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Designing electiricty transmission auctions: an introduction to the relevant literature

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  • Greve,T.
  • Pollitt, M. G.

Abstract

The UK has ambitious plans for exploiting offshore wind for electricity production in order to meet its challenging target under the EU Renewable Energy Directive. This could involve investing up to £20bn in transmission assets to bring electricity ashore. An investment of this magnitude calls for an efficient mechanism to determine which projects get financed and ensuring that only those projects that are selected can be delivered at least costs to consumers. The electricity regulator’s ongoing tender auctions are likely to work well for point-to-point transmission and for networks already built. However, it is still unclear what kinds of models could be considered for complex meshed offshore (and onshore) networks where licences are granted not only to own and operate, but also to build a transmission network. This paper provides an extensive survey on the current theory and experience of auctions. The main objective is to discuss the design of auctions for transmission assets in which bidding for packages of transmission assets is a possibility.

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Bibliographic Info

Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 1245.

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Date of creation: 26 Oct 2012
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Handle: RePEc:cam:camdae:1245

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Web page: http://www.econ.cam.ac.uk/index.htm

Related research

Keywords: Energy Transmission; Auction Design; Combinatorial Auctions; Package Bidding;

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  1. Paul Klemperer, 1999. "Auction Theory: A Guide to the Literature," Microeconomics, EconWPA 9903002, EconWPA.
  2. Richard J. Gilbert & Paul Klemperer, 1999. "An Equilibrium Theory of Rationing," Microeconomics, EconWPA 9907005, EconWPA.
  3. Paul Klemperer, 2004. "Auctions: Theory and Practice," Economics Series Working Papers 2004-W09, University of Oxford, Department of Economics.
  4. Estelle Cantillon & Martin Pesendorfer, 2006. "Auctioning bus routes: the London experience," ULB Institutional Repository 2013/9003, ULB -- Universite Libre de Bruxelles.
  5. Luiz T. A. Maurer & Luiz A. Barroso, 2011. "Electricity Auctions : An Overview of Efficient Practices," World Bank Publications, The World Bank, number 2346, August.
  6. Marc S. Robinson, 1985. "Collusion and the Choice of Auction," RAND Journal of Economics, The RAND Corporation, vol. 16(1), pages 141-145, Spring.
  7. Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice
    [Auctions: Theory and Practice]
    ," Introductory Chapters, Princeton University Press.
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