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Reliability Management in Competitive Electricity Markets

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  • Chao, Hung-Po
  • Peck, Stephen C

Abstract

This paper examines market design issues for reliability management in competitive power markets. The institutional structure is characterized by a power exchange that conducts electricity market trading, a system operator that operates the electric power system, and a property right system for transmission pricing. In a competitive market, priority insurance fosters market information for determining efficient system reliability levels and induces system operators to maintain system security efficiently. A six-node network example is examined to illustrate the basic insights. Copyright 1998 by Kluwer Academic Publishers

Suggested Citation

  • Chao, Hung-Po & Peck, Stephen C, 1998. "Reliability Management in Competitive Electricity Markets," Journal of Regulatory Economics, Springer, vol. 14(2), pages 189-200, September.
  • Handle: RePEc:kap:regeco:v:14:y:1998:i:2:p:189-200
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    Cited by:

    1. repec:eee:eneeco:v:65:y:2017:i:c:p:75-86 is not listed on IDEAS
    2. DAXHELET, Olivier & SMEERS, Yves, 1999. "Variational inequality models of restructured electricity systems," CORE Discussion Papers 1999066, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Ehrenmann, Andreas & Smeers, Yves, 2005. "Inefficiencies in European congestion management proposals," Utilities Policy, Elsevier, vol. 13(2), pages 135-152, June.
    4. EHRENMANN, Andreas & SMEERS, Yves, 2004. "Inefficiencies in European congestion management proposals," CORE Discussion Papers 2004090, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Deng, Shi-Jie & Oren, Shmuel & Meliopoulos, A.P., 2010. "The inherent inefficiency of simultaneously feasible financial transmission rights auctions," Energy Economics, Elsevier, vol. 32(4), pages 779-785, July.
    6. Hélène Le Cadre & Anthony Papavasiliou & Yves Smeers, 2015. "Wind Farm Portfolio Optimization under Network Capacity Constraints," Post-Print hal-01007992, HAL.
    7. Bertsch, Joachim, 2015. "Is an inefficient transmission market better than none at all? On zonal and nodal pricing in electricity systems," EWI Working Papers 2015-5, Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI).
    8. Giorgia Oggioni & Yves Smeers & Elisabetta Allevi & Siegfried Schaible, 2012. "A Generalized Nash Equilibrium Model of Market Coupling in the European Power System," Networks and Spatial Economics, Springer, vol. 12(4), pages 503-560, December.
    9. Evens Salies & Lynne Kiesling & Michael Giberson, 2007. "L'électricité est-elle un bien public ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 101(2), pages 399-420.
    10. Grimm, Veronika & Martin, Alexander & Schmidt, Martin & Weibelzahl, Martin & Zöttl, Gregor, 2016. "Transmission and generation investment in electricity markets: The effects of market splitting and network fee regimes," European Journal of Operational Research, Elsevier, vol. 254(2), pages 493-509.
    11. BOUCHER, Jacqueline & SMEERS, Yves, 1999. "Alternative models of restructured electricity systems. Part 1: no market power," CORE Discussion Papers 1999050, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    12. Grimm, Veronika & Martin, Alexander & Weibelzahl, Martin & Zöttl, Gregor, 2016. "On the long run effects of market splitting: Why more price zones might decrease welfare," Energy Policy, Elsevier, vol. 94(C), pages 453-467.
    13. Matsukawa, Isamu, 2006. "Regulating a Monopoly Offering Priority Service," MPRA Paper 991, University Library of Munich, Germany.
    14. Giorgia Oggioni and Yves Smeers, 2010. "Degree of coordination in market-coupling and counter-trading," RSCAS Working Papers 2010/24, European University Institute.
    15. Lo Prete, Chiara & Hobbs, Benjamin F., 2016. "A cooperative game theoretic analysis of incentives for microgrids in regulated electricity markets," Applied Energy, Elsevier, vol. 169(C), pages 524-541.
    16. Hesamzadeh, M. & Holmberg, P. & Sarfati, M., 2018. "Simulation and Evaluation of Zonal Electricity Market Designs," Cambridge Working Papers in Economics 1829, Faculty of Economics, University of Cambridge.
    17. repec:spo:wpecon:info:hdl:2441/7067 is not listed on IDEAS
    18. Grimm, Veronika & Martin, Alexander & Weibelzahl, Martin & Zöttl, Gregor, 2014. "Transmission and Generation Investment in Electricity Markets: The Effects of Market Splitting and Network Fee Regimes," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 460, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    19. Isamu Matsukawa, 2009. "Regulatory effects on the market penetration and capacity of reliability differentiated service," Journal of Regulatory Economics, Springer, vol. 36(2), pages 199-217, October.
    20. Grimm, Veronika & Martin, Alexander & Weibenzahl, Martin & Zoettl, Gregor, 2014. "Transmission and generation investment in electricity markets: The effects of market splitting and network fee regimes," FAU Discussion Papers in Economics 04/2014, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    21. Gurkan, G. & Langestraat, R. & Ozdemir, O., 2013. "Introducing CO2 Allowances, Higher Prices For All Consumers; Higher Revenues For Whom?," Discussion Paper 2013-015, Tilburg University, Center for Economic Research.
    22. Giorgia Oggioni and Yves Smeers, 2012. "Degrees of Coordination in Market Coupling and Counter-Trading," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    23. Gürkan, G. & Ozdemir, O. & Smeers, Y., 2013. "Generation Capacity Investments in Electricity Markets : Perfect Competition," Discussion Paper 2013-045, Tilburg University, Center for Economic Research.
    24. Weigt, Hannes, 2009. "A Review of Liberalization and Modeling of Electricity Markets," MPRA Paper 65651, University Library of Munich, Germany.
    25. repec:eee:ejores:v:271:y:2018:i:1:p:165-178 is not listed on IDEAS

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