Power Markets and Economics – Energy Costs, Trading, Emmissions
Energy Costs, Trading, Emissions
Samenvatting
It is now almost twenty years since liberalisation and the introduction of competition was proposed for electricity utilities. Some form of restructuring has been widely adopted around the world to suit local objectives. The industry now faces new challenges associated with global warming, rising prices and escalating energy demand from developing countries like China and India. The industry will have to cope with; managing emissions; managing variable energy sources like wind, dev eloping clean coal technology; accommodating distributed generation and new nuclear stations and managing the impact of these developments on the distribution and transmission networks. It is now necessary to consider how the various market structures that were adopted have performed and how they will address some of these new issues and what further changes might be necessary.
This volume presents an all–inclusive analysis of the electricity market structures that have been adopted around the world and how they are performing. It provides an up–to–date analysis of the cost of competing technologies, the operation of energy and ancillary service markets and the impact of renewable sources and emission restrictions. It takes a forward look at likely future developments necessary to cope with the new emerging issues.
Part One introduces industry infrastructure, analysing state utilities, the motives behind liberalisation and the resulting structures.
Part Two considers generation costs, including renewable generation costs, and investigates the cost of restricting emissions as well as transmission and distribution costs.
Part Three discusses market operation, describing how costs affect the organisation of power generation. It covers trading arrangements, ancillary services, international trading and investment.
Part Four looks to future markets and technological developments that will shape the industry through the next twenty years. This includes the appraisal of investment opportunities for global power companies and implications for market performance.
Written by an internationally renowned consultant engineer, this book is full of expert insight and balances fundamental methodology and academic theory with practical information and diverse worked examples.
This is an excellent reference on the topic for power system engineers, regulators, banks, investors, and government energy agencies. With its many worked examples, it is also a brilliant tutorial accessible for postgraduates and senior undergraduates in electrical and power engineering.
Specificaties
Inhoudsopgave
<p>Foreword</p>
<p>Preface</p>
<p>Part One Industry Infrastructure</p>
<p>Chapter 1 Approach to Restructuring</p>
<p>1.1 Introduction</p>
<p>1.2 Industry Physical Structure</p>
<p>1.3 Introduction of Competition</p>
<p>1.4 Restructuring Options</p>
<p>1.5 Comparison of Structures</p>
<p>1.6 Summary</p>
<p>Chapter 2 Market Mechanisms</p>
<p>2.1 Introduction</p>
<p>2.2 Market Participants</p>
<p>2.3 Market Mechanisms</p>
<p>2.4 Market Implementation</p>
<p>2.5 Price Analysis</p>
<p>2.6 Summary</p>
<p>Part Two The Cost Chain</p>
<p>Chapter 3 Basic Generation Energy Costs</p>
<p>3.1 Introduction</p>
<p>3.2 Cost Components</p>
<p>3.3 Practical Operating Efficiencies</p>
<p>3.4 Impact of Utilisation on Costs</p>
<p>3.5 Comparison of Generation Costs</p>
<p>3.6 International Comparisons</p>
<p>3.7 Summary</p>
<p>Chapter 4 Alternative Energy Sources</p>
<p>4.1 Introduction</p>
<p>4.2 Competing Sources</p>
<p>4.3 Current Production Europe</p>
<p>4.4 Incentive Schemes</p>
<p>4.5 Market Pricing</p>
<p>4.6 The Economics of Alternative Sources</p>
<p>4.7 Comparisons</p>
<p>4.8 Summary</p>
<p>Chapter 5 Emissions</p>
<p>5.1 Introduction</p>
<p>5.2 Emission Trading Schemes (ETS)</p>
<p>5.3 Large Combustion Plant Directive (LCPD)</p>
<p>5.4 Generation CO2 Emissions</p>
<p>5.5 Production Costs</p>
<p>5.6 National Allocation Plans</p>
<p>5.7 Market Operation</p>
<p>5.8 Impact of Capacity Mix</p>
<p>5.9 International Approach</p>
<p>5.10 Summary</p>
<p>Chapter 6 Transmission</p>
<p>6.1 Introduction</p>
<p>6.2 Impact of Transmission Constraints in Markets</p>
<p>6.3 Transmission Charging</p>
<p>6.4 Derivation of Use of System Charges</p>
<p>6.5 International Tariff Comparisons</p>
<p>6.6 Transmission Investment</p>
<p>6.7 Interconnection Investment Appraisal</p>
<p>6.8 International Practice</p>
<p>6.9 Summary</p>
<p>Chapter 7 Distribution</p>
<p>7.1 Introduction</p>
<p>7.2 Market Status</p>
<p>7.3 Commercial Arrangements</p>
<p>7.4 Metering and Balancing</p>
<p>7.5 Cost of Distribution</p>
<p>7.6 Distribution Tariffs</p>
<p>7.7 OPEX Regulation</p>
<p>7.8 Capex Regulation</p>
<p>7.9 Business Risk</p>
<p>7.10 Distributed Generation</p>
<p>7.11 Summary</p>
<p>Chapter 8 End User Charges and Prices</p>
<p>8.1 Introduction</p>
<p>8.2 Price Comparisons</p>
<p>8.3 End user Energy Prices</p>
<p>8.4 Total End User Prices</p>
<p>8.5 Tariff Development</p>
<p>8.6 Customer Switching</p>
<p>8.7 Summary</p>
<p>Part Three Market Operation</p>
<p>Chapter 9 Market Trading</p>
<p>9.1 Introduction</p>
<p>9.2 European Markets</p>
<p>9.3 Developing Markets China</p>
<p>9.4 Market Power</p>
<p>9.5 Trading Arrangements</p>
<p>9.6 Bilateral Trading</p>
<p>9.7 Balancing Market</p>
<p>9.8 Exchange Trading</p>
<p>9.9 Supplier Risk</p>
<p>9.10 Generation Risk</p>
<p>9.11 Market Interaction</p>
<p>9.12 Arbitrage Spark Spread</p>
<p>9.13 Summary</p>
<p>Chapter 10 Market Analysis</p>
<p>10.1 Introduction</p>
<p>10.2 Modelling Overview</p>
<p>10.3 Dispatch Market Simulation</p>
<p>10.4 Load Duration Model</p>
<p>10.5 Hydro Generation</p>
<p>10.6 Interconnection Modelling</p>
<p>10.7 Predicting Demand Data</p>
<p>10.8 Generation data</p>
<p>10.9 Calculations</p>
<p>10.10 Price Duration Curve</p>
<p>10.11 Statistical Forecasting</p>
<p>10.12 Predicting New Entry</p>
<p>10.13 Summary</p>
<p>Chapter 11 Ancillary Service Markets</p>
<p>11.1 Introduction</p>
<p>11.2 Ancillary Service Requirements</p>
<p>11.3 Market Volume</p>
<p>11.4 Procurement Process</p>
<p>11.5 Cost of Providing Services</p>
<p>11.6 Predicting Revenues</p>
<p>11.7 Summary</p>
<p>Chapter 12 Cross–border Trading</p>
<p>12.1 Introduction</p>
<p>12.2 Governance</p>
<p>12.3 Cross–border Capacity</p>
<p>12.4 New Investment</p>
<p>12.5 Managing Operation</p>
<p>12.6 Capacity Auctions</p>
<p>12.7 Security</p>
<p>12.8 Charging for Wheeling</p>
<p>12.9 International Trading Development</p>
<p>12.10 Summary</p>
<p>Chapter 13 Investment Appraisal</p>
<p>13.1 Introduction</p>
<p>13.2 Overall Analysis</p>
<p>13.3 Analysis of Options</p>
<p>13.4 Plant Costs</p>
<p>13.5 Predicting Revenue</p>
<p>13.6 Bidding/Contracting Strategy</p>
<p>13.7 Evaluating Risk</p>
<p>13.8 Summary</p>
<p>Part Four Market Development</p>
<p>Chapter 14 Market Performance</p>
<p>14.1 Introduction</p>
<p>14.2 Performance Criteria</p>
<p>14.3 Market Shortcomings</p>
<p>14.4 Performance Assessment</p>
<p>14.5 Performance Improvement</p>
<p>14.6 Summary</p>
<p>Chapter 15 Market Developments</p>
<p>15.1 Introduction</p>
<p>15.2 Generation Developments</p>
<p>15.3 Future Plant Mix</p>
<p>15.4 Transmission and Distribution Grids</p>
<p>15.5 Carbon Capture and Storage</p>
<p>15.6 Market Implications</p>
<p>15.7 Summary</p>
<p>Chapter 16 Long–term Scenarios</p>
<p>16.1 Introduction</p>
<p>16.2 Emissions</p>
<p>16.3 Alternative Energy Sources</p>
<p>16.4 The Nuclear Option</p>
<p>16.5 Fuel Prices</p>
<p>16.6 Fuel Supply Security</p>
<p>16.7 System Security</p>
<p>16.8 Clean Coal Technology</p>
<p>16.9 Network Developments</p>
<p>16.10 International Commodity and Freight Markets</p>
<p>16.11 Competition</p>
<p>16.12 Conclusions</p>
<p>Glossary</p>
<p>References</p>
<p>Appendix Conversion Tables</p>
<p>Index</p>