Search results for: the-market-for-energy

Regulation of Energy Markets

Author : Machiel Mulder
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This textbook explains the main economic mechanisms behind energy markets and assesses how governments can implement policies to improve how these markets function. Adopting a micro-economic perspective, the book systematically analyses the various types of market failures on the electricity and gas markets as well as coal, oil, hydrogen and heat markets to identify government policies that can improve welfare. These shortcomings include the natural monopoly and the public-good character of energy infrastructures; market power resulting from inflexibility of supply and demand; international trade restrictions; negative externalities concerning the use of fossil energy; positive externalities concerning innovative new energy technologies; information asymmetries with regard to the product characteristics of energy commodities; and other public concerns, such as energy poverty. In turn, readers will learn about various measures that governments can use to address these market failures, including incentive regulation for electricity grids; international integration of wholesale energy markets; environmental regulatory measures like emissions trading schemes; subsidy schemes for new technologies; green-energy certificate schemes; and energy taxes. Given its scope, the book will appeal to upper-undergraduate and graduate students from various disciplines who want to learn more about the economics and regulation of energy systems and markets.

Energy Storage in Energy Markets

Author : Behnam Mohammadi-Ivatloo
File Size : 80.60 MB
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Energy Storage in Energy Markets reviews the modeling, design, analysis, optimization and impact of energy storage systems in energy markets in a way that is ideal for an audience of researchers and practitioners. The book provides deep insights on potential benefits and revenues, economic evaluation, investment challenges, risk analysis, technical requirements, and the impacts of energy storage integration. Heavily referenced and easily accessible to policymakers, developers, engineer, researchers and students alike, this comprehensive resource aims to fill the gap in the role of energy storage in pool/local energy/ancillary service markets and other multi-market commerce. Chapters elaborate on energy market fundamentals, operations, energy storage fundamentals, components, and the role and impact of storage systems on energy systems from different aspects, such as environmental, technical and economics, the role of storage devices in uncertainty handling in energy systems and their contributions in resiliency and reliability improvement. Provides integrated techno-economic analysis of energy storage systems and the energy markets Reviews impacts of electric vehicles as moving energy storage and loads on the electricity market Analyzes the role and impact of energy storage systems in the energy, ancillary, reserve and regulatory multi-market business Applies advanced methods to the economic integration of large-scale energy storage systems Develops an evaluation framework for energy market storage systems

Energy Markets

Author : Tom James
File Size : 38.71 MB
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Price Risk Management and Trading. Energy risk management expert, Tom James, does it again. His latest book is a timely addition to the rapidly developing energy trading markets. This book should be on every energy trader, risk manager and corporate planer′s desk. it is an easy read as Tom goes into great detail to explain the intricacies of this market and its various unique elements. – Peter C. Fusaro, Chairman, Global Change Associates Inc., Best–selling Author and Energy Expert This sensible and practical guide is essential for those seeking an understanding of commerce in energy derivatives. beyond merely informative, this hand book for the practitioner details the finer points of the use of derivatives as tools for price–risk management. No energy trading desk should be without it. – Ethan L. Cohen, Senior Director, Utility and Energy Technology, UtiliPoint International Inc. Energy markets are much more volatile than other commodity markets, so risk mitigation is more of a concern. Energy prices, for example, can be affected by weather, geopo9litical turmoil, changes in tax and legal systems, OPEC decisions, analysis′ reports, transportation issues, and supply and demand – to name just a few factors. Tom James′s book is a practical guide to assessing and managing these risks. It is a must–read for senior management as well as risk and financial professionals.– Don Stowers, Editor, Oil & Gas Financial Journal This book is the most comprehensive on price risk management–centric efforts. It provides the reader with a tangible experience of derivatives in today′s capital and energy markets. The breadth and scope of the passages are immense, in that both developed and developing countries′ energy markets are considered and examples applied. Terrific read! – Rashpal Bhatti, Marketing Manager, Energy Trading Asia, Enron/BHP Billiton Tom James has simplified the intricacies of a very complex market. In this new market of "hot" commodities, he has been able to give a fresh course to those who are new to the energy markets and a solid review for those that are well seasoned. he covers everything within the oil market from A to Z in this book and does it well. Coming from a financial background myself, it′s good to finally find a book that can bring a better understanding to the field of energy commodities. – Carl Larry, Vice President Citi Energy Global Commodities

The Energy World is Flat

Author : Daniel Lacalle
File Size : 53.93 MB
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A stronger, more informed approach to the energy markets The Energy World Is Flat provides a forward-looking analysis of the energy markets and addresses the implications of their rapid transformation. Written by acknowledged expert Daniel Lacalle, who is actively engaged with energy portfolios in the financial space, this book is grounded in experience with the world of high-stakes finance, and relays a realist's perspective of the current and future state of the energy markets. Readers will be brought up to date on the latest developments in the area, and learn the strategies that allow investors to profit from these developments. An examination of the markets' history draws parallels between past and current shifts, and a discussion of technological advancements helps readers understand the issues driving these changes. Energy has always been at the forefront of the economic agenda, being both the key to and a driver for development and growth. Its centrality to the world of finance makes it imperative for investors and analysts to understand the energy markets, irrespective of where on the wide range of energy spectrum observers they fall. The Energy World Is Flat is a guide to the past, present, and future of these crucial markets, and the strategies that make them profitable. These include: Understanding the state of the energy markets, including key developments and changes Discovering the ten pillars of a successful energy investment strategy Reviewing the history of the energy markets to put recent changes into perspective Learning which technologies are driving the changes, and how it will affect investors The recent energy market changes were both unexpected and so fundamental in nature that they represent a true shift in the energy macro- and microeconomic landscape. Investors and analysts seeking a stronger approach to these markets need the expert guidance provided by The Energy World Is Flat.

Energy Trading and Investing

Author : Davis W. Edwards
File Size : 36.54 MB
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“The essential training manual for anyone who expects to profi tably engage the energy market while avoiding the devils lurking in the details.” Kurt Yeager, former President and CEO of the Electric Power Research Institute and coauthor of Perfect Power Shrinking fossil fuel supplies, volatile prices, deregulation, and environmental conservation have transformed the energy market into a major arena for making money. In response, an unprecedented amount of capital and investment manpower has fl ooded into the energy market. Older utilities are finding that their quiet, safe business has changed dramatically in a short period of time. Now, Energy Trading and Investing provides a big-picture introduction to the industry along with the trading know-how and fi nancial details that every market participant needs for success. This hands-on guidebook covers all types of energy markets—from the big-three markets of electricity, natural gas, and oil to the growing markets for liquefied natural gas, emissions, and alternative energy. It provides useful information on the interdependence of the different energy markets, who the major players are, and how Wall Street trades energy products. Energy Trading and Investing features: An overview of the entire energy market In-depth descriptions of all of the major energy commodities Financially oriented discussions of how chemistry, physics, accounting, and option pricing affect trading Primers on load forecasting, tolling agreements, natural gas storage, and more A practical introduction to risk management Written by a pioneering quant in the energy market, Energy Trading and Investing provides a highly disciplined and organized approach to profi ting from energy investments. This potent combination of detailed, up-to-date information alongside expert know-how thoroughly prepares you to invest and trade with confi dence in the energy market. If you’re a serious trader, you need to understand the energy markets, and Energy Trading and Investing is the only book you need to trade successfully in this growing sector.

Energy Efficiency Financing and Market Based Instruments

Author : Yang Liu
File Size : 46.34 MB
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This book is devoted to investigating the policy design and effectiveness of financial and market-based instruments to promote energy efficiency financing. The concept of this monograph is to present the latest results related to energy efficiency funding schemes, energy efficiency obligations, voluntary agreements, auction mechanisms, and Super Energy Services Companies (Super ESCOs) in major jurisdictions across the world. The book focuses on financial and market-based instruments as they deliver a price signal, which provides an incentive for firms to invest in innovation or implement more energy-efficient technologies and deliver energy savings while minimizing costs. Such instruments can have significant advantages for the government, supporting the fiscal sustainability of the government’s energy efficiency efforts, requiring less enforcement than regulation and according the market flexibility to select the most cost-efficient technologies. This book is highly recommended to researchers, policy experts, and business specialists who seek an in-depth and up-to-date integrated overview of energy efficiency financing.

Energy in Europe

Author : Commission of the European Communities. Directorate-General for Energy
File Size : 89.13 MB
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Government Promotion of Renewable Energy Technologies

Author : Katrin Jordan-Korte
File Size : 27.14 MB
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Katrin Jordan-Korte presents the first comprehensive comparison of government promotion of renewable energy technologies in Germany, the United States, and Japan.

UK Energy Policy and the End of Market Fundamentalism

Author : Ian Rutledge
File Size : 40.96 MB
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This volume looks at the privatisation and liberalisation of the UK's energy industries. It exposes why market fundamentalism has been controversial for the UK's oil, gas, coal, and electricity industries, and asks if UK liberalised energy industries and markets are equipped to deal with current and future challenges.

Making a Market for Energy Efficiency

Author : Simon Terry
File Size : 43.71 MB
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Refocus Marine Renewable Energy Report

Author : Adam Westwood
File Size : 77.3 MB
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The Refocus Marine Renewable Energy Report presents detailed market forecasts and analysis for the 2005-2009 period. Forecasts show Capex and capacity, and are split by component and country. Future markets for marine renewables cabling, foundations and turbines are also given. The modelling process looks at each renewable energy project on an individual basis, carefully assessing its viability and timescale in light of market forces such as governmental policy, financing, supply and demand of contractors etc. With this methodology DWL can accurately forecast when future expenditure and installations will occur. Included in this report * A development history of each sector of the marine energy market * The market drivers of the marine renewables industry are fully explained, from government renewables targets, through future energy supply, to climate change * The technologies of each sector are discussed, profiled, and forecasts given for their future market * Analyses of the issues impacting on the marine energy industry including supply and demand of installation vessels, the supply of steel, project financing, planning etc. * A valuable appendix of company and project profiles plus tables of every marine renewable energy project worldwide, showing key details These forecasts are unique in their level of detail and accuracy. DWL manage the World Offshore Wind Database, and World Wave & Tidal Database, extensive project databases with up to 60 fields of data on each wind, wave and tidal project in operation and planning worldwide. These data sources have been in place for four years and are constantly updated giving an up to date industry view. By only using this data for identified projects, the subsequent market forecasts are grounded in reality. * Forecasts future activity in the marine renewables sectors of offshore wind, wave and tidal energy * Written by leading energy industry analysts, Douglas-Westwood Ltd (DWL) * The models used in forecasting use realistic costing, based on actual project costs

Capacity Mechanisms in the EU Energy Market

Author : Leigh Hancher
File Size : 62.46 MB
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Ensuring an adequate, long-term energy supply is a paramount concern in Europe. EU member states now intervene by encouraging investment in generation capacity, offering an additional revenue stream for conventional power plants in addition to the existing, heavily subsidised investments in renewable energy sources. These capacity remuneration mechanisms (or simply capacity mechanisms) have become a hot topic in the wider European regulatory debate. European electricity markets are increasingly interconnected, so the introduction of a capacity mechanism in one country not only distorts its national market but may have unforeseeable consequences for neighbouring electricity markets. If these mechanisms are adopted by several member states with no supra-national coordination and no consideration for their cross-border impact, they may cause serious market distortions and put the future of the European internal electricity market at risk. This book provides readers with an in-depth analysis of capacity mechanisms, written by an expert team of policy-makers, economists, and legal professionals. It will be a first point of reference for regulators and policy-makers responsible for designing optimal capacity mechanisms in Europe, and will be an invaluable resource for academics and practitioners in the fields of energy, regulation, and competition.

Making a Market in Energy

Author : Colin Robinson
File Size : 80.78 MB
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Managing Energy Risk

Author : Markus Burger
File Size : 46.98 MB
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An overview of today's energy markets from a multi-commodity perspective As global warming takes center stage in the public and private sectors, new debates on the future of energy markets and electricity generation have emerged around the world. The Second Edition of Managing Energy Risk has been updated to reflect the latest products, approaches, and energy market evolution. A full 30% of the content accounts for changes that have occurred since the publication of the first edition. Practitioners will appreciate this contemporary approach to energy and the comprehensive information on recent market influences. A new chapter is devoted to the growing importance of renewable energy sources, related subsidy schemes and their impact on energy markets. Carbon emissions certificates, post-Fukushima market shifts, and improvements in renewable energy generation are all included. Further, due to the unprecedented growth in shale gas production in recent years, a significant amount of material on gas markets has been added in this edition. Managing Energy Risk is now a complete guide to both gas and electricity markets, and gas-specific models like gas storage and swing contracts are given their due. The unique, practical approach to energy trading includes a comprehensive explanation of the interactions and relations between all energy commodities. Thoroughly revised to reflect recent changes in renewable energy, impacts of the financial crisis, and market fluctuations in the wake of Fukushima Emphasizes both electricity and gas, with all-new gas valuation models and a thorough description of the gas market Written by a team of authors with theoretical and practical expertise, blending mathematical finance and technical optimization Covers developments in the European Union Emissions Trading Scheme, as well as coal, oil, natural gas, and renewables The latest developments in gas and power markets have demonstrated the growing importance of energy risk management for utility companies and energy intensive industry. By combining energy economics models and financial engineering, Managing Energy Risk delivers a balanced perspective that captures the nuances in the exciting world of energy.

Energy and Power Risk Management

Author : Alexander Eydeland
File Size : 74.36 MB
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Praise for Energy and Power Risk Management "Energy and Power Risk Management identifies and addresses the key issues in the development of the turbulent energy industry and the challenges it poses to market players. An insightful and far-reaching book written by two renowned professionals." -Helyette Geman, Professor of Finance University Paris Dauphine and ESSEC "The most up-to-date and comprehensive book on managing energy price risk in the natural gas and power markets. An absolute imperative for energy traders and energy risk management professionals." -Vincent Kaminski, Managing Director Citadel Investment Group LLC "Eydeland and Wolyniec's work does an excellent job of outlining the methods needed to measure and manage risk in the volatile energy market." -Gerald G. Fleming, Vice President, Head of East Power Trading, TXU Energy Trading "This book combines academic rigor with real-world practicality. It is a must-read for anyone in energy risk management or asset valuation." -Ron Erd, Senior Vice President American Electric Power

Energy Marketing Handbook

Author : Denise Warkentin-Glenn
File Size : 59.91 MB
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Anyone engaged in the rapidly emerging marketing of energy as a commodity will benefit from Energy Marketing Handbook. In this comprehensive volume filled with the latest in energy marketing information, energy-specialist Denise Warkentin details the open markets, wholesale and retail wheeling, the alignment of the electric power industry, and offers ways to manage risk in the market. An extensive reference section defines the special terms related to energy as a commodity and lists acronyms and trade groups involved. Readers will learn: What energy marketing is and how it differs from both power marketing and brokering How the past has shaped the current path of the electric power and natural gas industries How electricity deregulation will effect natural gas What the Federal Energy Regulatory Commision's recent adoption of Ferc Orders 888 and 889 means for the industry How alliances and marketing relationships have emerged within the electric utility industry and in the natural gas industry How to manange and control risk in a competitive atmosphere As Editor of Energy Marketing and News Editor for Electric Light & Power, Denise Warkentin deals with the complex issues of energy marketing on a daily basis. Based on her research, she teaches informative and non-technical public seminars on such topics as utility financial condition and profitability, energy marketing and reengineering and downsizing. Warkentin holds a BA in journalism from the University of Oklahoma and has been writing on business, regulatory, legal and environmental issues for 13 years and on electric power and natural gas markets for five years.

Application of Anti manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law

Author : Huseyin Cagri Corlu
File Size : 41.76 MB
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In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.

Peru s Renewable Energy Market

Author : Andrea Gilardoni
File Size : 63.42 MB
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Four Essays on Economic Analysis on Increased Wind Power and Battery Energy Storage System in Restructured Markets in South Korea and Electric Reliability Council of Texas

Author : Joohyun Cho
File Size : 65.6 MB
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Electricity is an essential energy in our daily lives while it faces challenges from generation resources, emergence of new technology, and new policies in the electricity market. Renewable energy resources enter electricity markets market, reducing wholesales market prices replacing high cost generators. For new technology, some battery energy storage system (ESS) system technologies have been developed to be eligible to be used to serve energy and ancillary service to the grid. In addition, new policies are introduced to the market, which open opportunities for renewable energy and battery ESSs. Renewable Portfolio Standards (RPS) requires more renewable energy should be used in generating electricity, while FERC Order 784 provides higher profitability potential due to technology's fast ramp-up speed. This dissertation explores wind power in the South Korean market and battery ESS in the Korean and Texas region. Chapter 2 provides an analyze the effect of increased wind penetration on system marginal prices (SMP) in South Korea's electricity market, with simulating an increase in wind penetration consistent with Korea's RPS targets and an assumption on demand elasticity. Chapter 3 to 5 discuss on economic analysis on operating battery ESS considering it as an exhaustible resource, focusing on its limited life cycle. Hotelling's rule(1931) is employed to keep the resource from being depleted too fast or too slow. A three-staged approach is applied to calculate NPV of revenues generated given life time and life cycles. Chapter 3 presents economic analysis of using battery ESS in South Korean market for energy service. Chapter 4 and 5 employs backward induction to capture opportunity cost of using the battery, assuming using it for both reserve and energy services. Empirical price data on reserve and energy service from Electric Reliability Council Of Texas is used for economic analysis. Chapter 4 examines profitability when the battery has the single discharge opportunity in the day while chapter 5 extends it to multiple discharging opportunities in the day.

Energy and Emissions Markets

Author : Tom James
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Written by best selling author Peter C. Fusaro and renowned energy market expert and commentator Tom James, this book demonstrates that the forces of energy and environmental issues and linked more than ever before. The beginning of European emissions and trading in 2005 and the implementation of the Kyoto protocol have accelerated efforts already underway in the US to use market forces to remediate environmental issues. Topics such as emissions trading, renewable energy trading, the fourth dimension in energy trading, and new outcomes on green project finance will be analyzed in this book.