Peak-load pricing with different types of dispatchability

Eisenack, Klaus; Mier, Mathias

doi:10.1007/s11149-019-09394-9

Cited by 12 publications

(10 citation statements)

References 58 publications

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“…Furthermore, we abstract from investment decisions in conventional generation capacity and assume perfect flexibility of generation (cf. Bertsch et al 2016, Eisenack & Mier 2018.…”

Section: Modelling Approachmentioning

confidence: 99%

Electricity storage and transmission: Complements or substitutes?

2018

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“…Furthermore, we abstract from investment decisions in conventional generation capacity and assume perfect flexibility of generation (cf. Bertsch et al 2016, Eisenack & Mier 2018.…”

Section: Modelling Approachmentioning

confidence: 99%

Electricity storage and transmission: Complements or substitutes?

2018

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“…Kleindorfer and Fernando (1993) model supply uncertainty in the same way, but they additionally account for surplus losses from lost load and distinguish between rationing and disruption cost. 7 As we do, Eisenack and Mier (2019) choose the same specification of supply uncertainty by additionally considering the case of perfectly correlated generating units. They opt for Chao's rationing approach, whereas we use the Kleindorfer and Fernando formulation.…”

Section: Related Literaturementioning

confidence: 99%

Efficient pricing of electricity revisited

Mier

2021

Energy Economics

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Increasing shares of intermittent renewable energies challenge the dominant way to trade electricity ex-ante in forward, day-ahead, and intraday markets: Coal power plants and consumers cannot react to the stochastic element of renewables, whereas gas turbines can. We use a theoretical model to analyze behavior of final consumers and incentives of perfectly competitive firms to invest in different types of technologies under ex-ante pricing. Curtailed consumers need to get compensated in high of their disruption cost. Coal power firms recover cost. Renewables and gas turbine firms fail. We identify imperfections that arise from the delay in price setting and market clearing. Do real-time prices induce an efficient outcome? Consumers need to get taxed in high of rationing cost. Support is redundant for gas turbine firms, but renewables firms still fail to recover cost because the spatially distributed nature of renewables creates an output risk.

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“…On practical grounds, most of the analysts consider two groups of technologies among conventional thermal sources, depending on whether or not the output of a source can be ramped up or down at short notice. In this binary classification, there is a clear separation between inflexible nuclear and coal-fired plants on the one hand, and flexible natural gas turbines on the other hand (see for example Eisenack, 2015; Kök et al 2016) 2 . The output from inflexible technologies must be planned before knowing the real state of demand and production from renewables.…”

Section: Flexibility Degreesmentioning

confidence: 99%

“…In all countries where the two-stage architecture we have just analyzed has been set up, most energy is traded in the day-ahead market. 9 What if there were only ex post (state contingent) markets, 10 i.e. if all quantities, whether planned or adjusted, were sold at the same contingent price?…”

Section: No Day-ahead Energy Marketmentioning

confidence: 99%