on recent developments in the literature on integrating norm-motivated behavior into neoclassical consumer theory, and assume that individuals have a preference for keeping a self-image as a morally responsible person. Consumer behavior in the 'green market place' will then be heavily determined by how purchases of different goods affect this self-image. The analysis is based on postal survey responses from 655 Swedish households, which are analyzed within a binary choice econometric framework. The results indicate that the impact of choosing 'green' on the household budget largely influences the choice between 'green' and 'brown' electricity, as does the degree of perceived personal responsibility for the issue and the felt ability to affect the outcome in a positive way. We find limited support for the notion that perceptions about others' behavior in general affect individual moral norms and ultimately expressed behavior, but this is also complemented by the influence of explicit social influence. The difficulty in observing others' purchases makes it however difficult to distinguish between social and moral norms in the case of 'green' electricity. (author)

  19. A Dynamic Model of the Combined Electricity and Natural Gas Markets

    DEFF Research Database (Denmark)

    Jenkins, Sandra; Annaswamy, Anuradha M.; Hansen, Jacob

    2015-01-01

    With the shale gas revolution, coal retirements, environmental regulations, and increasing renewable energy resources, the interdependency of natural gas and electricity has grown significantly. Interdependency challenges, such as mismatched market schedules and disparate market operations, requi...

  20. Does the market share of generic medicines influence the price level?: a European analysis.

    Science.gov (United States)

    Dylst, Pieter; Simoens, Steven

    2011-10-01

    After the expiry of patents for originator medicines, generic medicines can enter the market, and price competition may occur. This process generates savings to the healthcare payer and to patients, but knowledge about the factors affecting price competition in the pharmaceutical market following patent expiry is still limited. This study aimed to investigate the relationship between the market share of generic medicines and the change of the medicine price level in European off-patent markets. Data on medicine volumes and values for 35 active substances were purchased from IMS Health. Ex-manufacturer prices were used, and the analysis was limited to medicines in immediate-release, oral, solid dosage forms. Countries included were Austria, Belgium, Denmark, Germany, France, Italy, the Netherlands, Spain, Sweden and the UK, which constitute a mix of countries with low and high generic medicines market shares. Data were available from June 2002 until March 2007. Market volume has risen in both high and low generic market share countries (+29.27% and +27.40%, respectively), but the cause of the rise is different for the two markets. In low generic market share countries, the rise was caused by the increased use of generic medicines, while in high market share countries, the rise was driven by the increased use of generic medicines and a shift of use from originator to generic medicines. Market value was substantially decreased in high generic market share countries (-26.6%), while the decrease in low generic market share countries was limited (-0.06%). In high generic market share countries, medicine prices dropped by -43.18% versus -21.56% in low market share countries. The extent to which price competition from generic medicines leads to price reductions appears to vary according to the market share of generic medicines. High generic market share countries have seen a larger decrease in medicine prices than low market share countries.

  1. Cap-and-Trade Modeling and Analysis: Congested Electricity Market Equilibrium

    Science.gov (United States)

    Limpaitoon, Tanachai

    This dissertation presents an equilibrium framework for analyzing the impact of cap-and-trade regulation on transmission-constrained electricity market. The cap-and-trade regulation of greenhouse gas emissions has gained momentum in the past decade. The impact of the regulation and its efficacy in the electric power industry depend on interactions of demand elasticity, transmission network, market structure, and strategic behavior of firms. I develop an equilibrium model of an oligopoly electricity market in conjunction with a market for tradable emissions permits to study the implications of such interactions. My goal is to identify inefficiencies that may arise from policy design elements and to avoid any unintended adverse consequences on the electric power sector. I demonstrate this modeling framework with three case studies examining the impact of carbon cap-and-trade regulation. In the first case study, I study equilibrium results under various scenarios of resource ownership and emission targets using a 24-bus IEEE electric transmission system. The second and third case studies apply the equilibrium model to a realistic electricity market, Western Electricity Coordinating Council (WECC) 225-bus system with a detailed representation of the California market. In the first and second case studies, I examine oligopoly in electricity with perfect competition in the permit market. I find that under a stringent emission cap and a high degree of concentration of non-polluting firms, the electricity market is subject to potential abuses of market power. Also, market power can occur in the procurement of non-polluting energy through the permit market when non-polluting resources are geographically concentrated in a transmission-constrained market. In the third case study, I relax the competitive market structure assumption of the permit market by allowing oligopolistic competition in the market through a conjectural variation approach. A short-term equilibrium

  2. RE-Shaping. Shaping an effective and efficient European renewable energy market. D20 Report. Consistency with other EU policies, System and Market integration. A Smart Power Market at the Centre of a Smart Grid

    Energy Technology Data Exchange (ETDEWEB)

    Neuhoff, K.; Boyd, R.; Grau, T. [Climate Policy Initiative, German Institute for Economic Research (DIW Berlin), Berlin (Germany); Hobbs, B.; Newbery, D. [Electricity Policy Research Group, University of Cambridge, Cambridge (United Kingdom); Borggrefe, F. [University of Cologne, Cologne (Germany); Barquin, J.; Echavarren, F. [Universidad Pontificia Comillas, Madrid (Spain); Bialek, J.; Dent, C. [Durham University, Durham (United Kingdom); Con Hirschhausen, C. [Technical University of Berlin, Berlin (Germany); Kunz, F.; Weigt, H. [Technical University of Dresden, Dresden (Germany); Nabe, C.; Papaefthymiou, G. [Ecofys Germany, Berlin (Germany); Weber, C. [Duisberg-Essen University, Duisburg-Essen (Germany)

    2011-10-15

    The core objective of the RE-Shaping project is to assist Member State governments in preparing for the implementation of Directive 2009/28/EC (on the promotion of the use of energy from renewable sources) and to guide a European policy for RES (renewable energy sources) in the mid- to long term. The past and present success of policies for renewable energies will be evaluated and recommendations derived to improve future RES support schemes. The core content of this collaborative research activity comprises: Developing a comprehensive policy background for RES support instruments; Providing the European Commission and Member States with scientifically based and statistically robust indicators to measure the success of currently implemented RES policies; Proposing innovative financing schemes for lower costs and better capital availability in RES financing; Initiation of National Policy Processes which attempt to stimulate debate and offer key stakeholders a meeting place to set and implement RES targets as well as options to improve the national policies fostering RES market penetration; Assessing options to coordinate or even gradually harmonize national RES policy approaches. In the EU, at least 200 gigawatts (GWs) of new and additional renewable electricity sources may be needed by 2020. The aim of this report is to analyse whether the current electricity market and system design is consistent with such an ambitious target. Using an international comparison, we identify opportunities to improve the power market design currently in place across EU countries so as to support the large scale integration of renewable energy sources.

  3. Cheat Electricity? The Political Economy of Green Electricity Delivery on the Dutch Market for Households and Small Business

    Directory of Open Access Journals (Sweden)

    J. A. M. Hufen

    2016-12-01

    Full Text Available The European Commission’s renewable energy directive introduced a market-based Guarantees of Origin (GO-trade system that gives consumers the choice of buying “real” green energy. This has been successful, as the market share of Dutch households that buy green energy grew to 64% in 2015. However, societal organizations are dissatisfied with the green energy offered, categorizing it as “cheat” electricity. This article aims to solve this riddle of a successful product created under the GO-trade system but also heavily criticized. Research reveals a lively marketplace with buyers eager to buy green energy and energy producers offering a wide range of labels. Marketplace mechanisms are strongly influenced by political choices, and financial support for energy suppliers makes green energy a credible option. Societal groups, however, argue that the information provided is incomplete and misleading, that buying green energy does not impact positively on greenhouse gas reduction, and that better information and structural reform are required. The GO-trade system is strongly influenced by member states’ national energy politics. Societal organizations have helped to optimize the implementation of the GO-trade system in the Netherlands, but they are not expected to be able to support the creation of a level playing field in which an optimal GO-trade system will flourish.

  4. North–south polarization of European electricity consumption under future warming

    OpenAIRE

    Wenz, Leonie; Levermann, Anders; Auffhammer, Maximilian

    2017-01-01

    We statistically analyze 2006–2012 high-frequency temperature and electricity load data from 35 European countries to compute climate change impacts on electricity demand until 2100. Extrapolating countries’ load responses to temperature beyond currently experienced climate, we find a future polarization of both peak load and electricity consumption in Europe. Specifically, while total European consumption remains constant under future warming, we project significant increases in the south, d...

  5. Review of existing electricity quality label systems in the European Union

    OpenAIRE

    White, Sara; Vrolijk, Christiaan

    2003-01-01

    Green electricity quality labels have been utilised in the European Union since 1990. Of the seventeen European countries analysed here1, at the time of writing nine had no countryspecific quality label, although all electricity tariffs within Europe were able to apply for accreditation under the EUGENE labelling scheme. Germany had several quality labels, each with slightly different criteria. All of the eighteen labels identified in the report applied to electricity from renewable sources. ...

  6. Empowering markets?: The construction and maintenance of a deregulated market for electricity in Norway

    Energy Technology Data Exchange (ETDEWEB)

    Karlstrom, Henrik

    2012-07-01

    Contrary to some claims, deregulation is not just a technical affair, but encapsulates a range of political and social changes to a system. The four papers that comprise this thesis explore some of these changes empirically through interviews, reading of policy documents and public discourse as well as a large electricity user survey in order to capture as much as possible of the affected surrounding areas of deregulation. Theoretically, it debates some notions of how individuals are affected by and supposed to react to the emergence of a new market in addition to the question of how important scientific theory and advice is to real-life policies. While there are a myriad of ways of presenting this quite diverse material, I have chosen to frame it by highlighting three themes: the professional background of the people implementing deregulation, the changes in expectation of how users of electricity should behave and the uncertainty that arises when there are problems in a system that is supposed to work without regulation. The first of these themes, dealt with in the first paper presented, is in line with classical political science and institutional sociology. In order to understand how policy comes about it is not enough to just study the documents that are passed in parliament - one must also look at who is passing them, who drafted them and who is responsible for implementing the policies contained within them. Often, professional interests or specific institutional arrangements can impact the end results in otherwise transparent procedures. The second theme deals with the configuration of users of electricity. A tenet of neoclassical economic thought that has been much criticised is the idea of the rational, utility maximising actor who carefully calculates returns before taking any action. While serious economic theory is beginning to move away from this vision of human action, there is no denying that market liberalism relies on the considered choice of

  7. Market Power and Investment in Renewable Electricity Generation

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Misir, Nihat

    In this paper, we compare the investment timing and the optimal level of investment for a strategic firm and a social planner that have a one-time opportunity to invest in different types of electricity generators. Different technology choices entail different revenue streams and hence a different...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...

  8. Shareholder Lockup Agreements in the European New Markets

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.; Khurshed, A.

    2004-01-01

    We analyse the characteristics of lockup agreements of IPOs on the Neuer Markt and the Nouveau Marche from 1996 to 2000.Even though both markets were part of the same EuroNM network, the characteristics of their lockup agreements are substantially different.Firm characteristics have a major

  9. A European Glass-Steagall to preserve the single market

    OpenAIRE

    Lannoo, Karel

    2014-01-01

    In his assessment of the EU proposal on banking structural reform, unveiled on January 29th, Karel Lannoo observes that the Commission must perform a delicate balancing act between preserving the single market and at the same time accommodating existing EU measures covering resolution and trading activities.

  10. Quarterly report for the electricity market; Kvartalsrapport for kraftmarknaden

    Energy Technology Data Exchange (ETDEWEB)

    Eliston, Anton Jaynand; Waeringstad, Thomas; Holmqvist, Erik; Lund Per Tore Jensen; Magnussen, Ingrid; Willumsen, Mats Oivind; Vik, Martin Andreas; Rasmussen, Kristian; Pettersen, Finn Erik Ljaastad; Weir, David Edward; Thorsen, Kjell; Langseth, Benedicte; Skau, Seming Haakon

    2013-02-01

    In the fourth quarter of 2012 the total inflow was 20.4 TWh, 2.8 TWh less than normal and 11.3 TWh less than in the same quarter than in 2011. Meanwhile the weather was slightly colder than normal, which contributed to high production and normalization of reservoir fillings. At the end of the quarter, the reservoir level was 0.8 percentage points below normal for the season, while it was 4.5 percentage points over the beginning of the quarter. At the end of 2012 it was 9.9 percent landfill units lower than the same time in 2011. Norway had a power consumption of 37.2 TWh in the fourth quarter, an increase of 9 percent from last year. In 2012, consumption was 130.0 TWh, an increase of around 5 TWh from 2011. Power production in Norway was 39.2 TWh in the fourth quarter - an increase of 2.4 percent from last year. In 2012, production was 147.9 TWh, compared to 128.1 TWh in 2011. The production increase is due to high reservoir levels at the beginning of 2012, and more than normal inflow. This gave high exports abroad. In the quarter, Norway had a net export of 2 TWh of electricity and was 17.9 TWh in 2012. It is the highest since 2000. The good resource gave a relatively low price level in the wholesale market for electricity. The average spot price in the Norwegian market areas were NOK 268-277 / MWh in the fourth quarter. In 2012 the price was 217-236 NOK/ MWh.(eb)

  11. A single European pharmaceutical market: Does maximum harmonization enhance medicinal product innovation?

    DEFF Research Database (Denmark)

    Faeh, Andrea Beata

    2013-01-01

    – Innovation Union’ – market fragmentation to be one of the major causes of the lack of innovation. In order to establish if maximum harmonization benefits innovation, two distinct legal regimes in the pharmaceutical sector will be compared. The general rules for medicinal products are weighed against......The pharmaceutical sector in the European Union is innovative, but not innovative enough to compete on the world market. This article addresses this issue from the perspective of market harmonization, since the European Commission perceives – according to the ‘European 2020 Flagship Initiative...... the orphan medicinal products scheme. The latter is subject to uniform Union rules specifically introduced to stimulate research and development and has led to the development of a number of new products. The article shows that the most radical positive integration depends to a large extent on the prospect...

  12. Cournot games with network effects for electric power markets

    Science.gov (United States)

    Spezia, Carl John

    The electric utility industry is moving from regulated monopolies with protected service areas to an open market with many wholesale suppliers competing for consumer load. This market is typically modeled by a Cournot game oligopoly where suppliers compete by selecting profit maximizing quantities. The classical Cournot model can produce multiple solutions when the problem includes typical power system constraints. This work presents a mathematical programming formulation of oligopoly that produces unique solutions when constraints limit the supplier outputs. The formulation casts the game as a supply maximization problem with power system physical limits and supplier incremental profit functions as constraints. The formulation gives Cournot solutions identical to other commonly used algorithms when suppliers operate within the constraints. Numerical examples demonstrate the feasibility of the theory. The results show that the maximization formulation will give system operators more transmission capacity when compared to the actions of suppliers in a classical constrained Cournot game. The results also show that the profitability of suppliers in constrained networks depends on their location relative to the consumers' load concentration.

  13. Power system and market integration of renewable electricity

    Directory of Open Access Journals (Sweden)

    Erdmann Georg

    2017-01-01

    Full Text Available This paper addresses problems of power generation markets that arise under high shares of intermittent generation. After discussing the economic fundamentals of wind and photovoltaic investments, the paper introduces the concept of the “Merit order effect of renewables”. According to this concept electricity prices on wholesale power markets become smaller in periods during which large volumes of wind and photovoltaic generation is available and squeeze out relative expensive gas-fired power generation. The merit order effect of renewables has a couple of consequences. Among others it challenges the profitability of conventional power generation. If such generation capacities are still necessary, at least during a transitory period, a capacity mechanism may be put in place that generates an additional stream of income to the operators of conventional power generators. Another consequence of growing intermittent power generation is the need for concepts and technologies that deal with excess generation. Among these concepts are virtual and physical power storage capacities. In the last parts of the paper models are presented that are able to analyze these concepts from an economic point of view.

  14. Power system and market integration of renewable electricity

    Science.gov (United States)

    Erdmann, Georg

    2017-07-01

    This paper addresses problems of power generation markets that arise under high shares of intermittent generation. After discussing the economic fundamentals of wind and photovoltaic investments, the paper introduces the concept of the "Merit order effect of renewables". According to this concept electricity prices on wholesale power markets become smaller in periods during which large volumes of wind and photovoltaic generation is available and squeeze out relative expensive gas-fired power generation. The merit order effect of renewables has a couple of consequences. Among others it challenges the profitability of conventional power generation. If such generation capacities are still necessary, at least during a transitory period, a capacity mechanism may be put in place that generates an additional stream of income to the operators of conventional power generators. Another consequence of growing intermittent power generation is the need for concepts and technologies that deal with excess generation. Among these concepts are virtual and physical power storage capacities. In the last parts of the paper models are presented that are able to analyze these concepts from an economic point of view.

  15. Cashflow news, the value premium and an asset pricing view on European stock market integration

    OpenAIRE

    Thomas Nitschka

    2007-01-01

    The decomposition of national CAPM market betas of European countries� value and growth portfolio returns into cashflow and discount rate news driven components reveals that i) high average returns on value portfolios are associated with disproportionately high sensitivity to national cashflow news which corroborates recent evidence for the U.S. and ii) two-beta variants of national CAPMs capture the cross-sectional dispersion in European stock returns. The latter finding is suggestive of r...

  16. Challenges of the European Union Social Market Economy in the Human Resource Management Paradigm

    OpenAIRE

    Liudmila Lobanova

    2014-01-01

    Peculiarities of European human resource management models are determined by the specifics of EU integration, development and enlargement processes that are centred on implementation of the social model in the development of the social market economy in the European continent under conditions of intensified cohesion processes. The article reveals the impact of the changing environmen and factors determining the transformation of human resource management models on historic evolution of approc...

  17. Brexit and the European financial system: mapping markets, players and jobs

    OpenAIRE

    Schoenmaker, Dirk; Uuriintuya, B. (Batsaikhan); Kalcik, R. (Robert)

    2017-01-01

    London is an international financial centre, serving European and global clients. A hard Brexit would lead to a partial migration of financial firms from London to the EU27 (EU minus UK) to ensure they can continue to serve their EU27 clients. Four major cities will host most of the new EU27 wholesale markets - Frankfurt, Paris, Dublin and Amsterdam. These cities have far fewer people employed in finance than London. Moreover, they host the European headquarters of fewer large companies. The ...

  18. Can Unconventional Gas be a Game Changer in European Gas Markets?

    OpenAIRE

    2010-01-01

    Although unconventional gas development will not be a game changer for European gas markets overall it could have a significant impact in individual countries although probably not this decade. Florence Gény’s study argues that much more stringent European environmental standards difficulties of access to land and fresh water and lack of incentives for landowners to allow companies to drill will require a completely different business model for unconventional gas development in Europe compare...

  19. Market status of organic products in the countries of the European Union

    Directory of Open Access Journals (Sweden)

    Tananeva Zhivka

    2010-01-01

    Full Text Available Organic production of foods is strictly regulated industry, which is different from the private market-gardening. The organic foods make up 1-2% of global food selling. The European Union and Bulgarian government nowadays encourage the transition to the organic farming and they grant resources to the farmers and food producers, which turn to it. Presently, 90 % of the organic food produced in Bulgaria is exported to richer European states. Bulgarian organic food is basically fruits: nuts, herbs and spices, as organic plant oils, tobacco, vegetables. There is lamb and veal on the market, as organic jam and honey. .

  20. Differences between health care systems and the single European health care market

    Directory of Open Access Journals (Sweden)

    Petra Došenovič Bonča

    2007-12-01

    Full Text Available The following paper analyses the possibilities of forming a single European health care market. This aim is achieved by studying the impact of the differing organisational features of individual European health care systems on the efficiency of health care provision, by examining the relationship between the inputs used to produce health care services and the population’s health status in the analysedcountries and by exploring the link between the quantity of health care services and the health status. The authors hypothesise that the efficiency and organisation of health care systems determine the possibilities of forming an efficient single European health care market. The empirical methodology employed in this paper isdata envelopment analysis (DEA. The results show that differences between health care systems and in the ownership types of health care providers are not so large as to prevent the formation of a single European health care market. However, the formation of a single European health care market would reveal the characteristicsof health care systems in such a way that citizens would be in favour of the public sector in health care and the national health service model.

  1. Dependence between Croatian and European stock markets – A copula GARCH approach

    Directory of Open Access Journals (Sweden)

    Silvo Dajčman

    2013-12-01

    Full Text Available The objective of this paper is to analyze dependence structure between the returns of Croatian and five European stock markets (Austrian, French, German, Italian, and the U.K.'s. We propose a copula GARCH approach, where the return series are modeled as univariate GARCH processes and the dependence structure between the return series is defined by a copula function. Four different copulas are fitted - a constant and conditional normal and symmetric Joe-Clayton (SJC copulas - and estimated by a semi-parametric method. We found that the time-varying normal copula yields the best fit for CROBEX-CAC40, CROBEX-DAX, and CROBEX-FTSE-MIB stock indices pairs, while the time-varying SJC copula is the best fit for CROBEX-ATX and CROBEX-FTSE100. Further, we found that the probability of simultaneous extreme positive and negative returns in Croatian and other European stock markets can increase to 0.77 during turbulent times. The lower and upper tail dependence dynamics between Croatian and other European stock markets is similar in pattern, differing only in scale. The basic conclusion of the research is that the dependence between the stock markets of Croatia and five major European stock markets is dynamic and can be properly captured by either a dynamic normal or symmetrized Joe-Clayton copula GARCH models.

  2. Market Attractiveness Classification of European Union Countries for Establishing Logistics Centres

    OpenAIRE

    Schüller David; Pekárek Jan

    2016-01-01

    At present, enterprises are forced to serve their customers as quickly as possible if they want to succeed on turbulent global markets. Enterprises are looking for regions with high-quality infrastructure where they can establish new logistics centres that enable enterprises to serve their customers quickly. This paper focuses on the segmentation of the European Union market for enterprises that are willing to set up logistics centres in order to be able to distribute products fluently ...

  3. Value assessment of hydrogen-based electrical energy storage in view of electricity spot market

    DEFF Research Database (Denmark)

    You, Shi; Hu, Junjie; Zong, Yi

    2016-01-01

    Hydrogen as an energy carrier represents one of the most promising carbon-free energy solutions. The ongoing development of power-to-gas (PtG) technologies that supports large-scale utilization of hydrogen is therefore expected to support hydrogen economy with a final breakthrough. In this paper...... electricity spot market that has high price volatility due to its high share of wind power. An economic dispatch model is developed as a mixed-integer programming (MIP) problem to support the estimation of variable cost of such a system taking into account a good granularity of the technical details. Based...

  4. 78 FR 15719 - Coordination Between Natural Gas and Electricity Markets; Notice of Technical Conference

    Science.gov (United States)

    2013-03-12

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Notice of... between Natural Gas and Electricity Markets, 141 FERC ] 61,125, at P 11 (2012) (November 15 Order). The...

  5. 78 FR 8511 - Coordination between Natural Gas and Electricity Markets; Supplemental Notice of Technical...

    Science.gov (United States)

    2013-02-06

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Coordination between Natural Gas and Electricity Markets; Supplemental... Electricity Markets, Docket No. AD12-12-000 (December 7, 2012) (Notice Of Request for Comments and Technical...

  6. 77 FR 43280 - Coordination Between Natural Gas and Electricity Markets; Supplemental Notice of Technical...

    Science.gov (United States)

    2012-07-24

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Supplemental... the conferences. \\1\\ Coordination between Natural Gas and Electricity Markets, Docket No. AD12-12-000...

  7. 77 FR 74180 - Coordination Between Natural Gas and Electricity Markets; Notice of Request for Comments and...

    Science.gov (United States)

    2012-12-13

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Coordination Between Natural Gas and Electricity Markets; Notice of Request... Between Natural Gas and Electricity Markets, 141 FERC ] 61,125, at P 5 (2012) (November 15 Order). 1...

  8. Forecasting day-ahead electricity prices in Europe : The importance of considering market integration

    NARCIS (Netherlands)

    Lago Garcia, J.; De Ridder, Fjo; Vrancx, Peter; De Schutter, B.H.K.

    2018-01-01

    Motivated by the increasing integration among electricity markets, in this paper we propose two different methods to incorporate market integration in electricity price forecasting and to improve the predictive performance. First, we propose a deep neural network that considers features from

  9. 77 FR 35374 - Independence Electricity; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Science.gov (United States)

    2012-06-13

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF ENERGY Federal Energy Regulatory Commission Independence Electricity; Supplemental Notice That Initial Market-Based Rate...-referenced proceeding of Independence Electricity's application for market-based rate authority, with an...

  10. The Impact of Macroeconomic Changes to the European Currency Market

    Directory of Open Access Journals (Sweden)

    Iulia LUPU

    2015-03-01

    Full Text Available This paper consists in the analysis of the reaction of the FX market with respect to announcements concerning new macroeconomic data. The analysis consists in the study of the volatility of changes for a set of currency pairs that include the Euro at the moment of these announcements. A measure of the speed with which new information is included in prices is provided by means of a simple GARCH model fitted at each release. We found evidence that the currencies are immediately reacting to this new information.

  11. The draft of the new electricity market law at a glance; Der Entwurf zum neuen Strommarktgesetz im Ueberblick

    Energy Technology Data Exchange (ETDEWEB)

    Voss, Jan Ole; Kirschnick, Stephan [Becker Buettner Held, Berlin (Germany)

    2016-02-15

    The conclusion of the new electricity market law is: ''The market will judge it''. A refined market where the renewable energies are increasingly integrated, shall guarantee reasonable prices, security of supply and environmental protection. Whether this can be achieved in reality, is highly questionable. This would require that the overcapacity of the German electricity market confirmed in several reports and the wholesale price for electricity recovers the long term. Only then can it be assumed that investment incentives arise in the construction of modern and efficient power generation plants. Such a ''market-faithful'' system is also absolutely dependent on the behavior of neighboring European countries. Only when these go along the path and affect the price and capacity development not regulatory, the completion of a functioning, liberalized EU internal market for electricity can succeed. [German] Das Fazit des neuen Strommarktgesetzes heisst: ''Der Markt soll es richten''. Ein weiterentwickelter Markt, in den die erneuerbaren Energien zunehmend integriert werden, soll fuer guenstige Preise, Versorgungssicherheit und Umweltschutz sorgen. Ob das in der Realitaet gelingen kann, ist durchaus fraglich. Dies wuerde erfordern, dass die in mehreren Gutachten bestaetigten Ueberkapazitaeten am deutschen Strommarkt abgebaut werden und der Grosshandelspreis fuer Elektrizitaet sich langfristig erholt. Nur dann kann davon ausgegangen werden, dass Investitionsanreize in den Bau von modernen und effizienten Stromerzeugungsanlagen entstehen. Ein solch ''marktglaeubiges'' System ist zudem zwingend von dem Verhalten der europaeischen Nachbarstaaten abhaengig. Nur wenn diese den eingeschlagenen Weg mitgehen und die Preis- und Kapazitaetsentwicklung nicht regulatorisch beeinflussen, kann die Vollendung eines funktionierenden, liberalisierten EU Binnenmarktes fuer Strom gelingen.

  12. Impact of climate change on electricity systems and markets

    Science.gov (United States)

    Chandramowli, Shankar N.

    (Section 111 (d)) rules for the U.S. Northeast region. This dissertation applies an analytical model and an optimization model to investigate the implications of co-implementing an emission cap and an RPS policy for this region. A simplified analytical model of LP-CEM is specified and the first order optimality conditions are derived. The results from this analytical model are corroborated by running LP-CEM simulations under different carbon cap and RPS policy assumptions. A combination of these policies is shown to have a long-term beneficial effect for the final ratepayers in the region. This research conceptually explores the future implications of climate change and extreme weather events on the regional electricity market framework. The significant findings from this research and future policy considerations are discussed in the conclusion chapter.

  13. Co-Movement Analysis of Italian and Greek Electricity Market Wholesale Prices by Using a Wavelet Approach

    Directory of Open Access Journals (Sweden)

    George P. Papaioannou

    2015-10-01

    Full Text Available We study the co-evolution of the dynamics or co-movement of two electricity markets, the Italian and Greek, by studying the dynamics of their wholesale day-ahead prices, simultaneously in the time-frequency domain. Co-movement is alternatively referred as market integration in financial economics and markets are internationally integrated if the reward for risk is identical regardless the market one trades in. The innovation of this work is the application of wavelet analysis and more specifically the wavelet coherence to estimate the dynamic interaction between these two prices. Our method is compared to other generic econometric tools used in Economics and Finance namely the dynamic correlation and coherence analysis, to study the co-movement of variables of the type related to these two fields. Our study reveals valuable information that we believe will be extremely useful to the authorities as well as other agents participating in these markets to better prepare the national markets towards the European target model, a framework in which the two markets will be coupled.

  14. Electricity Bill Savings from Residential Photovoltaic Systems: Sensitivities to Changes in Future Electricity Market Conditions

    Energy Technology Data Exchange (ETDEWEB)

    Darghouth, Naim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division; Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division; Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division

    2013-01-09

    Customer-sited photovoltaic (PV) systems in the United States are often compensated at the customer’s underlying retail electricity rate through net metering. Calculations of the customer economics of PV, meanwhile, often assume that retail rate structures and PV compensation mechanisms will not change and that retail electricity prices will increase (or remain constant) over time, thereby also increasing (or keeping constant) the value of bill savings from PV. Given the multitude of potential changes to retail rates and PV compensation mechanisms in the future, however, understanding how such changes might impact the value of bill savings from PV is critical for policymakers, regulators, utilities, the solar industry, and potential PV owners, i.e., any stakeholder interested in understanding uncertainties in and potential changes to the long-term customer economics of PV. This scoping study investigates the impact of, and interactions among, three key sources of uncertainty in the future value of bill savings from customer-sited PV, focusing in particular on residential customers. These three sources of uncertainty are: changes to electricity market conditions that would affect retail electricity prices, changes to the types of retail rate structures available to residential customers with PV, and shifts away from standard net-metering toward other compensation mechanisms for residential PV.

  15. Increased competition on the supply side of the Western European natural gas market

    Energy Technology Data Exchange (ETDEWEB)

    Golombek, R.; Gjelsvik, E.; Rosendahl, K.N.

    1996-03-01

    This publication discusses the impact of breaking up national gas sales consortia in Western Europe. A numerical model of the Western European natural gas market is used to show that once the demand side of the market is liberalized, each producing country has an incentive to break up its national gas sales consortium. The situation is not stable, however, since each country has an incentive to increase the number of domestic producers in response to more competitors. Consequently the model suggests that there may be a large number of producers in a completely liberalized natural gas market. 19 refs., 1 fig., 3 tabs.

  16. The Persistence of Pricing Inefficiencies in the Stock Markets of the Eastern European EU Nations

    Directory of Open Access Journals (Sweden)

    James Foye

    2013-06-01

    Full Text Available This paper applies a range of metrics to test for the presence of weak form market efficiency in the Eastern European countries that joined the EU in 2004, we test both the years prior to and following accession. The results from our tests indicate that, despite the expectations of many previous studies, even after entering the EU the stock markets of these countries still do not conform to even the loosest form of market efficiency. We improve and extend previous studies by incorporating liquidity controls, applying a wider range of methodologies and by using individual stocks rather than indices.

  17. Competition in Retail Electricity Markets : An Assessment of Ten Years Dutch Experience

    NARCIS (Netherlands)

    Mulder, M.; Willems, Bert

    2016-01-01

    This paper examines a decade of retail competition in the Dutch electricity market and discusses market structure, regulation, and market performance. We find a proliferation of product variety, in particular by the introduction of quality-differentiated green-energy products. Product innovation

  18. TAXATION OF ENERGY PRODUCTS AND ELECTRICITY TO THE EUROPEAN UNION LEVEL

    Directory of Open Access Journals (Sweden)

    PĂUNESCU ALBERTO NICOLAE

    2012-06-01

    Full Text Available U.E established to increase socio-economic stability and security of supply, the Energy Community has set a good example of regional cooperation in which the EU and the South-Eastern European countries can diversify their energy sources. It has created a functioning institutional framework and more legal certainty for investors. Next steps are to enhance market reforms and to boost investments in the energy sector. The final objective is that the regional market should be fully integrated in the European's internal energy market

  19. Enabling Communications in Heterogeneous Multi-Agent Systems: Electricity Markets Ontology

    OpenAIRE

    Santos, Gabriel; Pinto, Tiago; Vale, Zita; Praça, Isabel; Morais, Hugo

    2016-01-01

    Electricity markets worldwide are complex and dynamic environments with very particular characteristics, resulting from their restructuring and evolution into regional and continental scales, along with the constant changes brought by the increasing necessity for an adequate integration of renewable energy sources. The rising complexity and unpredictability in electricity markets has increased the need for the intervenient entities in foreseeing market behaviour. Several modelling tools direc...

  20. Optimal Decision Making Framework of an Electric Vehicle Aggregator in Future and Pool markets

    DEFF Research Database (Denmark)

    Rashidizadeh-Kermani, Homa; Najafi, Hamid Reza; Anvari-Moghaddam, Amjad

    2018-01-01

    An electric vehicle (EV) aggregator, as an agent between power producers and EV owners, participates in the future and pool market to supply EVs’ requirement. Because of uncertain nature of pool prices and EVs’ behavior, this paper proposed a two stage scenario-based model to obtain optimal...... electricity markets, a sensitivity analysis over risk factor is performed. The numerical results demonstrate that with the application of the proposed model, the aggregator can supply EVs with lower purchases from markets....

  1. An Empirical Study of the Factors Influencing Consumer Behaviour in the Electric Appliances Market

    OpenAIRE

    Małgorzata Łatuszyńska

    2012-01-01

    This study contributes to a deeper understanding of the impact of different factors on consumer buying behaviour. It analyses the relationship between several independent variables, such as cultural, social, personal, psychological and marketing mix factors, and consumer behaviour (as the dependent variable) in the electric appliances market. The purpose of this study is to determine the factors affecting consumer preferences and behaviour in the electric appliances market in Iraq. The data e...

  2. Market Attractiveness Classification of European Union Countries for Establishing Logistics Centres

    Directory of Open Access Journals (Sweden)

    Schüller David

    2016-10-01

    Full Text Available At present, enterprises are forced to serve their customers as quickly as possible if they want to succeed on turbulent global markets. Enterprises are looking for regions with high-quality infrastructure where they can establish new logistics centres that enable enterprises to serve their customers quickly. This paper focuses on the segmentation of the European Union market for enterprises that are willing to set up logistics centres in order to be able to distribute products fluently and more quickly to their customers in Europe. An agglomerative hierarchical clustering algorithm was used and Ward’s criterion applied for the purposes of market segmentation. A Logistic Performance Index and the indicator Dealing with Construction Permits were used as two relevant dimensions reflecting the market attractiveness of identified clusters. Based on the given statistical output, fundamental marketing concepts were formulated for each cluster composed of EU countries with similar characteristics.

  3. Future evolution of the liberalised European gas market: Simulation results with a dynamic model

    Energy Technology Data Exchange (ETDEWEB)

    Lise, Wietze [IBS Research and Consultancy, Aga Han, Agahamami Cadessi 1/6, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands); Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, The Johns Hopkins University, Ames Hall 313, 3400 North Charles Street, Baltimore, MD 21218 (United States)

    2008-07-15

    Strategic behaviour by gas producers is likely to affect future gas prices and investments in the European Union (EU). To analyse this issue, a computational game theoretic model is presented that is based on a recursive-dynamic formulation. This model addresses interactions among demand, supply, pipeline and liquefied natural gas (LNG) transport, storage and investments in the natural gas market over the period 2005-2030. Three market scenarios are formulated to study the impact of producer market power. In addition, tradeoffs among investments in pipelines, LNG liquefaction and regasification facilities, and storage are explored. The model runs indicate that LNG can effectively compete with pipelines in the near future. Further, significant decreases in Cournot prices between 2005 and 2010 indicate that near-term investments in EU gas transport capacity are likely to diminish market power by making markets more accessible. (author)

  4. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

  5. [Policies encouraging price competition in the generic drug market: Lessons from the European experience].

    Science.gov (United States)

    Puig-Junoy, Jaume

    2010-01-01

    To describe alternative policies aimed at encouraging price competition in generic drug markets in countries with strict price regulation, and to present some case studies drawn from the European experience. Systematic literature review of articles and technical reports published after 1999. The shortcomings in consumer price competition observed in some European generic markets, including Spain, may be reduced through three types of public reimbursement or financing reforms: policies aimed at improving the design of current maximum reimbursement level policies; policies aimed at monitoring competitive prices in order to reimburse real acquisition cost to pharmacies; and, more radical and market-oriented policies such as competitive tendering of public drug purchases. The experience of recent reforms adopted in Germany, Belgium, Holland, Norway, and Sweden offers a useful guide for highly price-regulated European countries, such as Spain, currently characterized by limited consumer price competition and the high discounts offered to pharmacy purchases. Direct price regulation and/or the generic reference pricing systems used to reduce generic drug prices in many European countries can be successfully reformed by adopting measures more closely aimed at encouraging consumer price competition in generic drug markets. Copyright 2009 SESPAS. Published by Elsevier Espana. All rights reserved.

  6. Price effects of changing quantities supplied at the integrated european fish market

    DEFF Research Database (Denmark)

    Nielsen, Max; Smit, Jos; Guillen, Jordi

    2012-01-01

    This article analyses the effect that changes in the quantities supplied from EU fish stocks have on fish prices. As opposed to earlier studies, this one is European- wide, taking international market integration into account. Average own-price flexibilities for fresh captured fish are found...

  7. The European Market for Animal-Friendly Products in a Societal Context.

    Science.gov (United States)

    Ingenbleek, Paul T M; Harvey, David; Ilieski, Vlatko; Immink, Victor M; de Roest, Kees; Schmid, Otto

    2013-08-14

    This article takes a future focus on the direction in which social forces develop the market for animal-friendly products in Europe. On the basis of qualitative data gathered in the context of the European EconWelfare project, the differences across eight European countries are studied. The findings suggest that, given international trade barriers that prevent an improvement of animal welfare through legislation, many stakeholders believe that the market is the most viable direction to improve farm animal welfare. Economic productivity of the chain remains, however, an issue that on a fundamental level conflicts with the objective to improve animal welfare. With the help of a deeper conceptual understanding of willingness to pay for animal welfare, the paper finds that the European market for animal-friendly products is still largely fragmented and that the differences between European countries are considerable. A more animal-friendly future that is achieved through the market will therefore need substantial policy attention from stakeholders in society.

  8. Voluntary additional health insurance in the European union: Free market or regulation?

    NARCIS (Netherlands)

    P. Calcoen (Piet); W.P.M.M. van de Ven (Wynand)

    2017-01-01

    textabstractRecent European Court of Justice (ECJ) case law has highlighted apparent inconsistencies in ECJ rulings on the regulation of voluntary additional health insurance. In 2013, the ECJ upheld Belgian regulations limiting the operation of the free market by restricting increases in premium

  9. Flexicurity and Gender Mainstreaming: Deliberative Processes, Knowledge Networks and the European Labour Market

    NARCIS (Netherlands)

    R. Kurian (Rachel)

    2010-01-01

    textabstractGender mainstreaming and flexicurity have been adopted as separate labour market objectives in the European Union since the mid-1990s. It is remarkable that there has been a virtual absence of gender concerns in the deliberations on flexicurity for over a decade. When gender concerns

  10. The European wood pellet markets: current status and prospects for 2020

    NARCIS (Netherlands)

    Sikkema, R.|info:eu-repo/dai/nl/110609913; Steiner, M.; Junginger, H.M.|info:eu-repo/dai/nl/202130703; Hiegl, W.; Hansen, M.T.; Faaij, A.P.C.|info:eu-repo/dai/nl/10685903X

    2011-01-01

    The wood pellet market is booming in Europe. The EU 2020 policy targets for renewable energy sources and greenhouse gas (GHG) emissions reduction are among the main drivers. The aim of this analysis is to map current European national wood pellet demand and supplies, to provide a comprehensive

  11. Foreign workers in the labour market in the Czech Republic and in selected European countries.

    OpenAIRE

    Čižinský, Pavel; Čech Valentová, Eva; Hradečná, Pavla; Holíková, Klára; Jelínková, Marie; Rozumek, Martin; Rozumková, Pavla

    2014-01-01

    The publication we have prepared for you concerns a relatively narrow issue: the position of foreign workers in the labour market in the Czech Republic and in several other selected countries of the European Union. Our original intention was to address mainly the question of job safety for these persons, as well as work accidents and occupational diseases.

  12. To the punishability of manipulations of the trade at the electricity market EEX in Leipzig; Zur Strafbarkeit von Manipulationen des Handels an der Stromboerse EEX in Leipzig

    Energy Technology Data Exchange (ETDEWEB)

    Jahn, Matthias [Erlangen-Nuernberg Univ. (Germany). Lehrstuhl fuer Strafrecht und Strafprozessrecht

    2009-01-15

    The reproaches of the manipulation of the price formation at the electricity market EEX (Leipzig, Federal Republic of Germany) require supervision-legal, cartel legal and European legal attention. On 12 June 2008, the European Commission (Brussels, Belgium) expressed doubts, E.ON AG (Duesseldorf, Federal Republic of Germany) possibly used its dominating market position. So far, the criminal content of the manipulation reproaches was not considered yet. Circumstances can justify the first suspicion due to criminal experience on criminal offences. This is valid not only for the facts constituting an offence of the stock exchange fraud towards the electricity market EEX for the disadvantage of the customer, but also for the current trade at the EEX in accordance with paragraph 20 of the law of securities transactions.

  13. From commodity to customer value : the transition from a production-oriented to a market-oriented European dairy industry

    NARCIS (Netherlands)

    Everwand, W.C.; Ingenbleek, P.T.M.; Backus, G.B.C.

    2007-01-01

    The European food industry has been regulated for a long time. Since the 1960s, the European market has been protected from imports by relatively high taxes. Companies in Europe therefore never had to fear real competition from outside the Union in their domestic markets. This changed, when, due to

  14. The German Social Market Economy – (Still a Model for the European Union?

    Directory of Open Access Journals (Sweden)

    Klaus Dieter John

    2007-03-01

    economic order which is based on free markets but, at the same time, includes elements of social balancing. The term “Social Market Economy” can neither be found in the Treaty on European Union nor in the Treaty establishing the European Community. The documents only use the terms “open market economy” and “free competition”. The Commission has never made a clear statement whether its economic policy is guided by the principles of a SME. Because the SME-concept is not new and its value is not undisputed it is worth to reflect on it and to find out what it has to offer for the economic and social policy of the EU.

  15. Integrated Cost Allocation of Transmission Usage under Electricity Markets

    Directory of Open Access Journals (Sweden)

    Hermagasantos Zein

    2012-08-01

    Full Text Available Cost allocation of transmission usage on the power networks is an important issue especially in the modern electricity market mechanism. In this context, all costs that have been embedded in the transmission, embedded cost, should be covered by the transmission users. This paper follows general methods, where generators are fullyresponsible to cover the embedded cost. It proposes a method to determine the cost allocation of transmission usage based on decomposition through the superposition techinique to determine power flow contributions from an integrated base case of the results of the power flow calculations of all transactions, bilateral and nonbilateral contracts. Mathematically, the applied formulations are illustrated clearly in this paper. The proposed method has been tested with 5-bus system and the results are much different compared to a few of the published methods. This is shown by the test results on the 5 bus system. The published methods produce total power flow contributions in each line is greater than the actual. And they earn total revenues approximately 11.6% greater than the embedded cost. While on the proposed method, the power flow contribu tions are equal to the actual and the revenues are equal to the embedded cost. It shows also that the proposed method gives results as expected.

  16. Energy market and reserve market modeling in simultaneous and serial implementation methods with the aim of reducing electricity costs

    Directory of Open Access Journals (Sweden)

    Ramin Ghoraba

    2012-01-01

    Full Text Available In competitive electricity markets, power needed for the network’s reserve is purchased from the ancillary service market. In this market, producing units and buyers alike announce their offers. As will be seen, energy market and reserve market implementation is possible with simultaneous method and serial method by choosing each of the methods based on the type of market and other conditions. In this paper, the energy market and the active power reserve market are simulated in two formations as serial and simultaneous for a uniform pricing system. In each method, limitations of transferring power over the lines, based on available transfer capacity (ATC, is considered alongside the other constraints in the energy market and the active power reserve market. Then, during network overload, economic dispatch is accomplished between winner units in the reserve market by using a linear optimization problem, and needed power is provided from these units at a minimal cost. Finally, our proposed methods are implemented on an IEEE 39-bus test system and results are analyzed.

  17. 75 FR 4805 - Electricity Market Transparency Provisions of Section 220 of the Federal Power Act

    Science.gov (United States)

    2010-01-29

    ... Energy Regulatory Commission 61,039] Electricity Market Transparency Provisions of Section 220 of the...,000 MWh of electricity per year) from the Commission's jurisdiction.\\3\\ However, section 201(b)(2... collect ``information about the availability and prices'' of natural gas and electricity sold at wholesale...

  18. Stepping stones to significant market shares for renewables. The European forum for market players and decision makers in the renewable energy industry

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    This invitation to a two-day European Forum for market players and decision makers in the renewable energy business lists the presentations made at the conference in 2007. The programme included contributions in the following areas: Policies and market deployment initiatives, market trends and experience - from support schemes to market experience, opportunities in a changing framework in Switzerland, instruments and infrastructure requirements - how to make the market work and supply and demand aspects of a growing market. The conference examined how renewable forms of energy can gain significant market shares and reach a quota of 50% renewables in 50 years. The first session examined policies and market deployment initiatives, the second market trends and experiences, the third opportunities for Switzerland in a changing framework. The second day featured sessions on instruments and infrastructure requirements as well as on supply and demand aspects in a growing market. The conference was complemented with four workshops.

  19. How to promote electromobility for European car drivers? Obstacles to overcome for a broad market penetration

    OpenAIRE

    Bühne, Jan-André; Gruschwitz, Dana; Hölscher, Jana; Klötzke, Matthias; Kugler, Ulrike; Schimeczek, Christoph

    2015-01-01

    Electric vehicles can be a successful mobility alternative, but several obstacles and challenges have to be overcome first. Especially the customers’ purchase decision determines whether an innovation like electromobility will be eventually successful. The objective of this paper covers the investigation of consumer’s attitude towards electric vehicles and their opinion on potential promotion measures and its impact on market penetration scenarios in different countries. The aforementioned...

  20. The increasing impact of Europeanization and migrating labour on the Danish labour market

    DEFF Research Database (Denmark)

    Refslund, Bjarke

    Somewhat unexpectedly from the experience of integrating new Southern European members, the enlargement of the European Union with the Central and Eastern European countries has quite far-reaching effects on the Danish labour market by facilitating labour migration. Since the Danish transitional...... though EU8/2 workers still only accounts for around three per cent of total Danish employment there may be more significant regulatory and institutional effects since employers use the labour inflow to put pressure on wage levels, working conditions and the general scope and range of the collective...... agreements especially for low-skilled labour in sectors like agriculture and cleaning, that have high inflows. A large number of Eastern Europeans are working significantly below the de facto minimum wages negotiated between the social partners. This paper provides case study research from the agricultural...

  1. 76 FR 10492 - Credit Reforms in Organized Wholesale Electric Markets

    Science.gov (United States)

    2011-02-25

    ... Operator, Inc. (NYISO), Morgan Stanley Capital Group Inc. (Morgan Stanley), Financial Marketers,\\7\\ the... New York Transmission Owners filed an answer.\\11\\ \\7\\ Financial Marketers are comprised of Energy... Cities, Six Cities, and Financial Marketers seek rehearing on the Commission's determination that each...

  2. Automatic electricity markets data extraction for realistic multi-agent simulations

    DEFF Research Database (Denmark)

    Pereira, Ivo F.; Sousa, Tiago M.; Praca, Isabel

    2014-01-01

    markets data available on-line; capability of dealing with different file formats and types, some of them inserted by the user, resulting from information obtained not on-line but based on the possible collaboration with market entities; definition and implementation of database gathering information from...... different market sources, even including different market types; machine learning approach for automatic definition of downloads periodicity of new information available on-line. This is a crucial tool to go a step forward in electricity markets simulation, since the integration of this database......This paper presents the development of a tool that provides a database with available information from real electricity markets, ensuring the required updating mechanisms. Some important characteristics of this tool are: capability of collecting, analyzing, processing and storing real electricity...

  3. Enabling Communications in Heterogeneous Multi-Agent Systems: Electricity Markets Ontology

    Directory of Open Access Journals (Sweden)

    Gabriel SANTOS

    2016-11-01

    Full Text Available Electricity markets worldwide are complex and dynamic environments with very particular characteristics, resulting from their restructuring and evolution into regional and continental scales, along with the constant changes brought by the increasing necessity for an adequate integration of renewable energy sources. The rising complexity and unpredictability in electricity markets has increased the need for the intervenient entities in foreseeing market behaviour. Several modelling tools directed to the study of restructured wholesale electricity markets have emerged. However, they have a common limitation: the lack of interoperability between the various systems to allow the exchange of information and knowledge, to test different market models and to allow market players from different systems to interact in common market environments. This paper proposes the Electricity Markets Ontology, which integrates the essential necessary concepts related with electricity markets, while enabling an easier cooperation and adequate communication between related systems. Additionally, it can be extended and complemented according to the needs of other simulators and real systems in this area

  4. ANALYSING THE LEVEL OF CORRELATION AMONG TURKEY AND EUROPEAN UNION MARKETS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

    Full Text Available International portfolio investments are growing rapidly as a result of the relaxation of capital controls in national markets. The most attractive aspect of international portfolio investments for investors is that investors are able to decrease the volatility of their investments through diversification. Although international portfolio investments provide tremendous diversification benefits, the level of correlation among the equity markets around the world has an important impact on diversification. If cross-country correlations are small, international diversification can provide investors with an attractive risk-return profile. However, investors may not be able to diversify away much domestic risk if the cross-country correlations are large. In this study, I analyzed the correlation between the Turkish equity market and equity markets of European Union (EU countries. The aim was to figure out the effects of developments emerged in the way of Turkey’s membership to EU on the level of correlation between the Turkish equity market and EU markets. The findings of the study indicate that mentioned developments increased the level of correlation between the Turkish equity market and EU markets.

  5. Implementing transparency in an Eastern European office market: preparing Warsaw for global investments

    Directory of Open Access Journals (Sweden)

    Nadine Bitterer

    2012-11-01

    Full Text Available In the aftermath of an increasing integration of property and financial markets, the real estate industry is subject to soaring internationalization processes. Since international institutional investors appeared, transnational real estate investments have increased tremendously. In recent years, Central and Eastern European countries have been becoming more attractive to institutional investors and are therefore being integrated into international market structures. Within these countries, Warsaw emerged as the most dynamic and important real estate market. But what are the mechanisms and practices through which the real estate market of Warsaw becomes international? Which networks, intermediaries and frames are necessary to constitute a mature real estate market? The article argues that international real estate consultants are playing a crucial role in the underlying internationalization process. They are acting at the interface between investors, developers, construction companies and tenants and are therefore becoming a crucial hinge between real estate actors. With the example of the Warsaw real estate market we argue that international real estate consultancies are key drivers of the transformation process from a local to a global market. They transfer global knowledge, competence and practices and implement transparent and professional structures in the emerging Warsaw real estate market.

  6. Power sector development in a common Baltic electricity market. Executive summary

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-05-01

    In the years to come the Baltic electricity sector is expected to go through major changes. up till recently the sector has been characterised by vertically integrated monopolies, but at present the electricity sectors in the Baltic States are undergoing reform processes to meet the requirements of the EU directives regarding liberalisation of electricity sectors. This implies a different organisation of the sector, with new roles and responsibilities, and focus on new issues such as a well-functioning electricity market, security of supply and market power. In this project long-term scenario analyses are used to clarify the challenges facing the future Baltic electricity market and to analyse the robustness of the power sector. The project examines how existing power plants will manage in a competitive market, how power prices will develop and which investments are likely to be preferred by investors, among other issues. (BA)

  7. Impact of Variable Renewable Energy on European Cross-Border Electricity Transmission

    NARCIS (Netherlands)

    Brancucci Martinez-Anido, C.; De Vries, L.J.; Fulli, G.

    2012-01-01

    The estimated growth of Europe’s electricity demand and the policy goals of mitigating climate change result in an expected increase in variable renewable energy. A high penetration of wind and solar energy will bring several new challenges to the European electricity transmission network. The

  8. Price forecast in the competitive electricity market by support vector machine

    Science.gov (United States)

    Gao, Ciwei; Bompard, Ettore; Napoli, Roberto; Cheng, Haozhong

    2007-08-01

    The electricity market has been widely introduced in many countries all over the world and the study on electricity price forecast technology has drawn a lot of attention. In this paper, with different parameter C i and ε i assigned to each training data, the flexible C i Support Vector Regression (SVR) model is developed in terms of the particularity of the price forecast in electricity market. For Day Ahead Market (DAM) price forecast, the load, time of use index and index of day type are taken as the major factors to characterize the market price, therefore, they are selected as the inputs for the flexible SVR forecast model. For the long-term price forecast, we take the reserve margin Rm, HHI and the fuel price index as the inputs, since they are the major factors that drive the market price variation in long run. For short-term price forecast, besides the detailed analysis with the young Italian electricity market, the new model is tested on the experimental stage of the Spanish market, the New York market and the New England market. The long-term forecast with the SVR model presented is justified by the forecast with the data from the Long Run Market Simulator (LREMS).

  9. Risk management and market efficiency on the Midwest Independent System Operator electricity exchange

    Science.gov (United States)

    Jones, Kevin

    Midwest Independent Transmission System Operator, Inc. (MISO) is a non-profit regional transmission organization (RTO) that oversees electricity production and transmission across thirteen states and one Canadian province. MISO also operates an electronic exchange for buying and selling electricity for each of its five regional hubs. MISO oversees two types of markets. The forward market, which is referred to as the day-ahead (DA) market, allows market participants to place demand bids and supply offers on electricity to be delivered at a specified hour the following day. The equilibrium price, known as the locational marginal price (LMP), is determined by MISO after receiving sale offers and purchase bids from market participants. MISO also coordinates a spot market, which is known as the real-time (RT) market. Traders in the real-time market must submit bids and offers by thirty minutes prior to the hour for which the trade will be executed. After receiving purchase and sale offers for a given hour in the real time market, MISO then determines the LMP for that particular hour. The existence of the DA and RT markets allows producers and retailers to hedge against the large fluctuations that are common in electricity prices. Hedge ratios on the MISO exchange are estimated using various techniques. No hedge ratio technique examined consistently outperforms the unhedged portfolio in terms of variance reduction. Consequently, none of the hedge ratio methods in this study meet the general interpretation of FASB guidelines for a highly effective hedge. One of the major goals of deregulation is to bring about competition and increased efficiency in electricity markets. Previous research suggests that electricity exchanges may not be weak-form market efficient. A simple moving average trading rule is found to produce statistically and economically significant profits on the MISO exchange. This could call the long-term survivability of the MISO exchange into question.

  10. European Retail Payments Market: New Opportunities to Mergers and Acquisition Transactions

    Directory of Open Access Journals (Sweden)

    Lina Novickytė

    2011-04-01

    Full Text Available Most of European banks will not be able to allocate funds successfully participating in the SEPA. Some of them have to look for opportunities to reduce the cost in collaboration with other institutions in the execution of the payment or provision of services to carry out transmission of the third party. The other part will have to find a merger partner. In future there can be more active participants in the market lead to acquisitions. In order to assess possible changes in the payment market, noted that its participants – service providers – consolidation will be inevitable. The assessment of the Lithuanian bank sector shows that banks with the parent banks that invest and develop the activities of subsidiaries of banks, are likely to remain in the market. However, banks that are not ready to participate and get involved in a single market, will be taken over or disappear.Article in Lithuanian

  11. Simulation of trading strategies in the electricity market

    Science.gov (United States)

    Charkiewicz, Kamil; Nowak, Robert

    2011-10-01

    The main objective of the energy market existence is reduction of the total cost of production, transport and distribution of energy, and so the prices paid by terminal consumers. Energy market contains few markets that are varying on operational rules, the important segments: the Futures Contract Market and Next Day Market are analyzed in presented approach. The computer system was developed to simulate the Polish Energy Market. This system use the multi-agent approach, where each agent is the separate shared library with defined interface. The software was used to compare strategies for players in energy market, where the strategies uses auto-regression, k-nearest neighbours, neural network and mixed algorithm, to predict the next price.

  12. NEW DIMENSIONS OF BENEFITS AND RISKS TO BUSINESSES IN THE EUROPEAN UNION MARKET

    Directory of Open Access Journals (Sweden)

    Dinu Ana-Maria

    2013-07-01

    Full Text Available The paper aims to identify the types of risks that a company faces when entering the European Union’s market. Risk may be defined as an uncertain event that may have a negative effect on achieving objectives and risk management can be defined as the process that identifies analyses and accept or mitigate the uncertainty in business decision-making. Well designed and implemented, risk management programs are the source of competitive advantage for businesses in the European Union market and this way the operating costs can be reduced, quality and product reliability can be improved, staff productivity can increase. It is very important for any company to be aware of potential risks as this will help to assess, to prioritise and to protect againt the risks that may arise. Some of the potential risk can destroy a business, while others can cause serious damage that can be costly and time consuming to repair. After the company have identified the risks, they must be prioritized in accordance with the companies assessment of their probability.The European Union expansion is ongoing and it is a major market place .Doing business on international level has always been about managing the unique risks which global markets pose. For many companies that intend to do business in Europe today, the risks are so varied and complicated that a risk management strategy is necessary and must be carefully tuned and revisited on a regular basis. There are many advantages when starting a business in the European Union. When participants and investors enter a new market should remain vigilant about risks.

  13. The operation of wholesale electricity, CO{sub 2} and natural gas markets in 2010-2011; Le fonctionnement des marches de gros de l'electricite, du CO{sub 2} et du gaz naturel en 2010-2011

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-07-01

    The first part analyses the electricity wholesale markets: development of the main wholesale market segments, electricity price, electricity production analysis and transparency of production data, transaction analysis. The second part analyses CO{sub 2} markets: evolution of the institutional framework and perspectives, exchanges volumes on the CO{sub 2} market, the CO{sub 2} price in Europe, fundamentals of the European CO{sub 2} market. The third part addresses the gas market: development of gas trade, gas price, gas infrastructures, supply and outlets for stake holders and new comers

  14. Extended ARMA models for estimating price developments on day-ahead electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Swider, Derk J. [Institute of Energy Economics and the Rational Use of Energy, University of Stuttgart, Hessbruehlstr. 49a, 70565 Stuttgart (Germany); Weber, Christoph [University of Duisburg-Essen, Universitaetsstr. 12, 45117 Essen (Germany)

    2007-04-15

    In this paper extended models for estimating price developments on electricity markets are presented. The models consider deviations from the normality hypothesis of the prices. Based on an ARMA model combination with GARCH, Gaussian-mixture and switching-regime approaches are comparatively discussed. The comparison is based on historic electricity prices of the spot and two reserve markets in Germany. It is shown that the proposed extended models lead to significantly improved representations of the considered stochastic price processes. It is inferred that these models may be preferred for estimating price developments on electricity markets. (author)

  15. An Analysis of Current Labor Market Developments and Structures in European Union – in Correlation with Labor Market Flexicurity Requirements

    Directory of Open Access Journals (Sweden)

    Alina Ştefania CHENIC (CREŢU

    2012-03-01

    Full Text Available Althougt at first sight the crisis appears as a disturbance of the regular course of economic, social and organizational, this is a necessary step that turns old structures and relations to some superior functional. Under these conditions, hawever, it is absolutely necessary that the situation be properly evaluated by an analysis of developments and labour market structures and be taken right decision for the purposes of proper management of existing and potential recovery so far underused resources: people, values and strategies. The impact of the economic crisis on labour markets displays significant variation from one country to another. Employment rates and unemployment rates will be compared between European countries and for different groups of workers. Some countries have succeeded in keeping employment levels up and unemployment levels down through recourse to employmentpreservation and employment-creation measures combined with an expansion of active labour market policies. Moreover, certain labour market groups or categories have been particularly hard hit by the crisis. These include men, temporary workers, youth and migrant workers. In the EU Member States, crossing the crisis period was marked by changes in the sense orientation flexibleworking time and conservation work, a strategy that ensures rapid and reversible adaptation to the needs ofproduction entities present.

  16. Midterm Electricity Market Clearing Price Forecasting Using Two-Stage Multiple Support Vector Machine

    OpenAIRE

    Yan, Xing; Chowdhury, Nurul A.

    2015-01-01

    Currently, there are many techniques available for short-term forecasting of the electricity market clearing price (MCP), but very little work has been done in the area of midterm forecasting of the electricity MCP. The midterm forecasting of the electricity MCP is essential for maintenance scheduling, planning, bilateral contracting, resources reallocation, and budgeting. A two-stage multiple support vector machine (SVM) based midterm forecasting model of the electricity MCP is proposed in t...

  17. High penetration wind generation impacts on spot prices in the Australian national electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Cutler, Nicholas J., E-mail: nicholas.cutler@roamconsulting.com.au [School of Electrical Engineering and Telecommunications and Centre for Energy and Environmental Markets, University of New South Wales 2052, Sydney (Australia); Boerema, Nicholas D., E-mail: nicholas.boerema@student.unsw.edu.au [School of Photovoltaic and Renewable Energy Engineering and Centre for Energy and Environmental Markets, University of New South Wales, Sydney (Australia); MacGill, Iain F., E-mail: i.macgill@unsw.edu.au [School of Electrical Engineering and Telecommunications and Centre for Energy and Environmental Markets, University of New South Wales 2052, Sydney (Australia); Outhred, Hugh R., E-mail: h.outhred@unsw.edu.au [School of Electrical Engineering and Telecommunications, University of New South Wales, Sydney (Australia)

    2011-10-15

    This paper explores wind power integration issues for the South Australian (SA) region of the Australian National Electricity Market (NEM) by assessing the interaction of regional wind generation, electricity demand and spot prices over 2 recent years of market operation. SA's wind energy penetration has recently surpassed 20% and it has only a limited interconnection with other regions of the NEM. As such, it represents an interesting example of high wind penetration in a gross wholesale pool market electricity industry. Our findings suggest that while electricity demand continues to have the greatest influence on spot prices in SA, wind generation levels have become a significant secondary influence, and there is an inverse relationship between wind generation and price. No clear relationship between wind generation and demand has been identified although some periods of extremely high demand may coincide with lower wind generation. Periods of high wind output are associated with generally lower market prices, and also appear to contribute to extreme negative price events. The results highlight the importance of electricity market and renewable policy design in facilitating economically efficient high wind penetrations. - Highlights: > In South Australia (SA) wind generation is having an influence on market prices. > Little or no correlation is found between wind generation and demand. > Wind farms in SA are receiving a lower average price than in other States. > The results highlight the importance of appropriate electricity market design.

  18. What moves the European carbon market? Insights from conditional jump models

    Energy Technology Data Exchange (ETDEWEB)

    Gronwald, Marc; Ketterer, Janina [Munich Univ. (Germany). Ifo Institute - Leibniz Institute for Economic Research

    2012-04-15

    This paper is concerned with carbon price volatility and the underlying causes of large price movements in the European emissions trading market. Based on the application of a combined jump-GARCH model the behavior of EUA prices is characterized. The jump- GARCH model explains the unsteady carbon price movement well and, moreover, shows that between 40 and 60 percent of the carbon price variance are triggered by jumps. Information regarding EUA supply and news from international carbon markets are identified as important drivers of these price spikes. These results can lead regulators the way if smoother carbon prices are desired.

  19. The Capital Market in the Context of the Integration within the European Union

    Directory of Open Access Journals (Sweden)

    Gabriela Anghelache

    2007-09-01

    Full Text Available This work is focusing on the main aspects concerning the present stage of the capital marketas well as on the perspective of its evolution after the adhesion to the European Union.After emphasizing the main characteristics, the material is analyzing the financial instruments market –Bucharest Stock Exchange, Monetary-Financial and Commodities Stock Exchange Sibiu, RASDAQ marketas well as the collective placement organisms.Finally, there are the main tendencies of the capital market which are pointed out.

  20. Consumers information activity on the polish food market vs. integration of Poland into the european union

    OpenAIRE

    Nestorowicz, R.

    2013-01-01

    Information asymmetry between consumers and manufacturers appears as an immanent feature of the food market, particularly in the functional and organic food segments. This article is to present the information activity of Polish consumers on the food market, with special focus on the mentioned segments. The analysis takes account of the impact European Union legislation and programs have on the manner food manufacturers communicate with consumers. Інформаційна асиметрія між споживачами і виро...