The Regulatory Dilemma: Getting Over the Fear of Price

McDermott, Karl A.

doi:10.1016/j.tej.2012.10.011

Cited by 5 publications

(4 citation statements)

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“…The findings also have implications for energy policy. As McDermott (2012) has pointed out, the potential benefits of the Smart Grid cannot be achieved merely by installing smart meters. Importantly, consumers also need to face prices that reflect economic fundamentals.…”

Section: Summary and Policy Implicationsmentioning

confidence: 99%

“…And in a review of several restructuring studies, Kwoka (2008) adds his voice to the chorus of critics of the use of markets in the electricity sector. A recent challenge to this literature is provided by McDermott (2012) in a paper entitled, "The Regulatory Dilemma: Getting over the Fear of Price" in which the author makes the point that societal welfare is unlikely to be maximized when price signals are repressed. This challenge is buttressed by Craig and Savage (2013) who find that 1.…”

Section: Introductionmentioning

confidence: 99%

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Do Day-Ahead Electricity Prices Reflect Economic Fundamentals? Evidence from the California ISO

Forbes

Zampelli

2014

The Energy Journal

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This paper hypothesizes that if day-ahead markets for electricity are efficient, then the day-ahead prices will reflect the processed information and expectations of all market participants regarding the next day’s electricity load and thus the prices may be useful in actually predicting the next day’s load. We test this hypothesis using data for the PG&E aggregation area in the California ISO. The results provide evidence of a positive and significant relationship between the hourly day-ahead electricity price (relative to the natural gas price) and the subsequent actual hourly load. The reported relationship is sufficiently robust to produce a forecast based on the day-ahead hourly price relative to the price of natural gas, some binary variables, and a number of estimated ARMA disturbances that is considerably more accurate than the ISO’s day-ahead forecast.

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Section: Summary and Policy Implicationsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Do Day-Ahead Electricity Prices Reflect Economic Fundamentals? Evidence from the California ISO

Forbes

Zampelli

2014

The Energy Journal

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“…Lack of awareness of smart-grid developments and advantages of advanced microgrid technologies will impede their deployment. 23 Additionally, without policies that motivate utilities, homebuilders, and others to implement these technologies, deployment may remain stagnant. State commissions and legislatures should consider whether to encourage or require the use of innovations that can help consumers understand their energy use and enable informed decisions in new applications that can balance the energy picture.…”

Section: Consumer Awarenessmentioning

confidence: 99%

“…U.S. Energy Information Administration, "Smart Grid Legislative and Regulatory Policies and Case Studies," December 2011 23. Black and Veatch, "2011 Strategic Directions Survey Results," http://bv.com/docs/reports-studies/2011-Electric-Utility-Survey-Results.pdf, 2011.…”

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confidence: 99%

The advanced microgrid. Integration and interoperability

Bower¹,

Ton

Guttromson

et al. 2014

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This white paper focuses on "advanced microgrids," but sections do, out of necessity, reference today's commercially available systems and installations in order to clearly distinguish the differences and advances. Advanced microgrids have been identified as being a necessary part of the modern electrical grid through a two DOE microgrid workshops, 1 ' 2 the National Institute of Standards and Technology, 3 Smart Grid Interoperability Panel and other related sources. With their grid-interconnectivity advantages, advanced microgrids will improve system 4 energy efficiency and reliability and provide enabling technologies for grid-independence to end-user sites. One popular definition that has been evolved and is used in multiple references is that a microgrid is a group of interconnected loads and distributed-energy resources within clearly defined electrical boundaries that acts as a single controllable entity with respect to the grid. A microgrid can connect and disconnect from the grid to enable it to operate in both grid-connected or island-mode. Further, an advanced microgrid can then be loosely defined as a dynamic microgrid. The value of microgrids to protect the nation's electrical grid from power outages is becoming increasingly important in the face of the increased frequency and intensity of events caused by severe weather. Advanced microgrids will serve to mitigate power

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Price discrimination in Australia's retail electricity markets: An analysis of Victoria & Southeast Queensland

Simshauser

Whish-Wilson

2017

Energy Economics

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The Regulatory Dilemma: Getting Over the Fear of Price

Cited by 5 publications

References 0 publications

Do Day-Ahead Electricity Prices Reflect Economic Fundamentals? Evidence from the California ISO

Do Day-Ahead Electricity Prices Reflect Economic Fundamentals? Evidence from the California ISO

The advanced microgrid. Integration and interoperability

Price discrimination in Australia's retail electricity markets: An analysis of Victoria & Southeast Queensland

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