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Imperfect markets and imperfect regulation : an introduction to the microeconomics and political economy of power markets / Thomas-Olivier Leautier.

By: Leautier, Thomas-Olivier.
Material type: materialTypeLabelBookCall no.: HD9502.A2 L43 2018Publication: Cambridge, Mass. : MIT Press 2018Description: xx, 392 p. ill.ISBN: 9780262039284 (hbk.); 0262039281 (hbk.).Subject(s): Power resources -- Economic aspects | Electric utilities
Contents:
Foreword Jean Tirole xiii -- Acknowledgments xvii -- Academic Influence xvii -- Practitioners' Influence xix -- 1 Introduction 1 -- 1.1 Why Electricity? 1 -- 1.2 The Challenge 4 -- 1.3 The Answer: The Toolbox 6 -- I Wholesale Markets 15 -- 2 Marcel Boiteux Forever: Peak-Load Pricing 17 -- 2.1 The Simplest Peak-Load Pricing Story 17 -- 2.2 A More Realistic Story 30 -- 2.3 The Simple Equations behind the Story 55 -- 2.4 Completely Inelastic Demand 59 -- 2.5 A More Realistic Peak-Load Pricing Story 63 -- 2.6 Operating Reserves 75 -- 2.7 An Illustrative Example 77 -- 3 From Enron with Love 85 -- 3.1 Prelude: The California Crisis 85 -- 3.2 How Is Market Power Exercised? 87 -- 3.3 Why Is Exercise of Market Power a Serious Issue in Power Markets? 93 -- 3.4 How Can Exercise of Market Power Be Mitigated? 99 -- 3.5 Academic Models of Imperfect Competition in Spot Markets 104 -- 3.6 Imperfect Competition at the Investment Stage 112 -- 3.7 Impact of Price Cap on Investment and Net Surplus 116 -- II Retail Market 123 -- 4 Selling Power to the People: Retail Competition and Vertical Structure of the Power Industry 125 -- 4.1 Introduction 125 -- 4.2 Retail Electricity Markets 126 -- 4.3 Forward Commitments 131 -- 4.4 Horizontal Differentiation and Imperfect Competition 138 -- 4.5 Economic Analysis of Forward Commitments 142.
5 A Kuhnian Paradigm Shift: Price-Responsive Electricity Demand 151 -- 5.1 Introduction 151 -- 5.2 An Economic and Technical Reality 153 -- 5.3 Which Contractual Approach for Demand Response? 155 -- 5.4 Which Customers Should Be Incentivized to Respond to Spot Prices? 160 -- 5.5 Policy Implications 168 -- 5.6 Peak-Time Resale: An Economic Representation 169 -- 5.7 An Economic Model of Switching to Real-Time Pacing 171 -- III Network Issues 177 -- 6 Fred Schweppe Meets Marcel Boiteux: Transmission Pricing 179 -- 6.1 Introduction 179 -- 6.2 Short-Term Congestion Management 190 -- 6.3 Optimal Generation and Transmission Expansion 20 -- 6.4 Generation Investment under Different Congestion Management Regimes 208 -- 6.5 Transmission Grid Expansion under Different Regimes 212 -- 6.6 Loop Flows mid Nodal Pricing on a Three-Node Network 218 -- 6.7 Extension to a General Network 225 -- 7 Serious Games: Market Power and Transmission Constraints 239 -- 7.1 Introduction 239 -- 7.2 Models of Local Market Power 241 -- 7.3 FTRs and Local Market Power in the Simplest Setting 249 -- 7.4 FTRs and Local Market Power in a Richer Setting 253 -- IV Policy Issues 265 -- 8 Gone with the Wind (and the Sun): Renewable Energy Sources Entry into Electricity Markets 267 -- 8.1 Introduction 267 -- 8.2 The Energy Transition Challenge 267 -- 8.3 The Tools to Eight Climate Change 275 -- 8.4 A Model of the Electric Power Market with RES 300 -- 8.5 Marginal Impact of Renewables 305 -- 8.6 Application to the Case of Great Britain 317 -- 9 The Highly Visible Hand: Capacity Mechanism 325 -- 9.1 Introduction 325 -- 9.2 Rationale for Capacity Mechanisms 326 -- 9.3 Experience from Capacity Mechanisms 334 -- 9.4 A Model of Capacity Mechanisms and Market Power 343 -- 9.5 Capacity Mechanisms and Generation Adequacy 351 -- 10 Concluding Observations 359 -- 10.1 Economic Research Questions 359 -- 10.2 Policy Choices 362 -- Afterword Jean-Bernard Lévy 367 -- Bibliography 369 -- Index 377.
List(s) this item appears in: TUECON-New Books-2019-05-May
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Book Puey Ungphakorn Library (Econ., Tha Prachan Campus)
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General Books HD9502.A2 L43 2018 (See Similar Items) Checked out 31/01/2020 31379014880745
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Includes bibliographical references and index.

Foreword Jean Tirole xiii -- Acknowledgments xvii -- Academic Influence xvii -- Practitioners' Influence xix -- 1 Introduction 1 -- 1.1 Why Electricity? 1 -- 1.2 The Challenge 4 -- 1.3 The Answer: The Toolbox 6 -- I Wholesale Markets 15 -- 2 Marcel Boiteux Forever: Peak-Load Pricing 17 -- 2.1 The Simplest Peak-Load Pricing Story 17 -- 2.2 A More Realistic Story 30 -- 2.3 The Simple Equations behind the Story 55 -- 2.4 Completely Inelastic Demand 59 -- 2.5 A More Realistic Peak-Load Pricing Story 63 -- 2.6 Operating Reserves 75 -- 2.7 An Illustrative Example 77 -- 3 From Enron with Love 85 -- 3.1 Prelude: The California Crisis 85 -- 3.2 How Is Market Power Exercised? 87 -- 3.3 Why Is Exercise of Market Power a Serious Issue in Power Markets? 93 -- 3.4 How Can Exercise of Market Power Be Mitigated? 99 -- 3.5 Academic Models of Imperfect Competition in Spot Markets 104 -- 3.6 Imperfect Competition at the Investment Stage 112 -- 3.7 Impact of Price Cap on Investment and Net Surplus 116 -- II Retail Market 123 -- 4 Selling Power to the People: Retail Competition and Vertical Structure of the Power Industry 125 -- 4.1 Introduction 125 -- 4.2 Retail Electricity Markets 126 -- 4.3 Forward Commitments 131 -- 4.4 Horizontal Differentiation and Imperfect Competition 138 -- 4.5 Economic Analysis of Forward Commitments 142.

5 A Kuhnian Paradigm Shift: Price-Responsive Electricity Demand 151
-- 5.1 Introduction 151 -- 5.2 An Economic and Technical Reality 153 -- 5.3 Which Contractual Approach for Demand Response? 155 -- 5.4 Which Customers Should Be Incentivized to Respond to Spot Prices? 160 -- 5.5 Policy Implications 168 -- 5.6 Peak-Time Resale: An Economic Representation 169 -- 5.7 An Economic Model of Switching to Real-Time Pacing 171 -- III Network Issues 177 -- 6 Fred Schweppe Meets Marcel Boiteux: Transmission Pricing 179 -- 6.1 Introduction 179 -- 6.2 Short-Term Congestion Management 190 -- 6.3 Optimal Generation and Transmission Expansion 20 -- 6.4 Generation Investment under Different Congestion Management Regimes 208 -- 6.5 Transmission Grid Expansion under Different Regimes 212 -- 6.6 Loop Flows mid Nodal Pricing on a Three-Node Network 218 -- 6.7 Extension to a General Network 225 -- 7 Serious Games: Market Power and Transmission Constraints 239 -- 7.1 Introduction 239 -- 7.2 Models of Local Market Power 241 -- 7.3 FTRs and Local Market Power in the Simplest Setting 249 -- 7.4 FTRs and Local Market Power in a Richer Setting 253 -- IV Policy Issues 265 -- 8 Gone with the Wind (and the Sun): Renewable Energy Sources Entry into Electricity Markets 267 -- 8.1 Introduction 267 -- 8.2 The Energy Transition Challenge 267 -- 8.3 The Tools to Eight Climate Change 275 -- 8.4 A Model of the Electric Power Market with RES 300 -- 8.5 Marginal Impact of Renewables 305 -- 8.6 Application to the Case of Great Britain 317 -- 9 The Highly Visible Hand: Capacity Mechanism 325 -- 9.1 Introduction 325 -- 9.2 Rationale for Capacity Mechanisms 326 -- 9.3 Experience from Capacity Mechanisms 334 -- 9.4 A Model of Capacity Mechanisms and Market Power 343 -- 9.5 Capacity Mechanisms and Generation Adequacy 351 -- 10 Concluding Observations 359 -- 10.1 Economic Research Questions 359 -- 10.2 Policy Choices 362 -- Afterword Jean-Bernard Lévy 367 -- Bibliography 369 -- Index 377.

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