{"product_id":"electricity-markets-9780471985075","title":"Electricity Markets","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eThe impact of deregulation on the theory and practice of investment appraisal is addressed in this comprehensive treatment of the restructuring of the electricity supply industry. Demonstrating that the classical approach to generation investment appraisal is no longer valid, a new approach is developed using three economic models to represent differing market conditions. Highlighting the impact on the organisation of the utilities and their suppliers, Electricity Markets offers essential advice for survival in the deregulated environment worldwide. Features include:\u003cbr\u003e * Examination of the alternative market structures and their mechanisms\u003cbr\u003e * Methods for investment appraisal and market simulation to support the assessment of market strategies by generators, distributors and suppliers\u003cbr\u003e * Use of game theory to predict market behaviour and competitive interaction\u003cbr\u003e * Coverage of the analytical and technical aspects of grid deregulation plus a look ahead to the long term \u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eSymbols xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One A Review Of Market Structures And Mechanisms 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eObjectives 3\u003c\/p\u003e \u003cp\u003eInternational Perspectives 4\u003c\/p\u003e \u003cp\u003eCommercial Arrangements 7\u003c\/p\u003e \u003cp\u003eImplications 8\u003c\/p\u003e \u003cp\u003eThe Analysis 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Alternative Market Structures 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Gross Pool 11\u003c\/p\u003e \u003cp\u003eBilateral Trading – The Net Pool 13\u003c\/p\u003e \u003cp\u003eThe Single Buyer 14\u003c\/p\u003e \u003cp\u003eZonal Pools 15\u003c\/p\u003e \u003cp\u003eMixed Generation 16\u003c\/p\u003e \u003cp\u003eState Utility 16\u003c\/p\u003e \u003cp\u003eTransmission Issues 17\u003c\/p\u003e \u003cp\u003eSupply Issues 18\u003c\/p\u003e \u003cp\u003eStranded Assets 18\u003c\/p\u003e \u003cp\u003eMarket Comparisons 19\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Market Mechanisms 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrice Setting 21\u003c\/p\u003e \u003cp\u003eSecuring Availability 22\u003c\/p\u003e \u003cp\u003eAccommodating Transmission Constraints 23\u003c\/p\u003e \u003cp\u003eEnabling Demand Side Participation 24\u003c\/p\u003e \u003cp\u003eCapturing Data for Settlement 25\u003c\/p\u003e \u003cp\u003eCalculating Payments 25\u003c\/p\u003e \u003cp\u003eUnit Commitment 29\u003c\/p\u003e \u003cp\u003eConclusion 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Markets in Operation 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReliability 33\u003c\/p\u003e \u003cp\u003eCompetition 35\u003c\/p\u003e \u003cp\u003ePrice Trends 38\u003c\/p\u003e \u003cp\u003eSMP V Demand 39\u003c\/p\u003e \u003cp\u003eInvestment 40\u003c\/p\u003e \u003cp\u003eEfficiency in Operation 43\u003c\/p\u003e \u003cp\u003eConclusions 44\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Market Modelling 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSolution Process 47\u003c\/p\u003e \u003cp\u003eProduction Modelling 51\u003c\/p\u003e \u003cp\u003eConclusions 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 SMP Theory and Optimal Plant Mix 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSMP Derivation 57\u003c\/p\u003e \u003cp\u003eDerivation of Optimal Plant Mix 58\u003c\/p\u003e \u003cp\u003eSMP Estimation 61\u003c\/p\u003e \u003cp\u003eConclusions 62\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 LOLP Theory and Optimal Margin 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTheory 65\u003c\/p\u003e \u003cp\u003eLolp V Margin 66\u003c\/p\u003e \u003cp\u003eComparison of Theory With Model And Actual 68\u003c\/p\u003e \u003cp\u003eLolp and Pooling 68\u003c\/p\u003e \u003cp\u003eOptimum Investment Level 70\u003c\/p\u003e \u003cp\u003eConclusion 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Idealised Tariffs 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBasic Principle 73\u003c\/p\u003e \u003cp\u003eIdeal Price Derivation 74\u003c\/p\u003e \u003cp\u003eActual SMP Prices 75\u003c\/p\u003e \u003cp\u003eLolp and Capacity Charge 76\u003c\/p\u003e \u003cp\u003eBST 78\u003c\/p\u003e \u003cp\u003eComparison of Actual PSP With BST 79\u003c\/p\u003e \u003cp\u003eThe Open Supply Market 80\u003c\/p\u003e \u003cp\u003eConclusions 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Review of Market Shortcomings 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMarginal Pricing 83\u003c\/p\u003e \u003cp\u003ePlant Mix 84\u003c\/p\u003e \u003cp\u003ePlant Margins 85\u003c\/p\u003e \u003cp\u003eTransmission Management 86\u003c\/p\u003e \u003cp\u003eConsumers 86\u003c\/p\u003e \u003cp\u003eSecurity of Supply 87\u003c\/p\u003e \u003cp\u003eConclusions 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 A Medium-Term Market Based on Lagrangian Relaxation 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Requirements 90\u003c\/p\u003e \u003cp\u003eThe Process 91\u003c\/p\u003e \u003cp\u003eThe Theory 91\u003c\/p\u003e \u003cp\u003eCommercial Arrangements 94\u003c\/p\u003e \u003cp\u003eOther Improvements 95\u003c\/p\u003e \u003cp\u003eBenefits 96\u003c\/p\u003e \u003cp\u003eConclusion 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Generation Investment Appraisal 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Basic Principles 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClassical Approach 101\u003c\/p\u003e \u003cp\u003ePre-Privatisation Approach 102\u003c\/p\u003e \u003cp\u003ePost-Privatisation Approach 103\u003c\/p\u003e \u003cp\u003eShortcomings 105\u003c\/p\u003e \u003cp\u003eConclusion 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Predicting SMP and Income 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEstimation of Income 107\u003c\/p\u003e \u003cp\u003eBidding Strategy 108\u003c\/p\u003e \u003cp\u003eGenerator Costs 108\u003c\/p\u003e \u003cp\u003eProfit Forecast 109\u003c\/p\u003e \u003cp\u003ePredicting Utilisation 110\u003c\/p\u003e \u003cp\u003ePredicting SMP 113\u003c\/p\u003e \u003cp\u003eResults 114\u003c\/p\u003e \u003cp\u003eForward Pricing 115\u003c\/p\u003e \u003cp\u003eConclusions 119\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Market Share and Appraisal Process 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Profit Function 121\u003c\/p\u003e \u003cp\u003eCalculating Total Profit 122\u003c\/p\u003e \u003cp\u003eOverview of Process 125\u003c\/p\u003e \u003cp\u003eModelling Uncertainty 126\u003c\/p\u003e \u003cp\u003eAlternative Company Interaction Models 128\u003c\/p\u003e \u003cp\u003eComparison With Actual 130\u003c\/p\u003e \u003cp\u003eConclusions 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Predicting Multiple Company Interaction 133\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe System Merit Order 133\u003c\/p\u003e \u003cp\u003eTheoretical Derivation of Profit Function 134\u003c\/p\u003e \u003cp\u003eResults 135\u003c\/p\u003e \u003cp\u003eChanging Capacity and Demand 135\u003c\/p\u003e \u003cp\u003eMultiple Interaction 136\u003c\/p\u003e \u003cp\u003eModelling Interactive Expansion 138\u003c\/p\u003e \u003cp\u003eRisk and Option Evaluation 139\u003c\/p\u003e \u003cp\u003eConclusions 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Transmission Investment Appraisal 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Review of International Structures 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Regulated Monopoly 145\u003c\/p\u003e \u003cp\u003eObjectives of a Market Structure 146\u003c\/p\u003e \u003cp\u003eInternational Practice 146\u003c\/p\u003e \u003cp\u003eDiscussion 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Cost Apportionment And Benefit 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCost Apportionment of Existing System 155\u003c\/p\u003e \u003cp\u003eThe Benefit Function 155\u003c\/p\u003e \u003cp\u003eAssessment of Global Benefit 157\u003c\/p\u003e \u003cp\u003eNew Investment Types 160\u003c\/p\u003e \u003cp\u003eConclusions 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Interconnection Evaluation 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIncome and Costs 164\u003c\/p\u003e \u003cp\u003eEffect of Interconnection 164\u003c\/p\u003e \u003cp\u003eThe Optimal Wheel 165\u003c\/p\u003e \u003cp\u003eExample 166\u003c\/p\u003e \u003cp\u003eTransmission Profit 168\u003c\/p\u003e \u003cp\u003eSystem Wheeling 169\u003c\/p\u003e \u003cp\u003eConsumer Reaction 170\u003c\/p\u003e \u003cp\u003eDiscussion 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 Managing Constraints 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConstraint Costs 174\u003c\/p\u003e \u003cp\u003ePost-Market Settlement – Uplift Definition 175\u003c\/p\u003e \u003cp\u003eCommercial Arrangements 176\u003c\/p\u003e \u003cp\u003eTransaction Model 177\u003c\/p\u003e \u003cp\u003eTheoretical Formulation 178\u003c\/p\u003e \u003cp\u003eModelling In Operation 180\u003c\/p\u003e \u003cp\u003eConclusion 182\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Optimal Investment and Outage Planning 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eModelling 184\u003c\/p\u003e \u003cp\u003eLoading Programme 184\u003c\/p\u003e \u003cp\u003eThe Cost Function 185\u003c\/p\u003e \u003cp\u003eDerivation of Optimal Outage Pattern 186\u003c\/p\u003e \u003cp\u003eExample 187\u003c\/p\u003e \u003cp\u003eFull-Year Assessment 188\u003c\/p\u003e \u003cp\u003eInvestment Evaluation 189\u003c\/p\u003e \u003cp\u003eCommercial Arrangements 190\u003c\/p\u003e \u003cp\u003eConclusion 191\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four The Impact On Utility Operations 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 Impact on System Operation 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKeeping The Lights On 196\u003c\/p\u003e \u003cp\u003eFacilitating The Market 199\u003c\/p\u003e \u003cp\u003eThe Independent System Operator 201\u003c\/p\u003e \u003cp\u003eConclusions 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 Impact on System Development 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneration Planning 203\u003c\/p\u003e \u003cp\u003eTransmission 205\u003c\/p\u003e \u003cp\u003eDistribution Planning 207\u003c\/p\u003e \u003cp\u003eConclusions 208\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22 The Commercial Infrastructure 209\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneration 210\u003c\/p\u003e \u003cp\u003eTransmission 211\u003c\/p\u003e \u003cp\u003eDistribution 212\u003c\/p\u003e \u003cp\u003eSupplier Income 212\u003c\/p\u003e \u003cp\u003eLicenced\/Unlicenced 213\u003c\/p\u003e \u003cp\u003eCulture 213\u003c\/p\u003e \u003cp\u003eTake-Overs and Mergers 213\u003c\/p\u003e \u003cp\u003eConclusion 214\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23 The IT\/Communications Infrastructure 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground 215\u003c\/p\u003e \u003cp\u003eNew Requirements 216\u003c\/p\u003e \u003cp\u003eDesign Considerations 217\u003c\/p\u003e \u003cp\u003eStructure 217\u003c\/p\u003e \u003cp\u003eStation Links 219\u003c\/p\u003e \u003cp\u003eConclusions 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five The Changing Market For Facility Providers 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24 New Businesses and Drivers 223\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNew Interfaces and Drivers 224\u003c\/p\u003e \u003cp\u003eNew Needs 224\u003c\/p\u003e \u003cp\u003eSupplier Response 225\u003c\/p\u003e \u003cp\u003eFuture 226\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 25 Primary Plant for Generation, Transmission and Distribution 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eActual Developments 230\u003c\/p\u003e \u003cp\u003eProjected Market Needs 233\u003c\/p\u003e \u003cp\u003eConclusions 237\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 26 IT Metering And Telecommunications 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMetering Systems 240\u003c\/p\u003e \u003cp\u003eCommercial Data Handling Systems 242\u003c\/p\u003e \u003cp\u003eSettlement Systems 242\u003c\/p\u003e \u003cp\u003eAsset Management Systems 243\u003c\/p\u003e \u003cp\u003eOperational Systems 244\u003c\/p\u003e \u003cp\u003eConclusions 245\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Six The Market And The Future 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 27 The Role And Effect Of Regulation 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInternational Practice 250\u003c\/p\u003e \u003cp\u003eExperience 251\u003c\/p\u003e \u003cp\u003eImpact on Generation And Transmission 252\u003c\/p\u003e \u003cp\u003eThe Nuclear Position 252\u003c\/p\u003e \u003cp\u003eGas Electricity Arbitrage 253\u003c\/p\u003e \u003cp\u003eImpact on Investment 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 28 Conclusions 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Market 255\u003c\/p\u003e \u003cp\u003eGeneration Investment Appraisal 256\u003c\/p\u003e \u003cp\u003eTransmission Investment Appraisal 258\u003c\/p\u003e \u003cp\u003eThe Impact on Utility Operations 259\u003c\/p\u003e \u003cp\u003eThe Changing Market for Facility Providers 260\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 29 The Future 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAre Markets Delivering Benefit? 261\u003c\/p\u003e \u003cp\u003eThe Economic Theory 262\u003c\/p\u003e \u003cp\u003eAlternative Structures 263\u003c\/p\u003e \u003cp\u003eAlternative Working Arrangements 264\u003c\/p\u003e \u003cp\u003eThe Way Forward 265\u003c\/p\u003e \u003cp\u003eFurther Developments 266\u003c\/p\u003e \u003cp\u003eConclusion 266\u003c\/p\u003e \u003cp\u003eSelect Bibliography 267\u003c\/p\u003e \u003cp\u003eGlossary 271\u003c\/p\u003e \u003cp\u003eIndex 273\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":53515435049303,"sku":"9780471985075","price":208.76,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/bookcurl.com\/products\/electricity-markets-9780471985075","provider":"Book Curl","version":"1.0","type":"link"}